Note 1-51

(51) According to the "Annual Report on Japan' s Economy and Pubic Finance 2000-2001," "the productivity growth of corporate borrowers as a whole" is lower than "the productivity growth of the economy as a whole." The Reports points out that behind the decline in productivity is the fact that inefficient firms might have survived as banks postponed disposal and continued lending to such firms (See Section 2, Chapter 3).