英字新聞

The Yomiuri Shimbun October 29, 2013
Joint public-private firms must expedite efforts to end indebtedness
第３セクター債　バブルの清算を加速させたい（10月28日付・読売社説）

Joint public-private companies, generally known as third-sector corporations, may not be able to avoid liquidation as long as liabilities exceed assets.
　債務超過に陥った第３セクターは整理が避けられない。

Local governments operating loss-making firms in partnership with private-sector entities must waste no time in addressing the task of liquidating them—ending a negative legacy dating back to the days of the bubble economy—even if doing so will cause fiscal pain.
地方自治体は、痛みが伴っても、バブル時代の「負の遺産」の清算を急ぐ必要がある。

Bond issuance to expedite the consolidation or abolition of poorly performing third-sector corporations and businesses run solely by local governments has risen sharply recently.
　経営不振の３セクや地方公社などを整理・廃止するための地方債・第三セクター等改革推進債の発行が急増している。

Local governments issued third-sector bonds in 64 cases, with a combined value of \374.3 billion, during the April-September period this year.
　２０１３年４〜９月の３セク債発行は６４件、計３７４３億円に上った。

In the three-year period from fiscal 2009 to fiscal 2012, bonds were issued 104 times with a combined value of \471.4 billion, indicating how massive the issuance of bonds issued was in the first half of this fiscal year.
０９〜１２年度の１０４件、計４７１４億円を大きく上回るペースだ。

With the issuance of third-sector bonds permitted specially for a period of five years from fiscal 2009, many local governments appear intent on issuing bonds just before the expiration of the deadline at the end of fiscal 2013.
３セク債発行は０９年度から５年間の特例措置で、最終年度の駆け込みが続いたのだろう。

Third-sector bonds are issued by local governments on the basis of resolutions by local assemblies, along with approval by either the internal affairs and communications minister or heads of relevant prefectural governments.
　３セク債は、議会の議決と、総務相または都道府県の許可を経て自治体が発行する。

Issuance of these bonds enables local entities to reschedule their debts in the form of bonds, which have interest rates lower that those on other forms of debt. In addition, the central government offers preferential treatment by covering half of the interest cost by means of local tax grants, or tax allocations to local governments.
３セクの借金より低い金利に借り換えられるうえ、金利の半分は政府が交付税で負担してくれる利点がある。

It is an extremely serious situation that the number of juridical persons, such as companies, that are considered on the brink of bankruptcy stands at 639 out of 1,928 juridical persons comprising third-sector corporations and enterprises operated solely by municipalities.
　自治体が財政支援している３セク・公社１９２８法人のうち、実質的に債務超過状態にある団体が６３９法人に上るのは深刻だ。

Don’t put off problems

About 60 percent of bond issues were by land development public corporations for the acquisition of plots of land prior to public works projects. Many local government-run corporations in such fields as forestry, housing and tourism are also heavily in debt.
　自治体に代わって公共事業用地を先行取得する土地開発公社が３セク債発行の６割を占める。林業、住宅、観光などの公社も多い。

Some third-sector corporations have racked up debts surpassing their net worth after huge tracts of land they purchased during the bubble economy were left unused because planned public works projects were scaled down after the bubble burst and land prices declined.
　バブル時代に膨大な土地を抱えたものの、バブル崩壊に伴う事業縮小と地価下落により、未利用の土地が塩漬けになり、債務超過に陥るのが典型例と言える。

The vast amount of debt incurred by third-sector corporations adversely affects the fiscal health of local governments.
　３セクの巨額債務は、自治体財政にも影響する。

Third-sector business operations were the major factor behind the fiscal problems of the Yubari municipal government in Hokkaido. Because of its fiscal woes, the municipal government was designated as a body legally requiring fiscal reconstruction.
北海道夕張市が財政再建団体となったのも、３セクの失敗が一因だった。

Especially problematic is the fact that a little less than 40 percent of the 1,928 quasi-public corporations, or 716, have yet to thrash out reform programs.
　問題なのは、１９２８法人のうち、改革方針が未定の団体が４割弱の７１６法人もあることだ。

Liquidation of third-sector corporations makes it inevitable for local governments to take over the debts of the corporations. Fearing criticism for shouldering the debts, many local government heads tend to put off resolving the problem while they are in office.
　３セクの清算は自治体による債務肩代わりが必要となる。首長にすれば、その責任を問われるため任期中は問題を先送りしがちだ。

Postponing the problems, however, will certainly result in increasing burdens on the local governments and residents due to increasing interest payments and drops in land prices.
だが、先送りは、金利負担や一層の地価下落などで、結果的に自治体や住民の負担を増大させる。

Every local entity with third-sector debt problems must take up the challenge of drastically reforming the corporations by making use of the specially authorized bond issuance by the deadline at the end of March. This is prerequisite to ensuring an environment conducive to reinvigorating local economies.
　３セクの債務問題を抱える自治体は、来年３月までの特例期間を逃さず、抜本改革に取り組むべきだ。それが、新たな地域活性化策に取り組む環境整備になろう。

Obviously, liquidation must be avoided as much as possible for third-sector corporations in charge of operations directly linked with residents’ lives such as hospitals and transportation.
　無論、病院、交通など、住民生活に不可欠な事業を担う３セクの場合、安易な清算はできない。

Any further delay in heightening their business efficiency, however, will raise their indebtedness to be eventually passed on to residents.
　しかし、事業を効率化しなければ、そのツケは住民に回る。

Local governments should consult with all parties concerned about what should be done. They should provide straightforward explanations to assemblies and residents, instead of covering up the debts of their third-sector bodies.
自治体は、少なくとも３セクの債務を隠さず、議会や住民にきちんと説明し、善後策を協議すべきだ。

The Internal Affairs and Communications Ministry will, in principle, refuse local governments’ requests to extend the bond issuance deadline for third-sector corporations. However, it may conditionally allow a bond issuance if the corporations and local governments concerned are considered to be making serious rehabilitation efforts. This stance is reasonable.
　総務省は、３セク債発行期限の単純な延長はしない一方、既に改革に着手し、真剣に努力している自治体には条件付きで延長を認める方向だ。妥当な対応だろう。

(From The Yomiuri Shimbun, Oct. 28, 2013)
（2013年10月28日01時21分 読売新聞）