The KDIC and FSS unions rallied outside Cheong Wa Dae in Seoul on Monday against a government plan to relocate the agencies to Sejong. They argued the move could weaken financial stability and disrupt crisis response, while the government is expected to begin Cabinet deliberations as early as Tuesday. The unions said the plan should not proceed without stakeholder dialogue and social consensus.
Union members of the Financial Supervisory Service and the Korea Deposit Insurance Corporation chant slogans opposing the government's push to relocate financial institutions out of the capital at a joint press conference near Cheong Wa Dae in Seoul, Monday. Yonhap
“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 KDIC labor union, rang out under the sweltering sun outside Cheong Wa Dae in Seoul, Monday.
“Heart transplant surgery is among the most delicate procedures, where even a single mistake can be fatal. Keep in mind that our financial system has no anesthesia and no recovery room.”
