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Friday April 28, 7:32 AMJapan to inject public funds into Howa Bank -paperTOKYO, April 28 (Reuters) - Japan's financial regulator is considering injecting more than 10 billion yen ($87.55 million) in public funds into Howa Bank to boost the regional bank's capital, Nihon Keizai business daily reported on Friday. The paper said Howa Bank in Oita, southwest Japan, will also ask bigger regional bank Nishi-Nippon City Bank to take a 3 billion yen worth stake to be a major shareholder.Howa Bank's capital-asset ratio has sunk to below 4 percent from 8.5 percent at the end of September 2005 after the Financial Services Agency found a series of unclear loans, the paper said, adding banks with only domestic operations are required to have a ratio of at least 4 percent. The bank, which also plans to boost capital by another several billion yen, is expected to revise down its earnings forecast for the year ended March on Friday, including its capital-asset ratio, it added. It would be the first injection of public funds after the government imposed a cap on deposit insurance last April, ending nearly a decade of blanket protection for savings accounts and other liquid bank deposits, the paper said. ($1=114.21 Yen) |
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