Record of Debt Recovery and Pursuit of Liabilities
In accordance with the Deposit Insurance Act, the Financial Revitalization Act and others, DICJ provides necessary guidance and advice to the Resolution and Collection Corporation (RCC, established as a result of merger of the Housing Loan Administration Corporation and the Resolution and Collection Bank on April 1, 1999; DICJ is the sole shareholder of the RCC) so that RCC would manage and collect debts. In FY2011, the RCC collected ¥24.7 billion debt transferred from the former 7 Jusen companies (cumulative total: ¥3,405.8 billion since when transferred) and ¥86.0 billion debt purchased from the failed or sound financial institutions (cumulative total: ¥6,340.7 billion).
RCC strives for proper collection of debts by being fully aware of debtors’ situation and conducting a consultation for debtors’ plan for repayment in consideration of their creditworthiness.
DICJ, commissioning and providing the guidance and advice to the RCC, makes strenuous efforts to uncover the hidden assets of debtors, by exercising the investigative powers given by the Deposit Insurance Law and the Financial Revitalization Law. As of the end of March 2013, DICJ has uncovered hidden assets of ¥736.4 billion worth in accumulated base since 1996.
■Results of Investigations（Accumulated total since 1996）
|Number of all investigations||Amount of (hidden) assets confirmed|
Pursuit of civil and criminal Liability
DICJ and RCC have been pursuing: 1) the civil and criminal liabilities against executives of failed financial institutions, and 2) criminal liabilities against debtors for auction interference, obstruction of law enforcement, and fraud, etc. From FY 1997 to March 31, 2013, DICJ has brought 127 cases for civil compensation, amounting to ¥132.6 billion. DICJ has also brought charges against 702 persons in 338 cases for illegal actions such as the obstruction of collection in the same period.
Liability Investigation Committee
The Liability Investigation Committee, chaired by the Governor of DICJ and with four people from legal community and other fields as special advisors, was established within DICJ in February 1998 with the purpose of clarifying the civil and criminal liability of executives of failed financial institutions, former Jusen companies, and debtors, and properly implementing criminal accusations, compensation claims, and other requisite measures. Thus far, the Liability Investigation Committee has met on 106 occasions to discuss a basic policy for the pursuit of liability as well as propriety of institutions of criminal accusation and compensation claims for each case. DICJ and/or the RCC files actions for criminal accusation and compensation claims for each case, based onthe discussion.