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| 이복현 금감원장 (사진=연합뉴스) |
[Alpha Biz=(Chicago) Reporter Paul Lee] Lee Bok-hyun, director of the Financial Supervisory Service, expected corporate restructuring to continue until next year due to the high interest rate trend.
"Construction companies are already going bankrupt a week," Lee said in a keynote speech at the Hankyung Millennium Forum at the Banyan Tree Hotel in Jangchung-dong, Seoul on the 4th. "We have no choice but to do so until next year."
"It is up to the financial authorities to strengthen management supervision so that it will not be carried out in a shocking way, such as the bankruptcy of large builders or financial companies, even if restructuring is inevitably carried out according to market principles," Director Lee said. "It is also a measure to select 300 real estate project financing (PF) sites that are at high risk of insolvency and manage them individually."
Regarding the recent crisis of the U.S. Silicon Valley Bank (SVB) and Credit Suisse (CS) in Switzerland, Director Lee said, "It is similar to the liquidity crisis from Legoland and Heungkuk Life Insurance in the second half of last year," adding, "I was the first to be hit."
"Compared to the U.S. government's full guarantee of SVB deposits and the Swiss authorities pressuring UBS to take over CS, we have solved it in a market-friendly manner," he said. "Whether it is an advanced country or our country, we are in a common position to prevent it from going to system risks."
Regarding KEPCO bonds, which are a burden on the bond market, Director Lee said, "We will manage the amount issued this year in a single digit (10 trillion won or less) in consultation with related ministries," adding, "This year alone, the short-term fund market will normalize gradually from next year as interest rate cuts and energy price hikes are reflected."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
