Regulatory Alerts2024-08-20 | 82919FSC Chairman Meets with Banking Sector on Financial Stability and Sustainable Growth
The Financial Services Commission held talks with 19 bank heads to address four major economic risks, including household debt and real estate project finance. Chairman Kim Byoung Hwan mandated that banks implement self-regulating household debt management systems based on borrower repayment capabilities starting September 1. Key measures include applying a higher stress rate to Seoul metropolitan area mortgages and requiring banks to calculate Debt Service Ratios for all household loans for internal management.
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