The Financial Reconstruction Commission is considering sending administrators to 13 failed Chogin credit unions affiliated with the pro-Pyongyang General Association of Korean Residents in Japan (Chongryun), FRC chief Hideyuki Aizawa said Friday.
The 13 failed Chogin credit unions are due to be taken over by five Chogin credit unions created through amalgamations of Chogin unions with sound management.
The FRC and the governmental Deposit Insurance Corp. have begun work to provide financial assistance to the five recipients of the failed Chogin credit unions to help the recipients rectify the 13 failed institutions' deficit net worth.
The transfers of operations of the 13 failed credit unions must be completed by the end of March, according to law.
Chogin credit unions have failed in 13 prefectures -- Aomori, Miyagi, Chiba, Tokyo, Niigata, Nagano, Fukui, Aichi, Shimane, Hiroshima, Yamaguchi, Fukuoka and Nagasaki.
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