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Japanese banks eye lending up to 2 tril. yen to Tokyo Electric | Kyodo News
Japan's major banks are considering extending loans up to 2 trillion yen to Tokyo Electric Power Co. as early as by the end of March, sources close to the matter said Wednesday.

The move is aimed at helping the utility raise funds for measures to boost electricity supply following a quake-triggered accident at its nuclear power plant in Fukushima Prefecture.

Among banks, Sumitomo Mitsui Banking Corp. is expected to provide loans of about 600 billion yen, Mizuho Corporate Bank some 500 billion yen and the Bank of Tokyo-Mitsubishi UFJ about 300 billion yen, the sources said.

In addition, Mitsubishi UFJ Trust and Banking Corp., Sumitomo Trust & Banking Co., Chuo Mitsui Trust and Banking Co. and Shinkin Central Bank are also considering extending loans as Tokyo Electric is likely to have requested loans from each of them last week, the sources said.

The utility firm had procured funds mostly through issuing corporate bonds, but it has apparently decided to ask banks for loans as conditions to issue corporate bonds have become severe following the nuclear power plant accident.

So, in what may be my last act of "advising", I'll advise you to cut the jargon. -- My old PhD advisor, to me, 26/2/11
by Carrie (migeru at eurotrib dot com) on Wed Mar 23rd, 2011 at 06:20:13 AM EST

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