The South Korean Financial Services Commission (FSC) said in its 2014 policy goals that it plans to push to mend the structure of household debt by supporting extension of mortgage lending with longer maturity, besides spurring the sale of covered bonds. On the other side, FSC added that it will urge local banks to increase the portion of fixed rate loans along with encouraging households to stop repaying the interest on the mortgage loans without paying the principal for an extended period. According to the Bank of Korea, household credit totaled a record 991.7 trillion won ($934.5 billion) as of September 2013, which is 12.1 trillion won higher than the figure recorded three months earlier. The FSC ensured that the Korean government is going to support extension of loans with longer maturities by state run Korea Housing Finance Corp. This will provide long term mortgage loans with maturity of more than 10 years and issues securities based on such credit.