Data

Statistics
1

1

Overview

80(1) Commitments80		

A. Commitments by Purpose of Financing

80		

B. Commitments by Region (Loans, Equity Participations and Guarantees)802(2) Disbursements

81(3) Repayments

81(4) Outstandings

81

Commitments

82(1) Export Loans by Industry

82(2) Natural Resource Loans by Item

82(3) Overseas Investment Loans by Industry (Excluding Natural Resource Loans)83(4) Commitments to Mid-tier Enterprises and		SMEs to Support their Overseas Business Activities

83(5) Loan and Guarantee Commitments by Region

84		

A. Export Loan Commitments by Region84		

B. Import Loan Commitments by Region84		C. Overseas Investment Loan Commitments by Region84		D. Untied Loan Commitments by Region85		

E. Bridge Loan Commitments by Region85		F. Guarantee Commitments by Region85

		G. Guarantee Commitments by Purpose

85(6) Geographical Distribution of Loan and Equity Participation Commitments

86

Outstandings

89(1) Outstandings by Purpose of Financing

89(2) Guarantee Outstandings by Purpose

89(3) Geographical Distribution of Loan and Equity Participation Outstandings

90

Others92(1) Major Buyer’s Credit and Bank-to-bank Loan Commitments

92(2) Untied Loan Commitments

92

5Standard Loan Conditions

93

6

Breakdown of Countries and Regions

94

3

4

JBIC Annual Report 2013

79

Data

1
Statistics

1· Overview(1) Commitments
A. Commitments by Purpose of Financing

1. Overview(Unit: billions of yen, %)FY2008
NumberTotal

FY2009
Share Number

Total

FY2010Share Number

Total

FY2011
Share Number

Total

FY2012
Share Number

Share

Loans
Export Loans

24

27.6

1

46

97.8

3

35

151.2

9

40

207.9

13

40

126.6

3

Shipping

─

─

─

10

11.1

0

14

38.6

2

20

62.6

4

15

23.0

1

Plant

24

27.6

1

36

86.7

3

21

112.5

6

20

145.3

9

25

103.6

2

Import Loans

2

15.4

1

1

8.2

0

1

169.5

10

3

172.6

11

4

304.3

7

2

15.4

1

1

8.2

0

1

169.5

10

3

172.6

11

4

304.3

7

149 1,816.5

67

134 2,193.7

65

60

710.3

40

84

962.0

60

157 3,138.5

74

Natural Resources

30

889.8

33

16

16

11

221.9

13

26

607.9

38

39 1,784.2

42

Natural Resources
Overseas Investment
Loans

522.9

Others

119

926.7

34

118 1,670.8

50

49

488.3

28

58

354.0

22

118 1,354.3

32

Untied Loans

8

225.5

8

13

344.3

10

8

76.8

4

3

23.2

1

10

210.5

5

Bridge Loans

─

─

─

─

─

─

─

─

─

─

─

─

2

83.2

2
91

183 2,085.2

77

194 2,644.1

79

104 1,107.9

63

130 1,365.7

86

213 3,863.3

Guarantees

30

523.0

19

22

707.9

21

26

638.1

36

15

228.5

14

21

303.2

7

Equity Participations

5

85.6

3

5

13.0

0

3

19.8

1

1

1.5

0

8

74.3

2

218 2,693.9

100

221 3,365.1

100

133 1,765.9

100

146 1,595.9

100

242 4,240.9

100

Sub Total

Total

B. Commitments by Region (Loans, Equity Participations and Guarantees)
FY2008FY2009
Share Number

Total(Unit: billions of yen, %)FY2010Share Number

Total

FY2011
Share Number

Total

FY2012

Number

Total

Asia

96

426.1

16

94

851.0

25

57

221.5

13

65

269.9

17

86

513.6

12

Oceania

18

256.0

10

5

175.4

5

1

8.3

0

12

170.4

11

17 1,005.7

24

Share Number

Total

Share

16

Europe

23

606.3

23

35

518.3

15

9

62.4

4

15

216.6

14

33

660.6

The Middle East

8

210.0

8

3

102.6

3

11

409.3

23

8

232.4

15

12

305.9

7

Africa

6

113.5

4

3

25.7

1

3

66.3

4

3

3.3

0

7

84.3

2

North America

25

431.3

16

27

495.9

15

10

148.5

8

11

113.6

7

35

710.8

17

Latin America
and the Caribbean

38

470.3

17

40

511.5

15

34

426.2

24

26

415.5

26

43

805.5

19

International
Organizations, etc.

─

─

─

1

9.1

0

2

24.3

1

3

12.3

1

─

─

─

4

180.1

7

13

675.1

20

6

398.7

23

3

161.5

10

9

154.2

4

218 2,693.9

100

221 3,365.1

100

133 1,765.9

100

146 1,595.9

100

242 4,240.9

100

Others
Total

80

Total

JBIC Annual Report 2013

Data

1
Statistics(2) Disbursements(Unit: billions of yen, %)Total

FY2009

Share

Total

FY2010

Share

Total

FY2011

Share

Total

FY2012

Share

Total

Share

Loans
Export Loans

54.4

2

43.8

1

73.6

4

73.9

5

143.1

5

Import Loans

216.8

10

159.9

5

72.3

3

212.2

15

162.7

6

1,433.066

2,222.8

67

1,041.5

50

700.7

50

2,144.6

75

80.7

4

186.7

6

104.4

5

103.2

7

52.2

2

Overseas Investment
Loans
Untied Loans

─

─

─

─

─

─

─

─

79.7

3

Sub Total

1,785.082

2,613.4

78

1,292.062

1,090.277

2,582.5

90

Guarantees

366.3

17

703.4

21

777.0

37

310.8

22

270.6

9

Equity Participations

30.2

1

13.6

0

26.8

1

7.3

1

17.2

1

2,181.7100

3,330.4

100

2,095.8100

1,408.4100

2,870.4

100

Bridge Loans

Total

1. Overview

FY2008(3) Repayments(Unit: billions of yen, %)FY2008Total

FY2009

Share

Total

FY2010

Share

Total

FY2011

Share

Total

FY2012

Share

Total

Share

Loans
Export Loans

125.1

9

119.9

10

152.5

12

125.3

8

112.4

7

Import Loans

69.1

5

60.0

5

197.3

16

252.4

15

147.4

10

Overseas Investment
Loans

612.3

46

414.9

35

463.8

37

711.7

43

707.1

46

Untied Loans

285.9

21

242.4

20

204.9

16

192.4

12

161.6

11

Bridge Loans

─

─

─

─

─

─

─

─

79.7

5

Governmental Loans

2.6

0

2.6

0

2.4

0

3.1

0

2.9

0

Sub Total

1,095.2

82

839.9

71

1,021.081

1,285.2

78

1,211.3

79

Guarantees

239.8

18

343.9

29

236.7

19

362.6

22

318.1

21

0.0

0

0.0

0

0.8

0

6.1

0

3.0

0

1,335.0100

1,183.9100

1,258.6100

1,653.9100

1,532.4100

Equity Participations
Total(Note) Prepayments in FY2011and 2012 amounted to ¥263.3 billion and ¥94.9 billion, respectively.

(4) Outstandings(Unit: billions of yen, %)FY2008Total

FY2009

Share

Total

FY2010

Share

Total

FY2011

Share

Total

FY2012

Share

Total

Share

Loans
Export Loans

901.1

10

808.2

7

698.5

6

642.9

6

710.3

5

Import Loans

715.5

8

793.2

7

630.5

6

584.4

6

630.2

5

Overseas Investment
Loans

4,172.547

5,786.3

54

5,827.2

53

5,762.955

8,165.9

62

Untied Loans

1,406.5

16

1,333.912

1,183.7

11

1,086.3

10

1,035.8

8

54.3

1

51.9

0

54.3

0

45.6

0

42.6

0

Sub Total

7,250.1

81

8,773.881

8,394.477

8,122.3

77

10,585.1

81

Guarantees

1,650.3

18

1,977.0182,443.2

22

2,378.3222,400.6

18

30.5

0

44.2

0

72.6

1

70.3

1

100.1

1

8,931.0100

10,795.1

100

10,910.3

100

10,571.0

100

13,086.0

100

Governmental Loans

Equity Participations
Total

JBIC Annual Report 2013

81

Data

1
Statistics

2· Commitments(1) Export Loans by Industry(Unit: billions of yen, %)2. Commitments

FY2011FY2012

Number

Total

Share

Number

Total

Share

Shipping

20

62.6

30

15

23.0

18

Road Vehicles and Other
Transport Equipment

─

─

─

1

10.2

8

Electrical Machinery

10

19.3

9

6

18.5

15

Telecommunication Equipment

─

─

─

1

1.7

1

Textile Machines

─

─

─

4

36.5

29

Other Industrial Machinery andEquipment, etc.

6

104.1

50

12

30.8

24

2

1.9

1

─

─

─

Machine Tools and Processing
Machinery
Chemical Facilities

1

49.6

24

1

4.7

4

Oil and Natural Gas Facilities

1

46.4

22

2

17.1

14

Iron and Non-ferrous Metals
Manufacturing Facilities

2

6.1

3

4

5.5

4

Others

3

─

─

─

5

3.3

Others

4

21.7

10

1

5.6

4

Total

40

207.9

100

40

126.6

100

(2) Natural Resource Loans by Item
(Unit: billions of yen, %)FY2011

Energy Resources

82

FY2012

Number

Total

Share

Number

Total

Share

17

458.4

59

26

1,473.1

71

Petroleum

2

55.3

7

6

337.2

16

Natural Gas

11

312.0

40

15

927.3

44

Coal

4

91.0

12

5

208.5

10

Other Resources

10

228.1

29

14

576.2

28

Iron Ore

─

─

─

1

102.9

5

Copper Ore and Concentrate

2

118.2

15

9

456.3

22

Lead and Zinc

1

7.4

1

─

─

─

Nickel

1

60.6

8

2

9.8

0

Alumnium and Bauxite

2

23.0

3

─

─

─

Mineral Phosphate

1

13.7

2

─

─

─
─

Salt

1

4.4

1

─

─

Wood, Wood Chips and Pulp

2

0.5

0

2

7.0

0

Others

2

93.9

12

3

39.1

2

Total

29

780.5

100

43

2,088.5

100

JBIC Annual Report 2013

Data

1
Statistics(3) Overseas Investment Loans by Industry (Excluding Natural Resource Loans)(Unit: billions of yen, %)FY2012

Number

Total

Share

Number

Total

Share

42

101.3

29

45

166.0

12

Food

─

─

─

4

56.9

4

Textiles

3

2.2

1

─

─

─

Lumber and Pulp

1

0.1

0

─

─

─

Chemicals

8

16.0

5

6

19.3

1

Ceramics, Stone and Clay

2

6.4

2

1

1.3

0

Iron and Non-ferrous Metal
Products

7

27.6

8

6

16.8

1

Machinery

1

1.7

0

5

1.6

0

Electrical Machinery

2

3.6

1

─

─

─

Transport Equipment

11

40.7

12

13

55.0

4

Other Manufacturing Industries

7

2.7

1

10

14.8

1

Construction

─

─

─

1

2.5

0

Electric, Gas and Heat Supply andWater Service

3

106.4

30

10

114.4

8

Telecommunications

1

4.8

1

─

─

─

Transport and Postal Services

─

─

─

1

119.5

9

Commerce

1

0.4

0

2

6.3

0

Manufacturing Industry

Service Industry

2

12.0

3

5

412.4

30

Others (Note)

9

128.9

36

54

533.0

39

Total

58

354.0

100

118

1,354.3100

2. Commitments

FY2011(Note) "Others" includes two-step loans for Japanese private financial institutions. JBIC supports the overseas operations of Japanese enterprises (especially SMEs) engaged ina diverse range of manufacturing and services, such as motor vehicles and parts, electrical and electronic equipment, machinery and metals, chemicals, and wholesale
and retail businesses.

(4) Commitments to Mid-tier Enterprises and SMEs to Support their Overseas Business Activities(Unit: billions of yen)

FY2011Loans to SMEs and Mid-tier Enterprises

FY2012

Number of Projects

AmountNumber of Projects

Amount

16

3.6

34

34.1

(Notes) 1. In making loans to mid-tier enterprises and SMEs, JBIC applies favorable loan terms, such as interest rates.
2. In this table, an SME is defined to be, in principle, an incorporated firm or individual with capital of ¥300 million or less, or having permanent employees of 300 or
less. A mid-tier enterprise is defined to be an incorporated firm with capital of less than ¥1 billion (and excludes an SME).

JBIC Annual Report 2013

83

Data

1
Statistics(5) Loan and Guarantee Commitments by Region
A. Export Loan Commitments by Region

2. Commitments(Unit: billions of yen, %)FY2011Asia

FY2012

Number

Total

Share

Number

Total

Share

14

31.3

15

15

32.9

26

East Asia

2

1.2

1

5

6.0

5

Southeast Asia

8

17.3

8

4

5.4

4

South Asia

4

12.7

6

5

7.5

6

Central Asia and the Caucasus

─

─

─

1

13.9

11

9

104.0

50

3

4.1

3

3

56.1

27

─

─

─

EuropeCentral and Eastern Europe and Russia
Western Europe
The Middle East
AfricaNorthern Africa

6

47.8

23

3

4.1

3

4

56.3

27

5

6.6

5

1

2.7

1

6

59.3

47

─

─

─

1

17.1

14

1

2.7

1

5

42.2

33

Latin America and the Caribbean

11

8.6

4

11

23.5

19

International Organizations, etc.

1

4.8

2

─

─

─

Total

40

207.9

100

40

126.6

100

Sub-Saharan Africa

B. Import Loan Commitments by Region(Unit: billions of yen, %)FY2011
Number

FY2012

Total

Share

Oceania

1

12.6

7

Number

─

Total

─

─

The Middle East

─

─

─

1

191.1

63

Latin America and the Caribbean

─

─

─

1

18.1

6

Others

2

160.0

93

2

95.0

31

Total

3

172.6

100

4

304.3

100

C. Overseas Investment Loan Commitments by Region(Unit: billions of yen, %)FY2011FY2012

Number

Total

Share

Number

Total

Share

48

210.7

22

52

169.6

5

East Asia

10

3.0

0

16

14.2

0

Southeast Asia

33

200.0

21

23

108.2

3

South Asia

5

7.6

1

12

27.6

1

Central Asia and the Caucasus

─

─

─

1

19.5

1

Oceania

11

157.8

16

16

983.9

31

Europe

21

Asia

6

112.6

12

30

656.4

Central and Eastern Europe and Russia

1

2.2

0

1

2.7

0

Western Europe

5

110.3

11

29

653.7

21

The Middle East

3

86.1

9

1

11.6

0

Africa

2

0.5

0

─

─

─

2

0.5

0

─

─

─

North America

4

49.5

5

30

659.6

21

Latin America and the Caribbean

10

344.5

36

24

645.7

21

Others

─

─

0

4

11.4

0

Total

84

962.0

100

157

3,138.5

100

Sub-Saharan Africa

84

Share

JBIC Annual Report 2013

Data

1
Statistics

D. Untied Loan Commitments by Region(Unit: billions of yen, %)FY2011
Total

Share

Total

Share

1

14.0

60

4

133.2

63

Southeast Asia

─

─

─

3

129.0

61

South Asia

1

14.0

60

1

4.2

2

The Middle East

─

─

─

2

7.0

3

Latin America and the Caribbean

1

4.5

20

4

70.2

33

International Organizations, etc.

1

4.6

20

─

─

─

Total

3

23.2

100

10

210.5

100

Asia

Number

E. Bridge Loan Commitments by Region(Unit: billions of yen, %)FY2011
NumberAsia
Southeast Asia
Total

FY2012

Total

Share

Total

Share

─

─

─

Number

2

83.2

100

─

─

─

2

83.2

100

─

─

─

2

83.2

100

F. Guarantee Commitments by Region(Unit: billions of yen, %)FY2011
Number

FY2012

Total

Share

Total

Share

2

13.7

6

9

89.6

30

East Asia

─

─

─

1

0.9

0

Southeast Asia

1

4.9

2

6

81.8

27

South Asia

1

8.8

4

2

6.9

2

The Middle East

1

90.0

39

3

89.4

30

Africa

─

─

─

1

25.0

8

Asia

Number

─

─

─

1

25.0

8

North America

7

64.1

28

5

51.1

17

Latin America and the Caribbean

4

57.7

25

3

47.9

16

International Organizations, etc.

1

2.9

1

─

─

─

Total

15

228.5

100

21

303.2

100

Northern Africa

2. Commitments

Number

FY2012

G. Guarantee Commitments by Purpose(Unit: billions of yen, %)FY2011
Number

FY2012

Total

Share

Guarantee for Samurai Bonds

2

130.0

57

Guarantee for Import of Aircrafts

7

64.1

Guarantee for Others

6

34.4

Total

15

228.5

Number

Total

Share

3

170.0

56

28

5

51.1

17

15

13

82.0

27

100

21

303.2

100

JBIC Annual Report 2013

85

Data

1
Statistics(6) Geographical Distribution of Loan and Equity Participation Commitments(Unit: billions of yen)

2. Commitments

Region / Country

Asia

East Asia

FY2011
Number

FY2012
Total

Number

Accumulated
Total

Number

Total

China

10

3.0

16

12.1

1,504

3,849.7

Hong Kong

2

1.2

4

4.0

268

295.9

695

1,279.4

3

6.4

1,027

508.5
5,933.6

Republic of Korea
Others
12

4.2

23

22.6

3,494
4

45.1

Indonesia

15

59.6

9

133.7

1,469

5,451.7

Malaysia

2

2.3

3

13.9

591

1,314.5

2

83.2

56

144.5

1

60.6

3

16.3

812

1,747.4

Sub Total
Southeast Asia

Brunei Darussalam

Myanmar
The Philippines
Singapore

5

6.1

2

35.3

460

762.0

Thailand

12

65.9

10

42.7

2,448

2,690.6

Viet Nam

6

22.7

3

0.3

121

214.5

OthersSub Total
South Asia

217.4

32

325.8

5,997
7

22.9

9

34.3

20

41.9

823

1,178.6

290

298.3

59

64.9

Pakistan
Sri Lanka

1

17

3.6

20

41.9

1,196

1,568.5

2

33.4

25

301.8

OthersSub Total
Central Asiaand the Caucasus

10

34.3

Kazakhstan
Turkmenistan

7

75.2

Uzbekistan

12

60.6

Others

8

195.0

2

33.4

52

632.7

Total

63

256.1

77

423.9

10,73920,719.6

Australia

8

113.8

16

998.4

853

2,766.0

145

141.2

56

267.2

Sub Total
Oceania

New Zealand
Papua New Guinea

4

56.6

1

7.3

Others
Total

86

JBIC Annual Report 2013

213.9
12,584.6

41Bangladesh
India

36

12

170.4

17

1,005.7

52

27.0

1,106

3,201.5

Data

1
Region / Country

Central andEastern Europe
and Russia

Number

Total

Number

Accumulated
Total

5.6

Bulgaria

117

134.4

Czech Republic

31

85.0

Hungary36

154.1

Moldova1

5.3

Poland112

172.4

Russia

4

58.4

1

2.7

Ukraine

142

95.2

113

1,518.9

11

41.3

700

1,723.2

Sub Total

4

58.4

1

2.7

1,266

3,935.9

Cyprus

3

5.0

4

6.2

18

17.4

France

4

118.9

309

641.6

Germany

5

6.8

259

242.5

United Kingdom

10

150.8

521

1,436.1

Ireland

3

277.4

40

302.7

3

9.5

44

85.2

3

11.9

95

396.5

Norway248

456.2

Portugal

46

37.5

56

132.7

Others

Italy

2

40.6

Malta

1

2.1
1

Netherlands

Sweden2

63.7

Switzerland

3

46.6

2

74.4

13.4

OthersThe Middle East

Total

3

Romania

Western Europe

NumberBelarus

85

101.1

743

817.7

Sub Total

11

158.1

32

657.8

2,467

4,679.7

Total

15

216.6

33

660.6

3,733

8,615.6

6

110.4

Iran

199

1,026.8

Iraq

21

219.9

Jordan28

79.8

Kuwait22

138.4

Bahrain

Oman

1

53.0

27

286.1

Qatar

1

46.4

36

738.6

76

684.7

Turkey

2

7.6

7

13.7

176

610.6

United Arab Emirates

1

32.8

2

202.8

66

1,461.2

Saudi Arabia

Yemen

11

35.8

Others

106

212.0

774

5,604.9

Total

5

140.0

9

216.5

JBIC Annual Report 2013

2. Commitments

EuropeFY2012

Statistics(Unit: billions of yen)

FY2011

87

Data

1
Statistics(Unit: billions of yen)

Region / Country
2. Commitments

AfricaNorthern Africa

FY2011
Number

FY2012
Total

Number

Accumulated
Total

971.8

Egypt

183

240.5

1

17.1

Others17.1

557

1,368.9

Angola

4

36.5

29

93.4

Equatorial Guinea

2

17.1

Gabon

20

33.5

Kenya

30

19.3

Liberia

1,202

1,475.0

9

102.5

17

25.3

Niger

117

105.1

Nigeria51

266.5

Seychelles

2

1.2

112

306.7

Tanzania

20

11.4

Uganda6

1.1

Others182112.5

South Africa

2

1

0.5

2.7

1

5.6

Sub Total

3

3.3

5

42.2

1,799

2,571.4

Total

3

3.3

6

59.3

2,356

3,940.3

Canada

3

42.2

5

136.1

324

681.8

United States

1

7.2

25

523.4

2,557

6,009.6

Total

4

49.5

30

659.6

2,881

6,691.4

272

564.0

3

11.9

18

35.7

31

45.4

7

138.6

1,936

3,103.1

3

11.4

Argentina
The Bahamas
Bolivia
Brazil3

94.1

British Virgin Islands

5

97.3

Chile

2

118.2

11

521.6

154

1,264.7

Colombia

2

52.7

1

5.6

122

276.2

Ecuador31

78.1

El Salvador

35

15.0

Jamaica

2

3.5

284

415.2

Cayman Islands

Panama

4

4.7

1

1.0

Peru

1

13.7

Mexico

8

112

447.7

18.8

16

68.5

796

2,157.3

Venezuela

2

55.3

1

10.2

81

661.8

201

242.5

22

357.7

40

757.5

4,083

9,419.6

OthersTotal
International Organizations, etc. Total

2

9.4

56

1,208.0

Others

5

163.9

9

154.2

101

1,874.2

131

1,367.3

221

3,937.7

25,82961,275.6

Total
Grand Total(Note) Others: Two-step loans to domestic financial institutions, and loans for crossborder projects, etc.

88

48.4
108.1

1

Mozambique

Latin America andthe Caribbean

722

Sub Total

Madagascar

North America

Total

345

MoroccoSub-Saharan Africa

NumberAlgeria

JBIC Annual Report 2013

Data

3· Outstandings

1
Statistics(1) Outstandings by Purpose of Financing(Unit: billions of yen, %)Total

FY2012
Share

Total

Share

Loans
642.9

6

Shipping

91.7

Plant

550.0

Export Loans

Technical Service

710.3

5

1

118.9

1

5

590.4

5

1.2

0

0.9

0
5

584.4

6

630.2

Natural Resources

563.2

5

616.2

5

Manufactured Goods & Technologies

21.2

0

14.0

0
62

Import Loans

5,762.955

8,165.9Natural Resources

2,367.8

223,709.4

28

Others3,395.032

4,456.5

34

Untied Loans

1,086.3

10

1,035.8

8

Overseas Investment Loans

45.6

0

42.6

0

Sub Total

8,122.3

77

10,585.1

81

Guarantees

2,378.3222,400.6

18

Governmental Loans

Equity Participations
Total

70.3

1

100.1

1

10,571.0

100

13,086.0100

3. Outstandings

FY2011(2) Guarantee Outstandings by Purpose(Unit: billions of yen, %)FY2011Total

FY2012
Share

Total

Share

Guarantee for Samurai Bonds

999.0

42

1,146.5

48

Guarantee for Import of Aircrafts

499.5

21

465.3

19

Guarantee for Others

879.7

37

788.8

33

2,378.3100

2,400.6

100

Total

JBIC Annual Report 2013

89

Data

1
Statistics(3) Geographical Distribution of Loan and Equity Participation Outstandings(As of March 31, 2013; billions of yen)

3. Outstandings

Region / Country

Asia

East Asia

China

Central Asiaand the Caucasus

Oceania

EuropeCentral andEastern Europe
and Russia

Western Europe

90

JBIC Annual Report 2013

161.2

2

1.4

Republic of Korea

8

23.8

OthersSouth Asia

Total

138

Hong Kong

Sub Total
Southeast Asia

Number

9

42.0

157

228.5

1

17.0

Indonesia

112

727.6

Malaysia

32

162.9

The Philippines

20

248.3

Singapore

18

52.9

Thailand

61

176.3

Brunei Darussalam

Viet Nam

45

74.0

Sub Total

289

1,459.4

Bangladesh

1

2.1

India

70

166.6

Pakistan3

61.2

Sri Lanka

2

0.7

Sub Total

76

230.8

Kazakhstan

13

171.6

Turkmenistan

1

26.1

Uzbekistan

1

0.3

Sub Total

15

198.1

Total

537

2,117.1

Australia

79

622.3

New Zealand8

0.9Papua New Guinea

6

204.4

Total

93

827.6

Belarus1

2.2

Bulgaria5

18.5

Czech Republic3

1.8

Hungary1

0.2

Serbia4

3.1

Moldova

2

1.3
2.5

Poland1

Romania3

4.6

Russia32

525.5

Ukraine5

9.2

Sub Total

57

569.2

Cyprus7

12.0

France6

141.2

Germany3

3.7

United Kingdom

14

102.8

Ireland

3

318.9

Italy

3

8.6

Malta

3

13.5

Netherlands

2

11.5

Norway5

14.3

Portugal2

3.0

Sweden3

77.8

Switzerland

5

62.1

Sub Total

56

769.9

Total

113

1,339.2

Data

1

The Middle East

Northern Africa

Sub-Saharan Africa

North America

Latin America andthe Caribbean

Total

Bahrain

2

50.9

Iran

11

130.7

Iraq

1

16.7

Jordan1

8.6

Kuwait

1

4.1

Oman

9

126.4

Qatar

5

305.5

Saudi Arabia

6

326.5

Turkey17

51.0

United Arab Emirates

8

561.4

Yemen

2

15.9

Total

63

1,598.0
17.8

Algeria

6

Egypt

3

21.7

Morocco1

20.3

Sub Total

10

59.8

Angola1

11.2

Equatorial Guinea

2

8.8

Gabon

2

0.6

Kenya

2

0.3

Liberia2

17.3

Madagascar

2

83.7

Mozambique

3

1.3

Niger

10

2.0

Nigeria2

14.9

Seychelles

10.5South Africa

8

42.9
0.3

Tanzania

1

Uganda1

0.1

Sub Total

37

184.4

Total

47

244.2

Canada12

206.9

United States

59

572.8

Total

71

779.8

Argentina

25

83.4

Bolivia2

10.9

Brazil78

668.5

British Virgin Islands

1

8.4

Cayman Islands

1

25.4

Chile

21

768.0

Colombia

3

62.0

Ecuador9

1.2

El Salvador

1

0.2

Jamaica

1

0.3

Panama

14

62.1

Peru

11

43.7

Mexico55

173.6

Venezuela
Total

6

262.2

228

2,170.5

International Organizations, etc.

Total

5

107.4

OthersTotal

39

1,501.1

1,196

10,685.3

Grand Total

JBIC Annual Report 2013

3. Outstandings

AfricaNumberStatistics(As of March 31, 2013; billions of yen)

Region / Country

91

Data

1
Statistics

4· Others(1) Major Buyer’s Credit and Bank-to-bank Loan Commitments (FY2012)

4. Others

Country

Project/Transaction

BorrowerAmountKazakhstan

Export of machinery and services for the refinery
modernization project

LLP ATYRAU REFINERY

US$178 million

MoroccoExport of machinery for the coal-fired thermal power project

JORF LASFAR ENERGY COMPANY
5&6 S.A.

US$216 million

AngolaExport of textile manufacturing machinery and services

Government of Angola¥7.6 billion

AngolaExport of textile manufacturing machinery and services

Government of Angola

US$138 million

AngolaExport of textile manufacturing machinery and services

Government of Angola

US$173 million

South Africa

Export of machinery and services

The Development Bank ofSouthern Africa

US$60 million

Venezuela

Export of railway cars

Government of Venezuela¥10.2 billion(Note) A buyer’s credit is a loan JBIC directly extends to a foreign importer (buyer) to finance its import of machinery, equipment or services from a Japanese company.

(2) Untied Loan Commitments (FY2012)
Country

Project/Transaction

BorrowerAmountIndonesia

Contingent facility against possible future shocks andvolatility in global financial markets

Government of Indonesia¥120.0 billion

Indonesia

Guarantee for privately placed Samurai bonds (GATE) 1

Government of Indonesia¥60.0 billion 2

Malaysia

Credit line for renewable energy and waste to energy
projects (GREEN)

RHR Bank Berhad

US$48 million 3

ThailandCredit line for local companies trade with local affiliates andsubsidiaries of Japanese SMEs

KASIKORNBANK Public Company
Limited

India

Credit line for renewable energy and energy efficiency
projects (GREEN)ICICI Bank Limited

US$45 million 3

TurkeyCredit line for renewable energy and energy efficiency
projects (GREEN)

Denizbank A.S.

US$15 million 3

TurkeyCredit line for renewable energy and energy efficiency
projects (GREEN)

Turkiye Kalkinma Bankasi A.S.

US$60 million 3

Qatar

Guarantee for privately placed Samurai bonds (GATE) 1

Qatar Petroleum¥85.0 billion 2

Tunisia

Guarantee for privately placed Samurai bonds (GATE) 1

Central Bank of Tunisia¥25.0 billion 2

BrazilLoan for GHG Emission Reduction Projects (GREEN)

Petróleo Brasíleiro S.A.

US$600 million 3

Colombia

Credit line for renewable energy businesses (GREEN)

Banco de Bogotá S.A.

US$60 million 3

MexicoPartial acquisition of public offering Samurai bonds (GATE)

1

Government of Mexico¥4.5 billion 3—(Notes) 1. GATE refers to the “Guarantee and Acquisition toward Tokyo market Enhancement (GATE)” facility launched in April 2010. It will enable JBIC to acquire Samurai bonds
where appropriate, in addition to providing partial guarantees for Samurai bond issues. The GATE facility will thereby support foreign governments and government
agencies to raise funds in the Tokyo market.
2. Guarantee commitments made by JBIC (principal amount).
3. The figures denote loan commitments made by JBIC. Apart from them, JBIC has provided guarantees to the portion co-financed by private financial institutions.

92

JBIC Annual Report 2013

Data

5· Standard Loan Conditions

1
Statistics

Standard loan conditions are shown below. Loan Interest rates are linked to the funding cost of JBIC, including the rate on borrowings from the Fiscal Loan Fund Special Account, and thus they are subject to changes in conditions of the financial market.

1— Standard Interest Rates(As of July 15, 2013)

Standard Interest Rate 2

Type of Loans

Export Loans Fixed at commitment (Yen CIRR) 3
 1.16% (Repayment period 5yrs or less) 1.32% (Repayment period over 5yrs to 8.5yrs)
 1.58% (Repayment period over 8.5yrs)

Percentage of Loan Provided by JBIC

5. Standard Loan Conditions

A loan applicant should make an inquiry at the relevant loan department for specific loan conditions.1

60% limit

 Fixed at tenders 3
 above rate + 0.2%
Import Loans /Overseas Investment Loans /Untied Loans /(Natural Resources /International Competitiveness)

 Japanese yen 4
 1.075% 5
 Foreign Currency
 LIBOR+0.5% 5

660% limit 7(Notes) 1. SMEs are eligible for preferential interest rates and other favorable loan conditions.
2. Premium is added based on the type of financing such as collateral /guarantee and loan schemes.
3. Synthetic rate based on interest rates charged by JBIC and cofinancing institutions.
4. Interest rates on loans in Japanese yen are determined based on specific loan periods and the amortization schedule.
The interest rate shown in the table is a reference rate for a 10-year loan with lump-sum repayment upon maturity. Please make an inquiry at the relevant department
for interest rate on specific conditions.
5. Special interest rates will be applied based on policy implication such as contribution to “Promoting overseas development and acquisition of strategically importantnatural resources to Japan” or “Maintaining and improving the International competitiveness of Japanese industries.”
6. Interest rates on loans in foreign currencies are linked to 6-month LIBOR for US dollars.
7. 70% limit for resource-related (import and overseas investment) loans.

2— Loan Maturity
The loan maturity for each loan will be determined by taking account of cash flows generated by each project.

3— Collateral, Guarantee
Collaterals and guarantees are determined in consultation with the clients.

JBIC Annual Report 2013

93

Data

1
Statistics

6· Breakdown of Countries and Regions(As of April 1, 2013)

Regions

Asia

East Asia

Countries

China, Hong Kong, Democratic People’s Republic of Korea, Republic of Korea, Macao,

6. Breakdown of Countries and Regions

Mongolia, Taiwan
Southeast Asia

Brunei Darussalam, Cambodia, East Timor, Indonesia, Laos, Malaysia, Myanmar,
The Philippines, Singapore, Thailand, Viet Nam

South Asia
Central Asiaand the Caucasus
Oceania

Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka
Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz, Tajikistan, Turkmenistan, Uzbekistan
Australia, Cook Islands, Fiji, Kiribati, Marshall Islands, Micronesia, Nauru, New Caledonia,
New Zealand, North Mariana Islands, Palau, Papua New Guinea, Samoa, Solomon Islands,
Tonga, Tuvalu, Vanuatu

EuropeCentral andAlbania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary,

Eastern Europe

Latvia, Lithuania, Macedonia, Serbia, Montenegro, Moldova, Poland, Romania, Russia, Slovakia,

and Russia

Slovenia, Ukraine, KosovoWestern Europe

Andorra, Austria, Belgium, Guernsey, Jersey, Cyprus, Denmark, Finland, France, Germany,
United Kingdom (U.K.), Greece, Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Malta,
Monaco, Netherlands, Norway, Portugal, San Marino, Spain, Sweden, Switzerland, Vatican,
Channel Islands

The Middle East

Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, West Bank and Gaza Strip, Qatar,
Saudi Arabia, Syria, Turkey, United Arab Emirates (UAE), Yemen

AfricaNorthern Africa

Algeria, Egypt, Libya, Morocco, Tunisia

Sub-Saharan Africa

Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde,Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Congo,
Cote d’lvoire, Djibouti, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea,
Guinea-Bissau, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritania, Mauritius,
Mozambique, Namibia, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Seychelles,
Sierra Leone, Somalia, South Africa, Sudan, Swaziland, Tanzania, Togo, Uganda, Zambia,
Zimbabwe, Eritrea, South Sudan

North America

Canada, United States (U.S.)

Latin America and the Caribbean

Antigua and Barbuda, Netherlands Antilles, Argentina, The Bahamas, Barbados, Belize,
Bermuda Islands, Bolivia, Brazil, British Virgin Islands, Cayman Islands, Chile, Colombia,
Costa Rica, Cuba, Commonwealth of Dominica, Dominican Republic, Ecuador, El Salvador,
Grenada, Guatemala, French Guiana, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Panama,Paraguay, Peru, Puerto Rico, Saint Christopher and Nevis, Saint Lucia,
St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, Mexico,
United States Virgin Islands, Uruguay, Venezuela, Curacao

International Organizations, etc.

International Monetary Fund (IMF),
International Bank for Reconstruction and Development (IBRD),
International Finance Corporation (IFC), Asian Development Bank (ADB),Inter-American Development Bank (IDB), African Development Bank (AfDB),
European Bank for Reconstruction and Development (EBRD),
Banco Centroamericano de Integración Económica (BCIE),
Corporación Andina de Fomento (CAF), Banque Ouest Africaine de Développement (BOAD),
Entidad Binacional Yacyretá (YACYRETA), East African Development Bank (EADB), etc.

Others94

JBIC Annual Report 2013

Two-step loans to domestic financial institutions, and loans for crossborder projects, etc.

Financial
Statements
1

Data

2

Statutory Financial Statements

96

Balance Sheet

96

Statement of Operations

97

Statement of Changes in Net Assets

98Statement of Cash Flow

99

Notes to Financial Statements

100

2

Composition of Liabilities and Net Assets

120

3

The Average Balance of Interest-earning Assets andInterest-bearing Liabilities, Interest and Earning Yields

120

4

Breakdown of Operating Expenses

121

5

Balance of Due from Banks,
Receivables under Resale Agreements and Securities—Application of Surplus Funds

121

6

Information on Derivative Transactions

122

7

Yield / Interest Rate

123

8

Loans Outstanding per Employee

123

9Loans Outstanding by Industry

123

10 Write-off of Loans

124

11 Assets in Major Foreign Currencies

124

12 Administrative Expense Ratio

125

13 Balance of Loans / Borrowings, Bonds and Notes by Maturity

125

14 Information on the Quality of Assets

126

JBIC Annual Report 2013

95

Data

2
Financial
Statements

1· Statutory Financial Statements
The balance sheets, statements of operations, statements of changes in net assets, and notes to the non-consolidated financial
statements of Account for JBIC operations were prepared in accordance with the regulations concerning terminology, forms,

1. Statutory Financial Statements

and preparation methods of financial statements set in the ordinance of the Ministry of Finance No.59 of 1963. Assets andliabilities, revenue and expenses were classified in accordance with the ordinance of the Ministry of Finance regarding Japan
Bank for International Cooperation Act No.15 of 2012, as well as the ministry ordinance to establish the exception of the ministryordinance about accounts of Japan Bank for International Cooperation at working to prescribe in special measures law Article
16 of 2012 about financial operations for facilitating realignment of U.S. Forces in Japan. There was no comparative information
with the prior year presented as FY2012 was the first fiscal year for JBIC.
FY 2012 financial statements for the period of April 1, 2012, to March 31, 2013, were audited by Ernst & Young ShinNihon LLC
in accordance with Article 193 Paragraph 2 Item 1 of Financial Instruments and Exchange Act.
No consolidated financial statements were prepared as JBIC has no consolidating subsidiaries.

Balance Sheet(Millions of yen)March 31, 2013

AssetsCash and due from banks
Cash
Due from banks

Liabilities
837,9860

Borrowed money
Borrowings

7,234,598
7,234,598
2,215,962

837,986

Bonds payable Note 7

Receivables under resale agreements Note 5284,902

Other liabilities

Securities Note 4

122,181

Accrued expenses

27,127122,181

Unearned revenue

50,284

10,555,128

Derivatives other than for trading-liabilities

32,654

10,555,128

Lease obligations

Other securities
Loans and bills discounted Note 6Loans on deeds
Other assets
Prepaid expenses

338,679307

Other
Provision for bonuses

216,17158
106,045445

Accrued income

34,558Provision for directors’ bonuses

5

Derivatives other than for trading-assets

264,231

Provision for retirement benefits

15,595

Other Note 7

39,581

Provision for directors’ retirement benefits

29

28,206

Acceptances and guarantees

2,400,699

Buildings

3,166

Total liabilities

12,083,506

Land

24,694

Net assets

Property, plant and equipment Note 8

Lease assets
Construction in progress
Other
Intangible assets
SoftwareLease assets

37

Capital stock5

Retained earnings

851,685

Legal retained earnings

788,314

1,352

Other retained earnings

63,3701,340
112,400,699

Allowance for loan losses（138,891）

JBIC Annual Report 2013

1,360,000

301

Customers’ liabilities for acceptances and guarantees

Total assets

96

March 31, 2013

14,430,245

Retained earnings brought forward
Total shareholders’ equity
Valuation difference on available-for-sale securities

63,3702,211,685
2,221

Deferred gains or losses on hedges

132,831

Valuation and translation adjustments

135,053

Total net assets

2,346,738

Total liabilities and net assets

14,430,245

Data

2
Financial
Statements

Statement of Operations(Millions of yen)

Ordinary income

217,291

Interest income

167,947

Interest on loans and discounts
Interest and dividends on securities
Interest on receivables under resale agreements

132,408441
671

Interest on deposits with banks

1,232Interest on interest swaps

33,191Other interest income
Fees and commissions
Other fees and commissions
Other ordinary income

223,28823,288
9,171

Gain on foreign exchange transactions

5,197

Income from derivatives other than for trading or hedging

3,950

Other
Receipts from the national budget
Receipts from general account of the national budget
Other income

24
256
256
16,627

Recoveries of written-off claims

4,572

Gain on investments in partnerships Note 11

11,843

Other

211

Ordinary expenses

153,708

Interest expenses

119,510

Interest on borrowings and rediscounts

63,797

Interest on bonds

55,476

Other interest expenses

236

Fees and commissions payments

1,427

Other fees and commissions

1,427

Other ordinary expenses
Amortization of bond issuance cost
Other

597
387
210

General and administrative expenses

17,551Other expenses

14,620

Provision of allowance for loan losses
Other
Ordinary profit
Extraordinary income
Gain on disposal of noncurrent assets
Net income

1. Statutory Financial Statements

March 31, 2013

14,620063,5831
163,585JBIC Annual Report 2013

97

Data

2
Financial
Statements

Statement of Changes in Net Assets(Millions of yen)

1. Statutory Financial Statements

Shareholders’ equity

Deferred gains or losses on hedges

Capital stock
Balance at the beginning of current period Note 12(b)Balance at the beginning of current period Note 12(b)1,291,000

Changes of items during the period
Issuance of new shares

69,000Total changes of items during the period

69,000

Balance at the end of current period

1,360,000

Retained earnings
Balance at the beginning of current period Note 12(b)Balance at the end of current period

788,314－788,314

Other retained earnings

132,831

Total changes of items during the period Note 12(c)132,831

Balance at the end of current period

132,831

Total valuation and translation adjustments－

Net changes of items other than shareholders’ equity

135,053

Total changes of items during the period

135,053

Balance at the end of current period

135,053

Total net assets
Balance at the beginning of current period Note 12(b)2,079,309

Changes of items during the period

Retained earnings brought forward
Balance at the beginning of current period Note 12(b)Net changes of items other than shareholders’ equity

Changes of items during the period

Changes of items during the period
Total changes of items during the period－

Changes of items during the period

Balance at the beginning of current period Note 12(b)Legal retained earnings（5）

Changes of items during the period

Issuance of new shares

69,000

Payment to national treasury（209）

Payment to national treasury（209）

Net income

63,585

Net income

63,585

Net changes of items other than shareholders’ equity

135,053

Total changes of items during the period

63,376

Total changes of items during the period

267,429

Balance at the end of current period

63,370Total retained earnings
Balance at the beginning of current period Note 12(b)788,309

Changes of items during the period
Payment to national treasury（209）

Net income

63,585

Total changes of items during the period

63,376

Balance at the end of current period

851,685

Total shareholders’ equity
Balance at the beginning of current period Note 12(b)2,079,309

Changes of items during the period
Issuance of new shares

69,000

Payment to national treasury（209）

Net income

63,585

Total changes of items during the period

132,376

Balance at the end of current period

2,211,685

Valuation and translation adjustments
Valuation difference on available-for-sale securities
Balance at the beginning of current period Note 12(b)－Changes of items during the period
Net changes of items other than shareholders’ equity
Total changes of items during the period Note 12(c)Balance at the end of current period

98

March 31,2013

March 31,2013

JBIC Annual Report 2013

2,221
2,221
2,221

Balance at the end of current period

2,346,738

Data

2
Financial
Statements

Statement of Cash Flow
(Millions of yen)

Cash flow from operating activities
Net income

63,585

Depreciation and amortization

1,018

Increase (decrease) in allowance for loan losses

14,620

Increase (decrease) in provision for bonuses（55）

Increase (decrease) in provision for directors’ bonuses

4

Increase (decrease) in provision for retirement benefits

2,332

Increase (decrease) in provision for directors’ retirement benefits
Gain on fund management

11（167,947）

Financing expenses

119,510

Loss (gain) related to securities（11,843）

Loss (gain) on disposal of noncurrent assets
Net decrease (increase) in loans and bills discounted（1）（2,444,771）

Net increase (decrease) in borrowed money

1,979,109

Net decrease (increase) in deposit (excluding deposit paid to Bank of Japan)（128,972）

Net decrease (increase) in receivables under resale agreements

317,822

Increase (decrease) in straight bonds-issuance and redemption（163,469）

Proceeds from fund management
Payments for finance

1. Statutory Financial Statements

March 31, 2013

165,751（120,524）

Other

387,646

Subtotal

13,826

Net cash provided by (used in) operating activities

13,826

Cash flow from investing activities
Purchase of securities（35,224）

Proceeds from sales of securities

2,946

Purchase of property, plant and equipment（322）

Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Net cash provided by (used in) investing activities

1（432）（33,030）

Cash flow from financing activities
Proceeds from issuance of common stock
Repayments of lease obligations
Payment to national treasury
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents

69,000（117）（26,524）
42,358－23,154

Cash and cash equivalents at beginning of period

0Cash and cash equivalents at end of period Note 13

23,154JBIC Annual Report 2013

99

Data

2
Financial
Statements

Notes to Financial Statements

1. Statutory Financial Statements

1.

Significant accounting policies(a) Securities
Held-to-maturity securities are carried at amortized cost based on the moving average method. Investments in affiliates
are carried at cost based on the moving average method. Available-for-sale securities are in principle stated at fair value
with changes in net unrealized gains or losses included directly in Net assets. However, available-for-sale securities whose
fair value cannot be readily determined are carried at cost based on the moving average method.
Investments in partnerships for investment, which are regarded as securities under Article 2, Clause 2 of the Japanese
Financial Instruments and Exchange Law, are recognized at an amount equivalent to JBIC’s percentage share of the net
assets of such partnerships, based upon the most recent financial statements available depending on the report datestipulated in the partnership agreement.
(b) Valuation method for derivative financial instruments
Derivative financial instruments are carried at fair value.
(c) Depreciation basis for fixed assets

		

(i)

Property, plant and equipment (except for lease assets)
Tangible fixed assets are depreciated by the declining balance method over their useful economic lives except forbuildings (excluding installed facilities) which are depreciated by the straight-line method.
Depreciation is based on the following range of estimated useful lives:		

Buildings

3 years to 50 years

Other

2 years to 35 years(ii) Intangible assets (except for lease assets)
Depreciation of intangible fixed assets is computed by the straight-line method. Software used by JBIC is depreciatedover its useful life (5 years).

		(iii) Lease assets
Lease assets in “property, plant and equipment” or “intangible assets,” under finance leases that do not involve
transfer of ownership to the lessee are depreciated by the straight-line method over the lease term. Depreciation
for lease assets is calculated with zero residual value being assigned to the asset.

(d) Method of amortization for deferred charges
Organization expenses and bond issuance cost are expensed as incurred.
(e) Foreign currency translation and revaluation method
JBIC maintains its accounting records in Japanese Yen. Assets and liabilities denominated in foreign currencies are mostlytranslated into Japanese yen at the market exchange rate prevailing at the fiscal year end.
(f)

Allowance for Loan losses
The allowance for loan losses is maintained in accordance with internally established standards.
The allowance for claims on debtors who are legally bankrupt (“Bankrupt borrowers”) or substantially bankrupt(“Substantially bankrupt borrowers”) is provided based on the outstanding balance after the write-offs described as

below and the deductions of the amount expected to be collected through the disposal of collatral and the executionof guarantees. The allowance for claims on debtors who are not legally bankrupt but are likely to become bankrupt(“Potentially bankrupt borrowers”) is provided based on an assessment of the overall solvency of the debtors after
deducting the amount expected to be collected through the disposal of collateral and the execution of guarantees.
The allowance for claims on debtors other than Bankrupt borrowers, Substantially bankrupt borrowers and Potentiallybankrupt borrowers is provided primarily based on the default rate, which is calculated based on the actual defaults
during a certain period in the past. The allowance for possible losses on specific overseas loans is provided based on
the expected loss amount taking into consideration the political and economic situations of these countries.
All claims are assessed initially by the operational departments and subsequently by risk evaluation departments
based on internal rules for self-assessment of asset quality. The risk evaluation department, which is independent fromthe operational departments, review these self-assessments, and the allowance is provided based on the results of the

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Financial
Statements

assessments.
With respect to claims with collateral or guarantees on debtors who are legally or substantially bankrupt (“Bankrupt
amount which is deemed collectable through the disposal of collateral or the execution of guarantees is written off. The
amount of accumulated write-offs as of March 31, 2013 is ¥8,232 million.
(g) Provision for bonuses
The “provision for bonuses” is calculated and provided for based on the estimated amounts of future payments attributable to the services that have been rendered by employees to the date of the balance sheet.
(h) Provision for directors’ bonuses

1. Statutory Financial Statements

borrowers and substantially bankrupt borrowers”), the residual booked amount of the claims after deduction of the

The “provision for directors’ bonuses” is calculated and provided for based on the estimated amounts of future payments
attributable to the services that have been rendered by directors to the date of the balance sheet.
(i)

Provision for retirement benefits
The “provision for retirement benefits” represents the future payment for pension and retirement benefits to employees,
and is accrued based on the projected benefit obligations and the estimated pension plan assets at the end of the fiscal
year. Prior service costs and actuarial differences are expensed as incurred.

(j) Provision for directors’ retirement benefits
The “provision for directors’ retirement benefits,” which provides for future retirement pension payment to directors,
corporate auditors and executive officers, is recognized at the amount accrued at the end of the respective fiscal year.
(k) Accounting for hedges of interest rate risk(i)Hedge accounting
JBIC uses derivatives for interest rate risk hedging purposes under the deferral method(ii) Hedging instruments and hedged items
Hedging instruments: interest rate swaps
Hedged items: loans, borrowings, bonds and notes(iii) Hedging policy
JBIC enters into hedging transactions up to the amount of the underlying hedged assets and liabilities(iv) Assessment of hedge effectiveness
JBIC assesses the effectiveness of designated hedges by measuring and comparing the change of fair value or
cumulative change of cash flows of both hedging instruments and corresponding hedged items from the date ofinception of the hedges to the assessment date.
(l)

Accounting for hedges of foreign exchange risks
Hedging instruments used to hedge foreign exchange risks associated with various foreign currency denominatedmonetary assets and liabilities are accounted for using the deferral method, in accordance with the standard treatmentof The Japanese Institute of Certified Public Accountants (JICPA) Industry Audit Committee Report No. 25.
The effectiveness of the hedges described above is assessed by comparing the foreign currency position of thehedged loans and bills discounted, borrowings, and bonds payable denominated in foreign currencies with that of thehedging instruments, such as currency swaps and forward foreign exchange contracts which are used for hedging theforeign exchange risks of loans and bills discounted, borrowings, and bonds payable denominated in foreign currencies.

(m) Consumption and Other Taxes
Consumption taxes and local consumption taxes (“consumption taxes”) are excluded from transaction amounts. Amounts
of non-deductible consumption taxes related to property, plant and equipment are expensed as incurred.
(n) Scope of cash and cash equivalents in the statement of cash flows
Cash and cash equivalents as stated in the Statement of Cash Flow consists of cash on hand and Deposit with the Bankof Japan in “Cash and due from banks” in the Balance Sheet.

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Data

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Financial
Statements

2.

Standards issued but not yet effective• “Accounting Standard for Retirement Benefits” (ASBJ Statement No. 26, May 17, 2012)

1. Statutory Financial Statements• “Guidance on Accounting Standard for Retirement Benefits” (ASBJ Guidance No. 25, May 17, 2012)(a) Overview
From the viewpoint of improvements to financial reporting and international convergence, the accounting standard andthe related guidance have been revised mainly focusing on (a) how retirement benefit obligations and current service
costs should be determined and (b) enhancement of disclosures(b) Effective date
The amended accounting standard and the guidance are effective as of the end of the fiscal year commencing on April
1, 2013, excluding the amendments relating to the determination of retirement benefit obligation and service cost which
are effective as of the beginning of the fiscal year commencing on April 1, 2014.
(c) Effect of the application of the accounting standard
JBIC is currently evaluating the impact these amendments will have on the results of its operations and financial position.
3.

Additional Information(Abolition of Financial Account Related to the Financial Operations for Facilitating Realignment of United States Forces in Japan)
JBIC had been engaged in financial operations for facilitating realignment of United States Forces in Japan set forth in
Article 16 of the “Act on Special Measures Concerning Smooth Implementation of Realignment of United States Forces inJapan” (Act No. 67, 2007; “Special Measures Act”). However, a joint statement by the Japan-US Security Consultative Committee dated April 27, 2012, confirmed that “financial commitments by the Japanese government concerning the relocationof the US Marines stationed in Okinawa to Guam” would only be made in the form of cash contributions stipulated in Article
1 of the “Agreement Between the Government of Japan and the Government of the United States of America Concerning
the Implementation of the Relocation of III Marine Expeditionary Force Personnel and Their Dependents from Okinawa to
Guam,” and that no other forms of financial support would be provided. As the Financial Operations for Facilitating Realignment of United States Forces in Japan no longer needed to be continued, such operations were discontinued at the end of
September 2012 upon a resolution at the board of directors meeting on July 24, 2012. In accordance with Article 23 of theSpecial Measures Act, following the resolution at the board of directors meeting dated November 20, 2012, on November 30,
2012, the residual assets were paid to the national treasury, and the Financial Account Related to the Financial Operations
for Facilitating Realignment of United States Forces in Japan was abolished.

4.

Equities securities of or investment in affiliates:(Millions of yen)March 31, 2013

Equities securities of or investment in affiliates

5.

70,822

Receivables under resale agreement
Among the securities acquired under resale agreements, these securities which can be sold or pledged without restrictions
amounts to:(Millions of yen)March 31, 2013

Receivables under resale agreement

6.

284,902

Loans(a) Bankrupt loans and non-accrual loans included in loans and bills discounted:(Millions of yen)March 31, 2013

Bankrupt loans
Non-accrual loans—

96,140“Bankrupt loans” are loans, defined in Article 96, Paragraph 1, Item (iii), a. through e. and Item (iv) of the corporate Tax
Law Enforcement Ordinance (Government Ordinance No. 97, 1965), on which accrued interest income is not recognized
as there is substantial uncertainty over the ultimate collectability of either principal or interest because they have been

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Financial
Statements

in arrears for a considerable period of time or for other reasons.
“Non-accrual loans” are loans on which accrued interest income is not recognized, although this excludes Bankrupt
difficulties.
(b) Loans with interest or principal repayments three months or more in arrears included in loans and bills discounted:(Millions of yen)March 31, 2013

Loans with interest or principal repayments three months ormore in arrears

69,065“Loans with interest or principal repayments three months or more in arrears” are loans whose principal or interest payment

1. Statutory Financial Statements

loans and the loans on which interest payments are deferred in order to support the borrowers’ recovery from financial

is three months or more in arrears, and which do not fall under the category of “Bankrupt loans” and “Non-accrual loans.”(c) Restructured loans included in loans and bills discounted:(Millions of yen)March 31, 2013

Restructured loans

79,976“Restructured loans” are loans whose repayment terms and conditions have been amended in favor of the borrowers(e.g. reduction of or exemption from the stated interest rate, the deferral of interest payments, the extension of principal
repayments or renunciation of claims) in order to support the borrowers’ recovery from financial difficulties, and which
do not fall under the category of “Bankrupt loans,” “Non-accrual loans,” or “Loans with interest or principal repayments
three months or more in arrears.”(d)	The total amount of bankrupt loans, non-accrual loans, loans with interest or principal repayments three months ormore in arrears, and restructured loans:(Millions of yen)March 31, 2013

Total amount

245,183

The amounts of loans indicated in the table (a) through (d) above are the gross amounts prior to the deduction ofallowance for possible loan losses.
(e)	JBIC, as a policy, does not pay down loans in part or in full immediately after the execution of the loan agreements, butinstead makes disbursement, in accordance with the progress of the underlying projects. These undisbursed amounts
are not included in the loans on deed in the Balance Sheet. The balance of unpaid amounts at end of the fiscal year is
as follows:(Millions of yen)March 31, 2013

Balance of unpaid loans

7.

2,615,921

Assets pledged as collateral
Pursuant to Article 34 of the Japan Bank for International Cooperation Act (the “JBIC Act”), all JBIC assets are pledged as
general collateral for bonds:(Millions of yen)March 31, 2013

Bonds payable

2,215,962

Cash collateral paid for financial instruments included in other assets is as follows:(Millions of yen)March 31, 2013

Cash collateral paid for financial instruments

39,070JBIC Annual Report 2013

103

Data

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Financial
Statements

8.

Accumulated depreciation of fixed assets(Millions of yen)

1. Statutory Financial Statements

March 31, 2013

Accumulated depreciation

9.

308

Contingent liabilities
Contingent liabilities related to debt assumption agreements for bonds payable are as follows:(Millions of yen)March 31, 2013

15th FILP Agency Bonds (former JBIC)

50,00031st FILP Agency Bonds (former JBIC)

20,000In addition, Japan Finance Corporation (“JFC”) assumed the obligations of the JFC bonds of ¥1,085,000 million on April 1,
2012, and JBIC is jointly responsible for the obligations of these bonds. In accordance with Article 17 (2) of the Supplementary
Provisions of the JBIC Act, all of JBIC’s assets are pledged as general collateral for these joint obligations.
10. Restriction in dividend distribution
JBIC is restricted in its dividends distribution pursuant to Article 31 of the JBIC Act (including instances deemed applicableby the replacement of terms pursuant to Article 22 (1) of the Special Measures Act).
In the event that the amount of the retained earnings brought forward for each fiscal year exceeds zero in each account related to the operations listed in each item of Article 11 of the JBIC Act, and the operations listed in Article 16 of theSpecial Measures Act (“operations, etc. listed in each item of Article 11 of the JBIC Act”), JBIC shall accumulate, as a reserve,
an amount calculated in accordance with the standards prescribed by the Cabinet Order until it reaches a certain amountstipulated by the Cabinet Order; and if there still is a surplus, JBIC shall pay such surplus into the national treasury within 3months after the annual closing date.
In the event that the amount of retained earnings brought forward falls below zero in each account of the operations,etc. listed in each item of Article 11 of the JBIC Act, a reserve shall be transferred to the retained earnings brought forward
to the extent that its amount of retained earnings brought forward becomes zero.
11. Income on transactions with affiliates
Income on transactions with affiliates is as follows:(Millions of yen)March 31, 2013

Gain on investments in partnerships

11,78012. Changes in Net Assets(a) Issued shares and treasury stocks
For the fiscal year ended March 31, 2013, type and number of issued shares and treasury stocks are as follows:(unit: thousands of shares)
Types

The number of stocks at
the beginning of the fiscal year

Increase during the Decrease during the The number of stocks at
fiscal year
fiscal year
the end of the fiscal year

Remarks

Issued shares
Common Stocks

1,291,000,000

69,000,000—

1,360,000,000

Classified Stock

—

—

—

—

1,291,000,000

69,000,000—

1,360,000,000

Common Stocks

—

—

—

—

Classified Stock

—

—

—

—

Total

—

—

—

—

Total

(Note)(Note)

Treasury stock(Note)The increase is due to the issuance of 69,000,000 thousand shares.

(b)	The figures determined by the asset evaluation committee on July 6, 2012, as the opening balance sheet as of the
inception of JBIC are used as the balance at the beginning balances (April 1, 2012).

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Financial
Statements(c)	“Valuation difference on available-for-sale securities” and “Deferred gains or losses on hedges” were presented under“Assets” and “Liabilities,” respectively, in the opening balance sheet as of the inception of JBIC. For this reason, they

13. Cash Flow
“Cash and cash equivalents” in the statement of cash flows as of March 31, 2013 reconciles to cash and due from banks inthe balance sheet as follows;(Millions of yen)March 31, 2013

Cash and due from banks

837,986

Time deposit and others(814,832)

Cash and cash equivalents

23,154

1. Statutory Financial Statements

are transferred to “Net assets” during this fiscal year and included in Changes of items during the period.

14. Lease Transactions(a) Finance lease transactions
Finance lease transactions, that do not involve the transfer of ownership to the lessee(i)Description of Lease assets① Property, plant and equipment: Equipment and property② Intangible assets: Software(ii) Depreciation of lease assets
Depreciation of lease assets is calculated under the method as set forth in Note 1 (c).
(b) Operating lease transactions
Future minimum lease payments for noncancelable operating lease transactions are as follows(Millions of yen)March 31, 2013

Due within one year2

Due after one year

0

Total

2

15. Financial instruments and related disclosure(Fiscal year ended March 31, 2013)
1.

Status of financial instruments(1) Initiatives for financial instruments
Based on the JBIC Act, JBIC is a policy-based financial institution wholly owned by the Japanese government, which has
the purpose of contributing to the sound development of Japan and the international economy and society, by performing
the financial function to promote the overseas development and securement of resources which are important for Japan;
maintaining and improving the international competitiveness of Japanese industries; promoting the overseas businesshaving the purpose of preserving the global environment, such as preventing global warming, as well as preventing disruptions to international financial order or taking appropriate measures with respect to damages caused by such disruption.
JBIC’s principal operations consist of providing export loans, import loans, investment financing, financing for business development (including guarantees) and capital investment. To conduct these operations, funds are raised throughborrowing from the fiscal investment and loans and the foreign exchange fund special account, and the issuing of bonds.
An ALM (asset and liability management) function has been established in respect of our financial assets and liabilities
that are subject to interest rate and currency fluctuations to assist in ensuring that such fluctuations do not have an
adverse effect on our operations. In addition, derivative transactions are entered into for the purpose of mitigating risk
inherent in foreign currency denominated transactions. Financial instruments that can be used for the management of
surplus funds are limited to safe instruments such as Japanese government bonds, etc., as stipulated in the JBIC Act.
The budget required for governmental financial operations is decided upon by the Diet of Japan, and business plans
and financial plans (borrowing from fiscal investment and loans, bonds, general accounting investment, and loans, etc.)
are appended to the budget and submitted to the Diet of Japan.

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Financial
Statements(2) Types of financial instruments and risks
The assets that JBIC holds mainly include loans to borrowers in Japan and overseas, and securities and liabilities mainly

1. Statutory Financial Statements

include borrowings and bonds. The associated risks are described below.
		(a) Credit risk
Credit risk is the risk that JBIC will suffer losses if the financial condition of the borrower deteriorates and the valueof assets (including off-balance sheet assets) decrease or disappear.
The credit risks associated with JBIC include sovereign risk, country risk, corporate risk, and project risk. Becauseof the characteristic of support for overseas economic transactions conducted by JBIC, much financing is provided
to overseas governments, governmental institutions, and overseas corporations; the credit risk associated with thecredit provided typically consists of sovereign or country risk.
As a result, if the financial condition of the individual borrower significantly deteriorates due to political andeconomic trends in the borrower’s country or region, JBIC’s performance and financial condition can be adversely
affected.
(Note) Sovereign risk refers to risk associated with credit supplied to foreign governments, country risk refers torisk associated with the country in which the corporation or project is located (risk, in addition to corporaterisk or project risk, associated with the country in which the corporation or the project is located), andcorporate risk refers to the risk associated with credit to corporations and project risk refers to the risk thatthe cash flow of an underlying project will not perform as planned, in the case of project finance, where therepayment of the borrowing is primarily secured by the cash flow of the project to which credit is supplied.

		(b) Market risk
Market risk is the risk that the value of assets and liabilities (including off-balance sheet assets) will fluctuate and losses
will be incurred, or profits derived from assets and liabilities (including off-balance sheet assets) will fluctuate andlosses will be incurred due to the fluctuation of various market risk factors such as interest rates, exchange rates, etc.
The market risk associated with JBIC mainly consists of foreign exchange risk and interest rate risk, and losses
could be suffered from these risks from market fluctuations. However, in principle, these risks are hedged throughinterest rate swaps, currency swaps, and forward foreign exchange contracts.
JBIC uses hedge accounting for interest rate hedges, where the hedging instrument is interest rate swaps to hedge
the market fluctuation risk associated with loans, borrowed money and bonds. The effectiveness of the hedges isassessed by measuring and comparing the change in fair value or cumulative change in cash flows of both hedging
instruments and corresponding hedged items from the date of inception of the hedges to the assessment date.
JBIC uses hedge accounting for foreign exchange hedges, where currency swaps and forward foreign exchange
contracts are used to hedge items such as loans, borrowings, and bonds for foreign exchange risk. The effectiveness of the hedging currency-swaps and forward foreign exchange contracts, hedging the foreign exchange risks ofmonetary assets and liabilities denominated in foreign currencies, is assessed by comparing the foreign currency
position of the hedged monetary assets and liabilities with that of the hedging instruments.

		(c) Liquidity risk
Liquidity risk is the risk that losses will be incurred as a result of funding challenges due to a maturity mismatch
between financing and funding or unexpected outflow of funds, or being forced to fund at an interest rate significantly
higher than in normal circumstances (funding risk), as well as the risk that losses will be incurred from a failure toingenerate transactions in the market due to market disruption or from being forced to make transactions at asignificantly disadvantageous price than in normal circumstances (market liquidity risk).
Long-term and stable funds, such as fiscal loan funds, government-guaranteed bonds, and FILP agency bonds,
are secured to finance JBIC and deposits are not accepted, with the result that it considers liquidity risk to be limited.
However, financing costs could increase due to market disruption and unexpected events.

(3) Risk management structure for financial instruments
The risk management structure of JBIC is described below.
		(a) Credit risk management
The basis of credit risk management is centered on individual credit management based on the creditworthinessof the borrower during the credit approval process.
When a new credit application is processed, the relevant finance departments (sales promotion department)

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Financial
Statements

and credit departments collect and analyze information on the borrower. The overseas representative offices also
play a part in collecting information on foreign governments and corporations. Credit appraisal takes place based

For lending to foreign governments and corporations, JBIC makes most use of its position as a public institution
and exchanges views and information with governments and other authorities in recipient countries, international
institutions such as the IMF and the World Bank, other regional development banks and official export credit agencies
as well as private financial institutions in the industrial countries. Using all these channels, JBIC evaluates sovereign
or country risk (risk in addition to corporate risk associated with the country in which the corporation is located)based on a broad range of information on government and government agency borrowers as well as political andeconomic conditions in their countries.

1. Statutory Financial Statementson the information that has been gathered and analyzed, with the different departments ensuring appropriate checkthroughout the process, leading to the final decision by the management.

The relevant finance departments and credit departments conduct proper credit risk management based on
the credit risk rating system for segmented risk categories and the asset self assessment system based on the
Financial Inspection Manual of the Japanese Financial Services Agency. In addition, an Integrated Risk Management
Committee is held regularly to report the status of credit management to the management. The credit management
situation is also checked by an independent auditing department.
In addition, a claims protection mechanism exists based on an international framework unique to official
creditors, that is not contained in private sector financial institutions, for official claims on foreign governments.
This mechanism consists of international financial assistance upon international approval by the Paris Club, aninternational group focusing on debt, to allow the debtor country to continue debt repayment when the debtor
country becomes temporarily unable to service its debt due to economic conditions. As part of this international
financial assistance, the debtor country conducts an economic reform program upon agreement with the IMF inorder to secure the ability to sustainably service its debt. In view of JBIC’s position as a public financial institution,
it will use the framework of the Paris Club to preserve its official claims on foreign governments.
Besides the individual credit management outlined above, JBIC quantifies credit risks to assess the overall riskof the portfolio in these operations. To quantify credit risks, it is important to take into account the characteristic of
the loan portfolio, namely, that there are a significant proportion of long-term loans and loans involving sovereignrisk or country risk. Also to be taken into account is the mechanism of securing assets, such as the framework ofinternational financial assistance to debtor countries through the Paris Club, which is unique to official creditors.
JBIC uses a unique model to quantify the credit risk taking account of the above explained elements and measuresamount of credit risk, which are utilized for credit risk management.
		(b) Market risk management
ALM is used to manage foreign exchange risk and interest rate risk for these operations. Market risk management
protocols contain detailed stipulations of risk management methods and procedures, which are used by the ALM
Committee to assess and confirm the execution of ALM, and for discussions concerning future responses. In addition, monitoring is conducted through gap analysis and interest rate sensitivity analysis as well as Value at Risk(“VaR”) to comprehensively assess the interest and terms of financial assets and liabilities. The results are regularly
reported to the ALM Committee.
The basic policy for managing foreign exchange risk and interest rate risk at JBIC is described below.

			

(i)

Foreign exchange risk
Foreign currency-denominated loans conducted in JBIC involve risks related to exchange rate fluctuations. We
have a consistent policy of managing this risk by fully hedging this risk exposure through the use of currency
swaps and forward foreign exchange contracts.

(ii) Interest rate risk
Interest rate risk arises from exposure to market interest rate fluctuations for yen-denominated loan and foreign
currency-denominated loan operations and the policy for managing interest rate risk is described below.
a.

Yen-denominated loan operations
For the most part, funding for yen-denominated loans is managed at fixed-rate interest. Currently, interest
rate risk for yen-denominated loans is limited since the maturity of loans and the related funding arrangements are generally matched. In addition, swaps are used to hedge interest rate risk for portions of loansthat are thought to have high exposures to interest rate fluctuation risk.

b.

Foreign currency-denominated loan operations

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For foreign currency-denominated loan operations, interest rate risk is hedged through the application ofa consistent policy of using interest rate swaps and managing funds with floating interest rates for both

1. Statutory Financial Statements

loans and related funding arrangements.
			(iii) Status of market risk
JBIC only maintains a banking account and do not have financial instruments in a trading account. While JBIC
is managed by hedging operation in principle, as already stated previously, market risk is measured in order
to assess fair value and potential risks. The following represents an overview of VaR in the current fiscal year.
a.

VaR(Millions of yen)March 31, 2013

1) Interest rate VaR:

100.2

2) Exchange rate VaR:

58.7

b.

VaR measurement model
1)

Interest rate VaR: Historical model

2)

Exchange rate VaR: Variance-covariance model

Quantitative standards:c.

1)

Confidence Interval: 99%

2)

Holding period: 1 year

3)

Observation period: 5 years

Risk management using VaR
VaR is a market risk measure that assesses the maximum possible profits or losses that could be incurred
based on historical market movements of interest rates or exchange rates, etc., over a specific period in thepast (or observation period) within a certain period of time (or holding period) under a certain probability(or confidence interval), that is derived statistically by employing the theory of possibility distribution.
This measurement assumes actual market trends and the theory of probability distribution. Based on
the possibility that future market trends could deviate from these assumptions, a back-test is performed
to cross-check the model-measured interest rate VaR with actual profits or losses, in order to confirm
the effectiveness of market risk measurements using VaR. In addition, a stress test, which goes beyond
the probability distribution of historical market movements is conducted in order to capture risks frommultifaceted perspectives.
The following points should generally be noted for VaR model measurement.
• VaR will differ depending on the confidence interval, holding period or observation period.
• VaR indicates the maximum amount of unrealized profits or losses at the time of measurement.
However, calculated VaR may not always be realized in the future with the certain probability because
the assumptions, such as market movements, could vary during holding period.
• VaR indicates the maximum value based on specific assumption. As such, it is imperative to keep
in mind that VaR may underestimate the potential losses when utilizing VaR as a risk management
measure.

(c) Liquidity risk management related to fund procurement
Long-term and stable funds such as fiscal loan funds, government-guaranteed bonds, and FILP agency bonds are used
to finance these operations and deposits are not accepted.
Cash flows are assessed and proper measures including establishing overdraft facility accounts with multiple private
sector financial institutions are taken to maintain daily cash flows for proper risk management.
(d) Derivative transactions
A protocol of internal checks with separate divisions executing transactions, assessing the effectiveness of the hedges,
and conducting office management has been established for derivative transactions, and these transactions are conductedaccording to derivatives-related regulations.

(4) Supplementary explanation concerning fair value of financial instruments
The fair value of financial instruments includes amounts based on market value and amounts that have been reasonably

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Financial
Statements

estimated when no market value is available. Set valuation inputs are used for the calculation of this amount, and if
different valuation inputs are used the resulting amount could vary.
Fair value of financial instruments
The carrying amount in the balance sheet as of March 31, 2013 and the related fair value, and difference is as follows.
Note that unlisted securities whose fair value is extremely difficult to be determined are not included in the following
chart (refer to Note 2).
(Millions of yen)Amount on
Balance Sheet

Fair value

Difference(1) Cash and due from banks

837,986

837,986—(2) Receivables under resale agreements

284,902

284,902—

Available-for-sale securities

22,00222,002—(4) Loans and bills discounted

10,555,128

1. Statutory Financial Statements

2.

(3) Securities

Allowance for loan losses (*1)(133,585)
10,421,542

10,475,935

54,392

Total assets

11,566,433

11,620,826

54,392(1) Borrowings

7,234,598

7,336,897

102,299(2) Bonds payable

2,215,962

2,312,996

97,034

Total liabilities

9,450,560

9,649,894

199,334

Derivative transactions (*2)
Derivative transactions not qualifying for hedge accounting
Derivative transactions qualifying for hedge accounting
Total derivative transactions
(*1)
(*2)

—

—

—

231,577

231,577—

231,577

231,577—

General allowance for loan losses, specific allowance for loan losses, and the allowance for possible loan losses on specific overseas loans have been deductedfrom loans.
Derivatives recorded in “other assets and other liabilities” are collectively displayed. The net values of assets and liabilities arising from derivative transactions
are displayed. The figures in parenthesis indicate net liabilities.

(Note 1) Valuation methodologies used for estimating fair values for financial instruments
Assets(1) Cash and due from banks
For Due from banks that do not mature or have a maturity under 3 months, the carrying amounts are usedas fair value because the carrying amount approximates the fair value.
(2) Receivables under resale agreements
For securities acquired under resale agreements, the carrying amounts are used as fair value because thecontractual terms are short (within 3 months) and the carrying amount approximates the fair value.
(3) Securities
The fair value of “Available-for-sale securities” is based upon the prices that are indicated from the financial
institutions that JBIC transacts with.
(4) Loans and bills discounted
For loans with variable interest rates an amount calculated by the floating rate note method to reflectmarket interest rates over the short term is used for fair value.
For loans with fixed interest, the total principal and interest is discounted by a risk free rate thatincorporates the default ratio and coverage ratio to calculate fair value. However for obligations on bankrupt borrowers, substantially bankrupt borrowers, and potentially bankrupt borrowers a provision for bad
debt is calculated based on the expected collectable amount from the collateral or guarantee. Fair value
approximates the amount on the balance sheet on the closing date after a deduction has been made forthe provision for bad debt, so this amount is used for fair value.
Liabilities(1) Borrowings
Borrowings with variable interest rates indicates that short-term market interest rates and the credit conditions of JBIC are not significantly altered by borrowings. Therefore, the carrying amount is used as fair value
because it is considered that the carrying amount approximates the fair value. For borrowings with a fixedinterest rate, in principle, fair value is calculated by discounting the principal and interest of the borrowings

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Financial
Statements

by the risk free rate (the standard Japanese government bond rate) based on the set period of loan.
(2) Bonds payable

1. Statutory Financial Statements

Market value is used for fair value of bonds.
Derivative transactions
Derivative transactions are discussed under “Derivative transactions.”(Note 2) Financial instruments for which fair values are considered to be extremely difficult to be determined are as
follows. They are not included in “Assets, (3) Securities.”(Millions of yen)Classificasion

Carrying amount of balance sheet

1) Unlisted stocks (subsidiaries and affiliates) (*1)—2) Unlisted stocks (other than subsidiaries and affiliates) (*1)

22,5963) Partnership investments (subsidiaries and affiliates) (*2)

70,822

4) Partnership investments (other than subsidiaries and affiliates) (*2)

6,760

Total
(*1)
(*2)

100,178

Since unlisted stocks do not have quoted market prices available and their fair value is extremely difficult to be determined, fair values are notstated.
For partnership investments composed of unlisted stocks that do not have quoted market prices available and for which fair value is extremely
difficult to be determined fair values are not stated.

(Note 3) Redemption schedule for receivables and redeemable securities with future redemption dates(Millions of yen)
Maturities
withinone year

Maturities
after
one year
but within
three years

Maturities
after
three years
but within
five years

Maturities
after
five years
but withinseven years

Maturities
after
seven years
but within
ten years

Maturities
after
ten years

Due from banks (*1)

837,986

—

—

—

—

—

Receivables under resale agreements

284,902

—

—

—

—

—

1,620

7,279

12,900———939,299

2,931,552

1,724,192

1,517,443

1,704,365

1,569,549

2,063,809

2,938,832

1,737,092

1,517,443

1,704,365

1,569,549

Securities (*2)
Available-for-sale securities
Loans and bills discounted *

( 2)

Total
(*1)
(*2)

Demand deposits contained within due from banks are stated as “Maturities within one year.”Within loans and securities, claims against bankrupt borrowers, substantially bankrupt borrowers, and potentially bankrupt borrowers contains
an amount of ¥168,725 million that is not expected to be redeemed and not included in the table above.

(Note 4) Redemption schedule for borrowings and bonds with future redemption dates(Millions of yen)
Maturities
withinone year

Maturities
after
one year
but within
three years

Maturities
after
three years
but within
five years

Maturities
after
five years
but withinseven years

Maturities
after
seven years
but within
ten years

Borrowings

829,816

2,289,560

3,561,380

349,142

204,700—

Bonds payable

321,440

898,417760,590

197,562

20,00020,0001,151,256

3,187,977

4,321,970

546,704

224,700

20,000

Total

Maturities
after
ten years

16. Market Value of Securities
The following tables contain information relating to negotiable certificates of deposit as well as “Other securities” that arepresented in the balance sheet.
(a) Trading securities
Not applicable(b) Held-to-maturity debt securities with market value
Not applicable

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Financial
Statements(c) Available-for-sale securities(Millions of yen)

Securities whose carrying

Securities whose carrying

—

—

—

Debt securities

—

—

—

Japanese government bonds

—

—

—

Corporate bonds

—

—

—

Others

18,20518,000205

Subtotal

18,20518,000205

Stocks———Debt securities

—

—

—

Japanese government bonds

—

—

—

Corporate bonds

—

—

—

Others273,797

273,800(2)

Subtotal

273,797

273,800(2)

292,002291,800

202

amount does not exceed
their acquisition cost

Difference

Stocksamount exceeds theiracquisition cost

Acquisition cost

Total

1. Statutory Financial Statements

Type

Carrying amount onbalance sheet(d) Held-to-maturity debt securities sold during the fiscal year ended March 31, 2013
Not applicable(e) Available-for-sale securities sold during the fiscal year ended March 31, 2013
Not applicable(f)Change in classification of securities
Not applicable(g) Impairment of securities
Not applicable(h) Money held in trust
Not applicable(i)

Net unrealized gains (losses) on available-for-sale securities are as follows:(Fiscal year ended March 31, 2013)(Millions of yen)March 31, 2013

Valuation difference

2,221

Other money held in trust—

Valuation Difference on available-for-sale securities
(*)

2,221

Available-for-sale securities *2,221“Available-for-sale securities” includes foreign exchange translation differences in respect of available-for-sale securities whose fair value cannot be readily
determined.

17. Derivatives transactions
Notes to derivative transactions in the fiscal year ended March 31, 2013 are as follows;(a) Derivative transactions not qualifying for hedge accounting
Contact value does not equate to the market risk of the derivative transactions.
		(i)Interest rate-related transactions

		(ii) Currency-related transactions

Not applicableNot applicable		(iii) Equity-related transactions
Not applicable

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Financial
Statements		(iv) Bond-related transactions

		(v) Commodity-related transactions

Not applicable
1. Statutory Financial Statements

Not applicable		(vi) Credit derivative transactions
Not applicable(b) Derivative transactions qualifying for hedge accounting
For derivative transactions qualifying for hedge accounting, contract value as of the settlement date or notional amountdefined in agreements, and fair value and its calculation method, by hedged item and by hedge accounting method, areas follows. Contract value does not indicate the market risk of the derivative transactions.
		(i)Interest rate-related transactions(Fiscal year ended March 31, 2013)(Millions of yen)Hedge
accounting
method

Basic

Type

Interest rate swap

accounting

Major hedged items

Loans and bills discounted
Corporate bonds

Receive / fixed and pay / floating

1,705,469

1,556,724

69,240Receive / floating and pay / fixed

592,416590,036(47,370)

Receive / floating and pay / floating

58,50458,504

69——

21,940Total(Note)

Fair value

Borrowings

method		Contract value
Contract value (Maturing after
one year)Calculation of fair value is based on the discounted cash flows.

(ii) Currency-related transactions(Fiscal year ended March 31, 2013)(Millions of yen)Hedge
accounting
method

Basic

Type

Currency swap

Major hedged items

Fair value

4,149,728

3,754,303

209,632

Sell

29

—

0

Buy

84

—

4

—

—

209,636

accounting

Loans and bills discounted

Contract value
Contract value (Maturing after
one year)

Borrowings

methodCorporate bonds
Forward foreign exchange contracts Loans and bills discounted

Total

Note 1. These are mainly accounted for using the deferred method of hedge accounting under “Accounting and
Auditing Treatment Relating to Adoption of Accounting Standard for Foreign Currency Transactions for
Banks” (JICPA Industry Audit Commitee Report No. 25).
Note 2. Calculation of fair value is based on the discounted cash flows.
		(iii) Equity-related transactions

		(iv) Bond-related transactions

Not applicableNot applicable

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18. Retirement benefits
JBIC has a defined benefit pension plan comprising of a welfare pension fund plan and a lump-sum severance indemnity plan.

1. Statutory Financial Statements(a) The funded status of the pension plans(Millions of yen)
Disposition

March 31, 2012

Projected benefit obligations(A)(20,375)

Fair value of plans’ assets(B)    4,780

Unfunded pension obligations(C)=(A)+(B)(15,595)

Unrecognized prior service costs(D)—

Actuarial unrecognized  difference(E)         —Net amount recognized on the balance sheet(F)=(C)+(D)+(E)(15,595)

Prepaid pension cost(G)         —Provision for retirement benefits(H)=(F)–(G)(15,595)(b) Component of pension cost
(Millions of yen)
Disposition

March 31, 2012

Service cost

554

Interest cost

192

Expected return on plans’ assets(83)

Amortization of prior service cost accounted for as expense—

Actuarial differences accounted for as expense

2,388

Other costs         —Net pension cost    3,051(Note)

Employee contributions to pension funds have been deducted from the Service cost.

(c) Principal assumptions made		(i)Discount rate
March 31, 2013

Discount rate

		

1.1%

(ii) Expected rate of return on plan assets
March 31, 2013

Expected rate of return on plan assets

		

2.0%

(iii) Method of attributing the projected benefits to periods of services
Straight-line basis		(iv) Terms to amortize unrecognized prior service costs

		(v) Terms to amortize actuarial unrecognized differences

Charged to expenses in the fiscal year of occurrence.
Charged to expenses in the fiscal year of occurrence.
19. Deferred tax accounting
JBIC does not apply deferred tax accounting since JBIC is a nontaxable entity classified in the Article 2, Paragraph 5 of the
Corporation Tax Act (Act No. 34, 1965).
20. Segment Information(a) Segment Summary
The Reportable Segments of JBIC are components for which discrete financial information is available and whose operating

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Financial
Statements

results are regularly reviewed by CEO and Board of Directors to assess performance.
JBIC conducts JBIC Operations and Financial Operations for Facilitating Realignment of United States Forces in Japan.

1. Statutory Financial Statements

In order to attain each goal, JBIC divides its operations, based on the JBIC Act and other relevant acts, into two reportable segments. JBIC’s Reportable Segments are “JBIC Operations” and “Financial Operations for Facilitating Realignmentof United States Forces in Japan”. For the Financial Account Related Operations for Facilitating Realignment of UnitedStates Forces in Japan, the financial information as of November 30, 2012 is presented as the account was abolishedon the same date.
(b) Basis of calculation for segment information by reportable segments
The accounting policies of segment are substantially the same as those described in “Significant accounting policies.”
Segment profit is based on net profit.
(c) Segment information by reportable segments
Fiscal year ended March 31, 2013 (From April 1, 2012 to March 31, 2013)(Millions of yen)

JBIC
Operations

Financial
Operations
for Facilitating
Realignment of
United States
Forces in Japan

Reportable
Segment(Subtotal)

217,035

256

217,291—

217,291

4

1

5

(5)

—
217,291

AdjustmentsandEliminations

Total

Ordinary income:Ordinary income from outside customers
Inter-segment ordinary income
Total

217,040257

217,297(5)

Segment profit

63,370214

63,585—63,585

Segment assets

14,430,245—

14,430,245—

14,430,245

Segment liabilities

12,083,506—

12,083,506—

12,083,506

Other items
Depreciation

1,018

0

1,018

—

1,018

Interest income

167,947—

167,947—

167,947

Interest expense

119,510—

119,510—

119,510Extraordinary income

1

—

1

—

1

Extraordinary loss

—

—

—

—

—

803

—

803

—

803

Increase in property, plant and equipment, andintangible assets

Note 1. Ordinary income is shown in place of Sales for non-financial companies.
Note 2. Adjustments for segment profits include ¥5 million of elimination of inter-segment transactions.
(d) Related Information
Fiscal year ended March 31, 2013 (From April 1, 2012 to March 31, 2013)
		(i)

Information about Services
JBIC classifies its operation into two operation accounts for financial reporting purposes. Refer to “20 (c). Segment
information by reportable segments” for information about Services.

(ii) Information about Geographical Areas① Ordinary income:(Millions of yen)Japan

Asia / Oceania

Europe / Middle East /Africa40,85270,52854,300

North America /Latin America

51,610Total

217,291

Note 1. Ordinary income is shown in place of Sales for non-financial companies.
Note 2. Ordinary income is classified into “Japan”, “Asia/ Oceania”, “Europe/ Middle East/ Africa” and “North America/
Latin America” depending on the customers’ location .
② Property, plant and equipment
The information about property, plant and equipment is omitted since more than 90% of property, plant equip-

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Financial
Statements

ment on the Balance Sheet are located in Japan.
		(iii) Information about Major Customers
result in more than 10% of ordinary income on the Statement of Operation.

(e) Information about impairment loss of property, plant and equipment in Reportable Segments
Not applicable(f)

Information about the amortization and balance of goodwill in Reportable Segments
Not applicable

1. Statutory Financial Statements

The information about major customers is omitted since there are no transactions with a certain customer which(g) Information about the gains from recognition of negative goodwill in Reportable Segments
Not applicable
21. Profit and Loss on equity method(a) Affiliates(Millions of yen)March 31, 2013

Investment in affiliates

70,822

Investment in affiliates (equity method)

70,822

Profit of Investment in affiliates (equity method)—(b) Special purpose entities
Not applicable.
22. Related party transactions
Related party transactions in the fiscal year ended March 31, 2013 are as follows;(a) Transactions with parent company and major shareholder companies(Millions of yen)
Corporate
nameLocation

CapitalBusiness

Ratio to
Total
VotingRights (%)

Relationwithrelatedparties

Transactions

Underwritingof capitalincreaseAmounts oftransactions

Items

69,000

Balance asof March 31,
2013

—

—

(Note 2)

Ministry of
Finance
Principal
Tokyo,
shareholder (Minister of Chiyoda-ku
Finance)(Note 1)—

Administration
Receipt
for policy
100
of fund,based(Direct)etc.
financing

Receipt offunds (Note 3)

2,144,992 Borrowings 7,234,598

Repaymentof borrowing

645,564

Payment ofinterest on
borrowings

63,723

Guarantee
for corporate
bonds (Note 4)

Accruedexpenses

1,526,051—

14,675—Note 1. Transactions with the ministries and agencies other than Ministry of Finance are as follows:
Ministry of Defense: Receipts from the national budget (subsidy from the government) ¥256 million
2. The underwriting of capital increase represents the increase in capital through shareholder allocation by JBIC
at an allocation amount of ¥1 per share.
3. The receipt of funds represents borrowings from the FILP special account and foreign exchange funds special
account. FILP interest rates are applied under the FILP agreement, while the interest rate under the respective
agreements with foreign exchange funds special account is applied to the borrowing from foreign exchange
funds.
4. No guarantee fee has been paid for the guarantee of bonds.
5. Figures in the table above do not include consumption taxes.

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Financial
Statements(b) Transactions with fellow subsidiaries and affiliates’ subsidiaries(Millions of yen)

1. Statutory Financial Statements

Corporate
name

Type

Companiesthat had the
majority of
their voting
rights heldby principal
shareholders

Location

CapitalBusiness

Ratio to Relation
Amounts of
Total
with
Items
Transactionstransactions
VotingrelatedRights (%) parties

Balance asof March
31, 2013

Japan
Official
International Tokyo,
7,782,076 development
Cooperation Chiyoda-ku
assistanceAgencyNone

Joint
obligorJoint
obligations

990,145

—

—

Japan
Finance
Corporation

None

Joint
obligorJoint
obligations

1,063,475——

Tokyo,
3,455,015 Finance
Chiyoda-ku(Note 1, 4)(Note 2, 4)(Note 3)Note 1. JBIC assumed the obligations of the JBIC bonds in accordance with Article 12 (1) of the Supplementary Provisionsof the JBIC Act, and the Japan International Cooperation Agency (“JICA”) is jointly responsible for the obligationsof these bonds in accordance with Article 4 (1) of Supplementary Provisions of the Japan International Cooperation Agency Act. Pursuant to Article 4 (2) hereof, all of JICA assets are pledged as general collateral for thesejoint obligations.
2. JBIC assumed the obligations of the JFC bonds in accordance with Article 12 (1) of Supplementary Provisions of
the JBIC Act, and JFC is jointly responsible for the obligations of these bonds in accordance with Article 46-2 (1)of Supplementary Provisions of the JFC Act. Pursuant to Article 46-2 (2) hereof, all of JFC’s assets are pledged
as general collateral for these joint obligations.
3. JBIC is jointly responsible for the obligations of the JFC bonds of ¥1,085,000 million in accordance with Article 17(1) (ii) of Supplementary Provisions of the JBIC Act. In accordance with Article 17 (2) hereof, all of JBIC’s assets
are all pledged as general collateral for these joint obligations.
4. In relation to these joint obligations, no transactions are recognized in the statement of operations.
23. Amounts per share
Amounts per share as of fiscal year ended March 31, 2013 are calculated as follows;(Yen)
March 31, 2013

Net Assets per share of common stock

1.72

Net profit per share of common stock

0.04

Note 1. Net income per share of common stock is based on the following information.
Diluted net profit per share of common stock is not presented since there are no diluted stocks.
(Millions of yen)March 31, 2013
Net income

63,585

Amount not attribute to common stock—

Net income related to common stock
Average outstanding shares of common stock (during the period)

63,585
1,291,756,164
thousands of shares

2. Net assets per share of common stock is based on the following information.
(Millions of yen)March 31, 2013
Net Assets

2,346,738

Deductions from net assets—

Net Assets related to common stockYear-end outstanding shares of common stock on which net assets per share was calculated

2,346,738
1,360,000,000
thousands of shares

24. Subsequent Events
On April 1, 2013, JBIC obtained an approval from the Minister of Health, Labour and Welfare for an exemption from theobligation to pay benefits for future employee services related to the substitutional portion of the Japan Finance Corporation
Employee’s pension fund which resulted in the transfer of the obligations and related assets to the government.

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Financial
Statements

JBIC will recognize a gain or loss on the transfer and will recognize the extinguishment of the obligation for benefits
related to past employee services under the substitutional portion of the pension fund as of the date of approval of the
JBIC is currently evaluating the impact on the results of its operation
25. Fixed assets
Fixed assets as of March 31, 2013 are as follows;
Balance atthe beginningof current
periodClass of asset(Millions of yen)
Increaseduring theperiodDecreaseduring theperiodBalanceat the endof current
periodNet fixed
assets

Accumulated
Depreciation
depreciation

1. Statutory Financial Statements

transfer and the date of the transfer of related assets, respectively.

Property, plant and equipment
Buildings

3,174

183

0

3,356

190

190

3,166

Land

24,694−−

24,694−−

24,694
37

Lease assets

12

41

−

54

16

16

Construction in progress

13

297

304

5

−

−

5

Other

250

153

0

403

101

101

301

28,145675

305

28,515308

308

28,206

1,522

432

−

1,954

614

614

1,340

107

−

−

107

95

95

11

−

126

126

−

−

−

−

1,629

559

126

2,061

709

709

1,352

Total property, plant and equipment
Intangible assets
SoftwareLease assets
Other
Total intangible assets

26. Bond payable
Major components of bonds payable as of March 31, 2013 are as follows;(Millions of yen)
Description of bonds
payableGovernment
guaranteed JBIC bonds
6th–8th, 13th, 15–17th

Balance at theDate of issuance beginning of current
periodDec 2, 2003–
Jun 18, 2008

Balance at the endof current period

Interest rate(%)

477,799

399,928

3.375~5.250(USD 4,146,065 thousand)[201,385](EUR 1,248,040 thousand)Collateral

Maturity date

Remarks

General Nov 26, 2012–
collateral Mar 23, 2016
*1

(USD 2,648,972 thousand)[USD 1,499,682 thousand](EUR 1,249,006 thousand)[EUR 499,792 thousand]Government
guaranteed JFC (JBIC)
foreign bonds 2nd–9th

Nov 5, 2009–
Feb 7, 2012

1,210,952

892,323(USD 14,733,573 thousand)(USD 9,487,752 thousand)1.500~2.875

Government
Jul 19, 2012–
guaranteed JBIC foreign Mar 19, 2013bonds 1st–2nd−

JBIC FILP Agency Bonds Feb 6, 2004–
10th, 12th, 13th, 16th, 18th, May 29, 2008
19th, 21st–23rd, 25th, 27th,
29th, 30th

519,895

Oct 29, 2009–
May 9, 2011

169,989

169,9900.421~1.430−

2,378,637

2,215,962−

JFC FILP Agency Bonds
3rd, 7th, 12th, 17th
Total

233,799

1.125~2.300

General Jul 19, 2017–
collateral Mar 19, 2018

1.340~2.090

General Dec 20, 2013–
collateral Dec 19, 2025

(USD 1,993,929 thousand)(CAD 499,791 thousand)

519,920

General Jul 6, 2012–
collateral Feb 7, 2019

[119,994]

General Dec 19, 2014–
collateral Sep 20, 2019
−

−

*2

*1

*2
−

Note 1. The amounts of foreign currency-denominated bonds are shown in original currencies in parentheses (    ).
2. Figures indicated in brackets [    ] represent the amounts to be redeemed within one year.
3. JBIC assumed the obligations in respect of the government guaranteed JBIC bonds and the JBIC bonds (Note 1)
which had been issued by JBIC before JFC was established, and JBIC and JICA are now jointly responsible for theseobligations in accordance with the JBIC Act.
JBIC also assumed from JFC the obligations concerning the government guaranteed JFC (JBIC) foreign bonds andthe JFC corporate bonds (Note 2), and JBIC and JFC are now jointly responsible for these obligations pursuant to
the JBIC Act.

JBIC Annual Report 2013

117

Data

2
Financial
Statements

4. The redemption schedule of bond payable for each of the next five years as of March 31, 2013 is as follows:(Millions of yen)

1. Statutory Financial Statements

Within 1 year
AmountAfter 1 year
After 2 years
but within 2 years but within 3 years

321,440

355,135

After 3 years
but within 4 years

After 4 years
but within 5 years

426,200

334,390543,282

27. Borrowings
Borrowings as of March 31, 2013 are as follows;(Millions of yen)
Balance atthe beginning ofcurrent period

Disposition

Balance atthe end ofcurrent period

Averageinterest rate(%)

Due date of payment

Borrowed money

5,255,489

7,234,598

0.78−

Borrowings

5,255,489

7,234,598

0.78

April 2013–February 2023

Lease obligation (Due within one year)

112

23

−

−

Lease obligation (Due after one year)

13

35

−

September 2017

293,090105,2400.058−

293,090105,240

0.058−

Other interest-bearing liabilities
Cash collateral received for financial instruments

Note 1. Average interest rates represent the weighted-average interest rates of debts calculated from the interest rates andbalances of debt outstanding as at the end of the current period.
2. As for the lease obligation, there is no average lease rate since the short-cut method is applied for these transactions.
3. There is no fixed maturity date for the repayment of cash collateral received for financial instruments.
4. Borrowed money and lease obligation maturities for the next five years as of March 31, 2013 are as follows:(Millions of yen)
Within 1 year
Borrowings

After 1 year
After 2 years
but within 2 years but within 3 years

After 3 years
but within 4 years

After 4 years
but within 5 years

829,816

1,287,151

1,002,409

943,5632,617,817

23

10

10

10

5

Lease obligations

28. Reserves
Reserves as of March 31, 2013 are as follows;

Disposition

Allowance for loan losses(Millions of yen)
Balance atthe beginningof current
periodIncreaseduringthe period

Decreaseduringthe period(use forpurpose)Decreaseduringthe period(others)

Balance atthe end ofcurrent period

124,271

54,513−39,893

138,891

General allowance for loan losses

19,94632,612−

19,94632,612

Specific allowance for loan losses

86,387

2,009

−

2,009

86,387

Allowance for possible losses on specific overseas loans

17,937

19,891−

17,937

19,891

501

445

501

−

445

Provision for directors’ bonuses

0

5

0

−

5

Provision for directors’ retirement benefits

17

11

−

−

29

124,790

54,976501

39,893

139,372

Provision for bonuses

Total

Note The main factors in the decrease during the period in each of the following reserves is as follows:
General allowance for possible loan losses: Decrease is due to reversal
Specific allowance for possible loan losses: Decrease is due to collection, etc.
Allowance for possible losses on specific overseas loans: Decrease is due to reversal
29. Asset Retirement Obligation
Not applicable

118

JBIC Annual Report 2013

Data

2
Financial
Statements

30. Components of major assets and liabilities
Components of major assets and liabilities as of March 31, 2013 are as follows:(i)		(ii) Other securities:		(iii) Prepaid expenses:

1. Statutory Financial Statements(a) Assets
		

Due from banks:
Deposits with Bank of Japan (¥23,154 million) and other banks (¥814,832 million)
Foreign securities (¥122,181 million)
General and administrative expenses (¥307 million)		(iv) Accrued income:		(v) Other assets:

Accrued interest income on loans (¥32,300 million), and others
Cash collateral paid for financial instruments (¥39,070 million), and others(b) Liabilities
		(i)Accrued expenses:
Accrued interest on borrowings and rediscounts (¥14,675 million), accrued interest on bonds (¥12,106 million),and others		(ii) Unearned revenue:		(iii) Other liabilities:

Guarantee commission (¥50,100 million), and others
Cash collateral received for financial instruments (¥105,240 million), and others

JBIC Annual Report 2013

119

Data

2
Financial
Statements

2· Composition of Liabilities and Net Assets(Unit: millions of yen, %)March 31, 2013
Amount% (Note)2. Composition of Liabilities and Net Assets
3. The Average Balance of Interest-earning Assets and Interest-bearing Liabilities, Interest and Earning Yields

12,083,506

83.7

Borrowed Money

7,234,598

50.1

Bonds Payable

2,215,962

15.4

Acceptances and Guarantees

2,400,699

16.6

Liabilities

Other

232,247

1.6

Net Assets

2,346,738

16.3

1,360,000

9.4

851,685

5.9

2,221

0.0

132,8310.9

14,430,245

100

Capital Stock
Retained Earnings
Valuation Difference on Available-for-sale Securities
Deferred Gains or Losses on Hedges
Total Liabilities and Net Assets(Note) Ratio to Liabilities and Net Assets added.

(Information on the Capital Adequacy Ratios)
Although the Banking Act does not apply to JBIC, the capital adequacy ratios for JBIC operations, which are calculated in accordancewith Basel II framework and relevant international standards, are set in the table below.
(Unit: millions of yen)Core Capital (Tier I)(A)2,182,221

Supplementary Capital (Tier II)(B)

32,612

Exclusion(C)－

Total Capital (A)+(B)−(C)(D)

2,214,834

Risk Assets, etc.

(E)11,064,248

Total Capital Ratio (D)/(E)20.02%

3· The Average Balance of Interest-earning Assets andInterest-bearing Liabilities, Interest and Earning Yields(Unit: millions of yen, %)Fiscal Year Ended March 31, 2013
Average Balance

Interest-earning Assets
Loans and Bills Discounted

120Interest

Earning Yields

9,908,559

167,947

1.69

8,630,420

132,408

1.53

Due from Banks

461,807

1,232

0.27

Interest-bearing Liabilities

8,384,335

119,510

1.43

Borrowed Money

5,874,376

63,797

1.09

Bonds Payable

2,222,932

55,476

2.50

JBIC Annual Report 2013

Data

4· Breakdown of Operating Expenses

2
Financial
Statements(Unit: millions of yen)

Fiscal Year Ended March 31, 2013

4,685

Expenses for Retirement Benefits

3,051

Welfare Benefits

545

Amortization of Property and Equipment

1,018

Leasing on Land, Buildings and Machinery

184

Building Maintenance229

Supplies

202

Utilities

94

Traveling Expenses

4. Breakdown of Operating Expenses
5. Balance of Due from Banks, Receivables under Resale Agreements and Securities—Application of Surplus Funds

Salaries and Other Compensations

1,270

Communications

92

Advertising Expenses

3Fees, Donations and Social Expenses

14

Taxes

298

Other

5,859

Total

17,5515· Balance of Due from Banks,

Receivables under Resale Agreements and Securities—Application of Surplus Funds(Unit: millions of yen)March 31, 2013

Due from Banks in Japanese Yen

310,000

Due from Banks in Foreign Currencies

425,707

Receivables under Resale Agreements

284,902

Securities－

JBIC Annual Report 2013

121

Data

2
Financial
Statements

6· Information on Derivative Transactions

6. Information on Derivative Transactions(1) Basic Policy for Derivative Transactions(4) Measures to Address These Risks

JBIC engages in derivatives transactions exclusively for theCounterparty Credit Risk

purpose of hedging exchange rate and interest rate risks.

JBIC constantly monitors the market value of a derivative inmaking transaction with each counterparty, credit risk expo-(2) Transactions

sure to it and its creditworthiness. Such information is then

Derivatives transactions of JBIC include interest rate and cur-used to assess the appropriateness of making transaction

rency swaps and forward exchange contracts. The following

with it.

table gives a summary of these transactions.

Market Risk
JBIC utilizes derivatives transactions exclusively for the pur-(3) Risks Involved in Derivatives Transactions

pose of hedging. Therefore, the market risk on derivatives

Derivatives transactions involve the following risks.

transactions and the risk on hedged (lending or funding)Counterparty Credit Risk

transactions, in principle, offset each other.

The potential loss from the failure of a counterparty to perform
its obligations in accordance with the terms and conditionsof the contract governing transactions due to bankruptcy orits deteriorating business performance.

Market Risk
The potential loss from changes in the market value of financial products due to fluctuations in interest rates or exchange
rates in the market.
(As of March 31, 2013; 100 millions of yen)Contract Amounts /Notional Amounts

Credit Risk Amounts

Market Value

Interest Rate Swaps

24,560895

219

Currency Swaps

41,497

6,047

2,096

Forward Exchange Contracts

1

0

0

Other Derivatives

─

─

─

(2,845)Credit Risk Reductions through Netting
Total

66,058

4,097

2,315

(Note) “The credit risk amounts” are calculated under Uniform International Standards in accordance with the Banking Act of Japan and the related regulations.

122

JBIC Annual Report 2013

Data

7· Yield / Interest Rate

2
Financial
Statements(Unit: %)Fiscal Year Ended March 31, 2013

0.27(A)−(B)

1.70

Costs of Interest-bearing Liabilities (B)1.43

9. Loans Outstanding by Industry

8· Loans Outstanding per Employee

8. Loans Outstanding per Employee(Note) Yields on Interest-earning Assets = Interest / Average Balance of Interest-earning Assets
Costs of Interest-bearing Liabilities = Interest Expenses / Average Balance of Interest-bearing Liabilities
Cf. Interest = Interest on Loans and Discounts + Interest on Securities + Interest on Receivables under Resale Agreements + Interest on Deposits with Banks+ Interest on interest swaps + Other interest income
Average Balance of Interest-earning Assets = Loans and Bills Discounted + Securities + Receivables under Resale Agreements+ Cash Equivalents (excluding due from banks) + Capital pledged for derivative transactions
Interest Expenses = Interest on Borrowings and Rediscounts + Interest on Bonds + Interest on interest swaps + Other interest expenses
Average Balance of Interest-bearing Liabilities = Borrowed Money + Bonds Payable + Collateral accepted for derivative transactions

7. Yield / Interest Rate

Yields on Interest-earning Assets (A)(Unit: millions of yen)March 31, 2013

19,692

9· Loans Outstanding by Industry(Unit: millions of yen)

Industry

March 31, 2013
Number of Loans

Balance

Manufacturing

91

297,487

Mining and Quarrying of Stone and Gravel10

280,876

Construction

2

2,628

Electricity, Gas, Heat Supply, and Water

5

327,458

Information and Communications

1

1,400

Transport and Postal Services

541,636Wholesale Trade

19

857,525

Finance and Insurance

16

1,901,498

7

45,300Overseas Yen Loan and Domestic Loans Transferred Overseas

450

6,807,548

Total, Including Others

606

10,563,360

Loans Outstanding to Small and Medium-sized Enterprises

72

10,447Loans Outstanding to Mid-tier Enterprises

60

20,524

Goods Rental and Leasing(Note) In this table, small and medium-sized enterprises are defined as domestic corporations with the capital of ¥300 million or less or corporations and individuals having 300
or less employees on the regular pay roll.
Mid-tier enterprises are defined as domestic corporations with the capital of ¥1 billion or less (excluding small and medium-sized enterprises).

JBIC Annual Report 2013

123

Data

2
Financial
Statements

10· Write-off of Loans(Unit: millions of yen)

Fiscal Year Ended March 31, 2013

─
10. Write-off of Loans
11. Assets in Major Foreign Currencies

11· Assets in Major Foreign Currencies(Unit: thousands of regarding currency unit)

March 31, 2013124

Cash Equivalents in Foreign Currency (US$)

5,110,297

Cash Equivalents in Foreign Currency (STG£)

17,793

Cash Equivalents in Foreign Currency (EUR)

10,411

Cash Equivalents in Foreign Currency (AUD)0

Cash Equivalents in Foreign Currency (CAD)

192,465

Investments in Foreign Currency (US$)

900,047

Equity Investments in Foreign Currency (US$)

103,588

Equity Investments in Foreign Currency (EUR)

0

Equity Investments in Foreign Currency (CNY)18,000Equity Investments in Foreign Currency (SGD)

165,999

Loans in Foreign Currency (US$)

88,219,328

Loans in Foreign Currency (EUR)

558,771

Loans in Foreign Currency (ZAR)

359,900

Loans in Foreign Currency (AUD)

330,397

Loans in Foreign Currency (THB)

3,132,900

Loans in Foreign Currency (SDR)

669,180

Loans in Foreign Currency (CAD)

1,209,770

Loans in Foreign Currency (IDR)

230,000,000

JBIC Annual Report 2013

Data

12· Administrative Expense Ratio

2
Financial
Statements(Units: %)Fiscal Year Ended March 31, 2013

0.16

Administrative Expense Ratio

12. Administrative Expense Ratio(Note) Administrative Expense Ratio = General and Administrative Expenses / (Average Balance of Loans and Bills Discounted +Average Balance of Securities + Average Balance of Customers' Liabilities for Acceptances and Guarantees)

Maturity Structure of Loans as of March 31, 2013
(Unit: 100 millions of yen)

Maturity

Collection from Loans

1 Year or Less

9,392

1–2 Years

16,147

2–3 Years

13,167

3–4 Years

8,308

4–5 Years

8,933

5–6 Years

7,586

6–7 Years

7,587

7–8 Years

6,401

8–9 Years

6,071

9–10 Years

4,570

11-15 Years

11,86516-20 Years

3,673

21-25 Years

137

26-30 Years

19

31-35 Years─

36-40 Years

─Over 40 Years

─

Total

Maturity Structure of Long-term Borrowing andBorrowings from the Special Account of
the Former Postal Life Insurance as of March 31, 2013
(Unit: 100 millions of yen)

Maturity

1 Year or Less

8,298

1–2 Years

12,871

2–3 Years

10,024

3–4 Years

9,435

4–5 Years

26,178

5–6 Years

3,301

6–7 Years

190

7–8 Years

─

8–9 Years─

9–10 Years

2,047

Over 10 Years─
72,345

Total

Maturity Structure of Bonds and Notes as of March 31, 2013
(Unit: 100 millions of yen)

103,864(Note) The figures exclude: ¥168,725 million, the amount of loans and other credits
to debtors who are legally or substantially bankrupt, as well as those whoare likely to become bankrupt, since they have no prospect for redemption.

Repayment of Borrowings

13. Balance of Loans / Borrowings, Bonds and Notes by Maturity

13· Balance of Loans / Borrowings, Bonds and Notes by Maturity

Maturity

Redemption of Bonds and Notes

1 Year or Less

3,214

1–2 Years

3,551

2–3 Years

5,432

3–4 Years

4,262

4–5 Years

3,343

5–6 Years

1,375

6–7 Years

600

7–8 Years

200

8–9 Years─

9–10 Years
Over 10 Years
Total

─
200
22,180JBIC Annual Report 2013

125

Data

2
Financial
Statements

14· Information on the Quality of Assets
Although the Banking Act and Act on Emergency Measures

1. Bankrupt Loans

14. Information on the Quality of Assets

for the Revitalization of the Financial Functions of 1998 (theAmong loans that are placed in non-accrual status (except“Financial Revitalization Act”) do not apply to JBIC, JBIC has

the portion deduced as allowance for loan losses), when

made a self-assessment of the quality of its assets since thecollection of either principal or interest becomes doubtful

fiscal year ended March 31, 2001, in accordance with the stan-for the reason that principal or interest is past due for a con-dards set forth in the Inspection Manual for Deposit-Taking

siderable period of time or for other reasons, those loans for

Institutions (last revised in April, 2013) of the Financial Services

which there is filing of reorganization procedures under the

Agency of Japan. This was aimed at increasing disclosure on

Corporate Reorganization Act rehabilitation procedures un-

its asset quality and improving the internal management of

der the Civil Rehabilitation Act, bankruptcy procedures undercredit risks.

the Bankruptcy Act, special liquidation procedures under the

One characteristic of JBIC’s operations is that a consider-Companies Act or other relevant laws, or there is suspension

able portion of its loans is official credit for the governmentsof transactions in promissory notes issued by the debtors inof developing countries. Thus, when an indebted country is

the clearing house.(Note 1)

temporarily unable to service debt due to economic difficulties, debt rescheduling will sometimes take place—based on

2. Non-accrual Loans

an international agreement among the creditor countries in

Loans that are placed in non-accrual status except those

the Paris Club—in order to ensure sustainable debt service. A

classified as “Bankrupt Loans” or those whose interest pay-

debtor country receiving such temporary support for overcom-

ments are deferred in order to expedite the debtors’ businessing the liquidity problem will implement economic restructur-

restructuring or support their business operations.

ing programs agreed upon with the International Monetary
Fund (IMF) to acquire sustainable debt service capacity.
The loans rescheduled under the agreement in the Paris

3. Past Due Loans (3 months or more)
Loans whose principal or interest is past due 3 months orClub have a high probability of repayment, because, unlike

more from the date following the contractually scheduledloans provided by private financial institutions, their nature

payment date and not classified as “Bankrupt Loans” or “Non-as official credit provides an asset-securing mechanism underaccrual Loans”.

the above international framework. Nonetheless, to facilitatecomparison with private financial institutions, JBIC, in principle,

4. Restructured Loansdiscloses the loans rescheduled in the Paris Club and whose

Loans whose terms and conditions are modified in favor of

debtor countries are categorized as “Needs Attention” in its

the debtors in order to expedite the debtors’ business re-self-assessment of asset quality, as loan assets required to be

structuring or support their business operations by, among

disclosed classifying them either as restructured loans (underothers, reducing the stated interest rate, deferring interest pay-

the Banking Act) or substandard loans (under the Financial

ments or write-downs, and that are not classified as “Bankrupt

Revitalization Act).

Loans”, “Non-accrual Loans” and “Past Due Loans (3 months

ERNST & YOUNG SHINNIHON LLC audited JBIC’s self-

or more)”.(Note 2)

assessment regarding the quality of its assets, including the(Unit: millions of yen)following risk-monitored loans, loans to be disclosed under

Fiscal Year Ended
March 31, 2012

the Financial Revitalization Act and reserves for possible loan
losses, in accordance with the Practical Guidelines for Evalu-

Bankrupt Loans──

ation of Internal Control over Valuation of Assets and Audits

Non-accrual Loans

101,565

96,140for Write-Offs and Reserve for Possible Loan Losses of Banks

Past Due Loans(3 months or more)

176

69,065

Restructured Loans

83,014

79,976and Similar Institutions (Report No. 4 of the Ad Hoc Committee
for Audits of Banks, the Japanese Institute of Certified Public
Accountants (JICPA)).

Total (1)

1. Risk-Monitored Loans(1) / (2) (%)

The following table shows the classification of risk-monitoredloans based on the self-assessment of asset quality in accordance with the disclosure standard of risk-monitored loans
applied to commercial financial institutions (under the Banking
Act).
Each category of risk-monitored loans is defined as follows:

126

Fiscal Year Ended
March 31, 2013

JBIC Annual Report 2013

Total Amounts of Loans (2)184,755

245,183

8,110,356

10,555,128

2.28

2.32

Data

2
Fiscal Year Ended Fiscal Year Ended
March 31, 2012
March 31, 2013

on the self-assessment of asset quality in accordance with

Doubtful Assets

the disclosure standard of the Financial Revitalization Act.

1. Bankrupt and Quasi-bankrupt Assets“Bankrupt and Quasi-bankrupt Assets” are loans and othercredits to debtors who have begun proceedings under the
Bankruptcy Act, the Corporate Reorganization Act, the Civil

Loans

658

－

100,906

96,140Substandard Loans

83,190149,042

Subtotal (1)184,755

245,183

Normal Assets

10,335,469

12,744,811

Total (2)10,520,225

12,989,995

1.76

1.89

(1) / (2) (%)

Rehabilitation Act and other similar laws of Japan and havefinancially failed. In the asset quality self-assessment, theseloans are loans to debtors who are legally or substantiallybankrupt.

2. Doubtful Assets“Doubtful Assets” are loans and other credits to debtors
whose financial and operational conditions have deteriorated
and who have a possibility that payment of principal and / orinterest will not be made on a contractual basis. In the asset
quality self-assessment, these loans are loans to the debtors
who are likely to become bankrupt.

3. Substandard Loans“Substandard Loans” are loans to debtors who are categorized as “Needs Attention Debtor” in the asset quality selfassessment, and(i) loans whose principal and / or interest is overdue 3months or more from the date following the scheduled
payment date but which are not categorized as “Bankrupt

Note 1
According to the Banking Act, which provides the disclosure requirements of “Riskmonitored Loans” adopted by commercial financial institutions in Japan, the loans tooverseas public debtors which meet all of the following conditions must be disclosed
as “Bankrupt Loans”: (1) no payment of principal and its interest 3 years before termend, (2) no agreement for the extension of the repayment deadlines 3 years before
term-end and (3) no concrete plan to conclude an agreement for the extension of therepayment deadline at term-end. In the table shown on the previous page, however,taking into consideration the international cooperation framework on public debt
mentioned above, the overseas public debtors who meet the conditions above areclassified as “Potentially Bankrupt Debtors” under the asset quality self-assessment
criteria and loans to such debtors are classified as “Non-accrual Loans” under thedisclosure of “Risk-monitored Loans”.

14. Information on the Quality of Assets

Bankrupt and Quasibankrupt Assets

The following table shows the classification of loans based

Financial
Statements(Unit: millions of yen)

2. Loan Assets to Be Disclosed under
the Financial Revitalization Act

Note 2In the event that a debtor country encounters temporary repayment difficulties inrespect of external public debt (sovereign debt, trade insurance institutions andexport credit institutions, etc.) due to the deteriorating balance of payments, meetingsof creditor countries (the “Paris Club”) will be held to mutually agree on debt relief
measures (rescheduling), and implementing of temporary support for overcoming theliquidity problem (balance of payment support under an international cooperative
framework). With this temporary liquidity support, debtors carry out IMF-agreed
economic restructuring programs and continue to make debt repayments. The
principal amount of loans for which JBIC has agreed to provide debt relief pursuant
to the Paris Club agreements is ¥243,143 million as of the end of the fiscal year
ended March 31, 2013.
Loans to debtors classified under the self-assessment as “Needs Attention” (butnot “Past Due Loans (3 months or more)”) that were rescheduled under the Paris
Club as “Restructured loans”. The amount of such loans, included in “Restructuredloans” in the above table is ¥79,976 million, of which ¥79,720 million represents
the original principal.

and Quasi-bankrupt Assets” and “Doubtful Assets” (“Past
Due Loans (3 months or more)”).
(ii) restructured loans on which the Bank granted concessions to debtors in financial difficulties through amending terms and conditions of the loans to assist themto recover and eventually be able to pay to creditors,
but which are not categorized as “Bankrupt and Quasibankrupt Assets”, ”Doubtful Assets” or “Overdue Loans(3 months or more)”.(Note 2)

4. Normal Assets“Normal Assets” are loans to debtors with no particular
problem in their financial conditions, categorized in the asset
quality self-assessment either as “Loans to Normal Debtors”
or “Loans to Needs Attention Debtors (excluding substandard
loans)”, but which are not categorized as “Bankrupt and Quasibankrupt Assets”, “Doubtful Assets” and “Substandard Loans”.

JBIC Annual Report 2013127

DataCorporate Data

3

1

Board of Directors and Auditors

130

2

Organizational Chart

131

3

Overseas Network

132

4

History

133

5Japan Bank for International Cooperation Act

134

6

Fundamental Policy on Internal Control

139

7

Security Policy

141

8

Privacy Policy

142

JBIC Annual Report 2013

129

Data

3
Corporate
Data
1. Board of Directors and Auditors

130

1· Board of Directors and Auditors (As of June 25, 2013)
Governor

Hiroshi OKUDA

CEO, Executive Managing Director

Hiroshi WATANABE

COO, Senior Managing Director

Fumio HOSHIManaging Director, Global Head of Energy, Natural Resources andEnvironment Finance Group

Koichi YAJIMAManaging Director (Outside Director)

Akira KONDOH

Corporate Auditor (Full-Time Corporate Auditor)

Hiroshi IMOTO

Corporate Auditor (Outside Corporate Auditor)

Shinji NISHIO

Corporate Auditor (Outside Corporate Auditor)

Tatsuo IGARASHIJBIC Annual Report 2013

Data

2· Organizational Chart (As of July 1, 2013)
creating an institution that can execute the functions in its
mission more flexibly and strategically: the mission directly

Environment Finance Group; Infrastructure Finance Group; andlinked to Japan’s economic policy. In the network of overseas

Industry Finance Group) and the Corporate Group and therepresentative offices, Singapore, London and New York are

Credit, Assessment, and Systems Group which support theseassigned as core regional offices to supervise business andadministrative activities as well as to support project formula-finance groups.
This organizational structure was intended to strengthen
the capacity to formulate projects by bringing together

tion in Asia and Pacific; Europe, the Middle East and Africa,
and the Americas respectively.

2. Organizational Chart

sector-specific finance groups (Energy, Natural Resources andCorporate
Data

JBIC is constituted by five business groups: three mission/

3know-how and expertise in each sector and area, thereby
Corporate Group(Global Head of Corporate GroupManaging Executive Officer: Toshiyuki Kosugi)

Energy, Natural Resources andEnvironment Finance Group(Global Head of Energy, Natural Resources andEnvironment Finance GroupManaging Director: Koichi Yajima)

Corporate Planning Department

Legal Affairs and Compliance Office

Risk Management Department

Policy and Strategy Office forFinancial Operations

Treasury Department

Human Resources Management
OfficeAdministration and General Services
Department
Oil and Gas Finance Department
Mining and Metals Finance
Department
Nuclear and Renewable Energy
Finance Department

Infrastructure Finance Group(Global Head of Infrastructure Finance GroupManaging Executive Officer: Tadashi Maeda)

Power and Water Finance
Department
Transportation and Telecommunication Finance Department

Industry Finance Group(Global Head of Industry Finance GroupManaging Executive Officer: Shigeki Kimura)

Corporate Finance Department
Marine and Aerospace Finance/
Financial Products Department
West Japan OfficeFinance Division for SMEs

Credit, Assessment, and Systems Group(Global Head of Credit, Assessment, and Systems
Group
Managing Executive Officer: Atsuhiko Hatano)

Credit Department

Environmental Assessment OfficeCountry Credit Department
IT Planning and Operations
Administration Department
Internal Audit Department
Office of Corporate Auditor
Overseas Representative Offices(Executive Officer for Asia and Pacific: Tatsuhiko
Takesada)(Executive Officer for Europe, the Middle East andAfrica: Toshiro Machii)(Executive Officer for Americas: Noriyoshi Torigoe)

Singapore(Regional Headquarters for Asia and Pacific)

Beijing
Bangkok
Hanoi
Jakarta
ManilaNew Delhi
London(Regional Headquarters for Europe, the Middle
East and Africa)

MoscowParis
Dubai

New York(Regional Headquarters for the Americas)

Washington, D.C.
Buenos Aires
Mexico City
Rio de Janeiro

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3· Overseas Network (As of July 1, 2013)

3. Overseas Network●Moscow
London★
●Paris★New York●
Washington, D.C.

Beijing●
New Delhi●
Dubai●

Hanoi●
Bangkok●●Manila●Mexico City

Singapore★
Jakarta●●
Rio de Janeiro●
Buenos Aires★Regional Headquarters★ REPRESENTATIVE OFFICE IN SINGAPORE(Regional Headquarters for Asia and Pacific)

9 Raffles Place,#51-02 Republic Plaza,
Singapore 048619
Tel. 65-6557-2806
Fax. 65-6557-2807● REPRESENTATIVE OFFICE IN BEIJING
2102, Tower C Office Building,YINTAI Center,No.2 Jianguomenwai Avenue,
Chaoyang District,
Beijing 100022, P.R.C.
Tel. 86-10-6505-8989
Fax. 86-10-6505-3829● REPRESENTATIVE OFFICE IN BANGKOK
14th Floor, Nantawan Bldg.,
161 Rajdamri Road, Bangkok, 10330,
Thailand
Tel. 66-2-252-5050
Fax. 66-2-252-5514● REPRESENTATIVE OFFICE IN HANOI
3rd Floor, Sun City,
13 Hai Ba Trung Street,
Hoan Kiem District, Hanoi, Viet Nam
Tel. 84-4-3824-8934～6
Fax. 84-4-3824-8937● REPRESENTATIVE OFFICE IN JAKARTA
Summitmas II 5th Floor,
Jl. Jenderal Sudirman, Kav. 61-62,
Jakarta Selatan, Indonesia
Tel. 62-21-5220693
Fax. 62-21-5200975● REPRESENTATIVE OFFICE IN MANILA
11/F, Tower 1, The Enterprise Center,
6766 Ayala Avenue corner Paseo deRoxas, Makati City, Philippines
Tel. 63-2-856-7711～14
Fax. 63-2-856-7715, 7716

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JBIC Annual Report 2013

● REPRESENTATIVE OFFICE IN NEW DELHI
1st floor,
The Metropolitan Hotel New Delhi,
Bangla Sahib Road, New Delhi,
110001, India
Tel. 91-11-4352-2900
Fax. 91-11-4152-5294★ REPRESENTATIVE OFFICE IN LONDON(Regional Headquarters for Europe, the Middle
East and Africa)

7th Floor, 80 Cheapside,
London, EC2V 6EE, U.K.
Tel. 44-20-7489-4350
Fax. 44-20-7489-4351● REPRESENTATIVE OFFICE IN MOSCOW
123610 Moscow,
Krasnopresnenskaya Nab.12,
World Trade Center, Office No.905,
Russian Federation
Tel. 7-495-258-1832,1835,1836
Fax. 7-495-258-1858● REPRESENTATIVE OFFICE IN PARIS
21, Boulevard de la Madeleine,
75038 Paris Cedex 01, France
Tel. 33-1-4703-6190
Fax. 33-1-4703-3236● REPRESENTATIVE OFFICE IN DUBAI
9th floor, West, The Gate Dubai
International Financial Centre,
P.O. Box 121300, Dubai, U.A.E.
Tel. 971-4-363-7091
Fax. 971-4-363-7090★ REPRESENTATIVE OFFICE IN NEW YORK(Regional Headquarters for the Americas)

712 Fifth Avenue 26th Floor
New York, NY 10019 U.S.A.
Tel. 1-212-888-9500
Fax. 1-212-888-9503● REPRESENTATIVE OFFICE IN
WASHINGTON, D.C.
1627 Eye Street, N.W., Suite 500,
Washington,D.C., 20006, U.S.A.
Tel. 1-202-785-1785
Fax. 1-202-785-1787● REPRESENTATIVE OFFICE IN
BUENOS AIRES
Av.Del Libertador No.498, Piso19,
1001 Capital Federal, Buenos Aires,
Argentina
Tel. 54-11-4394-1379,1803
Fax. 54-11-4394-1763● REPRESENTATIVE OFFICE IN
MEXICO CITY
Paseo de la Reforma 222-900B,
Col. Juárez, Del. Cuauhtémoc,México D.F., C.P. 06600, México
Tel. 52-55-5525-6790
Fax. 52-55-5525-3473● REPRESENTATIVE OFFICE IN
RIO DE JANEIRO
Praia de Botafogo, 228-801B（Setor A）,
Botafogo, CEP 22359-900,
Rio de Janeiro, RJ, Brazil
Tel. 55-21-2554-2305
Fax. 55-21-2554-8798

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4· History

3
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Data

Events related to The Export-Import Bank of Japan (JEXIM)
The Japan Export Bank Act promulgated and enforced; The Japan Export Bank established

April 1952

The Japan Export Bank changed its name to The Export-Import Bank of Japan

4. History

December 1950

Events related to the Japan Bank for International Cooperation (former JBIC)
April 1999

The Japan Bank for International Cooperation Act promulgated and enforced

September 1999

Order for the Japan Bank for International Cooperation Act promulgated and enforced

October 1999

The Japan Bank for International Cooperation (former JBIC) established (taking over operations of the Export-Import
Bank of Japan and those of the Overseas Economic Cooperation Fund)

October 2003

“JBIC Guidelines for Confirmation of Environmental and Social Considerations” and “Procedures to Submit Objections
Concerning JBIC Guidelines for Confirmation of Environmental and Social Considerations” enforced

Events related to the Japan Finance Corporation
June 2006

The Act on Promotion of Administrative Reform for Realization of Small and Efficient Government promulgatedand enforced

May 2007The Japan Finance Corporation Act promulgated and enforced

April 2008

Order for the Japan Finance Cooperation Act promulgated and enforced

October 2008

The Japan Finance Corporation establishedMarch 2010

The Revision of Japan Finance Corporation Act enforced (Promoting the overseas business having the purpose ofpreserving the global environment, such as preventing global warming was added to JBIC mission)

April 2010

The Account for Facilitating Realignment of United States Forces in Japan createdEvents related to the Japan Bank for International Cooperation (new JBIC)
May 2011

The Japan Bank for International Cooperation Act promulgated and enforced

July 2011

Order for Enforcement of the Japan Bank for International Corporation Act and Cabinet Order for Revising Part of
the Japan Finance Corporation Act promulgated and enforced (The scope of operations was expanded, including
the rule on export financing to developed countries)

April 2012

The Japan Bank for International Cooperation (JBIC) established

November 2012

The Account for Facilitating Realignment of United States Forces in Japan closed

JBIC Annual Report 2013

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5· Japan Bank for International Cooperation Act
Excerpt of the Japan Bank for International Cooperation Act (Act No. 39 of 2011)

5. Japan Bank for International Cooperation Act

Article 1: Purpose
Japan Bank for International Cooperation shall be a Kabushiki-Kaisha,
which has the purpose of contributing to the sound development ofJapan and the international economy and society, by taking responsibility for the financial function to promote the overseas development andsecurement of resources which are important for Japan, to maintainand improve the international competitiveness of Japanese industries
and to promote the overseas business having the purpose of preserving the global environment, such as preventing global warming, also
providing the financial services that are necessary to prevent disruptions to international financial order or to take appropriate measureswith respect to damages caused by such disruption, while having theobjective of supplementing the financial transactions implemented byordinary financial institutions.
Article 3: Holding of Shares by Government
The Government shall, at all times, hold the total number of outstanding
shares of JBIC.
Article 4: Government’s Contribution
1. The Government may, when it finds it to be necessary, make contributions to JBIC within the amount appropriated in the budget.
2. When a contribution is made by the Government pursuant to theprovisions of the preceding Paragraph, JBIC shall, notwithstanding
the provisions of Paragraph 2 of Article 445 of the Companies Act(Act No. 86 of 2005), be allowed not to record the amount exceeding half of such contribution amount as the capital. In this case,“this Act” referenced in Paragraph 1 of the same Article shall bedeemed to be replaced with “this Act or Japan Bank for International
Cooperation Act (Act No. 39 of 2011).”
Article 5: Limitation, etc. on Use of Name
1. No person other than JBIC shall use the words “Japan Bank forInternational Cooperation” in its name.
2. The provisions of Paragraph 2 of Article 6 of the Banking Act shallnot be applied to JBIC.
Article 6: Resolution for Appointment and Removal, etc. of Officers, etc.
1. The resolution for the appointment and removal of the Officers, etc.
(meaning Directors, Executive Officers and Auditor(s); the same shallapply hereinafter) of JBIC shall not take effect unless the authorization of the Minister of Finance is granted.
2. The resolution for selection and displacement of a Representative
Director or Representative Executive Officer of JBIC shall not takeeffect unless the authorization of the Minister of Finance is granted.
Article 11: Scope of Operations
JBIC shall, for attaining its purpose, engage in the operations listed
below:(1) The loan of funds necessary for the Export of Equipment, etc.,
the acquisition by assignment of loan receivables related tosuch funds, the Guarantee, etc. of Liabilities related to suchfunds, in the case where the Foreign Financial Institutions, etc.
or the Foreign Governments, etc. provide the Guarantee, etc.
of Liabilities with respect to such funds, the Guarantee, etc. of
Liabilities related to such Guarantee, etc. of Liabilities, or theacquisition of the Public/Corporate Bonds, etc. issued in orderto procure such funds by certain measures, such as acquisition
through subscription;(2) The loan of funds necessary to ensure the reliable and timely
Import of Important Goods, etc., the acquisition by assignmentof loan receivables related to such funds, the Guarantee, etc.
of Liabilities related to such funds or the acquisition of the
Public/Corporate Bonds, etc. to be issued in order to procuresuch funds by certain measures, such as acquisition throughsubscription;

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JBIC Annual Report 2013

(3) The loan of funds to be used directly or indirectly for thebusiness which the Juridical Persons, etc. of Japan, Foreign
Governments, etc. or Foreign Juridical Persons, etc. Invested
in conduct outside Japan, the acquisition by assignment ofloan receivables related to such funds, the Guarantee, etc. of
Liabilities related to such funds, in the case where the Juridical
Persons, etc. of Japan, Foreign Juridical Persons, etc. Invested
in, Foreign Financial Institutions, etc. or Foreign Governments,
etc. provide the Guarantee, etc. of Liabilities to the Juridical
Persons, etc. of foreign countries with respect to such funds,
the Guarantee, etc. of Liabilities related to such Guarantee, etc.
of Liabilities, or the acquisition of the Public/Corporate Bonds,
etc. to be issued in order to procure such funds by certain
measures, such as acquisition through subscription;(4) (i) The loan to the Foreign Governments, etc., Foreign Financial Institutions, etc. or international organizations, such as theInternational Monetary Fund, of long-term funds (meaning thefunds required to be provided for more than one (1) year; thesame shall apply hereinafter) required for their overseas business or the import of goods or introduction of technologies by
the foreign country concerned, or funds required to attain theinternational balance of payments or achieve the stability of thecurrency of the foreign country concerned, (ii) the acquisition
by assignment of loan receivables related to such funds or the
Guarantee, etc. of Liabilities related to such funds or (iii) the
acquisition of the Public/Corporate Bonds, etc. issued in orderto procure such funds by certain measures, such as acquisition
through subscription;(5) When it is found remarkably difficult for a foreign government
or foreign resident to conduct overseas transactions, such asimport by reason of the international balance of payments ofthe foreign country concerned, and it is found urgently necessary, the loan to the governments, governmental agencies
or banks of the foreign country concerned, of the short-term
funds (meaning the funds required necessary to be provided
for one (1) year or less than one (1) year; the same shall apply hereinafter) necessary to facilitate overseas transactions,such as import, until the International Monetary Fund, etc.
(meaning international organizations, such as the International
Monetary Fund, or governments, governmental agencies orbanks of more than two (2) countries other than that foreigncountry concerned; the same shall apply hereinafter) provides
funds to assist the development of the economy of the foreigncountry concerned (hereinafter referred to as the “Funds for
Economic Assistance”);(6) The provision of contributions to persons who are carrying on
business outside Japan (including those Juridical Persons, etc.
of Japan whose sole purpose is to make overseas investments
and who make contributions to those carrying on the aforesaid
business) to contribute funds required for their business;(7) The carrying out of the necessary studies related to the operations listed in each of the preceding Items;(8) The provision of information to the users of operations provided
by JBIC that pertains to such operations; and(9) Any other operations incidental to those listed in each of thepreceding Items (excluding those listed in Item (7)).
Article 12:
1. Among the operations listed in Item (1) of the preceding Article,
those which are related to the Export of Equipment, etc. destined forany area other than developing overseas areas (hereinafter referred
to as the “Developing Areas”) may be conducted only in the cases
listed below:(1) when necessary countermeasures are taken in accordancewith multilateral arrangements in the case where the Foreign
Governments, etc., in which exporters conduct the export destined for the said area, grant credit, underwrite insurance or

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5.

6.

JBIC Annual Report 2013

5. Japan Bank for International Cooperation Act

3.

disruptions to international financial order, in the case where
the Minister of Finance determines that the exceptions ofoperations of JBIC are necessary in order to deal therewith.
7. Among the operations listed in Item (3) of the preceding Article (excluding those conducted in order to promote overseas development
and securement of resources important for Japan), with respect tothe business in any area other than the Developing Areas may be
conducted only when it is prescribed by a Cabinet Order as beinga case recognized especially necessary in order to promote thepolicies of the Government concerning the maintenance or improvement of the international competitiveness of Japanese industries.
8. The loan to the governments, governmental agencies or banks offoreign countries listed in Item (5) of the preceding Article may be
conducted by obtaining the authorization of the Minister of Financeonly when the provision of the Funds for Economic Assistance fromthe International Monetary Fund, etc. is expected to be certain andonly in the cases listed below:(1) where, by appropriating all or part of the Funds for Economic
Assistance from the International Monetary Fund, etc. (excluding JBIC) for the redemption of the funds related to the loan,
the redemption is expected to be secured; or(2) where adequate underlying assets are secured for the loan.
9. Among the operations listed in Items (1) through (4) of the preceding
Article, the Guarantee, etc. of Liabilities related to the liabilities ofany person other than the Juridical Persons, etc. of Japan (excluding
those related to the Public/Corporate Bonds, etc.) may be provided
only in the cases listed below:(1) When the Banks, etc., Foreign Financial Institutions, etc. or
Foreign Governments, etc. provide the loan of such funds set
forth in Items (1) through (4) of the preceding Article, in the casewhere the Guarantee, etc. of Liabilities related to such loan
is provided (including the case in which the loan receivables
related to such loan are assigned to the persons specified by
the Minister of Finance);(2) In the case where the Guarantee, etc. of Liabilities related to
the Guarantee, etc. of Liabilities set forth in Items (1) and (3)of the preceding Article is provided;(3) When, among the Guarantee, etc. of Liabilities related to thefunds set forth in Item (3) of the preceding Article, the Juridical
Persons, etc. of Japan or the Foreign Juridical Persons, etc.
Invested in assign the monetary claims related to the overseas
business to be conducted by the Juridical Persons, etc. of Japanor the Foreign Juridical Persons, etc. Invested in to the Banks,etc. or Foreign Financial Institutions, etc. and use the proceedsfrom the assignment for such business, in the case where the
Guarantee, etc. of Liabilities related to such monetary claims
is provided; or(4) When the Banks, etc. or Foreign Financial Institutions, etc.
provide the loan of funds set forth in Item (3) of the preceding
Article in foreign currency, in the case where the Guarantee,
etc. of Liabilities related to swap transactions (transactions
listed in Item 5 of Paragraph 22 of Article 2 of the Financial
Instruments and Exchange Act (Act No. 25 of 1948)) related tosuch funds conducted by such Banks, etc. or Foreign Financial
Institutions, etc., is provided.
10. Among the operations listed in Items (1) through (4) of the preceding
Article, the Guarantee, etc. of Liabilities (limited to those related to
the Public/Corporate Bonds, etc.) and the acquisition of the Public/
Corporate Bonds, etc. may be conducted only in the cases listed
below (with respect to the operations listed in Items (1) through (3)of the same Article, the cases listed in Items (2) through (6) below
shall apply):(1) where part of the Public/Corporate Bonds, etc. (limited to thosewith a redemption period of more than one (1) year; the same
shall apply in the following Item and Item (3) below) that were
issued by the Foreign Financial Institutions, etc., the Foreign
Governments, etc. or international organizations, such as theInternational Monetary Fund, are acquired;(2) where the Public/Corporate Bonds, etc. are acquired and thensuch Public/Corporate Bonds, etc. are assigned to the Specific Purpose Company, etc. within the period specified by the

Corporate
Data

2.

provide an interest rate support with more favorable conditions
than usual in order to promote the export from such foreigncountries; or(2) when it is prescribed by a Cabinet Order as being a case recognized especially necessary in order to promote the policies of
the Government concerning the maintenance or improvementof the international competitiveness of Japanese industries.
Among the operations listed in Item (1) of the preceding Article,
those relating to the funds provided to the Juridical Persons, etc. ofJapan may be conducted only in the case where the execution of theexport by the Juridical Persons, etc. of Japan has become remarkably
difficult due to disruptions to international financial order and theMinister of Finance determines that the exceptions of operationsof JBIC are necessary in order to deal therewith.
Among the operations listed in Item (2) of the preceding Article,
other than those conducted in order to promote overseas development and securement of resources important for Japan, only thoserelating to the funds listed below that are the Guarantee, etc. of
Liabilities may be conducted:(1) funds necessary to import the products, such as aircraft,specified by the Minister of Finance, with respect to which
the products produced in Japan are not sufficient to replace
and the import to Japan is essential; or(2) funds necessary to introduce such technologies specified by
the Minister of Finance, with respect to which the technologies
of Japan are not sufficient to replace and the introduction to
Japan is essential.
Among the operations listed in Item (3) of the preceding Article,
those relating to the short-term loans may be conducted only inthe case where JBIC has agreed to make loan of funds (excluding
short-term funds) set forth in the same Item for the execution ofbusiness conducted by the Juridical Persons, etc. of Japan and theForeign Juridical Persons, etc. Invested in and such loan of funds isrecognized especially necessary in order to execute such business.
Among the operations listed in Item (3) of the preceding Article,
the operations of provision of the loan of funds necessary for theoverseas business to be conducted by the Juridical Persons, etc. ofJapan, other than those listed in Item (2) of the following Paragraph,
may be conducted only if such loan is provided directly to such
Juridical Persons, etc.
Among the operations listed in Item (3) of the preceding Article(excluding those conducted in order to promote overseas development and securement of resources important for Japan), loans to
the Juridical Persons, etc. of Japan, other than the loans to the Smalland Medium Enterprises, etc. (meaning the Small and Medium Enterprises or medium enterprises specified by the Minister of Finance;
hereinafter the same shall apply) may be conducted only in thecases listed below.
(1) When the Juridical Persons, etc. of Japan begin or expand overseas business, or improve the efficiency thereof by contributing
to the foreign juridical persons or accepting the assignmentof all or part of the business of the foreign juridical persons(hereinafter referred to as “Contributions, etc.” in this Item), in
the case where the loan of funds necessary for such Contributions, etc. is provided (only when it is prescribed by a Cabinet
Order as being a case recognized especially necessary in orderto promote the policies of the Government concerning themaintenance or improvement of the international competitiveness of Japanese industries).
(2) When the Banks, etc. provide the loan of funds listed below,
in the case where the loan of funds necessary for such loan
by such Banks, etc. is provided to such Banks, etc.:
a. loan of funds set forth in Item (3) of the preceding Article
to the Small and Medium Enterprises, etc. or the Foreign
Juridical Persons, etc. Invested in related to the contributionof the Small and Medium Enterprises, etc.; orb. loan of funds set forth in the preceding Item to the Juridical
Persons, etc. of Japan (limited to those prescribed by the
Cabinet Order set forth in the same Item).
(3) When the execution of overseas business of the Juridical Persons, etc. of Japan has become remarkably difficult due to

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5. Japan Bank for International Cooperation Act

Minister of Finance or where the Specific Trust is established,
the Public/Corporate Bonds, etc. are entrusted to the Trust
Company, etc. as assets of such Specific Trust, and then all orpart of beneficial interests in such Specific Trust is assigned;(3) where the Public/Corporate Bonds, etc. to be issued by theSpecific Purpose Company, etc. or the Trust Company, etc.
which are secured by loan receivables or the Public/Corporate
Bonds, etc. are acquired;(4) where the Guarantee, etc. of Liabilities relating to the Public/
Corporate Bonds, etc. to be issued by the Foreign Juridical
Persons, etc. Invested in, the Foreign Financial Institutions, etc.,
the Foreign Governments, etc. or international organizations,such as the International Monetary Fund, is provided;(5) where the Guarantee, etc. of Liabilities related to such loan
receivables, Public/Corporate Bonds, etc. or the monetaryclaims, which constitute such underlying assets, or the Public/
Corporate Bonds, etc. to be issued by the Specific Purpose
Company, etc. or the Trust Company, etc. is provided (excluding the Guarantee, etc. of Liabilities related to the Public/
Corporate Bonds, etc. to be issued by the Banks, etc.) when
the Specific Purpose Company, etc. or the Trust Company, etc.
issues the Public/Corporate Bonds, etc. which are secured byloan receivables, the Public/Corporate Bonds, etc. or the monetary claims set forth in Item (3) of the preceding Paragraph;or(6) where the Guarantee, etc. of Liabilities related to the borrowing of funds by the Specific Purpose Company, etc. for the
purpose of acquiring by assignment, or acquiring, such loan
receivables or Public/Corporate Bonds, etc., which constitutesuch underlying assets, is provided when the Specific Purpose
Company, etc. issues the Public/Corporate Bonds, etc., which
are secured by loan receivables or the Public/Corporate Bonds,
etc.
11. Among the operations listed in Items (1) through (4) of the preceding
Article, those listed below shall be conducted only when the loan
thereof or the loan related to the loan receivables to be assigned
is the Co-financing; provided, however, that this shall not apply,with respect to the operations listed in Item (1) below, in the casewhere it is recognized that it is remarkably difficult for the Banks,etc. to provide a loan of funds together with JBIC and the loan fromJBIC is urgently necessary to attain the purpose of such loan, or if
the case falls under any of the cases listed in Item (2) of Paragraph
6 hereof, with respect to the operations listed in Item (2) below, inthe case where the loan receivables to the Foreign Juridical Persons,etc. Invested in with a redemption period of more than one (1)year are acquired by assignment within the period specified by the
Minister of Finance for the purpose of assigning the same to theSpecific Purpose Company, etc. or for the purpose of establishing
the Specific Trust, with respect to the same, in the Trust Company,
etc. and assigning all or part of the beneficial interest in such SpecificTrust:(1) loan of funds pursuant to the provisions of Items (1) through(3) of the preceding Article made to the Juridical Persons, etc.
of Japan; or(2) acquisition by assignment of the loan receivables pursuant to
the provisions of Items (1) through (4) of the preceding Article.
12. The operations listed in Item (7) of the preceding Article may be
conducted only if they are the minimum necessary to promote theperformance of the operations listed in Items (1) through (6) of thesame Article smoothly and effectively.
Article 13: Practice of the Operation
1. The loan of funds, the acquisition by assignment of loan receivables,
the acquisition of the Corporate/Public Bonds, etc., the Guarantee, etc. of Liabilities or the provision of contributions pursuant
to the provisions of Items (1) through (6) of Article 11 hereof may
be conducted only when the repayment of the funds so loaned,
the collection of loan receivables so acquired, the redemption of
Corporate/Public Bonds, etc. so acquired, the performance of theliabilities so guaranteed, etc. or the realization of profits that enable
the payment of dividends resulting from business so contributed is

136

JBIC Annual Report 2013

2.

recognized as being certain.
The conditions, such as the interest rates of loans and yield on
assigned loan receivables related to the operations listed in Items(1) through (6) of Article 11, shall be determined in light of usual
conditions for transactions by the Banks, etc. or the trends of financial markets, so that revenue of JBIC will be sufficient to cover the
expenses therefor.

Article 15: Business YearThe business year of JBIC shall begin on April 1 of each year and end
on March 31 of the following year.
Article 16: Budget
1. JBIC shall prepare the budget for revenues and expenditures andsubmit it to the Minister of Finance for each business year.
2. The revenues set forth in the preceding Paragraph mean interest
on loans, interest on the Corporate/Public Bonds, etc., dividends
on contributions, debt guarantee fees and other incomes related
to asset management and miscellaneous incidental income, andthe expenditures set forth in the same Paragraph mean expenseof operations, business entrustment fees, interest on borrowings,
interest on bonds and notes and incidental expenses.
3. Upon receipt of the budget submitted pursuant to the provisionsof Paragraph 1 above, the Minister of Finance shall examine suchbudget and make any necessary adjustments thereto, and obtain
the Cabinet’s decision thereon.
4. After the Cabinet’s decision is made pursuant to the provisions of
the preceding Paragraph, the Cabinet shall submit such budget to
the Diet together with the national budget.
5. The form and content of the budget and procedures for the preparation and submission thereof shall be specified by the Minister ofFinance.
Article 26: Submission of Financial Statements
1. JBIC shall prepare the list of assets every business year.
2. JBIC shall, within three (3) months after the end of every business
year, submit to the Minister of Finance the balance sheets, statements of operations and list of assets (hereinafter referred to as the“Balance Sheets, etc.”) and business report (including the ElectroMagnetic Record (which means the record specified by the Ministerof Finance as a record which is produced by electronic, magnetic,or any other means unrecognizable by human perception and which
is used for data-processing by a computer; the same shall apply
hereinafter) which has recorded the matters to be described in such
Balance Sheets, etc. and its business report) for each business year.
Article 27: Preparation and Submission of Report on Settlement of
Accounts
1. After submitting the Balance Sheets, etc. pursuant to the provisionsof Paragraph 2 of the preceding Article, JBIC shall, every business
year, prepare a report on the settlement of accounts for the relevantbusiness year (including the Electro-Magnetic Record which hasrecorded the matters to be described in such report on the settlement of accounts; the same shall apply hereinafter) and submit itto the Minister of Finance, without delay, by attaching the opinionof the Auditor(s) or Audit Committee concerning such report on
the settlement of accounts, together with such submitted Balance
Sheets, etc.
2. Upon receiving the report on the settlement of accounts pursuant
to the provisions of the preceding Paragraph, the Minister of Financeshall send it to the Cabinet, together with the Balance Sheets, etc.
referenced in the same Paragraph.
3. Upon making the submission pursuant to the provisions of Paragraph
1 of this Article, JBIC shall, without delay, keep the report on thesettlement of accounts and the document stating the opinion of the
Auditor(s) or Audit Committee at its head office and branch offices
and make them available for public inspection during the period
prescribed by the Ordinance of the Ministry of Finance.
4. The form and content of the report on the settlement of accounts
shall be specified by the Minister of Finance.

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7.

8.
Article 31: Payment to National Treasury
1. In the event that the amount of the surplus recorded in the settlement of accounts for each business year exceeds zero, JBIC shallaccumulate, as a reserve, the amount calculated in accordance withthe standards prescribed by a Cabinet Order, among such surplus,
until it reaches the amount prescribed by the Cabinet Order, andif there is still a surplus, JBIC shall pay the amount of such surplus
into the National Treasury within three (3) months after the end ofsuch business year.
2. In the event that the amount of the surplus recorded in the settlement of accounts for each business year falls below zero, JBIC shallallocate such surplus by drawing down the reserve set forth in thepreceding Paragraph until the amount of such surplus becomeszero.
3. The procedures for the payment into the National Treasury pursuant
to the provisions of Paragraph 1 of this Article, the account into
which such payment is to be made and other necessary matters concerning the payment to the National Treasury shall be prescribedby a Cabinet Order.
4. JBIC shall not be allowed to make any appropriation of its surplus,
such as dividend of its surplus, unless such disposition is madepursuant to the provisions of Paragraphs 1 and 2 of this Article.
Article 32: Provision of Loans by Government
The Government may provide monetary loans to JBIC.
Article 33: Borrowings and Corporate Bonds
1. Borrowings of funds made in order to meet JBIC’s fund requirements for the performance of its operations shall be limited to theborrowings of short-term loans from financial institutions, such as
banks, or the borrowings related to the monetary loans obtained
from the Government pursuant to the provisions of the preceding
Article.
2. The short-term loans set forth in the preceding Paragraph shallbe repaid during the business year in which these borrowings are
made; provided, however, that in cases where repayment cannot
be made due to shortage of funds, JBIC may reborrow only theamount which cannot be so repaid, with the authorization of the
Minister of Finance.
3. Loans reborrowed pursuant to the proviso of the preceding Paragraph shall be repaid within one (1) year.
4. Pursuant to the provisions of a Cabinet Order, JBIC shall, every
business year, prepare a basic policy concerning the issuance ofcorporate bonds made in order to meet fund requirements for the
performance of its operations and obtain the authorization of the
Minister of Finance. When JBIC intends to make any change to thepolicy, the same shall apply.
5. When JBIC has issued corporate bonds pursuant to the provisionsof preceding Paragraph, it shall, without delay, make a notificationof such fact to the Minister of Finance pursuant to the provisions
prescribed by a Cabinet Order; provided, however, that this shall not
apply if JBIC issues the certificates of corporate bonds, as prescribedby a Cabinet Order, in order to deliver to anyone who has lost suchcertificates of corporate bonds and, as a result of the issuance ofsuch certificates of corporate bonds, JBIC assumes new liabilities.
6. The total amount of (i) the outstanding amounts of the short-term

5. Japan Bank for International Cooperation Act

Article 29: Submission of Report on Settlement of Accounts to Diet
The Cabinet shall submit JBIC’s report on the settlement of accounts
for which the Board of Audit of Japan has finished its inspection, to theDiet, by attaching the Balance Sheets, etc. set forth in Paragraph 1 of
Article 27 hereof, together with the settlement of accounts for national
revenues and expenditures.

loans and the borrowings related to the monetary loans obtained
from the Government as set forth in Paragraph 1 of this Article and(ii) the outstanding amount of liabilities relating to the principal
amount of corporate bonds set forth in Paragraph 4 of this Article
shall not exceed the amount (hereinafter referred to as the “Limitation Amount” in this Article) equivalent to ten (10) times the total
amount of the capital and reserves of JBIC (hereinafter referred toas the “Base Amount” in this Article).
Notwithstanding the provisions of the preceding Paragraph, when
the issuance of new bonds is necessary to reborrow the issued
corporate bonds with respect to corporate bonds set forth inParagraph 4 of this Article, the corporate bonds may be issued inexcess of the Limitation Amount only within the period necessary
to make such reborrowing.
The total amount of the outstanding amounts of (i) monetary loans,(ii) acquisition of the receivables related to assignment and the
Corporate/Public Bonds, etc., (iii) liabilities relating to the Guarantee,
etc. of Liabilities and (iv) contributions, all of which are made pursuant to the provisions of Items (1) through (6) of Article 11 hereof,
shall not exceed the aggregate amount of the Base Amount andthe Limitation Amount.

Corporate
Data

Article 28: S ending of Report on Settlement of Accounts to Board ofAudit of Japan
Upon receiving JBIC’s report on the settlement of accounts pursuant to
the provisions of Paragraph 2 of the preceding Article, the Cabinet shallsend it, together with the Balance Sheets, etc. set forth in Paragraph 1 ofthe same Article, to the Board of Audit of Japan no later than November
30 of the following business year.

Article 34: Statutory Lien
1. A holder of JBIC’s corporate bonds shall, with respect to the propertyof JBIC, have the right to have his/her receivables satisfied in preference to other creditors.
2. The order of the statutory lien set forth in the preceding Paragraphshall be next to the general liens prescribed by the provisions of
the Civil Code (Act No. 89 of 1896).
Article 35: Government Guarantee
1. Notwithstanding the provisions of Article 3 of the Act Concerning Restrictions on Financial Assistance by the Government to
Corporations (Act No. 24 of 1946), the Government may executea guarantee agreement with respect to the liabilities related to
JBIC’s corporate bonds (excluding the liabilities with respect towhich the Government may execute a guarantee agreement underParagraph 2 of Article 2 of the Act on Special Measures Pertaining
to the Acceptance of Foreign Capital from the International Bankfor Reconstruction and Development, etc. (Act No. 51 of 1953)(referred to as the “Foreign Capital Acceptance Act” in the following Paragraph and Paragraph 1 of Article 16 of the Supplementary
Provisions)) within the scope of the amount fixed by the budget.
2. Among the amount fixed by the budget set forth in the preceding
Paragraph, the amount of liabilities related to the corporate bonds
issued in a foreign country and denominated in Japanese currency
may be fixed by adding up to the amount fixed by the budget as set
forth in Paragraph 2 of Article 2 of the Foreign Capital Acceptance
Act, when it is difficult to fix the said amount of liabilities separatelyfrom the said amount fixed by the budget set forth in the same
paragraph of the Foreign Capital Acceptance Act.
3. The Government may, in addition to the provisions of Paragraph 1of this Article, execute a guarantee agreement with respect to theliabilities related to the certificates of corporate bonds or coupons
thereof, which are issued by JBIC, pursuant to the provisions prescribed by a Cabinet Order, in order to deliver to a person who has
lost the certificates of corporate bonds or coupons thereof.
Article 36: Investment of Surplus Funds
JBIC shall not invest any surplus funds of its business except by means of:(1) Acquisition of national government bonds, local government
bonds or government-guaranteed bonds (which mean thebonds for which the redemption of its principal and payment
of interest thereon are guaranteed by the Government) andother securities designated by the Minister of Finance;(2) Deposit with the Fiscal Loan Fund;(3) Deposit with banks or other financial institutions designatedby the Minister of Finance;(4) Holding of negotiable deposit certificates;(5) Money trust to the financial institutions engaging in trust business (which mean the financial institutions that have obtained

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5. Japan Bank for International Cooperation Act

the authorization set forth in Paragraph 1 of Article 1 of the Act
on Provision, etc. of Trust Business by Financial Institutions);(6) Lending of call funds; or(7) Means prescribed in the Ordinance of the Ministry of Financeas the means equivalent to the means listed in each of thepreceding Items.
Article 38: Supervision
1. The Minister of Finance shall supervise JBIC in accordance with theprovisions of this Act.
2. With respect to the management or administration of JBIC, in thecase where the Minister of Finance finds that there is a violation oflaws and regulations or the Articles of Incorporation or any grossly
unjust matter exists and in other cases where they find it necessary for the enforcement of this Act, the Minister of Finance may
issue JBIC orders concerning its operations as are necessary for thesupervision.
Article 39: Report and Inspection
1. If the Minister of Finance finds it necessary for the enforcementof this Act, the Minister of Finance may cause JBIC or the Juridical
Person Delegated to submit reports or may cause its officials toenter the facilities of JBIC or of the Juridical Person Delegated, suchas the offices to inspect the accounting books, documents andother necessary objects; provided, however, that, with respect to
the Juridical Person Delegated, such action shall be limited to thescope of operations delegated to it by JBIC.
2. When an official of the Minister of Finance carries out an on-site
inspection pursuant to the provisions of the preceding Paragraph,he/she shall carry with him/her identification certifying his/her status
and present it to parties concerned.
3. The authority to carry out the on-site inspection pursuant to theprovisions of Paragraph 1 above shall not be construed to be thatgiven for the investigation of a criminal offense.
Article 40: Delegation of Authority
1. The Minister of Finance may, as prescribed by a Cabinet Order,delegate part of the authority to carry out an on-site inspection
pursuant to the provisions of Paragraph 1 of the preceding Article
to the Prime Minister.
2. If the Prime Minister has carried out an on-site inspection pursuant
to the provisions of Paragraph 1 of the preceding Article on thebasis of the delegation pursuant to the provisions of the preceding
Paragraph, he/she shall promptly submit a report of the results of
the inspection to the Minister of Finance.
3. The Prime Minister shall delegate both the authority delegatedpursuant to the provisions of Paragraph 1 above and the authority
set forth in the provisions of the preceding Paragraph to the Commissioner of Financial Services Agency.
4. The Commissioner of Financial Services Agency may, as prescribedby a Cabinet Order, delegate all or part of the authority delegatedpursuant to the provisions of the preceding Paragraph, to DirectorGeneral of the Local Finance Bureau or the Director-General of the
Local Finance Branch Bureau.
5. Part of the authority of the Minister of Finance set forth in this Act(excluding that delegated to the Prime Minister pursuant to theprovisions of Paragraph 1 above)may, as prescribed by a Cabinet
Order, be delegated to the Director-General of the Local Finance
Bureau or the Director-General of the Local Finance Branch Bureau.
Article 41: Articles of Incorporation
1. In the Articles of Incorporation of JBIC, in addition to the matterslisted in each of the Items of Article 27 of the Companies Act,matters relating to the procedures and requirements for the appointment of a person to assume management responsibility fromamong the Representative Directors or Representative Executive
Officers shall be described or recorded.
2. With respect to the matters related to the requirements for theappointment of a person to assume management responsibility set
forth in the preceding Paragraph, the provisions that the requirements listed below be satisfied shall be incorporated:

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3.

(1) A person who has discernment and the capability recognized
as necessary in light of the purposes set forth in Article 1
hereof and the operations set forth in Article 11 hereof shallbe appointed; and(2) Due consideration shall be required in order to avoid automatically appointing such persons who have held certain specificgovernmental positions.
The resolution for the amendment of the Articles of Incorporationof JBIC shall not take effect unless the authorization of the Ministerof Finance is granted.

Article 42: Merger, Company Split, Share Exchange, Assignment andAcceptance of Assignment of Business and Dissolution
Notwithstanding the provisions of Part II, Chapters VII and VIII and Part
V, Chapters II, III and IV, Section I of the Companies Act, the merger,
company split, share exchange, assignment and acceptance of assignment of all or part of business, to which JBIC becomes a party, anddissolution of JBIC shall be provided for separately by an Act.
Article 43: Exclusion from Application, etc. of Financial Instruments
and Exchange Act
1. When JBIC performs the actions listed in each of the Items of Paragraph 8 of Article 2 of the Financial Instruments and Exchange Act
pursuant to the provisions of Article 11, the provisions of Article 29of the same Act shall not apply.
2. In the case set forth in the preceding Paragraph, JBIC shall bedeemed as the Financial Instruments Business Operator defined in
Paragraph 9 of Article 2 of the Financial Instruments and ExchangeAct, and the provisions of Chapter III, Section I, Subsection V and
Section II (excluding Article 35, Article 35-2, Articles 36-2 through36-4, Item (2) of Paragraph 1 of Article 37, Item (2) of Paragraph 1
of Article 37-3 and Article 37-7) of the same Act (including the penal
provisions relating to such provisions) shall apply.
3. When JBIC performs the actions listed in each of the Items of Paragraph 1 of Article 63 of the Financial Instruments and Exchange
Act pursuant to the provisions of Article 11 hereof, the provisionsof Paragraph 2 of the said Article 63 shall not apply.
4. In the case set forth in the preceding Paragraph, JBIC shall bedeemed as the Financial Instruments Business Operator defined in
Paragraph 9 of Article 2 of the Financial Instruments and ExchangeAct, and the provisions of Article 38 (limited to the portions relating
to Item (1)) and Article 39 of the same Act (including the penal
provisions related to such provisions) shall apply.

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6· Fundamental Policy on Internal Control

Article 3. R egulations and Other Systems relating to Management ofLoss Exposure
1. In recognition of the importance of risk management, JBIC shalladopt Comprehensive Risk Management Regulations and otherrules relating to risk management, with respect to risk management
specific to different types of risks that should be recognized in theperformance of operations, as well as the organizational structure,etc., for comprehensive risk management. JBIC shall apply appropriate risk management tools to control various types of risks.
2. JBIC shall appoint persons responsible and departments thatoversee risk management matters for the management of various
types of risks and establish a committee with the Governor as its
chairman to conduct reviews and examinations to ensure effective
risk management.
3. JBIC shall adopt Crisis Management Regulations and other rules
relating to crisis management and establish crisis management systems to prepare for the occurrence of disasters and other criticalevents.
4. If a critical event occurs that either disrupts or is feared to disrupt
normal operations, JBIC shall establish a response headquarters asnecessary and take measures for the speedy and efficient restoration of operations in accordance with various rules concerning crisis
management.
Article 4. System to Ensure Efficient Performance of Duties by Directors
1. The Board of Directors shall establish Business Plans and conduct
management appropriately.

3.

4.

JBIC shall establish the Executive Committee. It shall take on responsibility for certain decisions delegated by the Board of Directors. In
addition to making decisions for which it has earned responsibility,
it shall deliberate matters prior to the Board of Directors meetingsin order to contribute to the decision-making of the Board of Directors. Moreover it shall establish various committees, etc., that takeresponsibility for certain decisions delegated by it, or as an advisoryorganization for it.
In order to ensure the efficient performance of duties based on thedecisions of the Board of Directors, JBIC shall undertake adjustments
to internal regulations related to organizational systems, etc., andassign duties appropriately.
JBIC shall introduce a mission/sector-specific group structure anda managing executive officer system in order to expedite decisionmaking processes, and delegate authority based on internal regulations related to organizational systems and authority.

6. Fundamental Policy on Internal Control

Article 2. Systems relating to Retention and Management of Information concerning Performance of Duties by Directors
1. JBIC shall adopt Information Asset Management Regulations andother rules concerning the retention and management of information assets so that information concerning the performance of duties
by directors, customer information, and other information handled
by JBIC can be appropriately retained and managed.
2. JBIC shall retain and manage the minutes of Board of Directors meetings and other documents concerning the performance of duties bydirectors in accordance with laws, regulations, and rules relating to
the retention and management of information assets.
3. Directors and employees shall appropriately retain and manage
information assets in line with laws, regulations, and rules relating
to the retention and management of information assets.

2.

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Article 1. S ystems for Ensuring Compliance with Laws, Regulations, and
the Articles of Incorporation in the Performance of Duties byDirectors and Employees
1. JBIC shall adopt Corporate Philosophy, Code of Conduct, and internal rules concerning compliance, including Regulations Concerning
Compliance with Laws and Regulations, to ensure that the performance of duties by directors and employees, including temporary
workers (this definition applies to the remainder of this document),
comply with laws, regulations, and the Articles of Incorporation of
JBIC (hereinafter referred to as “Laws and Regulations”). Furthermore, JBIC shall make such internal rules known to all directors andemployees.
2. Directors and employees shall abide by all such internal rules concerning compliance.
3. JBIC shall appoint persons responsible for compliance and departments that oversee compliance matters so as to establish and reinforce structures relating to compliance with Laws and Regulations.
4. JBIC shall establish a committee with the Governor as its chairman
to review key matters relating to compliance and to monitor the
status of compliance with the Laws and Regulations.
5. JBIC shall establish effective internal reporting systems and operatethem appropriately so that material matters relating to compliancecan be discovered promptly and necessary corrective measures canbe introduced.
6. JBIC shall not maintain any relationships whatsoever with antisocial
forces. It shall maintain an uncompromising attitude throughout
the organization toward antisocial forces, and decisively reject all
improper demands from such forces.

3

Article 5. Internal Audit Systems for Ensuring Proper Operations
1. JBIC shall adopt Internal Audit Regulations and other rules relating
to internal audits to ensure the appropriateness and soundness of
its operations.
2. JBIC shall establish the Internal Audit Committee to make decisions
and deliberations concerning important matters relating to internal
audits.
3. JBIC shall establish the Internal Audit Department, independentof the departments being audited, to handle matters relating tointernal audits.
4. The Internal Audit Department shall undertake internal audits basedon internal regulations related to internal audits, and report to thedirector responsible for internal audits about the results.
5. The Internal Audit Department shall periodically and as necessary,
as well as upon request of a director or a corporate auditor, report
the results of internal audits to the Board of Directors or otherorganizations or bodies.
6. The Internal Audit Department shall exchange information as necessary and collaborate with the corporate auditors and accounting
auditors, in order to perform internal audits efficiently.
Article 6. Matters relating to Employees Assigned to Assist Corporate Auditors in Performing their Duties upon Request by
Corporate Auditors
1. JBIC shall establish the Office of Corporate Auditor and assign fulltime employees to assist the corporate auditors in performing theirduties.
2. Those full-time employees shall perform their duties in line with
instructions from the corporate auditors.
3. When deemed necessary, the corporate auditors may assign
employees other than the full-time employees referred to above
to assist in the performance of audits with the approval of theGovernor.
Article 7. Matters relating to Independence from Directors of Employees Assisting Corporate Auditors
JBIC shall secure prior approval of the full-time corporate auditors on any
decision concerning personnel evaluations, transfers, or other personnel
matters relating to employees assisting with the performance of duties
by the corporate auditors.
Article 8. System of Reporting by Directors and Employees to Corporate Auditors and Other Systems of Reporting to Corporate
Auditors
1. The representative director and other directors who perform operational duties shall make accurate reports concerning the statusof performance of their duties from time to time at the Board of
Directors meetings and other important meetings attended bycorporate auditors.
2. In the event that a director or an employee discovers any fact thathas the potential of inflicting substantial harm upon JBIC, or improper
conduct or serious violations of Laws and Regulations, said director
or employee shall promptly report the fact to the corporate auditors.

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6. Fundamental Policy on Internal Control

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Article 9. S ystem for Ensuring Effective Performance of Audits by
Corporate Auditors
1. The corporate auditors shall be entitled to request reports fromdirectors and employees concerning the status of performance of
their duties whenever they determine such reports are necessary
for the effective performance of audits. A director or employee who
receives such a request shall promptly furnish a report in line withthe request.
2. The corporate auditors may attend important meetings, including
the Board of Directors meetings and the Executive Committee meetings, to express their opinions as necessary. Corporate auditors may
also request to review minutes and other related documents.
3. The Governor shall hold periodic meetings with the corporate auditors to exchange opinions.
4. The corporate auditors may request the cooperation of the Internal
Audit Department and departments that oversee compliance matters.
5. The corporate auditors may seek the advice of attorneys, certified
public accountants, and other professionals concerning audits when
deemed necessary for the effective performance of audits.

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7· Security Policy
prevent the occurrence of information security problems.

Corporate
Data

Japan Bank for International Cooperation (hereinafter “JBIC”)

3adopts the following fundamental policy concerning the use(7) Outsourcing Workhandle, manage, protect, and maintain information assets to

In the event that JBIC engages persons other than its of-achieve information security that meets the highest standards

ficers and employees to manage its information assets by

so as to support its proper and efficient operations.

outsourcing such work, it shall verify that information security
is ensured and that appropriate measures have been taken(1) Basic Principles

7. Security Policy

and management of information assets and will properlyin accordance with the content of the information assets.

JBIC shall use and manage information assets in line with theapplicable laws, regulations, and rules.

(8) Responses to Incidents Concerning Information
AssetsA. Information assets shall be used appropriately and only

In the event of improper disclosure of personal or client infor-

basic principles set forth hereunder while complying with all

for their intended purposes.
B. Authority concerning the management of information as-

mation or other incidents causing a problem on information
security, JBIC shall promptly take appropriate measures.

sets shall be granted only after careful consideration of
the nature of the work and necessity.

(9) Evaluation and Review

C. When adopting and implementing information security

JBIC shall evaluate and review this policy, as necessary, tomeasures, the following matters shall be taken into con-make flexible responses to changes in the external envi-

sideration, based on the nature of the work:ronment, such as the enactment, amendment, or repeal of(a) Clarification of responsibilities and roles within imple-

applicable laws and regulations, as well as innovations inmentation structures(b) Timely and prompt implementation of necessary, sufficient, effective, and efficient measuresinformation security technology, and to changes in the internal environment, including organizational and operationalchanges and updates to JBIC’s information systems.

(2) Proper Management of Information Assets
Information assets refer to information and information
systems. JBIC classifies them according to such factors as
their degree of confidentiality, completeness, usability, andimportance, and manages them appropriately in accordancewith their classification.

(3) Information Asset Management Structures
JBIC shall establish a structure for ensuring the security of
information assets.

(4) Protection of Personal Information
JBIC shall protect and manage personal information by establishing and making public our Privacy Policy and pursuant
to the provisions of the Act on the Protection of Personal
Information Held by Independent Administrative Agencies(Law No. 59 of 2003).

(5) Protection of Client Information
JBIC shall establish the basic policy for protecting its clientsand increasing their convenience for the purpose of appropriate protection and management of information pertaining tothem in accordance with this basic policy.

(6) Training on Information Asset Management
JBIC shall provide necessary training to all officers and employees who handle information assets to ensure that they
understand requirements in the applicable laws and regulations, as well as in this policy and other applicable rules, andJBIC Annual Report 2013

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8· Privacy Policy
Japan Bank for International Cooperation (hereinafter “JBIC”)
positions the trust of our clients as our first priority, deeply

F. It is clearly beneficial to the clients or there exist special
reasons to provide personal information.

8. Privacy Policy

recognizes the importance of our clients’ personal information, and believes that it is our duty to our clients to properly(4) Subcontract

manage and protect their personal information.

JBIC may subcontract the handling of our clients’ personal in-With a view to protecting our clients’ personal information,formation to conduct such operations more smoothly. In such

JBIC will conduct our operations in a manner whereby wecases, JBIC will attempt to select a trustworthy subcontractor,

observe the Act on the Protection of Personal Informationenter into a confidentiality agreement, adequately supervise

Held by Independent Administrative Agencies, etc. (hereinafter

the handling and administering of the personal information,“Act”), the Guidance concerning the Measures to Properly

and assure the protection of personal information.

Manage the Personal Information held by Independent Administrative Agencies, etc. and so forth.

(5) Personal Information Management (PIM)
A. JBIC will attempt to keep our clients’ personal information(1) Acquisition of Personal Information

correct and updated, and take prevention and safety mea-

JBIC will acquire our clients’ personal information throughsures against unauthorized access, leakage, loss, damage,proper and lawful means. When we acquire personal infor-

and alteration of personal information.

mation from our clients directly in writing, we will specify in

B. JBIC will constantly educate its employees about the pro-advance the purposes for its use that are within the necessary

tection and proper management of our clients’ personalscope of JBIC’s operations.

information to thoroughly make sure of its proper handlingin its daily operations.

(2) Use of Personal Information

C. JBIC will audit and inspect whether the protection and

JBIC will specify the purposes for use in obtaining the neces-management of personal information is undertaken prop-sary personal information of our clients as listed below, anderly.

will use it within the scope that is necessary to achieve such
purposes:(6) Disclosure, Correction, and Disuse

A. Loan, equity participation, and guarantee operations, andIf a client wishes to make a request to disclose, correct ortheir related due diligence exercise and research (or theirdisuse the clients’ personal information held by JBIC, we will

supplementary work)

deal with such a request by following the procedure of dis-

B. Due diligence and communication on contracts with JBIC
(other than 1. above)
C. Confirmation of personal identity as per such laws as Foreign Exchange and Foreign Trade Act (Act No. 228, 1949)

closure etc. stipulated in the Act. Meanwhile, there are somecases when such disclosure etc. could be made out of theprocedure of disclosure etc. stipulated in the Law, for which
please contact at our Head Office or West Japan Office.

D. Invitation to events (such as seminars) organized by JBIC
F. Issuance and collection of surveys and questionnaires, and(7) Inquiries about Personal Information Management(PIM)

statistical processing and analysis of such outcomes

For inquiries or complaints about the clients’ personal informa-

E. Delivery of various JBIC-related materials

G. Operations necessary for responding to questions and inquiries, and for dealing with transactions including queries

tion management (PIM) at JBIC, please contact at our Head
Office or West Japan Office.

from JBIC, in a proper and smooth manner(8) Continuous Improvement(3) Provision of Personal Information to Third Parties

JBIC will continuously improve the clients’ personal informa-

JBIC will not provide the personal information acquired fromtion management (PIM) as necessary.

its clients to third parties except in the following cases:
A. It is required by law.
B. It is provided within the scope of the purposes for use asprescribed above.
C. Consent is obtained from the clients.
D. There are convincing reasons why executive agencies, independent administrative agencies, local municipal entities
or local independent administrative agencies would use
it to the necessary extent to carry out the law-stipulated
operations.
E. It is used for statistics compilation or academic research.

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