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FRC declares N. Korea-linked credit union insolvent

OSAKA, Japan - An Chon Chi (R), director general of Chogin Kinki Credit Cooperative, the largest pro-Pyongyang credit union in Japan, speaks at a news conference in Osaka on Dec. 29 after his union was declared insolvent by the government's Financial Reconstruction Commission (FRC).

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N. Korea-linked credit union asks FRC for public funds

TOKYO, Japan - The picture shows an aerial view of the headquarters of Chogin Kinki Shinyo Kumiai, the nation's largest pro-Pyongyang credit union, in Kobe, western Japan. Chogin Kinki, the third largest credit union in Japan with some 640 billion yen in deposits, asked the government's Financial Reconstruction Commission (FRC) on Dec. 29 to replenish its depleted liquidity holdings under the financial-system revival law.

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FRC declares Kansai Kogin, Tokyo Shogin insolvent

TOKYO, Japan - Hakuo Yanagisawa, chief of the government's Financial Reconstruction Commission (FRC), declares at a news conference in Tokyo on Dec. 16 Kansai Kogin and Tokyo Shogin insolvent, believing the credit unions are severely undercapitalized, and will appoint administrators to oversee them. The two will be allowed to continue operations under the administrators with their deposits fully protected, but will likely see many of their customers queuing up on Dec. 18 at their counters to withdraw deposits.

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FRC Secretary General Mori to head FSA

TOKYO, Japan - Shoji Mori (file photo), secretary general of the Financial Reconstruction Commission (FRC), will replace Masaharu Hino as head of the Financial Services Agency (FSA), government sources said Dec. 13. The appointment is expected to take effect Jan. 6, when the FRC will be scrapped and merged into the Cabinet Office that will be launched and with which the FSA will be affiliated.

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FRC head Aizawa speaks on Chiyoda Mutual Life's collapse

TOKYO, Japan - Hideyuki Aizawa, chairman of the government's Financial Reconstruction Commission, meets the press in Tokyo on Oct. 9 and said it is ''extremely regrettable'' that Chiyoda Mutual Life Insurance Co. has failed to rehabilitate with the financial support of its close business partner Tokai Bank. Chiyoda earlier in the day filed for court protection from creditors, making it the biggest Japanese life insurer to go under.

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FRC approves sale of Kofuku Bank to ARF

OSAKA, Japan - U.S. financier Wilbur Ross (L) speaks at a news conference in Osaka on Oct. 6 after the Financial Reconstruction Commission (FRC) approved the sale of failed Kofuku Bank to the Asian Recovery Fund (ARF), an investment fund he heads. Seated on the right is Shuichi Takahashi, who will assume the presidency of the regional bank. At center is an interpreter.

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Aizawa questioned at Budget Committee session

TOKYO, Japan - Hideyuki Aizawa, who took over Kimitaka Kuze as head of the Financial Reconstruction Commission (FRC), speaks in reply to an opposition question at a House of Representatives Budget Committee session Aug. 2. Kuze resigned after coming under fire for receiving benefits and fees from Mitsubishi Trust & Banking Corp. and condominium developer Daikyo Inc.

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Mori apologizes in Diet for giving FRC post to Kuze

TOKYO, Japan - Prime Minister Yoshiro Mori attends a question-and-answer session on policy in the House of Representatives plenary session July 31. During the session, he apologized for giving a cabinet post to Kimitaka Kuze, who resigned July 30 as head of the Financial Reconstruction Commission (FRC) in a scandal over payments and benefits he had received from two companies.

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New FRC Chairman Aizawa meets reporters

TOKYO, Japan - New Financial Reconstruction Commission Chairman Hideyuki Aizawa speaks to reporters at the commission office in Tokyo on July 30 after attending his attestation ceremony at the Imperial Palace. Aizawa replaced Kimitaka Kuze, who resigned after coming under heavy fire for receiving benefits from Mitsubishi Trust & Banking Corp. and condominium developer Daikyo Inc.

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FRC Chairman Kuze bows after resignation

TOKYO, Japan - Financial Reconstruction Commission (FRC) Chairman Kimitaka Kuze bows at a press conference in Tokyo on July 30 after resigning in connection with the receipt of benefits and payments from Mitsubishi Trust & Banking Corp. and condominium developer Daikyo Inc. Kuze served as FRC chairman and a state minister since July 4, when Prime Minister Yoshiro Mori launched his new cabinet. Mori immediately appointed former Economic Planning Agency chief Hideyuki Aizawa as Kuze's successor.

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FRC chief Kuze to be sacked over perks

TOKYO, Japan - A file photo of Financial Reconstruction Commission chief Kimitaka Kuze, 71, who is likely to be sacked July 30 in connection with the receipt of benefits and payments from Mitsubishi Trust & Banking Corp. and condominium builder Daikyo. Prime Minister Yoshiro Mori has decided to fire Kuze following a new revelation that Kuze received 100 million yen from the president of Daikyo in 1991 to help him recruit new members of the Liberal Democratic Party. Kuze will be the first member of Mori's cabinet, formed July 4, to step down.

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Ex-EPA chief Aizawa likely to succeed FRC head Kuze

TOKYO, Japan - A file photo of former Economic Planning Agency chief Hideyuki Aizawa, 81, who will likely succeed top financial regulator Kimitaka Kuze. Kuze, chairman of the Financial Reconstruction Commission and a state minister, is likely to be sacked July 30 in connection with the receipt of benefits and payments from Mitsubishi Trust & Banking Corp. and condominium builder Daikyo.

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FRC chief Kuze received gifts from Mitsubishi Trust

TOKYO, Japan - Kimitaka Kuze, chairman of the Financial Reconstruction Commission (FRC), speaks at a news conference in Tokyo on July 28 on media reports that he received gifts from Mitsubishi Trust & Banking Corp. in the form of office and labor costs paid for by the bank. He defended the favors, saying, ''That is a matter of the past. No laws were broken.''

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FRC inks accord to sell NCB to Softbank-led group

TOKYO, Japan - Tadayo Homma (L), next president of Nippon Credit Bank (NCB), joins hand with Shunsuke Takeda (2nd from L), vice president of leasing company Orix Corp., Softbank Corp. founder and President Masayoshi Son (3rd from L), and Tomochika Iwashita (R), managing director of Tokio Marine & Fire Insurance Co., at a Tokyo hotel on June 6 after the government's Financial Reconstruction Commission (FRC) and Deposit Insurance Corp. (DIC) signed a basic agreement earlier in the day to sell the nationalized NCB to the tripartite consortium led by Softbank.

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Daiwa Bank group to buy Namihaya Bank

OSAKA, Japan - Takashi Kaiho (C), president of Daiwa Bank, speaks at a news conference in Osaka on May 31 following a final decision by the government's Financial Reconstruction Commission (FRC) to sell the collapsed Namihaya Bank to a consortium led by Daiwa Bank.

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Softbank-led group loses rights to buy NCB

TOKYO, Japan - Shoji Mori, secretary general of the government's Financial Reconstruction Commission (FRC), speaks at a news conference in Tokyo on May 31 after FRC's talks with a consortium led by leading Internet investor Softbank Corp. on the failed Nippon Credit Bank broke down. He said the consortium's priority rights to negotiate the purchase of the long-term credit bank have expired.

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Failed Kofuku Bank to be sold to U.S. investor group

OSAKA, Japan - Wilbur L. Ross (R), chairman of Asian Recovery Fund, an investment fund, speaks at a news conference in Osaka on May 18 after Japan's Financial Reconstruction Commission (FRC) and a group of FRC-appointed reorganization administrators of Kofuku Bank decided to sell the failed bank to his fund. Asian Recovery Fund will establish a new bank to take over the Osaka-based bank at the end of December.

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FRC declares Namihaya Bank insolvent

OSAKA, Japan - The Financial Reconstruction Commission (FRC) declared Namihaya Bank insolvent on Aug. 7, making it the sixth Japanese bank to be declared bankrupt under financial reconstruction legislation aimed at fixing the bad loan-saddled banking system. The photo shows the headquarters building in Osaka of the second-tier regional bank.

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Credit Suisse Japan unit gets license revoked

TOKYO, Japan - Hakuo Yanagisawa, chairman of the Financial Reconstruction Commission (FRC), speaks at a news conference July 29 on his decision to revoke the banking license at one of Credit Suisse Group AG's units in Japan. He said the action against the Tokyo branch of Credit Suisse Financial Products had been taken over its ''unlawful'' conduct.

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FRC puts Kokumin Bank under its control

The Financial Reconstruction Commission (FRC) decided on April 11 to put Kokumin Bank, a Tokyo-based second-tier regional bank, under its control, FRC officials said. According to the officials, Kokumin Bank informed the commission earlier in the day that it could no longer sustain itself and was in danger of halting the withdrawal of deposits. The photo shows the bank's head office in Tokyo's Chiyoda Ward.

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FRC OK's 7.46 tril. yen public money for 15 banks

The government's Financial Reconstruction Commission (FRC) approves March 12 requests from 15 major Japanese banks for a total of 7.46 trillion yen in public funds to help clear up their bad loans.

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FRC puts Kokumin Bank under its control

The Financial Reconstruction Commission (FRC) decided on April 11 to put Kokumin Bank, a Tokyo-based second-tier regional bank, under its control, FRC officials said. According to the officials, Kokumin Bank informed the commission earlier in the day that it could no longer sustain itself and was in danger of halting the withdrawal of deposits. The photo shows the bank's head office in Tokyo's Chiyoda Ward. ==Kyodo

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N. Korea-linked credit union asks FRC for public funds

TOKYO, Japan - The picture shows an aerial view of the headquarters of Chogin Kinki Shinyo Kumiai, the nation's largest pro-Pyongyang credit union, in Kobe, western Japan. Chogin Kinki, the third largest credit union in Japan with some 640 billion yen in deposits, asked the government's Financial Reconstruction Commission (FRC) on Dec. 29 to replenish its depleted liquidity holdings under the financial-system revival law.

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FRC declares N. Korea-linked credit union insolvent

OSAKA, Japan - An Chon Chi (R), director general of Chogin Kinki Credit Cooperative, the largest pro-Pyongyang credit union in Japan, speaks at a news conference in Osaka on Dec. 29 after his union was declared insolvent by the government's Financial Reconstruction Commission (FRC).

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FRC declares Kansai Kogin, Tokyo Shogin insolvent

TOKYO, Japan - Hakuo Yanagisawa, chief of the government's Financial Reconstruction Commission (FRC), declares at a news conference in Tokyo on Dec. 16 Kansai Kogin and Tokyo Shogin insolvent, believing the credit unions are severely undercapitalized, and will appoint administrators to oversee them. The two will be allowed to continue operations under the administrators with their deposits fully protected, but will likely see many of their customers queuing up on Dec. 18 at their counters to withdraw deposits.

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FRC Secretary General Mori to head FSA

TOKYO, Japan - Shoji Mori (file photo), secretary general of the Financial Reconstruction Commission (FRC), will replace Masaharu Hino as head of the Financial Services Agency (FSA), government sources said Dec. 13. The appointment is expected to take effect Jan. 6, when the FRC will be scrapped and merged into the Cabinet Office that will be launched and with which the FSA will be affiliated.

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FRC gives preliminary approval to UFJ launch

TOKYO, Japan - (From L to R) Kaneo Muromachi, president of Sanwa Bank, Hideyuki Aizawa, chairman of the Financial Reconstruction Commission (FRC), Hideo Ogasawara, president of Tokai Bank, and Shunroku Yokosuka, president of Toyo Trust & Banking Co., shake hands in Tokyo on Nov. 22 after the commission gave preliminary approval to a plan by the three banks to set up a joint holding company called ''UFJ Holdings Inc.'' in April 2001.

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FRC head Aizawa speaks on Chiyoda Mutual Life's collapse

TOKYO, Japan - Hideyuki Aizawa, chairman of the government's Financial Reconstruction Commission, meets the press in Tokyo on Oct. 9 and said it is ''extremely regrettable'' that Chiyoda Mutual Life Insurance Co. has failed to rehabilitate with the financial support of its close business partner Tokai Bank. Chiyoda earlier in the day filed for court protection from creditors, making it the biggest Japanese life insurer to go under.

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FRC approves sale of Kofuku Bank to ARF

OSAKA, Japan - U.S. financier Wilbur Ross (L) speaks at a news conference in Osaka on Oct. 6 after the Financial Reconstruction Commission (FRC) approved the sale of failed Kofuku Bank to the Asian Recovery Fund (ARF), an investment fund he heads. Seated on the right is Shuichi Takahashi, who will assume the presidency of the regional bank. At center is an interpreter.

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FRC gives green light to Japan Net Bank+

TOKYO, Sept. 7 Kyodo - Akishige Okada (R), president of Sakura Bank, shakes hands with Hideyuki Aizawa, chairman of the government's Financial Reconstruction Commission (FRC), after FRC approved a Sakura Bank-led consortium to form Japan Net Bank, the nation's first entity to provide Internet banking services.

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Aizawa questioned at Budget Committee session

TOKYO, Japan - Hideyuki Aizawa, who took over Kimitaka Kuze as head of the Financial Reconstruction Commission (FRC), speaks in reply to an opposition question at a House of Representatives Budget Committee session Aug. 2. Kuze resigned after coming under fire for receiving benefits and fees from Mitsubishi Trust & Banking Corp. and condominium developer Daikyo Inc.

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New FRC Chairman Aizawa meets reporters

TOKYO, Japan - New Financial Reconstruction Commission Chairman Hideyuki Aizawa speaks to reporters at the commission office in Tokyo on July 30 after attending his attestation ceremony at the Imperial Palace. Aizawa replaced Kimitaka Kuze, who resigned after coming under heavy fire for receiving benefits from Mitsubishi Trust & Banking Corp. and condominium developer Daikyo Inc.

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Mori apologizes in Diet for giving FRC post to Kuze

TOKYO, Japan - Prime Minister Yoshiro Mori attends a question-and-answer session on policy in the House of Representatives plenary session July 31. During the session, he apologized for giving a cabinet post to Kimitaka Kuze, who resigned July 30 as head of the Financial Reconstruction Commission (FRC) in a scandal over payments and benefits he had received from two companies.

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FRC chief Kuze to be sacked over perks

TOKYO, Japan - A file photo of Financial Reconstruction Commission chief Kimitaka Kuze, 71, who is likely to be sacked July 30 in connection with the receipt of benefits and payments from Mitsubishi Trust & Banking Corp. and condominium builder Daikyo. Prime Minister Yoshiro Mori has decided to fire Kuze following a new revelation that Kuze received 100 million yen from the president of Daikyo in 1991 to help him recruit new members of the Liberal Democratic Party. Kuze will be the first member of Mori's cabinet, formed July 4, to step down.

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FRC Chairman Kuze bows after resignation

TOKYO, Japan - Financial Reconstruction Commission (FRC) Chairman Kimitaka Kuze bows at a press conference in Tokyo on July 30 after resigning in connection with the receipt of benefits and payments from Mitsubishi Trust & Banking Corp. and condominium developer Daikyo Inc. Kuze served as FRC chairman and a state minister since July 4, when Prime Minister Yoshiro Mori launched his new cabinet. Mori immediately appointed former Economic Planning Agency chief Hideyuki Aizawa as Kuze's successor.

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Ex-EPA chief Aizawa likely to succeed FRC head Kuze

TOKYO, Japan - A file photo of former Economic Planning Agency chief Hideyuki Aizawa, 81, who will likely succeed top financial regulator Kimitaka Kuze. Kuze, chairman of the Financial Reconstruction Commission and a state minister, is likely to be sacked July 30 in connection with the receipt of benefits and payments from Mitsubishi Trust & Banking Corp. and condominium builder Daikyo.

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FRC chief Kuze received gifts from Mitsubishi Trust

TOKYO, Japan - Kimitaka Kuze, chairman of the Financial Reconstruction Commission (FRC), speaks at a news conference in Tokyo on July 28 on media reports that he received gifts from Mitsubishi Trust & Banking Corp. in the form of office and labor costs paid for by the bank. He defended the favors, saying, ''That is a matter of the past. No laws were broken.''

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FRC OK's write-off of Sogo's debt

TOKYO, June 30 Kyodo - Noboru Matsuda, head of the state-run Deposit Insurance Corp. (DIC), speaks at a news conference June 30 following approval by the government's Financial Reconstruction Commission (FRC) of the proposed purchase and partial write-off by DIC of 200 billion yen in loans to financially troubled department store operator Sogo Co.

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FRC inks accord to sell NCB to Softbank-led group

TOKYO, Japan - Tadayo Homma (L), next president of Nippon Credit Bank (NCB), joins hand with Shunsuke Takeda (2nd from L), vice president of leasing company Orix Corp., Softbank Corp. founder and President Masayoshi Son (3rd from L), and Tomochika Iwashita (R), managing director of Tokio Marine & Fire Insurance Co., at a Tokyo hotel on June 6 after the government's Financial Reconstruction Commission (FRC) and Deposit Insurance Corp. (DIC) signed a basic agreement earlier in the day to sell the nationalized NCB to the tripartite consortium led by Softbank.

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Softbank-led group loses rights to buy NCB

TOKYO, Japan - Shoji Mori, secretary general of the government's Financial Reconstruction Commission (FRC), speaks at a news conference in Tokyo on May 31 after FRC's talks with a consortium led by leading Internet investor Softbank Corp. on the failed Nippon Credit Bank broke down. He said the consortium's priority rights to negotiate the purchase of the long-term credit bank have expired.

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Daiwa Bank group to buy Namihaya Bank

OSAKA, Japan - Takashi Kaiho (C), president of Daiwa Bank, speaks at a news conference in Osaka on May 31 following a final decision by the government's Financial Reconstruction Commission (FRC) to sell the collapsed Namihaya Bank to a consortium led by Daiwa Bank.

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Failed Kofuku Bank to be sold to U.S. investor group

OSAKA, Japan - Wilbur L. Ross (R), chairman of Asian Recovery Fund, an investment fund, speaks at a news conference in Osaka on May 18 after Japan's Financial Reconstruction Commission (FRC) and a group of FRC-appointed reorganization administrators of Kofuku Bank decided to sell the failed bank to his fund. Asian Recovery Fund will establish a new bank to take over the Osaka-based bank at the end of December.

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LTCB seeks taxpayers' money for capital base

TOKYO, Japan - Masamoto Yashiro, president of the Long-Term Credit Bank of Japan (LTCB), arrives at the office of the government's Financial Reconstruction Commission (FRC) on March 3 to file a formal request for an injection of taxpayers' money to strengthen the bank's capital bases. LTCB, which New LTCB Partners CV. (NLP), a group of financial companies led by U.S. fund Ripplewood Holdings LLC, has just bought from the government, is seeking 240 billion yen in public funds.

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Tanigaki named to succeed Ochi

TOKYO, Japan - File photo shows Sadakazu Tanigaki, former Science and Technology Agency chief, who was appointed Feb. 25 to succeed Michio Ochi who resigned earlier in the day as chairman of the Financial Reconstruction Commission (FRC).

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Ochi refuses to resign for remarks on bank inspections

TOKYO, Japan - Michio Ochi (C), chairman of the Financial Reconstruction Commission (FRC), is surrounded by reporters at the Diet on the morning of Feb. 25. Ochi said he would not resign over remarks he made that apparently suggested he was willing to make bank audits more lenient.

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New FRC chief meets the press

TOKYO, Japan - Sadakazu Tanigaki (R), new chairman of the Financial Reconstruction Commission (FRC), is introduced by Chief Cabinet Secretary Mikio Aoki (L) during a news conference at the prime minister's official residence Feb. 25. Tanigaki has replaced Michio Ochi, who was forced to resign for remarks hinting at leniency for smaller banks.

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FRC chief Ochi quits

TOKYO, Japan - Financial Reconstruction Commission (FRC) Chairman Michio Ochi (C) speaks to reporters after tendering his resignation to Prime Minister Keizo Obuchi on Feb. 25. ''My careless remarks have created a stir, and I believe my resignation would solve the problem,'' Ochi said.

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Softbank group to negotiate purchase of NCB

TOKYO, Japan - A photo taken from a Kyodo News helicopter Feb. 24 shows the head office in Tokyo of Nippon Credit Bank (NCB). The Financial Reconstruction Commission (FRC) announced its decision earlier in the day to give an alliance of companies led by Softbank Corp. the first shot at negotiating the terms of the proposed purchase of the nationalized bank.

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Softbank group given 1st shot in NCB purchase talks

TOKYO, Japan - Michio Ochi (2nd from R), chairman of the Financial Reconstruction Commission (FRC), is about to take a seat for a news conference Feb. 24, where he announced a decision to give a group of companies led by Softbank Corp. the first shot at negotiating the terms of the proposed purchase of the nationalized Nippon Credit Bank (NCB).

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New LTCB to open as FRC approves agreement

TOKYO, Japan - The Financial Reconstruction Commission on Feb. 9 approved the final agreement on the sale of the nationalized Long-Term Credit Bank of Japan (LTCB) to an international consortium led by U.S. fund Ripplewood Holdings LLC. The new LTCB begins operations March 2. Among the signatories to the agreement were Masamoto Yashiro (third from R), as representative of New LTCB Partners, LTCB President Takashi Anzai (second from L), Noboru Matsuda (third from L), governor of Deposit Insurance Corp. (DIC), which owns LTCB's 2.4 billion common shares, Ripplewood founder Timothy Collins (second from R), and Christopher Flowers (R), former head of the Goldman Sachs Financial Institutions Group. At left is Keiji Matsuda, deputy governor of DIC.