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BOJ provides additional 400 bil. yen to LTCB.

TOKYO, Nov. 4 Kyodo The Bank of Japan (BOJ) on Wednesday provided additional financial support of about 400 billion yen to the nationalized Long-Term Credit Bank of Japan (LTCB) through the government-backed Deposit Insurance Corp., BOJ officials said Wednesday.

LTCB is facing cancellations of deposits by corporate clients and is having difficulty raising funds in the money market, they said.

The central bank is ready to provide further financial support depending on LTCB's fund-raising situation, they said.

LTCB, which has virtually collapsed under the weight of massive problem loans, was put under state control last month. It formally began operating as a nationalized bank under new management Wednesday.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Nov 9, 1998
Words:108
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