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The Japan Federation of Economic Organizations (Keidanren) on Wednesday urged the government to establish a new financial safety net before rescinding full guarantees for bank deposits on April 1, 2001.

Deposits at financial institutions that go insolvent are currently fully protected by the government. With the restart of the so-called payoff system a year from April, however, the Deposit Insurance Corp will only guarantee up to 10 million yen per depositor at a collapsed bank.

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