FILP REPORT 2007

FILP REPORT 2007

　The Fiscal Investment and Loan Program (FILP) is attracting an increasing attention of today in the key policy issues including reforms of government assets and liabilities, special accounts, and policy-based financing. Each year has found FILP with new activities in line with the reforms.

　This Report has been prepared to answer the many questions that we received concerning the FILP. We have made every attempt to explain the mechanism and the utilization fields of the FILP. It also explains the FILP by using the most up-to-date information possible in an easily understood manner.
　The Financial Bureau looks forward to your comments and we will continue to enhance and improve this booklet so that readers may have a better understanding of the FILP.

Financial Bureau
Ministry of Finance
September 2007

Comprehensive Development Project of Urban Residential Area (Urban Renaissance Agency) Congested Urban Residential Area Development Model: Sangen-jaya area (Setagaya-ku, Tokyo)

FILP REPORT 2007

PART I

Outline of Fiscal Investment and Loan Program (FILP)

1． Projects utilizing the FILP
2． Mechanism of the FILP
3． FILP as a Fiscal Policy

PART II

The FILP Reform and its Subsequent Developments

1． The FILP Reform and its Progress
(1)	Reform of the fund procurement mechanism
(2)	Project review and quantitative reduction
(3)	Qualitative reforms (promotion of disclosures, development of market assessment)
2． Follow-up to the Comprehensive Review of the FILP Reform
3． Response to the Reform of Government Assets and Liabilities
4． Reform of Special Accounts and Establishment of the FILP Special Account

PART III

FILP FAQ

(1)

Is the FILP approved by the Diet?

(2)

Please explain the FY2007 FILP Plan?

(3)

What are FILP agencies?

(4)

How do FILP agencies raise funds?

(5)

How do FILP bonds differ from government bonds?

(6)

Will there be no problem with the absorption of FILP bonds after the termination of the transitional measure for direct acceptance of FILP bonds?

(7)

Isn't advance redemption of Fiscal Loan Fund possible?

(8)

Is it true that many FILP projects are generating nonperforming loans?

PART IV

APPENDIX

• Relevant Laws and Regulations (Excerpts)

• Fiscal Investment and Loan Program
　　FY 2005 FILP Plan and Results
　　FY 2006 FILP Plan and Results
　　FY 2007 FILP Plan
　　FY 2004, 2005, and 2006 Year-End FILP Plan Balance
　　Status of FILP Funds
　　Issuance of FILP Bonds
　　Issuance of FILP Agency Bonds

• Fiscal Loan Fund Special Account and Fiscal Loan Fund
　　Fiscal Loan Fund Special Account
　　Fiscal Loan Fund

• Summary of the Fiscal Loan Fund Management Report for FY 2006

• Industrial Investment Special Account (Industrial Investment Account)

• FY2007 Policy (Subsidy)Cost Analysis

• Information Directory

Photographs courtesy of:
Special Account for Energy Policy;　Japan Finance Corporation for Municipal Enterprises;
Agriculture, Forestry and Fisheries Finance Corporation;　Development Bank of Japan;
Japan Bank for International Cooperation;　Urban Renaissance Agency (Independent Administrative Institution);
Japan Railway Construction, Transport and Technology Agency(Independent Administrative Institution);
Welfare And Medical Service Agency (Independent Administrative Institution);
The Promotion and Mutual Aid Corporation for Private Schools of Japan;
Metropolitan Expressway Co., Ltd.; West Nippon Expressway Co., Ltd.; Central Japan International Airport Co., Ltd.