Due to the balloon effect ... "Real estate and self-employed businesses need to improve their competitiveness"
Savings bank lending exceeded 50 trillion won only after 5 years and 10 months since December 2011 (50 trillion 237.6 billion won).
Savings bank loans peaked at 65.745 trillion won in May 2010 and steadily declined in the wake of the bankruptcy of savings banks the following year.
In June 2014, it shrunk to 27.5968 trillion won.
However, after reversing the increase, it surpassed the 40 trillion won (40.8 trillion won) wall in July last year.
Since then, the size has increased to 50 trillion won.
The rate of increase also accelerated.
Year-on-year, the single digit growth rate for the first quarter of 2015 is double-digit every month since April.
Especially, from February last year to May this year, the rate of increase was 20%.
The increase in savings bank lending since 2H04 seems to be the result of lower interest rates and deregulation of real estate.
It was at this time that the size of lending by not only savings banks but also other financial institutions increased in earnest.
In addition, special factors such as the balloon effect are added to the increase in savings bank lending.
When the government implemented guidelines for the advancement of credit review last year in order to catch up the surge in household loans, ordinary people who did not cross the threshold of the bank went to savings banks.
This year, the financial authorities tightened up loans to non-bank households as well, which has led to the expansion of savings bank lending.
Savings banks were quick to adjust their business strategies due to the expansion of corporate loans, and demand for self-employed workers suffering from sluggish domestic demand was right, leading to an increase in lending.
The online loans are very easy to get and it takes only a couple of minutes to get the loan deposited into the bank account.
Growth in savings bank loans is not a happy sign.
Savings bank loans have higher interest rates than ordinary bank loans and borrowers have relatively low credit ratings.
If we enter into a full-fledged interest rate hike, the debt burden of vulnerable groups may increase and lending may become insolvent.
Professor Shin Hong-Ik said, "The government has taken advantage of the balloon effect of two financial institutions such as savings banks as a result of tightening the lending of one financial sector." In the case of corporate loans of two financial institutions, most of them are self-employed and SME loans.
Professor Jeon suggested, "In order to slow down the growth of debt in the financial sector, a customized real estate policy is needed for the surge in housing prices," he said. "We should also find a policy to increase the competitiveness of SMEs and self-employed."
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