Application for Authorization regarding the Amount of the Bank's Legal Reserve in Accordance with Article 53, Paragraph 2 of the Bank of Japan Act
May 12, 2015
Bank of Japan
To maintain its financial soundness, the Bank of Japan decided to reserve an amount equivalent to twenty-five hundredths of its net income, as the legal reserve for fiscal 2014, the 130th fiscal year, which ended in March 2015. The Bank applied to the Minister of Finance today for authorization to do so in accordance with Article 53, paragraph 2 of the Bank of Japan Act.1
The Bank's financial statements for fiscal 2014 will be released in late May 2015.
| 1 | Article 53 of the Bank of Japan Act stipulates that the Bank shall reserve five-hundredths of its net income as a reserve fund for each fiscal year, and it is stated in Article 53, paragraph 2 of the Act that the Bank may reserve, as a reserve fund, more than five-hundredths of its net income upon authorization from the Minister of Finance. |
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