[FSC Chairman’s Leave Ceremony] When it is time to leave


Weather gets much warmer with a touch of spring breeze. Well, it is yet too early to say spring has come, but we can feel spring is at the corner. Right, we are at the end of February, with just one more day left for this shorter month.

With the new president Park Geun Hye coming into office this Monday on 25th of February, 2013, there are on-going changes in the overall structure of government administration in Korea. Of course, FSC is not an exception to this change. Most notably, the Chairman Kim Seok Dong left his office on Monday. Now, we may call Mr. Kim ‘FSC’s former Chairman.’


 To officially announce his leave of office, leave ceremony  was held at 5 p.m. on Monday February 25, 2013. Technically, Mr. Kim’s term has not yet been served, with ten more months left. However, right after the president election in December, Mr. Kim expressed his intention to resign in advance. “Without my voluntary resignation, I am going to land the new administration with unnecessary burden and responsibility”, said Mr. Kim. For the new government to furnish up the administration, Mr. Kim thought that it is the right time for him to leave his office.

What has been done so far since Mr. Kim took office in January, 2011? The former president Lee Myung-bak appointed Mr. Kim, as having been heard of lots of recommendations saying “there is no one suitable for FSC’s Chairman other than Mr. Kim.”

The recommendations turned out to be right, as we are looking back on Mr. Kim’s policy measures. “Policy Measure should be implemented in a direct manner.” It was how Mr. Kim dealt with several issues such as restructuring unsound savings banks, soft-land measures on household debt, handling disputes against Lone Star, and financial support for low-income households and SMEs. Managing all those demanding issues during his term, Mr. Kim called ‘troubleshooter.’

At the ceremony, there was a little but touching surprise having been prepared by FSC staff members. It was a video clip delivering personal messages to Mr. Kim. Although everyone had different contact with Mr. Kim, there was a common inspiration shared by all saying “it was so good to have a great senior who is so encouraging.”

Wrapping up his speech at the ceremony, Mr. Kim passed along a request, “It is expected that economic challenges are going to stay a bit longer. There should be extra efforts letting financial policies serve supportive roles in our economy. Based on an excellent financial infrastructure, Korea’s financial influence is to be further expanded.”


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