IRCJ
Industrial Revitalization Corporation of Japan
November.10th,2003
Professor Dr. Shinjiro Takagi
Chairman
Industrial Revitalization Commission
©2003 IRCJ．All rights Reserved
1. Introduction
IRCJ
 Bubble bust of land prices in Japan
 Non or poor performing loans (NPLs)
 Jan,1995
Resolution and Collection Bank (RCB)
 July,1996 Housing Loan Administration Corporation (HLAC)
 April,1999 Resolution and Collection Corporation (RCC)
 April.2003
Industrial Revitalization Corporation of Japan (IRCJ)
©2003 IRCJ．All rights Reserved
2．Process of IRCJ
IRCJ
Exit
Entry
Indebted
Company
Restructuring
Plan
Main Bank
Non-Main
Banks
Non-Main
Non-MainBanks
Banks
I
R
C
J
Revived
Company
Banks
New Money
Evaluation
Strategic Sponsors
Non-Main
Banks
Private Equity
Fund
Loan Assets
Purchase
Sale
Investment Banks
DES
Banks
©2003 IRCJ．All rights Reserved
3. Feature of IRCJ
IRCJ
 The ministers in charge supervise the operation of IRCJ,
executive
and members of the board of directors and IRCJ Commission are
under approval of the ministers.
 IRCJ can raise money as much as 10trillion Japanese Yen
government guarantee.
wit
 IRCJ must exit within three years after purchasing the loans.
 Total lifetime of IRCJ is limited to five years.
©2003 IRCJ．All rights Reserved
4. Organizational Structure
IRCJ
General meeting
of shareholders
Auditors
Compliance
Board of Directors
Industrial Revitalization
Committee
President & CEO
COO
Professional Office
(Front-Line)
Supporting Office
(Middle)
Administration Office
©2003 IRCJ．All rights Reserved
5. Cases
IRCJ
◆ IRCJ decided to assist eight debtor corporation groups
ー Kyushu Sangyo Koutsu (Transportation Company)
ー DIA Kensetsu (Condominium developer)
ー Mitsui Mining
ー Usui Department Store
ー Meisei Trading (for chemicals)
ー Matsuya Denki (Appliance retail store chain)
ー Tsumatsubishi Department Store
ー Yagami Trading (for medical supplies)
◆ 50 Candidate Companies
©2003 IRCJ．All rights Reserved
6. Points
IRCJ
 Attitude of Mega Banks
 IRCJ’s valuation of collateral
 DCF method
 DES
 No compulsory power
 Close Corporation with
Bank of Japan and Financial Services Agency
©2003 IRCJ．All rights Reserved
IRCJ
Industrial Revitalization Corporation of Japan
Inquiries: Corporate Planning Office
+81-3-6212-6400 (Switchboard)
Home Page: www.ircj.co.jp
©2003 IRCJ．All rights Reserved

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