Financial Reconstruction Commission

Financial Reconstruction Commission

A former agency of the Japanese government that oversaw financial policy. It managed and disposed of assets nationalized in the wake of the Asian financial crisis. It was established in 1998 as part of the response to the crisis. It was merged into the Financial Services Agency in 2001.
References in periodicals archive ?
A former Finance Ministry bureaucrat, he gained fame as the first chief of the Financial Reconstruction Commission that was launched in 1998, and became financial services minister when the commission he was serving for the second time was upgraded into the Financial Services Agency in 2001.
In June 1999, the then Financial Reconstruction Commission, which is now the Financial Services Agency, declared that Tokyo Sowa Bank was insolvent.
17, Japan's then Financial Reconstruction Commission declared Kansai Kogin and Tokyo Shogin insolvent and sent administrators to the two, believing they were severely undercapitalized following massive loan losses.
17, Japan's Financial Reconstruction Commission (FRC) declared Kansai Kogin and Tokyo Shogin insolvent and sent in administrators to the two, believing they were severely undercapitalized following massive loan losses.
The Environment Dispute Coordination Commission, the Economic Planning Agency, the Okinawa Development Agency, the Justice Ministry, the Cabinet Legislative Bureau, the National Personnel Authority, and the Financial Reconstruction Commission had no low-pollution vehicles.
Kimitaka Kuze, head of the Financial Reconstruction Commission, stepped down amid allegations that he received nearly pounds 1.
When Michio Ochi, then chairman of the Financial Reconstruction Commission (FRC), was forced to resign after offering to protect rural credit unions from strict FRC inspections, Mori defended Ochi's statements.
Fitch IBCA affirms the ratings of Credit Suisse First Boston (CSFB), Credit Suisse Financial Products (CSFP), and related entities following today's announcement by the Japanese authority, the Financial Reconstruction Commission (FRC), that it is to revoke the banking licence of CSFP's Tokyo branch and impose operating restrictions on CSFB's Tokyo branch.
Former Financial Reconstruction Commission head Hideyuki Aizawa said the public will not understand what the government intends to do even if many things are discussed.
The merged unit will take over the operations of collapsed credit unions serving South Korean residents in Japan, including Kansai Kogin and Tokyo Shogin which were declared insolvent by the government's Financial Reconstruction Commission earlier this month.
The Ministry of Finance has been forced to surrender the broad functions of financial regulation and reconstruction to the Financial Reconstruction Commission and the Financial Supervisory Agency, while the "Bank of Japan has gained substantial autonomy.
The SESC cannot decide punishments, but it can recommend to the Financial Reconstruction Commission and Financial Supervisory Agency that action be taken against institutions found to have broken financial regulations.

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