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To: Les H who wrote (190239)	9/3/2002 9:44:29 AM
From: Les H	Read Replies (1) \| Respond to of 436258

Under new mark-to-market accounting rules, top banks together posted 1.2 trillion yen in stockholding losses and unwound five trillion yen in cross-shareholdings in 2001/02. They are expected to unwind as much in cross-held shares this year under rules that oblige them to cut such holdings by 2004/05. HSBC Securities banking analyst Hironari Nozaki estimated that top Japanese banks currently had unrealised losses of around 3.6 trillion yen on their stock holdings. Banks have few ways of improving capital adequacy ratios on their own and none of them are quick fixes, said Nozaki. One way to raise capital could be to issue perpetual preferred shares, which cannot be converted into common shares but are treated as core capital. Mizuho Holdings (8305), the world's largest bank by assets, said in July it would raise 100 billion yen in such shares in a private placement. Banks will also step up efforts to reduce assets through further aggressive loan recalls or securitisation. money.iwon.com