President Lee Jae-myung Says 'Primitive Predatory Finance Still Has Ordinary People by the Throat... I Will Find a Solution'

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[The Financial News] President Lee Jae-myung said on the 12th, "I did not know that this kind of primitive predatory finance was still openly alive and choking ordinary people," strongly criticizing private bad banks that handle distressed debt.
That day, President Lee shared a media report on X, formerly Twitter, saying that debtors were facing difficulties because private bad banks were not taking part in the government's debt relief program for ordinary people. The report pointed out that Sangnoksu, a private bad bank, had not joined the Saedoak Fund, a government policy, leaving related debtors unable to receive debt relief benefits. Sangnoksu's major shareholders include major domestic banks and card companies.
President Lee said, "I sincerely thank you for the report," and added, "Why have the authorities not even been able to detect such irrationality until now? I will look for a solution at the Cabinet meeting."
He also said, "There are limits even to economic activity and corporate profit-seeking," adding, "No matter how much money is said to be everything, these are our neighbors in the community we must live with. Too much is as bad as too little."
Earlier, at a Cabinet meeting and emergency economic review meeting he chaired at The Blue House on the 6th, President Lee praised Chief Presidential Secretary for Policy Kim Yong-beom after Kim said, "Banks are not fully private companies but quasi-public institutions." President Lee said, "That was a very good point. I have been saying that in a long-winded way every day, but you summed it up neatly." He also stressed to the Financial Services Commission (FSC), "Ensuring that ordinary people are not excluded from finance is one of the duties of financial institutions under so-called inclusive finance. I think we need to keep emphasizing that."
President Lee also pointed out, "All financial institutions used to be special banks in the past. For example, Housing and Commercial Bank and Korea Commercial Bank. So the idea that making money is all financial institutions should do, or that this is the purpose of their existence, is itself a problem."
cjk@fnnews.com Choi Jong-geun Reporter