Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-settings.php on line 468

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-settings.php on line 483

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-settings.php on line 490

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-settings.php on line 526

Strict Standards: Declaration of Walker_Page::start_lvl() should be compatible with Walker::start_lvl(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 594

Strict Standards: Declaration of Walker_Page::end_lvl() should be compatible with Walker::end_lvl(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 594

Strict Standards: Declaration of Walker_Page::start_el() should be compatible with Walker::start_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 594

Strict Standards: Declaration of Walker_Page::end_el() should be compatible with Walker::end_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 594

Strict Standards: Declaration of Walker_PageDropdown::start_el() should be compatible with Walker::start_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 611

Strict Standards: Declaration of Walker_Category::start_lvl() should be compatible with Walker::start_lvl(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 705

Strict Standards: Declaration of Walker_Category::end_lvl() should be compatible with Walker::end_lvl(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 705

Strict Standards: Declaration of Walker_Category::start_el() should be compatible with Walker::start_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 705

Strict Standards: Declaration of Walker_Category::end_el() should be compatible with Walker::end_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 705

Strict Standards: Declaration of Walker_CategoryDropdown::start_el() should be compatible with Walker::start_el(&$output) in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/classes.php on line 728

Strict Standards: Redefining already defined constructor for class wpdb in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/wp-db.php on line 306

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/cache.php on line 103

Strict Standards: Redefining already defined constructor for class WP_Object_Cache in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/cache.php on line 425

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/query.php on line 21

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/theme.php on line 618

Strict Standards: Redefining already defined constructor for class WP_Dependencies in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/class.wp-dependencies.php on line 15

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/exec-php.php on line 22

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/manager.php on line 34

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/manager.php on line 35

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/manager.php on line 36

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/admin.php on line 42

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/admin.php on line 51

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/admin.php on line 52

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/admin.php on line 53

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/ajax.php on line 63

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/cache.php on line 33

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/exec-php/includes/cache.php on line 42

Deprecated: Assigning the return value of new by reference is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-content/plugins/wp-hatena/wp-hatena.php on line 45

Strict Standards: call_user_func_array() expects parameter 1 to be a valid callback, non-static method GoogleSitemapGeneratorLoader::Enable() should not be called statically in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/plugin.php on line 311
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Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: Function eregi() is deprecated in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/gettext.php on line 294

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

ご案内

ブレインファクトリーでは、会社の設立・事業計画書の作成、資本・資金調達、M&A、投資事業、リスクコンサルタント等様々なメニューをご用意しております。 ホームページをご覧下さい。 詳しくは、ブレインファクトリーのホームページまで。

 

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    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2010 年 2 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2009 年 10 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2009 年 7 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2009 年 6 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2009 年 4 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2009 年 3 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2009 年 2 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2009 年 1 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2008 年 12 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2008 年 11 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2008 年 10 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2008 年 9 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2008 年 8 月

  • Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

    Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
  • 2008 年 7 月

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935
あわせて読みたいブログパーツ

経済・経営・株式・投資 時事評論

元投資銀行マンの時事評論 (旧社長お時間です)
金融機関の憂鬱とクレジットの幻想  シティとメリルリンチ

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 934

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/kses.php on line 935

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Strict Standards: Only variables should be assigned by reference in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/post.php on line 218

Strict Standards: Only variables should be assigned by reference in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/post.php on line 218

Strict Standards: Only variables should be assigned by reference in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/post.php on line 218

Strict Standards: Only variables should be assigned by reference in /export/sd06/www/jp/r/e/gmoserver/5/4/sd0012854/brainfact.asia/wordpress/wp-includes/post.php on line 218

メリルが4兆円の損ならシティはいったい幾らだよ!」

.                                                .

メリルリンチがサブプライム関連で累計4兆円以上の損失を出しました。もちろん4半期ベースでも大赤字。4兆円って言ったらもうそこら辺の国の国家予算レベルの額ですよね。

.                                                              .

いったい正確な損失は幾らなのか?投資家、市場関係者はメリルに限らず、金融機関の見えていない損失、株価の下げ止まりに疑心暗鬼になっていますよね。

.                                                              .

話は少々変わりますが、サブプライムに限らず、信用の崩壊による市場の混乱は何年かに一回は起きています。前回は98年のロシア財政危機(今からは想像できませんが)とそれに端を発したLTCMの損失による金融機関の危機。その前が87年のブラックマンデーです。(不思議とほぼ10年周期ですね。大災害は忘れた頃にやってくると言った感じでしょうか?)

.                                                                        .

いずれも米国市場発からの危機ですが、何とかしのいできた感じです。ところが今回は損失額が大き過ぎ、果たして乗り切れるかどうかと心配しているわけです。

.                                                                      .

例えばシティバンク。(私が勤務していたソロモンブラザーズは現在シティグループです)総資産は200兆円以上ですが、直近1年で既に約6兆円!の損害を出しています。サブプライムを含む低格付け資産がどのくらい損害を被って、今後さらに資本を毀損するのかが問題です。

.                                                              .

シティは41兆円の不採算部門(当然、サブプライム関連も含んでいるでしょうね)の売却計画を5月に発表しています。早い話、これ以上リスクが高い資産を持ち続けて損を出し資本を減らすのは耐えられないので、危ない部分をどこかに売ってしまおうと言う事です。(ただし、リスクをとって買ってくれるところがあればですが、)

.                                                                .

シティは資本が13兆円以上あり、かつサブプライム以外の資産で利益を出していたとしても、上記の6兆円の損害はかなりのダメージです。そこで昨年の11月に、アラブ首長国連邦のアブダビ投資庁(ADIA)から出資してもらっているわけです。しかし、上記のように依然として売らなければならない程の不採算部門を抱えているわけですから予断を許しません。

.                                                                        .

資本金の問題はそれ自体重要ですが、銀行としてはもっとシリアスな部分があります。それはシティのように国際決済業務を行う銀行は自己資本率をある一定以上確保しなければならないという取り決めを、国際的な銀行間で行っているからです。(国際決済銀行 本部はスイスのバーゼルで、略称BIS。)その自己資本に関する取り決めをBIS規制とかBIS基準とか言っています。

.                                                                 .

国際業務(決済)をする銀行は簡単に破綻されると大変な損害が国をまたいで発生するので、自己資本率をある一定以上維持し、安全な経営をせねばならないと言う事です。

.                                                                       .

つまり、シティが今回の損害で債務超過にならなくても、自己資本率が規制の%に達しなかった場合、国際決済業務から撤退しなければならず、収益をさらに悪化させて大変なことになります。

.                                                     .

かつて、私が外資の投資銀行いた頃で、特に90年台後半に邦銀がバブルの崩壊で損害を被り自己資本を減らしたため、このBIS規制で自己資本を増やすために非常に苦しみました。ご存知のように、この自己資本を調達できなかった銀行(北海道拓殖、日債銀、長期信用銀行等)は市場から退場や身売りをしたわけです。今や米銀が苦しんでいます。信用(資本)がなくなるなんてあっという間です。

.                                                                      .

シティ等の米国金融機関の上層部は自己資本率の問題では相当憂鬱でしょうね。

(続く)

.                                                                       .

人気ブログランキングで『社長、お時間です』は何位?!

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