Press Conference by ASO Taro, Deputy Prime Minister, Minister of Finance, and Minister of State for Financial Services
(Friday, September 24, 2021, 11:45 am to 11:56 am)
[Questions and answers:]
The Financial Services Agency recently issued a business improvement order to Mizuho Bank that has repeatedly had system failures. The FSA expressed its policy to rigorously supervise the bank's system operations. What do you think of the aim of the relevant administrative disposition and could you explain how the FSA will make an investigation into the causes of the system failures from now on?
Mizuho Bank had a total of seven system failures from February to September this year and it is true that the failures caused significant influences on individual and corporate customers. Accordingly, the FSA has been conducting inspections to Mizuho Bank and Mizuho Financial Group and verifying system failures on the aspect of the bank and group’s system and governance. Mizuho Bank plans to renew and update its systems necessary for continuing services, and we consider it necessary for the bank to ensure that these system renewals and updates will never cause another system failure. From such perspective, the issued business improvement order demands the bank to manage the system renewals and updates appropriately by itself instead of having the FSA serve as an entity responsible for managing the bank's system operations. It is not that the FSA will manage with the bank. The FSA will strictly examine the bank and group's governance and other aspects.
My question is about TOB for the shares of Shinsei Bank. Last week, Shinsei Bank announced its anti-takeover measures against TOB by SBI Holdings. From the viewpoint of the national government that holds 22% of the bank's shares indirectly through the Deposit Insurance Corporation of Japan, etc. or injected public funds, which do you think will be more beneficial to the general public, the case where SBI succeeds in acquiring Shinsei Bank through TOB and promotes its initiative to become the fourth megabank or the case where Shinsei Bank introduces anti-takeover measures to prevent that?
I know the fact that the bank disclosed anti-takeover measures, but that is an individual company's business decision. It is true that the bank's share price is increasing considerably. This is an event in the market. I will not make any comment on this matter.
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