The collapse of stock and real estate prices has led to $400 billion in bad loans held by Japanese banks.

The form mandates the identification of all debts of at least $5,000, including loans, held for a period of 90 consecutive days or more.

In many cases, she said, they have called loans held by struggling companies that the banks have tried to revitalize for a year or two.

As of year-end, the company said, 8.13 percent of its loans held for sale (not investment) were non-accruing.

Moreover, most of the loans held by the institutions are in default or behind in payments.

Corridor had defaulted on almost $40 million in loans held by Government agencies.

In past years, the March market jitters had mainly to do with Japan's domestic economic problems, like the bad loans held by the banks.

Generally speaking, loans held by the banks that made them in the first place can be modified most easily.

Over all, Mr. Mackey reported only $638 million in illegal loans held by the government.

Cross-default provisions can touch off calls on other loans held by the syndicate of banks and increase the cash problems facing the company.