Financial authorities ask savings banks to reduce credit loan limit to ‘within annual salary’

The financial authorities have ordered savings banks and savings banks to reduce their credit limit to within the borrower’s annual income.
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According to the financial industry on the 22nd, the Financial Supervisory Service (FSS) requested this to the Korea Savings Bank Federation on the 20th. Although the credit limit of savings banks is lower than that of banks, there are some places that offer a limit of 150 million won to 150 million won in a fixed amount.

The financial authorities have set a target of 21% (including medium-interest loans) for the growth rate of household loans in the savings and banking sector this year, and are monitoring it weekly. The target for the growth rate of its own credit loans, excluding medium-rate loans in the savings banking sector, is 5.4%. An official from the Financial Supervisory Service said, “We have announced that savings banks that exceed or are close to the target will be managed through a meeting with the management.”

Earlier, the financial authorities ordered the bank to reduce the loan limit to within the borrower’s annual salary a week ago, and the bank accepted it.

In mutual financial sectors such as the Nonghyup, Credit Union, and Saemaul Geumgo, the Nonghyup is subject to special management by the financial authorities. The Nonghyup accounted for 2.3 trillion won of the 5.6 trillion won increase in household loans in the second financial sector, including the mutual financial sector, last month.

The Agricultural Cooperative Federation visited the Financial Services Commission on the 20th to temporarily suspend group loans of national agricultural and livestock cooperatives, set and operate a target for each cooperative thereafter, and to lower the total debt repayment ratio (DSR) for each borrower, which is 60%. reported the management plan. However, the FSC judged that the plan of the National Agricultural Cooperative Federation was insufficient and lacked specificity and requested a supplement.

The FSC requested the other two financial institutions, such as insurance companies and credit card companies, to strictly comply with the total amount management target through the president of the association. Although the financial authorities did not provide detailed guidelines for the insurance industry and the credit industry, they also manage the total amount of household loans on a weekly basis.