Administrative Actions against Mizuho Bank, Ltd. and Mizuho Financial Group, Inc.

 
　The Financial Services Agency issued business improvement orders as follows to Mizuho Bank, Ltd. (the "Bank") and Mizuho Financial Group, Inc. (the "Company") today.
   

I. Content of the business improvement orders

 
[Mizuho Bank] (Article 26, paragraph (1) of the Banking Act)
 

1. 　With regard to plans for system renewals and updates (including machine renewals, updates and maintenance work that will exert influence on customers; the same applies hereinafter), reexamine and review them in consideration of past system failures, their necessity and urgency, and possible risks to the banking business.
2. 　If any need for system renewal and update is found as a result of the reexamination and review as mentioned in 1. above, ensure an appropriate management system for the system renewal and update (including a system regarding responses to customers in the event of a system failure; the same applies hereinafter).
3. 　With regard to plans for system renewals and updates, submit the results of the reexamination and review based on 1. above and a plan for ensuring an appropriate management system based on 2. above by Friday, October 29 (for a plan to be implemented by the end of October, by Wednesday, October 6), and implement the plans promptly. When there is any alteration or addition to the plans, make an additional report promptly.

 

[Mizuho Financial Group] (Article 52-33, paragraph (1) of the Banking Act)
 

1. 　Verify the results of the Bank's reexamination and review of plans for system renewals and updates and the Bank's plan for ensuring an appropriate management system.
2. 　Submit the results of the verification mentioned in 1. above by Friday, October 29.

 
 

II. Reasons for the Administrative Actions

  
[Mizuho Bank]
 

1. 　The Bank had a total of seven system failures from February to September 2021 and caused significant influences on individual and corporate customers. In response, the FSA has conducted overall verification on the system and governance aspects of the Bank and the Company through inspections.
2. 　Meanwhile, the Bank plans to renew and update its systems necessary for  business continuity, and it is found necessary for the Bank to ensure an appropriate management system for the system renewals and updates to prevent another system failure.

 

[Mizuho Financial Group]    
 

Contact

Banking Business Division Ⅰ, Supervision Bureau Financial Services Agency

Tel +81-(0)3-3506-6000(ext. 3444, 3328)