The Bank of Japan announced Friday it will sell all but one of the houses it maintains for its branch managers and all of its resort and golf club memberships as part of restructuring efforts.
Bank board member Shigeru Hikuma said the BOJ will sell 14 of its branch manager houses by the end of next year, and 12 more will later be put up for sale.
The BOJ, which has 33 branches nationwide, had earlier decided to sell six such residences and move the branch managers into rented condominiums instead. The decision came amid growing criticism about the lavishness of BOJ branch managers' homes and other facilities for bank employees.
The central bank, however, said it will retain its Osaka branch manager's residence, which has been most heavily criticized for its majesty. Located in Nishinomiya, Hyogo Prefecture, the property is 3,688 sq. meters and the building itself occupies 436 sq. meters. Hikuma explained that the Osaka branch plays a pivotal role in the bank's operations in western Japan, and the residence is frequently used for official functions, such as conferences with regional business leaders.
The BOJ will in the future use the Osaka property for official purposes only, Hikuma said, noting that the Osaka branch manager will move into a rented condominium. The bank will continue to sell off its golf memberships, he added.