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Provisional Translation

Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services


(Friday, November 30, 2021, 10:32 am to 10:40 am)


[Questions and answers:]


With regard to the business improvement order issued against Mizuho Bank last week, if the root causes of the bank's recent system failures also apply to its system failures in 2002 and 2011, does this mean that there may be problems or points for reconsideration in the supervision by the FSA? In particular, Mizuho Bank significantly reduced the number of personnel of the system division and appointed a person without expertise as the top of the system division. The FSA should have checked these facts in light of the Supervisory Guidelines and have urged the bank to take measures for improvements. The FSA itself should have the stance to say what it needs to say, I think. What is your thought?


The FSA has taken action as necessary for ensuring sound and appropriate business operations of Mizuho Bank, including the issuance of business improvement orders. I think that Mizuho Bank needs to make the utmost efforts to prevent a recurrence of system failures, with a strong sense of crisis, based on the latest business improvement order. Closely following up the progress is the responsibility that the FSA should fulfil as the supervisory authority. I think that the FSA is fulfilling its roles sufficiently.


You mean that the FSA has fulfilled its roles up to the present?




Also last week, Shinsei Bank gave up holding a shareholders' meeting in which it planned to introduce anti-takeover measures against TOB by SBI Holdings, and it was substantially decided that Shinsei Bank will be affiliated with SBI Holdings. What do you expect for SBI Holdings and Shinsei Bank in relation to the collection of public funds that had been injected?


I think it important for Shinsei Bank to endeavor to enhance its corporate value, including the increase of earnings, for repaying public funds. The FSA will follow up the circumstances surrounding the bank and its efforts for enhancing corporate value and will make responses appropriately.

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