'You can't move heart from body': FSS, KDIC unions rally against relocation out of Seoul
“The Korea Deposit Insurance Corporation (KDIC) and the Financial Supervisory Service (FSS) are the heart of Korea’s financial stability. And yet the government says it wants to move that heart away from the center of the financial markets. If you take out the heart and put it somewhere else, can you really expect the body to keep functioning normally?” The voice of Kim Young-heon, head of the…
The Korea Deposit Insurance Corporation (KDIC) and the Financial Supervisory Service (FSS) are vital components of Korea's financial stability. However, the government is considering moving these institutions away from Seoul, the heart of financial markets in Korea. Union leaders express concern that relocating the heart of the financial system could jeopardize its overall health.
Kim Young-heon, head of the KDIC labor union, passionately voiced his opposition during a rare joint press conference outside Cheong Wa Dae. He likened the heart transplant analogy to the delicate nature of the financial system, emphasizing that even a single mistake could have catastrophic consequences. "The financial system has no anesthesia, and there is no recovery room," he warned.
The proposed relocation comes as part of the Lee Jae Myung administration's broader initiative to disperse government agencies outside the bustling capital. This government plan has sparked a strong reaction from over 40 union members from the KDIC and FSS, who protested outside the presidential complex. They held bright red placards and delivered a clear message: the heart of Korea's financial stability should not be moved.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
