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Mix-Ansicht- Fukui kämpft für Ende der Einlagensicherung April 2005. Datum vormerken! (E) - El Sheik, 06.11.2003, 08:12
Fukui kämpft für Ende der Einlagensicherung April 2005. Datum vormerken! (E)
-->BOJ Chief Urges Ending Full Deposit Protection As Planned
TOKYO (Nikkei)--The Bank of Japan is beginning to move to contain the resurgence of arguments calling for the postponement of a step scheduled for April 2005 to limit government repayment guarantee on any type of bank deposits of 10 million yen plus interest.
In a speech on Tuesday, BOJ Gov. Toshihiko Fukui stressed that the government must not delay the implementation of the step, which is referred to as a"payoff" in Japan, to put the country back on a sound financial footing.
"It would be highly undesirable to postpone the payoff again and thereby create an uneven playing field for the financial industry and the nonfinancial industry," Fukui said.
In a question and answer session following the speech, Fukui noted:"Over the last 10 years, the government has paved the way for the payoff. There is no reason that it cannot implement the step in line with the plan."
Fukui has long maintained that the payoff should be a major milestone in financial reforms, regarding it essential to end the unusual situation of the government giving blanket guarantee on bank deposits, if Japanese banks are to regain confidence in the domestic and overseas markets.
The full-fledged implementation of the limited deposit protection will also facilitate ending the extraordinary monetary policy of quantitative easing in which lavish funds are supplied to the money market to stabilize the financial system, analysts say.
The Fukui-led BOJ has eased further its grip on monetary stance every time causes for concern about financial risks emerge, such as the outbreak of the Iraqi war and the woes of the Resona Bank group.
The moves imply that Fukui envisages the following long-term scenario: the BOJ will assist private banks in wiping out bad loans by continuing the easy monetary policy until the payoff is implemented, and after that it will gradually return the money market to normal, the analysts noted.
As a matter of fact, a senior BOJ official said that Fukui sees the payoff as a turning point in monetary policy.
However, it remains uncertain whether the government can declare an end to the bad loan problem by the April 2005 payoff.
In the Tuesday speech, Fukui reiterated his call for establishing a system allowing preemptive injection of public funds into troubled banks. He apparently fears that the government may put off the creation of the system as the stock market rally since spring has abated fears about the financial system, observers said.
The BOJ wants to avoid a repeat of last autumn's situation, when the payoff was postponed by two years from the initial target date of April 2003 on growing anxiety about the health of the financial system.
While it is dangerous to implement the payoff before the bad loan problem has been fully resolved, the bank could not end the zero interest-rate policy as long as the payoff continues to be delayed.
Fukui may have judged that now, 18-months until the planned full-scale payoff, is just the right time to warn Heizo Takenaka, economy and financial service minister, not to put off the action again.
(The Nihon Keizai Shimbun Thursday morning edition)
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