Tokyo weighs nationalised bank

Sunday 23 August 1998 23:02 BST

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Tokyo weighs nationalised bank

JAPAN'S MAIN opposition party yesterday proposed nationalising the ailing Long-Term Credit Bank of Japan. Ruling Liberal Democratic Party policymakers agreed to consider the idea. On Friday, LTCB unveiled a red-ink restructuring plan that dumps 750bn (pounds 3.2bn) in problem loans and asks for taxpayer money to ready the bank for a merger with Sumitomo Trust & Co. The plan includes sacking the bank's senior management, shutting its 33 branches and subsidiaries abroad and speeding up job cuts.

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