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Korea to Take Steps to Curb Household Debt If Needed, Kim Says

South Korea’s banking regulator will take additional steps to contain household debt if needed, Financial Services Commission Chairman Kim Seok Dong said today.

“For household debt growth, we have implemented a number of measures to bring it under control,” Kim said in the text of a speech. “We have made it clear that additional steps, if needed, will be taken to achieve our goal.”

Restructuring of the nation’s distressed mutual savings banks will pick up and there will be “no systemic risk” arising from them, Kim said. South Korean markets are resilient enough to deal with global shocks, he said.

To contact the reporter on this story: Seyoon Kim in Seoul at skim7@bloomberg.net

To contact the editor responsible for this story: Kyung Bok Cho at kcho7@bloomberg.net

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