Press Conference by the Commissioner

(Excerpt)

December 1 , 2003

Q.

In this case, a prompt corrective action was not taken against the Ashikaga Bank. Could you tell us the reason?

A.

In short, the decision to take the prompt corrective action is made referring to the latest financial condition. Therefore, we ordered the Ashikaga Bank to report its latest financial condition when we notified the inspection results. Consequently, the bank filed for bankruptcy along with the submission of the report, and the measure based on the Article 102 of the Deposit Insurance Law.

Q.

Does it mean that there was no chance to take the prompt corrective action?

A.

Actually not. We requested the bank to submit the report as soon as possible, in order to identify its financial condition. On November 27, the Inspection Bureau notified the bank of the inspection results, and the request was made at the same timing. The bank handed in the report on November 29, which revealed its insolvency, and at the same time, filed for bankruptcy.