Interest Rate Adjustment Council

This council was established in the former Ministry of Finance to investigate and deliberate on matters referred to it by the Policy Board of the Bank of Japan and to report its findings to the said Board. Following the reorganization of central government ministries and agencies in January 2001, it was merged into the Financial System Council under the Financial Services Agency and has continued to function as the Interest Rate Adjustment Subcommittee of the Financial System Council.

The Interest Rate Research Council was established under the Temporary Interest Rate Adjustment Law enacted in 1947, which gave the Bank of Japan Policy Board the authority to determine, change, or abolish the maximum interest rates for commercial financial institutions, but the Council was required to consult the Interest Rate Adjustment Council when exercising that authority. The Council was made up of 15 members, appointed by the Minister of Finance based on the criteria of the Director-General of the Banking Bureau of the Ministry of Finance, the Director-General of the Coordination Bureau of the Economic Planning Agency, the Deputy Governor of the Bank of Japan, seven representatives of the financial world, three representatives of the industrial world, and two academics. The chairman was elected by mutual vote, but it was customary for the Deputy Governor of the Bank of Japan to serve as the chairman. Since the Interest Rate Adjustment Council was established to deliberate the level of regulated interest rates, its duties would naturally end once interest rates were completely liberalized.

In addition, all members of the Interest Rate Adjustment Subcommittee of the Financial Services Agency's Financial System Council are knowledgeable private sector experts, in line with the government's policy that council members should, in principle, be private citizens.

[Hara Shiro]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

日本銀行政策委員会から諮問された事項について調査審議し、その結果を同委員会に答申するために旧大蔵省に設置されていた審議会。2001年（平成13）1月の中央省庁再編に伴い、金融庁所属の金融審議会に統合され、同審議会金利調整分科会として引き継がれている。

　金利調査審議会は、1947年（昭和22）に施行された臨時金利調整法によって、市中金融機関における金利の最高限度の決定、変更、廃止の権限は日本銀行政策委員会が有するものとされているが、その権限の行使に際して、同委員会はかならず金利調整審議会に諮らなければならないこととなっていた。審議会は、委員15名で組織され、大蔵省銀行局長、経済企画庁調整局長、日本銀行副総裁のほか、金融界を代表する者7名、産業界を代表する者3名、学識経験のある者2名の基準で大蔵大臣が任命することとなっていた。会長は互選であるが、日本銀行副総裁があたるのが慣例であった。金利調整審議会は規制金利の水準のあり方を審議するためのものであるから、金利が完全に自由化されれば当然その任務は終了することとなる。

　なお、金融庁の金融審議会金利調整分科会の委員は、審議会委員は原則として民間人とするという政府の方針に沿い、すべて民間の有識者である。

［原　司郎］

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