KOR
▲ Bank of Korea Governor Shin Hyun-song (right) and Deputy Governor Kwon Min-soo converse while reviewing documents during a parliamentary audit held at the Bank of Korea in Jung-gu, Seoul, on the 12th.
Bank of Korea Governor Shin Hyun-song stated, "I apologize to the public for failing to issue sufficient warnings regarding single-stock leveraged ETFs."
Governor Shin made the remarks during a parliamentary audit held by the National Assembly's Finance and Economy Committee at the Bank of Korea in Jung-gu, Seoul, this morning (the 12th), in response to a question from Democratic Party of Korea lawmaker Chung Sung-ho asking whether the BOK had played an appropriate role in the introduction of single-stock leveraged ETFs.
Governor Shin said, "I touched upon this matter during the press conference following the Monetary Policy Board meeting at the end of May, but at the time, we failed to fully grasp the volatility in the domestic stock market and the memory semiconductor sector."
Regarding the Financial Stability Report released last June, which diagnosed that single-stock leveraged ETFs would "help prevent the outflow of domestic investment capital and contribute to expanding inflows of foreign capital," he also acknowledged a misstep, stating, "Looking back at the situation at the time, that assessment was not appropriate."
(Photo: Joint Press Corps, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.
