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

(Excerpt)

(Tuesday, October 22, 2013, 8:47 am to 8:51 am)

[Questions and answers]

Q.

Regarding the problem of Mizuho Bank that was also brought up at the Budget Committee meeting, there have been questions raised about the adequacy of the inspection made of the bank, so I would like to ask you again for your opinion on how well the inspection was conducted.

A.

As I stated in the Budget Committee meeting, I have no comment on inspections of specific financial institutions.  Speaking in more general terms, however, the fact is that these inspections are carried out with limited time and personnel and only within the scope necessary to corroborate the explanations offered by the financial institutions being inspected.  Nevertheless, it turned out in this case that the facts differed from the explanation received from Mizuho Bank at the time, and I understand there has been criticism that further verification should have been pursued.  I believe that efforts need to be made to improve the quality of inspections with this point in mind.  In any event, Mizuho Bank is now re-examining the facts in this matter in conjunction with a third-party committee, and we intend to address the issue in line with the findings of this re-examination.

(End)