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Strategies & Market Trends : JAPAN-Nikkei-Time to go back up? -- Ignore unavailable to you. Want to Upgrade?

To: jimmy who wrote (1501)	10/12/1998 1:20:00 AM
From: borb	Respond to of 3902

TOKYO, Oct 12 (Reuters) - Japan's Upper House voted into law on Monday bills that allow the government to liquidate or temporarily nationalise failed banks, a key step in the government's efforts to stabilise the financial sector. The chamber voted 198 to 39 to approve a key bill in the package, submitted jointly by the ruling Liberal Democratic Party (LDP) and two opposition groups, allowing the government to wind up failed banks and temporarily nationalise those that fail or that request such a move. The bills include several options to deal with failed banks and the establishment of a new independent committee which will share financial planning power with the F?????nce Ministry. They are separate from bills now before the Lower House to allow publicly funded capital injections of undercapitalised banks and in some cases sound ones to bolster the financial sector. The LDP is meeting behind closed doors with opposition parties on a Democratic Party proposal to expand to 67 trillion yen the total public funds available for banks -- 30 trillion yen for recapitalisation and 20 trillion yen to nationalise banks by purchasing their shares, in addition to an existing 17 trillion yen fund designed to protect depositors in the event of a bank failure.