Data

1

Statistics
1 Overview

86(1) Commitments86		A. Commitments by Purpose of Financing

86		

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

86(2) Disbursements

87(3) Repayments

87(4) Outstandings87

2 Commitments

88(1) Export Loans by Industry

88(2) Natural Resource Loans by Item

88(3) Overseas Investment Loans by Industry (Excluding Natural Resource Loans)89(4) Commitments to Mid-tier Enterprises and		SMEs to Support their Overseas Business Activities

89(5) Guarantee Commitments by Purpose

89(6) Loan and Guarantee Commitments by Region90

		

A. Export Loan Commitments by Region90		

B. Import Loan Commitments by Region90		

C. Overseas Investment Loan Commitments by Region90		

D. Untied Loan Commitments by Region91		

E. Guarantee Commitments by Region91		

F. Equity Participations by Region

91(7) Geographical Distribution of Loan and Equity Participation Commitments

92

3 Outstandings

95(1) Outstandings by Purpose of Financing

95(2) Guarantee Outstandings by Purpose

95(3) Geographical Distribution of Loan and Equity Participation Outstandings

96

4 Others

98(1) Major Buyer’s Credit and Bank-to-bank Loan Commitments

98(2) Untied Loan Commitments

98

5 Standard Loan Conditions

99

6 Breakdown of Countries and Regions

100

JBIC Annual Report 201585

1. Overview
Data1(1) Commitments

Statistics

A. Commitments by Purpose of Financing(Unit: billions of yen, %)FY2010
Number

Total

35

151.2

FY2011
Share Number

Total

FY2012
Share Number

Total

FY2013
Share Number

Total

FY2014
Share Number

Total

Share

406.4

13

Loans
Export Loans

9

40

207.9

13

40

126.6

3

33

126.2

6

49

Shipping

14

38.6

2

20

62.6

4

15

23.0

1

15

34.7

2

24

24.3

1

Plant

21

112.5

6

20

145.3

9

25

103.6

2

18

91.5

4

24

381.8

12

Technical Services

—

—

—

—

—

—

—

—

—

—

—

—

1

0.2

0

1

169.5

10

3

172.6

11

4

304.3

7

5

56.2

3

—

—

—

4

304.3

7

5

56.2

3

—

—

—

Import Loans

1. Overview

Natural Resources

1

169.5

10

3

172.6

11

Overseas Investment
Loans

60

710.3

40

84

962.0

60

157 3,138.5

74

167 1,671.0

76

197 2,451.0

75

Natural Resources

11

221.9

13

26

607.9

38

39 1,784.2

42

18

594.7

27

20 1,059.1

33

149 1,076.2

49

177 1,391.9

43

Others

49

488.3

28

58

354.0

22

118 1,354.3

32

Untied Loans

8

76.8

4

3

23.2

1

10

210.5

5

7

46.0

2

5

46.7

1

Bridge Loans

—

—

—

—

—

—

2

83.2

2

—

—

—

—

—

—

Sub Total

104 1,107.9

63

130 1,365.7

86

213 3,863.3

91

212 1,899.6

86

251 2,904.2

89

Guarantees

26

638.1

36

15

228.5

14

21

303.2

7

20

209.1

9

15

312.3

10

Equity Participations

3

19.8

1

1

1.5

0

8

74.3

2

7

97.4

4

5

32.8

1

133 1,765.9

100

146 1,595.9

100

242 4,240.9

100

239 2,206.1

100

271 3,249.3

100

Total

B. Commitments by Region (Loans, Equity Participations and Guarantees)(Unit: billions of yen, %)FY2010Share Number

Total

FY2012
Share Number

Total

FY2013
Share Number

Total

FY2014

Number

Total

Total

Share

Asia

57

221.5

13

65

269.9

17

86

513.6

12

108

472.7

21

162

610.5

19

Oceania

1

8.3

0

12

170.4

11

17 1,005.7

24

12

292.9

13

6

173.8

5

Europe

9

62.4

4

15

216.6

14

33

660.6

16

21

350.3

16

17

228.8

7

The Middle East

11

409.3

23

8

232.4

15

12

305.9

7

9

104.8

5

14

493.6

15

Share Number

Africa

3

66.3

4

3

3.3

0

7

84.3

2

5

81.1

4

7

195.6

6

North America

10

148.5

8

11

113.6

7

35

710.8

17

43

654.0

30

45 1,389.3

43

Latin America
and the Caribbean

34

426.2

24

26

415.5

26

43

805.5

19

36

209.1

9

18

136.1

4

International
Organizations, etc.

2

24.3

1

3

12.3

1

—

—

—

—

—

—

—

—

—

6

398.7

23

3

161.5

10

9

154.2

4

5

40.8

2

2

21.2

1

133 1,765.9

100

146 1,595.9

100

242 4,240.9

100

239 2,206.1

100

271 3,249.3

100

Others
Total

86

FY2011JBIC Annual Report 2015

Data(2) Disbursements
(Unit: billions of yen, %)FY2011

Share

Total

FY2012

Share

Total

FY2013

Share

Total

FY2014

Share

Total

Share

Loans
Export Loans

73.6

4

73.9

5

143.1

5

112.5

4

112.0

4

Import Loans

72.3

3

212.2

15

162.7

6

234.5

9

21.8

1

1,041.5

50

700.7

50

2,144.6

75

1,928.073

2,049.4

79

Overseas Investment
Loans

104.4

5

103.2

7

52.2

2

88.5

3

64.3

2

—

—

—

—

79.7

3

—

—

—

—

Sub Total

1,292.062

1,090.277

2,582.590

2,363.6

90

2,247.6

87

Guarantees

777.0

37

310.8

22

270.6

9

178.7

7

303.2

12

Equity Participations
Total

26.8

1

7.3

1

17.2

1

85.4

3

30.9

1

2,095.8100

1,408.4100

2,870.4

100

2,627.8100

2,581.8100

1. Overview

Untied Loans
Bridge Loans

Statistics

FY2010Total

1(3) Repayments
(Unit: billions of yen, %)FY2010Total

FY2011

Share

Total

FY2012

Share

Total

FY2013

Share

Total

FY2014

Share

Total

Share

Loans
Export Loans

152.5

12

125.3

8

112.4

7

106.3

8

104.8

4

Import Loans

197.3

16

252.4

15

147.4

10

170.1

13

138.4

6

Overseas Investment
Loans

463.8

37

711.7

43

707.1

46

668.1

50

1,795.6

73

Untied Loans

204.9

16

192.4

12

161.6

11

173.5

13

158.2

6

Bridge Loans

—

—

—

—

79.7

5

—

—

—

—

Governmental Loans

2.4

0

3.1

0

2.9

0

2.9

0

2.6

0

Sub Total

1,021.081

1,285.2

78

1,211.3

79

1,121.184

2,199.8

90

Guarantees

236.7

19

362.6

22

318.1

21

204.9

15

238.2

10

0.8

0

6.1

0

3.0

0

5.0

0

12.4

1

1,258.6100

1,653.9100

1,532.4100

1,331.1100

2,450.6100

Equity Participations
Total(Note) Prepayments in FY2013 and 2014 amounted to ¥92.9 billion and ¥247.0 billion, respectively.

(4) Outstandings
(Unit: billions of yen, %)FY2010Total

FY2011

Share

Total

FY2012

Share

Total

FY2013

Share

Total

FY2014

Share

Total

Share

Loans
Export Loans

698.5

6

642.9

6

710.3

5

740.6

5

812.4

5

Import Loans

630.5

6

584.4

6

630.2

5

731.6

5

661.6

4

Overseas Investment
Loans

5,827.2

53

5,762.955

8,165.962

10,183.9

67

11,970.5

69

Untied Loans

1,183.7

11

1,086.3

10

1,035.8

8

998.8

7

988.8

6

54.3

0

45.6

0

42.6

0

39.7

0

37.1

0

Sub Total

8,394.477

8,122.3

77

10,585.1

81

12,694.9

83

14,470.6

84

Guarantees

2,443.2

22

2,378.3222,400.6

18

2,422.6

16

2,572.3

15

72.6

1

70.3

1

100.1

1

187.0

1

222.3

1

10,910.3

100

10,571.0

100

13,086.0100

15,304.6

100

17,265.3

100

Governmental Loans

Equity Participations
Total

JBIC Annual Report 201587

2. Commitments
Data

1(1) Export Loans by Industry
(Unit: billions of yen, %)Statistics

FY2013
NumberTotal

FY2014
Share

NumberShipping

15

34.7

28

24

Total

24.3

Share

6

Electrical Machinery

8

39.6

31

8

102.9

25

Telecommunication Equipment

1

0.9

1

1

4.4

1

Textile Machines

2

0.5

0

—

—

—

Other Industrial Machinery andEquipment, etc.

5

44.2

35

14

272.2

67
—

2. Commitments

Mining Equipment

1

0.0

0

—

—

Civil Engineering and Contractors

—

—

—

1

3.0

1

Chemical Facilities

1

8.9

7

3

122.5

30

Loading Machinery

2

7.3

6

—

—

—

Oil and Natural Gas Facilities

1

27.5

22

5

143.4

35

Iron and Non-ferrous Metals
Manufacturing Facilities

—

—

—

4

1.6

0

Others

0

—

—

—

1

1.5

Technical Services

—

—

—

1

0.2

0

Others

2

6.0

5

1

2.1

1

Total

33

126.2

100

49

406.4

100

(2) Natural Resource Loans by Item(Unit: billions of yen, %)FY2013
NumberShare

NumberEnergy Resources

13

372.1

57

16

Petroleum

5

255.5

39

6

155.8

15

Natural Gas

7

81.7

13

10

836.9

79

Coal

1

34.8

5

—

—

—
6

Other Resources

Total

992.7

Share

94

10

278.8

43

4

66.3

Iron Ore

4

188.8

29

1

26.4

2

Copper Ore and Concentrate

5

69.5

11

1

39.7

4

Lead and Zinc

1

20.4

3

—

—

—

Wood, Wood Chips and Pulp

—

—

—

2

0.1

0

23

651.0

100

20

1,059.1

100

Total

88

Total

FY2014JBIC Annual Report 2015

Data(3) Overseas Investment Loans by Industry (Excluding Natural Resource Loans)
(Unit: billions of yen, %)FY2014

Total

Share

Number

73

243.3

23

101

372.3

Food

—

—

—

5

0.6

0

Textiles

4

10.6

1

3

4.0

0

Manufacturing Industry

Total

Share

27

Chemicals

6

4.9

0

4

59.3

4

Petroleum and Coal Products

1

167.6

16

2

238.0

17

Iron and Non-ferrous Metal
Products

8

2.2

0

24

25.5

2
0

1

0.0

0

1

0.2

5

21.3

2

2

0.1

0

Transport Equipment

24

21.2

2

42

39.0

3

Other Manufacturing Industries

24

15.2

1

18

5.1

0

Electric, Gas and Heat Supply andWater Service

4

145.1

13

7

164.8

12

Telecommunications

1

220.0

20

—

—

—

Transport and Postal Services

1

0.7

0

1

147.9

11

Commerce

3

57.2

5

2

0.5

0

Service Industry

3

11.7

1

2

3.0

0

Others (Note)

64

398.0

37

64

703.2

51

Total

149

1,076.2

100

177

1,391.9100

2. Commitments

Machinery
Electrical Machinery

Statistics

FY2013
Number1(Note)	“Others” includes two-step loans to regional financial institutions in Japan. JBIC supports the overseas operations of Japanese enterprises (especially SMEs)
engaged in a 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)

FY2013Loans to SMEs and Mid-tier Enterprises

FY2014

Number of Projects

AmountNumber of Projects

Amount

54

18.0

109

111.7

(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).

(5) Guarantee Commitments by Purpose
(Unit: billions of yen, %)FY2013

FY2014

Number

Total

Share

Number

Total

Share

Guarantee for Samurai Bonds

2

52.4

25

3

170.0

54

Guarantee for Import of Aircrafts

8

76.3

37

6

88.5

28

Guarantee for Others

10

80.3

38

6

53.7

17

Total

20

209.1

100

15

312.3

100

JBIC Annual Report 2015

89

Data

1

(6) Loan and Guarantee Commitments by Region

Statistics

A. Export Loan Commitments by Region(Unit: billions of yen, %)FY2013
NumberShare

Number

Total

Share

9

38.0

30

37

342.2

84

East Asia

—

—

—

16

15.5

4

Southeast Asia

6

18.5

15

7

76.0

19

South Asia

2

10.5

8

8

45.3

11

Central Asia and the Caucasus

1

8.9

7

6

205.1

50

Asia

EuropeTotal

FY2014

2. Commitments

3

30.3

24

3

3.7

1

Central and Eastern Europe and Russia

2

27.8

22

1

1.3

0

Western Europe

1

2.4

2

2

2.3

1

The Middle East

6

28.2

22

2

32.9

8

Africa

—

—

—

2

22.4

6

Northern Africa

—

—

—

1

1.5

0

Sub-Saharan Africa

—

—

—

1

20.8

5

Latin America and the Caribbean

15

29.6

23

5

5.1

1

Total

33

126.2

100

49

406.4

100

B. Import Loan Commitments by Region(Unit: billions of yen, %)FY2013
NumberTotal

FY2014
Share

NumberOceania

3

30.2

54

—

Total

—

Share

—

Others

2

26.0

46

—

—

—

Total

5

56.2

100

—

—

—

C. Overseas Investment Loan Commitments by Region(Unit: billions of yen, %)FY2013
NumberShare

Number

Total

Share

87

335.1

20

121

234.8

10

East Asia

28

30.8

2

19

28.4

1

Southeast Asia

55

285.8

17

91

182.1

7

South Asia

4

18.5

1

11

24.2

1

Oceania

9

262.7

16

6

173.8

7

Europe

Asia

17

301.4

18

14

225.0

9

Central and Eastern Europe and Russia

1

3.6

0

—

—

—

Western Europe

16

297.7

18

14

225.0

9

3

76.5

5

7

326.8

13

2

53.7

3

2

95.0

4

—

—

—

2

95.0

4

The Middle East
AfricaNorthern Africa
Sub-Saharan Africa
North America

90

Total

FY2014

2

53.7

3

—

—

—

34

517.6

31

38

1,291.053

Latin America and the Caribbean

15

123.7

7

9

104.4

4

Total

167

1,671.0100

197

2,451.0

100

JBIC Annual Report 2015

Data

D. Untied Loan Commitments by Region(Unit: billions of yen, %)FY2013
Share

Number

3

13.7

30

—

—

—

South Asia

3

13.7

30

—

—

—

The Middle East

—

—

—

2

17.8

38

Africa

1

3.0

7

1

14.8

32

1

3.0

7

1

14.8

32

Asia

Sub-Saharan Africa

Total

Total

Share

Latin America and the Caribbean

3

29.2

64

2

14.0

30

Total

7

46.0

100

5

46.7

100

(Unit: billions of yen, %)FY2013
NumberShare

Number

8

85.8

41

2

31.6

10

East Asia

1

30.0

14

—

—

—

Southeast Asia

4

43.2

21

1

11.6

4

South Asia

3

12.5

6

1

20.0

6

The Middle East

—

—

—

3

116.0

37

Africa

Asia

Total

FY2014
Total

Share

2

24.3

12

2

63.3

20

Northern Africa

1

22.4

11

1

50.0

16

Sub-Saharan Africa

1

1.9

1

1

13.3

4
28

North America

8

76.3

37

6

88.5

Latin America and the Caribbean

2

22.6

11

2

12.6

4

Total

20

209.1

100

15

312.3

100

2. Commitments

E. Guarantee Commitments by Region

1
Statistics

Number

FY2014

F. Equity Participations by Region(Unit: billions of yen, %)FY2013
NumberShare

Number

1

0.0

0

2

1.8

6

East Asia

1

0.0

0

—

—

—

Southeast Asia

—

—

—

1

0.7

2

South Asia

—

—

—

1

1.1

3

1

18.5

19

—

—

—

Asia

EuropeWestern Europe

Total

FY2014
Total

Share

1

18.5

19

—

—

—

North America

1

60.0

62

1

9.7

30

Latin America and the Caribbean

1

3.9

4

—

—

—

Others

3

14.8

15

2

21.2

65

Total

7

97.4

100

5

32.8

100

JBIC Annual Report 2015

91

Data

1

(7) Geographical Distribution of Loan and Equity Participation Commitments
(Unit: billions of yen)

Statistics

Region / Country

Asia

East Asia

FY2013
Number

FY2014
Total

Number

Total

Number

21

21.7

13

25.6

1,538

Hong Kong

4

3.0

21

18.1

293

317.1

Republic of Korea

4

6.0

699

1,285.4

1

0.2

1,028

508.7

29

30.8

35

43.9

3,558

6,008.4

4

45.1

18

70.9

28

137.9

1,515

5,660.6

4

24.1

4

24.1

3

1.4

3

1.7

597

1,317.7

1

0.7

57

145.2

1

5.8

3

1.1

816

1,754.4

Sub Total
Brunei DarussalamIndonesia
Laos
2. Commitments

Malaysia
Myanmarthe Philippines

7

13.1

4

4.4

471

779.7

Thailand

23

35.1

31

15.0

2,502

2,740.7

Vietnam

9

177.8

25

73.6

155

466.0

Sub Total

99

258.9

6,157
7

22.9

9

42.7

18

67.7

850

1,289.2

290

298.3

2

3.0

61

67.9

Pakistan
Others
70.7

25

301.8

1

8.9

5

200.7

13

284.9

1

4.4

13

65.0

8

195.0

1

8.9

6

205.1

59

846.9

Total

100

386.9

160

578.8

10,99921,685.4

Australia

12

292.9

4

138.1

869

3,197.2

2

35.6

147

176.8

Papua New Guinea

56

267.2

Others

52

27.0

1,124

3,668.3

Sub Total

New Zealand

Total

JBIC Annual Report 2015

1,682.1

20

Others

92

3.6

1,225

42.7

Uzbekistan

Oceania

17
9

Kazakhstan
Turkmenistan

213.9
13,148.0

304.4

Sri Lanka
Sub Total

36
61

Bangladesh
India

Central Asiaand the Caucasus

3,897.1

Singapore

OthersSouth Asia

Total

China

OthersSoutheast Asia

Accumulated

12

292.9

6

173.8

Data

(Unit: billions of yen)

EuropeFY2013
Number

FY2014
Total

Number

Accumulated
Total

NumberCentral and Eastern Belarus
Europe and Russia
Bulgaria

134.4

1

5.3

Romania

142

95.2

117

1,551.9

3

31.5

1

1.3

Ukraine11

41.3

Others879

2,134.9

1,270

3,968.8

Sub Total

3

31.5

1

1.3

18

17.4

57

78.9

309

641.6

1

18.5

Germany

6

21.8

7

13.1

272

277.4

United Kingdom

3

120.4

3

178.7

527

1,735.3

6

35.5

46

338.3

FranceIreland
Italy

1

80.9

45

166.2

Luxemberg

3

32.5

4

34.9

Malta

3

11.9

Netherlands

95

396.5

Norway248

456.2

Portugal

46

37.5

Spain

1

29.8

61

105.7

Sweden

2

12.0

58

144.8

Isle of Man

1

2.4

1

2.4

Switzerland

85

101.1

Others626

679.0

Sub Total

18

318.7

16

227.4

2,501

5,225.9

Total

21

350.3

17

228.8

3,771

9,194.8

Bahrain
Iran
Iraq
Jordan

1

9.2

6

110.4

199

1,026.8

21

219.9

29

89.1

Kuwait

1

65.4

23

203.9

Oman

1

10.3

28

296.4

36

738.6

Saudi Arabia

1

18.5

3

295.8

80

999.1

Turkey

6

10.4

7

72.5

189

693.6

66

1,461.2

Qatar

United Arab Emirates
Yemen

11

35.8

Others

106

212.0

794

6,087.4

Total

9

104.8

11

377.6

JBIC Annual Report 2015

2. Commitments

CyprusDenmark

The Middle East

5.6

117

Moldova
RussiaWestern Europe

Total

3

Statistics

Region / Country

1

93

Data

1

(Unit: billions of yen)

Statistics

Region / Country

AfricaNorthern Africa

FY2013
Number

FY2014
Total

Number

Accumulated
Total

Number

345

971.8

Egypt

183

240.5
145.0

Morocco

3

96.5

10
22

108.1

3

96.5

560

1,465.5

29

93.4

OthersSub Total
Sub-Saharan Africa Angola

2. Commitments

Equatorial Guinea

2

17.1

Gabon

20

33.5

Kenya

30

19.3

Liberia

1,202

1,475.0

Madagascar

9

102.5

Mozambique

17

25.3

Niger

117

105.1

Nigeria51

266.5

Seychelles2

1.2

South Africa

2

6.9

Tanzania

1

14.8

115

328.5

1

20.8

21

32.2

UgandaNorth America

6

1.1

183

162.4

35.7

1,804

2,663.9

132.3

2,364

4,129.4

Others1

49.8

Sub Total

3

56.7

2

Total

3

56.7

5

Canada

1

30.8

2

50.6

327

763.2

United States

34

546.8

37

1,250.1

2,628

7,806.6

Total

35

577.6

39

1,300.8

2,955

8,569.9

272

564.0

21

52.6

Latin America and the Caribbean Argentina
the Bahamas

3

16.9

Bolivia1

20.4

Brazil

5

28.1

5

69.5

1

0.9

2

66.4

Cayman Islands
Chile
Colombia
EcuadorEl Salvador
Jamaica
Panama

6

5.2

2

1.9

5

97.3

159

1,334.3

122

276.2

32

79.1

35

15.0

2

3.5

292

422.3

1

2.3

16

12.8

1

39.7

113

487.5

10

13.0

817

2,209.5

81

661.8

11

39.1

Others

2

6.0

Total

34

186.5

16

5

40.8

219

1,997.0

191

249.5

123.5

4,133

9,729.756

1,208.0

2

21.2

108

1,936.3

256

2,937.0

26,304

66,209.7

International Organizations, etc. Total
Total
Grand Total(Note) Others: Two-step loans to regional financial institutions in Japan and loans for crossborder projects, etc.

JBIC Annual Report 2015

65.9
3,197.7

Peru
Venezuela

94

32
1,943

Paraguay
MexicoOthers

Total

Algeria3. Outstandings
Data(1) Outstandings by Purpose of Financing(Unit: billions of yen, %)FY2014
Share

Total

Share

Loans
740.6

5

812.4

5

Shipping

142.0

1

152.9

1

Plant

598.1

4

659.4

4

0.5

0

0.1

0

731.6

5

661.6

4

Natural Resources

721.3

5

654.7

4

Manufactured Goods & Technologies

10.3

0

6.8

0

10,183.9

67

11,970.5

69

Technical Service
Import Loans

Overseas Investment Loans
Natural Resources

4,715.031

5,837.3

34

Others5,468.936

6,133.1

36

Untied Loans

998.8

7

988.8

6

39.7

0

37.1

0

Sub Total

12,694.9

83

14,470.6

84

Guarantees

2,422.6

16

2,572.3

15

187.0

1

222.3

1

15,304.6

100

17,265.3

100

Governmental Loans

Equity Participations
Total

3. Outstandings

Export Loans

Statistics

FY2013Total

1(2) Guarantee Outstandings by Purpose
(Unit: billions of yen, %)FY2013
Total

Guarantee for Samurai Bonds
Guarantee for Import of Aircrafts
Guarantee for Others
Total

FY2014
Share

Total

Share

1,198.9

49

1,368.9

53

465.5

19

465.2

18

758.2

31

738.1

29

2,422.6

100

2,572.3

100

JBIC Annual Report 2015

95

Data

1

(3) Geographical Distribution of Loan and Equity Participation Outstandings
(As of March 31, 2015; billions of yen)

Statistics

Region / Country

Asia

East Asia

Southeast Asia

3. Outstandings

South Asia

Central Asiaand the Caucasus

Oceania

EuropeCentral and Eastern
Europe and Russia

Western Europe

96

JBIC Annual Report 2015

China
Hong Kong
Republic of Korea
OthersSub Total
Brunei DarussalamIndonesia
Laos
Malaysia
the Philippines
Singapore
Thailand
Vietnam
Sub Total
Bangladesh
India
Pakistan
Sri Lanka
Sub Total
Kazakhstan
Turkmenistan
Sub Total
Total
Australia
New Zealand
Papua New Guinea
Total
Belarus
Bulgaria
SerbiaMoldova
Romania
RussiaUkraineSub Total
CyprusDenmark
FranceGermany
United Kingdom
Ireland
Italy
Luxembourg
Malta
Netherlands
NorwayPortugal
Spain
SwedenIsle of Man
Switzerland
Sub Total
Total

Number

115
12
11
10
148
1
119
4
24
15
26
91
63
343
1
83
3
4
91
10
2
12
594
74
4
6
84
1
5
2
1
3
25
2
39
6
1
5
17
17
9
1
3
3
1
3
2
1
4
1
5
79
118

Total

141.1
9.7
23.2
50.7
224.9
17.4
724.2
7.0
95.2
276.6
116.5
219.8
188.4
1,645.3
0.7
236.2
57.7
4.2
298.9
215.5
27.9
243.4
2,412.7
1,798.7
9.8
303.3
2,111.9
0.7
12.0
2.9
1.0
1.5
518.1
0.0
536.6
10.0
13.0
173.6
43.0
235.9
392.8
77.1
30.1
17.2
78.1
10.4
2.4
34.9
112.5
2.9
62.5
1,297.1
1,833.8Data(As of March 31, 2015; billions of yen)

The Middle East

Northern Africa

Sub-Saharan Africa

North America

Latin America and the Caribbean

International Organizations, etc.
Others

Total

2
8
1
1
1
10
5
6
24
8
2
68
6
2
1
9
5
2
2
2
2
2
2
8
2
3
9
1
40
49
12
102
114
25
6
2
55
1
24
2
6
1
1
14
1
7
61
7
213
4
39
1,283

54.9
74.2
14.5
10.0
51.4
173.2
386.4
462.3
52.5
616.7
17.2
1,913.7
21.5
38.3
25.4
85.3
55.1
7.8
0.4
0.2
7.4
98.2
0.4
1.6
18.4
0.5
50.1
0.0
240.7
326.1
259.3
1,975.0
2,234.4
83.4
21.3
21.3
793.9
29.4
970.7
69.1
0.3
0.0
0.1
73.4
2.4
79.0
268.7
281.8
2,695.3
65.0
1,099.8
14,693.0

JBIC Annual Report 2015

1

3. Outstandings

AfricaBahrain
Iran
Iraq
JordanKuwaitOman
Qatar
Saudi Arabia
TurkeyUnited Arab Emirates
Yemen
Total
Algeria
Egypt
MoroccoSub Total
AngolaEquatorial Guinea
Gabon
Kenya
Liberia
Madagascar
Mozambique
Niger
Nigeria
Seychelles
South Africa
UgandaSub Total
Total
CanadaUnited States
Total
Argentina
the Bahamas
Bolivia
BrazilCayman Islands
Chile
Colombia
EcuadorEl Salvador
Jamaica
PanamaParaguay
Peru
MexicoVenezuela
Total
Total
Total
Grand Total

NumberStatistics

Region / Country97

4. Others
Data1(1) Major Buyer’s Credit and Bank-to-bank Loan Commitments (FY2014)

Statistics

Country

Project/Transaction

BorrowerAmount

4. Others

Vietnam

Export of machinery and equipment for super critical thermal
power plant

Vietnam Electricity

US$ 202 million

Vietnam

Export of machinery and equipment for super critical coal-fired
power plant

Vietnam Electricity

US$ 409 million

India

Export of machinery and equipment for oil refining andpetrochemical plants

Reliance Industries Limited

US$ 330 million

India

Export of machinery and equipment for power plant

State Bank of India

Turkmenistan

Export of machinery and equipment for ethylene plant complex

Government of Turkmenistan

US$ 438 million

Turkmenistan

Export of machinery and equipment for chemical fertilizer
production plant

Government of Turkmenistan

US$ 696 million

Turkmenistan

Export of machinery and equipment for Gas to Gasoline plant

Government of Turkmenistan¥ 22.4 billion

Turkmenistan

Export of machinery and equipment for Gas to Gasoline plant

Government of Turkmenistan

US$ 392 million¥ 8.1 billion

Turkmenistan

Export of machinery and equipment for Gas to Gasoline plant

Government of Turkmenistan

TurkeyExport of machinery and equipment for oil refinery plant

STAR RAFİNERİ ANONİM ŞİRKETİ

US$ 291 million€ 102 million

Tanzania

Export of machinery and equipment for power generation

Government of United Republic of
Tanzania

US$ 175 million(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 (FY2014)
Country

Project/Transaction

BorrowerAmountTurkeyRenewable Energy and Energy Efficiency Projects (GREEN)

Türkiye Kalkınma Bankası A.Ş.

US$ 75 million(*1, 2)

TurkeyRenewable Energy and Energy Efficiency Projects (GREEN)

Türkiye Sınai Kalkınma Bankası A.Ş.

US$ 75 million(*1, 2)South Africa

Renewable Energy Projects

The Standard Bank of South Africa
US$ 125 million(*1, 2)
LimitedBrazilRenewable Energy Projects (GREEN)

Banco Nacional de Desenvolvimento
US$ 75 million(*1, 2)
Econômico e Social

MexicoRenewable Energy and Energy Efficiency Projects (GREEN)

Banco Nacional de Comercio
Exterior, S.N.C.

US$ 50 million(*1, 2)(Notes) 1. Guarantee commitments made by JBIC (principal amount).
		 2.	The figures denote loan commitments made by JBIC. Apart from them, JBIC has provided guarantees to the portion co-financed by private financial
institutions.

98

JBIC Annual Report 2015

5. Standard Loan Conditions
Data

1— Standard Interest Rates

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

(As of July 15, 2015)

Type of Loans

Export Loans

Standard Interest Rate 2

Fixed at commitment (Yen CIRR) 3• 1.01% (Repayment period 5yrs or less)• 1.12% (Repayment period over 5yrs to 8.5yrs)• 1.22% (Repayment period over 8.5yrs)

Percentage of Loan Provided by JBIC

60% limit

Import Loans /Overseas Investment Loans /Untied Loans /(Natural Resources /International Competitiveness) 1

Japanese yen 4• 0.675% 6

60% limit 7

Foreign Currency• LIBOR+0.375% 65(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. Interest rates on loans in foreign currencies are linked to 6-month LIBOR for US dollars.
		 6.	Special interest rates will be applied based on policy implication such as contribution to “Promoting overseas development and acquisition of strategicallyimportant natural resources to Japan” or “Maintaining and improving the International competitiveness of Japanese industries.”		 7. 70% limit for resource-related (import and overseas investment) loans.

5. Standard Loan Conditions

Fixed at tenders 3• above rate + 0.2%

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 201599

6. Breakdown of Countries and Regions
Data

1(As of July 1, 2015)

Regions

Statistics

Asia

East Asia

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

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

South Asia

Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka

Central Asiaand the Caucasus

Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz, Tajikistan, Turkmenistan, Uzbekistan

Oceania

6. Breakdown of Countries and Regions

100

EuropeCountries

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
Central and Eastern
Europe and Russia

Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary,
Latvia, Lithuania, Macedonia, Serbia, Montenegro, Moldova, Poland, Romania, Russia, Slovakia,
Slovenia, Ukraine, KosovoWestern Europe

Andorra, Austria, Belgium, 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, 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,
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.

OthersTwo-step loans to regional financial institutions in Japan and loans for crossborder projects, etc.

JBIC Annual Report 2015

Data

2

Financial Statements
1 Statutory Financial Statements

102

Balance Sheets

102

Statements of Operations

104

Statements of Changes in Net Assets

105

Statements of Cash Flows107

Notes to Financial Statements

108

2 Composition of Liabilities and Net Assets

133

3 T
 he Average Balance of Interest-earning Assets andInterest-bearing Liabilities, Interest and Earning Yields 133
4 Breakdown of Operating Expenses

134

5 Balance of Due from Banks,
Receivables under Resale Agreements and Securities—Application of Surplus Funds
134
6 Information on Derivative Transactions

135

7 Yield / Interest Rate136

8 Loans Outstanding per Employee

136

9 Loans Outstanding by Industry

136

10 Write-off of Loans

137

11 Assets in Major Foreign Currencies

137

12 Administrative Expense Ratio

138

13 B
 alance of Loans / Borrowings, Bonds and Notes
by Maturity
138
14 Information on the Quality of Assets

139

Financial Statements in Accordance with International
Financial Reporting Standards (IFRS) for Reference Only 141

JBIC Annual Report 2015101

1. Statutory Financial Statements
Data

2
Financial Statements

The balance sheets, statements of operations, statements of changes in net assets, and notes to the non-consolidated financial
statements of JBIC were prepared in accordance with the regulations concerning terminology, forms, and preparation methodsof financial statements set in the ordinance of the Ministry of Finance No.59 of 1963. Assets and liabilities, 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.
FY 2014 financial statements for the period of April 1, 2014, to March 31, 2015, 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.

1. Statutory Financial Statements

Balance Sheets
March 31, 2014
(In millions of yen)March 31, 2015
(In millions of yen)¥¥

Assets:Cash and due from banks
Cash
Due from banks

723,189

850,496

$

7,077

0

0

0

723,189

850,496

7,077

Receivables under resale agreements

Note 5

202,733——

Securities

Note 4

227,201

261,786

2,178

227,201

261,786

2,178

12,655,401

14,432,949

120,104

12,655,401

14,432,949

120,104
3,581

Other securities
Loans and bills discounted

Notes 6Loans on deeds
Other assets

213,627

430,297

Prepaid expenses

323

520

4

Accrued income

37,00845,331

377

Derivatives other than for trading—assets

73,135

18,913

157

Cash collateral paid for financial instruments

102,890

365,250

3,039

Other
Property, plant and equipment

Note 8

Buildings
Land
Lease assets

271

282

4

28,55828,295

235

3,176

3,040

25

24,694

24,664

205

31

22

0

Other

655

567

5

Intangible assets

1,561

3,154

26

Software

1,561

3,154

26

Customers’ liabilities for acceptances and guarantees

2,422,658

2,572,328

21,407

Allowance for loan losses(128,885)(115,492)(961)

Total assets

102

March 31, 2015
(In millions of
U.S. dollars)

JBIC Annual Report 2015¥

16,346,047¥

18,463,816$

153,647

Data

2
Financial Statements

March 31, 2015
(In millions of yen)¥¥March 31, 2015
(In millions of
U.S. dollars)

Liabilities:
Borrowed money
Borrowings
Bonds payable

Note 7

Other liabilities

8,407,707

9,425,316$

78,433

8,407,707

9,425,316

78,433

2,711,377

3,049,490

25,376448,229

949,227

7,899

Accrued expenses

29,106

27,645

230

Unearned revenue

52,091

63,934532

303,640

833,744

6,938

63,14012,750

106

38

31

0

211

11,121

93

483

500

4

Derivatives other than for trading—assets
Cash collateral received for financial instruments
Lease obligations
Other
Provision for bonuses
Provision for directors’ bonuses

5

6

0

Provision for retirement benefits

14,251

6,395

53

20

30

0

Provision for directors’ retirement benefits
Acceptances and guarantees
Total liabilities

2,422,658

2,572,328

1. Statutory Financial Statements

March 31, 2014
(In millions of yen)

21,407¥

14,004,734¥

16,003,296$

133,172¥

1,360,000¥

1,391,000$

11,575

Net assets:
Capital stock
Retained earnings

911,366

993,053

8,264

Legal retained earnings

820,000

865,683

7,204

Other retained earnings

91,366

127,369

1,060

91,366

127,369

1,060

2,271,366

2,384,053

19,839Retained earnings brought forward
Total shareholders’ equity
Valuation difference on available-for-sale securities

5,472

12,786

106

Deferred gains or losses on hedges

64,472

63,681

530

Total valuation and translation adjustments

69,94576,467636

Total net assets¥

2,341,312¥

2,460,520$

20,475

Total liabilities and net assets¥

16,346,047¥

18,463,816$

153,647

JBIC Annual Report 2015

103

Data

2

Statements of Operations

Financial Statements

Ordinary income:March 31, 2014
(In millions of yen)March 31, 2015
(In millions of yen)¥¥Interest income
Interest on loans and discounts

257,252$

2,141

181,143

192,973

1,606

149,769

166,130

1,382Interest and dividends on securities

643

2,030

17

Interest on receivables under resale agreements

262

59

0

Interest on deposits with banks
Interest on interest swaps
1. Statutory Financial Statements

Other interest income
Fees and Commissions
Other fees and commissions
Other ordinary income
Gain on foreign exchange transactions
Other
Other income
Reversal of allowance for loan losses
Recoveries of written-off claims
Gain on sales of stocks and other securities

1,623

1,479

12

28,784

23,116

192

60

156

3

23,72235,901299

23,72235,901

299

3,615

4,100

34

3,615

3,856

32

—

244

2

17,617

24,276202

10,006

13,392

111

3,713

101

1

—

0

0

3,694

10,633

88

203

148

2

134,741

136,755

1,138

115,677

116,076966Interest on borrowings and rediscounts

57,18750,488420Interest on bonds

58,43065,567

546

60

20

0

Fees and commissions payments

2,217

2,088

17

Other fees and commissions

2,217

2,088

17

1,377

1,585

14

Gain on investments in partnerships

Note 11

Other
Ordinary expenses:
Interest expenses

Other interest expenses

Other ordinary expenses
Amortization of bond issuance cost

979

659

5

Expenses on derivatives other than for trading or hedging

138

520

4

Other

260

405

5

General and administrative expenses

14,952

17,004141

Other expenses

516

—

—

Other

516

—

—

Ordinary profit

91,358120,496

1,003

8

5,707

47

Gain on disposal of noncurrent assets

8

9

0

Gain on transfer of benefit obligation relating to welfare pension
fund

—

5,698

47

0

16

0

0

16

0

Extraordinary income

Extraordinary loss
Loss on disposal of noncurrent assets
Net income

104

226,100

March 31, 2015
(In millions of
U.S. dollars)

JBIC Annual Report 2015¥

91,366¥

126,187

$

1,050

Data

2

Statements of Changes in Net Assets(In millions of yen)

Shareholders’ equity
Retained earnings
Other retained
earnings

Capital stock¥1,360,000¥

Retainedearnings
brought forward

788,314¥

31,685—¥1,360,000

63,370Total retained
earnings

Total
shareholders’equity¥851,685¥ 2,211,685—(31,685)
91,366—(31,685)
91,366

59,681
911,366

59,681¥ 2,271,366(31,685)(31,685)
91,366

31,685¥ 820,000¥

27,99691,366¥(In millions of yen)

Valuation and translation adjustments
Valuationdifference
on available-for- Deferred gains orsale securities losses on hedges

Balance at the beginning of current period
Changes of items during the period
Provision of legal retained earnings
Payment to national treasury
Net income
Net changes of items other thanshareholders’ equity
Total changes of items during the period
Balance at the end of current period

¥

2,221

¥

132,831

Total valuationand translation
adjustments¥

135,053

Total net assets¥2,346,738—(31,685)
91,366¥3,251(68,358)(65,107)(65,107)

3,251
5,472

(68,358)
64,472(65,107)
69,945(5,425)¥ 2,341,312¥¥

1. Statutory Financial Statements

Balance at the beginning of current period
Changes of items during the period
Provision of legal retained earnings
Payment to national treasury
Net income
Net changes of items other than shareholders’ equity
Total changes of items during the period
Balance at the end of current period

Legal retained
earnings

Financial Statements

From April 1, 2013 to March 31, 2014

From April 1, 2014 to March 31, 2015
(In millions of yen)

Shareholders’ equity
Retained earnings
Other retained
earnings

Balance at the beginning of current period
Cumulative effects of changes in accounting policies
Restated balance
Changes of items during the period
Issuance of new shares
Provision of legal retained earnings
Payment to national treasury
Net income
Net changes of items other than shareholders’ equity
Total changes of items during the period
Balance at the end of current period

Capital stock

Legal retained
earnings¥1,360,000¥ 820,000

1,360,000

820,000

Retainedearnings
brought forward¥

91,366
1,182
92,549Total retained
earnings¥

911,366
1,182
912,549¥ 2,271,366
1,182
2,272,549(45,683)(45,683)
126,187—(45,683)
126,187

31,000—(45,683)
126,187

34,820127,369

80,504¥ 993,053

111,504¥2,384,053

31,00045,68331,000¥ 1,391,000

45,683¥ 865,683¥

Total
shareholders’equity(In millions of yen)

Valuation and translation adjustments
Valuationdifference
on available-for- Deferred gains orsale securities losses on hedges

Balance at the beginning of current period
Cumulative effects of changes in accounting policies
Restated balance
Changes of items during the period
Issuance of new shares
Provision of legal retained earnings
Payment to national treasury
Net income
Net changes of items other than shareholders’ equity
Total changes of items during the period
Balance at the end of current period

¥

5,472

¥

5,472

¥

7,313
7,313
12,78664,472

Total valuationand translation
adjustments¥

64,472

¥

(791)
(791)
63,681¥

69,945

Total net assets

69,945¥ 2,341,312
1,182
2,342,494

6,521
6,521
76,46731,000—(45,683)
126,187
6,521
118,026¥2,460,520
JBIC Annual Report 2015

105

Data

2
Financial Statements
1. Statutory Financial Statements

106

From April 1, 2014 to March 31, 2015
(In millions of U.S. dollars)

Shareholders’ equity
Retained earnings
Other retained
earnings

Balance at the beginning of current period
Cumulative effects of changes in accounting policies
Restated balance
Changes of items during the period
Issuance of new shares
Provision of legal retained earnings
Payment to national treasury
Net income
Net changes of items other than shareholders’ equity
Total changes of items during the period
Balance at the end of current period

Capital stock

Legal retained
earnings$$

11,317
11,317

6,824

Retainedearnings
brought forward

$

760
10
770

6,824

Total retained
earnings

Total
shareholders’equity

$

$

7,584
10
7,594

258
380

$

258
11,575

$

380
7,204

(380)
(380)
1,050

$

290
1,060

670
8,264

(In millions of U.S. dollars)

Valuation and translation adjustments
Valuationdifference
on available-for- Deferred gains orsale securities losses on hedges

Balance at the beginning of current period
Cumulative effects of changes in accounting policies
Restated balance
Changes of items during the period
Issuance of new shares
Provision of legal retained earnings
Payment to national treasury
Net income
Net changes of items other than shareholders’ equity
Total changes of items during the period
Balance at the end of current period

JBIC Annual Report 2015

$

45

$

45

$

61
61
106

537

Total valuationand translation
adjustments

$

537

$

(7)
(7)
530

$

582

258
—
(380)
1,050

—
(380)
1,050

$

Total net assets$

582

19,483
10
19,493

54
54
636

258
—
(380)
1,050
54
982
20,475$

18,901
10
18,911$928
19,839Data

2Statements of Cash Flows
March 31, 2015
(In millions of yen)¥¥March 31, 2015
(In millions of
U.S. dollars)

Cash flow from operating activities
Net income
Depreciation and amortization

91,366

126,187

$

1,050

1,245

1,356

11

(10,006)(13,392)(111)

Increase (decrease) in provision for bonuses

37

17

0

Increase (decrease) in provision for directors’ bonuses

0

0

0

Increase (decrease) in provision for retirement benefits(1,344)(6,673)(56)

Increase (decrease) in allowance for loan losses

Increase (decrease) in provision for directors’ retirement benefits

90(181,143)(192,973)(1,606)

Financing expenses

115,677

116,076966(3,694)(10,633)

(88)

(8)

7

0

Net decrease (increase) in loans and bills discounted(2,100,273)(1,777,548)(14,792)

Net increase (decrease) in borrowed money

1,173,109

1,017,608

8,468

Net decrease (increase) in deposit (excluding deposit paid to Bank ofJapan)

134,009(129,022)(1,074)

Loss (gain) related to securities
Loss (gain) on disposal of noncurrent assets

Net decrease (increase) in receivables under resale agreements

82,169202,733

1,687

Increase (decrease) in straight bonds—issuance and redemption

494,432

336,800

2,803

Proceeds from fund management

178,618

186,808

1,555

Payments for finance(112,765)(116,172)

(967)

Other

289,587

291,148

2,423

Subtotal

151,01132,337269

Net cash provided by (used in) operating activities

151,01132,337269(104,301)(30,927)(257)

1. Statutory Financial Statements(8)

Gain on fund management

Financial Statements

March 31, 2014
(In millions of yen)

Cash flow from investing activities
Purchase of securities
Proceeds from sales of securities

4,801

12,472

104

Proceeds from redemption of securities

1,171

1,816

15

Purchase of property, plant and equipment

(771)

(244)

(2)

Proceeds from sales of property, plant and equipment

10

51

0

(998)

(2,525)(21)(100,086)(19,356)(161)

Proceeds from issuance of common stock—

31,000258

Repayments of lease obligations

(26)

(12)

(0)

Payment to national treasury(31,685)(45,683)(380)

Net cash provided by (used in) financing activities(31,712)(14,695)

(122)

—

—

—

19,212(1,715)(14)

Purchase of intangible assets
Net cash provided by (used in) investing activities
Cash flow from financing activities

Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

23,154Note 13¥42,36742,367¥40,651

352$

338

JBIC Annual Report 2015

107

Data

2

Notes to Financial Statements

Financial Statements

1. Basis of presentation
The accompanying financial statements have been prepared from the accounting records maintained by Japan Bank for International
Cooperation (“JBIC”) in accordance with the accounting principles and practices generally accepted in Japan, which are different
in certain aspects from the application and disclosure requirements of International Financial Reporting Standards.
Consolidated financial statements are not prepared since JBIC has no subsidiaries.
The amounts indicated in millions of yen are rounded down by omitting figures less than one million. Totals may therefore
not add up exactly because of this rounding.
Amounts in U.S. dollars are presented solely for the convenience of readers outside Japan. The rate of ¥120.17=$1.00, theforeign exchange rate on March 31, 2015, has been used in translations. The presentation of such amounts is not intended to
imply that Japanese yen have been or could be readily converted, realized, or settled in U.S. dollars at the aforementioned rates
or any other rate.

1. Statutory Financial Statements

2.

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 fairvalue 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 theJapanese Financial Instruments and Exchange Law, are recognized at an amount equivalent to JBIC’s percentage shareof the net assets of such partnerships, based upon the most recent financial statements available depending on thereport date stipulated 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)			JBIC’s tangible fixed assets are depreciated by the declining balance method over their useful economic lives except
for buildings (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 or less), which has been determined by JBIC.
		(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
Bond issuance cost is 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 aremostly translated into Japanese yen at the market exchange rate prevailing at the fiscal year end.
(f) Allowance for loan losses
JBIC’s 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 collateral 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.
108

JBIC Annual Report 2015

Data(h) Provision for directors’ bonuses		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 sheets.
(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 fiscal year end.
(i) Method of attributing the projected benefits to periods of services
In calculating the projected benefit obligation, the estimated amount of retirement benefit payments is attributed
to the period up to the end of the fiscal year based on the benefit formula.
(ii) Accounting for actuarial gains or losses and prior service costs
Actuarial gains or losses and prior service costs are expensed as they are incurred.

1. Statutory Financial Statements(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 sheets.

2
Financial Statements

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 departments, which is independent
from the operational departments, review these self-assessments, and the allowance is provided based on the resultsof the assessments.
With respect to claims with collateral or guarantees on debtors who are legally or substantially bankrupt (“Bankrupt
borrowers and substantially bankrupt borrowers”), the residual booked amount of the claims after deduction of theamount which is deemed collectable through the disposal of collateral or the execution of guarantees is written off.
There are no accumulated write-offs as of March 31, 2015. (There were no accumulated write-offs as of March 31, 2014.)(Additional Information)
On October 1, 2014, JBIC was authorized by the Minister of Health, Labour and Welfare to transfer to the government
the past portion of the welfare pension fund plan that it manages for the government. The impact on the Statementsof Operations for the year ended March 31, 2015 was ¥5,698 million ($47 million), which was recorded as a componentof extraordinary income.
In addition, JBIC abolished the welfare pension fund plan effective October 1, 2014 and established a defined benefit
corporate pension plan and a defined contribution pension plan. JBIC has adopted the “Guidance on Accounting forTransfer Between Retirement Benefit Plans” (ASBJ Guidance No. 1) in respect of the accounting associated with thetransfer to the government. The impact of this transfer on the financial statements for the current fiscal year is not
significant.
(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 applies the deferral method to derivatives used for interest risk hedging purposes		(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.
JBIC Annual Report 2015

109

Data

2
Financial Statements(l) Accounting for hedges of foreign exchange risks
		Hedging instruments used to hedge foreign exchange risks associated with JBIC’s 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. Nondeductible consumption taxes related to property, plant and equipment are expensed as incurred.

1. Statutory Financial Statements(n) Scope of cash and cash equivalents in the statements of cash flows
		Cash and cash equivalents as stated in the Statements of Cash Flows consists of cash on hand and Deposit with the
Bank of Japan in “Cash and due from banks” in the balance sheets.
3.

Change in accounting policy(a) Application of “Accounting Standard for Retirement Benefits,” and others
JBIC adopted Section 35 of “Accounting Standard for Retirement Benefits” (ASBJ Statement No. 26 of May 17, 2012)
and the main clause of Section 67 of “Guidance on Accounting Standard for Retirement Benefits” (ASBJ Guidance No.
25 of March 26, 2015), effective April, 2014. As a result, JBIC has revised the method for calculating the projected
benefit obligation and service costs in the following respects: the method for attributing projected benefits to eachperiod has been changed from the straight-line basis to the benefit formula basis, and the method for determining thediscount rate has been changed from (i) the discount rate based on the approximate number of years to the average
residual service period of employees to (ii) a single weighted average discount rate reflecting the expected timing andamount per projected payment period.
The application of “Accounting Standard for Retirement Benefits,” and others are in accordance with the transitional
treatment provided in Paragraph 37 of Accounting Standard for Retirement Benefits. The cumulative effect of changing
the method for calculating the retirement benefit obligation and service costs has been recorded in retained earnings
at the beginning of the fiscal year ended March 31, 2015.
As a result, provision for retirement benefits decreased by ¥1,182 million ($10 million) and retained earnings increasedby ¥1,182 million ($10 million) at the beginning of the fiscal year ended March 31, 2015.
The impact on ordinary profit and net income for the fiscal year ended March 31, 2015 and on net assets per shareand net income per share for the fiscal year ended March 31, 2015 is not significant.

4.

Equities securities of or investments in affiliates
March 31, 2014
(In millions of yen)

Equities securities
Investments in affiliates

			¥March 31, 2015
(In millions of yen)

1,499 			¥81,167

March 31, 2015
(In millions of U.S. dollars)

2,061 			$83,25117693

5. Receivables under resale agreement(s)Among the securities acquired under resale agreement(s), these securities which can be sold or pledged without restrictions
amount to:
March 31, 2014
(In millions of yen)

Receivables under resale agreement(s)

6.

			¥

March 31, 2015
(In millions of yen)

202,733 			¥March 31, 2015
(In millions of U.S. dollars)— 			$—Loans(a) Bankrupt loans and non-accrual loans included in loans and bills discounted:
March 31, 2014
(In millions of yen)

Bankrupt loans
Non-accrual loans			¥March 31, 2015
(In millions of yen)— 			¥
96,366

March 31, 2015
(In millions of U.S. dollars)— 			$
120,482—
1,003“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 notrecognized as there is substantial uncertainty over the ultimate collectability of either principal or interest because
they have been in arrears for a considerable period of time or for other reasons.
110

JBIC Annual Report 2015

Data(b) Loans with interest or principal repayments three months or more in arrears included in loans and bills discounted:
March 31, 2014
(In millions of yen)

Loans with interest or principal repayments
three months or more in arrears
			¥March 31, 2015
(In millions of yen)

75,579 			¥March 31, 2015
(In millions of U.S. dollars)

35,945 			$299“Loans with interest or principal repayments three months or more in arrears” are loans whose principal or interest
payment is three months or more in arrears, and which do not fall under the category of “Bankrupt loans” and “Nonaccrual loans.”

March 31, 2014
(In millions of yen)

Restructured loans			¥March 31, 2015
(In millions of yen)

77,386 			¥March 31, 2015
(In millions of U.S. dollars)

73,770 			$614“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:
March 31, 2014
(In millions of yen)

Total amount			¥

March 31, 2015
(In millions of yen)249,332 			¥1. Statutory Financial Statements(c) Restructured loans included in loans and bills discounted:

2
Financial Statements“Non-accrual loans” are loans on which accrued interest income is not recognized, although this excludes Bankrupt
loans and the loans on which interest payments are deferred in order to support the borrowers’ recovery from financial
difficulties.

March 31, 2015
(In millions of U.S. dollars)

230,198 			$1,916The amounts of loans indicated in table (a) through (d) above are the gross amounts prior to the deduction of allowancefor 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 sheets. The balance of unpaid amounts is as follows:
March 31, 2014
(In millions of yen)

Balance of unpaid loans		¥

2,232,353 		¥March 31, 2015
(In millions of yen)March 31, 2015
(In millions of U.S. dollars)

3,126,981 		$26,021

7. Assets pledged as collateral
Pursuant to Article 34 of the Japan Bank for International Cooperation Act (“JBIC Act”), all JBIC assets are pledged as generalcollateral for bonds:
March 31, 2014
(In millions of yen)

Bonds payable

8.

		¥

2,711,377 		¥March 31, 2015
(In millions of yen)March 31, 2015
(In millions of U.S. dollars)

3,049,490 		$

25,376

Accumulated depreciation of fixed assets
March 31, 2014
(In millions of yen)

Accumulated depreciation

		¥698 		¥March 31, 2015
(In millions of yen)March 31, 2015
(In millions of U.S. dollars)

1,140 		$

99. Contingent liabilities
Contingent liabilities related to debt assumption agreements for bonds payable are as follows:
March 31, 2014
(In millions of yen)

15th FILP Agency Bonds (former JBIC)

		¥

50,000 		¥

March 31, 2015
(In millions of yen)March 31, 2015
(In millions of U.S. dollars)

— 		$

—

JBIC Annual Report 2015

111

Data

2
Financial Statements

In addition, Japan Finance Corporation (“JFC”) assumed the obligations of the JFC bonds 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 as follows.
March 31, 2014
(In millions of yen)		¥March 31, 2015
(In millions of yen)

780,000 		¥

March 31, 2015
(In millions of U.S. dollars)

710,000 		$

5,908

1. Statutory Financial Statements

10. Restriction on dividend distribution
JBIC is subject to restriction on its dividends distribution pursuant to Article 31 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 amount stipulated by the Cabinet Order; and if there still is a surplus, JBIC shall pay such surplus
into the national treasury within 3 months after the annual closing date.
In the event that the amount of retained earnings brought forward falls below zero, a reserve shall be transferred to theretained 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:
March 31, 2014
(In millions of yen)

Gain on investments in partnerships

			¥March 31, 2015
(In millions of yen)

3,565 			¥March 31, 2015
(In millions of U.S. dollars)

13,405 			$11212. Changes in Net Assets(a) Issued shares and treasury stocks		
For the fiscal year ended March 31, 2014, type and number of issued shares and treasury stocks are as follows;(unit: thousands of shares)
Types

Issued shares
Common stocks
Classified stock		TotalTreasury stock
Common stocks
Classified stock		Total		

The number of shares atthe beginning of the fiscal year

Increase during
the fiscal year

Decrease during
the fiscal year

The number of shares atthe end of the fiscal year

1,360,000,000—
1,360,000,000

—
—
—

—
—
—

1,360,000,000—
1,360,000,000

—
—
—

—
—
—

—
—
—

—
—
—

Remarks

For the fiscal year ended March 31, 2015, type and number of issued shares and treasury stocks are as follows;(unit: thousands of shares)
Types

Issued shares
Common stocks
Classified stock		TotalTreasury stock
Common stocks
Classified stock		Total		

The number of shares atthe beginning of the fiscal year

Increase during
the fiscal year

Decrease during
the fiscal year

The number of shares atthe end of the fiscal year

1,360,000,000—
1,360,000,000

31,000,000—
31,000,000———

1,391,000,000—
1,391,000,000

—
—
—

—
—
—

—
—
—

—
—
—

Remarks(Note)(Note)(Note) The increase is due to the issuance of 31,000,000 thousand common shares.

13. Cash Flows“Cash and cash equivalents” in the Statements of Cash Flows as of March 31, 2014 and 2015 reconciles to cash and due frombanks in the balance sheets as follows:
March 31, 2014
(In millions of yen)

Cash and due from banks
Time deposits and others
Cash and cash equivalents

112

JBIC Annual Report 2015

		¥
		¥

723,189 		¥(680,822)
42,367 		¥March 31, 2015
(In millions of yen)March 31, 2015
(In millions of U.S. dollars)

850,496 		$(809,845)
40,651 		$

7,077(6,739)
338

Data

2
Financial Statements

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 assets
			a Property, plant and equipment: Equipment and property
			b Intangible assets: Not applicable		(ii) Depreciation of lease assets			
Depreciation of lease assets is calculated under the method as set forth in Note 2 (c).
(b) Operating lease transactions
		
Future minimum lease payments for noncancelable operating lease transactions are as follows:
March 31, 2014
(In millions of yen)

		¥
		¥

0 		¥
—
0 		¥

March 31, 2015
(In millions of U.S. dollars)

— 		$
—
— 		$

—
—
—

15. Financial instruments and related disclosure(a) Status of financial instruments		(i) 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 business having the purpose of preserving the global environment, such as preventing
global warming, as well as preventing disruptions to international financial order or taking appropriate measureswith 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 areraised through borrowing 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 thatsuch fluctuations do not have an adverse effect on our operations. In addition, derivative transactions are enteredinto for the purpose of mitigating risk inherent in foreign currency denominated transactions. Financial instrumentsthat 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 businessplans and financial plans (borrowing from fiscal investment and loans, bonds, general accounting investment, andloans, etc.) are appended to the budget and submitted to the Diet of Japan.
		(ii) 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 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 thevalue of assets (including off-balance sheet assets) decrease or disappear.
The credit risks associated with JBIC include sovereign risk, country risk, corporate risk, and projectrisk. Because of the characteristic of supports for overseas economic transactions conducted by JBIC, muchfinancing is provided to overseas governments, governmental institutions, and overseas corporations; thecredit risk associated with the credit provided typically consists of sovereign or country risk.
As a result, if the financial condition of the individual borrower significantly deteriorates due to politicaland economic trends in the borrower’s country or region, JBIC’s performance and financial condition can beadversely affected.
(Note) Sovereign risk refers to risk associated with credit supplied to foreign governments, country risk refers
to risk associated with the country in which the corporation or project is located (risk, in addition tocorporate risk or project risk, associated with the country in which the corporation or the project islocated) and corporate risk refers to the risk associated with credit to corporations and project riskrefers to the risk that the cash flow of an underlying project will not perform as planned, in the caseof project finance, where the repayment of the borrowing is primarily secured by the cash flow of the
project to which credit is supplied.
JBIC Annual Report 2015

1. Statutory Financial Statements

Due within one year
Due after one year
Total

March 31, 2015
(In millions of yen)

113

Data

2
Financial Statements
1. Statutory Financial Statements

114

			b

Market risk
Market risk is the risk that the value of assets and liabilities (including off-balance sheet items) will fluctuate
and losses will be incurred, or profits derived from assets and liabilities (including off-balance sheet items)
will fluctuate and losses 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, andlosses could be suffered from these risks from market fluctuations. However, in principle, these risks arehedged through interest 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 ofthe hedges is assessed 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 foreignexchange 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 foreignexchange risks of monetary 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 incurredfrom a failure to ingenerate transactions in the market due to market disruption or from being forced to maketransactions at a significantly 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.
		(iii) 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)
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 on the information that has been gathered and analyzed, with the different departments ensuring
appropriate checks throughout the process, leading to the final decision by the management.
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 and economic conditions in their countries.
The relevant finance departments and credit departments conduct proper credit risk management basedon the credit risk rating system for segmented risk categories and the asset self assessment system basedon 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. 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 in order 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.
JBIC Annual Report 2015

Data1) Interest rate VaR
2) Exchange rate VaR

b.

c.

		¥

1. Statutory Financial Statements

March 31, 2015
(In billions of yen)

2
Financial Statements

Besides the individual credit management outlined above, JBIC quantifies credit risks to assess theoverall risk of the portfolio in these operations. To quantify credit risks, it is important to take into account thecharacteristic of the loan portfolio, namely, that there are a significant proportion of long-term loans and loans
involving sovereign risk or country risk. Also to be taken into account is the mechanism of securing assets,such as the framework of international financial assistance to debtor countries through the Paris Club, whichis unique to official creditors. JBIC uses a unique model to quantify the credit risk taking account of the above
explained elements and measures amount 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 Valueat 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.
				1) 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 ofcurrency swaps and forward foreign exchange contracts.
				2) Interest rate risk
Interest rate risk arises from exposure to market interest rate fluctuations for yen-denominated loan andforeign currency-denominated loan operations and the policy for managing interest rate risk is described
below.
a. Yen-denominated loan operations
Funding for yen-denominated loans is mainly managed by using fixed-rate loans. However, swaps
are used to hedge interest rate risk for portions of loans that are thought to have high exposures tointerest rate fluctuations. Interest rate risk for denominated loans is limited.
b. Foreign currency-denominated loan operations
For foreign currency-denominated loan operations, interest rate risk is hedged through the applicationof a consistent policy of using interest rate swaps and managing the funds with floating interest rates
for both loans and related funding arrangements.
				3) Status of market risk
JBIC only maintains a banking account and does not have financial instruments in a trading account. While
JBIC is managed by hedging operations in principle, stated previously, market risk is measured in order to,including but not limited to, assess potential risks. The following represents an overview of the market risk
exposure in the current fiscal year. In conjunction with further refinements of risk measurement methods,
JBIC measures market risk (value at risk, or “VaR”) by including the foreign exchange fluctuation risk
relating to foreign currency-denominated equity participation operations effective as of the year ended
March 31, 2015.
a. VaR (end of this fiscal year)
March 31, 2015
(In billions of U.S. dollars)

82.3 		$
139.4

0.7
1.2

VaR measurement model
1) Interest rate VaR: Historical model2) Exchange rate VaR: Variance-covariance model
Quantitative standards:
1) Confidence Interval: 99%
2) Holding period: 1 year3) Observation period: 5 years
Risk management using VaR
VaR is a market risk measure that assesses the maximum possible profits or losses that could beincurred based on historical market movements of interest rates or exchange rates, etc., over a specificperiod in the past (or observation period) within a certain period of time (or holding period) undera certain probability (or confidence interval), that is derived statistically by employing the theory of
possibility distribution.

JBIC Annual Report 2015

115

Data

2
Financial Statements
1. Statutory Financial Statements

This measurement assumes actual market trends and the theory of probability distribution. Basedon 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, inorder 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 orderto capture risks from multifaceted 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 a certain probability
because the assumptions, such as market movements, could vary during the holding period.
• VaR indicates the maximum value based on specific assumption. As such, it is imperative tokeep 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-backed bonds, and FILP agency bonds areused to finance these operations and deposits are not accepted.
Cash flows are assessed and proper measures including establishing overdraft facility accounts withmultiple 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 effectivenessof hedges, and conducting office management has been established for derivative transactions, and thesetransactions are conducted according to derivatives-related regulations.
		(iv) Supplementary explanation concerning fair value of financial instruments
The fair value of financial instruments includes amounts based on market value and amounts that have beenreasonably estimated when no market value is available. Set valuation inputs are used for the calculation of thisamount, and if different valuation inputs are used the resulting amount could vary.
(b) Fair value of financial instruments
The carrying amount in the balance sheets as of March 31, 2014 and March 31, 2015 and the related fair value, anddifference is as follows. Note that unlisted securities whose fair value is extremely difficult to be determined are notincluded in the following chart (refer to Note 2).
As of March 31, 2014
Amount on balance sheet(1) Cash and due from banks(2) Receivables under resale agreements(3) Securities
Available-for-sale securities(4) Loans and bills discounted
Allowance for loan losses (*1)(5) Cash collateral paid for financial instruments
Total assets(1) Borrowings(2) Bonds payable(3) Cash collateral received for financial instruments
Total liabilities
Derivative transactions (*2)
Derivative transactions not qualifying for hedge accounting
Derivative transactions qualifying for hedge accounting
Total derivative transactions

116

JBIC Annual Report 2015¥¥

723,189
202,733(In millions of yen)
Difference

Fair value¥

723,189
202,733¥——

40,12912,655,401(126,709)
12,528,691
102,890
13,597,633
8,407,707
2,711,377
63,14011,182,225

40,129—12,558,905
102,890
13,627,848
8,488,478
2,770,588
63,14011,322,207

30,214—30,21480,77059,210—139,981—(230,505)(230,505)—(230,505)(230,505)

—
—
—

¥

¥

Data

As of March 31, 2015
Amount on balance sheet¥

850,496—¥

850,496—
39,393—

14,383,432
365,250
15,638,572
9,502,290
3,128,010
12,75012,643,050

63,986—
63,98676,97478,520—155,494—(814,830)(814,830)—(814,830)(814,830)

—
—
—

¥

Amount on balance sheet(5) Cash collateral paid for financial instruments
Total assets(1) Borrowings(2) Bonds payable(3) Cash collateral received for financial instruments
Total liabilities
Derivative transactions (*2)
Derivative transactions not qualifying for hedge accounting
Derivative transactions qualifying for hedge accounting
Total derivative transactions

$

$

—
—

39,393
14,432,949(113,503)
14,319,445
365,250
15,574,586
9,425,316
3,049,490
12,75012,487,556

As of March 31, 2015
(1) Cash and due from banks(2) Receivables under resale agreements(3) Securities
Available-for-sale securities(4) Loans and bills discounted
Allowance for loan losses (*1)

¥

7,077
—

Fair value

$

7,077
—

¥

(In millions of U.S. dollars)
Difference

$

—
—

329
120,104(944)
119,160
3,039
129,605
78,43325,376
106
103,915329—

119,692
3,039
130,137
79,07426,029106105,209

532
—
532
641
653
—
1,294

—
(6,781)(6,781)—(6,781)(6,781)

—
—
—

$

$

2

1. Statutory Financial Statements(5) Cash collateral paid for financial instruments
Total assets(1) Borrowings(2) Bonds payable(3) Cash collateral received for financial instruments
Total liabilities
Derivative transactions (*2)
Derivative transactions not qualifying for hedge accounting
Derivative transactions qualifying for hedge accounting
Total derivative transactions¥

Financial Statements(1) Cash and due from banks(2) Receivables under resale agreements(3) Securities
Available-for-sale securities(4) Loans and bills discounted
Allowance for loan losses (*1)

(In millions of yen)
Difference

Fair value(*1) General allowance for loan losses and allowance for loan losses, and the allowance for possible loan losses on specific overseas loans have been
deducted from loans.
(*2) Derivatives recorded in “other assets and other liabilities” are collectively displayed. The net values of assets and liabilities arising from derivativetransactions 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 used as fairvalue 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 the contractual
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 reflect market
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 that incorporates
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 sheets on the closing date after a deduction has
been made for the allowance for loan losses, so this amount is used for fair value.
(5) Cash collateral paid for financial instruments
For cash collateral paid for financial instruments, the carrying amount is used as fair value because the carrying
amount approximates the fair value.
JBIC Annual Report 2015

117

Data

2
Financial Statements

Liabilities(1) Borrowings
Borrowings with variable interest rates reflect short-term market interest rates and the credit conditions of JBIC
have not changed significantly since borrowing. 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 fixed interest rate, in
principle, fair value is calculated by discounting the principal and interest of the borrowings by the risk free rate(the standard Japanese government bond rate) based on the set period of loan.
(2) Bonds payable
Market value is used as fair value of bonds.
(3) Cash collateral received for financial instruments
For cash collateral received for financial instruments, the carrying amount is used as fair value because the carrying
amount approximates the fair value.

1. Statutory Financial Statements

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.”
Classification
March 31, 2014
(In millions of yen)

1) Unlisted stocks (subsidiaries and affiliates) (*1)2) Unlisted stocks (other than subsidiaries and affiliates) (*1)
3) Partnership investments (subsidiaries and affiliates) (*2)4) Partnership investments(other than subsidiaries and affiliates) (*2)
		Total¥March 31, 2015
March 31, 2015
(In millions of yen) (In millions of U.S. dollars)

1,499
86,527
81,167¥

17,878187,072

¥

¥

2,061
114,893
83,251
22,186
222,392

$

17
956
693
185
1,851

$

(*1) Since unlisted stocks do not have quoted market prices available and their fair value is extremely difficult to be determined, fair values are not stated.
(*2) 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
March 31, 2014

(In millions of yen)
Due after
one year
but within
three years

Due within
one yearDue from banks (*1)
Receivables under resale agreements
Securities
Available-for-sale securities
Loans and bills discounted (*2)
		Total¥723,189
202,733

1,781
1,801,513¥ 2,729,217¥——

11,0922,551,912¥ 2,563,004

Due after
three years
but within
five years¥——

18,8002,267,384¥ 2,286,184

Due after
five years
but withinseven years

¥

—
—

8,000
1,989,365¥ 1,997,365

Due after
seven years
but within
ten years

¥

—
—

2
2,020,247¥ 2,020,250

Due after
ten years

¥

—
—

—
1,853,015¥ 1,853,015(*1) Demand deposits contained within due from banks are stated as “Due within one year.”(*2) Within loans, the figure for claims against bankrupt borrowers, substantially bankrupt borrowers, and potentially bankrupt borrowers contains anamount of ¥171,962 million that is not expected to be redeemed and not included in the tables above.
(*3) The information about cash collateral paid for financial instruments is omitted since there is no fixed maturity date for repayments.

March 31, 2015

(In millions of yen)
Due after
one year
but within
three years

Due within
one yearDue from banks (*1)
Securities
Available-for-sale securities
Loans and bills discounted (*2)
		Total118

JBIC Annual Report 2015¥

850,496

10,417
1,740,690¥ 2,601,604¥—

14,401
2,654,313¥ 2,668,715

Due after
three years
but within
five years¥—

13,9002,737,387¥ 2,751,287

Due after
five years
but withinseven years¥——
2,307,041¥ 2,307,041

Due after
seven years
but within
ten years¥—22,788,346¥ 2,788,349

Due after
ten years¥——
2,048,300¥ 2,048,300

DataMarch 31, 2015
Due within
one yearDue from banks (*1)
Securities
Available-for-sale securities
Loans and bills discounted (*2)
		Total

$

7,077

$

87
14,485
21,649

$

—

$

120
22,08822,208Due after
three years
but within
five years

$

—

$

116
22,77922,895(In millions of U.S. dollars)
Due after
seven years
but within
Due after
ten yearsten years

Due after
five years
but withinseven years

$

—

$

—
19,19819,198$—$0
23,20323,203$—$—
17,046
17,046(*1) Demand deposits contained within due from banks are stated as “Due within one year.”(*2) Within loans, the figure for claims against bankrupt borrowers, substantially bankrupt borrowers, and potentially bankrupt borrowers contains anamount of ¥156,869 million ($1,305 million) that is not expected to be redeemed and not included in the tables above.
(*3) The information about cash collateral paid for financial instruments is omitted since there is no fixed maturity date for repayments.

2
Financial Statements

Due after
one year
but within
three years(Note 4) Redemption schedule for borrowings, bonds and other interest-bearing liabilities with future redemption dates

Borrowings
Bond payable		Total(In millions of yen)

Due within
one year

Due after
one year
but within
three years

Due after
three years
but within
five years

966,128
386,347¥ 1,352,475¥ 1,708,232
1,037,338¥ 2,745,570¥ 5,024,647
1,015,675¥ 6,040,322¥

Due after
five years
but withinseven years¥¥

28,900152,806
181,706

Due after
seven years
but within
ten years¥¥

679,800
102,920
782,720

Due after
ten years¥¥—
20,00020,000(*1) The information about cash collateral received for financial instruments is omitted since there is no fixed maturity date for repayments.

March 31, 2015

Borrowings
Bond payable		Total(In millions of yen)

Due within
one year

Due after
one year
but within
three years

Due after
three years
but within
five years¥ 1,075,048
638,620¥ 1,713,669¥ 1,773,123
918,410¥ 2,691,533¥ 5,647,744
1,021,317¥ 6,669,061

Due within
one year

Due after
one year
but within
three years

Due after
three years
but within
five years

Due after
five years
but withinseven years¥¥

138,800
95,679234,479

Due after
seven years
but within
ten years¥

790,600
360,510¥ 1,151,110

March 31, 2015

Borrowings
Bond payable		Total

$
$

8,946
5,314
14,260$$14,755
7,643
22,398$$46,9988,499
55,497

$

1,155
796
1,951

Due after
ten years¥¥—
20,00020,000(In millions of U.S. dollars)
Due after
seven years
but within
Due after
ten yearsten years

Due after
five years
but withinseven years$

1. Statutory Financial Statements

March 31, 2014

$
$

6,579
3,000
9,579

$
$

—  
166
166

(*1) The information about cash collateral received for financial instruments is omitted since there is no fixed maturity date for repayments.

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 sheets.
(a) Trading securities
		Not applicable(b) Held-to-maturity debt securities with market value
		Not applicable

JBIC Annual Report 2015

119

Data

2

(c) Available-for-sale securities
March 31, 2014

Financial Statements

Securities whose carrying amountexceeds their acquisition cost

Subtotal
Securities whose carrying
amount does not exceed theiracquisition cost

Type

Carrying Amount

Acquisition cost

(In millions of yen)
Difference

StocksDebt securities
Japanese government bonds
Corporate bonds
Other

¥

¥

¥

StocksDebt securities
Japanese government bonds
Corporate bonds
Other

1. Statutory Financial Statements

Subtotal
		Total¥————37,50237,502————
182,627
182,627
220,129¥————
36,88136,881————
182,628
182,628
219,509

March 31, 2015
Securities whose carrying amountexceeds their acquisition cost

Subtotal
Securities whose carrying
amount does not exceed theiracquisition cost

Type

Carrying Amount

Acquisition cost

(In millions of yen)
Difference

StocksDebt securities
Japanese government bonds
Corporate bonds
Other

¥

¥

¥

StocksDebt securities
Japanese government bonds
Corporate bonds
Other

Subtotal
		Total¥————38,582
38,582————
243,560
243,560
282,143

March 31, 2015
Securities whose carrying amountexceeds their acquisition cost

Subtotal
Securities whose carrying
amount does not exceed theiracquisition cost

¥

—
—
—
—
36,88136,881————
243,561
243,561
280,442

Carrying Amount(In millions of U.S. dollars)
Acquisition cost
Difference

StocksDebt securities
Japanese government bonds
Corporate bonds
Other

$

$

StocksDebt securities
Japanese government bonds
Corporate bonds
Other
$

—
—
—
—
321
321
—
—
—
—
2,027
2,027
2,348

$

—
—
—
—
307
307
—
—
—
—
2,027
2,027
2,334

(d) Held-to-maturity debt securities sold during the fiscal years ended March 31, 2014 and March 31, 2015
		Not applicable(e) Available-for-sale securities sold		
Fiscal year ended March 31, 2014
		Not applicable		
Fiscal year ended March 31, 2015
		Description omitted due to immateriality(f) Change in classification of securities
		Not applicable

120

JBIC Annual Report 2015

¥

—
—
—
—
1,701
1,701
—
—
—
—
(0)
(0)
1,701

Type

Subtotal
		Total(g) Impairment of securities
		Not applicable

¥

—
—
—
—
620
620
—
—
—
—
(0)
(0)
619

$

$

—
—
—
—
14
14
—
—
—
—
(0)
(0)
14

Data

2
Financial Statements(h) Money held in trust		(i) Money held in trust for trading purposes			Not applicable		(ii) Money held in trust for holding-to-maturity purposes			Not applicable		(iii) Other money held in trust (other than investment and holding-to-maturity purposes)
			Not applicable(i) Net unrealized gains (losses) on available-for-sale securities are as follows;
Fiscal year ended March 31, 2014
Valuation difference
Available-for-sale securities (*)
Other money held in trust
Valuation difference on available-for-sale securities“Available-for-sale securities” includes foreign exchange translation differences in respect of available-for-sale securities whose fair value cannot bereadily determined.

Fiscal year ended March 31, 2015
Valuation difference
Available-for-sale securities (*)
Other money held in trust
Valuation difference on available-for-sale securities(*)(In millions of yen)¥

12,786
12,786—
12,786“Available-for-sale securities” includes foreign exchange translation differences in respect of available-for-sale securities whose fair value cannot bereadily determined.

Fiscal year ended March 31, 2015
Valuation difference
Available-for-sale securities (*)
Other money held in trust
Valuation difference on available-for-sale securities
(*)

5,472
5,472
—
5,472

(In millions of U.S. dollars)$

1. Statutory Financial Statements(*)(In millions of yen)

¥

106
106
—
106

“Available-for-sale securities” includes foreign exchange translation differences in respect of available-for-sale securities whose fair value cannot bereadily determined.

17. Derivative transactions
Notes to derivative transactions in the fiscal years ended March 31, 2014 and March 31, 2015 are as follows;(a) Derivative transactions not qualifying for hedge accounting		(i) Interest rate-related transactions
			Not applicable		(ii) Currency-related transactions
			Not applicable		(iii) Equity-related transactions
			Not applicable		(iv) Bond-related transactions
			Not applicable		(v) Commodity-related transactions
			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.

JBIC Annual Report 2015

121

Data

2

		

(i) Interest rate-related transactions
Fiscal year ended March 31, 2014

Financial Statements

Hedge
accounting

TypeInterest rate swap
Basicaccounting
method(In millions of yen)

Major hedged items

Contract value

Contract value(Maturingafter one year)¥ 2,270,081
606,933
44,043¥—¥ 2,036,403
600,508
44,043¥—Contract value

Contract value(Maturingafter one year)

Receive/fixed and pay/floating
Receive/floating and pay/fixed
Receive/floating and pay/floating
Total¥ 2,738,401
618,553
28,098¥—¥ 2,149,781
612,141
15,374¥—Contract value(In millions of U.S. dollars)
Contract value(Maturingafter one year)
Fair value$$

Fiscal year ended March 31, 2015
1. Statutory Financial Statements

Hedge
accounting

TypeInterest rate swap
Basicaccounting
methodMajor hedged items

Type

Major hedged items

Fair value¥¥

59,672(51,748)17
7,941

Loans and bills discounted
Borrowings
Corporate bonds

Receive/fixed and pay/floating
Receive/floating and pay/fixed
Receive/floating and pay/floating
Total

			

¥

42,953(29,642)
6
13,316Loans and bills discounted
Borrowings
Corporate bonds

Fiscal year ended March 31, 2015

Interest rate swap
Basicaccounting
method¥(In millions of yen)

Receive/fixed and pay/floating
Receive/floating and pay/fixed
Receive/floating and pay/floating
Total

Hedge
accounting

Fair value

Loans and bills discounted
Borrowings
Corporate bonds$

22,788
5,147
234
—

$

17,889
5,094
128
—

$

$

497
(431)
0
66

(Note) Calculation of fair value is based on the discounted cash flows.

		(ii) Currency-related transactions
Fiscal year ended March 31, 2014
Hedge
accounting

Type(In millions of yen)

Major hedged items

Currency swap
Basicaccounting
methodLoans and bills discounted
Borrowings
Corporate bonds
Forward foreign exchange contracts Loans and bills discounted
Sell
Buy
Total

Contract value

Contract value(Maturingafter one year)¥ 4,866,517¥ 4,217,463

1,635
79
—

—
—
—

¥

¥

Fiscal year ended March 31, 2015
Hedge
accounting

Type

Currency swap
Basicaccounting
methodJBIC Annual Report 2015

(243,820)¥(2)0(243,821)(In millions of yen)

Major hedged items

Loans and bills discounted
Borrowings
Corporate bonds
Forward foreign exchange contracts Loans and bills discounted
Sell
Buy
Total

122

Fair value¥

Contract value

Contract value(Maturingafter one year)¥ 5,122,066¥ 4,085,292

1
178
—

—
—
—

¥

¥

Fair value¥(822,773)¥

01(822,772)

Data

Fiscal year ended March 31, 2015
Type

Major hedged items

Currency swap
Basicaccounting
methodLoans and bills discounted
Borrowings
Corporate bonds
Forward foreign exchange contracts Loans and bills discounted
Sell
Buy
Total

Contract value$

42,624$33,996

$

0
1
—

$

—
—
—

$

(6,847)$00(6,847)2
Financial Statements

Hedge
accounting(In millions of U.S. dollars)
Contract value(Maturingafter one year)
Fair value

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 Committee Report No. 25).
Note 2. Calculation of fair value is based on the discounted cash flows.

18. Retirement benefits(a) Overview of retirement benefit plans
JBIC abolished the welfare pension fund plan effective October 1, 2014 and has established a defined benefit corporate
pension plan and a defined contribution pension plan.
JBIC has a defined benefit pension plan comprised of a corporate pension plan (transferred from a welfare pension
fund plan effective October 1, 2014) and a lump-sum severance indemnity plan. Although JBIC’s corporate pension plan
is a multi-employer plan, the amount of the pension assets corresponding to its own contribution can be reasonably
calculated based on the ratio of the projected benefit obligations, and the related notes are included in the following
notes related to the defined benefit pension plan.
Under the corporate pension plan (funded type), pension or lump-sum payments are provided based on salary andservice period. Under the lump-sum severance indemnity plan (unfunded type), lump-sum payments are provided as
retirement benefits based on salary and service period. In addition, JBIC has established a defined contribution-type
retirement benefit plan effective October 1, 2014.
Effective April 1, 2013, JBIC has been authorized by the Minister of Health, Labour and Welfare to be exempt fromthe obligations to pay future amounts in respect of the part of the welfare pension fund it manages for the government.
Subsequently on October 1, 2014, JBIC has been authorized to transfer to the government the past substitutional portionof the aforesaid fund.

1. Statutory Financial Statements

		(iii) Equity-related transactions
			Not applicable		(iv) Bond-related transactions
			Not applicable(b) Defined benefit pension plan		(i) The changes in the projected benefit obligation are as follows:

Projected benefit obligation at the beginning of the fiscal year
Cumulative effects of changes in accounting policy
Restated balance
Service cost (Note)
Interest cost
Actuarial losses
Retirement benefit paid
Prior service costs	Decrease associated with the transfer of the amount ofwelfare pension fund previously managed for thegovernment
Other
Projected benefit obligation at the end of the fiscal year			March 31, 2014
(In millions of yen)March 31, 2015
March 31, 2015
(In millions of yen) (In millions of U.S. dollars)

¥

¥

¥

20,375
—
—
461
213
917
(828)
(1,680)—25
19,483¥

19,483(1,202)
18,281
433
195
985
(631)
(271)
(5,678)13
13,327

$

$

162
(10)
152
4
2
8
(5)
(2)
(47)
(1)
111

(Note)	Employee contributions to the welfare pension funds and corporation pension fund plans have been deductedfrom the service cost.

JBIC Annual Report 2015

123

Data

2

		

(ii) The changes in the plan assets are as follows:

Financial Statements

Pension assets at the beginning of the fiscal year
Cumulative effects of changes in accounting policy
Restated balance
Expected return on plan assets
Actuarial gains
Contribution by the company
Retirement benefit paid
Other
Pension assets at the end of the fiscal year

March 31, 2014
(In millions of yen)March 31, 2015
March 31, 2015
(In millions of yen) (In millions of U.S. dollars)

¥

¥

¥

4,780
—
—
95
561
166
(396)
25
5,231

¥

5,231
(19)
5,211
97
373
1,576
(340)
13
6,932

$

$

44
(1)
43
1
3
13
(3)
1
58

1. Statutory Financial Statements(iii) Reconciliation of the projected benefit obligation and plan assets and provision for retirement benefits in the balance
sheetsFunded projected obligation
Fair value of plan assets
Unfunded Projected benefit obligation
Unfunded pension obligation
Unrecognized Actuarial gains or losses
Unrecognized prior service costs
Net amount of assets and liabilities in the balance sheets
Provision for retirement benefits
Net amount of assets and liabilities in the balance sheets		March 31, 2014
(In millions of yen)March 31, 2015
March 31, 2015
(In millions of yen) (In millions of U.S. dollars)

¥

¥

¥

14,438(5,231)
9,206
5,044
14,251——
14,251
14,251
14,251¥

8,329(6,932)
1,396
4,998
6,395
—
—
6,395
6,395
6,395

$

$

69
(58)
11
42
53
—
—
53
53
53

(iv) Component of retirement benefit expense

Service cost (Note 1)
Interest cost
Expected return on plans assets
Realized Actuarial loss
Amortization of prior service cost (Note 2)
Retirement benefit expense
Decrease associated with the transfer of the amount ofwelfare pension fund previously managed for thegovernment (Note 3)

March 31, 2014
(In millions of yen)March 31, 2015
March 31, 2015
(In millions of yen) (In millions of U.S. dollars)

¥

461
213
(95)
355
(1,680)
(745)

¥

433
195
(97)
631
(271)
891

$

4
2
(1)
4
(2)
7

¥

—

¥

(5,698)$(47)

Note 1. Employee contributions to the welfare pension fund and corporation pension fund plans have been deductedfrom the service cost.
2. As a result of having received approval on April 1, 2013 from the Minister of Health, Labour and Welfare foran exemption from the obligations to pay benefits for future employee services related to the substitutional
portion of the pension fund, prior service costs of ¥927 million were recognized as credit expenses in the fiscal
year ended March 31, 2014. In addition, due to the amendment to the regulations on retirement allowances
which became effective on December 20, 2013, prior service costs of ¥753 million were recognized as
credit expenses during the fiscal year ended March 31, 2014. Further, due to abolishing the welfare pension
fund plan and the establishment of the defined benefit corporate pension plan effective October 1, 2014,prior service costs of ¥271 million ($2 million) have been recognized as credit expenses during the fiscal
year ended March 31, 2015.
3. Recorded as a component of extraordinary income.
		(v) Plan assets
			a Major components of Plan assets				Percentages of components to the total are as follows;
Debt securities
StocksGeneral account of life insurance company
Cash and due from banks
Total

			b

124

March 31, 2014

March 31, 2015

40%
45%
11%
4%
100%

38%
13%
8%
41%
100%

Method of determining the long-term expected rate of return on plan assets
The long-term expected rate of return on plan assets is determined based on the current and projected pension
asset allocations as well as on the current and future rates of return expected from various assets that arecomponents of plan assets.

JBIC Annual Report 2015

Data

		
(vi) Principal assumptions used			
Principal assumptions used in actuarial calculations
March 31, 2015

1.1%
2.0%
4.7%

0.7%
2.5%
3.9%

Discount rate
Expected rate of return on plan assets
Expected rate of increase in salary(c) Defined contribution plan		JBIC established a defined contribution-type retirement benefit plan effective October 1, 2014. The amount of contribution
required to be made to the defined contribution plan for the fiscal year ended March 31, 2015 is ¥12 million ($0 million).

20. Segment Information(a) Segment summary		Segment information has been omitted as JBIC has a single reportable segment comprised of loan, guarantee andequity participation operations.
(b) Related information
		
Fiscal year ended March 31, 2014 (From April 1, 2013 to March 31, 2014)
		(i) Information about services
Information about services has been omitted as ordinary income from outside customers in relation to loan, guarantee
and equity participation operations comprises more than 90% of the ordinary income on the Statements of Operations.
		(ii) Information about geographical areas			a Ordinary income:

1. Statutory Financial Statements

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).

2
Financial Statements

March 31, 2014

(In millions of yen)
Asia/Oceania
Australia (excluding Australia)

Japan

¥

42,639¥17,463¥57,258Europe/Middle East/Africa¥

61,188

North America/
Latin America¥

47,549

Total¥

226,100

Note 1. Ordinary income is disclosed in place of Sales for non-financial companies.
2. Ordinary income is disclosed based on the location of the customers and is classified by country or
region.
			b		Property, plant and equipment
The information about property, plant and equipment is omitted since more than 90% of property, plant
equipment on the balance sheets are located in Japan.
(iii) Information about major customers
The information about major customers is omitted since there are no transactions with a certain customer which
result in more than 10% of the ordinary income on the Statements of Operations.

				

Fiscal year ended March 31, 2015 (From April 1, 2014 to March 31, 2015)(i) Information about services
The information about services is omitted since ordinary income from outside customers in relation to the loan,
guarantee and equity participation operations is more than 90% of ordinary income on the Statements of Operations.
		(ii) Information about geographical areas			a Ordinary income:(In millions of yen)
Asia/Oceania
Australia (excluding Australia)

Japan

¥

42,978¥358¥

55,768Asia/Oceania
Australia (excluding Australia)

Japan

$

29,635

$

247

$

464

Europe/Middle East/Africa¥

65,714

Europe/Middle East/Africa$

547

North America/
Latin America¥

63,154

Total¥

257,252(In millions of U.S. dollars)
North America/
Latin America
Total

$

525

$

2,141

Note 1. Ordinary income is disclosed in place of Sales for non-financial companies.
2. Ordinary income is disclosed based on the location of the customers and is classified by country or
region.
JBIC Annual Report 2015

125

Data

2
Financial Statements(Change in method of presentation)
		Ordinary income earned in Australia, which was included as part of Asia/Oceania in the previous fiscal year, is now
presented separately effective as of the year ended March 31, 2015 since it accounted for 10% or more of the ordinary
income on the Statements of Operations. In conjunction with this change, certain reclassifications have been made in“(ii) Information about geographical areas a Ordinary income” for the year ended March 31, 2014.
			
As a result, ¥74,722 million presented under “Asia/Oceania” in the previous fiscal year has been reclassified asfollows: ¥17,463 million under “Australia” and ¥57,258 million in “Asia/Oceania (excluding Australia).”			b		
1. Statutory Financial Statements

Property, plant and equipment
The information about property, plant and equipment is omitted since more than 90% of property, plant
equipment on the balance sheets are located in Japan.
(iii) Information about major customers
The information about major customers is omitted since there are no transactions with a certain customer which
result in more than 10% of ordinary income on the Statements of Operations.

(c) Information about impairment losses of property, plant and equipment in Reportable Segments
		Not applicable(d) Information about the amortization and balance of goodwill in Reportable Segments
		Not applicable(e) Information about gains from the recognition of negative goodwill in Reportable Segments
		Not applicable
21. Profit and loss on equity method(a) Affiliates
March 31, 2014
(In millions of yen)

Investment in affiliates		¥
Investment in affiliates (equity method)
Profit of Investment in affiliates (equity method)

March 31, 2015
(In millions of yen)

81,167 		¥81,167—

March 31, 2015
(In millions of U.S. dollars)

83,251 		$83,251
—

693
693
—

		
Note: Affiliates that are not significant in terms of profit/loss, retained earnings and other items have been excluded.
(b) Special purpose entities
		Not applicable
22. Related-party transactions
Related party transactions in the fiscal years ended March 31, 2014 and March 31, 2015 are as follows;(a) Transactions with parent company and major shareholder companies
Fiscal year ended March 31, 2014 (From April 1, 2013 to March 31, 2014)
Corporate
nameLocation

CapitalPrincipal
Ministry of Chiyodaku, Tokyo
shareholder Finance(Minister ofFinance)—Business

Ratio to
Total
VotingRights (%)

Administra- 100tion for policy (Direct)
basedfinancing

Relationwithrelatedparties

Transactions

Receiptof funds,
etc.

Receiptof funds(Note 1)
Repaymentof borrowing
Payment ofinterest on
borrowings
Guarantee
for corporate
bonds(Note 2)

Amounts oftransactions(Note 3)(In millions of yen)
Balance as ofMarch 31,
2014
Items
(Note 3)

¥ 4,999,140

Borrowings ¥ 8,407,707

4,226,036
57,1872,141,442

Accruedexpenses

15,546——Note 1. Receipt of funds represents borrowings from the FILP special account and foreign exchange funds special
account. FILP interest rates are applied in accordance with the FILP agreement, while the interest rates under
the respective agreements related to foreign exchange funds special account are applied to borrowings fromforeign exchange funds.
2. No guarantee fee has been paid for the guarantee of bonds
3. Figures in the table above do not include consumption taxes.

126

JBIC Annual Report 2015

Data

Fiscal year ended March 31, 2015 (From April 1, 2014 to March 31, 2015)

Location

CapitalPrincipal
Ministry of Chiyodaku, Tokyo
shareholder Finance(Minister ofFinance)—

Location

CapitalChiyodaPrincipal
Ministry
shareholder of Finance ku, Tokyo(Minister ofFinance)—

Administra- 100tion for policy (Direct)
basedfinancing

Business

Receiptof funds,
etc.

Ratio to
Total
VotingRights (%)

Administra- 100(Direct)tion forpolicy based
financing

Relationwithrelatedparties

Receiptof funds,
etc.

Transactions

Underwritingof capitalincrease(Note 1)
Receipt offunds(Note 2)
Repaymentof borrowing
Payment ofinterest on
borrowings
Guarantee
for corporate
bonds(Note 3)

Transactions

Amounts oftransactions(Note 4)

(In millions of yen)
Balance as ofMarch 31,
2015
Items
(Note 4)

¥ 31,000——

1,512,991

Borrowings

9,425,316

Accruedexpenses

14,9812

1,321,639
50,4882,569,535

Amounts oftransactions(Note 4)——

(In millions of U.S. dollars)
Balance as ofMarch 31,
2015
Items
(Note 4)

Underwritingof capitalincrease(Note 1)

$

258

—

—

Receipt offunds(Note 2)

12,590Borrowings

78,433

Repaymentof borrowing

10,998

Payment ofinterest on
borrowings

420

Accruedexpenses

125

Guarantee
for corporate
bonds(Note 3)

21,382—

1. Statutory Financial Statements

Corporate
nameBusiness

Relationwithrelatedparties

Financial Statements

Corporate
nameRatio to
Total
VotingRights (%)—

Note 1. Ministry of Finance underwrote JBIC’s issuance of new shares through shareholder allocation for ¥1 ($0) per
share.
2. Receipt of funds represents borrowings from the FILP special account and foreign exchange funds special
account. FILP interest rates are applied in accordance with the FILP agreement, while the interest rates under
the respective agreements related to foreign exchange funds special account are applied to borrowings fromforeign exchange funds.
3. No guarantee fee has been paid for the guarantee of bonds.
4. Figures in the table above do not include consumption taxes.
(b) Transactions with fellow subsidiaries and affiliates’ subsidiaries
Fiscal year ended March 31, 2014 (From April 1, 2013 to March 31, 2014)
Corporate
nameCompaniesthat had the
majority of
their voting
rights heldby principal
shareholders

Japan
International
Cooperation
AgencyJapan
Finance
Corporation(Note 3)

Location

Chiyodaku, Tokyo
Chiyodaku, Tokyo

CapitalBusiness

Ratio to
Total
VotingRights (%)

None¥ 7,832,098 Official
development
assistance
3,709,538 Finance

None

Relationwithrelatedparties

Transactions

Joint
obligorJoint
obligations

Joint
obligorJoint
obligations

Amounts oftransactions¥(In millions of yen)
Balance
as ofMarch 31,
Items
2014

674,595(Note 1, 4)——

1,147,740(Note 2, 4)——Note 1. JBIC assumed the obligations of the JBIC bonds in accordance with Article 12 (1) of the Supplementary
Provisions of the JBIC Act, and the Japan International Cooperation Agency (“JICA”) is jointly responsible forthe obligations of these bonds in accordance with the provision of Article 4 (1) of Supplementary Provisionsof the Japan International Cooperation Agency Act (Act No. 136 of 2002). Pursuant to Article 4 (2) hereof, allof JICA assets are pledged as general collateral for these joint obligations.

JBIC Annual Report 2015

127

Data

2
Financial Statements

2. JBIC assumed the obligations of the JFC bonds in accordance with Article 12 (1) of Supplementary Provisionsof the JBIC Act, and JFC is jointly responsible for the obligations of these bonds in accordance with Article46-2 (1) of Supplementary Provisions of the JFC Act (Act No. 57 of 2007). 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 JFC bonds of ¥780,000 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 Statements of Operations.

Fiscal year ended March 31, 2015 (From April 1, 2014 to March 31, 2015)
Corporate
name1. Statutory Financial Statements

Companiesthat had the
majority of
their voting
rights heldby principal
shareholders

Japan
International
Cooperation
AgencyJapan
Finance
Corporation(Note 3)

Corporate
nameCompaniesthat had the
majority of
their voting
rights heldby principal
shareholders

Japan
International
Cooperation
AgencyJapan
Finance
Corporation(Note 3)

Location

Chiyodaku, Tokyo
Chiyodaku, Tokyo

Location

CapitalTransactions

Joint
obligorJoint
obligations

None

Joint
obligorJoint
obligations

Ratio to
Total
VotingRights (%)

Relationwithrelatedparties

Transactions(In millions of U.S. dollars)
Balanceas ofAmounts ofMarch 31,transactions Items
2015

None
Officialdevelopment
assistanceJointobligorJoint
obligations$
3,563(Note 1, 4)——

FinanceJointobligorJoint
obligations

9,249(Note 2, 4)

—

—

None
¥ 7,877,115 Official
development
assistance
3,855,086 FinanceCapitalBusiness

Chiyodaku, Tokyo$ 65,550

Chiyodaku, Tokyo

32,080(In millions of yen)
Balance
as ofMarch 31,
Items
2015

Relationwithrelatedparties

Business

Ratio to
Total
VotingRights (%)

None

Amounts oftransactions¥

428,110(Note 1, 4)——

1,111,402(Note 2, 4)——Note 1. JBIC assumed the obligations of the JBIC bonds in accordance with Article 12 (1) of the Supplementary
Provisions of the JBIC Act, and the Japan International Cooperation Agency (“JICA”) is jointly responsible forthe obligations of these bonds in accordance with the provision of Article 4 (1) of Supplementary Provisionsof the Japan International Cooperation Agency Act (Act No. 136 of 2002). Pursuant to Article 4 (2) hereof, allof JICA assets are pledged as general collateral for these joint obligations.
2. JBIC assumed the obligations of the JFC bonds in accordance with Article 12 (1) of Supplementary Provisionsof the JBIC Act, and JFC is jointly responsible for the obligations of these bonds in accordance with Article46-2 (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 JFC bonds of ¥710,000 million ($5,908 million) in accordancewith Article 17 (1) (ii) of Supplementary Provisions of the JBIC Act. In accordance with Article 17 (2) hereof, allof 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 Statements of Operations.
23. Amounts per share
Amounts per share as of the fiscal years ended March 31, 2014 and March 31, 2015 are calculated as follows:
March 31, 2014
(In yen)

Net Assets per share of common stock
Net income per share of common stock		¥

1.72 		¥0.06

March 31, 2015
(In yen)March 31, 2015
(In U.S. dollars)

1.76 		$
0.09

0.01
0.00

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.
March 31, 2014
(In millions of yen)

Net income
Amount not attribute to common stock
Net income related to common stock
Average outstanding shares of common stock(during the period)

128

JBIC Annual Report 2015

		¥March 31, 2015
(In millions of yen)March 31, 2015
(In millions of U.S. dollars)

91,366 		¥126,187 		$——91,366
126,187
1,360,000,000
1,383,610,958
thousands of shares
thousands of shares

1,050
—
1,050

Data

Note 2. Net assets per share of common stock is based on the following information.
March 31, 2014
(In millions of yen)March 31, 2015
(In millions of yen)March 31, 2015
(In millions of U.S. dollars)

20,475—20,475

24. Subsequent Events
Not applicable.

Financial Statements

Net Assets
		¥
2,341,312 		¥
2,460,520 		$
Deductions from net assets——
Net Assets related to common stock
2,341,312
2,460,520
Year-end outstanding shares of common stock
1,360,000,000
1,391,000,000
on which net assets per share was calculated
thousands of shares
thousands of shares2

25. Fixed assets
Fixed assets as of March 31, 2015 are as follows;

Class of asset

Increaseduringthe current
periodDecreaseduringBalance at
the current
the end of
period current period

Accumulated
depreciation

Depreciation

¥

¥

¥

¥

¥

Property, plant and equipment
Buildings
Land
Lease assets
Construction in progress
Other
Total property, plant and equipment
Intangible assets
SoftwareTotal intangible assets

Class of asset

Balance atthe beginningof current
periodIncreaseduringthe current
periodDecreaseduringBalance at
the current
the end of
period current period

Accumulated
depreciation

Depreciation

$

$

$

$

$

¥

3,554
24,69444—962
29,256

¥
¥

2,978
2,978

¥

69
—
—
146
175
391

¥
¥

2,499
2,499

¥

30
30
—
146
5
212

¥
¥

525
525

¥

¥

3,593
24,66444—
1,132
29,435

¥
¥

4,952
4,952

¥

553
—
21
—
564
1,140

¥
¥

1,797
1,797

Net fixed
assets

¥

177
—
8
—
263
449

¥

¥

3,040
24,66422—
567
28,295

¥
¥

906
906

¥
¥

3,154
3,154

1. Statutory Financial Statements(In millions of yen)
Balance atthe beginningof current
period(In millions of U.S. dollars)

Property, plant and equipment
Buildings
Land
Lease assets
Construction in progress
Other
Total property, plant and equipment
Intangible assets
SoftwareTotal intangible assets

$

30
205
0
—
8
243

$
$

25
25

$

1
—
—
1
1
3

$
$

20
20

$

1
0
—
1
0
2

$
$

4
4

$

$

30
205
0
—
9
244

$
$

41
41

$

5
—
0
—
4
9

$
$

15
15

Net fixed
assets

$

1
—
0
—
2
3

$

$

25
205
0
—
5
235

$
$

8
8

$
$

26
26

JBIC Annual Report 2015

129

Data

2

26. Bonds payable
Major components of bonds payable as of March 31, 2015 are as follows;

Financial Statements

Description of bonds
payable(In millions of yen)
Balance at the beginning ofcurrent period

Date of issuance

June 10, 2004 –Government
guaranteed JBIC bonds March 23, 2006
7th, 8th, 13th
February 2,
Government
guaranteed JFC (JBIC) 2010 –February 7,
foreign bonds
2012
3rd, 5–9th
July 19, 2012 –Government
February 10,
guaranteed JBIC
foreign bonds 1st–10th 2015

1. Statutory Financial Statements

JBIC bonds 13th, 16th, May 28, 2004 –18th, 19th, 21st-23rd, May 29, 2008
25th, 27th, 29th, 30th

Balance at the end ofcurrent period

Interest
rate (%)

Collateral

Maturity date

Remarks

78,090 [78,090](USD 649,829,000)[USD 649,829,000]
990,850 [360,448](USD 8,245,406,000)[USD 2,999,485,000)

4.375~
5.250

Generalcollateral

June 10, 2014 –March 23, 2016

*1

1.875~
2.875

Generalcollateral*2

1,500,595
940,029(USD 7,975,922,000) (USD 11,464,919,000)(CAD 499,875,000)(CAD 499,833,000)(GBP 423,865,000)(GBP 423,666,000)
399,943
349,960[99,995]

0.618~
3.375

Generalcollateral

February 2,2015 –
February 7,
2019
July 19, 2017 –February 10,2025

1.340~
2.090

Generalcollateral

March 20, 2015–
December 19,
2025

*1

December 19,
2014 –
September 20,
2019
December 20,
2019
—

*2

¥
224,533(USD 1,149,576,000)(EUR 749,871,000)
976,878(USD 9,491,631,000)¥

JFC corporate bonds
3rd, 7th, 12th, 17th

October 29,
2009 –
May 9, 2011

169,992

119,993[100,000]

0.421~
1.430

Generalcollateral

Non-guaranteed JBIC
domestic bond 1st
Total

January 27,
2015
—

—

10,0000.120

3,049,490—

Generalcollateral—

Balance at the end ofcurrent period

Interest
rate (%)

Collateral

Maturity date

Remarks

650 [650](USD 649,829,000)[USD 649,829,000]
8,245 [3,000](USD 8,245,406,000)[USD 2,999,485,000)

4.375~
5.250

Generalcollateral

June 10, 2014 –March 23, 2016

*1

1.875~
2.875

Generalcollateral*2

12,487
7,822(USD 7,975,922,000) (USD 11,464,919,000)(CAD 499,875,000)(CAD 499,833,000)(GBP 423,865,000)(GBP 423,666,000)
3,328
2,912
[832]

0.618~
3.375

Generalcollateral

February 2,2015 –
February 7,
2019
July 19, 2017 –February 10,2025

1.340~
2.090

Generalcollateral

March 20, 2015–
December 19,
2025

*1

Generalcollateral

December 19,
2014 –
September 20,
2019
December 20,
2019
—

*2

¥

2,711,377¥—(In millions of U.S. dollars)
Description of bonds
payableBalance at the beginning ofcurrent period

Date of issuance

June 10, 2004 –Government
guaranteed JBIC bonds March 23, 2006
7th, 8th, 13th
June 2, 2010 –Government
guaranteed JFC (JBIC) February 7,
2012foreign bonds
3rd, 5–9th
July 19, 2012 –Government
February 10,
guaranteed JBIC
foreign bonds 1st–10th 2015
JBIC bonds 13th, 16th, May 28, 2004 –18th, 19th, 21st-23rd, May 29, 2008
25th, 27th, 29th, 30th$
1,868
(USD 1,149,576,000)(EUR 749,871,000)
8,129(USD 9,491,631,000)$

JFC corporate bonds
3rd, 7th, 12th, 17th

October 29,
2009 –
May 9, 2011

1,416

999
[832]

0.421~
1.430

Non-guaranteed JBIC
domestic bond 1st
Total

January 27,
2015
—

—

83

0.120

25,376—$

22,563$——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. (*1) JBIC assumed the obligations in respect of the government guaranteed JBIC bonds and the JBIC bonds which had
been issued by JBIC before JFC was established, and JBIC and JICA are jointly responsible for these obligationsin accordance with the JBIC Act.
		(*2) JBIC also assumed from JFC the obligations concerning the government guaranteed JFC (JBIC) foreign bonds
and the JFC corporate bonds, and JBIC and JFC are now jointly responsible for these obligations pursuant to the
JBIC Act.
4. The redemption schedule of bond payable for each of the next five years as of March 31, 2015 is as follows:
After 1 year but
within 2 years

Within 1 year

Amount¥638,620¥130JBIC Annual Report 2015

$

5,314

¥

After 1 year but
within 2 years

Within 1 year

Amount530,680

After 2 year but
within 3 years

$

4,416

387,730¥

3,227

771,062¥

250,255(In millions of U.S. dollars)
After 3 year but
After 4 year but
within 4 years
within 5 years

After 2 year but
within 3 years$(In millions of yen)
After 4 year but
within 5 years

After 3 year but
within 4 years

$

6,416

$

2,083

Data

27. Borrowings
Borrowings as of March 31, 2015 are as follows;

Borrowed money¥

8,407,707

Borrowings
Lease obligation(Due within one year)
Lease obligation(Due after one year)
Other interest-bearing liabilities
Cash collateral received forfinancial instruments

Balance at the endof current period(In millions of yen)¥

9,425,316

Balance at the endof current period(In millions of U.S. dollars)$

Averageinterest rate(%)

Due date ofpayment

78,4330.54

8,407,707

9,425,316

78,433

0.54—
April 2015 –February 2025

10

12

0

—

—

27
63,14019
12,750

0
106

—
0.02

March 2018—

63,14012,750

106

0.02

—

After 1 year but
within 2 years

Within 1 year

Borrowings
Lease obligations¥

1,075,048
12

¥

$

8,946
0

¥

After 1 year but
within 2 years

Within 1 year

Borrowings
Lease obligations

681,156
12

After 2 year but
within 3 years

$

5,668
0

1,091,967
6

¥

9,087
0

4,625,282—¥

1,022,461—(In millions of U.S. dollars)
After 3 year but
After 4 year but
within 4 years
within 5 years

After 2 year but
within 3 years$(In millions of yen)
After 4 year but
within 5 years

After 3 year but
within 4 years$

38,489—$

1. Statutory Financial Statements

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, 2015 are as follows;2
Financial Statements

Balance at the beginningof current period(In millions of yen)

8,508
—

28. Reserves
Reserves as of March 31, 2015 are as follows;
Balance atthe beginning ofcurrent period

Allowance for loan losses
General allowance for loan losses
Specific allowance for loan losses
Allowance for possible losses on specificoverseas loans
Provision for bonuses
Provision for directors’ bonuses
Provision for directors’ retirement benefits
		Total¥¥128,885
39,61686,300
2,968
483
5
20
129,395

Note.
		
		
		

$

$

1,073
330
718
25
4
0
0
1,077

Decrease during
the fiscal year
(others)(In millions of yen)
Balance atthe end ofcurrent period

39,48936,828
—  

¥

¥

¥

2,660
500
6
9
40,006

—  
483
5
—  
¥	    489¥

Increase during
the fiscal year

Decrease during
the fiscal year(use for purpose)(In millions of U.S. dollars)
Decrease during
Balance at
the fiscal year
the end of(others)
current period$$

Increase during
the fiscal year¥¥

Balance atthe beginning ofcurrent period

Allowance for loan losses
General allowance for loan losses
Specific allowance for loan losses
Allowance for possible losses on specificoverseas loans
Provision for bonuses
Provision for directors’ bonuses
Provision for directors’ retirement benefits
		TotalDecrease during
the fiscal year(use for purpose)

$

$

329
306
—  
23
4
0
0
333

$

—  
—  
—  

—  
—  
—  
—  
4
0
—  
4

$

52,881
39,616
10,297
2,968
—  
—  
—  
52,881¥

115,492
36,82876,003
2,660
500
6
30
116,030

441
330
86

$

961
306
632

25
—  
—  
—  
441

23
4
0
0
$	 965The main factors in the decrease during the fiscal year 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
JBIC Annual Report 2015

131

Data

2
Financial Statements

30. Components of major assets and liabilities
Components of major assets and liabilities as of March 31, 2015 are as follows:(a) Assets:		(i) Due from banks:			Deposits with Bank of Japan (¥40,651 million ($338 million)) and other banks (¥809,845 million ($6,739 million))
		(ii) Other securities:		
Foreign securities (¥261,786 million ($2,178 million))
		(iii) Prepaid expenses:
		
General and administrative expenses (¥511 million ($4 million))
		(iv) Accrued income:		
Accrued interest on loans (¥40,653 million ($338 million)), and others
		(v) Other:		
Suspense payments (¥142 million ($2 million)) and guarantees and others (¥139 million ($2 million))

1. Statutory Financial Statements(b) Liabilities
		(i) Accrued expenses:			Accrued interest on borrowings and rediscounts (¥14,981 million ($125 million)), accrued interest on bonds (¥12,328
million ($103 million)), and others
		(ii) Unearned revenue:		Guarantee commission (¥63,865 million ($531 million)), and others
		(iii) Other liabilities
		
Suspense receipts (¥11,093 million ($92 million)), and others

132

JBIC Annual Report 2015

2. Composition of Liabilities and Net Assets
Data(Unit: millions of yen, %)March 31, 2014

Borrowed Money

Amount% (Note)Amount% (Note)14,004,734

85.7

16,003,296

86.7

8,407,707

51.4

9,425,316

51.0

Bonds Payable

2,711,377

16.6

3,049,490

16.5

Acceptances and Guarantees

2,422,658

14.8

2,572,328

13.9

Other

462,9902.8

956,160

5.2

Net Assets

2,341,312

14.3

2,460,520

13.3

1,360,000

8.3

1,391,000

7.5

911,366

5.6

993,053

5.4

Capital Stock
Retained Earnings

5,472

0.0

12,786

0.1

Deferred Gains or Losses on Hedges

64,472

0.4

63,681

0.3

16,346,047

100

18,463,816

100

Total Liabilities and Net Assets(Note) Ratio to Liabilities and Net Assets added.

(Information on the Capital Adequacy Ratios)
Although JBIC is not subject to Article 14-2 of the Banking Act of Japan, capital adequacy ratios have been calculated in accordance with " Criteria for Judging Whethera Financial Institution's Own Capital Is Sufficient in Light of the Assets Held, etc. under the Provision of Article 14-2 of the Banking Act" (2006, Financial Services Agency
Notification No. 19). In addition to the application of uniform international standards, credit risk assets were calculated using the standardized approach.
(Unit: %, billions of yen)

Total risk-weighted capital ratio

14.47

Tier 1 risk-weighted capital ratio

14.22

Common Equity Tier 1 risk-weighted capital ratio

14.22

Total capital (Common Equity Tier 1 capital + Additional
Tier 1 capital + Tier 2 capital)

2,364

Tier 1 capital (Common Equity Tier 1 capital + Additional
Tier 1 capital)

2,324

Common Equity Tier 1 capital

2,324

Risk-weighted assets

16,343

The amount of minimum capital requirements

1,307

3. The Average Balance of Interest-earning Assets andInterest-bearing Liabilities, Interest and Earning Yields(Unit: millions of yen, %)Fiscal Year Ended March 31, 2014
Average Balance

Interest-earning Assets

Interest

Earning Yields

Fiscal Year Ended March 31, 2015
Average Balance

Interest

Earning Yields

13,126,752

181,143

1.38

14,616,678

192,973

11,864,173

149,769

1.26

13,415,041

166,130

1.24

Due from Banks

640,483

1,623

0.25

628,700

1,479

0.24

Interest-bearing Liabilities

10,731,675

115,677

1.08

11,760,700

116,076

0.99

Borrowed Money

8,161,468

57,1870.70

8,793,333

50,4880.57

Bonds Payable

2,487,554

58,4302.35

2,936,834

65,567

2.23

Loans and Bills Discounted

1.32

JBIC Annual Report 2015

2. Composition of Liabilities and Net Assets 3. The Average Balance of Interest-earning Assets and Interest-bearing Liabilities, Interest and Earning Yields

Valuation Difference on Available-for-sale Securities

2
Financial Statements

Liabilities

March 31, 2015133

4. Breakdown of Operating Expenses
Data

2
Financial Statements
4. Breakdown of Operating Expenses
5. Balance of Due from Banks, Receivables under Resale Agreements and Securities—Application of Surplus Funds

134(Unit: millions of yen)

Fiscal Year Ended March 31, 2014

Fiscal Year Ended March 31, 2015

Salaries and Other Compensations

4,763

5,181

Expenses for Retirement Benefits

(745)

891

Welfare Benefits

639

675

Amortization of Property and Equipment

1,245

1,356

Leasing on Land, Buildings and Machinery

163

147

Building Maintenance

77

124

Supplies

328

213

Utilities

107

108

Traveling Expenses

1,297

1,351

Communications

109

119

Advertising Expenses

2

4Fees, Donations and Social Expenses

13

12

Taxes

313

359

Other

6,636

6,457

Total

14,952

17,004

5. Balance of Due from Banks,
Receivables under Resale Agreements and Securities—Application of Surplus Funds(Unit: millions of yen)March 31, 2014

March 31, 2015

Due from Banks in Japanese Yen

180,000

242,750

Due from Banks in Foreign Currencies

437,086

553,057

Receivables under Resale Agreements

202,733———

Securities

JBIC Annual Report 2015

6. Information on Derivative Transactions
Data(4) Measures to Address These Risks
Counterparty Credit Risk
JBIC constantly monitors the market value of a derivative inmaking transaction with each counterparty, credit risk
exposure to it and its creditworthiness. Such information isthen used to assess the appropriateness of making transaction
with it.
Market Risk
JBIC utilizes derivatives transactions exclusively for the
purpose of hedging. Therefore, the market risk on derivatives
transactions and the risk on hedged (lending or funding)transactions, in principle, offset each other.

(2) Transactions
Derivatives transactions of JBIC include interest rate andcurrency swaps and forward exchange contracts. The following
table gives a summary of these transactions.

(As of March 31, 2015; 100 millions of yen)Contract Amounts /Notional Amounts

Credit Risk Amounts

Market Value

Interest Rate Swaps

36,184889

79

Currency Swaps

51,2203,794(8,227)

Forward Exchange Contracts

1

0

0

Other Derivatives

—

—

—

Credit Risk Reductions through Netting
Total

6. Information on Derivative Transactions(3) Risks Involved in Derivatives Transactions
Derivatives transactions involve the following risks.
Counterparty Credit Risk
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.

2
Financial Statements(1) Basic Policy for Derivative Transactions
JBIC engages in derivatives transactions exclusively for the
purpose of hedging exchange rate and interest rate risks.

(3,239)87,406

1,445(8,148)(Note)	“The credit risk amounts” are calculated under Uniform International Standards in accordance with the Banking Act of Japan and the related
regulations.

JBIC Annual Report 2015135

7. Yield / Interest Rate
Data

2

(Unit: %)Financial Statements

Fiscal Year Ended March 31, 2014

Fiscal Year Ended March 31, 2015

0.30

0.33

(A) − (B)Yields on Interest-earning Assets (A)

1.38

1.32

Costs of Interest-bearing Liabilities (B)

1.08

0.99

(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 current account deposit) + Cash collateral paid for financial instruments
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 + Cash collateral received for financial instruments

7. Yield / Interest Rate

8. Loans Outstanding per Employee(Unit: millions of yen)

8. Loans Outstanding per Employee

March 31, 2014

March 31, 2015

23,923

27,1809. Loans Outstanding by Industry(Unit: millions of yen)

9. Loans Outstanding by Industry

Industry

March 31, 2014
Number of Loans

March 31, 2015

Balance

Number of Loans

Balance

Manufacturing

90

324,494103

640,475

Mining and Quarrying of Stone and Gravel

9314,8289344,879

Construction

2

1,911

1

1,285

Electricity, Gas, Heat Supply, and Water

6

357,9316

375,019

Information and Communications

2

221,0002

212,261

Transport and Postal Services

532,537

4

27,887Wholesale Trade

17

877,28717

917,080

Finance and Insurance

20

2,338,289

19

2,142,810

Goods Rental and Leasing

3

197,5123

199,203

Overseas Yen Loan and Domestic Loans Transferred Overseas

484

7,989,608

497

9,572,046

Total, Including Others

14,432,949

638

12,655,401

661

Loans Outstanding to Small and Medium-sized Enterprises

102

15,847

158

35,276Loans Outstanding to Mid-tier Enterprises

62

28,876

95

137,939(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).

136

JBIC Annual Report 2015

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

Fiscal Year Ended March 31, 2015——

2
Financial Statements

Fiscal Year Ended March 31, 2014

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

March 31, 2015

Cash Equivalents in Foreign Currency (USD)

3,954,743

4,441,790

Cash Equivalents in Foreign Currency (GBP)

445,717106,396

Cash Equivalents in Foreign Currency (EUR)

12,824

5,644

Cash Equivalents in Foreign Currency (THB)00Cash Equivalents in Foreign Currency (CAD)

116,897

5,298

1,104,649

1,117,023

Investments in Foreign Currency (USD)

125,652

217,516

Equity Investments in Foreign Currency (EUR)0100,000

Equity Investments in Foreign Currency (CNY)65,58099,791Equity Investments in Foreign Currency (INR)

260,000

890,000

Equity Investments in Foreign Currency (SGD)

165,999

165,999

Loans in Foreign Currency (USD)

97,601,044

99,331,849

Loans in Foreign Currency (GBP)—

172,503

Loans in Foreign Currency (EUR)

1,035,388

1,115,647

Loans in Foreign Currency (ZAR)

756,400

752,900

Loans in Foreign Currency (AUD)

2,930,397

3,193,147

Loans in Foreign Currency (THB)

4,603,900

6,011,116

Loans in Foreign Currency (SDR)

467,883

320,208

Loans in Foreign Currency (CAD)

1,286,635

1,276,597

Loans in Foreign Currency (CNY)75,340174,980

Loans in Foreign Currency (MXN)—

237,500

Loans in Foreign Currency (IDR)

386,500,000

384,600,000

11. Assets in Major Foreign Currencies

Equity Investments in Foreign Currency (USD)

10. Write-off of Loans

March 31, 2014

JBIC Annual Report 2015137

12. Administrative Expense Ratio
Data

2(Units: %)Financial Statements

Fiscal Year Ended March 31, 2014

Fiscal Year Ended March 31, 2015

0.10

0.11

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)

13. Balance of Loans / Borrowings, Bonds and Notes by Maturity
12. Administrative Expense Ratio

Maturity Structure of Loans as of March 31, 2015
(Unit: 100 millions of yen)

Maturity

Collection from Loans

1 Year or Less

17,406

1–2 Years

12,230

2–3 Years

14,312

3–4 Years

13,741

4–5 Years

13,632

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

5–6 Years

12,143

6–7 Years

10,926

7–8 Years

9,619

8–9 Years

7,103

9–10 Years

11,160

11-15 Years

16,340

16-20 Years

3,894

21-25 Years

237

26-30 Years

9

31-35 Years—

36-40 Years—

Over 40 Years

—

Total

Maturity Structure of Long-term Borrowing andBorrowings from the Foreign Exchange Fund Special Accountas of March 31, 2015
(Unit: 100 millions of yen)

Maturity

1 Year or Less

10,750

1–2 Years

6,811

2–3 Years

10,919

3–4 Years

46,252

4–5 Years

10,224

5–6 Years99

6–7 Years

1,289

7–8 Years

2,047

8–9 Years

4,751

9–10 Years

1,108

Over 10 Years
Total

Maturity Structure of Bonds and Notes as of March 31, 2015
(Unit: 100 millions of yen)

Maturity

6,386

1–2 Years

5,306

2–3 Years

3,877

3–4 Years

7,710

4–5 Years

2,502

5–6 Years956

6–7 Years—

7–8 Years—

8–9 Years

1,201

9–10 Years

2,403

Total

JBIC Annual Report 2015

Redemption of Bonds and Notes

1 Year or Less

Over 10 Years

138—
94,253

142,760(Note)	The figures exclude: ¥156,869 million, the amount of loans and othercredits to debtors who are legally or substantially bankrupt, as well as
those who are likely to become bankrupt, since they have no prospect
for redemption.

Repayment of Borrowings

200
30,545

14. Information on the Quality of Assets
Data

for the reason that principal or interest is past due for aconsiderable period of time or for other reasons, those loans
for which there is filing of reorganization procedures under
the Corporate Reorganization Act rehabilitation procedures
under the Civil Rehabilitation Act, bankruptcy procedures
under the Bankruptcy Act, special liquidation procedures
under the Companies Act or other relevant laws, or there issuspension of transactions in promissory notes issued by the
debtors in the clearing house.(Note 1)

3. Past Due Loans (3 months or more)
Loans whose principal or interest is past due 3 months or morefrom the date following the contractually scheduled payment
date and not classified as “Bankrupt Loans” or “Non-accrual
Loans”.
4. Restructured Loans
Loans whose terms and conditions are modified in favorof the debtors in order to expedite the debtors’ businessrestructuring or support their business operations by, among
others, reducing the stated interest rate, deferring interest
payments or write-downs, and that are not classified as“Bankrupt Loans”, “Non-accrual Loans” and “Past Due Loans(3 months or more)”.(Note 2)

14. Information on the Quality of Assets

2. Non-accrual Loans
Loans that are placed in non-accrual status except thoseclassified as “Bankrupt Loans” or those whose interest
payments are deferred in order to expedite the debtors’
business restructuring or support their business operations.

2
Financial Statements

Although the Banking Act and Act on Emergency Measures
for the Revitalization of the Financial Functions of 1998 (the“Financial Revitalization Act”) do not apply to JBIC, JBIC has
made a self-assessment of the quality of its assets since thefiscal year ended March 31, 2001, in accordance with thestandards set forth in the Inspection Manual for Deposit-Taking
Institutions (last revised in April, 2015) of the Financial Services
Agency of Japan. This was aimed at increasing disclosure on
its asset quality and improving the internal management ofcredit risks.
One characteristic of JBIC’s operations is that a considerable
portion of its loans is official credit for the governments ofdeveloping countries. Thus, when an indebted country is
temporarily unable to service debt due to economic difficulties,
debt rescheduling will sometimes take place—based on aninternational agreement among the creditor countries in
the Paris Club—in order to ensure sustainable debt service.
A debtor country receiving such temporary support forovercoming the liquidity problem will implement economic
restructuring programs agreed upon with the International
Monetary Fund (IMF) to acquire sustainable debt service
capacity.
The loans rescheduled under the agreement in the Paris
Club have a high probability of repayment, because, unlike
loans provided by private financial institutions, their nature
as official credit provides an asset-securing mechanism under
the above international framework. Nonetheless, to facilitatecomparison with private financial institutions, JBIC, in principle,
discloses the loans rescheduled in the Paris Club and whose
debtor countries are categorized as “Needs Attention” in its
self-assessment of asset quality, as loan assets required to bedisclosed classifying them either as restructured loans (underthe Banking Act) or substandard loans (under the Financial
Revitalization Act).
ERNST & YOUNG SHINNIHON LLC audited JBIC’s selfassessment regarding the quality of its assets, including thefollowing risk-monitored loans, loans to be disclosed under
the Financial Revitalization Act and reserves for possible
loan losses, in accordance with the Practical Guidelines for
Evaluation of Internal Control over Valuation of Assets andAudits for Write-Offs and Reserve for Possible Loan Lossesof Banks and Similar Institutions (Report No. 4 of the Ad
Hoc Committee for Audits of Banks, the Japanese Instituteof Certified Public Accountants (JICPA)).

(Unit: millions of yen)

Fiscal Year Ended
March 31, 2014

Bankrupt Loans

Fiscal Year Ended
March 31, 2015——

Non-accrual Loans

96,366

120,482

Past Due Loans(3 months or more)

75,57935,945

Restructured Loans

77,38673,770Total (1)249,332

230,198

12,655,401

14,432,949

1.97

1.59

Total Amounts of Loans (2)(1) / (2) (%)

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

1. Bankrupt Loans
Among loans that are placed in non-accrual status (except
the portion deduced as allowance for loan losses), whencollection of either principal or interest becomes doubtful

JBIC Annual Report 2015

139

Data

2
Financial Statements

2. Loan Assets to Be Disclosed under
the Financial Revitalization Act
The following table shows the classification of loans basedon the self-assessment of asset quality in accordance withthe disclosure standard of the Financial Revitalization Act.

14. Information on the Quality of Assets

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
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 / or interest
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
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 them to recoverand eventually be able to pay to creditors, but which
are not categorized as “Bankrupt and Quasi-bankrupt
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 andQuasi-bankrupt Assets”, “Doubtful Assets” and “Substandard
Loans”.

140

JBIC Annual Report 2015

(Unit: millions of yen)

Fiscal Year Ended Fiscal Year Ended
March 31, 2014
March 31, 2015

Bankrupt and Quasibankrupt Assets

Loans

—

—

Doubtful Assets

96,366

120,482

Substandard Loans

152,965

109,716

Subtotal (1)249,332

230,198

Normal Assets

14,865,229

16,819,545

Total (2)15,114,562

17,049,743

1.65

1.35

(1) / (2) (%)

Note 1
According to the Banking Act, which provides the disclosure requirements of“Risk-monitored Loans” adopted by commercial financial institutions in Japan,
the loans to overseas 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 term-end, (2) no agreement for the extension of therepayment deadlines 3 years before term-end and (3) no concrete plan to conclude
an agreement for the extension of the repayment deadline at term-end. In thetable shown on the previous page, however, taking into consideration theinternational cooperation framework on public debt mentioned above, theoverseas public debtors who meet the conditions above are classified 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”.
Note 2In the event that a debtor country encounters temporary repayment difficulties
in respect of external public debt (sovereign debt, trade insurance institutions
and export credit institutions, etc.) due to the deteriorating balance of payments,
meetings of creditor countries (the “Paris Club”) will be held to mutually agree
on debt relief measures (rescheduling), and implementing of temporary support
for overcoming the liquidity problem (balance of payment support under aninternational 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 ¥265,056
million as of the end of the fiscal year ended March 31, 2015.
Loans to debtors classified under the self-assessment as “Needs Attention” (butnot “Past Due Loans (3 months or more)”) that were rescheduled under theParis Club as “Restructured loans”. The amount of such loans, included in“Restructured loans” in the above table is ¥73,770 million, of which ¥73,770
million represents the original principal.

1. Excerpt from the financial statements in accordance with IFRS

Ernst & Young ShinNihon LLC has audited the financial statements of JBIC, which comprise the statements of financial
position as at March 31, 2015, 2014 and 2013, and April 1, 2012, and the statements of profit or loss, statements of comprehensive
income, statements of changes in equity and statements of cash flows for each of the three years in the period ended March
31, 2015, and a summary of significant accounting policies and other explanatory information, in accordance with International
Standards on Auditing.

Statement of Financial Position
As of March 31, 2015, 2014, and 2013, and April 1, 2012
(Millions of yen)March 31, 2015

March 31, 2014

March 31, 2013

April 1, 2012

AssetsCash and due from banks

850,496

723,189

837,986

Receivables under resale agreements—

202,733

284,902602,725

Derivative financial instrument assets

174,946

223,134

455,749928,241

Securities

685,859

173,758

142,978

50,51024,443Loans and other receivables

14,357,186

12,573,273

10,464,187

8,039,619

Equity method investments

115,358

97,88278,32247,574

Property and equipment

28,29528,55828,20628,145

Other assets

370,073

105,551

41,632

2,559

Total assets

16,070,115

14,097,302

12,241,498

10,359,168

991,161454,987

225,219

56,702

Liabilities
Derivative financial instrument
liabilities
Borrowings

9,425,316

8,407,707

7,234,598

5,258,673

Bonds payable

3,058,499

2,733,890

2,257,990

2,449,864

84,70871,90074,481

71,421

Financial guarantee contracts
Other liabilities

86,208125,289

162,770

372,438

Total liabilities

13,645,893

11,793,774

9,955,060

8,209,100

Financial Statements in Accordance with International Financial Reporting Standards (IFRS) for Reference Only

This document is an excerpt of JBIC’s financial statements, prepared on a basis consistent with IFRS, that is included in JBIC’s
annual report on Form 18-K filed with the U.S. Securities and Exchange Commission. This document does not contain all of
the information in the Form 18-K that is important to you. You should read the Form 18-K carefully to obtain a comprehensive
understanding of JBIC’s financial statements under IFRS and related information.

2
Financial Statements

The financial statements have been prepared in accordance with IFRS as adopted by the International Accounting Standards
Board as of March 31, 2015. The financial statements are presented in yen. Unless otherwise stated, all amounts are rounded
down and stated in millions of yen.

Data

Financial Statements in Accordance with International Financial
Reporting Standards (IFRS) for Reference Only

EquityCapital stock

1,391,000

1,360,000

1,360,000

1,291,000

Retained earnings

985,166

906,331

895,183

836,128

Other reserves

48,05537,19531,25422,940Total equity

2,424,222

2,303,527

2,286,437

2,150,068

Total liabilities and equity

16,070,115

14,097,302

12,241,498

10,359,168

JBIC Annual Report 2015

141

Data

2

Income Statement
For the years ended March 31, 2015, 2014, and 2013
(Millions of yen)

Financial Statements

March 31, 2015

March 31, 2014

March 31, 2013

Interest income

173,110

155,643

136,236

Interest expense

103,876

97,696

87,976

Net interest income

69,23457,94748,260Fee and commission income

13,512

12,187

10,953

Fee and commission expense

2,088

2,217

1,427

Net income (expense) from derivative
financial instruments

25,760(35,672)

13,830Net investment income

1,505

107

150

Other income

1,060

4,010

2,586

Financial Statements in Accordance with International Financial Reporting Standards (IFRS) for Reference Only

Income (expense) other than interest income

39,749(21,584)

26,093

108,984

36,36274,353

Impairment losses (reversals) on financial assets(13,176)(17,458)

9,300

Net operating income

122,160

53,82165,052

9,985

14,717

15,483

419

778

1,165

10,404

15,496

16,648

Total operating income *1*2

Operating expenses
Other expenses
Total operating expenses
Profits of equity method investments

13,405

3,565

11,780Net profit

125,161

41,89060,184

March 31, 2015

March 31, 2014

March 31, 2013

125,161

41,89060,184Remeasurement arising during the year

(642)

942

(919)

Total of items that will not be reclassified
subsequently to profit or loss

(642)

942

(919)

Net gains arising during the year

815

2,528

2,679

Reclassification adjustments

(793)

37

101

(3,992)(4,339)(4,641)*1 Aggregate of “Net interest income” and “Income (expense) other than interest income”*2 “Total operating income” less “Impairment losses (reversals) on financial assets”

Statement of Comprehensive Income
For the years ended March 31, 2015, 2014, and 2013
(Millions of yen)

Net profit
Other comprehensive income
Items that will not be reclassified subsequently to
profit or loss:
Remeasurement of defined benefit plans

Items that may be reclassified subsequently to
profit or loss:
Available -for-sale financial assets

Deferred gains (losses) on hedges
Reclassification adjustments
Exchange differences on translation of foreign
operations

142

Net gains arising during the year

14,829

7,715

10,174

Total of items that may be reclassified
subsequently to profit or loss

10,859

5,941

8,313

Other comprehensive income

10,217

6,884

7,393

Total comprehensive income

135,378

48,77567,578JBIC Annual Report 2015

Data

Statement of Changes in Equity
For the years ended March 31, 2015, 2014, and 2013
(Millions of yen)

Other reserves
Retainedearnings

1,291,000

836,128

Net profit—

60,184———

Other comprehensive income

—

—

2,781

(4,641)(919)

Total comprehensive
income—60,1842,781(4,641)(919)

69,000———

Payment to nationaltreasury

—

(209)

—

Reclassification fromother reserves toretained earnings

—

(919)

1,360,000

Net profit

April 1, 2012

Available-forsale financial
assets——60,184

10,174

7,393

7,393

10,174

7,393

67,578———69,000

—

—

—

—

(209)

—

—

919

—

919

—

895,183

2,749

21,004—7,500

31,2542,286,437—

41,890

—

—

—

—

—

41,890

Other comprehensive income

—

—

2,566

(4,339)

942

7,715

6,884

6,884

Total comprehensive
income—41,8902,566(4,339)

942

7,715

6,884

48,775Issuance of newshares

—

—

—

—

—

—

—

—

Payment to nationaltreasury—(31,685)

—

—

—

—

—

(31,685)

Reclassification fromother reserves toretained earnings

—

942

—

—

(942)

—

(942)

—

1,360,000

906,331

5,315

16,664—

15,21637,1952,303,527

Net profit—

125,161

—

—

—

—

—

125,161

Other comprehensive income

—

—

22

(3,992)(642)

14,82910,217

10,217

Total comprehensive
income—125,16122(3,992)(642)

14,82910,217

135,378

31,000

—

—

—

—

—

—

31,000

Payment to nationaltreasury—(45,683)

—

—

—

—

—

(45,683)

Reclassification fromother reserves toretained earnings

—

(642)

—

—

642

—

642

—

1,391,000

985,166

5,338

12,671—

30,04548,0552,424,222

March 31, 2014

Issuance of newsharesMarch 31, 2015—

(2,673)Total
equityTotal

2,150,068

March 31, 2013

25,646

Exchangedifferences ontranslation offoreign
operations

22,940Issuance of newshares(31)

Deferred gains Remeasurement(losses) onof defined
hedgesbenefit plans

JBIC Annual Report 2015

Financial Statements in Accordance with International Financial Reporting Standards (IFRS) for Reference Only

Capitalstock

Financial Statements

Attributable to equity holders of Japan Bank for International Cooperation

2

143

Data

2
Financial Statements
Financial Statements in Accordance with International Financial Reporting Standards (IFRS) for Reference Only

144

Statement of Cash Flows
For the years ended March 31, 2015, 2014, and 2013
(Millions of yen)March 31, 2015

March 31, 2014

March 31, 2013

60,184

Cash flows from operating activities
Net profit

125,161

41,890Depreciation and amortization

1,356

1,245

1,018

Increase (decrease) in liability for retirement benefits(7,342)(2,530)

1,195

Profits of equity method investments(13,405)(3,565)(11,780)

Net decrease (increase) in loans and other receivables(1,783,913)(2,109,085)(2,424,568)

Net increase (decrease) in borrowings

1,017,608

1,173,109

1,975,925

Net decrease (increase) in deposits (excluding demand deposits)

230,543

165,071(135,655)

Net decrease (increase) in receivables under resale agreements

202,733

82,169317,822Net change of derivative financial instrument assets and liabilities

584,362

462,382

641,009

Net increase (decrease) in financial guarantee contracts

12,807(2,580)3,059

Net increase (decrease) in bonds payable

324,609475,899(191,874)

Other(353,332)(115,217)(241,057)

Net cash provided by (used in) operating activities

341,187

168,787(4,719)(23,709)

Cash flows from investing activities(29,768)(94,113)

Proceeds from sales or redemption of securities

2,372

3,019

225

Purchase of equity method investments(1,158)(10,188)(11,515)

Proceeds from return of equity method investments

11,917

2,953

2,721

Other

(2,718)(1,758)(753)(19,356)(100,086)(33,030)

Purchase of securities

Net cash used in investing activities
Cash flows from financing activities
Proceeds from issuance of new shares

31,000—69,000

Payment to national treasury(45,683)(31,685)(26,524)

Other

(12)

(26)

(117)

(14,695)(31,712)42,358Exchange difference on cash and cash equivalents

50,715

13,285

11,863

Net increase (decrease) in cash and cash equivalents

357,850

50,274

16,471

Cash and cash equivalents at the beginning of the year

213,845

163,571

147,099

Cash and cash equivalents at the end of the year

571,695

213,845

163,571

Net cash (used in) provided by financing activities

Net cash provided by (used in) operating activities includes the following:
Interest received

162,226

149,706

132,538

Interest paid

(116,172)(112,765)(120,524)

JBIC Annual Report 2015

Data

* JBIC has adopted Japanese GAAP for reporting purposes. Audited financial statements of JBIC for the fiscal year ended March 31, 2015 prepared on a basis consistent
with IFRS are being disclosed for reference purposes in order to improve comparability with other issuers outside of Japan.

2
Financial Statements

2. Reconciliation of assets, liabilities, and equity as of April 1, 2012, and March 31, 2013, 2014, and 2015, andreconciliation of net profit for the fiscal years ended March 31, 2013, 2014, and 2015, between accounting
principles generally accepted in Japan (Japanese GAAP) and IFRS as adopted by the International AccountingStandards Board (including information that is calculated and presented on the basis of methodologies otherthan in accordance with generally accepted accounting principles).*

Reconciliation of assets, liabilities, and equity as of April 1, 2012 (the date of transition to IFRS)(Millions of yen)Accounts under Japanese GAAP

Japanese GAAP

Reclassifications

IFRS

Notes

Assets

Accounts under IFRS

AssetsCash and due from banks

685,859——

685,859

Cash and due from banks

Receivables under resaleagreements

602,725——

602,725

Receivables under resaleagreements—

949,548(21,306)

928,241A

Derivative financial
instrument assets

74,108(50,248)583

24,443

B, F

Securities

8,110,356(92,728)

21,9918,039,619

C, E

Loans and other receivables—

50,248(2,673)47,574F

Equity method investments

Property and equipment

28,145——28,145Intangible assets

1,629(1,629)——Securities
Loans

Other assets
Customers’ liabilities for
acceptances and guarantees
Allowance for loan losses
Total assets

Property and equipment
A, C, H Other assets

929,016(926,524)

68

2,559

2,378,325—(2,378,325)—

E(124,271)

124,271——

C

12,685,895

52,936(2,379,663)

10,359,168—

56,65646

56,702

A

Total assets

Liabilities

Liabilities
Derivative financial
instrument liabilities

Borrowed money

5,255,489

—

3,184

5,258,673

D

Borrowings

Bonds payable

2,378,637—

71,2272,449,864

D

Bonds payable——

71,421

71,421

E

Financial guarantee
contracts

13,263(13,263)

—

—

G

17

(17)

—

—

G

580,351(169,200)(38,712)372,438

501

(501)

—

—
—

Provision for retirement benefits
Provision for directors’ retirement
benefits
Other liabilities
Provision for bonuses
Provision for directors’ bonuses

0

(0)

—

Acceptances and guarantees

2,378,325—(2,378,325)—

Total liabilities

10,606,586(126,327)(2,271,159)

8,209,100

A, G, H Other liabilities

E

Total liabilities

EquityCapital stock
Retained earnings

Equity1,291,000——

1,291,000

788,309—47,818836,128

Capital stock

Financial Statements in Accordance with International Financial Reporting Standards (IFRS) for Reference Only

Differences inrecognition andmeasurement

Retained earnings
A, H

Other reserves—

179,263(156,323)

22,940Total equity

2,079,309

179,263(108,504)

2,150,068

Total equity

Total liabilities and equity

12,685,895

52,936(2,379,663)

10,359,168

Total liabilities and equity

JBIC Annual Report 2015

145

Data

2

Reconciliation of assets, liabilities, and equity as of March 31, 2013
(Millions of yen)

Financial Statements

Accounts under Japanese GAAP

Reclassifications

IFRS

Notes

Assets

Accounts under IFRS

AssetsCash and due from banks

837,986——

837,986

Cash and due from banks

Receivables under resaleagreements

284,902——

284,902

Receivables under resaleagreements—

456,670(921)

455,749

A

Derivative financial
instrument assets

122,181(70,822)(848)

50,510B, F

Securities

10,555,128(104,723)

13,783

10,464,187

C, E

Loans and other receivables—

70,822

7,500

78,322

F

28,206——28,206

Securities
Loans
Financial Statements in Accordance with International Financial Reporting Standards (IFRS) for Reference Only

146

Japanese GAAP

Differences inrecognition andmeasurement

Property and equipment
Intangible assets
Other assets
Customers’ liabilities for
acceptances and guarantees
Allowance for loan losses

1,352(1,352)——

338,679(297,047)—

41,632

A, C

2,400,699—(2,400,699)—

EC(138,891)

138,891——

14,430,245

192,438(2,381,185)

12,241,498—

225,093126

225,219

Borrowed money

7,234,598——

7,234,598

Bonds payable

2,215,962—

42,028——15,595

Total assets

Provision for directors’ retirement
benefits
Other liabilities
Provision for bonuses
Provision for directors’ bonuses

Liabilities
A

Derivative financial
instrument liabilities

2,257,990

D

Bonds payable

74,481

74,481

E

Financial guarantee
contracts(15,595)

—

—

G

29

(29)

—

—

G

216,171(16,578)(36,821)

162,770

A, G

445

(445)

—

—
—

5

(5)

—

Acceptances and guarantees

2,400,699—(2,400,699)—

Total liabilities

12,083,506

192,438(2,320,884)

9,955,060

1,360,000——

1,360,000

851,685—

43,498895,183

Borrowings

Capital stock

Valuation difference on availablefor-sale securities
Deferred gains or losses onhedgesOther liabilities

E

Total liabilities

EquityRetained earnings

Other assets

Total assets

Liabilities

Provision for retirement benefits

Equity method investments
Property and equipment

Equity—135,053(103,798)

31,2542,221(2,221)——

132,831(132,831)——

Capital stock
Retained earnings
A

Other reserves

Total equity

2,346,738—(60,300)

2,286,437

Total equity

Total liabilities and equity

14,430,245

192,438(2,381,185)

12,241,498

Total liabilities and equity

JBIC Annual Report 2015

Data

Reconciliation of assets, liabilities, and equity as of March 31, 2014
(Millions of yen)Japanese GAAP

Reclassifications

IFRS

Notes

Assets

Accounts under IFRS

AssetsCash and due from banks

723,189——

723,189

Cash and due from banks

Receivables under resaleagreements

202,733——

202,733

Receivables under resaleagreements—

223,445(310)

223,134

A

Derivative financial
instrument assets

227,201(82,666)(1,556)

142,978

B, F

Securities

12,655,401(92,382)

10,254

12,573,273

C, E

Loans and other receivables—

82,666

15,216

97,882

F

28,558——28,558

Securities
Loans

Intangible assets
Other assets
Customers’ liabilities for
acceptances and guarantees
Allowance for loan losses
Total assets

1,561(1,561)——

213,627(108,076)—

105,551

A, C

2,422,658—(2,422,658)—

EC(128,885)

128,885——

16,346,047

150,309(2,399,054)

14,097,302—

453,950

1,037

454,987

Equity method investments
Property and equipment
Other assets

Total assets

Liabilities

Liabilities
A

Derivative financial
instrument liabilities
Borrowings

Borrowed money

8,407,707——

8,407,707

Bonds payable

2,711,377—

22,512

2,733,890

D

Bonds payable——

71,90071,900E

Financial guarantee
contracts

14,251(14,251)

—

—

G

20

(20)

—

—

G

448,229(288,878)(34,061)

125,289

A, G

483

(483)

—

—
—

Provision for retirement benefits
Provision for directors’ retirement
benefits
Other liabilities
Provision for bonuses
Provision for directors’ bonuses

5

(5)

—

Acceptances and guarantees

2,422,658—(2,422,658)—

Total liabilities

14,004,734

150,309(2,361,269)

11,793,774

1,360,000——

1,360,000

911,366—(5,035)906,331E

Total liabilities

EquityCapital stock
Retained earnings

Equity—69,945(32,749)

37,195

Valuation difference on availablefor-sale securities

5,472(5,472)——

Deferred gains or losses onhedges64,472(64,472)——

Total equity
Total liabilities and equity

Other liabilities

Capital stock
Retained earnings
A

Other reserves

2,341,312—(37,785)

2,303,527

Total equity

16,346,047

150,309(2,399,054)

14,097,302

Total liabilities and equity

JBIC Annual Report 2015

Financial Statements in Accordance with International Financial Reporting Standards (IFRS) for Reference Only

Property and equipment

2
Financial Statements

Accounts under Japanese GAAP

Differences inrecognition andmeasurement

147

Data

2

Reconciliation of assets, liabilities, and equity as of March 31, 2015
(Millions of yen)

Financial Statements

Accounts under Japanese GAAP

Reclassifications

IFRS

Notes

Assets

Accounts under IFRS

AssetsCash and due from banks

850,496——

850,496

Cash and due from banks

Receivables under resaleagreements

—

—

—

—

Receivables under resaleagreements—

174,967(20)

174,946

261,786(85,313)(2,715)

14,432,949(71,027)—

Securities
Loans
Financial Statements in Accordance with International Financial Reporting Standards (IFRS) for Reference Only

148

Japanese GAAP

Differences inrecognition andmeasurement

Property and equipment
Intangible assets
Other assets
Customers’ liabilities for
acceptances and guarantees
Allowance for loan losses
Total assets

A

Derivative financial
instrument assets

173,758

B, F

Securities(4,735)

14,357,186

C, E

Loans and other receivables

85,31330,045

115,358

F

Equity method investments

28,295——28,295

3,154(3,154)——430,297(60,223)—370,073

2,572,328—(2,572,328)—(115,492)

115,492——

18,463,816

156,053(2,549,754)

16,070,115—

989,798

1,363

991,161

Property and equipment
A, C
E
C

Total assets

Liabilities

Liabilities

Borrowed money

9,425,316——

9,425,316

Bonds payable

3,049,490

—

9,009

3,058,499——

84,70884,7086,395(6,395)

—

—

30

(30)

—

—

949,227(826,810)(36,208)

86,208

500

(500)

—

—

Provision for retirement benefits
Provision for directors’ retirement
benefits
Other liabilities
Provision for bonuses
Provision for directors’ bonuses

6

(6)

—

—

Acceptances and guarantees

2,572,328—(2,572,328)—

Total liabilities

16,003,296

156,053(2,513,456)

13,645,893

1,391,000——

1,391,000

993,053—(7,886)985,166A

Retained earnings

Derivative financial
instrument liabilities
Borrowings

D

Bonds payable

E

Financial guarantee
contracts

G
G
A, G

Other liabilities

E

Total liabilities

EquityCapital stock

Other assets

Equity—76,467(28,412)48,055

Valuation difference on availablefor-sale securities

12,786(12,786)——

Deferred gains or losses onhedges

63,681(63,681)——

Capital stock
Retained earnings
A

Other reserves

Total equity

2,460,520—(36,298)

2,424,222

Total equity

Total liabilities and equity

18,463,816

156,053(2,549,754)

16,070,115

Total liabilities and equity

JBIC Annual Report 2015

Data

Reconciliation of net profit for the year ended March 31, 2013
(Millions of yen)Japanese GAAP

Reclassifications

IFRS

Notes

Accounts under IFRS

Income statement
Interest income

167,947(33,212)1,502

136,236

CInterest income

Interest expenses

119,510—(31,534)

87,976

DInterest expenseC

Fee and commission
incomeNet interest income

48,260Fees and commissions
Fees and commissions payments—(12,335)

10,953

1,427

—

—

1,427

—

37,141(23,311)

13,830

—

150

—

150

—

5,877

(3,291)

2,586

9,171

(9,171)——

Receipts from the national budget

256

(256)

—

—

Other (income)

211

(211)

—

—

1

(1)

—

—

Other ordinary income*1

Extraordinary income—

Fee and commission
expenseA

Net investment income
Other income

26,093

Income (expense) otherthan interest income

74,353

Total operating income

10,300

(999)

9,300

B, C

Recoveries of written-off claims*1

4,572(4,572)——

C

Provision of allowance for loan
losses *2

14,620(14,620)——

C

Impairment losses (reversals) on financial assets

Net operating income

65,052—(2,068)15,483G

Operating expenses

—

598

567

1,165

D

Other expenses

597

(597)

—

—

(0)

—

General and administrative
expenses

17,551Other ordinary expenses

0

Other (expenses)*2

Net income (expense) fromderivative financial instruments—

Total operating expenses

16,648—

11,780—11,780Gain on investments in partnerships*1

11,843(11,843)——

Net income

63,585—(3,400)60,184

F

Profits of equity method
investments

Net profit*1 The sum of these amounts is included in “Other income” in the income statement prepared under Japanese GAAP.
*2 The sum of these amounts is included in “Other expenses” in the income statement prepared under Japanese GAAP.

JBIC Annual Report 2015

Financial Statements in Accordance with International Financial Reporting Standards (IFRS) for Reference Only

23,2882
Financial Statements

Accounts under Japanese GAAP

Differences inrecognition andmeasurement

149

Data

2
Financial Statements
Financial Statements in Accordance with International Financial Reporting Standards (IFRS) for Reference Only

150

Reconciliation of net profit for the year ended March 31, 2014
(Millions of yen)Accounts under Japanese GAAP

Japanese GAAP

Reclassifications

Differences inrecognition andmeasurement

IFRS

Notes

Accounts under IFRS

Income statement
Interest income

181,143(28,912)

3,412

155,643

C

Interest income

Interest expenses

115,677—(17,981)

97,696

DInterest expense

Fees and commissions

23,722—(11,535)

12,187

Fees and commissions payments

2,217

—

—

2,217

—

28,646(64,319)(35,672)

Net interest income

57,947

Other ordinary income
Other (income)*Extraordinary income

—

128

(20)

107

—

3,956

53

4,010

3,615

(3,615)

—

—

203

(203)

—

—

8

(8)

—

—

(13,719)(3,738)C

Fee and commission
expenseA

Net income (expense) fromderivative financial instruments
Net investment income
Other income—(21,584)

Income (expense) otherthan interest income

36,362

Total operating income(17,458)

B, C

Recoveries of written-off claims*

3,713(3,713)——

C

Reversal of allowance for loan
losses *10,006(10,006)——

C

Impairment losses (reversals) on financial assets

Net operating income

53,821—(235)

14,717G

Operating expenses

—

1,756

(977)

778

D

Other expenses

1,377(1,377)——

General and administrative
expenses

14,952Other ordinary expenses
Other expenses

516

(516)

—

—

Extraordinary loss

0

(0)

—

—

Total operating expenses

15,496
—

3,565

—

3,565

Gain on investments in partnerships*

3,694(3,694)——

Net income

91,366—(49,476)

41,890* The sum of these amounts is included in “Other income” in the income statement prepared under Japanese GAAP.

JBIC Annual Report 2015

Fee and commission
incomeF

Profits of equity method
investments

Net profit

Data

Reconciliation of net profit for the year ended March 31, 2015
(Millions of yen)Japanese GAAP

Reclassifications

IFRS

Notes

Accounts under IFRS

Income statement
Interest income

192,973(24,581)

4,718

173,110C

Interest income

Interest expenses

116,076—(12,200)

103,876

DInterest expenseC

Fee and commission
incomeNet interest income

69,23435,901—(22,389)

13,512Fees and commissions payments

2,088

—

—

2,088

—

22,596

3,164

25,760

—

1,465

39

1,505

0

(0)

—

—

—

7,286

(6,225)

1,060

4,100

(4,100)——Gains on sales of stocks and othersecurities*
Other ordinary income
Other (income)*
Extraordinary income

148

(148)

—

—

5,707

(5,707)———

Recoveries of written-off claims*
Reversal of allowance for loan
losses *Fee and commission
expenseA

Net investment income

Other income

39,749

Income (expense) otherthan interest income

108,984

Total operating income(13,392)

216(13,176)

B, C

101

(101)

—

—

C

13,392(13,392)——

C

Impairment losses (reversals) on financial assets

Net operating income

122,160—(7,019)9,985

GOperating expenses

—

1,081

(662)

419

D

Other expenses

1,585(1,585)

—

—

(16)

—

General and administrative
expenses

17,004

Other ordinary expenses

16

Extraordinary loss

Net income (expense) fromderivative financial instruments—

Total operating expenses

10,404—

13,405—

13,405Gain on investments in partnerships*

10,633(10,633)——

Net income

126,187—(1,026)125,161F

Profits of equity method
investments

Net profit* The sum of these amounts is included in “Other income” in the income statement prepared under Japanese GAAPJBIC Annual Report 2015

Financial Statements in Accordance with International Financial Reporting Standards (IFRS) for Reference Only

Fees and commissions

2
Financial Statements

Accounts under Japanese GAAP

Differences inrecognition andmeasurement

151

Data

2

Notes to the reconciliation of assets, liabilities, and equity as of April 1, 2012, and as of March 31, 2013, 2014 and2015, and the reconciliation of net profit for the fiscal years ended March 31, 2013, 2014 and 2015

Financial Statements
Financial Statements in Accordance with International Financial Reporting Standards (IFRS) for Reference Only

A. Derivative financial instrument assets and liabilities
Under Japanese GAAP, derivative financial instrument assets are included in “Other assets” and derivative financial instrument liabilities areincluded in “Other liabilities.” Under IFRS, they are presented in a separate line item. In addition, derivative financial instrument assets and liabilities
offset under Japanese GAAP do not meet the offsetting criteria under IFRS; accordingly, they are presented on a gross basis in the statement offinancial position.
Under IFRS, the fair value of derivative financial instrument assets and liabilities is determined using observable market data considering thecounterparty’s and JBIC’s credit risk.
JBIC applies hedge accounting under Japanese GAAP but it is not applied under IFRS.
For hedges in hedging relationships of types that qualify for hedge accounting under Japanese GAAP but that do not qualify under International
Accounting Standards (“IAS”) 39 Financial Instruments: Recognition and Measurement, deferred gains or losses on hedges under Japanese GAAP
have been transferred to retained earnings at the date of transition. Further, in respect of hedges that qualify for hedge accounting under Japanese
GAAP but that do not meet the conditions for hedge accounting under IAS 39, JBIC discontinued hedge accounting in accordance with the following
method for each hedge category:(1) Cash flow hedges
Deferred gains or losses on hedges are recognized in profit or loss based on cash flows arising from the hedged transactions.
(2) Fair value hedges
Deferred gains or losses on hedges under Japanese GAAP are transferred to retained earnings at the transaction date, and the carrying amountof the hedged item is adjusted to the lower of the following. Such adjustments are recorded in retained earnings and then amortized using theeffective interest method and recognized in profit or loss.
i. 	the portion of the cumulative change in the fair value of the hedged item that reflects the designated hedged risk and was not recognizedunder Japanese GAAP; orii. 	the portion of the cumulative change in the fair value of the hedging instrument that reflects the designated risk and was either notrecognized or deferred in the statement of financial position as an asset or a liability under Japanese GAAP.
B. Securities
Under Japanese GAAP, equity securities of investments in affiliates are included in “Securities” but they are presented separately as “Equity method
investments” under IFRS. See F. “Equity method investments” for differences in measurement methods.
Unlisted stocks included in securities are carried at cost under Japanese GAAP, but under IFRS, they are categorized as available-for-salefinancial assets and measured, in principle, at fair value and the changes in fair value are recognized in other comprehensive income. Impairment
losses are also recognized, as necessary.
For investments in partnerships included in securities, such investments are recognized at an amount equivalent to JBIC’s share of the net
assets of the partnership, which is determined based on the most recent financial statements of the partnership available as of the reporting dateas defined in the partnership agreement under Japanese GAAP. Under IFRS, the investments in partnerships are measured, in principle, at fairvalue and the changes in fair value are recognized in other comprehensive income. Impairment losses are also recognized, as necessary.
C. Loans and other receivables
Under Japanese GAAP, accrued interest income on loans is included in “Other assets,” but under IFRS, it is presented in a separate line item under“Loans and other receivables.”Under IFRS, loans and other receivables are measured at fair value plus directly attributable transaction costs at initial recognition andsubsequently measured at amortized cost using the effective interest method.
Under Japanese GAAP, a general allowance for loan losses is recorded, in addition to a specific allowance for loan losses.
On the other hand, IFRS uses an incurred loss model and an impairment loss is recognized if, and only if, JBIC assesses at the reporting datethat there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a loss event),
and that loss event (or events) has an impact on the estimated cash flows of the financial asset or a group of financial assets that can be reliably
estimated. Impairment losses in respect of a group of loans and other receivables that are collectively evaluated for impairment, such as impairment
losses for incurred but not reported losses, are recognized on the basis of historical loss experience for assets with credit risk characteristics similar
to those in the group. The carrying amount of loans and other receivables is reduced by the impairment loss through an allowance for loan losses
account.
For loans in hedging relationships designated as fair value hedges under Japanese GAAP but which no longer meet the conditions for hedge
accounting under IAS 39, the carrying amounts are adjusted in accordance with IFRS 1 in light of the discontinuance of hedge accounting.
“Loans and other receivables” include financial assets associated with financial guarantee contracts as described in “E. Financial guarantee
contracts.”
D. Borrowings and Bonds payable
For bonds payable, all bond issuance costs are expensed as incurred under Japanese GAAP. Under IFRS, bonds payable are initially measured atfair value less the transaction costs that are directly attributable to bond issuance, such as bond issuance costs and discounts at issuance, andsubsequently measured at amortized cost using the effective interest method. In addition, borrowings and bonds payable are amortized, after
considering adjustments to their carrying amounts related to discontinuing associated fair value hedges.
E. Financial guarantee contracts
For financial guarantee contracts, under Japanese GAAP, the balance of the guarantee obligations are recorded in “Customers’ liabilities for
acceptances and guarantees” in assets, and “Acceptances and guarantees” in liabilities on the statement of financial position. The same amounts
are recorded in assets and liabilities.

152

JBIC Annual Report 2015

Data

Under IFRS, both financial assets and financial liabilities associated with financial guarantee contracts are initially measured at fair value andare subsequently measured at the higher of (a) the amount initially recognized less cumulative amortization recognized and (b) the amount of
estimated expenditure required to settle the guarantee obligation at the reporting date.

H. Valuation difference on available-for-sale securities and deferred gains or losses on hedges
As part of the accounting treatment associated with the split from Japan Finance Corporation, “Valuation difference on available-for-sale securities”
and “Deferred gains or losses on hedges” are presented under “Assets” and “Liabilities,” respectively, in the statement of financial position as ofApril 1, 2012, prepared under Japanese GAAP. They are reclassified into “Other reserves” under IFRS.

JBIC Annual Report 2015

Financial Statements in Accordance with International Financial Reporting Standards (IFRS) for Reference Only

G. Liability for retirement benefits
Under Japanese GAAP, actuarial gains and losses in respect of defined benefit plans are expensed and included in profit or loss in the period inwhich they arise. However, under IFRS, remeasurement of defined benefit plans is recognized immediately in other comprehensive income as
incurred and immediately transferred to retained earnings. Retirement benefit obligations are remeasured in accordance with applicable IFRS,
and gains and losses arising from the application of the period allocation method are recognized as adjustments to retained earnings. Liabilities
for retirement benefits are included under “Other liabilities” in the statement of financial position.

Financial Statements

F. Equity method investments
Investments in associates and joint ventures are mainly investments in partnerships. Under Japanese GAAP, JBIC does not use the equity method
in its separate financial statements as it does not prepare any consolidated financial statements, and therefore such investments are recognizedat an amount equivalent to JBIC’s share of the net assets of the partnership, which is determined based on the most recent financial statementsof the partnership available as of the reporting date as defined in the partnership agreement.
Certain of JBIC’s share of the “Gain on investments in partnerships” under Japanese GAAP are accounted for using the equity method under
IFRS. Such gains or losses are presented as “Profits of equity method investments.” Exchange differences on translation of foreign operations
resulting from the application of the equity method are recognized in other comprehensive income.

2

153

Data

2
Financial Statements

Net profit in accordance with IFRS before IFRS adjustments for hedge accounting (information that is calculated
and presented on the basis of methodologies other than in accordance with generally accepted accounting
principles)
JBIC undertakes derivative financial instruments exclusively to hedge interest rate risks and foreign exchange risks. Under Japanese GAAP, hedge
accounting is applied in the financial statements and net gains or losses from the valuation of derivative financial instruments are not recognized in
net income. In the financial statements under IFRS disclosed for reference purposes, JBIC does not apply hedge accounting of IAS39. Accordingly,“Net gains or losses from the valuation of derivative financial instruments” and “Net gains or losses from the amortization of deferred gains orlosses on hedges from discontinued hedge accounting at the date of transition” are recognized in net profit in accordance with IFRS*.

Financial Statements in Accordance with International Financial Reporting Standards (IFRS) for Reference Only

As these derivative financial instruments are entered into for hedging purposes, they are not cancelled before the maturity dates. Although thenet gains or losses from the valuation of derivative financial instruments are temporal and not realized, the temporary net gains or losses from thevaluation have a substantial impact on net profit in accordance with IFRS when the relevant market factors changes considerably as in fiscal year
ended March 31, 2014 mentioned below. For further understanding on the financial situation of JBIC, “net profit in accordance with IFRS before
IFRS adjustments for hedge accounting” is calculated by excluding the temporary net gains or losses from the valuation under IFRS as a non GAAP
measure for supplementing the reconciliation between Japanese GAAP and IFRS.
Net profit in accordance with IFRS before IFRS adjustments for hedge accounting is reconciled from net profit in accordance with IFRS by excluding
the temporary gains or losses from the valuation of derivative financial instruments as follows:(Billions of yen)March 31, 2013

March 31, 2014

March 31, 2015

125.1

Net profit in accordance with IFRS (A)

60.1

41.8

Net losses from the valuation of derivative financial instruments(28.0)(68.8)(0.8)

Net gains from the amortization of deferred gains or losses on hedges
from discontinued hedge accounting at the date of transition

34.5

21.2

15.4

6.4

(47.6)

14.7

53.7

89.5

110.4

Sub-total (B)Net profit in accordance with IFRS before IFRS adjustments for hedge
accounting (A) - (B)Net profit in accordance with IFRS, net profit in accordance with IFRS before IFRS adjustments for hedge accounting and net incomein accordance with Japanese GAAP for the fiscal years ended March 31, 2013, 2014 and 2015
(Billions of yen)

125.1

March 31, 2015

110.4
126.1

41.8
89.5

March 31, 2014

91.3

60.1
53.7

March 31, 2013

63.5
0.0

20.0

IFRS

40.0

60.0

80.0

100.0

IFRS before IFRS adjustments for hedge accounting

120.0

140.0

Japanese GAAP

* See Note A “Derivative financial instrument assets and liabilities” for the difference between Japanese GAAP and IFRS about the accounting policies for derivative
financial instruments.

154

JBIC Annual Report 2015

Data

3

Corporate Data
1 Organizational Chart

156

2 Overseas Network

157

3 History

158

4 Japan Bank for International Cooperation Act

159

5 Fundamental Policy on Internal Control

164

6 Security Policy

166

7 Privacy Policy

167

JBIC Annual Report 2015155

1. Organizational Chart (As of October 1, 2015)
Data

3
Corporate Data

JBIC is constituted by five business groups: three mission/sector-specific finance groups (Energy and Natural Resources
Finance Group; Infrastructure and Environment Finance Group;and Industry Finance Group) and the Corporate Group andthe Credit, Assessment, and Systems Group which support
these finance groups.
This organizational structure was intended to strengthen
the capacity to formulate projects by bringing together knowhow and expertise in each sector and area, thereby creating

Corporate Group

1. Organizational Chart(Global Head of Corporate GroupManaging Director: Masaaki Amma)

an institution that can execute the functions in its mission
more flexibly and strategically: the mission directly linked toJapan’s economic policy. In the network of overseas
representative offices, Singapore, London and New York areassigned as core regional offices to supervise business andadministrative activities as well as to support project
formulation in Asia and Pacific; Europe, the Middle East andAfrica, and the Americas respectively.

Corporate Planning Department

Legal Affairs and Compliance Office

Risk Management Department(Director General: Mitsuru Sato)

Policy and Strategy Office for Financial
Operations

Treasury Department

Human Resources Management Office(Director General: Masaaki Yamada)(Director General: Tsuyoshi Nishitani)(Director General: Naoya Komatsu)(Director General: Kazuhisa Yumikura)(Director General: Kazuhiko Tanaka)

Administration and General Services
Department
Energy and Natural Resources
Finance Group(Global Head of Energy and Natural Resources
Finance GroupManaging Executive Officer: Kenichiro Hayashi)(Director General: Yasushi Sunouchi)

Oil and Gas Finance Department(Director General: Masayuki Tanimoto)

Mining and Metals Finance Department(Director General: Jun Matsumura)

Infrastructure and Environment
Finance Group(Global Head of Infrastructure and Environment
Finance GroupManaging Executive Officer: Hideo Naito)

New Energy and Power Finance
Department I(Director General: Shinya Miyake)

New Energy and Power Finance
Department II(Director General: Kazunori Ogawa)Social Infrastructure Finance Department(Director General: Noriko Nasu)

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

Corporate Finance Department(Director General: Shigeto Hashiyama)

Marine and Aerospace Finance/
Financial Products Department(Director General: Koichi Isobe)West Japan Office(Executive Officer for West Japan: Yoshimasa Ohashi)

Finance Division for SMEs
(Special Advisor: Manabu Homma)

Credit, Assessment, and Systems Group(Global Head of Credit, Assessment, and Systems GroupManaging Executive Officer: Yasuhiko Yoshida)

Credit Department(Director General: So Horikiri)

Environmental Assessment Office(Director General: Susumu Ushida)

Country Credit Department(Director General: Zenko Shinoyama)

IT Planning and Operations
Administration Department(Director General: Hideto Usuyama)Internal Audit Department(Director General: Hiroshi Kurihara)

Office of Corporate Auditor
Overseas Representative Offices(Executive Officer for Asia and Pacific: Munetaka
Horiguchi)(Executive Officer for Europe, the Middle East andAfrica: Moriyuki Aida)(Executive Officer for the Americas: Yasuo Ota)

156

JBIC Annual Report 2015

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2. Overseas Network (As of July 1, 2015)
Data

3
●
Paris

★New York●
Washington, D.C.

Beijing●
New Delhi●
Dubai●

Hanoi●
Bangkok●●ManilaCorporate Data

●Moscow
London★

●Mexico City

Singapore★

●
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
V 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
V REPRESENTATIVE OFFICE IN BANGKOK
14th Floor, Nantawan Bldg.,
161 Rajdamri Road, Bangkok, 10330,
Thailand
Tel. 66-2-252-5050
Fax. 66-2-252-5514
V REPRESENTATIVE OFFICE IN HANOI
3rd Floor, Sun City,
13 Hai Ba Trung Street,
Hoan Kiem District, Hanoi, Vietnam
Tel. 84-4-3824-8934~6
Fax. 84-4-3824-8937
V 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

V 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
V 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
V REPRESENTATIVE OFFICE IN PARIS
21, Boulevard de la Madeleine,
75038 Paris Cedex 01, France
Tel. 33-1-4703-6190
Fax. 33-1-4703-3236
V 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

2. Overseas Network

Jakarta●) 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
V 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
V 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
V 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
V 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

V 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

JBIC Annual Report 2015157

3. History
Data

3

Events related to The Export-Import Bank of Japan (JEXIM)

Corporate Data

December 1950

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

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

3. History

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 promulgated and 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 of preserving
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)

158

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 theJapan Finance Corporation Act promulgated and enforced (The scope of operations was expanded, including the rule onexport 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 2015

4. Japan Bank for International Cooperation Act
Data

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

Article 4: Government’s Contribution
1. The Government may, when it finds it to be necessary, makecontributions 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 be deemed 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 authorizationof 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 procure such funds
by certain measures, such as acquisition through subscription;

4. Japan Bank for International Cooperation Act

Article 3: Holding of Shares by Government
The Government shall, at all times, hold the total number of outstanding
shares of JBIC.

(3) The loan of funds to be used directly or indirectly for the business
which the Juridical Persons, etc. of Japan, Foreign Governments,
etc. or Foreign Juridical Persons, etc. Invested in conduct outside
Japan, the acquisition by assignment of loan receivables related tosuch 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 withrespect 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 procuresuch funds by certain measures, such as acquisition throughsubscription;(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
the funds required to be provided for more than one (1) year;
the same 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 as importby reason of the international balance of payments of the foreigncountry concerned, and it is found urgently necessary, the loan to
the governments, governmental agencies or banks of the foreigncountry 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 or banks of more than two (2) countries other than that
foreign country concerned; the same shall apply hereinafter)
provides funds to assist the development of the economy of
the foreign country 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)).

Corporate Data

Article 1: Purpose
Japan Bank for International Cooperation shall be a Kabushiki-Kaisha,
which has the purpose of contributing to the sound development of Japanand the international economy and society, by taking responsibility for thefinancial function to promote the overseas development and securementof resources which are important for Japan, to maintain and improve theinternational 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 thefinancial services that are necessary to prevent disruptions to international
financial order or to take appropriate measures with respect to damages
caused by such disruption, while having the objective of supplementing
the financial transactions implemented by ordinary financial institutions.

3

Article 12:
1. Among the operations listed in Item (1) of the preceding Article, thosewhich are related to the Export of Equipment, etc. destined for any
area other than developing overseas areas (hereinafter referred toas 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

JBIC Annual Report 2015

159

Data

3
Corporate Data
4. Japan Bank for International Cooperation Act

160

Governments, etc., in which exporters conduct the export destinedfor the said area, grant credit, underwrite insurance or provide aninterest rate support with more favorable conditions than usualin order to promote the export from such foreign countries; or(2) when it is prescribed by a Cabinet Order as being a case recognizedespecially necessary in order to promote the policies of theGovernment concerning the maintenance or improvement of
the international competitiveness of Japanese industries.
2. Among the operations listed in Item (1) of the preceding Article, thoserelating to the funds provided to the Juridical Persons, etc. of Japan
may be conducted only in the case where the execution of the exportby the Juridical Persons, etc. of Japan has become remarkably difficult
due to disruptions to international financial order and the Ministerof Finance determines that the exceptions of operations of JBIC arenecessary in order to deal therewith.
3. Among the operations listed in Item (2) of the preceding Article, otherthan those conducted in order to promote overseas development andsecurement of resources important for Japan, only those relating 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 importto 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.
4. Among the operations listed in Item (3) of the preceding Article,
those relating to the short-term loans may be conducted only in thecase where JBIC has agreed to make loan of funds (excluding shortterm funds) set forth in the same Item for the execution of businessconducted by the Juridical Persons, etc. of Japan and the Foreign
Juridical Persons, etc. Invested in and such loan of funds is recognizedespecially necessary in order to execute such business.
5. Among the operations listed in Item (3) of the preceding Article, theoperations of provision of the loan of funds necessary for the overseas
business to be conducted by the Juridical Persons, etc. of Japan,
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.
6. 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 Small andMedium 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 the cases listed below.
(1) When the Juridical Persons, etc. of Japan begin or expand overseas
business, or improve the efficiency thereof by contributing to theforeign juridical persons or accepting the assignment of all orpart of the business of the foreign juridical persons (hereinafterreferred to as “Contributions, etc.” in this Item), in the casewhere 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 order to promote
the policies of the Government concerning the maintenance or
improvement of the international competitiveness of Japaneseindustries).
(2) When the Banks, etc. provide the loan of funds listed below, inthe case where the loan of funds necessary for such loan bysuch 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 contribution of the
Small and Medium Enterprises, etc.; or		
b. 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).

JBIC Annual Report 2015

(3) When the execution of overseas business of the Juridical Persons,etc. of Japan has become remarkably difficult due to disruptions
to international financial order, in the case where the Minister ofFinance determines that the exceptions of operations 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 being acase recognized especially necessary in order to promote the policiesof 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, theredemption 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 inItems (1) through (4) of the preceding Article, in the case where
the Guarantee, etc. of Liabilities related to such loan is provided(including the case in which the loan receivables related to suchloan are assigned to the persons specified by the Minister ofFinance);(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 thepreceding Article is provided;(3) When, among the Guarantee, etc. of Liabilities related to the funds
set forth in Item (3) of the preceding Article, the Juridical Persons,etc. of Japan or the Foreign Juridical Persons, etc. Invested inassign the monetary claims related to the overseas businessto be conducted by the Juridical Persons, etc. of Japan or theForeign Juridical Persons, etc. Invested in to the Banks, etc. or
Foreign Financial Institutions, etc. and use the proceeds from theassignment 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 to such 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;Data

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 preparationand submission thereof shall be specified by the Minister of Finance.
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 ofoperations and list of assets (hereinafter referred to as the “Balance
Sheets, etc.”) and business report (including the Electro-Magnetic
Record (which means the record specified by the Minister of Financeas a record which is produced by electronic, magnetic, or any othermeans unrecognizable by human perception and which is used fordata-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.

3

4. Japan Bank for International Cooperation Act

Article 13: Practice of the Operation
1. The loan of funds, the acquisition by assignment of loan receivables, theacquisition of the Corporate/Public Bonds, etc., the Guarantee, etc. of
Liabilities or the provision of contributions pursuant to the provisionsof 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 the liabilities so guaranteed,etc. or the realization of profits that enable the payment of dividends
resulting from business so contributed is recognized as being certain.
2. 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 fortransactions by the Banks, etc. or the trends of financial markets, sothat revenue of JBIC will be sufficient to cover the expenses therefor.

Corporate Data

(2) where the Public/Corporate Bonds, etc. are acquired and thensuch Public/Corporate Bonds, etc. are assigned to the SpecificPurpose Company, etc. within the period specified by the Ministerof 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 or part 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 monetary claims,
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 beissued by the Banks, etc.) when the Specific Purpose Company,
etc. or the Trust Company, etc. issues the Public/Corporate
Bonds, etc. which are secured by loan 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 borrowingof funds by the Specific Purpose Company, etc. for the purposeof acquiring by assignment, or acquiring, such loan receivables or
Public/Corporate Bonds, etc., which constitute such underlying
assets, is provided when the Specific Purpose Company, etc.
issues the Public/Corporate Bonds, etc., which are secured byloan 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, withrespect to the operations listed in Item (1) below, in the case where
it is recognized that it is remarkably difficult for the Banks, etc. toprovide a loan of funds together with JBIC and the loan from JBIC
is urgently necessary to attain the purpose of such loan, or if thecase falls under any of the cases listed in Item (2) of Paragraph 6
hereof, with respect to the operations listed in Item (2) below, in thecase 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 ofFinance for the purpose of assigning the same to the Specific 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 Specific Trust:(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 27: Preparation and Submission of Report on Settlementof 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 settlementof accounts; the same shall apply hereinafter) and submit it to the
Minister of Finance, without delay, by attaching the opinion of the
Auditor(s), Audit and Supervisory Committee or Audit Committee
concerning such report on the settlement of accounts, together withsuch 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), Audit and Supervisory Committee or Audit Committee
at its head office and branch offices and make them available forpublic inspection during the period prescribed by the Ordinance ofthe Ministry of Finance.
4. The form and content of the report on the settlement of accounts
shall be specified by the Minister of Finance.
JBIC Annual Report 2015

161

Data

3
Corporate Data

Article 28: Sending of Report on Settlement of Accounts to Board
of Audit 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 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.

4. Japan Bank for International Cooperation Act

Article 31: Payment to National Treasury
1. In the event that the amount of the surplus recorded in the settlement ofaccounts for each business year exceeds zero, JBIC shall accumulate,as a reserve, the amount calculated in accordance with the standards
prescribed by a Cabinet Order, among such surplus, until it reaches
the amount prescribed by the Cabinet Order, and if there is still asurplus, JBIC shall pay the amount of such surplus into the National
Treasury within three (3) months after the end of such business year.
2. In the event that the amount of the surplus recorded in the settlementof accounts for each business year falls below zero, JBIC shall allocate
such surplus by drawing down the reserve set forth in the preceding
Paragraph until the amount of such surplus becomes zero.
3. The procedures for the payment into the National Treasury pursuant
to the provisions of Paragraph 1 of this Article, the account into whichsuch payment is to be made and other necessary matters concerning
the payment to the National Treasury shall be prescribed by a Cabinet
Order.
4. JBIC shall not be allowed to make any appropriation of its surplus, suchas dividend of its surplus, unless such disposition is made pursuant
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 the borrowingsof short-term loans from financial institutions, such as banks, orthe borrowings related to the monetary loans obtained from theGovernment pursuant to the provisions of the preceding Article.
2. The short-term loans set forth in the preceding Paragraph shall be
repaid during the business year in which these borrowings are made;provided, however, that in cases where repayment cannot be madedue to shortage of funds, JBIC may reborrow only the amount whichcannot be so repaid, with the authorization of the Minister of Finance.
3. Loans reborrowed pursuant to the proviso of the preceding Paragraphshall 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-termloans and the borrowings related to the monetary loans obtained
from the Government as set forth in Paragraph 1 of this Article and (ii)162

JBIC Annual Report 2015

the outstanding amount of liabilities relating to the principal amountof 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 thecapital and reserves of JBIC (hereinafter referred to as the “BaseAmount” in this Article).
7. Notwithstanding the provisions of the preceding Paragraph, when theissuance of new bonds is necessary to reborrow the issued corporate
bonds with respect to corporate bonds set forth in Paragraph 4 of this
Article, the corporate bonds may be issued in excess of the Limitation
Amount only within the period necessary to make such reborrowing.
8. 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 and the Limitation
Amount.
Article 34: Statutory Lien
1. A holder of JBIC’s corporate bonds shall, with respect to the property of
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 execute a
guarantee agreement with respect to the liabilities related to JBIC’s
corporate bonds (excluding the liabilities with respect to which theGovernment may execute a guarantee agreement under Paragraph 2 ofArticle 2 of the Act on Special Measures Pertaining to the Acceptanceof Foreign Capital from the International Bank for Reconstruction andDevelopment, 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 separately fromthe said amount fixed by the budget set forth in the same paragraphof 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 prescribedby a Cabinet Order, in order to deliver to a person who has lost thecertificates 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 the bonds
for which the redemption of its principal and payment of interest
thereon are guaranteed by the Government) and other securities
designated by the Minister of Finance;(2) Deposit with the Fiscal Loan Fund;(3)	Deposit with banks or other financial institutions designated by
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 theauthorization set forth in Paragraph 1 of Article 1 of the Act onData

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 the supervision.

Article 40: Delegation of Authority
1. The Minister of Finance may, as prescribed by a Cabinet Order, delegatepart 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 the basis 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 delegated pursuant
to the provisions of Paragraph 1 above and the authority set forth in
the provisions of the preceding Paragraph to the Commissioner ofFinancial 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 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 assignmentof all or part of business, to which JBIC becomes a party, and dissolutionof 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 29 of the same
Act shall not apply.
2. In the case set forth in the preceding Paragraph, JBIC shall be deemedas the Financial Instruments Business Operator defined in Paragraph
9 of Article 2 of the Financial Instruments and Exchange Act, andthe provisions of Chapter III, Section I, Subsection V and Section II(excluding Article 35, Article 35-2, Articles 36-2 through 36-4, Item(2) of Paragraph 1 of Article 37, Item (2) of Paragraph 1 of Article
37-3, Article 37-7 and Item (7) of Article 38) of the same Act and theprovisions of Chapters VIII and VIII-II of the same Act relating to suchprovisions 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 provisions of Paragraph 2of the said Article 63 shall not apply.
4. In the case set forth in the preceding Paragraph, JBIC shall be deemedas the Financial Instruments Business Operator defined in Paragraph
9 of Article 2 of the Financial Instruments and Exchange Act, and theprovisions of Article 38 (limited to the portions relating to Item (1))
and Article 39 of the same Act and the provisions of Chapters VIII
and VIII-II of the same Act related to such provisions shall apply.

3

4. Japan Bank for International Cooperation Act

Article 39: Report and Inspection
1. If the Minister of Finance finds it necessary for the enforcement of thisAct, the Minister of Finance may cause JBIC or the Juridical Person
Delegated to submit reports or may cause its officials to enter thefacilities of JBIC or of the Juridical Person Delegated, such as the offices
to inspect the accounting books, documents and other necessary
objects; provided, however, that, with respect to the Juridical Person
Delegated, such action shall be limited to the scope 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.

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

Corporate Data

Provision, etc. of Trust Business by Financial Institutions);(6) Lending of call funds; or(7) Means prescribed in the Ordinance of the Ministry of Finance as
the means equivalent to the means listed in each of the preceding
Items.

This English version of the Act has been prepared purely for information
purpose, and should not be considered as an official translation of theJapan Bank for International Cooperation Act or any authorities ofJapanese Government.

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, mattersrelating to the procedures and requirements for the appointmentof a person to assume management responsibility from among theRepresentative Directors or Representative Executive Officers shallbe 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:

JBIC Annual Report 2015163

5. Fundamental Policy on Internal Control
Data

3
Corporate Data
5. Fundamental Policy on Internal Control

Article 1. Systems for Ensuring Compliance with Laws, Regulations,and the Articles of Incorporation in the Performance ofDuties by Directors 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 performanceof duties by directors and employees, including temporary workers(this definition applies to the remainder of this document), comply withlaws, regulations, and the Articles of Incorporation of JBIC (hereinafterreferred to as “Laws and Regulations”). Furthermore, JBIC shall makesuch internal rules known to all directors and employees.
2.	
Directors and employees shall abide by all such internal rules
concerning compliance.
3.	JBIC shall appoint persons responsible for compliance and departmentsthat 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 toreview key matters relating to compliance and to monitor the statusof 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 theorganization toward antisocial forces, and decisively reject all improper
demands from such forces.
Article 2. 
Systems relating to Retention and Management ofInformation 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 bydirectors, 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
by directors 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.
Article 3. Regulations and Other Systems relating to Managementof Loss 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 that oversee
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 restorationof operations in accordance with various rules concerning crisis
management.

164

JBIC Annual Report 2015

Article 4. 
System to Ensure Efficient Performance of Duties byDirectors
1.	The Board of Directors shall establish Business Plans and conduct
management appropriately.
2.	
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
meetings in order to contribute to the decision-making of the Boardof Directors. Moreover it shall establish various committees, etc.,that take responsibility for certain decisions delegated by it, or as
an advisory organization for it.
3.	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.
4.	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.
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, independent of
the departments being audited, to handle matters relating to internal
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 theperformance of audits with the approval of the Governor.
Article 7. Matters relating to Securing the Effectiveness of Instructions
to and Independence from Corporate Directors of Employees
Assigned to Assist Corporate Auditors
1.	JBIC shall secure prior approval of the full-time corporate auditorson any decision concerning personnel evaluations, transfers, orother personnel matters relating to employees assisting with theperformance of duties by the corporate auditors (hereinafter “theauditor’s office staff”).
2.	JBIC shall have the auditor’s office staff engage in the duties following
only the instructions of the auditor, to secure the effectiveness ofauditor’s instructions to the auditor’s office staff. However, when
the auditor’s office staff concurrently serves in a position other than
the auditor’s office, JBIC shall obtain prior approval of the full-time
corporate auditors by clearly explaining each of the following points
in writing.

Data

3
Corporate Data	(1)	The rational reason shall be clearly stated that the auditor’s
office staff need to concurrently serve in that position.
	(2)	In assisting with the duties of the corporate auditors, the auditor’s
office staff shall follow the instructions of the corporate auditorsand not the instructions of the position where the auditor’s office
staff serve concurrently.
	(3)	The scope of duties of and instructions to the auditor’s office staff
in the position other than the auditor's office shall be expressly
limited.
	(4)	The auditor’s office staff shall not share with others the information
obtained from performing the duties of the auditor’s office whileserving in that position.
	(5)	The auditor’s office staff shall always give priority to the duties
of assisting the corporate auditors more than the duties at theoffice where the staff serve concurrently in order not to hamper
the effectiveness of audits by the corporate auditors.
	(6)	When the full-time corporate auditors deem it necessary, it ispossible for them to withdraw the approval that the auditor’s
office staff may serve concurrently in any other office.

5. Fundamental Policy on Internal Control

Article 8. 
System of Reporting by Directors and Employees to
Corporate Auditors and System of Preventing Adverse
Treatment of Reporter
1.	The representative director and other directors who perform
operational duties shall make accurate reports concerning thestatus of performance of their duties from time to time at the Boardof 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.
3.	JBIC shall never treat adversely the directors and employees whoreported based on the preceding paragraph, on the grounds of suchreporting.
Article 9. System 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 theBoard 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.
Article 10. Matters Concerning Policies Relating to Procedures for
Advance Payment and Repayment of Costs and Other
Treatment of Costs and Liabilities That Arise in the
Execution of Auditor’s Duties
JBIC shall bear the costs and liabilities that arise in the execution ofauditor’s duties, when the corporate auditors seek the advice of attorneys
and/or certified public accountants concerning audits, pursuant to theprovision of the preceding article.

JBIC Annual Report 2015165

6. Security Policy
Data

3
Corporate Data
6. Security Policy

Japan Bank for International Cooperation (hereinafter “JBIC”)
adopts the following fundamental policy concerning the use
and management of information assets and will properly
handle, manage, protect, and maintain information assets toachieve information security that meets the highest standards
so as to support its proper and efficient operations.

(7) Outsourcing WorkIn the event that JBIC engages persons other than its
officers and employees to manage its information assets byoutsourcing such work, it shall verify that information security
is ensured and that appropriate measures have been taken inaccordance with the content of the information assets.

(1) Basic Principles
JBIC shall use and manage information assets in line with thebasic principles set forth hereunder while complying with allapplicable laws, regulations, and rules.
A. Information assets shall be used appropriately and only
for their intended purposes.
B. Authority concerning the management of information
assets shall be granted only after careful considerationof the nature of the work and necessity.
C. When adopting and implementing information security
measures, the following matters shall be taken into
consideration, based on the nature of the work:(a) Clarification of responsibilities and roles within
implementation structures(b) Timely and prompt implementation of necessary,
sufficient, effective, and efficient measures(8) Responses to Incidents Concerning Information
AssetsIn the event of improper disclosure of personal or client
information or other incidents causing a problem on
information security, JBIC shall promptly take appropriate
measures.

(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 to themin accordance with this basic policy.
(6) Training on Information Asset Management
JBIC shall provide necessary training to all officers andemployees who handle information assets to ensure thatthey understand requirements in the applicable laws andregulations, as well as in this policy and other applicable rules,
and prevent the occurrence of information security problems.

166

JBIC Annual Report 2015(9) Evaluation and Review
JBIC shall evaluate and review this policy, as necessary,to make flexible responses to changes in the external
environment, such as the enactment, amendment, or repealof applicable laws and regulations, as well as innovations in
information security technology, and to changes in the internal
environment, including organizational and operational changes
and updates to JBIC’s information systems.

7. Privacy Policy
Data(2) Use of Personal Information
JBIC will specify the purposes for use in obtaining the necessary
personal information of our clients as listed below, and will use
it within the scope that is necessary to achieve such purposes:
A. Loan, equity participation, and guarantee operations, andtheir related due diligence exercise and research (or their
supplementary work)
B. Execution of agreements with JBIC, and exercise of rights
and performance of obligations under laws, etc.
C. Confirmation of personal identity as per such laws as
Foreign Exchange and Foreign Trade Act (Act No. 228,
1949)
D. Invitation to events (such as seminars) organized by JBIC
E. Delivery of various JBIC-related materials
F. Issuance and collection of surveys and questionnaires, andstatistical processing and analysis of such outcomes
G. Operations necessary for responding to questions andinquiries, and for dealing with transactions including queries
from JBIC, in a proper and smooth manner(3) Provision of Personal Information to Third Parties
JBIC will not provide the personal information acquired fromits 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.
F. It is clearly beneficial to the clients or there exist special
reasons to provide personal information.

(5) Personal Information Management (PIM)
A. JBIC will attempt to keep our clients’ personal information
correct and updated, and take prevention and safetymeasures against unauthorized access, leakage, loss,
damage, and alteration of personal information.
B. JBIC will constantly educate its employees about theprotection and proper management of our clients’ personal
information to thoroughly make sure of its proper handlingin its daily operations.
C. JBIC will audit and inspect whether the protection andmanagement of personal information is undertaken
properly.

3

7. Privacy Policy(1) Acquisition of Personal Information
JBIC will acquire our clients’ personal information throughproper and lawful means. When we acquire personal
information from our clients directly in writing, we will specify inadvance the purposes for its use that are within the necessary
scope of JBIC’s operations.

(4) Subcontract
JBIC may subcontract the handling of our clients’ personal
information to conduct such operations more smoothly. In suchcases, JBIC will attempt to select a trustworthy subcontractor,
enter into a confidentiality agreement, adequately supervise
the handling and administering of the personal information,
and assure the protection of personal information.

Corporate Data

Japan Bank for International Cooperation (hereinafter “JBIC”)
positions the trust of our clients as our first priority, deeply
recognizes the importance of our clients’ personal information,and believes that it is our duty to our clients to properly manageand protect their personal information.
With a view to protecting our clients’ personal information,
JBIC will conduct our operations in a manner whereby weobserve the Act on the Protection of Personal Information
Held by Independent Administrative Agencies, etc. (hereinafter“Act”), the Guidance concerning the Measures to Properly
Manage the Personal Information held by Independent
Administrative Agencies, etc. and so forth.

(6) Disclosure, Correction, and Disuse
If a client wishes to make a request to disclose, correct ordisuse the clients’ personal information held by JBIC, we
will deal with such a request by following the procedure ofdisclosure etc. stipulated in the Act. Meanwhile, there aresome cases when such disclosure etc. could be made outof the procedure of disclosure etc. stipulated in the Act, forwhich please contact our Head Office or West Japan Office.
(7) I nquiries about Personal Information Management(PIM)
For inquiries or complaints about the clients’ personal
information management (PIM) at JBIC, please contact our
Head Office or West Japan Office.
(8) Continuous Improvement
JBIC will continuously improve the clients’ personal information
management (PIM) as necessary.

JBIC separately stipulates its basic policy on the safe
management of Individual Numbers and Personal Informationthat includes Individual Numbers (hereinafter "Specific
Personal Information"; Individual Number and Specific Personal
Information shall hereinafter be collectively referred to as"Specific Personal Information, etc."). "Personal information"
as used in this Privacy Policy shall not include Specific Personal
Information, and it is not contemplated that JBIC will obtainour clients' Specific Personal Information, etc.

JBIC Annual Report 2015167

Access to JBIC Head Office and West Japan Office

JBIC Head OfficeWest Japan Office

4-1, Ohtemachi 1-chome, Chiyoda-ku,
Tokyo 100-8144, Japan

3-5, Sonezaki 2-chome, Kita-ku, Osaka city,
Osaka 530-0057, Japan

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Building No. 4 (FShrine (Ohatsu
HiltonTenjin Shrine)
Osaka

EkimaeEkimaeEkimaeBuilding No. 1 Building No. 2 Building No. 3 F-82
Exit
7B ExitKitashinchi Sta.

Sakurabashi

Otem

MidosuHankyuDepartmen
Store

Sonezaki Police Station
Daimaru

Umeda 1

Umeda 1 Higashi

EkimaeEk
EkimaeBuilding No. 1 Building No. 2 Buildi
Umeshin-Higashi
7B ExitRoute 1Kitashinchi Sta.
Umedashinmichi
Sakurabashi
F-92 Exit* From the Umeda Underground shopping mall.

Yotsubashisuji
suji
Mido

ta.

sta.
eda
Hanshin-mae
UmOsaka ekimae anshin
H
Hanshin
Chuo-Yubinkyoku-mae Department Store
Osaka ekimae-Minami

Yotsubashisuji

O emachi sImperialtPalace

KDDI
Corp.

Hankyu-mae

Daimaru

Shin-Midosuji

Tokyo Fire
Defense Agency

nE

.
sta
ka
sa
O
JRSonezaki-Higashi

Nishi-Umeda sta.

C5 Exit

lita

Japan
Meteorological
AgencyC2b Exit
Mitsui &Co., Ltd.

po

Nishi-Umeda sta.

NikkeiJA
Inc. Buildingtro

HankyuDepartment
Store

ta.
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Ume
shiHiga

Tokyo Regional
Taxation BureauMe
3b Exit

Midosuji Line

ta.
da s
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ta.
as
ak
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O
JR

Hitotsubashi
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Me

ta.
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Nishikichogashi

Hitotsubashigashi* From the Umeda Underground sh

JBIC Head Office
4-1, Ohtemachi 1-chome, Chiyoda-ku,
Tokyo 100-8144, JapanFor further information, please contact
Press and External Affairs Division at the JBIC Head OfficeTel: (+81-3) 5218-3100
Fax: (+81-3) 5218-3955
Annual reports, news releases and bulletins, etc. areavailable on the JBIC website.
Website (URL) http://www.jbic.go.jp/en/

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