[THE INVESTOR] Choi Jong-ku, the new chairman of Financial Services Commission, on July 21 called for the swift clearing of bad loans.

Choi made the remarks earlier in the day as he held the first meeting with senior regulatory officials in Seoul. The task is one of the five-year policy road maps outlined by President Moon Jae-in.

Next month, the government plans to draw up a package of fresh measures to tame the growth pace of household debt.

Choi urged the commission to strictly supervise the financial sector to make improvements to their risk assessment processes ahead of the planned measures.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)