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The temporary blanket deposit guarantee that was offered during the worst of the worldwide upheavals expired on December 31, but on January 1, an increase in the coverage of the Deposit Protection Scheme to 500,000 Hong Kong dollars (HKD) from 100,000 kicked in, so that the net effect will not be dramatic.
The re-capitalization of banks and issuance of blanket deposit guarantees in several of the world's developed economies has also led to governments demanding a greater say in the manner in which the banking industry is regulated.
The sales also took place at a time when the government had lifted the blanket deposit protection system.
A key policy-maker of the ruling Liberal Democratic Party (LDP) voiced strong resolve Tuesday to seek a postponement of the planned abolition of the current blanket deposit guarantee next April.
The distortion will become more apparent next year when blanket deposit insurance is due to be lifted.
want to have it conclude agreements to take over the operations of several failed credit unions with close ties to the Korean community in Japan before the government partially ends its blanket deposit protection system on April 1 next year, the sources said.
Generally, though, the lifting of the blanket deposit guarantee has caused little confusion, indicating that depositors are taking it in stride.
Yanagisawa said, ''The abolition of the blanket deposit guarantee marks the starting point of a new era for depositors, financial institutions and financial policy administrators with the abolition implemented as a key policy for structural reforms.
Mindan is keen to launch the bank by the end of this year to finish taking over the sound assets of the failed ''shogin'' credit unions by next April, when the current system of blanket deposit protection is lifted, they said.
We are in a situation that we can end the blanket deposit refund guarantee as scheduled,'' Ito said in an interview with Kyodo News.
The Diet introduced the blanket deposit system in 1996 following a series of failures of banks and credit unions to forestall a panic among depositors and to protect their assets.
He made the remarks when asked if financial anxieties have been completely erased ahead of the planned abolition of the blanket deposit refund guarantee.