Press Conference by Shizuka Kamei, Minister for Financial Services

(Excerpt)

(Tuesday, June 1, 2010, from 7:58 a.m. to 8:13 a.m.)

[Questions & Answers]

Q.

In regard to Shinsei Bank, where a new President will assume office and most other executives will reportedly be replaced later this month, you have pointed out a number of times that the foreign management personnel were receiving big paychecks. Do you expect the management of Shinsei Bank will change, with the launch of the new management team later this month? What are your views?

A.

I have been saying this to other financial institutions as well, but I hope Shinsei Bank also makes its utmost efforts as a sound financial institution while being mindful of properly fulfilling its social function.

Q.

This weekend, on June 4 and 5, the meeting of the G-20 Finance Ministers and Central Bank Governors will be held in Busan, South Korea. What is the financial-related agenda, and what your thoughts on it?

A.

Nothing “special” will be proposed by Japan at the upcoming G-20 meeting. However, as you know, currently there is global financial instability in some aspects, so we will be working from the standpoint that the nations must collaborate to bring about more stability in global financial markets. There have been various calls for efforts to be made based on a single international standard or a unified approach. Such calls have been coming mainly from the International Monetary Fund (IMF) and, indeed, we must properly engage in international harmonization. However, given that there are circumstances unique to each country, it is also important that among the countries there is mutual understanding of each other's unique circumstances when they work for international collaboration.

(End)