Press Conference by the Minister for Financial Services
October 8 , 2004
In response to the charges filed by the Financial Services Agency (FSA) against UFJ yesterday, the Special Investigation Department of the Tokyo District Public Prosecutors Office searched UFJ Bank's headquarters in Tokyo and several UFJ executives' homes a short while ago. What is your view on this charges?
As just mentioned, we are aware of reports that the Tokyo District Public Prosecutors Office searched a criminal investigation of the UFJ Bank. As the subject concerns an investigation, let me refrain from making any comments, as they might affect the investigation in the days ahead. In any case, I will keep a close eye on the progress of the investigation.
In regards to the criminal investigation, you commented that you would keep a close eye on the progress of the investigation considering the effects your comments might have on the investigation. Financial inspections are conducted in cooperation with banks, and are not aimed at uncovering the whole truth about the situation in the first place, so in that sense, financial inspections appear to have their limits in revealing the real facts. From this standpoint, what are your expectations or requests of the investigation by the prosecutors?
We think that it is extremely important to thoroughly ensure the soundness of the banks' management and the appropriateness of its businesses, in light of user protection. Furthermore, the investigators have their own mission, and will conduct the investigation based on such a mission, so I will keep a close eye on the progress of the investigation.
It took more than three months to file the charges after issuing the Business Improvement Order; why has it taken so long?
When filing the charges, as I have explained previously, we comprehensively considered and examined the maliciousness of a series of evasive conduct during FSA's inspection, the impact on the effectiveness of future inspections in general, the achievement of the financial administration's objectives, the seriousness of demanding punishment from the general public or private companies. We needed that much time to make judgments.
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