이재명 대통령이 19일 정부서울청사 별관에서 열린 금융위원회·공정거래위원회 업무보고에서 이억원 금융위원장에게 질문하고 있다. [사진=연합뉴스]

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SEOUL, December 19 (AJP) - President Lee Jae Myung on Thursday renewed his criticism of what he described as the banking sector’s reliance on “easy” interest income, urging regulators to embed stronger consumer protections and tighter oversight into law.

Speaking at a policy briefing of the Financial Services Commission (FSC) at the Government Complex Seoul, Lee asked whether financial institutions effectively avoid losses even when loan delinquencies occur by shifting costs to other customers.

He criticized banks’ heavy reliance on collateral-based lending, arguing that lending secured mainly by land or housing while collecting interest distorts the core role of finance and should be corrected.

FSC Chairman Lee Eok-won said about 70 percent of household loans in the banking sector are backed by mortgages, adding that the low risk of loss has led lenders to concentrate on such products. He questioned how much that lending structure contributes to the broader economy and said the FSC would pursue institutional reforms.

President Lee responded that even when difficult reforms are implemented, policies often “snap back” over time, arguing that key changes should be locked into law to ensure durability.

Lee also emphasized the need for greater financial inclusion. He said working-class households are the ones most in need of financing, while wealthier borrowers with stronger collateral and higher credit ratings are better positioned to use financial services to accumulate even more assets.

Lee said high-income borrowers with strong credit gain a disproportionate advantage, widening the wealth gap. Calling this a natural outcome of market forces, he argued that only government policy can correct it and stressed the role of the financial regulators in addressing inequality.
Kwon Ga-lim 기자 hidden@ajunews.com

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