In a situation in which countries around the world are calling for intensive austerity, domestic financial companies are running in the opposite direction by competing once more for loans. According to the Bank of Korea on the 11th, the household housing loan attitude index in the banking sector turned positive for the first time in two years and nine months. It jumped to ’11’ from ‘-14’ in the previous quarter, indicating that bank loan business will proceed aggressively. Banks have already started lowering the loan threshold from the end of last month, and now they have increased the credit limit before the implementation of the household loan limit last year. The maximum credit limit for large banks has been raised to 300 million won. Loan interest rates have also started to fall. It also lowers the additional interest rate on credit loans and provides preferential interest rates through coupons.
The loosening of the lock on loans by banks is a measure to neutralize the tightening movements of the monetary authorities in a hurry to make money. As household loans have declined for three straight months due to interest rate hikes and loan regulations, they are loosening their money lines to meet their earnings. The household loans of the five major commercial banks (KB, Shinhan, Hana, Woori, and NH) increased by 2.74 trillion won in March. In terms of interest rates, it is being pointed out that the loan-to-deposit margin is excessive, so rather than raising the deposit rate, they are doing a trick business by temporarily lowering the loan rate for the sake of performance.
In the midst of this, BOK governor candidate Lee Chang-yong’s household debt warning sound is getting louder and louder. Candidate Lee said, “If households’ burden of repayment of interest increases, the inclusion of high-risk households may increase, especially among households with large debt-to-income/asset ratios.” The number of high-risk households who have difficulty repaying their debts even if they sell their assets reached 381,000 last year. Currently, the economy is in an emergency phase where the possibility of stagflation, which is accompanied by inflation and recession, is increasing. Even in a situation where asset deflation may occur, increasing the loan limit is like jumping into a fire with money. There is concern regarding the ‘insolvency and corruption’ of financial companies as the bailout for small and medium-sized enterprises and the self-employed has not been implemented. Financial companies must return to normal business by revisiting past cases that caused a great burden on the public by increasing insolvency through performance competition.
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