Public Finance - Kouko

Japanese: 公庫 - こうこ
Public Finance - Kouko

Relatively small to medium-sized government financial institutions (financial institutions fully funded by the government). The JFCs were established through special legislation, and the government has stronger authority over the appointment and dismissal of directors than banks. In addition, while banks have relatively more autonomy in their management decisions, the JFCs must obtain approval from the competent minister for their business plans. Government financial institutions are primarily responsible for operations necessary for national policy, and because they provide large amounts of credit, their budgets are subject to Diet approval. Therefore, the "System Design for Policy-Based Financial Reform" of 2006 clearly stated that "fundraising should be based on an appropriate combination of fiscal loan funds and FILP agency bonds, and consideration should be given to ALM (asset-liability management) and fundraising costs."

Until 1999, there were two types of public corporations: financial corporations and those simply called public corporations.

The main business of Japan Finance Corporations is to lend to various purposes by combining funds procured through government investments, government borrowings, and issuance of government-guaranteed bonds. There were Japan Finance Corporation for Small and Medium Enterprises, Japan National Finance Corporation, Japan Agriculture, Forestry and Fisheries Finance Corporation, Japan Finance Corporation for Okinawa Development, and Japan Finance Corporation for Municipal Enterprises. The functions of these finance corporations were to provide specialized financing to areas where financial gaps tend to occur with private financing alone, such as financing for small and medium enterprises, financing for agriculture, forestry and fisheries, financing for social development, and financing for local public enterprises. However, based on the "Basic Policy for Policy-Based Financial Reform" issued in 2005, they were consolidated in line with the "System Design for Policy-Based Financial Reform" of 2006, and the Japan Finance Corporation for Small and Medium Enterprises, Japan National Finance Corporation, and Japan Agriculture, Forestry and Fisheries Finance Corporation, together with the Japan Bank for International Cooperation (international finance division), were respectively transferred to and integrated into the Japan Finance Corporation (JFC) in October 2008 (JBIC was separated and became independent from JFC in April 2012). In addition, the Japan Finance Corporation for Municipal Enterprises was transferred to the Japan Finance Corporation for Local Public Enterprises, etc. in October 2008, and was reorganized as the Japan Finance Corporation for Local Public Enterprises in June 2009.

Meanwhile, as of 1999, there were also two entities simply called "government corporations," namely the Hokkaido-Tohoku Development Finance Corporation and the Small and Medium Enterprise Credit Insurance Corporation. The main function of the former was to invest and lend long-term funds to promote the development of industry in Hokkaido and the Tohoku region, while the main business of the latter was to provide insurance related to the guarantees of debts of small and medium enterprises by the credit guarantee associations of each prefecture and to provide loans to said associations. However, the Hokkaido-Tohoku Development Finance Corporation was taken over by the Development Bank of Japan in October 1999, and the Small and Medium Enterprise Credit Insurance Corporation was taken over by the Small and Medium Enterprise Corporation in July 1999, before being taken over by the Japan Finance Corporation for Small and Medium Enterprise in July 2004, and then, due to policy-based financial reforms, is currently taken over by the Japan Finance Corporation.

[Maeda Takuo]

[Reference items] | Japan Finance Corporation for Municipal Enterprises | National Finance Corporation|National Life Finance Corporation | Government financial institutions |Japan Finance Corporation for Small and Medium Enterprises | Small and Medium Enterprise Credit Insurance Corporation | Japan Finance Corporation | Development Bank of Japan Inc. | Agriculture, Forestry and Fisheries Finance Corporation

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

Japanese:

比較的中小規模の政府金融機関(全額政府出資の金融機関)。公庫はそれぞれの特殊立法によって設立されており、役員の任免についても政府の権限が銀行より強くなっている。また、銀行が経営について比較的自主的に決定できるのに対し、公庫は事業計画などについて主務大臣の認可を受けることとなっている。政府系金融機関はそもそも国の政策として必要な業務を担っているのであり、また、多額の信用供与を行う機関なので、当該機関の予算は国会の議決対象となっている。したがって、資金調達についても、「財政融資資金と財投機関債等を適切に組み合わせた調達を基本とし、ALM管理(資産・負債の総合管理)や資金調達コストの観点から検討を行う」ことが2006年(平成18)の「政策金融改革に係る制度設計」で明記された。

 1999年(平成11)までの公庫には金融公庫と単に公庫といわれているものとの2種類があった。

 金融公庫は、政府出資金と政府資金の借入金や政府保証債の発行によって調達した資金を合して、それぞれの目的に応じて融資することを主業務とするものであり、中小企業金融公庫、国民金融公庫、農林漁業金融公庫、沖縄振興開発金融公庫、公営企業金融公庫があった。これら金融公庫の機能をみると、中小企業金融、農林漁業金融、社会開発金融、地方公営企業金融など、民間金融だけではファイナンシャル・ギャップを生じやすい分野への専門的金融を行うことを中心としていた。しかし、2005年に出された「政策金融改革の基本方針」に基づき、2006年の「政策金融改革に係る制度設計」に沿って統廃合が行われ、中小企業金融公庫、国民金融公庫、農林漁業金融公庫は、国際協力銀行(国際金融部門)とともに、2008年10月日本政策金融公庫(日本公庫)にそれぞれ事業継承され、統合された(国際協力銀行は2012年4月に日本公庫から分離独立した)。また、公営企業金融公庫は2008年10月地方共同法人地方公営企業等金融機構に事業承継され、2009年6月に地方公共団体金融機構に改組された。

 他方、単に公庫とよばれているものも1999年時点では、北海道東北開発公庫と中小企業信用保険公庫があった。前者は北海道および東北地方の産業の振興開発を促進するために長期資金の投融資を行うことを主機能とし、後者は各都道府県の信用保証協会が行う中小企業者の債務の保証に係る保険および同協会に対する貸付を行うことを主業務としていた。しかし、北海道東北開発公庫は1999年10月日本政策投資銀行に事業承継され、中小企業信用保険公庫も1999年7月中小企業総合事業団に事業承継された後、2004年7月中小企業金融公庫に事業承継され、その後、政策金融改革によって、現在は日本公庫に事業継承されている。

[前田拓生]

[参照項目] | 公営企業金融公庫 | 国民金融公庫 | 国民生活金融公庫 | 政府金融機関 | 中小企業金融公庫 | 中小企業信用保険公庫 | 日本政策金融公庫(株) | 日本政策投資銀行(株) | 農林漁業金融公庫

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

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