14 May 2001, 11:28 Yanagisawa: FSA may set up temporary body to take over failed bank ops
TOKYO (AFX-ASIA) - Minister of Financial Affairs Hakuo Yanagisawa
said the Financial Services Agency may set up a temporary "bridge bank"
ahead of the planned introduction of a ceiling on deposit insurance
next April.
The bridge bank would be set up under the auspices of the Deposit
Insurance Corp and would temporarily control assets from failed
financial institutions before seeking a takeover candidate, to protect
individual depositors.
"It is possible that the Deposit Insurance Corp will set up a
bridge bank to protect individual deposits," Yanagisawa told AFX-ASIA
after an Upper House committee meeting.
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