Press Conference by the Minister for Financial Services

(Excerpt)

June 20 , 2003

Q.

Yesterday, Mr. Hosoya, a new Chairman of the Resona Holdings, said that he would ask a different audit corporation to reassess the assets of the Resona Bank. What do you think about his decision?

In case that the settlement of accounts of the bank turns out to be a deficit condition, different from its forecast for the current term by the reassessment and removal of assets from a balance sheet, do you intend to accept its negative account settlement figures?

A.

Mr. Hosoya's intention is similar to the one expressed by Mr. Ghosn when he became the President of Nissan Motor. At that time, Mr. Ghosn expressed his will to comprehend the assets in his own way, in order to responsibly manage it as a president. It seems quite natural to me.

It depends on the decision of management whether audit corporations are utilized. Anyway, the sound management of the Resona Bank should be ensured by new management responsibly. I think it is important to reassess the assets of the Resona Bank, so as to establish the sound management.

I think it would be inappropriate to comment on the assumed results at this time. Great responsibility and expectation are placed on Mr. Hosoya. I hope that he will show his management ability at his best.