'You can't remove 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) form the backbone of Korea's financial stability, yet the government plans to relocate these institutions out of Seoul. Union leaders express concern, warning that removing the "heart" of the financial system to another location could jeopardize its overall health.
At a press conference outside Cheong Wa Dae, union members from both KDIC and FSS passionately protested the government's decision, waving red banners and urging authorities to reconsider the proposal. The administration, led by President Lee Jae-myung, is part of a broader effort to disperse government agencies from Seoul, aiming to alleviate the concentrated urban strain.
However, union officials liken the move to heart transplant surgery, emphasizing the delicate nature of the institutions and the lack of safeguards like anesthesia and recovery rooms in the financial system.
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