CCPC buys 662.3 billion yen in loans

The Cooperative Credit Purchasing Co., a loan collection body set up by the nation’s financial institutions, said April 8 that it bought loans worth 662.3 billion yen in principal terms during the latter half of fiscal 1996.

The purchases bring the total amount of loans bought by the CCPC since its establishment in January 1993 to 13.58 trillion yen, officials said. They added that the need to buy up financial institutions’ loans has peaked, judging from the decline both in terms of the number and value of the loans brought to the firm. The company intends to follow its initial plans of terminating its purchasing operations at the end of March 1998, they said.

As to reclaiming purchased loans, the firm managed to collect 210.2 billion yen worth during the latter six months of fiscal 1996, bringing the total since its introduction to 812.8 billion yen. Of that amount, 756.2 billion yen was earned through the sale of 4,252 real estate items held as collateral for the loans.