CREDIT GUARANTEE SYSTEM IN JAPAN
|
|
- Christian Gardner
- 8 years ago
- Views:
Transcription
1 Location of 52 Credit Corporations HOKKAIDO AOMORI CREDIT GUARANTEE SYSTEM IN JAPAN AKITA TOYAMA ISHIKAWA YAMAGATA GIFU GIFUSHI FUKUI SHIGA KYOTO NAGANO NIIGATA IWATE MIYAGI HYOGO TOTTORI OKAYAMA SHIMANE HIROSHIMA YAMAGUCHI FUKUSHIMA TOCHIGI GUNMA IBARAKI SAITAMA CHIBA TOKYO KAWASAKISHI KANAGAWA FUKUOKA SAGA NAGASAKI YOKOHAMASHI YAMANASHI OSAKAFU OSAKASHI OITA TOKUSHIMA KAGAWA MIYAZAKI KAGOSHIMA KUMAMOTO SHIZUOKA AICHI NAGOYASHI MIE 26 NARA WAKAYAMA KOCHI EHIME Credit Corporation OKINAWA NATIONAL FEDERATION OF CREDIT GUARANTEE CORPORATIONS (NF) 313,Kyobashi,Chuoku,Tokyo 1431, Japan Phone No Fax No
2 1 Objectives of Credit Corporation Credit Corporation (hereinafter referred to as "") is public institutions established under the Credit Corporation Law. There are 52 s in Japan, one in each of Japan's 47 prefectures, and five in major cities. They were established to make it easier for Small and Medium Enterprises (hereinafter referred to as "SMEs") to raise funds from financial institutions by providing guarantees on business loans s do not provide loans out of business, and thus to contribute to sound business development in these enterprises with in each territory. Each of s has been independently engaged in business activities to support local SMEs, responding to the specific needs of its own region as well as promoting a standardized guarantee system. One important goal of these s is to boost economic progress in Japan by supporting SMEs in establishing creditworthiness, and thus to help them expand their businesses. The overall objectives of s in the Japanese economy are stated in the "Basic Objectives of Credit Corporations" guidelines: 1 Benefit Credit Corporation's Basic Principle SMEs striving to maintain, establish, and develop operations CONTENTS 1. Objectives of Credit Corporation 1 2. History of Credit System 2 3. The Credit Supplementation System 4 1) Credit System ( Flow of Operations ) 2) Credit Insurance System 3) Eligible Small and Medium Enterprises 4) Ceiling on s Help them to establish creditworthiness by evaluating their managerial capabilities, and facilitate funding by providing credit guarantees backed by a public institution Assist in reinforcing their bases of operations by responding flexibly to a diverse range of needs including consultation, analysis, and the provision of information By these actions, contribute to the prosperity of such enterprises and promote strong regional economic development. 5) Credit Fee 6) Organization of Credit Corporations Number of Offices Number of Staff 4. Role of National Federation of Credit Corporations (NF) 8 5. The Activities of s in Fiscal Funding of Credit Corporations Financial Support from the Government and its Effects on SMEs 12 Supplement13 1
3 2 History of Credit System The credit guarantee system in Japan dates back to the establishment in September1937 of of Tokyo. The was funded by 156 members including the Tokyo Metropolitan Government, commercial and industrial organizations, and financial institutions. During the 193's, Japan's industrial and financial sectors were caught up in the Great Depression, the effects of which had spread across the world. SMEs were particularly severely hit by the resulting economic turmoil, and had great difficulties in raising funds, due to there being insufficient funds allocated for SMEs at financial institutions, higher funding costs, and a credit crunch that stemmed from low creditworthiness among small enterprises. The government thus found it necessary to take immediate measures to ease funding for SMEs in order that they could continue in business. The government took several measures to deal with this crisis. First, it provided financial institutions with the funds necessary to allocate loans to small enterprises; second, it reinforced the functions of those financial institutions that had been designed to deal with small businesses; third, it implemented a system designed to prevent credit restrictions on small enterprises by enhancing their creditworthiness. Specifically, the government introduced a "loss compensation system," in which the government compensated those financial institutions that the government had designated to handle loans to small enterprises for losses incurred under specific circumstances. In reality, however, the number of loans extended to small businesses was limited, since collateral was required as a precondition for a loan. Under these circumstances, there were growing calls for the government to set up a public institution to act to boost the creditworthiness of SMEs. Against this backdrop, the concept of a "credit guarantee institution" emerged, an institution that in principle provides credit guarantees backed by public funds. Following these moves, a detailed study was launched in 1935 to prepare for the setting up of Japan's first modern credit guarantee institution. of Tokyo was established in 1937, followed by one in Kyoto in 1939, and another in Osaka in Japan's business activities declined during World War II, and the crisis confronting s brought their operations virtually to a halt. After the war, the role and importance of the credit guarantee system reemerged because of the urgent need to revive Japan's economy and to rebuild her warshattered cities. In the efforts to support the revitalization of Japan's economy, additional s were established one after another in many areas across Japan. In 1953, the Credit Corporation Law was enacted, and this established the public status of as a governmentbacked corporation. Together with this came increasing calls to satisfy the rapidlygrowing demand for funds by small enterprises, and with it an urgent need to improve and extend the creditworthiness of SMEs, and to strengthen their ability to offer collateral. This resulted in a review of the conventional "loss compensation system," leading to the enactment of the Small Business Credit Insurance Law in 195, making it possible for the government to directly insure loans to SMEs using government funds. In 1951, moreover, the Small Business Credit Insurance Law was partially revised, and credit insurance was used for the credit guarantees provided by s. This led to the current "Credit Supplementation System", a system that combines credit guarantees with credit insurance. Small Business Credit Insurance Corporation was established in 1958 as a public corporation designed to reinsure guarantees of obligation by s. The establishment of and injection of public funds into s have both contributed to the improvement and development of the Credit Supplementation System. In July 1st 1999, the Small Business Credit Insurance Corporation, the Japan Small Business Corporation, and the Textile Industry Restructuring Agency were combined to establish the Japan Small and Medium Enterprise Corporation (JASMEC). And, in July 1st 24, Japan Finance Corporation for Small and Medium Enterprise (JASME) inherited the Credit Insurance Programs which were operated by JASMEC. Since their founding, s has provided guarantees through "indirect financing": it has guaranteed the business funds needed by small businesses, enabling these to borrow the funds from financial institutions. However, based on the December 1999 revision of the Credit Corporation Law, s have also begun providing guarantees by "direct financing," whereby they guarantees corporate bonds (only those that are offered through private subscription) issued by SMEs, etc. In December 21, the guarantee for loans secured by accounts receivable was launched as one of the government's measures against economic deflation. This is the first partial guarantee system for SMEs except bond guarantee in Japan, and the aim of the system is supporting the diversification of SMEs' fund raising. In December 22, the Business Rehabilitation System, which was also partial guarantee system, was launched to support the legal rehabilitation of SMEs, in view of the severe situation of frequent occurrence of SME bankruptcy. In June 25, Japanese government settled on the policy of the reform of the Credit Supplementation System in order to make it sustainable, considering its huge amount of deficit after the financial crisis in Since April 26, the variable guarantee fee rate system, which we think unprecedented in the world, has been adopted and is expected to be a good incentive for SMEs to improve their business management. Furthermore it enables s to offer lower fee rates to the lower credit risk SMEs and to expand the opportunity for higher credit risk SMEs to use the guarantee Program. BRIEF HISTORY OF THE CREDIT GUARANTEE SYSTEM 1937 of Tokyo established in Setember of Kyoto established in Kyoto prefecfure (1939), and 1942 of Osaka in Osaka City (1942). 45s established one in each of 45 prefectures, as well as 4 s 1947 in major 4 cities; Yokohama, Kawasaki, Nagoya, and Gifu. Therefore, there are 51 s in Japan. (Subsequently, Okinawa Prefecture was 1951 added, resulting in 52 s at present.) The Small Business Credit Insurance Law enacted ~ ~ National Association of Credit Corporation (after his name was changed "National Federation of Credit Corporations") established. The Credit Corporation Law enacted Small Business Credit Insurance Corporation (after his name was changed "Japan Small and Medium Enterprise Corporation " in 1999 and his name was also changed " Japan Finance Corporation for Small and Medium Enterprise " in 24) established 2 3
4 3 The Credit Supplementation System The Credit System in Japan is characterized by two functions: 1) a "Credit " function that enables to guarantee financial institution against risks associated with loans to SMEs, and 2) a "Credit Insurance" function in which Japan Finance Corporation for Small and Medium Enterprise (JASME) funded by public money reinsures these credit guarantees. The combination of these two functions is known as the "Credit Supplementation System," as illustrated in the following chart. 1) Credit System Flow of Operations The following illustration shows the process of preparing a credit guarantee, from application by SMEs for their business loan to issuing the credit guarantee certificate, awarding the loan, payment under guarantee (subrogation), and loan repayment. Local Governments Subsidies for 'S fund National Government Ministry of Finance Ministry of Economy, Trade and Industry (Small and Medium Enterprise Agency) Financial Institutions 5. Loan repayments 4. Loans 1. Loan applications SMEs Supervision Supervision Subsidies for compensation assets Supervision Contributions / Loans Credit Corporations (52 s) Compensation for the loss National Federation of Credit Corporations (NF) Loans Insurance contracts Loan fund Small business credit Insurance reserve fund Japan Finance Corporation for Small and Medium Enterprise (JASME) Deposits 1. Applications for credit guarantee 3. Issue of credit guarantee certificates 6. Requests for payments under guarantee 7. Payments under guarantee (Subrogation) 1. Credit guarantee applications 2. Creditworthiness checks 4. Payment of guarantee fee 8. Rights of indemnity established 9. Loan repayments (fund recovery) Joint s Contract Credit Consignment Contract Bond Holders (Investors) s Financial Institutions Loans Repayments SMEs Bond Issue 4 5
5 1. There are two ways for SMEs to apply to s for credit guarantees. One is to apply through financial institutions and the other is to apply directly. 2. Upon receipt of an application, carries out credit checks on the enterprise. 3. If approves the application based on the credit checks, it issues a credit guarantee certificate to the financial institution. In the case where receives an application for a credit guarantee directly from a SME, arranges for a financial institution to extend a loan to the company. After obtaining loan approval from the financial institution, issues a credit guarantee certificate. 4. The financial institution extends a loan to the enterprise based on the credit guarantee certificate. The enterprise pays a guarantee fee to. 5. SME makes loan repayments to the financial institution in accordance with the terms and conditions of the loan. 6. In the event that SME is not able to make all or part of the repayments within the term, the financial institution requests for payment under guarantee (it is called subrogation). 7. makes repayments on the loan to the financial institution on behalf of the enterprise. 8. Because payment has been subrogated, obtains a right of indemnity against the enterprise. 9. recovers the right of indemnity from the enterprise, while assisting SME to rebound. 2) Credit Insurance System When approves a credit guarantee and a loan is extended by a financial institution based on that approval, the loan is automatically insured by JASME. For this insurance, pays a credit insurance premium to JASME. If makes payments under guarantee to the financial institution, the claims 7%9% of the subrogated amount from JASME. If subsequently collects the subrogated payments from SME, is required to pay part (7%9%) of the money collected to JASME. This insurance system plays a key role in protecting the solvency of s and strengthening their creditworthiness. 3) Eligible SMEs s define the scope of SME eligible to receive credit guarantees as follows. SMEs which either meet the requirements in terms of number of regular employees or paidup capital as given in the table below are eligible for credit guarantees (excluding some special industries). INDUSTRY Manufacturing, etc. Wholesale Retail Services Industries covered by the credit guarantee system are based on the industries designated by the enforcement regulation under the Small Business Credit Insurance Law. Agriculture, forestry, fisheries, financial industry, religious organizations, and nonprofit organizations are excluded. 4) Ceilings on s Ceilings on guarantees for SMEs are as follows: General s s without Collateral Bond s CAPITALIZATION Up to 3 million Up to 1 million Up to 5 million Up to 5 million INDIVIDUALS / CORPORATIONS 2 million 8 million 45 million NUMBER OF EMPLOYEES 3 or less 1 or less 5 or less 1 or less COOPERATIVES, ETC. 4 million 8 million Besides the above, many special guarantees have been established based on government measures, and ceilings are set on these guarantees as appropriate. 5) Credit Fee A variable fee rate system based on credit risk of SMEs has been introduced since April 26, as one of the new measures of our system reform. The guarantee fee rate, which is owed by a SME, is basically decided in 9 criteria from.5% to 2.2% based on the credit score of applicant SME calculated by Credit Risk Database (CRD) system. In addition, max.1% discount can be applied if the applicant SME meets the certain requirements. The guarantee under national or local government policy and guarantee in small amount are operated with smaller guarantee fee rate than the basic rate. 6 7
6 4 Role of National Federation of Credit Corporations (NF) 6) Organization of s Number of Offices TYPE OF OFFICE Branch Local Office Number of Staff TYPE OF STAFF Executive Officers Staff Male Female FY FY ,937 4,452 1,485 FY2 152 FY ,967 4,488 1,479 FY FY ,984 4,529 1,455 FY22 FY22 FY24 Objectives The objectives of NF are: to promote sound development of s, in order to contribute to smooth funding for SMEs Business Activities 1. Surveys and research designed to improve credit guarantee business 2. Surveys and research on financing SMEs 3. Compensation for the loss of s that manage specific guarantee systems 4. Being liaison among s and JASME, and provision of guidance and advice to s 5. Submission of recommendations, reports and information to related ministries and agencies 6. Information exchange and cooperation with financial and economic organizations 7. Other activities deemed necessary to achieve NF's purposes ,944 4,524 1,42 FY FY ,856 4,495 1, FY ,778 4,434 1,344 FY25 15 FY ,762 4,414 1,348 5 The Activities of s in Fiscal 25 Due to the delay of business recovery, compared with the largescale enterprises, the business environment surrounding SMEs remained unpredictable in fiscal 25. In this environment, s sought to aggressively and appropriately address the diversifying guarantee demands of SMEs, while at the same time dealing flexibly with the matter of altering repayment conditions. In these ways they contributed to the financial stabilization of SMEs. On the other hand, due to such factors as an increase in cases of subrogation, conditions in the business environment of s became unprecedentedly severe. Thus, in order to strengthen their indemnity right management and recovery system, the s, in April 21, established the Credit Servicer Inc.*1, with which they worked to efficiently and effectively recover indemnity right. (Results) 1) The number of guarantee approvals by the s in fiscal 25 decreased 7.3% compared to the previous fiscal year, to 1.14 million cases, while the amount of the guarantees decreased 1.4%, to 12.9 trillion yen. Thus, at the end of the fiscal year, there was 3.4 million cases of outstanding guarantee liabilities (93.3% compared to the previous fiscal year) with the amount of 28.7 trillion yen (96.8%). Of these amounts, the outstanding guarantee liabilities related to the Special System for the Financial Stabilization of Small Businesses accounted for 1.14 thousand cases (3.3% of the total) and73.2billion yen (2.4%). 2) The cases of subrogation decreased 17.5% compared to the previous year, to 1 thousand while their amount decreased 17.5%, to billion yen. 3) The amount recovered was 3.3 billion yen, down 6.3% from the previous year. (Of this amount, 46.8 billion yen was recovered by the Credit Servicer Inc) (Topics) 1) June 26, Japanese government settled on the policy of the reform of the Credit Supplementation System in order to make it sustainable, considering its huge amount of deficit after the financial crisis in The core measures of this system reform are the adoption of a variable guarantee fee rate system based on the estimated credit risk of SMEs' and a partial guarantee system. As this system reform has been considered from a view point of not only improving its income and expenditure balance but also improving its value in the society, other measures such as the one for s' assistance to SMEs' business management and turnaround and the one for the improvement of transparency of s' management are also under way in addition to the above new systems. 8 9
7 2) In order to contribute to the financial stabilization of SMEs, s have focused particular effort in the following areas. (1) In order to enable SMEs to raise fund by the new means of using their accounts receivable, which is an unemployed asset that they own, the guarantee system for loans secured by accounts receivable was established in December 21, and s sought to inform their customers about the system, disseminate it, and promote the use of its guarantees. Approved guarantees in fiscal 25: 16,574 cases of guarantees: 12.5 billion yen (2) The guarantee system over the loans for repaying a guaranteed loan (established in February 23). (A flexible approach was taken as regards altering SMEs' repayment conditions.) Cases: 24,638 : billion yen (3) Great effort was exerted in connection with business stabilization guarantees (safety net guarantees), which are provided to SMEs for which obstacles to business stabilization have arisen as a result of: applications for reorganization, etc., by their trading partners and the consequent restrictions on their own business activities; disasters; the bankruptcy of correspondent financial institutions; etc. Cases: 89,298 (65.6% compared to previous fiscal year) : 1.55 trillion yen (71.5%) 3) s use the SME Credit Risk Database(CRD) positively and seek dual aim of breaking free from SME financing dependent on real estate collateral and refining and accelerating guarantee investigation operations by using CRD. *1 Credit Servicer Inc. With unsecured indemnity right increasing, the national government has established and revised laws and ordinances necessary for strengthening indemnity right recovery operations. Based on this, 52 s, in April 21, jointly funded and founded the Credit Servicer Inc. a collection company that conducts indemnity right management and recovery operations focused mainly on unsecured indemnity right related to the SGSF thus expanding and strengthening their indemnity right recovery system. *2 SME Credit Risk Database (CRD) Under the leadership of the Ministry of Economy, Trade and Industry and the Small and Medium Enterprise Agency, the SME Credit Risk Database (CRD) began operating in April 21. Its purpose is to improve the current fundraising environment, in which SMEs without collateral can not readily procure capital, by establishing an information infrastructure that enables financial institutions and investors to make reliable assessments of the credit standing of SMEs. As the organization for running this system, the CRD Operating Council was established, with 52 s, 2 government financial institutions, and 4 private financial institutions comprising its core. As of April 26, the members of the CRD Operating Council was changed to the CRD Management Council, included 52 s, 4 government and 131 private financial institutions, with all being actively engaged in operating the system. 6 Funding of Credit Corporations Basic Assets The basic assets that form the basis of the creditworthiness of s consist of funds and reserves. There are two sources of funds: supporting contributions, which s collect from local governments, financial institutions, and industry organizations, and standard contributions from financial institutions. Supporting contributions from the financial institutions to s are treated as taxdeductible under the law. Reserves are the balance of yearly income and expenditure carried over into a reserve fund. The overall ceiling on the total amount of guarantees that each is allowed to provide is set as a certain multiple of its basic assets, and is currently between 35 and 6 times the value of the basic assets. Basic assets at the end of March 26 were as follows: (BREAKDOWN) Basic Assets Fund 1,364 billion Funds billion Local Governments 66.4 billion (Accumulative) Special Fund for the Financial Financial Institutions billion Stabilization 56.1 billion Reserves billion Industry Organizations.8 billion (Accumulative) Notice Approximately half of the contributions from local governments were contributions by way of the national government. Borrowing In addition to the basic assets, part of s' funds is borrowed from national government through JASME, and local governments. The borrowed money is deposited with financial institutions in order to help for Basic Assets expand guaranteed loans to SMEs. The average amounts of outstanding borrowings during fiscal 25 were as follows. BORROWED FROM: JASME Local Governments AMOUNT 473 billion 1,137.5 billion 1 11
8 12 7 Financial Support from The Government and its Effects on SMEs JASME While the operations of s are financed primarily by the guarantee fee and capital gains on s' assets, the national and local governments also provide financial support to the credit guarantee corporations to promote their operations and enhance the management base. 1.Loan fund borrow funds from JASME and deposit them with financial institutions to help expand guaranteed loans to SMEs. JASME extends loans to s from its own loan funds. 2.Small business credit insurance reserve fund When s make payments under guarantee to financial institutions, they are paid the benefits from the insurance contract that they hold with JASME. Small business credit insurance reserve fund forms the source for the payment of these insurance benefits. 3.Subsidies for 's funds From a view point of easing the financial impact from the reform of credit supplementation system to s and enhancing the smooth realization of the reform, the government has granted 'Subsidies for 's Fund' directly to the s, which had been formerly granted through the local governments, since fiscal 25. With this change of treatment, s could spend this Fund for the compensation of their loss. In spite of this change, local governments continue their financial assistance to s as before. 4.Deposits s deposit money borrowed from JASME and local governments and part of their own funds with financial institutions. These deposits increase the total deposits at financial institutions, leading to an expansion in the number of guaranteed loans and a reduction in lending rates. 5.Compensation for the loss The national government provides NF with compensation for the loss and makes its fund, and NF contributes it to s according to their subrogation so that s are able to respond flexibly to specific demands for credit guarantee by SMEs. This compensation for the loss is for middlesized companies that borrowed from the financial institutions which went bankrupt and for SMEs which faced financial difficulties due to natural disasters or the bankruptcies of their business relations' companies and banks. Loan fund Small business credit insurance reserve fund Borrowing National Government Deposits NF s Financial Institutions SMEs Subsidies for compensation assets Compensation for the loss Loans Subsidies for s' funds Borrowing Contributions Local Governments 1. Statistics FY FY FY ,562,514 1,67,959 2,235,638 1,669,584 1,631,783 1,31,184 1,32,51 1,382,71 1,229,488 1,14,9 Acceptance of Case Compared rate 2,55,196 2,85,739 2,181,752 2,222,1 2,189,191 2,13,441 2,,197 1,864,75 1,757,754 1,653, , , , , , ,258 14, , , ,82 Case 47,521 52,395 71,75 76,371 14, , , ,93 97,422 8,368 Number of companies using guarantees Averaged in 1 case (1 thousand) ,296 1,125 1,23 1,16 1,63 1,99 1,71 1,139 Payment under Number of SMEs 5,72,922 5,72,922 5,72,922 4,836,764 4,836,764 4,836,764 4,689,69 4,689,69 4,689,69 4,689,69 4,223 4,987 6,984 8,1 1,733 12,35 12,64 1,217 8,279 6,871 3,789,779 3,928,782 4,459,155 4,71,372 4,694,217 4,565,987 4,386,362 3,944,998 3,737,942 3,489,22 use rate (companies) Outstanding Liabilities Case Compared rate 292,2 295, ,917 43, ,597 37,12 331, ,22 297, , (Unit : 1 million,%) 2,15 2,91 2,361 2,647 2,778 2,888 3,194 3,346 3,23 3,3 Averaged in 1 case (1 thousand) Notice 1. use rate (companies) = Number of companies using guarantees/number of SMEs 2. use rate (total monetary amount) = Outstanding guarantee liabilities/outstanding loans to SMEs 3. The number of SMEs is surveyed once every 5 years. For fiscal 23, the number from the fiscal 22 survey was used 4. The number of companies using guarantee has quoted from the data of JASME until the fiscal 23. From the fiscal 24, the number from the data of NF is used Outstanding loans to SMEs 3,683,47 3,617,533 3,463,361 3,322,85 3,376,227 3,162,934 2,929, (Unit : 1 million,%) Recovery of Payment (Monetary unit : 1 million) use rate (total monetary amount) *Computing became impossible with change of the statistics method. 13
9 2. Services of Credit in recent 1 years (Charts) ( 1 million) 3, 25, Acceptance of ( 1 million) 45, 4, 35, Outstanding Libilities 3. Results for General s and the SGSFS s Item Application of Case Case Fiscal Year 24 compared rate 1,319, , ,229, ( Unit : 1 million,% ) compared rate 1, , ,14, , 15, 3, 25, 2, Acceptance of Case ( ). 131, ( ). 3,737, ( ). 129, ( ). 3,489, , 5, 15, 1, 5, Outstanding Liabilities Case ( 327,54) , ( 14,6 ) , ( 113,698) , ( 7,32 ) , Payment under ( 25,39 ) , ( 14,688) 58. 6, Payment Under Recovery of Payment ( 1,946 ) 58.9 ( 1,133 ) 58.2 ( 1 million) 12, 11, 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, ( 1 million) 3,5 3, 2,5 2, 1,5 1, 5 Recovery of Payment Income of fee Profit (Incomeoutgo) 3, ( 516 ) , ,33.8 Notice 1. SGSFS stands for the Special System for the Financial Stabilization of Small Businesses. 2. The deadline for applications for SGSFS guarantees was March 31, 21. The totals for the SGSFS guarantees that were handled during the year are given in the table below. 3, ( 439 ) , Totals for SGSFS s Handled (Through End of March 26) (Unit: 1 million) Application of Acceptance of Outstanding Liabilities Payment under Cases 1,893,856 1,723, , ,65 Recovery of Payment , ,437 7,31 22,916 2,
10 4. The transition of the Basic assets Fund Item Basic assets Fund Fund Special Fund for Financial Stabilization Reserves Financial assistance (total) Local governments Prefectures Fiscal Year Cities, towns, villages Financial institutions (financial assistance + burden charges) Trade associations ,38, ,997 23,975 8, ,298 83% 474,86 71% 79,212 12% 111, % 1,46, ,96 183,193 81,429 73,96 577,838 82% 491,927 7% 85,911 12% 124,433 18% 1,4, , ,572 89, , ,95 81% 497,882 69% 88,68 12% 139,18 19% 1367,46 42,236 13, ,19 741, ,872 8% 53,784 68% 9,88 12% 146,447 2% 1344, ,944 96,497,16 752,87 6,37 58,667 91, ,676 8% 68% 12% 2% 24 1,343,79 428,966 67, , ,193 65, ,519 92,84 155,1 Notice Fractions have been rounded off, so the totals for the various items do not necessarily agree with the amounts in the Total column. 5. The transition of Loan fund etc. from National Government Fiscal Year 1958~199 Total Item Notice Includes revised budget. Loan fund (total) 4, (4,787) 418 (5,25) 1,77 (6,282) 195 (6,477) 81 (7,287) 95 (7,382) 95 (7,477) * (7,477) * (7,477) * (7,477) * (7,477) (7,477) (7,477) (7,477) (7,477) Insurance reserves 4, , , , , , , Subsidies for compensation assets of NF % 67% 12% 2% ( Unit : million ) 25 1,363, ,799 56,66 875, ,675 66, ,962 93,45 158,483 8% 67% 12% 21% ( Unit : 1 million ) Subsidies for fund of s (total) ( 327.5) 27 ( 354.5) 27 ( 381.5) 32.5 ( 414) 113 ( 527) 27 ( 554) 9 ( 644) 2,23 (2,874) 1,65 (3,939) 173 (4,112) 54 (4,166) 55 (4,221) 42 (4,263) 42 (4,35) 42 (4,347) Directory of 52 Credit Corporations Postal Code ADDRESS Phone No. Hokkaido Aomoriken Iwateken Miyagiken Akitaken Yamagataken Fukushimaken Niigataken Ibarakiken Tochigiken Gunmaken Saitamaken Chibaken Tokyo Kanagawaken Yokohamashi Kawasakishi Yamanashiken Naganoken Shizuokaken Aichiken Nagoyashi Gifuken Gifushi Mieken Toyamaken Ishikawaken Fukuiken Shigaken Kyoto Osakafu Osakashi Hyogoken Naraken Wakayamaken Tottoriken Shimaneken Okayamaken Hiroshimaken Yamaguchiken Kagawaken Tokushimaken Kochiken Ehimeken Fukuokaken Sagaken Nagasakiken Kumamotoken Oitaken Miyazakiken Kagoshimaken Okinawaken (6867) 141,Odorinishi,Chuoku,Sapporo (11) (38541) 241,Shinmachi,Aomori (17) (262) 62,Nagatacho,Morioka (19)65415 (9814) 21612,Honcho,Aobaku,Sendai (22) (1923) 147,Kyokuhokunishikimachi,Akita (18) (99858) 1161,Jhonancho,Yamagata (23) (96853) 12,Mikawaminamimachi,Fukushima (24) (951864) 1471,Kawagishicho,Niigata (25) (3181) 2235,Sakuragawa,Mito (29) (328618) 314,Chuo,Utsunomiya (28) (37126) 331,Otemachi,Maebashi (27) (33968) 175,Sakuragicho,Omiyaku,Saitama (48) (26851) 42,Chibaminato,Chuoku,Chiba (43) (14847) 2617,Yaesu,Chuoku,Tokyo (3) (228558) 6351,Sakuragicho,Nishiku,Yokohama (45) (231855) 22,Yamashitacho,Nakaku,Yokohama (45) (2124) 166,Nisshincho,Kawasakiku,Kawasaki (44)21153 (435) 221,Iida,Kofu (55)23597 (38838) 5975,MinamiNaganoAgatamachi,Nagano (26) (42871) 54,Otemachi,Shizuoka (54) (45315) 79,Tsubakicho,Nakamuraku,Nagoya (52)4545 (468) 418,Sakae,Nakaku,Nagoya (52) (5853) 51453,Yabutaminami,Gifu (58) (58813) 2,Meitokucho,Gifu (58) (5143) 3399,Sakurabashi,Tsu (59) (938565) 213,Sogawa,Toyama (76) (92918) 925,Oyamacho,Kanazawa (76) (91884) 281,Nishikida,Fukui (776)3318 (5286) 21,Uchidehama,Otsu (77)51113 (61542) 17,Higashinakamizucho,Saiin,Ukyoku,Kyoto (75) ( ) 436,Minamihonmachi,Chuoku,Osaka (6) (54153) 145,Honmachi,Chuoku,Osaka (6)62617 (651195) 621,Naniwacho,Chuoku,Kobe (78)39339 (638668) 1632,Horencho,Nara (742)33551 (648158) 39,Junibancho,Wakayama (73) (6831) 2123,Honmachi,Tottori (857) (69853) 15,Tonomachi,Matsue (852)21561 (78732) 21223,Noda,Okayama (86) (738691) 327,Kaminoborimachi,Nakaku,Hiroshima (82)22855 ( ) 4516,Chuo,Yamaguchi (83)92139 (768661) 22211,Fukuokamachi,Takamatsu (87)85161 (7792) 25,Nishishinmachi,Tokushima (88) (7891) 31314,Kamimachi,Kochi (88) (798651) 412,Ichibancho,Matsuyama (89) ( ) 221,Hakataekiminami,Hakataku,Fukuoka (92)41526 (848689) 1235,Matsubara,Saga (952) (858547) 41,Sakuramachi,Nagasaki (95) (868551) 313,Anseimachi,Kumamoto (96) (8726) 3164,Kanaikecho,Oita (97) (8884) 223,Miyatacho,Miyazaki (985)241 (892821) 91,Meizanmachi,Kagoshima (99) (916) 312,Maejima,Naha (98) National Federation of Credit Corporations (1431) 313,Kyobashi,Chuoku,Tokyo (3)
CREDIT GUARANTEE SYSTEM IN JAPAN
CREDIT GUARANTEE SYSTEM IN JAPAN 2011 CREDIT GUARANTEE CORPORATION CONTENTS 1. Objectives of Credit Guarantee Corporation 1 2. History of Credit Guarantee System 2 3. The Credit Supplementation System
More informationCREDIT GUARANTEE SYSTEM IN JAPAN
CREDIT GUARANTEE SYSTEM IN JAPAN 212 CREDIT GUARANTEE CORPORATION CGC's Basic Principle 1. Benefit SMEs striving to maintain,establish,and develop operations 2. Help them to establish creditworthiness
More informationSummary Report of Basic Survey on Wage Structure (starting salary)
Summary Report of Basic Survey on Wage Structure (starting ) 2011 Contents Outline of Survey Page 1 Definitions Page 3 Summary of Results 1. Starting by school career Page 4 2. Starting by enterprise size
More informationSelected Financial Information
Selected Financial Information for the Fiscal Year Ended March 31, 2015 Contents 1. Summarized Balance Sheets P. 1 2. Asset Management Status P. 2 3. Income Analysis P. 3 4. Selected Ratios P. 3 5. Average
More informationLife Insurance Fact Book (2014)
Life Insurance Fact Book (214) The Life Insurance Association of Japan Introduction The Life Insurance Fact Book summarizes key performance indicators of life insurance companies operating in Japan. We
More informationQuarterly Securities Report
Quarterly Securities Report (The second quarter of the 39th fiscal year) ACOM CO., LTD. Quarterly Securities Report 1. This document has been outputted and printed by adding a table of contents and page
More informationGlobalization of Higher Education in Japan
Globalization of Higher Education in Japan: ( Made by Office for International Planning Higher Education Bureau ) 10 th of March, 2014 Hideshi SEMBA, Mission of Japan to the EU Globalization of Higher
More informationFirst: +45.7% 3-26-6 Meieki, Nakamura-ku, Nagoya (Meieki Furukawa Building) Second: +36.0% 1-16 Tsubakicho, Nakamura-ku, Nagoya (Imon Nagoya Building)
Basic Strategies Improve service quality by focusing on customers Value of manufactured product shipments Redevelopment of area around Nagoya Station (Trillion yen)
More informationAnnual Report 2012. Secure, Reliable and High Quality Credit Bureau
Annual Report 2012 Secure, Reliable and High Quality Credit Bureau We are pleased to present the results of operations for fiscal year 2011. Business Activities and Results Contents Financial Conditions
More informationAN ANALYSIS OF THE EFFECT OF HIGH-SPEED RAILWAY ON INTER-REGIONAL MIGRATION AND TRAFFIC FLOW IN JAPAN
AN ANALYSIS OF THE EFFECT OF HIGH-SPEED RAILWAY ON INTER-REGIONAL MIGRATION AND TRAFFIC FLOW IN JAPAN Shigeru Morichi Professor & Dr. of Eng. Dept. of Civil Engineering University of Address: 7-3-1 Hongo,
More informationHow Are Fruits of Research in Universities and Public Research Institutes Used? :Brief Overview of the GRIPS Firm Survey
GRIPS Discussion Paper 10-15 15 How Are Fruits of Research in Universities and Public Research Institutes Used? :Brief Overview of the GRIPS Firm Survey By Hiromi Saito Koichi Sumikura Sep 2010 National
More informationLAWS AND ORDERS RELEVANT TO POLICE ISSUES
LAWS AND ORDERS RELEVANT TO POLICE ISSUES Edited by Police Policy Research Center National Police Academy of Japan Alumni Association for National Police Academy Contents I THE POLICE LAW II THE POLICE
More informationFOOD INFORMATION EXCHANGE
EUROPEAN COMMISSION HEALTH & CONSUMERS DIRECTORATE-GENERAL Directorate E - Safety of the food chain E2 Food hygiene, Alert system and Training Brussels, 6 April, 2011 R A S F F N E W S FOOD INFORMATION
More informationTHE OPEN UNIVERSITY OF JAPAN 2014-2015
THE OPEN UNIVERSITY OF JAPAN 2014-2015 The Open University of Japan was established in 1983 by the government. As stated in our university s name, the courses offered by the Faculty of Liberal Arts are
More informationHow to Make Reverse Mortgages More Common in Japan
How to Make Reverse Mortgages More Common in Japan Toshiro Kojima Senior Analyst Nomura Institute of Capital Markets Research I. Introduction On 28 May 2012, the Financial System Council's working group
More informationThe number of policy holders has exceeded 100,000 individuals. Highly acceptance by the child-raising generations mainly 20s and 30s
February 26, 2013 Haruaki Deguchi, President/Founder LIFENET INSURANCE COMPANY (Securities Code: 7157, TSE Mothers) The number of policy holders has exceeded 100,000 individuals Highly acceptance by the
More informationFinancial Support for SMEs under the Economic Crisis in Japan
APEC SME Crisis Management Workshop 24-28 May 2010 Taipei, Taiwan Financial Support for SMEs under the Economic Crisis in Japan 24 May 2010 Hikaru FUKANUMA Principal Economist Japan Finance Corporation
More informationBusiness Strategy. The First Section of the Tokyo Stock Exchange 3034. Qol Co., Ltd.
Business Strategy The First Section of the Tokyo Stock Exchange 3034 Qol Co., Ltd. Agenda Market Environment Our Strength Business Strategy Earnings Forecast Our Stores 2 Agenda Market Environment Our
More informationChapter 2 Earthquake Insurance System in Japan. Chapter 2
Chapter 2 Section 1 Difficulties of Making Seismic Risk Insurable Every time a great earthquake disaster occurred after the latter half of the 19 th century in Japan, establishment of insurance compensating
More informationEngineering Education Programs at Bachelor Level. Accredited by JABEE Last updated: 27 December, 2012
Accredited by JABEE Last updated: 27 December, 2012 Engineering Education Programs at Bachelor Level JABEE has accredited engineering education programs in Japan since 2001. Listed here are engineering
More informationCurrent Situation, Challenges and Future of Regional Finance in Japan
JFSA-ADBI-IMF Joint Conference January 27, 2014 Current Situation, Challenges and Future of Regional Finance in Japan Hisashi Ono Deputy Director-General, Supervisory Bureau, JFSA January 27 2014 * Any
More informationDemand for industrial and commercial electricity: evidence from Japan
Otsuka Journal of Economic Structures (2015) 4:9 DOI 10.1186/s40008-015-0021-8 RESEARCH Open Access Demand for industrial and commercial electricity: evidence from Japan Akihiro Otsuka Correspondence:
More informationAnnual Securities Report
Annual Securities Report (The 39th fiscal year) ACOM CO., LTD. Annual Securities Report This document has been outputted and printed by adding a table of contents and page numbers to the data contained
More informationJapan Finance Corporation. Guide to the Operations of the Small and Medium Enterprise (SME) Unit
Japan Finance Corporation Guide to the Operations of the Small and Medium Enterprise (SME) Unit 2014 C O N T E N T S Message from the General Manager of the SME Unit 2 Overview of Japan Finance Corporation
More informationAnnual Report on Statistics of Production by Pharmaceutical Industry in 2013
Annual Report on Statistics of Production by Pharmaceutical Industry in 2013 Health Policy Bureau, Ministry of Health, Labour and Welfare Section in charge: Statistics Section, Economic Affairs Division
More informationA Vast Range of Related Industries
Automotive Industry AutomobileRelated Industries and Employment A Vast Range of Related Industries Automobiles are the focus of an extremely wide range of industrial and related activity, from materials
More informationSME Financing in Japan. December 15, 2006. Osamu Tsukahara Managing Director. E-mail : tsukahara.o@jasme.go.jp
SME Financing in Japan December 15, 2006 Osamu Tsukahara Managing Director E-mail : tsukahara.o@jasme.go.jp Japan Finance Corporation for Small and Medium Enterprise JASME Contents 1. SMEs in the Japanese
More informationThe 22nd Conference of Asian Credit Supplementation Institution Confederation November 9 13, 2009 Taipei, Taiwan (R.O.C.)
Questionnaire on Credit Supplementation System & the 22nd ACSIC Conference s Theme Please send this form via email by July 15, 2009 to: The Secretariat The 22nd ACSIC Conference Small & Medium Enterprise
More informationGuide to Filming in Japan
Guide to Filming in Japan Japan Film Commission Supported by the Agency for Cultural Affairs, Government of Japan in fiscal 2012 Guide to Filming in Japan Published by Japan Film Commission 4F Shinkawa
More informationRegional Differences in the Sale of Individual Annuities in Japan
Regional Differences in the Sale of Individual Annuities in Japan Hideto Azegami Department of Economics, Kyoto Gakuen University Kameoka, Kyoto 621-8555, Japan e-mail: azegami@kyotogakuen.ac.jp Keywords:
More informationGuidelines for Early Revitalization of Business
Guidelines for Early Revitalization of Business Toward establishing new business revitalization system in accordance with the principles of early start and quick accomplishment February, 2003 Ministry
More informationResearch Division Federal Reserve Bank of St. Louis Working Paper Series
Research Division Federal Reserve Bank of St. Louis Working Paper Series Regional Business Cycle Phases in Japan Howard J. Wall Working Paper 26-53A http://research.stlouisfed.org/wp/26/26-53.pdf September
More informationTHE FISCAL INVESTMENT AND LOAN SYSTEM. Susumu Fukuda. Working Paper No. 27
THE FISCAL INVESTMENT AND LOAN SYSTEM Susumu Fukuda Working Paper No. 27 Mr. Fukuda is an official of the Japanese Ministry of Finance. He was a visiting scholar at the Center on Japanese Economy and Business
More informationDepartment of Nursing, Ibaraki Prefectural University of Health Sciences, Ibaraki, Japan!! President, The International Confederation of Midwives
Japan Academy of Midwifery, Tokyo, Japan Japanese Nursing Association, Tokyo, Japan Department of Nursing, Ibaraki Prefectural University of Health Sciences, Ibaraki, Japan!! President, The International
More informationData and Financial Section
Data and Financial Section 74 Fact Sheets 80 Management s Discussion and Analysis 85 Operational and Other Risks 86 Consolidated Financial Statements 111 Corporate History 112 Investor Information 73 Fact
More informationOutline of the Student Exchange System in Japan
Outline of the Student Exchange System in Japan 2004 Student Services Division, Higher Education Bureau Ministry of Education, Culture, Sports, Science and Technology, Japan(MEXT) The Objectives of Student
More informationSciRevision Japanese Clients/pro bono: Universities, Institutes, Companies (updated 1 November, 2007)
SciRevision Japanese Clients/pro bono: Universities, Institutes, Companies (updated 1 November, 2007) Agricultural Technology Institute of Nagano Farmers Federation Agriculture, Forestry and Fisheries
More informationFinancial Policy for SMEs in Japan
Financial Policy for in Japan Takatoshi Miura Director, Finance Division Small and Medium Enterprise Agency, METI Government of Japan September 2013 What are? ~Number of companies / employees etc.~ comprise
More informationTACKLING MANAGEMENT TASKS
TACKLING MANAGEMENT TASKS Asset Soundness Results of Processing Non-Performing Loans in FY2005 We have calculated write-offs and reserve amounts for non-performing loans based on results from selfassessment
More informationFull transition to terrestrial digital broadcasting in Japan
Full transition to terrestrial digital broadcasting in Japan November 2011 Information and Communications Bureau, Ministry of Internal Affairs and Communications 1 Full migration to digital terrestrial
More informationRegional Science Association 42 nd European Congress Dortmund (Germany) 27 th August 31 st August, 2002
Regional Science Association 42 nd European Congress Dortmund (Germany) 27 th August 31 st August, 2002 Chryssanthi K. Balomenou Ph. D of the Department of Economic and Regional Development, Panteion University,
More informationOrdinance on Certified Public Accountant Examination
Ordinance on Certified Public Accountant Examination (Cabinet Office Ordinance No. 18 of March 25, 2004) Pursuant to the provisions of Articles 8, 9, 10 and 14 of the Certified Public Accountants Act (Act
More informationThe 22nd Conference of Asian Credit Supplementation Institution Confederation November 9 13, 2009 Taipei, Taiwan (R.O.C.
Questionnaire on Credit Supplementation System & the 22nd ACSIC Conference s Theme Please send this form via email by July 15, 2009 to: The Secretariat The 22nd ACSIC Conference Small & Medium Enterprise
More informationTransition to the Unified Nationwide Computer System
Initiatives for Enhancing JA Bank Financial Services The Bank has structured and operates the JASTEM System, a unified nationwide computer system, to enable JA Bank to offer convenient and secure financial
More informationElectric Power Business. Electric Power-Related Business
Wholesale electric power business (thermal power, hydroelectric power, power transmission/transformation) Business Overview Other electric power business (IPPs, wholesale power for PPSs, and wind power)
More informationProposal for Establishment of Reconstruction Fund and Reconstruction Solidarity Tax to Finance Rehabilitation after Great Earthquake of Unprecedented
Proposal for Establishment of Fund and Solidarity Tax to Finance Rehabilitation after Great Earthquake of Unprecedented Scale Daiwa Institute of Research 18 March 2011 1. Preliminary Work to Support Earthquake
More informationHow To Improve Long Term Care Insurance In Japanese
Developments in Long-Term Care Insurance in Japan Olivia S. Mitchell, John Piggott, and Satoshi Shimizutani Research Paper 08/2007 Developments in Long-Term Care Insurance in Japan Olivia S. Mitchell,
More informationThe Positive Role of Audit in Public Debt Management in China
The Positive Role of Audit in Public Debt Management in China (for the 1 st ASOSAI-EUROSAI Joint Conference) September 2011, Turkey By Dr. DONG Dasheng, the first Deputy Auditor Introduction Since 2008,
More informationRelationship Banking. Year-on-Year Change in Outstanding Loan Balance to SMEs. Total Balance of Loans to SMEs in Japan by Type of Institution
Performance This section provides details on the specific results of the Shoko Chukin Bank s initiatives Financial Our Profile and Functions Management Policy Performance Systems to Ensure Sound Business
More informationOnline Appendix for E cient Matching under Distributional Constraints: Theory and Applications
EFFICIENT MATCHING UNDER DISTRIBUTIONAL CONSTRAINTS 1 Online Appendix for E cient Matching under Distributional Constraints: Theory and Applications Yuichiro Kamada and Fuhito Kojima Appendix A. Matching
More informationFinancial Results for Fiscal 2012. May 2013
Financial Results for Fiscal 212 May 213 Highlights 2 Income statements (Non-Consolidated Consolidated) 3 Income statement (Non-Consolidated) 4 ATM usage and related fee income 5 Number of ATM installations
More informationCity of Kobe Investor Relations Materials October 2014
City of Kobe Investor Relations Materials October 214 Contents City of Kobe Summary 3 City of Kobe Fiscal affairs 1 City of Kobe Administrative & fiscal reforms to developing a future-creating city 22
More informationAnnex 9 referred to in Chapter 10. Government Procurement. Part 1 List of Japan. Section 1 Central Government Entities
Annex 9 referred to in Chapter 10 Government Procurement Part 1 List of Japan Section 1 Central Government Entities 1. Goods (a) Threshold: 130,000 SDR (b) Procuring Entities: Entities covered by Annex
More informationAgreement for Setting up Margin Trading Account (Updated to July 16, 2013)
Agreement for Setting up Margin Trading Account (Updated to July 16, 2013) I/We hereby acknowledge that I/we have received and fully understood the explanation provided by your company regarding the margin
More informationManagement analysis using cash flow statement
Management analysis using cash flow statement Bureau of Waterworks, Metropolitan Government 1 Introduction The business management using cash flow statement, i.e. the cash flow management is increasingly
More informationStructural Reform and Medium-Term Economic and Fiscal Perspectives - FY2004 Revision
Structural Reform and Medium-Term Economic and Fiscal Perspectives - FY2004 Revision January 21, 2005 Cabinet Decision 1. About FY2004 Revision 1 Despite recent slack movement observed in certain areas,
More informationFinancial Highlights for the Fiscal Year Ended March 31, 2016 May 13, 2016
Financial Highlights for the Fiscal Year Ended March 31, 2016 May 13, 2016 Japan Post Holdings: Financial Highlights Results of Operations for the Fiscal Year Ended March 31, 2016 Japan Post Holdings (Consolidated)
More informationConsolidated Financial Results (Japanese Accounting Standards) for the First Half of the Fiscal Year Ending February 28, 2013
Consolidated Financial Results (Japanese Accounting Standards) for the First Half of the Fiscal Year Ending February 28, 2013 September 27, 2012 Company name Aeon Mall Co., Ltd. Listings The First Section
More informationThe first supplementary budget of fiscal year 2011 to the Ministry of Health, Labour and Welfare
The first supplementary budget of fiscal year 2011 to the Ministry of Health, Labour and Welfare Assistance for recovery concerning the Great East Japan Earthquake 1, 840.7 billion yen General Account:
More informationMarket eview 2002-E-2. June 2002. Tokiko Shimizu, Yasunari Inamura, and Kenji Nishizaki
Recent Efforts for Developing the ABCP Market: Improving Financing Conditions for Small to Medium-sized Enterprises and Exploiting Opportunities for Securitization R Tokiko Shimizu, Yasunari Inamura, and
More informationRisk Management. Risk Charts. Credit Risk
Risk Management Risk Management Sumitomo Bank sees tremendous business opportunities developing in concert with the current liberalization and internationalization of financial markets, advancement of
More informationRisk Management Systems of the Resona Group
Systems of the Resona Group RESONA HOLDINGS, INC. Systems of the Resona Group 24 Systems Basic Approach to The trends toward financial liberalization, globalization, and securitization, along with progress
More informationRegulatory Administration of Life Insurers
Regulatory Administration of Life Insurers 1. Introduction Mark-to-market accounting has been introduced from fiscal 2000. At the same time, the Financial Services Agency (FSA) has begun to enforce stricter
More information2Q FY12/2014 Business Results Briefing
2Q FY12/2014 Business Results Briefing Broadleaf Co., Ltd. (Securities Code: 3673 / TSE 1 st Section) August 8, 2014 Contents 1. Financial Highlights for 2Q FY12/2014 2. Progress of Core Initiatives 3.
More informationCitibank Japan, LTD ( CJL ) 2-3-14 Higashi-shinagawa, Shinagawa-ku, Tokyo Representative Director, President & CEO Darren Buckley
Financial Publication for Fiscal Year Ended March 31, 2009 June 30, 2009 Citibank Japan, LTD ( CJL ) 2-3-14 Higashi-shinagawa, Shinagawa-ku, Tokyo Representative Director, President & CEO Darren Buckley
More informationResults of Accreditations Performed by the Japan University Accreditation Association
Results of Accreditations Performed by the Japan University Accreditation Association July 18, 2014 Introduction In 2002, the Certified Evaluation and Accreditation System was introduced in Japan (enforced
More informationElection System in Japan
地 方 自 治 研 修 Local Governance (Policy Making and Civil Society) F.Y.2007 Election System in Japan 選 挙 制 度 CONTENTS CHAPTER I. BASIC PRINCIPLES OF JAPAN S ELECTION SYSTEM...1 CHAPTER II. THE LAW CONCERNING
More informationQuarterly Report. (First Quarter of 31st term) From April 1, 2015 to June 30, 2015. NTT Urban Development Corporation
Quarterly Report (First Quarter of 31st term) From April 1, 2015 to June 30, 2015 NTT Urban Development Corporation 4-14-1, Sotokanda, Chiyoda-ku, Tokyo Contents Cover Page Chapter 1 Corporate Information
More informationAs of July 1, 2013. Risk Management and Administration
Risk Management Risk Control The ORIX Group allocates management resources by taking into account Group-wide risk preference based on management strategies and the strategy of individual business units.
More informationBusiness Set up in Japan
Business Set up in Japan 12 March 2013 Jimmy Ng Special Investment Advisor Types of Operations in Japan 1. Representative office 2. Branch Office 3. Limited liability partnership (LLP) 4. Subsidiary Company
More informationDamage of Fukushima Nuclear Accident and a new compensation scheme
Damage of Fukushima Nuclear Accident and a new compensation scheme Kenichi Oshima College of International Relations, Ritsumeikan University SPRU, University of Sussex k-oshima@cj8.so-net.ne.jp 1 Contents
More informationBank of Japan Review. Japanese Life Insurance Companies' Balance-Sheet Structure and Japanese Government Bond Investment. February 2013.
Bank of Japan Review 213-E-2 Japanese Life Insurance Companies' Balance-Sheet Structure and Japanese Government Bond Investment Financial System and Bank Examination Department Kazutoshi Kan, Yoshiyuki
More informationStatus of Capital and Shareholders
Status of Capital and Shareholders Members and Share Ownership (As of March 31, 2008) (1) Common Stocks (Excluding lower dividend rate stocks) The face value of one common stock is 100. Type of Organization
More informationRegarding the Series of Matters Announced Today Beginning with the Four-Way Alliances among the MUFG Group Companies and JACCS
Mitsubishi UFJ Financial Group, Inc. Regarding the Series of Matters Announced Today Beginning with the Four-Way Alliances among the MUFG Group Companies and JACCS September 20, 2007---Today, Mitsubishi
More information[ 2 ] Small Lot Real Estate Investment Products. [ 1 ] The Budding of Real Estate Securitization. Ⅴ History of Real Estate Securitization.
The solutions that securitization offers can be divided into two patterns: 1) Using securitization vehicles primarily to dispose of real estate, and 2) Using securitization vehicles primarily to acquire
More informationLecture 4: The Aftermath of the Crisis
Lecture 4: The Aftermath of the Crisis 2 The Fed s Efforts to Restore Financial Stability A financial panic in fall 2008 threatened the stability of the global financial system. In its lender-of-last-resort
More informationScope of deposit protection has been changed from April 2005
Scope of deposit protection has been changed from April 2005 Concerning the scope of deposits which are protected under the deposit insurance system in Japan, a special arrangement for the blanket guarantee
More informationAn Empirical Analysis of Patterns in the Japanese Long-Term Care Insurance System
The Geneva Papers, 2008, 33, (694 709) r 2008 The International Association for the Study of Insurance Economics 1018-5895/08 www.palgrave-journals.com/gpp An Empirical Analysis of Patterns in the Japanese
More informationChange of Company Name and Company Name of Directly-Owned Subsidiary Based on Merger of Sompo Japan and Nipponkoa
[English Translation] January 31, 2014 Company name: NKSJ Holdings, Inc. Representative: Kengo Sakurada, President Stock Code: 8630, TSE First Section Change of Company Name and Company Name of Directly-Owned
More information1. Japanese National, Public or Private Universities National Universities
1. Japanese National, Public or Private Universities National Universities Hokkaido University Hokkaido University of Education Muroran Institute of Technology Otaru University of Commerce Obihiro University
More informationData Compilation Financial Data
Data Compilation Financial Data CONTENTS 1. Transition of Significant Management Indicators, etc. Japan Post Group (Consolidated) 122 Japan Post Holdings Co., Ltd. (Non-consolidated) 122 Japan Post Co.,
More informationMizuho adopts a medium- to long-term perspective in its initiatives based on group-wide collaboration to help foster the industries of the future.
Special Feature3 Fostering Industries with the Aim of Generating Business Mizuho adopts a medium- to long-term perspective in its initiatives based on group-wide collaboration to help foster the industries
More informationPrivate Sector Life Insurance Companies and the Mutual Insurance Business of the Agricultural Cooperatives (JA-kyosai)
Private Sector Life Insurance Companies and the Mutual Insurance Business of the Agricultural Cooperatives (JA-kyosai) 1. Introduction This report is the 2003 edition of the analysis of the life insurance
More informationBOND FUND Memorandum Note
207 Memorandum Note The Bond Fund was established by the Resolution passed by the Legislative Council under section 29 of the Public Finance Ordinance (Cap. 2) on 8 July 2009 in connection with the implementation
More informationOVERVIEW, PERFORMANCE, AND STRATEGY BY SEGMENT
OVERVIEW, PERFORMANCE, AND STRATEGY BY SEGMENT ORIX has developed diverse operations in a number of geographical locations globally. Management distinguishes nine different segments seven in Japan based
More informationFinancial Results of the Daiwa Bank (Non-Consolidated)
Our Stockholders To Our Stockholders The Daiwa Bank, Limited Annual Report 2000 The Japanese financial services industry is reaching the final stages of its Big Bang as the implementation of limitations
More informationMessage from the Chairman
Message from the Chairman I would like to thank all of you for your continuing patronage and support of the Resona Group. Fully one year has passed since the capital infusion of public funds in 23. Since
More informationReal Estate Market Research Report Vol. 53
April, 2009 Real Estate Market Research Report Vol. 53 Prepared by Real Estate Consulting Division Topics: Accelerated Deterioration of Real Estate Market - Review of Fiscal Year 2008 The real estate market
More informationThe Japan Chamber of Commerce and Industry Organization, Roles, and Activities. February 1, 2012
The Japan Chamber of Commerce and Industry Organization, Roles, and Activities February 1, 2012 Tsutomu Miyagi Managing Director The Japan Chamber of Commerce and Industry Ⅰ. Outline of the Chambers of
More informationIssuance of banknotes. Price stability. Financial system stability
The Bank of Japan, as the nation's central bank, issues banknotes (Bank of Japan notes). The Bank aims to achieve price stability and ensure the stability of the financial system. Issuance of banknotes
More informationMarine Science Commerce. Engineering ICT. Agriculture Science. 〇 〇 Information and Computer Science -
Marine Medical Political / Every applicant MUST specify first, second, and third choice of Univrsities and the respective Field of from this Course List. And you MUST search detailed information on the
More informationJapanese Government s strategy on international education
Japanese Government s strategy on international education Prime Minister Abe s focus on global human capital Prime Minister Abe has developed the Growth Strategy in his second term as leader of Japan,
More informationAccess to Japanese Markets
Access to Japanese Markets CFTC International Regulators Meeting U.S.A. March 16, 2005 Naohiko Matsuo Director for International Financial Markets Agenda Structure of the FSA and regulatory outline Access
More informationContents. 1. Privatization of Highway Public Corporations...2 2. Framework of Agency Business Activities...3 3. Procedural Flow...
2014 Contents President's Message...1 Agency Overview...2 1. Privatization of Highway Public Corporations...2 2. Framework of Agency Business Activities...3 3. Procedural Flow...6 Status of Business Execution
More informationResults Briefing. Second Quarter, Fiscal Year Ending December 2015. Exciting Company. We supply the best use of space.
We supply the best use of space. Results Briefing Second Quarter, Fiscal Year Ending December 2015 July 29, 2015 Securities code:8914 Contents Part I Results Overview 1. Overview of FY15 2Q P4 2. Segment
More informationUFJ Holdings, Inc. The 5 th Japanese Financial Service Conference. October 8, 2003
UFJ Holdings, Inc. The 5 th Japanese Financial Service Conference October 8, 2003 - Table of Contents - Management Reform Initiatives ---------------- 2 - Progress on Group Integration ----------------
More informationManagement s Discussion
Management s Discussion & A n a l y s i s Business Environment In the financial year ended March 31, 1999, the U.S. and major European stock market indexes continued to perform well, marking new all-time
More informationMitsubishi Electric Announces Consolidated and Non-consolidated Financial Results for Fiscal 2016
MITSUBISHI ELECTRIC CORPORATION PUBLIC RELATIONS DIVISION 7-3, Marunouchi 2-chome, Chiyoda-ku, Tokyo, 100-8310 Japan FOR IMMEDIATE RELEASE No. 3023 Investor Relations Inquiries Investor Relations Group,
More informationTackle for the Dream. April 2013
Medium Term Management Plan Tackle for the Dream April 2013 Table of Contents t 1. Background and Positioning of the Medium Term Management Plan P2 2. Outline of the Medium Term Management Plan P3 3. Financial
More informationTerms and Conditions of International Money Transfer Transactions by Card Members
Terms and Conditions of International Money Transfer Transactions by Card Members (For City Express) When using the Card International Money Transfer Service for Card Members provided by SBI Remit Co.,
More information