The government has established a team within the Prime Minister’s Office to deal with failed and failing banks until a “financial resuscitation” committee is formally formed, Chief Cabinet Secretary Hiromu Nonaka said Thursday.The announcement came a day before a set of laws aiming to stabilize the nation’s financial system is put into effect. According to the laws, the five-member committee, which will be given authority to handle processing of the collapsed financial institutions, should be established within two months of the enactment of the laws.The newly established team of seven staffers is headed by Kazuhiko Takeshima, head of the Councilors’ Office on Internal Affairs at the Prime Minister’s Office, and will act on behalf of Obuchi in dealing with financial issues.

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