FSC chief vows to ease SME finance
“The economic situation will become more difficult than you imagine,” Kim said at a media seminar late Tuesday night. “And for the FSC, financial market stability is a premise that cannot be ceded. We will even issue measures that might appear excessive at times [to keep market stability].”
The head of the FSC again underscored his intent to make financing more accessible for SMEs in 2012. “If market stability is our defensive tactic, our offense is [policies for] start-ups and SMEs,” Kim said.
“We will do away with joint liability on loans, and if an employee [of a financial company] is reprimanded for problems arising from loans provided on personal credit, the CEO of said company will be held responsible.”
Kim also defended the FSC’s decision to hasten the pursuit of high-profile projects such as normalizing the savings bank sector and addressing the rise of household debt since January, saying that the FSC followed “a script” that foresaw economic contraction in the latter half partly due to “a breakdown of the euro system” from an inherent structural problem” of no fiscal integration.
By Lee Jung-yoon [email@example.com]
More in Finance
[NEWS ANALYSIS] As foreigners rush back, market does an about-face
CU gets into the foreign exchange transaction business
Kospi hits another record high despite Covid spike
5-day winning streak ends as Kospi drops 0.62 percent
Debt is the latest hot product being pushed into the market