The Lower House’s special committee on financial stabilization failed to meet Wednesday due to a boycott by the opposition camp over a procedural disagreement, but both camps agreed they would meet today.
Committee representatives from the Liberal Democratic Party and the opposition parties agreed Wednesday that today’s session will focus on Long-Term Credit Bank of Japan, and that debates to be held Friday would cover the financial stabilization bills already submitted by the government and the LDP.
They also agreed to hold a session Monday to listen to unsworn testimony from parties involved in the LTCB issue, who will be summoned before the committee.
The opposition camp seeks to summon seven people, including the presidents of LTCB and Sumitomo Trust & Banking Co., as well as the presidents of three LTCB nonbank financial affiliates.
Yoko Sazanami, a Keio University professor who chairs an in-house committee of Deposit Insurance Corp., was also asked to appear.
The committee was formed in February to set up guidelines for extending public money to boost the capital bases of banks. It decided in March to inject public funds worth 176 billion yen to LTCB.
Chief Cabinet Secretary Hiromu Nonaka meanwhile pledged renewed efforts Wednesday to seek the opposition camp’s cooperation for quick passage of key financial bills to implement the government’s “total plan” for financial system stabilization.
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