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Takenaka pledges loans plan
( 2002-10-07 10:07 ) (8 )

Japan will unveil an interim plan in about two weeks to tackle the problem of massive bad loans plaguing the country's banking system, new financial chief Heizo Takenaka said in the Malaysian capital Kuala Lumpur yesterday.

"In about a month, I would like to show some action programme but an interim report will be announced in about two weeks," Takenaka said during a press conference on the sidelines of the World Economic Forum's East Asia Economic Summit, which opened yesterday.

The minister for economic and fiscal policy confirmed press reports that a report would be made on October 17.

Takenaka, tasked by Prime Minister Junichiro Koizumi with tackling the bad-loan problem that has remained unresolved for more than a decade, laid out three important principles to put the plan into action.

"An accurate asset assessment is the first checking point," he said, also mentioning ensuring whether the banks' equity is sufficient and tackling the question "Is corporate governance effectively working in the banking system?"

He stressed: "We have to satisfy these principles. Otherwise, any action programme will not be effective."

According to many analysts, the government's Financial Services Agency - now also headed by Takenaka following a cabinet reshuffle - has grossly underestimated the real level of bad loans in the Japanese banking system.

They say a clean-up of the banking system can only be achieved by sacking those supervising the crisis.

Agencies via Xinhua