Sqeeze on
Housing Loans

FSC Chairman Yoon indicates at measures for stable and sound financial market

Chairman Yoon Jeung-hyun of the Financial Supervisory Commission and the Financial Supervisory Service, said in his New Year speech at the New Year reception held at Hotel Lotte in downtown Seoul on January 4th, that many potential problems such as excessive real estate loans, steep appreciation of the Korean won against the dollar, high interest rates, and high oil prices can always endanger financial markets, requiring everyone in financial circles to watch out for these problematic factors destabilizing the market this year.
The financial supervisory authorities have been alerted to the dangers and have taken pan-government measures to battle these risks through close monitoring the movements of those factors to reduce their impacts on the financial market.
We will try to supervise the financial industry for its soundness, nurture its stable growth and the protection of financial customers.
Under the vision, "trusted financial supervision, for world-class financial market,"we have put together 5 large strategies to be pushed without a hitch this year with the support of the entire financial community.
The first one is to solidify the stability of the financial system by effectively managing the potential risks. This requires the preparation of the new BIS agreement by 2008 without a hitch and streamlines the supervisory system to cope with the changes in the financial environment. We have to further strengthen the base to boost stability and soundness of the financial system. We also have to nurture the competitiveness of financial global players by enhancing the competitiveness of the financial industry.
Another strategy is to improve the financial infrastructure to make the financial market to rank within the 10 largest capital in the world. We will concentrate our efforts to drastically improve the effectiveness and transparency of the capital market and at the same time, the market will be for the benefit of customers, not the operators, providing a full financial service.
The last one is to effectively manage the results management system for optimum operation of manpower and organization. nw

Chairman Yoon Jeung-hyun of the Financial Supervisory Commission and the Financial Supervisory Service