Japan FSA Orders Mizuho to Report on System Failure

Politics

Tokyo, Aug. 21 (Jiji Press)--Japan's Financial Services Agency has ordered Mizuho Bank to submit a report on Friday's system breakdown by the end of the month, it was learned Saturday.

The FSA issued the order under the Banking Act as it takes repeated system failures at Mizuho Bank seriously, informed sources said.

The agency plans to scrutinize the background to the latest system failure, the fifth at Mizuho Bank this year, and the bank's response to customers after the problem occurred.

Report orders have also been issued to Mizuho Trust & Banking Co., which also suffered a system glitch on Friday, and Mizuho Financial Group Inc. <8411>, the parent of the two banks, according to the sources.

The system problem left Mizuho Bank and Mizuho Trust unable to accept customer orders for money transfers, deposits and withdrawals over the counter at their branches across Japan on Friday morning.

[Copyright The Jiji Press, Ltd.]

Jiji Press