Mizuho Blames System Operation Flaws for Glitches

Tokyo, March 31 (Jiji Press)--Mizuho Bank and its parent, Mizuho Financial Group Inc. <8411>, in a report submitted to the Financial Services Agency on Wednesday, blamed flaws in its system operations for a series of recent glitches at the major Japanese bank.

“Cross-sectional check and control mechanisms in the system operations were not functioning sufficiently,” the report said.

The report included measures to prevent a repetition of similar system glitches, such as setting up a new post in charge of crisis management.

Mizuho Bank, one of Japan’s top three banks, will hold a press conference shortly to explain details.

The FSA may impose a severe administrative punishment on the Mizuho group as the bank caused system glitches four times in only about two weeks and substantially undermined credibility in the country’s financial infrastructure.

[Copyright The Jiji Press, Ltd.]