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| Financial Services Commission (FSC) Chairman Koh Seung-beom, left, shakes hands with Financial Supervisory Service (FSS) Governor Jeong Eun-bo at FSS headquarters on Yeouido, Seoul, Thursday. Courtesy of FSC |
By Anna J. Park
Financial Services Commission (FSC) Chairman Koh Seung-beom paid a visit to the headquarters of Financial Supervisory Service (FSS) on Thursday morning, holding a one-on-one meeting with FSS Governor Jeong Eun-bo. The chiefs of the country's two main financial authorities vowed to cooperate closely on financial policies, aiming to better respond to potential financial risks and facilitate stability.
"The FSC chairman and FSS governor confirm their common understanding about the uncertainties and ongoing changes that the Korean economy is facing, such as the further spread of COVID-19, the possibility of early tapering in major countries and growing financial imbalances," the two leaders said after the meeting.
The visit was a returned courtesy for a previous visit by FSS chief Jeong to the FSC last September. It was the first time in three years since 2019 that the FSC chairman paid a visit to the FSS to hold a meeting with the FSS governor.
"In the past, the FSC and FSS sometimes were in conflict and held opposing opinions. Yet the relationship has completely changed now into a mutually cooperative relationship," Koh told reporters after the meeting.
During the 40-minute meeting, the two leaders particularly discussed three main concerns facing the economy ― household debt, small business owners' debt and risk management in non-banking sectors.
