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How wealthy are financial regulators, central bankers?

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By Lee Kyung-min
Financial Services Commission Chairman Kim Byoung-hwan attends a press conference at Seoul Government Complex in Gwanghwamun, Wednesday. Yonhap

Financial Services Commission Chairman Kim Byoung-hwan attends a press conference at Seoul Government Complex in Gwanghwamun, Wednesday. Yonhap

Financial Services Commission (FSC) Chairman Kim Byoung-hwan, Financial Supervisory Service head Lee Bok-hyun and Bank of Korea Gov. Rhee Chang-yong hold assets worth approximately 733 million won ($500,580), 1.7 billion won and 4.4 billion won, respectively, government data showed Thursday.

Kim Byoung-hwan's assets, valued at 733.5 million won, include a 500 million won leasehold deposit for an apartment in Seoul and a house in Busan worth 184 million won, which is owned by his mother. Additionally, he has a 233 million won loan from NH NongHyup Bank.

Lee's assets grew by approximately 50 million won, mainly due to the increase in value of his apartment in Seocho, southern Seoul, which is jointly owned with his wife. He also has a combined debt of 300 million won from Shinhan Bank and KakaoBank.

Rhee's increase in assets was partly due to over 15.6 million won in royalties from four books he authored for college freshmen majoring in economics.

Financial Supervisory Service head Lee Bok-hyun / Yonhap

Financial Supervisory Service head Lee Bok-hyun / Yonhap

His properties, valued at over 2.3 billion won, include an apartment in Yeoksam, southern Seoul, and a leasehold deposit. The combined value of these assets dropped by 47 million won from the previous year.

His savings decreased by over 132 million won from the previous year, due to monthly rental payments and medical expenses.

FSC Vice Chair Kim So-young holds over 9.2 billion won in assets, a significant decrease from the 29.3 billion won reported in 2023, according to data released by the Ministry of Personnel Management.

He also placed over 2.1 million shares of an unlisted firm, valued at nearly 21 billion won, into a blind trust — a type of trust in which the asset holder relinquishes control over the assets.

High-ranking public servants use this trust to avoid conflicts of interest and ensure their decision-making remains impartial and free from personal bias.

Members of the central bank's monetary policy board, a rate-setting body, saw their assets increase significantly.

Well-known hawkish board member Chang Yong-sung reported assets worth 10.3 billion won, an increase of 2.4 billion won from the previous year.

Bank of Korea Gov. Rhee Chang-yong / Yonhap

Bank of Korea Gov. Rhee Chang-yong / Yonhap

About half of the gains — 4.2 billion won — came from his U.S. stock portfolio, which includes top IT industry leaders such as Amazon, Tesla and Alphabet.

He has approximately 4.2 billion won in savings and an apartment valued at 2 billion won.

Well-known dovish member Shin Sung-hwan has 5 billion won in assets. The value of his apartment increased by 263 million won.

He had 14 million won in crypto assets held by his wife and first daughter but had all of them liquidated.

The remaining three board members Hwang Kun-il, Lee, Soo-hyung and Kim Jong-hwa have 3 billion won, 2.3 billion won and 4 billion won, respectively.

Lee Kyung-min lkm@koreatimes.co.kr


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