Their NPLs as disclosed under the Financial Reconstruction Law amounted to 21 trillion yen as of the end of  BIS Review 48/2003  1  March 2003, down by more than 30 percent from a year ago. Some banks recorded the ratio of NPLs to total loans below 4 percent. Various initiatives are also being made in the area of corporate turnarounds.
Private-sector corporate restructuring funds, both Japanese and foreign, have become more active. The government-backed Industrial Revitalization Corporation of Japan has announced restructuring plans for eight firms as of the end of October.