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October 23, 2023 [Hong Sa-hoon's Economic Show] KBS 1Radio FM 97.3MHz Mon-Fri 16:05-16:54 Guest: Oh Geon-young, Team Leader, Shinhan Bank WM Group The Financial Supervisory Service revealed that the performance bonuses paid by the nine major domestic securities companies to their executives and employees in charge of real estate PF loans over the past four years amounted to 900 billion won. Meritz Securities paid the largest amount of performance bonuses at 355 billion won, and it was found that the increased profits were not left as reserves for the future, but were shared as performance bonuses for employees. Even if there was a possibility of insolvency, PF managers somehow proceeded with the business due to their greed for performance bonuses. Real estate PF insolvency began to grow. The government is requesting that commercial banks, which are relatively well-off, become more active in PF loans by increasing the PF loan guarantee to 25 trillion won through policy financing. If there is a deficit, it should all be filled with national taxes. In response to a question from the National Assembly audit on whether profits are privatized and losses are socialized, Financial Supervisory Service Governor Lee Bok-hyun responded that he has no intention of tolerating financial companies shifting their responsibility for moral hazard to the public. We will have to watch closely to see if he is just saying that he will not tolerate it or if he is actually taking action. #OhGunYoung #HongSaHoon #HongSaHoon'sEconomicShow