Mizuho to Review Restoration Procedures for System Glitches

Economy

Tokyo, Aug. 31 (Jiji Press)--Japan's Mizuho Bank and its parent, Mizuho Financial Group Inc. <8411>, submitted on Tuesday a report to the Financial Services Agency on a recent system glitch, including a plan to remake their system restoration procedures.

The report also included plans to review the megabank group's customer response measures and conduct a thorough inspection of its new core banking system.

Meanwhile, the bank and the holding company said they were unable to identify the cause of the system failure, which occurred Aug. 19-20, and will continue to look into the matter.

Based on the report, the FSA will investigate the system glitch in question together with other system failures that occurred at the bank between February and March this year.

As Mizuho Bank has been hit with system glitches six times this year alone, the FSA will take strict measures against the bank.

[Copyright The Jiji Press, Ltd.]

Jiji Press