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JA credit unions face fiscal trouble

Date Posted: 2001-05-10

There are 28 Japan Agriculture (JA) operated credit unions in Okinawa. According to a report released Monday, the credit unions have accumulated a total of ¥5.4 billion in bad loans, and they suffered a loss totaling ¥3.2 billion as of March of last year.

Credit unions are required to maintain a minimum of four percent capital ratio to be considered financially healthy, but seven of Okinawa’s JA Credit Unions had capital ration that was less than that. Nationwide the JA credit unions have capital ration of 16 percent. Analysts say the poor capital ratios in the JA credit unions in Okinawa are a proof of weak management in those institutions.

There were 13 JA’s that had been in the red from ’95 to ’99. The most troubled JA is creating a ¥200 million deficit a year where the healthiest JA in Okinawa produces a ¥470 million profit every year. Okinawa’s JA’s are proceeding toward unification on April first of next year.

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