President Kim Orders Market-Driven Banking

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President Kim Orders Market-Driven Banking

On March 23, President Kim Dae-jung said, "We should eradicate government-directed banking, and follow the principles of a market economy."

In a briefing given by Lee Yong-kun, chairman of the Financial Supervisory Service (FSS), Mr. Kim said, "There is still controversy about government-directed banking. In the past, such practices were rampant, but in the People's Government there has been no such case. Yet controversy still exists because the FSS did not handle these accusations properly." Expressing his displeasure, he directed the FSS to issue an explanation.

President Kim emphasized that, "The FSS must supervise well so that there will be no external requests on banks for personnel appointments or pressure to extend loans. Seoul Bank must be sold quickly, and the bank stocks owned by the government must be sold through a private auction in order to privatize the bank."



by Kim Jin-kook

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