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The JNR Settlement Corporation has to far proceeded with the settlement
of JNR' s long-term debts (\25.5 trillion in FY1987) in accordance with the
"Basic Guideline for Liabilities Repayment of JNR Settlement Corporation" (decided
at a Cabinet meeting on January 26, 1988). However, cumulative increases of
the debts have become unavoidable, partly because the disposal of land owned
by JNR is not making any headway in relation to land prices countermeasures.
In view of this, the Cabinet, at a meeting held on December 19, 1989, decided
on "Detailed Guideline for Liabilities Repayment of JNR Settlement Corporation"
in a move to realize, at an early date, settlement of the debts by increasing
revenue from the disposal of land through the enforcement of new formulas of
land disposal, including the utilization of investor companies.
(2) The debts of the JNR Settlement Corporation, as of the end of FY1989,
totaled about ~27.1 trillion, up about \0.2 trillion from the end of the preceding
fiscal year partly because increases in interests, although countermeasures
were taken in terms of the appropriation of subsidies totaling \450 billion
in the supplementary budget.
In FY1990, in addition to securing a revenue of \1 trillion from the disposal
of more land through the enforcement of Real Estate Convertible Loan System,
steps have been taken for the government to take over all shares of the JNR
Settlement Corporation in the Teito Rapid Transit Authority and also to inherit
the interest-bearing debts of the JNR Settlement Corporation, which correspond
in value to the shares in question, in general accounts. As a result, the debts
of the JNR Settlement Corporation, as of the end of fiscal 1990, are expected
to total about \26.2 trillion marking a decrease for the first time.
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