Press Conference by Taro Aso, Deputy Prime Minister, Minister of Finance, and Minister of State for Financial Services

(Excerpt)

(Tuesday, March 18, 2014, 9:03 am to 9:12 am)

[Questions and answers]

Q.

The US Federal Deposit Insurance Corporation (FDIC) has filed a lawsuit against 16 major financial institutions worldwide, including the Bank of Tokyo-Mitsubishi UFJ and Norinchukin Bank, for illegal manipulation of LIBOR. Do you think the FDIC’s charges are valid, how should Japanese financial institutions respond to this action, and what approach should the Financial Services Agency take?

A.

I was a little surprised by the FDIC’s allegations, but I am aware of the news that they have filed this lawsuit. I do not have all the details about whether they have filed a suit against all banks submitting US dollar LIBOR rates. I also have no idea of the amounts for which these banks are being sued. The banks are being sued for the rates they submitted, and I do not know anything more specific than that. Speaking generally on behalf of the Financial Services Agency, I can only say for now that institutions should keep their affairs in order at all times so that they are not successfully sued.

(End)

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