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Gold/Mining/Energy : Gold Price Monitor

GDXJ 113.23

+0.6%

Dec 16 4:00 PM EST

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To: The Fix who wrote (3662)	11/30/1997 12:33:00 AM
From: fishweed	Read Replies (2) of 116815

Tokyo land sale may help banks FROM CARL MORTISHED IN TOKYO (The Times, London - Nov/29) THE Japanese Government is considering selling public land to secure funds to bail out Japan's troubled banking industry. Officials in the Ministry of Finance are believed to be looking at a number of options, including a restructuring of the Trust Fund Bureau, the body responsible for financing large infrastructure projects. The Trust Fund Bureau, which is under the authority of the ministry, has backed huge infrastructure projects with funding from postal savings and pensions. However, it is believed that a substantial number of the loans are not paying interest. Some Y55 trillion (œ250 billion) is believed to be under water. The ministry is believed to be keen to use the Trust Fund Bureau and its postal savings money to help to restructure the debt-laden banking industry, which recently suffered four failures, including that of Yamaichi Securities. The Trust Fund Bureau's bad debts need to be addressed to secure more funds from postal savings. The Finance Ministry is believed to be considering packaging the debts and shifting them to the General Account. No decisions have been made, but one possibility is a change in legislation that would permit the sale of forestry land and other valuable land holdings. The Government's dilemma stems from high levels of public debt and fears that weakness in the financial sector could raise the cost of public borrowing. Observers believe that Japan faces a growing crisis because the current level of long-term debt is believed to be nearing ten times the level of retained tax earnings. The equivalent US multiple is four to five times.

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