신종자본증권 남발, 제2금융권 부실 우려 커진다

Korean securities companies are aggressively issuing hybrid securities to circumvent capital regulations, shifting these high-yield but risky perpetual bonds to savings banks and non-bank lenders in pursuit of higher returns. This concentration of subordinated debt in deposit-taking institutions mirrors the structural vulnerabilities that preceded Korea's past financial crises, creating dangerous systemic fragility. Urgent regulatory action is needed to restrict hybrid security sales to qualified institutional investors (PE, VC) and ban purchases by deposit-taking institutions to prevent another financial contagion.