The Financial Services Commission withdrew its proposal to the National Planning Committee to transfer the headquarters of the Korea Development Bank to Busan as an alternative for establishing the Southeast Investment Bank. Although several alternatives were prepared considering the effectiveness of policy, this was removed just before the final report. The shift in policy proposal is interpreted as the Korea Development Bank's skepticism regarding President Lee Jae-myung and the ruling party's stance on the transfer to Busan.
According to the financial sector on the 19th, the Financial Services Commission reported to the National Planning Committee at the government headquarters in Sejong earlier that day, excluding matters such as the establishment of the Southeast Investment Bank, the transfer of the Korea Development Bank to Busan, and the reorganization of the Korea Development Bank. Previously, the Financial Services Commission prepared a regional financial supply plan, one of President Lee Jae-myung's regional pledges, while readying the report for the National Planning Committee. Initially, the Financial Services Commission included in its report a commitment to simultaneously review the establishment of the Southeast Investment Bank and the transfer to Busan, along with strengthening the local headquarters' funding functions. Additionally, there were cautious opinions suggesting a need to differentiate the role of the Southeast Investment Bank from those of the Korea Development Bank, local banks, and advanced industrial strategic funds. However, it is reported that this content was omitted from the final report.
The Financial Services Commission also appears to have excluded related content at the last minute to align with President Lee Jae-myung and the ruling party's policy agenda. During a visit to Busan in May while he was a presidential candidate, President Lee expressed that the transfer of the Korea Development Bank to Busan would be virtually impossible. Subsequently, on June 1, he promised the establishment of the Southeast Investment Bank as an alternative to the transfer on his Facebook. On the 12th, Bumin Byeong-deok, a member of the Democratic Party of Korea, introduced a bill for the establishment of the Southeast Investment Bank. With the current administration considering the establishment of the Southeast Investment Bank as a key pledge, it has excluded any remarks that could be perceived as raising issues. Furthermore, since the transfer of the Korea Development Bank was a pledge of former President Yoon Suk-yeol, it can be seen as burdensome for the new government to adhere to this in its work report.
The National Planning Committee is also emphasizing the implementation of pledges aligned with the administration's agenda to government ministries. Choi Seung-rae, spokesperson for the National Planning Committee, expressed disappointment during a briefing on the previous day's work report, stating, "There is no analysis of the pledges, and some ministries have presented what they want to do under the guise of pledges." This indirectly urged the development of policies that align with the president's pledges.
The reason the Financial Services Commission considered the Korea Development Bank transfer until the last minute is efficiency of policy. The pledge to establish the Southeast Investment Bank arose from the intention to set up a policy financial institution in Busan to provide tailored financial support to the Busan-Ulsan-Gyeongnam region at a rapid pace. The problem is that if the Southeast Investment Bank only performs functions similar to existing policy financial institutions, the efficiency of the policy may decline. The Financial Services Commission is also interpreted to have considered alternatives such as the transfer of the Korea Development Bank and strengthening the local headquarters.
Opinions on the Southeast Investment Bank are divided among experts. Lee Sang-won, a professor of finance at Dong-A University, stated, "The establishment of the Southeast Investment Bank is a quick measure that can be chosen for regional economic revitalization because a related bill has already been prepared." On the contrary, Seok Byeong-hoon, a professor of economics at Ewha Womans University, pointed out, "Based on the proposals released so far, the Southeast Investment Bank is at risk of being superfluous and duplicative, which raises concerns about reduced efficiency in policy implementation due to overlapping identities with existing policy financial institutions."