Press Conference by Shoichi Nakagawa, Minister of Finance and Minister for Financial Services
January 19, 2009
[Opening Remarks by Minister Nakagawa]
At today’s cabinet meeting, a cabinet decision was made regarding bills for the issuance of special deficit-financing bonds in fiscal 2009 and the allocation of funds from the special account for fiscal loan and investment funds to the fiscal 2009 and 2010 budgets. For my part, I explained the fiscal 2009 budget, regarding which a cabinet decision was also made.
[Questions and Answers]
Sapporo Hokuyo Holdings, which is based in Hokkaido, has been mentioned in relation to the revised Act on Special Measures for Strengthening Financial Functions. What would you say to this?
While a media report indicated that the bank holding company will apply (for the recapitalization scheme under this act), we must implement appropriate procedures, including judgment (as to whether to approve the application), when the application has been made, according to the relevant rules. I would like to refrain from making any further comments, as the application has not formally been made. However, generally speaking, I hope that financial institutions will make active use of the recapitalization scheme to provide funds to small and medium-size enterprises, which is the purpose of this Act.
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