Chief of financial watchdog expresses intent to resign

Financial Services Commission Chairman Kim Seok-dong (photo) is said to have expressed his intent to resign to the presidential office. He told The Dong-A Ilbo Thursday that he will step down after the next administration`s launch to prevent being a burden to the incoming president.

He said he already delivered his intent to resign to the presidential office, adding, “The next government won’t be able to let me go easily because a term is guaranteed for my post. At the same time, if I try to stay, the incoming government won`t be able to fill posts with new figures.”

Kim said he wants to open a way for the next generation by making a courageous decision. “I’ve been a public official for more than a good enough number of years. I’ll just walk out with no regrets,” he said.

Experts say that with Kim’s resignation, other high-ranking officials and figures in finance, including the heads of financial holding companies, will face pressure to resign.

The term of the financial watchdog`s chairman is three years. Kim was expected to serve out his term because of his successful handling of pending issues, such as rising household debts and the restructuring of savings banks, since taking office in January 2011.

abc@donga.com