Financial industry must support economy, gain trust: finance ministry

SEOUL, Jan. 5 (Yonhap) -- South Korea's finance minister Tuesday urged financial
institutions to step up efforts this year to support the real economy, while
regaining confidence they lost during the global crisis.

"As you well know, finance is a flower that can grow only on a soil of trust,"
Yoon Jeung-hyun told a New Year meeting with officials of financial institutions.
"To be born again as a strategic industry that can create added value based on
autonomy and creativity, the first thing to do is to effectively carry out its
original role of supporting the real economy."
Yoon noted that financial institutions should listen to some complaints in the
market that they caused the crisis by excessively taking risks and expanding
assets in pursuit of short-term profits.
He also pointed out the importance of the financial industry gaining market trust
to survive, saying that it lost much confidence in the process of the crisis that
unfolded since late 2008.
"I'd like to emphasize the fact that no single financial company could exist
without gaining confidence from clients," Yoon said.
The finance minister noted that the nation's economy is making a
faster-than-expected recovery from the global recession but efforts are still
being maintained for risk management and other downside factors.
kokobj@yna.co.kr
(END)

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