▲ Chairman Eun Seong-soo (middle right) held a meeting with the chairman of the five major financial holdings on the 16th to discuss financial issues such as extending the corona loan and the successful settlement of the New Deal Fund. (Photo provided by the Financial Services Commission)
Finance Commissioner Eun Seong-soo held a private meeting with the chairman of the five financial holding companies and asked for cooperation for the success of the Corona loan extension and the policy-type New Deal Fund.
On the afternoon of the 16th, Chairman Eun held a meeting with the chairman of the five financial holding companies in Seoul. On this day, KB Finance Chairman Yoon Jong-gyu, Cho Yong-byung Chairman of Shinhan Financial Group, Kim Jeong-tae, Chairman of Hana Financial Group, Son Tae-seung, Chairman of Woori Finance, and NH Nonghyup Finance Chairman Son Byung-hwan, attended the meeting with the 5th chairman of financial holdings.
The overriding purpose of this meeting is to re-extend the loan maturity of Corona 19 for SMEs and the delay of interest repayment for 6 months. The measure, which started in March to respond to Corona 19, was already extended once and was scheduled to end at the end of March, but the financial authorities decided that a re-extension was inevitable.
At the meeting, participants agreed that a six-month re-extension is necessary considering the current situation of Corona 19 and financial tolerance. The chairmen of financial holdings made it clear that the financial sector will play an active role in responding to the Corona 19 crisis.
The chairmen of financial holdings said, “We are managing through provisions and regular checks for borrowers to prevent the risk of the financial sector from accumulating due to loan maturity extension and interest repayment deferral measures.” There is,” he said. In response, Chairman Eun promised, “After the end of the grace period, we will support various long-term and installment repayments so that borrowers can choose a repayment method according to the individual borrower situation.
Participants also discussed in-depth about innovation finance after the Corona 19 crisis. In particular, he asked for cooperation from the financial sector for the success of the policy-type New Deal Fund. The policy-type New Deal Fund is created with a maximum size of 4 trillion won. Chairman Eun said, “As the industry and managers are showing a lot of interest in the policy-type New Deal Fund, we look forward to seeing a’New Deal Investment Boom’ such as active investment opportunities and matching investments across the financial sector.”
Meanwhile, opinions were exchanged on the direction and major tasks of this year’s financial policy announced last month. Chairman Eun requested, “Introduce the current status of major policies and tasks such as resolving the’sloping playground’ between financial companies and Big Tech, supplying ultra-long-term mortgages, and further cutting the maximum interest rate, and asking the financial sector to cooperate.”