As the banking sector strengthened its management of household loans, financial authorities asked for thorough management as concerns over balloon effects grew in the second financial sector.
The Financial Services Commission called related ministries, local banks, and Internet banks to check household debt today (23rd).
Secretary-General Kwon Dae-young said at the meeting that he was concerned about the balloon effect and that it was a problem to show aggressive business behavior that did not fit the stance of strengthening household debt management in secondary financial sectors such as insurance and mutual finance, local banks and Internet banks.
He emphasized that there should be no excessive competition centered on mortgage loans or excessive loans beyond repayment capacity.
In particular, Internet banks and second financial institutions asked them to focus on their original role so that there is no disruption in the demand for various funds that are difficult to meet in the banking sector or the supply of funds to mid- and low-credit people, rather than easy operations centered on mortgage loans.
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