金融稳定报告

Financial Stability Report 2025. 12 Financial stability refers to a condition in which the financial system works smoothly with all ofits key components satisfactorily performing their roles: Financial institutions carrying out theirfinancial intermediary functions, market participants maintaining a high level of confidence inthe financial market, and the financial infrastructure being well developed. Financial stability is regarded as one of the policy goals that must be achieved, together with pricestability and economic growth, for a sustainable economic development. Policy authorities aroundthe world thus devote great efforts to achieving financial stability. As part of its conduct of macroprudential policies, the Bank of Korea has been publishing theFinancial Stability Report on a biannual basis since 2003, analyzing and assessing the potentialrisks inherent in the Korean financial system and suggesting related policy challenges. In particular, the Bank of Korea Act, amended in 2011, clearly assigned the Bank of Korea the re-sponsibility for maintaining financial stability (Article 1) and made it mandatory for the bank todraw up and submit Financial Stability Reports to the National Assembly (Article 96). The Financial Stability Report for the second half of 2025 covers financial stability informationavailable until two weeks before its publication, unless otherwise noted. It is hoped that this Financial Stability Report will help financial market participants, regulatorsand policymakers to recognize the risk factors inherent in the financial system at an early stage,and deal with them appropriately. <Bank of Korea Act> Article 1 (Purpose) ②The Bank of Korea shall take heed of financial stability in performing its monetaryand credit policies. Article 96 (Reporting, etc. to National Assembly) ①The Bank of Korea shall prepare an assessment report on progress in implementingmonetary and credit policies and macro-financial stability conditions at least twiceevery year and submit it to the National Assembly. This Financial Stability Report is published in accordance with theprovisions of Article 96 of the Bank of Korea Act, and upon theresolution of the Monetary Policy Board. December 2025 Monetary Policy Board ChairmanRhee, Chang YongMemberShin, Sung HwanMemberChang, YongsungMemberRyoo, SangdaiMemberHwang, KunilMemberKim, Jong HwaMemberLee, Soohyung [ Executive Summary ]1 Contents I. Stability Situation by sector17 1. Household and Corporate Credit19 (1) Household Credit19(2) Corporate Credit24(3) Credit Leverage29 2. Financial and Asset Markets41 (1) Bond Markets41(2) Stock Markets43(3) Real Estate Markets45(4) Other Asset Markets50 3. Financial Institutions58 (1) Banks59(2) Non-Bank Financial Institutions64(3) Interconnectedness75 4. External Sector90 (1) Foreign Exchange and Foreign Currency Funding Markets90(2) Capital Flows93(3) External Payment Capacity96 5. Financial Regulations and Policies105 (1) Macroprudential Policies105(2) Other Financial Stability Actions108(3) Payment and Settlement Systems110 II. Analysis of Key Fianancial Stability Issues113 1.Characterustics of Recent Housing Market and Impacton Financial System115 2.Profit-Seeking Trends of Financial Sector and RiskAssessment126 III.Household Debt Deleveraging of Korea : Progress andsteps forward137 (1) Background140(2) Assessment of Household Debt Deleveraging141(3) Medium and Long-Term Factors Restricting Deleveraging147(4) Future Policy Directions159 Box 1.Revision of the Financial Vulnerability Index (FVI)11Box 2. Recent Status of Loans to Self-Employed BusinessOwners and Characteristics by Age Group30Box 3. Impact of US Tariff Policy on Corporate FinancialSoundness35Box 4. Impact of Institutionalization of Crypto Asset Marketand implications52Box 5. Changes in Bank Capital Ratio ManagementConditions and Assessment79Box 6. Analysis of Funding and Operations at Non-Bank84Deposit-Taking InstitutionsBox 7.Analysis of Relationship Between Domestic and98Overseas Investments by Individual Investors List ofBoxes Guide to Using URLs and QR Codes The 'Financial Stability Report' is available on the Bank of Korea's website. You canview the relevant information using the URL and QR code provided below. Click the URL belowBank of Korea>Financial Stability>Financial Stability>Financial Stability Reports Report file users Capture the QR code below with your smartphone. Financial Stability Report at a Glance Overall Assessment of Financial Stability Situation Korea’s financial system remainsstable overall. Amida slight easing of uncertainty in the international tradeenvironment and improvementsin thereal economy,theresil-ience of financial institutionsandexternal payment capacityhave remainedsound. As a result, Korea’sfinancial systemremainsstable overall.However, elevated credit risks in vulnerable sectors,heightened volatility in financial and foreign exchange markets, sustainedrises in housing prices