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Top financial regulator calls for swift clearing of bad loans

By Catherine Chung

Published : July 21, 2017 - 15:05

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South Korea's top financial regulator on Friday called for the swift clearing out bad loans, saying that there is the need to achieve tangible results next month. 

Choi Jong-ku, the new chairman of the Financial Services Commission, made the remarks earlier in the day as he held the first meeting with senior regulatory officials in Seoul.

Financial Services Commission Chairman Choi Jong-ku (Yonhap) Financial Services Commission Chairman Choi Jong-ku (Yonhap)

The task is one of the five-year policy road maps outlined by President Moon Jae-in.

Next month, the government plans to draw up a package of fresh measures to tame the growth pace of household debt.

Choi urged the commission to strictly supervise the financial sector to make improvements to their risk assessment processes ahead of the planned measures.

South Korea's household debt, already the highest among emerging markets, stands at around 1,400 trillion won ($1,244 billion) as of this year. (Yonhap)

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