2023-10-09 09:27:49
Financial Services Commission “consideration of market etc.”, postpones upward motion
As the financial authorities have taken a reserved stance on raising the depositor protection limit, maintaining the current 50 million won has become more likely.
According to the office of People Power Party lawmaker Kim Hee-gon, a member of the National Assembly’s Political Affairs Committee, on the 9th, the Financial Services Commission said in the ‘deposit insurance system improvement review plan’ reported to the Political Affairs Committee on the 5th, “It is necessary to review whether to upgrade it, etc., taking into account future discussions on pros and cons, market conditions, etc. He said, “It is not the time to upgrade right now.”
The Financial Services Commission included in this review the content discussed through the ‘Public-Private Joint Task Force (TF)’ composed of experts from the Deposit Insurance Corporation, the financial industry, and the private sector since March of last year.
According to research results, if the protection limit is raised to 100 million won, funds will flow from commercial banks to savings banks, and savings bank deposits will increase by 16-25%. On the other hand, the percentage of depositors within the limit only increased by 1.2 percentage points from 98.1% to 99.3%.
Reporter Kang Shin
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