Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Broken_Clock who wrote (20329)	10/1/1998 8:09:00 PM
From: lorne	Respond to of 116885

47 trillion yen fund set for banks ------------------------------------------------------------------------ Yomiuri Shimbun The Liberal Democratic Party and main opposition groups agreed on Wednesday to set aside 30 trillion yen in public funds to pump into ailing banks. As a result, a 47 trillion yen public fund will be prepared for stabilization of the nation's financial system. The 30 trillion yen will be in addition to 17 trillion yen--7 trillion yen in government bonds and 10 trillion yen in government guarantees--that will be made available to protect depositors of failed banks. The agreement to set up the government guarantee fund came at a working-level meeting held Wednesday night by members of the House of Representatives committee on financial system stabilization from the LDP, Minshuto (Democratic Party of Japan) and the Heiwa-Kaikaku parliamentary bloc. The fund will be established in a "financial resuscitation special account," which is to be set up within the Deposit Insurance Corporation under financial system stabilization bills currently before the Diet. The account will be used to obtain common stocks of ailing banks subject to "special public management" or coming temporarily under state control. The account will also be used to strengthen the capital bases of banks.