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Provisional Translation

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

(Excerpt)

(Tuesday, May 21, 2024, 9:16 am to 9:29 am)

Q.

Talking about the FSA, there is a news report that Jimoto Holdings, Inc. will be placed substantially under state control and the national government will acquire 63% of its voting rights. Could you explain what points have been discussed at present on this issue? 

A.

The national government injected public funds into Jimoto Holdings, Inc. before, and it is true that if the company is found unable to pay dividends on preferred stocks owned by the government, at its coming general shareholders meeting, the government will come to hold a larger portion of its voting rights temporarily while dividends are suspended, in accordance with its stock issuing guidelines. However, there were also similar cases in the past. The current support for Jimoto Holdings, Inc. has been provided as a measure under the Act on Strengthening Financial Functions, and are completely different in nature from the nationalization implemented as a financial crisis response under the Deposit Insurance Act. It should be noted that. The FSA will appropriately examine the content of the business strengthening plan to be submitted by Jimoto Holdings, Inc., as well as its efforts for recovering earnings for management reconstruction and ensuring fund sources to repay public funds, and we will continue monitoring to ensure the company's steady implementation of the plan.

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