On the first day of raising the deposit protection limit from 50 million won to 100 million won for the first time in 24 years, Deputy Chair Kwon Dae-young of the Financial Services Commission emphasized the need to shift to productive finance, saying, "As the dike of deposit protection has become thicker, we must now channel the water collected within it to the right places."
Deputy Chair Kwon visited the main branch of Hana Bank in Jung-gu, Seoul, on the morning of the 1st, signing up for deposit products and checking the preparations for the system's implementation.
Kwon said, "The government has made productive finance a national agenda, designing a massive canal for the flow of funds, such as the 100 trillion won National Growth Fund, to ensure that it flows into the fields of growth," and urged financial companies to become the "core players" of productive finance so that the flow can extend to innovative companies and future growth industries. He also noted, "Please respond to the trust of the people with confident and responsible actions."
Kwon stated, "As the practical leader who responded to the savings bank crisis in 2011, I have personally felt the importance of the deposit insurance system, so I consider the increase in the deposit protection limit after 24 years to be significant," adding that "the implementation of the 100 million won deposit protection limit will better protect depositors' assets and reduce the inconveniences associated with dispersed deposits while also enhancing the stability of the financial market."
Yoo Jae-hoon, president of the Korea Deposit Insurance Corporation (KDIC), expressed gratitude to the financial companies that worked hard for the implementation of the system and urged them to faithfully guide customers.
In the future, the Financial Services Commission plans to manage the implementation of the system while communicating with the financial industry and checking the movement of funds in collaboration with related agencies such as the Financial Supervisory Service.