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

(Excerpt)

(Tuesday, January 18, 2022, 10:46 am to 10:55 am)

[Questions and answers:]

Q.

Mizuho Financial Group and Mizuho Bank submitted a business improvement plan to the FSA in relation to the series of their system failures and announced the renewal of their top management. What do you, as the minister in charge of financial sector, expect of the new management team and what items in the business improvement plan will the FSA follow up on most intensively? As the new president, Kihara Masahiro, is a brother of Deputy Chief Cabinet Secretary Kihara Seij, some point out worries over possible influence on the FSA’s supervision. What do you think of that?

A.

First regarding Mizuho Bank's system failures, as the bank has had multiple system failures even after receiving the business improvement order, its top management needs to have a strong sense of crisis. They have to exercise leadership in steadily implementing recurrence prevention measures and in proceeding with concrete initiatives for strengthening the acting power of the entire organization and raising awareness of the employees. You asked me what the FSA would like to follow up on intensively, but rather than placing a particular focus on any specific matter, we would expect the bank to make efforts sincerely for the entirety of the plan to achieve fundamental rectification of its problems, as I mentioned earlier. The FSA will examine the details of the submitted business improvement plan and closely follow the progress to be made by the bank.
Then, regarding worries over the influence on the FSA’s supervision, the FSA's stance to take actions as required in line with laws and regulations will never change. I do not think that the bank's personnel appointment will exert any influence.