Financial Debentures - Kinyusai

Bonds issued by financial institutions to absorb funds. Financial bonds are only issued by financial institutions established under special laws, and are divided into bank bonds and special financial bonds depending on the type of financial institution issuing them. Financial bonds are also divided into interest-bearing bonds and discount bonds depending on whether they have formal interest. Most interest-bearing bonds have a term of five years, are absorbed by financial institutions, and are called "Ritsu XX" (for example, interest-bearing industrial bonds are called "Rikko"), while discount bonds have a term of one year, are absorbed by individuals, and are called "Wari XX" (for example, discount industrial bonds are called "Wariko"). The issuance limit is 30 times the total capital and reserves of the issuer (initially 20 times, expanded in 1981, with only the Bank of Tokyo expanding from the initial 5 times to 10 times), and no collateral is required for issuance.

First, bank bonds have undergone the following history. Before World War II, industrial bonds, agricultural and industrial bonds, and industrial bonds were issued by the Industrial Bank of Japan, the prefectural agricultural and industrial banks, and the Industrial Bank of Japan. After the war, the Law Concerning Issuance of Bonds by Banks, etc., enacted in 1950 (Showa 25), once permitted general banks to issue bank bonds, but with the enactment of the Long-Term Credit Bank Law in 1952 and the Foreign Exchange Bank Law in 1954, this was again limited to the Long-Term Credit Bank and the Bank of Tokyo. In other words, the Industrial Bank of Japan, the Long-Term Credit Bank of Japan, and the Japan Real Estate Bank were allowed to issue industrial bonds, long-term credit bonds, and Japan Real Estate Bonds (later Japan Credit Bonds), respectively, as a means of absorbing funds for long-term financing under the Long-Term Credit Bank Law, and the Bank of Tokyo was also allowed to issue Bank of Tokyo bonds as a source of funds for foreign exchange operations under the Foreign Exchange Bank Law.

Subsequently, due to mergers and bankruptcies of issuing banks, the issued bonds changed as follows: Industrial bonds were inherited by Mizuho Bank, which was established when the issuing bank, the Industrial Bank of Japan, merged with Fuji Bank and Dai-Ichi Kangyo Bank, long-term credit bonds were inherited by Shinsei Bank, the successor to the bankrupt Long-Term Credit Bank of Japan, and Japan Credit Bonds were inherited by Aosora Bank, the successor to the bankrupt Nippon Credit Bank (a new name for the Japan Real Estate Bank). Bank of Tokyo bonds (only 3-year interest-bearing bonds) were inherited by the Bank of Tokyo-Mitsubishi, which was established by the merger of the Bank of Tokyo and Mitsubishi Bank, and became Bank of Tokyo-Mitsubishi bonds, but their issuance was already suspended in 2002.

Mizuho Bank, Shinsei Bank, and Aozora Bank have been losing their base for issuance of financial bonds and are on a downward trend as fund-raising methods have diversified since ordinary banks were permitted to issue corporate bonds in 1999. As of the end of March 2008, the outstanding balance of Mizuho Bank's bonds was 3,171 billion yen, Shinsei Bank's was 663.1 billion yen, and Aozora Bank's was 2,069.6 billion yen, all of which have declined significantly.

On the other hand, special financial bonds include agricultural and forestry bonds and commercial bonds issued under special laws by the Norinchukin Bank and the Shoko Central Bank, which have been special corporations for cooperative finance since before the Second World War, and Shinkin Central Bank has been added to these in 1988. As of the end of March 2008, the outstanding balance of the Norinchukin Bank was 4,822.1 billion yen, the Shoko Central Bank 6,821.9 billion yen, and the Shinkin Central Bank 4,460.2 billion yen, all of which are greater than bank bonds.

Thus, after World War II, the outstanding balance of financial bonds, which played a major role in obtaining long-term funds from financial markets, including bank bonds and special financial bonds, shrank from 80 trillion yen in 1994 to 22 trillion yen in 2008.

[Shoichi Asashima]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

金融機関が資金吸収のために発行する債券。金融債の発行は特別法により設立された金融機関に限られ、発行する金融機関の種類によって銀行債と特殊金融債に分けられる。また、金融債は形式上の利子の有無によって利付債と割引債に分けられ、利付債はほとんどが期間5年で、金融機関消化であり、商品名「リツ〇〇」（たとえば利付興業債券は「リッコー」）とされ、割引債は期間1年で、個人消化であり、商品名「ワリ〇〇」（たとえば割引興業債券は「ワリコー」）と称されている。発行限度は発行主体の資本金・準備金合計の30倍（当初は20倍、1981年に拡張、後出の東京銀行のみ当初5倍を10倍に拡張）で、発行には担保を要しない。

　まず、銀行債は次のような経過をたどる。第二次世界大戦前には日本勧業銀行、各府県の農工銀行、日本興業銀行によって勧業債券、農工債券、興業債券が発行された。戦後は1950年（昭和25）に制定された「銀行等の債券発行等に関する法律」によっていったんは一般銀行にも銀行債の発行が認められたが、52年の長期信用銀行法、54年の外国為替(かわせ)銀行法の制定によって、ふたたび長期信用銀行と東京銀行に限定された。すなわち、日本興業銀行、日本長期信用銀行、日本不動産銀行の3行は、長期信用銀行法に基づき長期金融を営む資金吸収手段として、それぞれ興業債券、長期信用債券、日本不動産債券（後に日本信用債券）の発行が認められ、外国為替銀行法に基づく東京銀行も外国為替業務の資金源として東京銀行債券の発行が認められていた。

　その後、発行銀行の合併、破綻(はたん)などのため発行債券は次のように変化した。興業債券は、発行主体の日本興業銀行が富士銀行、第一勧業銀行と合併して成立したみずほ銀行に継承され、長期信用債券は破綻した日本長期信用銀行の後身である新生銀行に継承され、日本信用債券は破綻した日本債券信用銀行（日本不動産銀行の改称）の後身であるあおぞら銀行に継承されている。東京銀行債券（期間3年の利付債のみ）は、東京銀行と三菱銀行の合併により成立した東京三菱銀行に引き継がれ、東京三菱銀行債券となったが、すでに2002年（平成14）に発行を停止した。

　みずほ銀行、新生銀行、あおぞら銀行の金融債発行は、1999年以降普通銀行に社債発行が認められ、資金調達手段が多様化するなかで、消化基盤を失い、縮小傾向にある。2008年3月末の発行残高はみずほ銀行が3兆1710億円、新生銀行が6631億円、あおぞら銀行が2兆0696億円で、それぞれ著しく減少している。

　他方、特殊金融債には、第二次世界大戦前から組合金融のための特殊法人である農林中央金庫、商工組合中央金庫が特別法に基づいて発行する農林債券、商工債券があるが、1988年から信金中央金庫の発行が加わっている。2008年3月末の発行残高は、農林中央金庫が4兆8221億円、商工組合中央金庫が6兆8219億円、信金中央金庫が4兆4602億円で、銀行債よりも多い。

　かくして第二次世界大戦後、金融市場から長期資金獲得の手段として大いに機能した金融債の発行残高は、銀行債・特殊金融債をあわせ1994年の80兆円から2008年では22兆円へと縮小したのである。

［麻島昭一］

出典　小学館　日本大百科全書(ニッポニカ)日本大百科全書(ニッポニカ)について　情報 | 凡例