Implementation of Measures to Improve the Purchase System of Specified Difficult Recovery Claims

Date: July 2, 2014

To financial institutions

Implementation of Measures to Improve the Purchase System of Specified Difficult Recovery Claims

The Deposit Insurance Corporation of Japan (DICJ) has been striving to raise awareness about the purchase system of specified difficult recovery claims among financial institutions, etc. and to improve the operation of the system. Recently, in light of opinions and requests conveyed by financial institutions with regard to this system, the DICJ has revised the Guideline for Purchase of Specified Difficult Recovery Claims in order to improve it as follows:

(Clarification of operation)

  • It has been made clear that credit card claims held by financial institutions themselves as creditors (card shopping claims) are eligible for purchase under the system if they have arisen from transaction contracts between the financial institutions and customers as debtors (Article 29-2 of the Ordinance for Enforcement of the Deposit Insurance Act) and if they meet the requirements for difficult recovery claims.
  • It has been made clear that as in the above case, monetary claims bought, such as claims, etc. related to factoring, and receivables for claims based on acceptance and guarantee are eligible for purchase under the system if they have arisen from transaction contracts between the financial institutions and customers as debtors and if they meet the requirements for difficult recovery claims.
  • It has been made clear that even small-lot claims, such as card loans, are eligible for purchase under the system if they meet the requirements for difficult recovery claims.
  • The guideline was revised to clarify the attribute requirements and basic policy.

(Others)

  • In light of the purchases made so far, additional examples of purchase have been included in a collection of examples published on the DICJ's website as a reference for judgment as to whether claims meet the behavioral requirements.

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