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Statement by the Governor

On the acquisition of the Long-Term Credit Bank of Japan
(Tentative translation)

February 9, 2000
Bank of Japan

  1. We have today been informed by the Long-Term Credit Bank of Japan that it has, with the consent of the Financial Reconstruction Commission, concluded a final agreement with New LTCB Partners and the Deposit Insurance Corporation regarding the purchase of its stock. We have also been informed of this fact by the Financial Reconstruction Commission and the Deposit Insurance Corporation.
  2. In view of revitalizing Japan's financial system, the acquisition of the Long-Term Credit Bank of Japan has been a focal issue both domestically and internationally. The Bank of Japan thus welcomes today's final agreement as it will further contribute to enhancing confidence in Japan's financial system.
  3. The Bank of Japan deeply appreciates the dedication of all parties involved for their joint efforts to realize the smooth acquisition of the Long-Term Credit Bank of Japan, while maintaining its financial functions under special public administration.
    The Bank of Japan hopes that under the new management the Long-Term Credit Bank of Japan will build a solid position in Japan's financial system, thus giving a positive stimulus to the financial markets and financial institutions in Japan.