– Even if the small business is closed by the end of September, all debts do not have to be paid off at once. Even if the debt was paid off on time, the Financial Services Commission began improving the system when criticism was raised that small business owners were unable to close the store at will because the bank demanded temporary repayment when the business was closed. The Financial Services Commission recently announced the same contents on the 8th after holding a policy and global finance subcommittee meeting of the Financial Development Review Committee.
The Financial Services Commission will change the system so that small business owners who received loans from the 15th of this month and the end of September will not be able to request temporary repayment of loans if they are paying the principal and interest normally. So far, Shinbo has made bad guarantees when small business owners close their business and informed the bank. This is because under the New Security Act, the subject of guarantee is set as a’company that conducts business’. The banks, notified by the new report, demanded a temporary repayment of the loan to the small business owner.
For this reason, there have been cases where small business owners suffering from Corona 19 delayed closing their business because it was difficult to pay off their loans at once. Criticism has also been raised that it is excessive to demand temporary repayment from small business owners even though the principal and interest are being paid on time and the loan is due.
First of all, Shinbo postpones the insolvency of the small business owner’s warranty, which was closed until September this year. This includes not only Corona 19 loans, but all small business loans. According to the `Act on the Protection and Support of Small Business Owners`, companies with less than 10 regular workers in the mining, manufacturing, construction, and transportation industries and less than 5 in other industries are classified as `small business owners’. Instead, Shinbo receives a contract from a small business owner who has closed its business to pay off debts normally until expiration. The Financial Services Commission decided to induce banks to maintain loans for small business owners that were closed to maturity.
Lee Se-hoon, head of the Financial Policy Bureau of the Financial Services Commission, said in an online briefing that “recently, due to the unpredictable reason of Corona 19, the difficulties faced by small business owners have increased, and the reason for the closing of business is due to external circumstances rather than his own management fault.” If it can be repaid instead of doing it, we decided that it was necessary to defer support until the expiration.”
In addition, the Financial Services Commission is reviewing ways to incentivize financial companies to promote’Environment, Responsibility, and Transparent Management (ESG)’. For example, it is a method of easing regulations on the loan-to-deposit ratio (the ratio of loans divided by deposits) to financial companies that declared coal-free. The obligation to disclose ESG is also strengthened in stages.
Green finance is also promoted. First of all, we will raise the share of support in the green sector by policy financial institutions from 6.5% in 2019 to 13% by 2030. The Financial Services Commission also creates a green classification system that stipulates green industries and companies and a green-specific loan and guarantee program. It is planned to prepare the “Green Finance Guidelines in the Financial Industry” containing these contents in the first half of this year.
In addition, the Financial Services Commission is revising the system for suspending the controversy in the process of permitting its own credit information management business (My Data business). This is a system that suspends the review process for approval of a license or change in the case of a lawsuit or sanctions by the majority shareholder. Recently, Kakao Pay and Hana Financial Group’s affiliates have put a brake on entering the My Data business through this system. The Financial Services Commission restricts the reasons for halting examinations to cases where it is absolutely necessary, and specifies the reasons for resuming examinations so that the period for halting examinations does not prolong.
Penalties are also applied differentially in consideration of the importance of violations of financial laws and the impact on the financial market.
For example, for minor violations, management guidance is given or the company changes the system on its own. Director Lee said, “We are operating the Financial Supervisory Service and the’Unreasonable System Improvement Task Force (TF)’ in the financial sector, and we plan to come up with improvement plans after collecting opinions.”
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