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Credit lending, which banks have suspended in accordance with government policy to curb household lending, will resume starting in the new year. Late last year, when complaints from ordinary people that they were suddenly caught in the ‘lending cliff’ followed, an analysis that financial supervisory authorities allowed lending to resume. However, credit loans for high-income families are still controlled.
○ Suspension of the processing and resumption of non-contact loans
According to the financial sector on the 1st, Kakao Bank, a bank specialized in the Internet, has again requested a negative bank loan, which was temporarily suspended from the 17th of last month, starting at 6 in the morning of the same day. A Kakao Bank official explained: “As a remote bank, it was a very difficult decision to stop opening Matong.” Shinhan Bank stopped accepting face-to-face loans such as ‘Convenient Office Worker Credit Loans’ since the middle of last month and, as of the 23rd, it stopped accepting all credit loans except low-income financial products. It is expected to operate normally from 4, the first business day of the new year. Kookmin Bank also handles loans from the 1st. Since the 14th of last month, Kookmin Bank completely stopped managing credit loans of more than 100 million won, and since the 22nd it has put in a ‘super strong’ to block all credit loans that exceed 20 million won.
Some banks are recovering from measures that eliminated prime interest rates (discount interest on loans). The elimination of the prime rate has the effect of suppressing the total amount of loans by creating an “interest rate raising effect.” Starting on the 4th, Nonghyup Bank will increase the prime rate on a variable rate home loan from 1.0% to 1.4%. In terms of credit loans, the prime rate, which was reduced to 0 ~ 0.25%, has reverted to 0.8 ~ 1.2%.
However, the measure that temporarily strengthened the standard of the total debt principal repayment ratio (DSR) that has been applied to housing-related loans since November last year will be maintained. Nonghyup Bank was able to receive up to 100% of the DSR for each individual, but since early November, if the repayment of principal and interest on the family loan exceeded 80% of annual income, it has not made loans.
Other banks are also weighing up loan resumption dates. Woori Bank is also planning to start selling the ‘We WON Employee Loan’ remote product, which was discontinued in November last month. Hana Bank is also contemplating when to resume handling Hana OneQ credit loans.
○ High loans are still limited
The reason the government has asked banks to commit money is because they believe that home loans raise real estate prices. Furthermore, banks Shinhan, Kookmin, Woori and Nonghyup, which introduced the ‘Basel III’ standard, a capital adequacy regulation, rapidly reduced the proportion of loans to households by the end of the year, causing a ‘loan crisis ‘. A bank official explained: “The banks that introduced Basel III must comply with the regulatory level in December and June of each year.” “In January, the total amount of loans was ‘reset’.” That is, there is room for loan.
The resumption of loans by the banks is due to “communion” with the financial authorities. Because of this, there are observations that the government’s position to restrict lending only has changed somewhat. It is known that sooner or later the financial authorities will propose new measures for loans to households. The proposal to relax the 2 trillion won limit in monthly balance increase granted to banks since October last year is reportedly widely discussed. A financial sector official said: “The Financial Supervision Commission, Yoon Seok-heon, announced the policy of continuing to hold back on loans to households late last year, but it seems that the position of the financial authorities has changed in the new year because of the side effect of clogging the common people’s money line. “
However, the government’s stance against high credit and high credit loans is expected to remain unchanged. Financial authorities are known to receive daily status reports on large credit loans that exceed 100 million won from each bank. A financial sector official said: “The government’s logic of lending to low creditors and not lending to high creditors is contrary to the basics of finance,” and said: “In the end, only bank insolvency can grow “. Reporter Daehoon Kim / Jongseo Park [email protected]
Reporter Daehoon Kim / Jongseo Park [email protected]
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