- Jul. 18, 2019
- Jul. 17, 2019
- Jul. 12, 2019
Bank of Japan
1. We have today been informed by Tokuyo City Bank and Sendai Bank of the following:
2. It is truly regrettable that we have seen the failure of yet another financial institution. Nevertheless, from the viewpoint of protecting depositors and stabilizing the financial system, the Bank of Japan highly evaluates the fact that the above-mentioned agreement on the disposal plan has been reached under the cooperation of financial institutions including Sendai Bank and 77 Bank within and outside of Miyagi Prefecture aiming at minimizing the effect of the failure on the local economy.
The Bank of Japan will initiate discussions with relevant parties to swiftly finalize the disposal plan, and will provide support towards smooth implementation of the plan.
3. Deposits at Tokuyo City Bank will be transferred to the receiving financial institutions and will be fully protected. Thus, there is no need for depositors to be concerned and we strongly hope that they will act sensibly.
4. Until the business transfer, Tokuyo City Bank will continue its business as usual. The Bank of Japan will take all the necessary steps to secure sufficient funds, including, if necessary, extension of loans pursuant to Article 25 of the Bank of Japan Law in the meanwhile.