Osaka Savings Assn for Day Laborers to Complete Liquidation

Osaka, March 15 (Jiji Press)--The liquidation of a savings association that had accepted deposits from day laborers in the Airin district of Osaka, western Japan, will be completed at the end of this month.

The balance of deposits at dormant accounts at the association, dubbed Airin Ginko (Airin Bank), was over 300 million yen as of the end of February. The ownership of the money will be transferred to the Osaka city government in April.

Airin Ginko was established in 1962 to help day laborers save money so they would stop living hand to mouth. Even flophouse residents were allowed to open accounts if they had their own seals.

The balance of deposits at the association peaked at 1,155 million yen in 1991.

As the number of day laborers decreased in the district, the Osaka government scrapped Airin Ginko in March 2012 and has since been repaying deposits.

[Copyright The Jiji Press, Ltd.]