Summary of the Fiscal Loan Fund Management Report for FY 2016 July 25, 2017 Financial Bureau, Ministry of Finance
1. Management of Plan in The total amount of plan was 20,057.4 billion yen. This represents the aggregate of the initial plan of 13,481.1 billion yen, the revision of 4,413.0billion yen and the carryforward amount from FY2015 of 2,163.3 billion yen. Of this, 15,205.5 billion yen was disbursed during, 2,610.4 billion yen was carried forward to FY2017, and 2,241.5 billion yen was undisbursed. Classification Initial Plan (A) Revision (Note) (B) Carry-forward Amount from FY2015 (C) Total Amount of Plan (D (=A+B+C)) Disbursed Amount in (E) Carry-forward Amount to FY2017 (F) Undisbursed Amount (G (=D-E-F)) 13,481.1 4,413.0 2,163.3 20,057.4 15,205.5 2,610.4 2,241.5 Fiscal Loan 10,087.6 3,914.7 2,163.1 16,165.4 11,999.3 2,407.8 1,758.3 Industrial Investment 297.3 269.4 0.2 566.9 278.0 202.6 86.3 Government Guarantee 3,096.2 228.9-3,325.1 2,928.2-396.9 Reference: FY2015 14,621.5 291.9 2,276.6 17,190.0 11,903.9 2,163.3 3,122.8 Note: The revision of 4,413.0 billion yen is the aggregate of 3,602.2 billion yen (additional amount in the second supplementary budget based on the "Economic Measures for Realizing Investment for the Future") and 810.8 billion yen (an increase in the revised amounts for long-term management of the Fiscal Loan Fund for projects implemented by local governments as a consequence of the supplementary budgets (739.7 billion yen in the second supplementary budget and 71.1 billion yen in the third supplementary budget)). 1
(Reference 1) Transitions in Disbursed Amounts FY Plan Fiscal Loan Fund 2000 36,602.4 26,570.4 2001 23,971.1 19,249.6 2002 20,218.1 15,180.7 2003 20,043.8 14,011.2 2004 19,872.3 13,497.2 2005 15,320.9 9,475.8 2006 13,595.0 8,725.4 2007 12,259.1 7,683.5 2008 13,946.0 10,042.5 2009 16,765.4 13,116.5 2010 13,825.2 10,630.8 2011 13,879.8 10,287.9 2012 14,738.3 10,447.8 2013 15,163.7 10,412.0 2014 12,977.5 9,335.8 2015 11,903.9 8,858.1 2016 15,205.5 11,999.3 (Reference 2) Transitions in Undisbursed Amounts FY Plan Fiscal Loan Fund 2000 9,306.0 8,828.8 2001 8,703.7 7,735.0 2002 7,257.2 6,268.8 2003 4,445.8 3,611.6 2004 2,185.0 1,626.2 2005 2,468.8 1,592.0 2006 2,421.0 1,711.2 2007 2,179.3 1,729.7 2008 2,692.0 2,038.0 2009 6,749.0 4,916.4 2010 4,639.4 2,951.3 2011 6,834.5 6,391.1 2012 4,166.1 3,935.0 2013 4,005.3 3,428.9 2014 3,852.3 3,097.3 2015 3,122.8 2,435.1 2016 2,241.5 1,758.3 Note: The amount of Fiscal Loan Fund for FY2000 is the Disbursed Amount and the Undisbursed Amount under the Trust Fund Bureau Fund. 2
(Reference 3) Management of the Major Institutions in the Plan Institution Initial Plan (A) Revision (B) Carry-forward Amount from FY2015 (C) Total Amount of Plan (A+ B+ C) Disbursed Amount in Carry-forward Amount to FY2017 Undisbursed Amount Japan Finance Corporation 4,170.0 125.0-4,295.0 3,421.9-873.1 Micro Business and Individual Operations 2,034.0 50.0-2,084.0 1,750.6-333.4 Small and Medium Enterprise Operations 1,240.0 50.0-1,290.0 867.0-423.0 Agriculture, Forestry, Fisheries and Food Business Operations 249.0 25.0-274.0 274.0 - - Operations to Facilitate Specific Businesses Promotion, etc. 100.0 - - 100.0 1.1-98.9 Operations to Facilitate Crisis Responses 547.0 - - 547.0 529.2-17.8 Local Governments 2,833.5 810.8 2,150.3 5,794.6 3,045.9 2,381.2 367.5 Japan Railway Construction, Transport and Technology Agency 44.2 2,327.9-2,372.1 2,361.5 4.5 6.1 Japan Bank for International Cooperation 1,300.0 409.0-1,709.0 1,548.2-160.8 Development Bank of Japan Inc. 700.0 500.0-1,200.0 1,164.6-35.4 Japan Expressway Holding and Debt Repayment Agency 956.0 - - 956.0 956.0 - - Japan Student Services Organization 794.4 - - 794.4 794.4 - - Japan Finance Organization for Municipalities 560.0 - - 560.0 560.0 - - Urban Renaissance Agency 417.3-5.5 422.8 377.6 6.7 38.5 Welfare And Medical Service Agency 467.4 9.1-476.5 308.9-167.6 s 1,238.3 231.2 7.5 1,477.0 666.5 218.0 592.6 Total 13,481.1 4,413.0 2,163.3 20,057.4 15,205.5 2,610.4 2,241.5 Fiscal Loan 10,087.6 3,914.7 2,163.1 16,165.4 11,999.3 2,407.8 1,758.3 3
(Reference 4) Transitions in Plan Balance (Trillion yen) Government Guarantee Industrial Investment Fiscal Loan Total 150.9 trillion yen Government Guarantee 34.3 trillion yen Industrial Investment 5.2 trillion yen 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (End of Fiscal Year) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (change) Fiscal Loan 111.4 trillion yen (of this, Fiscal Loan Fund 103.8 trillion yen Fund 0.9 trillion yen Life Insurance Fund 6.7 trillion yen) (Unit: trillion yen) Cumulative change (2016-2000) Government Guarantee 24.6 29.0 29.7 30.1 31.0 31.1 31.6 32.9 33.8 34.3 33.1 33.8 35.6 37.2 37.1 35.6 34.3 (-1.3) 9.7 IndustrialInvestment 3.4 3.5 3.6 3.3 3.2 3.3 3.3 3.3 3.4 3.7 3.8 4.1 4.6 4.7 4.8 4.9 5.2 ( 0.3) 1.8 Fiscal Loan 389.9 377.6 357.3 320.6 298.3 265.2 240.5 209.0 178.8 163.9 152.3 143.3 135.6 127.4 120.3 113.9 111.4 (-2.4) -278.4 Plan 417.8 410.2 390.6 354.0 332.5 299.6 275.5 245.1 216.0 201.9 189.2 181.1 175.7 169.3 162.2 154.3 150.9 (-3.4) -266.9 4
2. Management of the Fiscal Loan Fund in (1) Plan and Results of Long-Term Management The total amount for long-term management of Fiscal Loan Fund was 16,165.4 billion yen. This represents the aggregate of the revised amount for long-term management (supplementary budget base) of 13,191.5 billion yen, the carry-forward amount from FY2015 of 2,163.1 billion yen, and the increase in the revised amount for long-term management of 810.8 billion yen. Of this, 11,999.3 billion yen was disbursed during, 2,407.8 billion yen was carried forward to FY2017, and 1,758.3 billion yen was undisbursed. Classification Revised Amount for Long-Term Management (A) Carry-forward Amount from FY2015 (B) Increase in the revised amount for long-term management (C) Total Amount for Long-Term Management (D (= A + B + C)) Disbursed Amount in (E) Carry-forward Amount to FY2017 (F) Undisbursed Amount (G (= D - E- F)) 13,191.5 2,163.1 810.8 16,165.4 11,999.3 2,407.8 1,758.3 Central Government 8.4 0.7-9.1 7.0 0.8 1.3 Government Affiliated Agencies 5,130.6 - - 5,130.6 4,082.8-1,047.8 Incorporated Administrative Agencies, etc. 5,219.0 12.2-5,231.2 4,863.6 25.9 341.7 Local Governments 2,833.5 2,150.3 810.8 5,794.6 3,045.9 2,381.2 367.5 Reference: FY2015 10,997.1 2,203.5 255.8 13,456.4 8,858.1 2,163.1 2,435.1 Note: The revised amount for long-term management is the planned amount after the revision through addition in the supplementary budget. 5
2. Management of the Fiscal Loan Fund in Cont. (2) Short-Term Management Results The outstanding amount at the end of was 10,798.3 billion yen, all of which was disbursed for loans in the same manner as at the end of the previous fiscal year. There was no outstanding amount of bonds (interest-bearing government bonds with a sell-back condition and treasury discount bills) and bond management was not conducted in. Classification Outstanding Amount at the End of FY2015 Disbursed Amount in Amount collected in Outstanding Amount at the End of Y/Y change Loans 11,208.1 434,197.2 434,607.0 10,798.3-409.8 Special Account for the Allotment of Local Allocation Tax and Local Transfer Tax Special Account (Specific National Property Consolidation Account) 9,717.3 416,451.4 416,851.5 9,317.2-400.1 9.0 3.6 3.6 9.0 - Special Account for 1,479.2 17,741.3 17,750.7 1,469.8-9.5 Local Governments 2.6 0.9 1.1 2.3-0.2 6
3. Change in Fiscal Loan Fund Assets in The balance of bonds, loans and trust beneficiary rights at the end of was 126,382.6 billion yen (a decrease of 2,303.5 billion yen from the balance at the end of FY2015 of 128,686.1 billion yen). Of these, loans accounted for 126,161.0 billion yen and trust beneficiary rights for 221.6 billion yen. Classification Outstanding Amount at the End of FY2015 Increase/Decrease in Outstanding Amount at the End of 40.0-40.0 - Foreign 40.0-40.0 - Loans 128,424.4-2,263.5 126,161.0 Local Governments 49,622.9-1,405.2 48,217.7 Japan Finance Corporation 14,003.5-324.4 13,679.1 Urban Renaissance Agency 10,289.9-166.1 10,123.8 Japan Housing Finance Agency 8,842.3-1,799.3 7,043.0 Japan Student Services Organization 5,651.5 +311.6 5,963.1 Trust Beneficiary Rights Total 221.6-221.6 128,686.1-2,303.5 126,382.6 7
4. Fiscal Investment and Loan Program ( ) in The amount of issuance of bonds was 19,598.8 billion yen, the amount of those repayment was 19,463.5 billion yen in. As a result, the balance of bonds at the end of was 96,250.9 billion yen (an increase of 135.5 billion yen from the balance at the end of FY2015 of 96,115.5 billion yen). Classification Outstanding Amount at the End of FY2015 Issuance in Redemption in Outstanding Amount at the End of 2-year 10,027.3 6,248.1 4,664.2 11,611.2 5-year 23,276.4 5,776.6 3,105.5 25,947.5 10-year 39,840.9 4,426.6 11,613.0 32,654.5 10-year Inflation-indexed 179.4-80.8 98.7 15-year Floating-rate 1,725.8 - - 1,725.8 20-year 18,064.1 1,342.6-19,406.6 30-year 2,964.7 923.0-3,887.8 40-year 36.9 881.9-918.8 Total 96,115.5 19,598.8 19,463.5 96,250.9 Note: The outstanding amount for 10-year inflation-indexed bonds at the end of includes an increase in the notional principal of 0.1 billion yen due to a change in proportion with the consumer price index. 8
5. into the Fiscal Loan Fund in The outstanding amount of deposits at the end of was 32,843.1 billion yen (a decrease of 3,871.1 billion yen from the end of FY2015) due to decreases in the amount of other deposits (foreign exchange fund), etc. Classification Outstanding Amount of at the End of FY2015 Increase/Decrease in Outstanding Amount of at the End of Special Account for Labor Insurance 13,496.0 +146.2 13,642.2 Special Account for 8,383.9 +510.9 8,894.9 Mutual Aid Corporation 3,538.0-96.4 3,441.6 Japan Finance Corporation 2,005.8 +1,080.0 3,085.8 Special Account for Earthquake Reinsurance 1,283.0 +8.9 1,291.9 Employment Stabilization Fund 832.9 +225.5 1,058.4 Special Account 489.6 +84.4 574.0 s 6,684.9-5,830.5 854.4 Total 36,714.2-3,871.1 32,843.1 9
(Reference 5) Outstanding Amount of and Bond Issue (Trillion yen) 450 400 350 300 250 200 150 100 50 0 427.9 414.8 396.1 368.3 348.3 312.9 271.1 224.0 192.2 173.1 167.7 158.0 154.3 145.6 140.2 132.8 2000 2001 2002 12 13 14 2003 2004 2005 2006 2007 15 16 17 18 19 2008 20 2009 21 2010 2011 2012 2013 2014 2016 22 23 24 25 26 2015 27 28 (End of Fiscal Year) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 財投債 郵貯 年金 その他預託 (22 年度以降は預託 ) 129.1 ( 年度末 ) (Unit: trillion yen) - 43.8 75.6 91.8 121.6 139.4 138.9 139.8 131.1 122.2 118.2 110.9 109.3 104.2 99.0 96.1 96.3 (0.1) 96.3 427.9 371.0 320.5 276.4 226.8 173.6 132.2 84.3 61.2 50.8 49.5 47.0 45.0 41.4 41.2 36.7 32.8 (-3.9) -395.0 Total 427.9 414.8 396.1 368.3 348.3 312.9 271.1 224.0 192.2 173.1 167.7 158.0 154.3 145.6 140.2 132.8 129.1 (-3.7) -298.8 2010 (After 2010 " ) 2011 2012 2013 2014 2015 2016 (change) Cumulativ e change (2016-2000) 10
6. Profit and Loss Statement and Balance Sheet of Special Account (Fiscal Loan Fund Account) in Fiscal Loan Fund in showed a profit of 314.6 billion yen (318.0 billion yen in FY2015). Based on Article 56(1) of the Act on Special Accounts, this profit is carried forward to the next year. The reserves for interest variance amounted to 574.6 billion yen. Balance Sheet of Special Account (Fiscal Loan Fund Account) in Debit Credit Account Amount Account Amount Cash / 3,684.6 32,843.1 Securities 221.6 Public, etc. 96,654.1 Loans 126,161.0 for Interest Variance 574.6 Accrued Income, etc. 319.3 Profits 314.6 Total 130,386.4 Total 130,386.4 Note: The surplus (corresponding to profits) in the settlement of accounts for was 301.9 billion yen, and the balance of the reserve (corresponding to the reserves for interest variance) was 592.5 billion yen. 11
7. Classification Table by Purpose in Classifying in by utilization type, from the management of the 15,205.5 billion yen in, the main areas were Social capital: 5,440.4 billion yen, SMEs and micro enterprises: 2,546.7 billion yen, and Overseas investment and loans: 1,838.9 billion yen. Welfare / medical care 575.7 Housing 481.0 Agriculture, forestry and fisheries 372.1 Environment 105.2 ( 単位 : 億円 ) Education 1,084.9 Industry / innovation 1,214.7 s 1,546.0 Total 15,205.5 Social capital 5,440.4 Overseas investment and loans 1,838.9 SMEs and micro enterprises 2,546.7 12
Appendix 1 Management of the Industrial Investment in The total amount of the industrial investment was 566.9 billion yen. This represents the aggregate of the initial plan of 297.3 billion yen, the revision of 269.4 billion yen, and the carry-forward amount from FY2015 of 0.2 billion yen. Of this, 278.0 billion yen was disbursed during, 202.6 billion yen was carried forward to FY2017, and 86.3 billion yen was undisbursed. Institution Initial Plan (A) Revision (Note) (B) Carry-forward Amount from FY2015 (C) Total Amount of Plan (A+B+C) Disbursed Amount in Carry-forward Amount to FY2017 Undisbursed Amount Japan Finance Corporation 44.0 - - 44.0 38.9-5.1 Micro Business and Individual Operations 4.0 - - 4.0 2.9-1.1 Small and Medium Enterprise Operations 40.0 - - 40.0 36.0-4.0 The Okinawa Development Finance Corporation 2.3 - - 2.3 0.4-1.9 Japan Bank for International Cooperation 33.0 109.0-142.0 142.0 - - Japan Railway Construction, Transport and Technology Agency 1.2 - - 1.2 - - 1.2 Urban Renaissance Agency 4.8 - - 4.8 - - 4.8 Japan Oil, Gas and Metals National Corporation 56.0 150.0 0.2 206.2 3.2 192.0 11.0 Agriculture, forestry and fisheries Fund corporation for Innovation, Value-chain and Expansion Japan 5.0 - - 5.0 - - 5.0 Development Bank of Japan Inc. 50.0 - - 50.0 50.0 - - Private Finance Initiative Promotion Corporation of Japan 3.0 - - 3.0 - - 3.0 The Shoko Chukin Bank, Ltd. 23.0 - - 23.0 19.4-3.6 Cool Japan Fund Inc. 17.0 3.0-20.0 17.0 1.9 1.1 Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development 38.0 5.2-43.2 4.0 5.2 34.0 Fund Corporation for the Overseas Development of Japan's ICT and Services Inc. 20.0 2.2-22.2 3.2 3.5 15.6 Total 297.3 269.4 0.2 566.9 278.0 202.6 86.3 13
Appendix 2 Cash Flow of Investment Account of the Special Account (Estimate for the Settlement) Total 歳入総額 annual 14,552 revenue Total 歳出総額 annual expenditure 8,808 ( 単位 : 億円 ) 1,455.2 880.8 Repayment 償還金収入等 revenue etc. 2 0.2 Breakdown of Industrial Investment disbursements 産業投資支出の内訳 (Loans) Payment 納付金 money ( 貸付金 Japan ) Finance Corporation 21.3 213 Industrial 産業投資支出 Investment ( Agriculture, 株 ) 日本政策金融公庫 forestry and fisheries Fund corporation for - disbursements 2,780 Innovation, Value-chain and Expansion Japan Dividend 配当金収入 income 278.0 ( 株 ) 農林漁業成長産業化支援機構 The Shoko Chukin Bank, Ltd. - 19.4 202.0 2,020 ( 株 ) 商工組合中央金庫 Subtotal 194 19.4 小計 (Capital Subscriptions) 194 Investment 出資回収金収入 return 19 1.9 Administrative 事務取扱費 expenses 1 0.1 ( 出資金 Japan ) Finance Corporation 38.9 Receipts from the 一般会計より受入 General Account 2,590 259.0 Revenues from sales 株式売払収入 of shares 267.2 2,672 Receipt from surplus 前年度剰余金受入 money in preceding FY 5,036 503.6 Investment Account of 財政投融資特別会計 the Special Account 投資勘定 Transfers into the General 一般会計へ繰入 Account 1,244 124.4 Transfers into the Special Account 東日本大震災復興国債整 for the Government Debt Consolidation Fund for 理基金特別会計へ繰入 Reconstruction from the Great 2,783 East Japan Earthquake 278.3 Difference between total annual 歳入歳出差額 revenue and expenditure 5,743 574.3 Recorded revenue for FY2017 29 年度歳入計上額 2,754 275.4 Funds 繰越財源 carried forward 2,026 202.6 Substantial 実質的な歳入歳出差額 difference 96.4 964 The ( 株 ) Okinawa 日本政策金融公庫 Development Finance Corporation 389 0.4 Japan 沖縄振興開発金融公庫 Bank for International Cooperation 142.0 4 Japan ( 株 ) 国際協力銀行 Railway Construction, Transport and 1,420 Technology Agency ( 独 ) 鉄道建設 運輸施設整備支援機構 - Urban Renaissance Agency ( 独 ) 都市再生機構 - Japan Oil, Gas and Metals National Corporation 3.2 ( 独 ) 石油天然ガス 金属鉱物資源機構 32 Development Bank of Japan Inc. 50.0 ( 株 ) 日本政策投資銀行 Private Finance Initiative Promotion Corporation 500 of ( 株 Japan ) 民間資金等活用事業推進機構 - Cool ( 株 ) 海外需要開拓支援機構 Japan Fund Inc. 170 17.0 Japan ( 株 ) 海外交通 都市開発事業支援機構 Overseas Infrastructure Investment Corporation 40 for Transport & Urban Development 4.0 ( 株 ) 海外通信 放送 郵便事業支援機構 Fund Corporation for the Overseas Development of 32 Japan's 小計 ICT and Services Inc. 2,586 3.2 Payment 納付金 money Japan 地方公共団体 Finance Organization 金融機構 for Municipalities 200.0 2,000 Transfers into the Special 地方公共団体金融機構納 Account for the Allotment of 付金収入交付税及び譲与 Local Allocation Tax and Local 税配付金特別会計へ繰入 Transfer Tax 200.0 2,000 Subtotal 258.6 合計 Total 2,780 278.0 14