The nation’s top financial officials have vowed to actively and swiftly stabilize the financial market with regard to Taeyoung Engineering and Construction's application for debt restructuring.

Finance minister Choi Sang-mok, Financial Services Commission Chairman Kim Joo-hyun, Bank of Korea Governor Rhee Chang-yong and Financial Supervisory Service Governor Lee Bok-hyun convened an emergency meeting on Friday and reviewed market conditions in the wake of Taeyoung’s application for a workout.

Choi vowed to promptly expand market stabilization measures if deemed necessary, apparently referring to the possible activation of the bond market stabilization fund, with a current reserve of 85 trillion won.

Participants said if necessary, the BOK will assist liquidity support via open market operations and efforts will be made to set aside provisions in a bid to expand the financial sector’s ability to absorb losses.

In terms of companies that have taken out real estate project financing loans, Choi reiterated that the government will implement tailored measures to supply liquidity to such businesses whose operations can be normalized.