On June 20, 1991, summer was coming, and the daunting heat spread quietly in Tokyo. On this day, Tokyo's Cosmo Credit Portfolio finally fell into an unsolvable capital turnover crisis after many failed attempts at capital turnover.
In addition, the so-called Second Credit Group, namely Concord Credit Portfolio and Safety Credit Portfolio, are also in crisis.
The funding problems of the three credit portfolios had actually been discovered years ago. However, at that time, all eyes were focused on the banking industry, and not many people paid attention to these financial institutions. The funding issues of the credit portfolios were thus ignored.
The presidents of the three credit portfolios naturally did not want their own resumes to be affected by economic problems, so they forcibly borrowed funds from each other and concealed their true operating conditions. While deceiving customers, they also continued to try some risky investments in an attempt to recover their capital in this way.
.
However, this wave of domestic financial crisis sweeping across Japan, starting from the banking industry, was beyond their imagination.
Any seemingly promising investment opportunity will eventually lose money. What is terrible is that the yen continues to appreciate, and overseas business expansion cannot be realized at all. Their idea of expanding profits through overseas investment is also shattered because of the appreciation of the yen.
Instead, one investment after another disappeared without a trace.
On June 20, the president of Cosmo Credit Portfolio held a press conference, bowed ninety degrees and apologized, and then claimed that he had failed to trust the people and the expectations of investors. The real debt ratio of Cosmo Credit Portfolio was as high as 127%, and the total debt was
The amount exceeds 500 billion yen, and nothing can be done.
"It is too difficult to rebuild independently. Since we cannot get help, we have no choice but to suspend all business!" said the president, who is over 50 years old. "I am guilty and ashamed of my employees and the people, so I announce my resignation!"
The debt ratio of Cosmo's credit portfolio is too high, and the amount of debt is astonishingly large. Moreover, before holding the press conference, Kitahara Sosuke had sent people to investigate the actual situation of this credit portfolio, and after a comprehensive analysis, he decided not to proceed with acquisitions and mergers.
Let him die.
Shortly after the press conference was held, four branches of Cosmo Credit Union in Tokyo encountered unprecedented bank runs. People were extremely angry because they were unable to withdraw money and demanded an explanation from the Financial Services Agency and the Ministry of Finance.
People who queued up to withdraw money stayed away day and night and set up tents in front of four branches of Cosmo Credit Group, with a "If you don't give me money, I won't leave" attitude.
The problem is that the Cosmo Credit Portfolio’s own coffers have long been depleted. Where will the money come from to provide these people?
But if the citizens' money cannot be paid out, the country will have to bear an unimaginable credit crisis, and the financial industry may completely collapse as a result.
Tomiichi Murayama convened an emergency cabinet meeting at the Prime Minister's residence, and Congress is expected to send people to press for inquiries soon.
The cabinet members looked at each other, somewhat helpless.
The treasury is also empty.
Bank of Japan President Yasushi Mieno is now like a mute, standing there without saying a word.
Tomiichi Murayama glanced at Ryutaro Hashimoto, the first chief minister of the Ministry of Finance and Financial Services Agency. He is equivalent to the hidden prime minister of the cabinet and controls the economic power.
Ryutaro Hashimoto knew that Tomiichi Murayama was one of his own, so he had to help him solve this problem, otherwise the banking industry would collapse in his hands, and without anyone having to say anything, Tomiichi Murayama himself would ask to step down.
"I think it would be safer to let Tokyo Kyoto Bank take over." Ryutaro Hashimoto sighed, "At present, it is the only one that can eat this plate."
In fact, everyone knows this answer, but no one dares to say it.
Who controls Tokyo Mutual Bank?
Among the presidents of the six major metropolitan banks under the six major consortiums, there is also president Nobu Nikaga, plus the newly-emerged Sosuke Kitahara.
None of the eight people are easy to mess with.
Whoever opens his mouth will be in trouble.
"This...will they agree? Didn't Commissioner Kitahara say that the losses in Cosmo's credit portfolio are too serious and the acquisition is of little significance?" Nishimura Yoshimasa frowned and asked, "They are bankers and businessmen, no
It’s hard to persuade them to do things that are of profit.”
"Nishimura-kun, according to Article 25 of the Bank of Japan Law, the unsecured and unlimited 'Bank of Japan Special Loan' must be activated immediately in this case, and as the only financial institution under the Bank of Japan used to deal with bankruptcies
The bank, Tokyo Kyodo, must become the bank that takes over the bankruptcy."
Ryutaro Hashimoto’s voice is rich and powerful,
"The so-called special loan of the Bank of Japan refers to the Bank of Japan's purpose of rescuing financial institutions that have fallen into insufficient funds due to poor management. Now that Tokyo Commons is part of the Bank of Japan, it naturally has to shoulder this responsibility."
Everyone was silent again.
That's true, but who is going to force Tokyo Kyodo Bank to do this?
No one who does it can expect to get any benefits.
Probably aware of their thoughts, Ryutaro Hashimoto's voice deepened and he said calmly: "I will personally communicate with Special Agent Kitahara about this matter, so you don't have to worry."
With his feedback, everyone heaved a sigh of relief, since it was not their own fault.
...
That night, Kitahara Sosuke was still watching with interest as people slept on the streets, set up tents and had picnics in political centers such as Chiyoda Ward in Tokyo. All TV stations rushed to broadcast the news.
The crisis of the Cosmo Credit Group and the Erxin Group has become a new hot topic. Beiyuan Entertainment, who is well versed in the pursuit of hot spots in the future, went crazy and ignited the public's anger.
At this moment, the cell phone beside him rang.
"Aosuke, phone number." Chino Rin, who had just come out of the bathroom, wrapped only in a snow-white bath towel and still tying her hair, walked over and took a look, "It's Uncle Hashimoto calling."
"If you don't answer, I'll pick it up after the third time." Kitahara Sosuke reached out and picked up a bunch of grapes and stuffed them into his mouth. He didn't need to think twice about the purpose of Ryutaro Hashimoto's call.
Haha, Cosmo Credit Group has gone bankrupt, and Second Credit Group is about to go bankrupt. Do you want Tokyo Kyoto Bank to take over?
None of these politicians are truly reliable.
However, he can also understand Ryutaro Hashimoto’s intentions and dilemma.
Qianye Rin said "Yes". She is now extremely obedient to her fiancé and is dedicated to playing the role of a royal palace.
No one answered the phone, and sure enough, the second call came.
By the third time, Chino Rin, who had just dried her hair, picked up the phone and walked towards Kitahara Sosuke.
Kitahara Sosuke glanced at the new mobile phone and felt a little helpless. He was used to using very high-end smartphones in later generations. This old-style flip phone looked awkward. Speaking of which, it was time to get in touch with Steve Jobs.
The apple is nice, how about the idea of being bitten by a direwolf?