Japan FSA Orders Mizuho to Report on ATM Fiasco

Politics

Tokyo, March 3 (Jiji Press)--Japan’s Financial Services Agency has ordered Mizuho Bank to report on its latest system failure, which caused the shutdown of 80 pct of its automated teller machines nationwide, it was learned Wednesday.

The FSA gave the same order to the bank’s parent, Mizuho Financial Group Inc. <8411>.

Under the orders, based on the banking law, the megabank group must report in detail why the glitch occurred and how the bank dealt with affected customers. The deadline is March 31.

The agency takes it seriously that the ATM shutdown forced many customers to wait for a long time at outlets after their cash cards and bankbooks were caught inside the suspended machines.

The system failure, which occurred Sunday, came after Mizuho Bank conducted a special data update without reinforcing the system’s processing capacity. It is also considered problematic that the bank failed to promptly respond to the incident.

[Copyright The Jiji Press, Ltd.]

Jiji Press