The Chinese banking regulator estimated that segment of public finance has grown at a clip of 25% year over year.

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On Dexia, it was only on July 15 that the European Banking Authority disclosed that this retail and public-sector finance bank would have a ratio of core Tier One capital to assets of 10.4%, even after incurring notional losses from harsh simulated financial and economic conditions.

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Katsuhiko Kumazaki, the head of the Tokyo District Public Prosecutors office, probed into corruption at the Ministry of Finance and in the banking industry in 1997 and netted several indictments.

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He added that those with jobs in banking, finance and law would be somewhat cushioned, but that graduates starting out in the public sectors and charities would "really feel the pinch" this year.

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