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POLITICS

LDP proposes raising deposit cap at JPB, life insurance coverage limit at JPI

  • 2015-06-24 15:00:00
  • , Sankei
  • Translation

(Sankei: June 24, 2015 – p. 11)

 

 The ruling Liberal Democratic Party’s “special committee on postal services” put together at a general meeting on June 23 a proposal focused on raising the cap on deposits at Japan Post Bank Co. from the current 10 million yen to 30 million yen. The LDP special committee also proposes that the life insurance coverage limit at Japan Post Insurance Co. be increased from 13 million yen to 20 million yen. However, in anticipation of protests from the banking sector that raising the deposit cap at JP Bank will “put pressure on private-sector banks,” the committee has put off approving the proposal.

 

 Japan Post Holdings, the parent company of JP Bank and JP Insurance, plans to go public this fall. The LDP special committee proposes raising the deposit cap at JP Bank to 20 million yen by the end of September and to 30 million yen in two years. It plans to call on the government to remove the cap after gauging progress in stock sales. The committee will also seek the early approval of JP Bank’s entry into new service areas such as housing loans.

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