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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (23160)	8/20/1998 4:54:00 PM
From: Proud_Infidel	Read Replies (2) \| Respond to of 70976

GM/All, Tokyo on the Verge of Announcing a Major Bailout for the Banking System: biztimes.asia1.com Excerpt: J APANESE financial authorities are expected to make what one Tokyo analyst called a "blockbuster announcement" today or tomorrow concerning a probable rescue for one of the nation's leading 19 banks, the Long-Term Credit Bank (LTCB) of Japan. The move could pave the way for a more effective use of public funds in saving other Japanese banks from collapse. LTCB is likely to be restructured so that its bad debts are stripped out and passed to the official Resolution and Collection Bank, allowing Sumitomo Trust Bank to acquire the residual good assets of the bank. Following that, Sumitomo will receive an injection of public funds to recapitalise it. Once the blueprint has been established, other ailing banks could be rescued in a similar way. BK