Press Conference by the Minister for Financial Services

(Excerpt)

2 November, 2001

Q.

Some members of the ruling parties and the business community are calling for the further postponement of the restart of the pay-off system of the deposit insurance. Once again, what is your opinion on this issue?

A.

As I have previously explained, the restart of the pay-off system was postponed for a year, especially because it had been considered too soon after the transfer of supervisory responsibilities on credit unions from local authorities to the central government. We regarded that it would be better to restart the pay-off system after completing a whole of inspections of these institutions, and it was concluded that under these special circumstances that the restart had been postponed by 2002, April. Now that the task has been completed, it would be appropriate to lift the freeze and go back to the system based on the normal legal framework. I believe that it is important to execute the restart of the pay-off system as planned diligently and firmly.

Q.

Does it mean that there is a consensus within the government regarding the non-postponement of the restart of the pay-off system?

A.

Yes, of course, as indicated by all the public statements already made in this regard.