14 May 2001, 16:22  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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