Now, let me move to another important issue, that is, the financial system problem. Recent developments and challenges facing the financial system Current assessment of the financial system The blanket guarantee for time and savings deposits was terminated in April this year and will be totally terminated for all deposits from April 2003.
Simply put, the world will shift from perfect protection of depositors with the public sector shouldering the burden to self-responsibility in principle, and, in this sense, fiscal 2002 will be a turning point for Japan’s financial system. It is ten years since the first bankruptcy of a financial institution was resolved by deposit insurance in April 1992.