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Bad debts cripple Japanese banks
TOKYO. May 26 : A senior Bpnk of Japan (BOJ) official said here Monday it could take five years for Japan's banking system lo recover from the popping of the so-called bubble economy, reports AFP
Unlike the Finance Mln tstry, the official, who wished to remain anonymous, refused to rule out the collapse of a Japanese bank due to bad debts.
"It certainly takes a long lime, may be three to five years." he said, describing to reporters how long tt would take for the financial system to recover.
For some financial institutions it could take more time, he said. It depended on the economy which he said was showing signs of "bottoming out."
Japanese banks arc vulncra-
ble to growing bad and doubt ful debts due lo the collapse ol property and financial compa nies, victims of the steady fall in stock market and real estate prices over the past 18 months.
The central banker sa|d It was theoretically possible a Japanese bank could collapse although he did not expect any to do so.
There should be freedom for any bank to fail." he said. T don t think any more banks will come In this situation.'
Last week Deputy Finance Minister Tadao said the Japanese banking system was coping wdll with the bubble economy s collapse and said the monetary authorities would not allow a bank to fold, as has been the case since 1942.
The authorities, tn collaboration with some large banks
recently saved two small re glunal banks from collapsing.
The central banker said the Bank of Japan did not automatically rescue institutions in difficulty, but it was necessary to prevent . "damages lo depositors. clients, and credibility and stability of the system."
The Bank of Japan backed estimates published by the Ministry of Finance — doubtful debts of Japan's 21 largest banks are put at between seven to eight trillion yen (53 to 60 billton dollar), of which two trillion to -three trillion yen (15 to 30 billion dollar) are considered bad debts — as giving the true picture of the financial system, he said.
He said Japanese banks met International banking requirements such as the Bank of International Settlement's capital adequacy ratios be-
tween assets (loans) and capl tai.
Speaking of the economy the central banker said the ad justment of inventories "was continuing to depress ihc economy."
"Inventory adjustment will not be completed before summer." he said.
He said the government s recent interest rate cuts and spending measures were enough to ensure the recovery
"We took sufficient mea sures to prevent the downturn (becoming) a cumulative process." he said. The measures would ensure Japan returned to "sustainable and non-inflationary growth.'
"All we need is patience.' he said. This is a necessary and desirable adjustment process,"