The essence of P2P is coadjutant sex direct financing, exist in the times that does not have Internet. Be called in Japanese " credit agency " . This kind of Xiaofan surrounds the coadjutant financing means of collective sex, ever also was in China earth blossom everywhere. Afterwar Japan, coadjutant credit agency grows flourishingly, in order to make up for the inadequacy of channel of normal national bank.
1.Jusen: Of Japan " shadow bank "
Acting 1980, japanese real estate is entered " mythological " times. All finance orgnaization hopes sortie among them, earn brushstroke greatly. Then, jusen emerge as the times require.
The Japanese bank at that time and credit agency, be restricted by code, cast the loan dimensions to estate finite. Then they establish the subsidiary of kind of finance, abbreviation Jusen. Jusen need not accept restriction, offer an individual to mortgage to the dweller. All sorts of " head pay borrow " , " 0 mortgage " , breed is various, do even " descendants is borrowed " (grandfather loan, 3 acting people still borrow grandparent and grandchild of grandfather, father, son together) , "Hundred years borrow " (reimbursement deadline is centenary, true father is borrowed child still, child borrow Sun Hai) .
Jusen carries all sorts of kind to capital of short-term loan of agency of shareholder bank, credit, next short-term loan gives loan the individual. Can say, jusen is the shadow bank of Japanese 1980-90 time actually. Enter after 1988, a lot of Jusen are offerred to the dweller not only mortgage loan, still to aptitude be in harmony of not complete bankroll of commercial land agent is connected, got equity of commercial real estate even, bury played tremendous the root of the trouble.
1995, the aggregate loan dimensions of 7 the biggest Jusen of countrywide amounts to 20 trillion yen, the dimensions of total assets of of all kinds Jusen of complete Japan exceeds 100 trillion yen.
2.Undone thorn defeats landed bubble Japanese P2P
Day classics index achieved the history 38915 a little bit highest on December 29, 1989 later, drop ceaselessly. 1990-1992 year, japanese government is curule not care a continental, the stock market after feeling to squeeze bubble will be more healthy, also guide people of Japan of public opinion proposal " go lever " . Japanese economy also maintained at that time growing, although be add fast inferior " new % normal " .
Meanwhile, the government continues to rise to estate value detest. Add cease to be added again breath, reorganize financial system, beat landed investment.
Be in eventually 1993, japan appeared after house price rises 21 years drop first. A lot of mixing extremely evil estate struggles old official mind comfort, but what absolutely did not think of this is price of the house like nightmare drops 25 years continuously is germinant.
Price of Japanese house house points toSeveral:
1994, of estate value drop considerably, caused a large number of Jusen to manage difficulty, the financial orgnaization with implicative capital less gold (credit agency) , experience manages the crisis.
Japanese finance superintends the manner of authorities, to be in city of stock market room considerably losing finance orgnaization, manner inhospitality, think they are " an evil member of the herd " , be " ask for trouble " and " deserve the punishment " .
In October 1994, be aimed at the credit agency of a few management difficulty, what president of Japanese Central Bank assumes when is ternary wild health hair performance says, "The Central Bank won't save those financial orgnaizations, after partial one who brings disgrace on his group is kept clear of, whole banking system will be more healthy. Whole banking system will be more healthy..
The government and people think, the bank is the culprit that city of stock market room drops. Since, everybody is happy to see " deserve the punishment " , so " an evil member of the herd " look to everybody to death, orgnaization of finance of acting 1990 Japan closes down of tide dynamic pull open prelusive.
3.Credit agency closes down tide is pulled open prelusive
Most the Jusen that what close down first is Japanese remote region and its partner square, agency of of all kinds and small-sized credit. Because be in northwest country mostly, japanese government not quite care about. The Ministry of finance and Central Bank send past of a few officials, do do recombine, pull what man matchs pattern to let local other bank buy these companies, so Easy!
On December 9, 1994, the medium-sized credit agency of Tokyo, tokyo assist and (Tokyo Kyowa) with safe finance (Anzen) , declare closes down. The deposit dimensions of two orgnaizations reachs 210 billion yen, and in the capital, in the leader eyelid falls. Big Tokyo the office (Tokyo Metropolitan Office) , the Ministry of finance and Japanese Central Bank are urgent consult.
3 orgnaizations think consistently, should avoid to go bankrupt liquidation. If depositor loss deposits money, panicky sentiment may spread, can cause financial systematization risk.
Then Japanese Central Bank and Ministry of finance begin: 1. Search " receive Pan Xia " . Estate value is violent drop, let most bank not be willing to assume agency of these two credit; 2. Need deposit insurance company makes sure depositor capital is safe, but hold water at the capital gold of the deposit insurance company 1971 to have 80 billion yen only, far be less than amount of bank savings of two credit agency.
24 hours not Mian endlessly hind, the Central Bank and Ministry of finance took out plan: Mix by Japanese Central Bank other orgnaization of finance of battalion of a few family property establishs a new bank jointly: Tokyo is collective bank (Tokyo Kyoudou Bank) , abbreviation TKB. Take over orgnaization of these two finance total assets and indebted; Travel is contributive in the center of its 20 billion yen, orgnaization of other and private banking is contributive 20 billion yen; New bank TKB registers capital 40 billion.
Apparent, him Central Bank was become " receive Pan Xia " .
This plan is mixed by Japanese media " fair know people " sharp criticism. Be in ternary wild health president just announces to won't move to rescue " bad child " later, the Central Bank appears personally directly save orgnaization of these two finance. Hellion did not receive penalty.
Japanese Central Bank declares rapidly, the practice of the Central Bank is based on " banking law " the 25th byelaw, the Central Bank serves as pay a person finally, provide a help to difficult financial orgnaization. Apparent, ternary wild health promiscuous a fact, pay a person finally to need to provide necessary liquidity support only, is not direct and contributive become partner. That day " morning sun news " of spokesman of news of cite Japan Central Bank state, this is " banking law " hold water 30 years to come the Central Bank uses the 25th provision first! Did not think of after this, the Central Bank still is met the 2nd times, the 3rd, the 4th, N second cite the 25th clause.
Although by 1994, japanese Central Bank tries to lower interest in order to stabilize estate value. But estate price drops,do not stop at all. Agency of Jusen, credit closes down tide comes. In July 1995, cosmo cooperation (Cosmo Credit Cooperative) , inside another Tokyo the city zone absorb deposit orgnaization declare to manage failure. In August, the Kizu credit agency western mixes Japan Hyogo bank suspend payment. Among them, of Kizu credit agency beforehand estimate loss reachs 1 trillion yen. Central Bank anyway also cannot find the privately owned company that is willing to take over, beg a grandfather to accuse a grandma everywhere, face sweeps the floor.
Japanese finance superintends authorities to feel, close down to answer more and more large-scale credit agency, need system reform, financial system reforms plan first draft to be put on the desktop of finance minister in 95 years of summer.
Regrettablly, the history did not give Japan time, do the Ministry of finance of fireman and Central Bank for a long time, which have time to considering long-term reform. Effect a permanent cure? Calculated, give mark first was treated.
4.Jusen is saved start eventually
Everybody cannot think of, the first bank that gives an issue is actually internationally bank.
In September 1995, daiwa bank, the new York branch that announces them appeared the significant loss of 1.1 billion dollar. A senior staff member is in Japan to make up for its the estate of churchyard / the stock invests a loss, illegal divert capital forges credit to offer Japanese churchyard Jusen. On November 3, beautiful couplet store Daiwa of requirement of new York branch shuts his to be in the United States all branches of whole area, quit all professional work. Eventually, the estate crisis of Japanese churchyard also produced an effect in the world.
Daiwa incident, let the Ministry of finance begin to investigate Jusen. Do not check do not know, check frighten jump. 1995, 7 the biggest Jusen companies are total deficit 6.4 trillion yen, and its total capital gold is not worth 2 trillion yen.
Through intense debate, the Qian Laizheng that governmental high level agrees with to use taxpayer helps these companies. The partner of Jusen -- big bank is contributive 3.5 trillion, the financing bank of Jusen is contributive 1.7 trillion, rural finance orgnaization is contributive 530 billion, and the 685 billion yen of the others is Japanese taxpayer gives money.
With the money of taxpayer, save landed P2P! This causes intense dissatisfaction of the society. So that be in quite long, without any governments the official dare discuss this topic on the press conference.
1997 New Year, the Ministry of finance and Central Bank combination hold new year's day to celebrate meeting, leaders are condolatory overwork processing goes bankrupt current size official, wish heartily have so much troublesome thing one new year no longer. Result, one language is become augury.
5.House leakage slants meet bank of – of rain of the same night closes down
At the beginning of 1997, of stock market and estate endless drop, make banking undesirable capital problem is more and more serious. Bank of credit establishing state (Nippon Credit Bank) with bank of Hokkaido develop breed (HokkaidoTakushoku Bank) submit to to close down to the Central Bank.
NCB of bank of credit establishing state (Nippon Credit Bank) total assets dimensions 15 trillion yen. Market of large-scale sortie estate, bad assets burden is heavy. It is Japan's smallest in bank of 3 extended credit. Even so, asset dimensions is very breathtaking also, be more than those credit agencies far.
The Central Bank moves again, on April 1, 1997, NCB of bank establishing state is announced recombine a plan. Japanese Central Bank and relevant partner and buy square, in all infuse capital 290.6 billion yen. The stable fund that goes in the center of its is noted endowment 80 billion yen. Thespian is, li Bangyin is in all right obtain note endowment hind, bad loan continues to worsen, from beginning to end cannot gain, share price drops continuously. In obtain note endowment after 17 months, december 1998, bank establishing state is official suspend payment and nationalization.
Bank of Hokkaido develop breed, total assets dimensions 9.5 trillion. Because large-scale intervening Hokkaido travels,go vacationing hotel and like a drowned mouse. The Central Bank searched to them at the beginning amalgamative square -- Hokkaido bank. But two banks tall canal is ripped ceaselessly force, amalgamative without if really. Have to, the Central Bank " soubrette " sought bank of a Hokuyo again, promise mandatory Hokkaido constrainedly the management business of develop breed bank. Seeking during incorporating, the Central Bank already to its infuse the liquidity fund of 2.6 trillion yen.
Newspaper publishs develop silver to be forced mandatory:
6.The stockjobber of unexpected goes bankrupt
Reach 8 years of ursine city 1997 from 1990, finance superintends authorities to early with respect to expect can stockjobber closes down. Because this is in in November 1997 3 foreign negotiable security (Sanyo Securities) when suspend payment, the Ministry of finance and Central Bank already minded not strange.
3 foreign negotiable security are business of a medium-sized certificate, dimensions of client earnest money 2.7 trillion yen. Superintend directly by the Ministry of finance, do not enclothe by the Central Bank. On November 3, 1997, 3 foreign negotiable security refer application to recombine to Tokyo place court, local court basis program, suspend the whole business of 3 foreign negotiable security.
But, 3 foreign negotiable security are before close down, between the bank the market has brushstroke the loan of 8.3 billion yen did not repay, nevertheless, 8.3 billion yen is opposite Yu Rijun the market between the bank of -727379968 a drop in the sea, so broken postpartum mixes the 3rd day the following day, the market between Japanese bank is safe and sound.
Condition is in the 4th day, take a sudden turn and become worse rapidly. Entire bank appears to realize suddenly, this is break a contact the first. That day, short-term loan square bank auxes would rather also not be willing Qian Fang to the Central Bank in the market aleatoric lend, forehead of large-scale cut short-term loan spends foreign capital bank.
The interest rate between the bank considerably violent wind rises, short-term loan amount arrives from -727379968 atrophy one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two. The Central Bank must be by November intervening market, provide liquidity, was forced to offerred circulating fund of 22 trillion yen to enter the market in December 1997!
The loan of 8.3 billion yen of a not smooth storehouse brings about the Central Bank of 22 trillion come to help. "Deserve the punishment " " an evil member of the herd " , the superintendency authorities that lets stand high above the masses knows, the panic of money market is how terrible! "Everything all is not mastering in " !
3 foreign negotiable security close down 3 week hind, yamaichi negotiable securities closes. Yamaichi negotiable securities is one of 4 large certificate business of Japanese, dimensions of client earnest money 22 trillion, and it still has a branch in England, Germany, Holand and Switzerland. After Yamaichi negotiable securities closes down, 2000 much yen not liquidate debt bequeath is between the bank the market. The bank of large stockholder Fuji of Yamaichi negotiable securities is insolvent also.
The stock letter that Yamaichi negotiable securities issues:
Drew the lesson of 3 foreign negotiable security, after Yamaichi negotiable securities is announcing to close down, japanese Central Bank and Ministry of finance ask its continue to do business, continue to liquidate pay. But a big question is, who will to Yamaichi provide liquidity, manage in order to ensure it can continue. Japanese Ministry of finance asks the Central Bank provides support as final liquidate person. This is first time Central Bank provide loan support to orgnaization of blame bank finance.
Japanese Central Bank cannot think of, to the financing scope that Yamaichi offers Yuan Chao anticipates. Close down in its merely a month after, the financing support that the Central Bank provides reached 1.2 trillion yen, yuan Chao crosses his not the 200 billion yen of liquidate.
The financing that final Central Bank offers supports, also do not have can be saved to come back Yamaichi. Continuously blood transfusion after 19 months, tokyo place court announced his to go bankrupt in June 1999. Final loss reachs breathtaking 160 billion yen. Japanese card inspect can ask to employ investor of negotiable securities estate to protect fund to offset this loss, but the member that meet people object strongly. This money ends up with nothing definite finally.
7.The end of one ground chicken feather
98 years storm of southeast Asia finance comes eventually, the financial orgnaization that close down adds more names on list. The capital of a country east the of one Tokuyo bank with the longest history, the Long-term Credit Bank of the biggest bank of Japanese extended credit in 3 the biggest credit banks is waited a moment. Japan held water to deliver the public fund of financial orgnaization technically 1998, initiative dimensions 30 trillion, increase finally to 80 trillion.
Japan " P2P " Jusen closes down always, infuse of Japanese Central Bank 685 billion yen, media is lengthy and tedious day and night bomb. But when by 1998, during the Central Bank announces 94-98 5 years year, to clear bad assets threw finance in all 60 trillion yen when, media an indifferently.
In bitterly attack of Japanese Central Bank bad banking orgnaization when, had thought the land that these orgnaizations cause, frame-up does the policy before coming from this guide?
Japanese finance high level, think at first " good beat dog in the water " , jump down water to save an another dog in succession later, whacked. To acting 1990 Japanese banking system, the bank of a thousand li, break through Yu Yi acupuncture point. 9 of at first ordinary incident, cause an edifice finally to tilt.
What have acid interest more is, in the incident like tempest concussion falls, japanese government considers to make the reform policy of essential sex without calm force.
Of financial system disorder, ability of undergraduate course allowing day lost 1999-2000 time Internet to start development, pulled open the difference with the United States, japanese economy decides case to be in global second, be surmounted by China subsequently, just learn to global economy the scope became much a noun " 10 years when lose " .
