The outspoken head of the Housing Loan Administration Corp. on Thursday called on the new Cabinet of Prime Minister Keizo Obuchi to use actions, not words, to tackle the problems plaguing the nation.
Kohei Nakabo, president of the firm set up by the government to reclaim loans extended by seven failed "jusen" housing loan lenders, told a regular news conference that words spoken on the spur of the moment amount only to principles. "What is most important is the opinion of the people most directly involved, and unless these voices are heard, basic principles will be all we see," he said.
Nakabo also criticized the government's "bridge bank" plan to resurrect the financial sector. n"The plan lacks a head and a tail," he said. He pointed to the fact that the scheme does not provide a way to deal with the management responsible at the problem banks or a method to collect the nonperforming loans.