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FSC Puts Top Priority on Bringing Household Debt Growth to Pre-pandemic Levels

FSC Puts Top Priority on Bringing Household Debt Growth to Pre-pandemic Levels

SEOUL, Dec. 5 (Korea Bizwire) — The head of South Korea’s top financial regulator has said he will make continued efforts to bring household debt growth down to pre-pandemic levels, as fast increasing debt has emerged as a major risk that could threaten the country’s economy. Koh Seung-beom, chief of the Financial Services Commission (FSC), [...]

Regulator Tightens Curbs on Bank Credit Loans to Tackle Household Debt

Regulator Tightens Curbs on Bank Credit Loans to Tackle Household Debt

SEOUL, Aug. 26 (Korea Bizwire) — South Korea’s financial authorities have called on local banks to tighten their screening for unsecured loans as part of efforts to cope with rising household debt, sources said Thursday. The Financial Supervisory Service (FSS) recently required all commercial lenders to submit their plans to adjust caps on credit loans [...]

S. Korea’s Household Debt Growth Accelerates in June

S. Korea’s Household Debt Growth Accelerates in June

SEOUL, July 9 (Korea Bizwire) — South Korea’s household debt grew at an increased speed in June, while the rise in corporate loans slowed sharply from a month earlier following the government’s stimulus measures aimed at supporting the pandemic-hit economy, central bank data showed Thursday. Fresh bank loans extended to local households came to 8.1 [...]

Q1 Household Debt Growth Slowest in 1 Year Due to Virus Outbreak

Q1 Household Debt Growth Slowest in 1 Year Due to Virus Outbreak

SEOUL, May 20 (Korea Bizwire) – South Korea’s household debt grew at the slowest pace in one year in the first quarter, central bank data showed Wednesday, amid a sharp decline in spending apparently caused by the new coronavirus outbreak that is expected to hurt the whole economy. Outstanding household credit came to 1,611.3 trillion [...]

Household Debt Growth Slows, but Corporate Loans Surge by Highest Amount in April

Household Debt Growth Slows, but Corporate Loans Surge by Highest Amount in April

SEOUL, May 12 (Korea Bizwire) — Household debt growth in South Korea slowed, but corporate loans spiked by the largest amount in history amid the growing fallout from the new coronavirus outbreak, central bank data showed Tuesday. Fresh bank loans extended to local households came to 4.9 trillion won (US$4 billion) in April, according to [...]