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Japan gives domestic banks another chance
TOKYO. Dec 24: In another effort to stimulate Japans slumping economy, the Finance Ministry said Wednesday it will give domestic banks another year before they face punishment for not meeting new rules on keeping sufficient capital, says AP.
The move Is intended to ease a credit squeeze for Japanese businesses, which fear the new rules will make loans too hard to obtain. Finance minister Hiroshi Mitsuzuka told a televised news conference.
Mitsuzuka said the current slump is partly due to banks' reluctance to lend. Japan's financial institutions, saddled with at least 29.01 trillion yen (223.15 billion dollars) In .bad debt, are finding-it more and ' more difficult to make new loans.
Anticipation among businesses that banks eager to boost capital ratios by next April will stop lending has created a credit crunch. Mitsuzuka said the delay is designed to make for a smoother flow of capital that . will boost business activity.
Under the new plan, the ministry said it will suspend Vunishment until March 31. 999, for banks with purely domestic operations that are expected to achieve a capi-tal/asset ratio of 4 per cent. The old deadline was April 1, 1998. the ministry said in a statement.
The new rules allow the ministry to curtail or ban the operations of financial institution that fail to maintain the required capital adequacy ratios.
For Japanese banks with international and domestic operations. the ministry said the international capital adequacy standard, which requires banks to keep the capital/asset ratio above 8 per cent, will be introduced next April 1 as originally planned.
To help banks comply, the ministry said, it will not obligate banks to set aside reserves for possible losses on government bonds, and instead will let them include these funds in their own capital.
The ministry also will make available 23 trillion yen (176.92 billion dollars) for the current and next fiscal years for emergency loans to troubled small and medium-size corporations.
Naotaka Saeki, chairman of the Federation of Japanese Bank Associations, welcomed the announcement.
The announced step is a timely measure to ease the problem of credit squeeze," he said in a statement released shortly after the announcement.
The federation, also sent messages urging all IfiO 'or Japan's banks to ease restrictions-on lending, Kyodo News agency reported.
Also Wednesday. Japan's governing coalition announced a new 13 trillion yen (100.00 billion dollars) bank recapitalisation plan.
It calls for guaranteeing repayment of up to 10 trillion yen (76.92 billion dollars) in Bank of Japan loans, which the Deposit Insurance Corp would take out to buy preferred stock to be floated by both ailing and healthy banks. Also, the government-backed Deposit Insurance Corp will be allowed to use 3 trillion yen (23 billion dollars) of a separate 10 trillion yen in proceeds to be raised through a bond scheme unveiled Nov 16.
Top government spokesman Kanezo Muraoka told reporters that the measures will be submitted to Parliament in midJanuary for approval. He said the bank recapitalisation plan boosts the amount of public funds the government is currently planning to inject into the financial system to 30 trillion yen (230.77 billion dollars).
Ten trillion yen (76.92 billion) in government bonds and 20 trillion yen (153.84 billion dollars) in other government fund guarantees — that should be enough." Muraoka said.