金融危機と地域金融機関の課題(一ノ瀬篤教授退任記念号)
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During the previous Financial Crisis in Japan from 1997 to 2006 the public funds of 12.8 trillion yen were injected through mainly preferred stocks into Japanese banks. 11.9 trillion yen was injected into 16 major banks and 0.9 trillion yen was injected into 18 regional banks. The main target at that time was the major banks. Afterwards most of the major banks paid back the funds excluding 4 banks. Concerning regional banks 8 of 16 banks have not paid back the funds yet. It means that the disposal of bad loans in regional banks has been still in the way and not yet settled. A Finance Functional Enhancement Act (FFEA) was enforced in August 2004 to promote the disposal of bad loans of regional banks and their mergers as the result. However two banks only applied for public funds because the condition was very restrictive. Responding to the Lehman Shock FFEA was revised in December 2008. The main purpose of the revised act is to provide liquidity to SMEs through regional banks. Therefore on one hand the condition of applying public funds injection is eased, on the other hand the incentive to mergers for regional banks was lost. It is a crucial matter to supply liquidity to SMEs which have suffered from the current recession and large decrease of sales. However the Lehman Shock with the consequent financial crisis was only just a trigger. The fundamental issues for SMEs and Japanese regional economies are hollowing out of regional production bases and aging societies with less consumption due to declining birth rate. Relationship banking policy including business consulting and assistance to SMEs has been launched by the Financial Service Agency in 2002. However the progress is very slow. In addition there is a gap of recognition between regional banks and SMEs. Under the current situation the wish why the Japanese regional economies revive is very small. Regional banks should have alliance with other banks, even with competitors, in order to support SMEs and revitalize their regional economies. Furthermore the central and local governments should assist regional banks and economies by supplying required funds and necessary human resources.
- 2010-02-25
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