CHRONOLOGY

2003

Banking Crisis contained under BoJ + FSA co-operation and Takenaka manages the IMF FSAP successfully

2002

Takenaka appointed FSA Minister launches heavily diluted Swedish style plan to resolve major banks' NPLs

2001

Ex MoF Yanagisawa fails to postpone IMF FSAP and manage FSA warehousing of MoF's NPL roll forward

2000

FSA predecessor FRC reports having employed JPY7.8tr over 1998 - 2000 to recapitalise failed banks

1999

FSA predecessor FRC reports injecting JPY8.3tr in 1998/99 into the major banks' equity 'at their request'

 

GLOSSARY

FSA

Financial Services Agency kinyucho

under Heizo Takenaka successful resolution of NPLs now being de-emphasised

Financial Services Agency

FSA kinyucho

was set up to warehouse NPLs now being squeezed between BoJ and MoF

banking crisis

resolution cost being 5 GDP percent or more

much FSA study of classic Nordic Two cf Finland, Sweden, sakinobashi

FRC

Financial Revitalisation Commission

now FSA was an early interim provision of NPL smokescreen cover for MoF

FSAP Japan

IMF Financial System Assessment Programme

highly unwelcome FSA competency audit cf Article IV, maladministration

hokokusho

report

as yukashoken hokokusho long form securities report filed with the FSA cf yuho

SESC

Securities and Exchange Surveillance Commission

commission to upgrade supervision but also cover for FSA cf nigemichi

yuho yukashoken hokokusho

a clumsy bureaucratic financial results report

required filing with FSA within 45 days of the balance sheet date vs kessan tanshin

yukashoken hokokusho

a clumsy bureaucratic financial results report

required filing with FSA within 45 days of the balance sheet date cf kessan tanshin

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