A bad-debt collection body funded by private financial institutions announced Friday that it collected some 526 billion yen during the latter half of fiscal 1998, up from 309 billion yen from the same six-month period the previous year.
Cooperative Credit Purchasing Co., which buys nonperforming loans from financial institutions, attributed the surge in the figures to the disposal of collateralized properties through such means as bulk sales and auctions.
During the latter half of fiscal 1998, which ended March 31, CCPC collected 50 billion yen through bulk sales, the officials said. Most of the purchasers were foreign financial institutions, they added.
The officials also said that since its inception in January 1993, CCPC has collected 2.53 trillion yen as of the end of March.