Head of the Financial Services Commission(FSC) Koh Seung-beom held his first meeting with industry officials since taking office and underscored the household debt problem. 

On Friday, Koh met with the chiefs of five major financial groups - including those of Kookmin, Shinhan, Woori, NH and Hana - and discussed ways to strengthen debt management and extend loan maturity for small business owners.

The chairman said managing household debt is the number one task at hand for financial authorities and called for thorough risk management. 

He said the overheated asset market was a side effect of snowballing household debt. Also, considering uncertainties, such as a rate hike at home and the U.S. Federal Reserve's possible tapering this year, debt management is a top policy priority.

In response, the bank-holding companies promised to cooperate with authorities and conduct inspections to keep household debt within this year's growth target of five to six percent. 

The meeting also discussed extending loan maturity and payment deadlines by six months for small merchants. Detailed measures are expected next week following government and ruling party discussions.