Bills critical to the stability of the nation’s banking sector cleared the Upper House Committee on Financial Affairs on Friday. They are expected to be enacted by the chamber’s plenary session Monday.

The two bills will enable Deposit Insurance Corp. to use up to 30 trillion yen in public funds to protect deposits and inject new capital into banks up to the end of March 2001. The Upper House committee voted in support of the bills late Friday afternoon with the majority held by the Liberal Democratic Party and one of its two non-Cabinet allies, the Social Democratic Party.

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