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Pastimes : Ask Mohan about the Market
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To: Zeev Hed who wrote (12414)12/27/1997 6:07:00 PM
From: Otimer  Read Replies (1) of 18056
 
Zeev will tihs help them?
Worst of financial crisis is over,Finance Minister says
Finance Minister Hiroshi Mitsuzuka expressed full confidence in the nation's financial health Friday, saying
that the crisis is over and implementation of the government's stability measures will restore calm to the
industry.

In his last regular press conference of the year, Mitsuzuka conveyed his belief that the financial crisis, which
peaked in November with a string of failures including the collapse of the fourth largest brokerage, Yamaichi
Securities Co., is basically over. "Ministry officials are currently working full-speed to prepare necessary
legislation for the upcoming Diet session" to set up a legal framework for infusing up to 30 trillion yen in
public assistance toward fully protecting deposits and helping to recapitalize banks up to March 2001.

The planned measures include giving the Deposit Insurance Corp. 10 trillion yen worth of government bonds
redeemable upon request and extending 20 trillion yen worth of government guarantees to DIC borrowings
from such lenders as the Bank of Japan. Of this amount, 13 trillion yen -- 3 trillion yen in bonds and 10
trillion yen in government loan guarantees -- will be set aside for capital injection through the purchase of
preferred stock, while the remaining 17 trillion yen will be used to offer complete reimbursement of deposits
at failed financial firms.

To realize this scheme, the Finance Ministry is preparing to submit a new Financial System Stabilization Law
and a bill to revise the Deposit Insurance Law to the next ordinary Diet session, which begins Jan. 12. The
enactment of such legislation will restore confidence to the financial sector, Mitsuzuka stressed.
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