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“Corona 19 financing, home loan stabilization, common people’s housing development, these three goals at the same time is a very difficult task. Currently, we have no choice but to continue to provide funds with an emphasis on overcoming Corona 19.”
Seongsu Eun, chairman of the Financial Services Commission. In a year-end conference of Financial Services Commission reporters held online on the 14th, he appealed to the difficulties he encountered in dealing with Corona 19’s ‘abundant disease’ while promoting financial policies such as suppressing the rise in the household debt this year.
It is said that a difficult year was passed while the task of providing funds to the victims of the Corona 19 spread was carried out in a situation where it is necessary to curb the increase in household debt above 1.6 trillion won to stabilize the real estate and financial markets.
President Eun said, “The Moon Jae-in administration achieved the increase in loans to households within the current growth rate of 5%, and until the end of last year, it has successfully suppressed the increase in loans to households “. ) We decided that we should save and watch, and implemented a policy of support of 175 trillion won. ”
“Household debt, look at it 2-3 years long”
President Eun said: “We try to balance the two conflicting goals: active financial support and stable elimination of domestic loans,” he said. “In the process, we squeeze out wisdom to prevent ordinary people from being harmed (by the removal of loans).” Explained.
At the same time, he called for a long-term assessment of the problem of rising household debt. He said: “If you look at the rate of increase in household debt on a monthly and daily basis (financial support, household debt suppression, real estate stability, etc.), you will not be able to achieve all three,” he said. . “Usually we see household debt rise on an annual basis. This time, 2 ~ I hope to see it with a long sigh of about 3 years,” he said.
At the conference that day, President Eun also mentioned the follow-up progress related to the private equity crisis. He said: “To restore confidence in private equity funds and avoid harm to investors, we have been conducting a full inspection of all private equity funds and private equity managers since August,” he said. “As of the last 4 days, we completed the inspection up to 40% of all private equity funds.” He explained.
He added: “The inspection is expected to be completed in the first quarter of next year.” However, Chairman Eun said: “For the private equity managers, we have selected the high risk and high risk managers first and have completed inspections at 17 locations at the end of November.” “The Financial Supervision Service will take the necessary procedures in the future for some suspicious administrators of the test results.” Said.
Additionally, President Eun released his thoughts on the short selling policy. He said: “Until now, there have been demands such as the strengthening of penalties for illegal short sales, the establishment of an illegal short sales monitoring system and the expansion of short sales by individual investors,” he said. “Fortunately, the capital market law was revised to strengthen the punishment for illegal short sales (to a securities company). There was also an obligation to maintain the information and the participation of investors in short sales was also restricted.” .
The chairman of the Financial Services Commission also mentioned the short selling policy and the foreign press
“If you look at the foreign media reports, there is an assessment that they have introduced a very strong system,” he said. “General investors say this is not enough, but anyway, the law has been revised on a grand scale.”
He expressed a negative stance on individual investors’ request to expand short selling. President Eun said: “Because it is a sloping playing field (for institutions and foreign investors, as private short selling is practically prohibited), there are voices that people should be able to do it, but there is also talk that, in this case, the harm to people may be greater. ” He said, “As a private equity fund (300 million won or more), it would be a compromise to allow those who can take responsibility to introduce regulations for professional investors.”
At the same time, President Eun also expressed a difficult position on requesting a system to detect illegal short sales in advance. He said: “When I met a computer expert at the Korean Stock Exchange, it was not impossible to build the system at all, but they told me that it was not necessary to do so because it had been put too much work into it.” There’s also a saying that you can do it. ”
President Eun said: “(According to the revision of the law), a brokerage company has to keep credit information for 5 years, and it is said to be managed electronically, so I think it will be possible to detect sales in short illegal “. ) I hope you understand.”
