Finance Commissioner Eun Seong-soo announced that he would extend measures such as extending the maturity of loans for SMEs and small business owners ending in March and delaying interest repayment. In addition, the Financial Services Commission decided to push ahead with a plan to make it mandatory to repay principal in installments for large credit loans.
In the announcement of this year’s work plan on the 19th, Chairman Eun said, “Temporary financial support measures such as extension of the maturity of the entire financial sector, suspension of repayment, and flexibility of financial regulations are inevitable when taking into account the current quarantine situation, real economy trends, and financial sector tolerance. Said.
Regarding the concerns of the financial sector over the delay in interest repayment, Chairman Eun said, “The deferment of interest repayment is 13,000 cases, about 156 billion won, and the loan size is 4.4 trillion won.” . The loan maturity extension and interest repayment delay, originally scheduled to end in September last year, were extended once until the end of March this year.
The Financial Services Commission is also extending the deadline for applying for the Basic Industry Stability Fund, which ends at the end of April. The operating period of the support program for key industry partners, which ends at the beginning of next month, is also increased. Measures to soften financial regulations will also be extended, such as easing the liquidity coverage ratio (LCR) and suspending the application of the deposit-to-deposit ratio (deposits versus loans). Chairman Eun said, “We will manage carefully so that potential risks such as household and corporate debt, which inevitably increased in the course of responding to Corona 19, do not act as a burden on the Korean economy.”
In addition, the Financial Services Commission is pushing ahead with a plan to oblige lenders who borrowed large credit loans to repay the principal in installments. This is due to the judgment that the amount of credit loans, which have recently increased rapidly, will flow into the asset market such as real estate and stocks. Until now, most credit loans (including negative bankbooks) paid only interest every month and paid off at maturity. However, in the future, credit loans exceeding a certain amount will be paid off as well as interest. For example, if you borrow 100 million won for 5 years with a 3% annual credit loan, you have paid only 250,000 won per month until now, but you have to pay 1.8 million won each month from now on. Although the standard for large credit loans has not been established, the Financial Services Commission currently applies a total debt repayment ratio (DSR) for each borrower for credits of 100 million won or more.
Chairman Eun refused to say whether the short sale was resumed. Chairman Eun said, “It’s a matter to be decided at the meeting of the Financial Services Commission consisting of nine people,” he said. “Please wait a little longer for the final decision in February.” The Financial Services Commission banned short selling until March 15, as the financial market volatility increased due to Corona 19 last year. The Financial Services Commission also came up with a plan to use big data for credit evaluation. First, in the second half of this year, it will allow non-financial personal credit rating agencies (CB companies) to evaluate personal creditworthiness using only non-financial credit information such as online shopping history. In addition, the system will be changed so that a platform that evaluates individual and corporate creditworthiness by combining financial and non-financial information is available.
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