As part of Japan's ongoing effort to address issues at...

As part of Japan's ongoing effort to address issues at its smaller financial institutions, the government announced that it would be sending administrators to take control of the nation's largest credit cooperative and several other small lenders. The Financial Reconstruction Commission revealed that a government audit had discovered that Kansai Kogin, based in Osaka and the country's largest credit cooperative, had liabilities that exceeded its assets by 51 billion yen as of the end of June. Kansai Kogin holds outstanding deposits of 1.13 trillion yen ($10.04 billion) and has loans of 987 billion yen.

Sunday, 17 December, 2000