Banks turn on bountiful post office (ABIX Summary)

Banks turn on bountiful post office (ABIX Summary)
From THE AUSTRALIAN, ABIX, January 29th, 2001
The Japanese post office saving system, founded in 1876, has $US2trn
($A3.6trn)
in deposits. In early 2001, the Japanese Government-owned postal system is
using
the media and mail on an attempt to keep its 58trn yen (906bn) in deposits
maturing. The Japanese banks, which are struggling with bad loans, want the
postal savings system broken up. According to the Sumitomo Bank managing
director and the Japanese Bankers’ Association spokesman, Masayuki Oku,
reforms
have failed to affect the postal savings system
PAGE 40.
Corporate Name(s):SUMITOMO BANK LIMITED JAPANESE BANKERS’ ASSOCIATION
THE AUSTRALIAN, ABIX, 29th January 2001