여신전문금융사 유동성 위기 시 공급방안 연구

Abstract

The Importance of Non-Banking Financial Institutions (NBFIs) in the Financial System is growing. The expansion of NBFIs increases systemic risk during liquidity crises due to their high inter-connectivity with other financial sectors, potentially leading to a decline in macro-prudential stability. In particular, credit financial companies (CFCs) differ from other NBFIs in that they lack an entity to supply liquidity, making them more likely to act as a crisis transmission channel during economic shocks. This study seeks to explore measures for providing liquidity to CFCs in times of crisis. First, we propose preventive measures such as improving asset-liability maturity mismatches, increasing the reserve ratio for loan loss provisions, and introducing a risk-adjusted capital adequacy ratio. Additionally, we suggest market normalization measures for CFC bonds, including interest rate reductions through payment guarantees and securing demand sources such as the National Pension Fund. Furthermore, we propose medium- to long-term strategies, including liquidity support from the Bank of Korea or the Korea Deposit Insurance Corporation and participation in financial stability funds or accounts. Most importantly, we recommend establishing a CFC Safety Fund to enable proactive and stable liquidity support rather than temporary, one-off measures. By clearly defining operational aspects—such as the purpose, eligible beneficiaries, support scale, conditions for activation, decision-making authority, and post-support management—we aim to enhance the feasibility of its implementation.