President Lee Jae-myung on the 22nd noted regarding the enforcement decree of the deposit protection law that raises the deposit protection limit from the existing 50 million won to 100 million won, "As the government guarantees finances, financial institutions should return the benefits to society in the form of enhanced rights for financial consumers."
According to Spokesperson Kang Yoo-jeong, President Lee said during a Cabinet meeting that "Financial institutions should also contribute to the national and public economy and return the benefits they receive to consumers." He particularly directed relevant ministries to comprehensively review and establish consumer protection measures to check whether the increase in deposit protection limit leads to a decrease in interest rates in the second financial sector.
On that day, the government approved six presidential decrees, including the enforcement decree of the deposit protection law, held under President Lee. Accordingly, starting from September, the existing 50 million won deposit protection limit will rise to 100 million won. This is the first increase in the protection limit in 24 years since 2001. If financial companies or NongHyup, credit unions, agricultural cooperatives, fisheries cooperatives, or Saemaul Geumgo go bankrupt and cannot pay out deposits, deposits will be protected up to 100 million won.
Spokesperson Kang stated, "As the deposit protection limit increases to 100 million won, financial institutions will receive more protection," adding, "Since financial institutions benefit from the system, financial consumers should also receive broader benefits, and they should return economic benefits to society, as the President mentioned."
President Lee instructed regarding the government's overseas aid projects, "Organize and report whether the projects are progressing in line with national prestige and diplomatic purposes." This indicates an intention to reorganize overseas aid projects that cost trillions of won. There are also analyses suggesting that this was considering the investigation being conducted by the special prosecutor team led by Min Jung-ki concerning the allegations related to Kim Keon-hee and the previous Yoon Suk-yeol administration's public development assistance project in Cambodia.
President Lee stated, "There are many overseas aid projects that cost trillions of won annually yet are not justifiable," as he issued this directive. However, Spokesperson Kang reported that regarding specific targets or purposes, "It was a directive aimed at confirming whether the budget is being used properly for project purposes, and the President did not elaborate further on this issue."