Choi Sang-mok presides over the first F4 meeting since taking office, saying, “We may expand liquidity to respond to Taeyoung Construction” height=”300″ src=” width=”600″ /> ▲ New Deputy Prime Minister and Minister of Strategy and Finance and economic and financial leaders met on the 29th. A commemorative photo is being taken at a meeting on macroeconomic and financial issues held at the Bank Hall in Jung-gu, Seoul in the morning. From the left, Financial Supervisory Service Chairman Lee Bok-hyun, Bank of Korea Governor Lee Chang-yong, Deputy Prime Minister Choi, Financial Services Commission Chairman Kim Joo-hyun, and Park Chun-seop, Senior Secretary to the President for Economic Affairs. <연합뉴스>
[비즈니스포스트] Choi Sang-mok, Deputy Prime Minister and Minister of Strategy and Finance, pledged to take sufficient market safety measures to stabilize the financial market at the first meeting he chaired after taking office.
Deputy Prime Minister Choi presided over a meeting (F4) on macroeconomic and financial issues at the Bank Hall in Jung-gu, Seoul on the 29th and said that the current market stability liquidity of 85 trillion won could be further expanded if necessary to block the credit crunch in the construction industry related to the Taeyoung Construction workout. He said there was.
The meeting was attended by Bank of Korea Governor Lee Chang-yong, Financial Services Commission Chairman Kim Joo-hyun, Financial Supervisory Service Chairman Lee Bok-hyun, and Park Chun-seop, Senior Secretary to the President for Economic Affairs.
Deputy Prime Minister Choi said in his opening remarks, “Market stabilization measures were operated at the level of ‘50 trillion won + α’ in October of last year in response to the Legoland incident, and then real estate project financing (PF) and measures to support construction companies were sequentially added, currently reaching 85 trillion won. “If necessary, we will expand further to preemptively prepare for the possibility of increased market volatility,” he said.
Deputy Prime Minister Choi also added, “If necessary, the Bank of Korea also plans to provide liquidity support through open market operations.”
The government has established a plan to continuously expand the loss absorption capacity of financial companies.
Deputy Prime Minister Choi said, “The exposure related to Taeyoung Construction is about 0.09% of the total assets of the financial sector and is dispersed across many financial companies, so the impact on soundness will be limited,” but added, “We will encourage the financial sector to proactively prepare for uncertainty by accumulating provisions on their own.” “He said.
This is to strengthen customized responses for each business site for a soft landing of real estate PF, provide timely liquidity to businesses that can be normalized, and promote business restructuring through lender agreements, etc.
The Financial Supervisory Service also held a meeting with the financial sector chaired by Senior Vice-Director Se-Hoon Lee on this day and ordered the entire financial sector, including banks, to refrain from excessive fund recovery due to the Taeyoung Construction workout.
In addition, Taeyoung Engineering & Construction announced that it will indemnify its partner companies (581 companies) for financial insolvency that occurred in the process of supporting them if there is no serious negligence. This means that if there are no major procedural defects in the support process, it will be presumed that there was no intention or gross negligence.
Deputy Prime Minister Choi, who took office today, will announce the economic policy direction for 2024 next week. Deputy Prime Minister Choi announced the announcement of the ‘Economic Policy Direction for 2024’ and selected four key measures: △recovering the people’s livelihood, △managing potential risks, △implementing a dynamic economy, and △strengthening policies for future generations. Reporter Lee Jun-hee
2023-12-29 02:52:19
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