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Gov’t panel to solicit public comments on idea of raising deposit cap at JP Bank

  • 2015-07-10 15:00:00
  • , Mainichi
  • Translation

(Mainichi: July 10, 2015 – p. 7)

 

 The government’s committee on postal privatization announced on July 9 that it will solicit public comments on the idea of raising the cap on deposits at Japan Post Bank Co. as proposed by the ruling Liberal Democratic Party (LDP).

 

 The current upper limit is 10 million yen. Since Japan Post Co., JP Bank Co., and JP Insurance Co. have formally applied for listing on the Tokyo Stock Exchange, the three JP Group companies will likely go public as early as October this year. The LDP has proposed raising the deposit cap at JP Bank to 20 million yen by the end of September and to 30 million yen in two years.

 

 The Ministry of Internal Affairs and Communications and the Financial Services Agency asked the committee “to look into the best way to implement postal privatization to ensure success in listing JP shares.” The committee will start soliciting public opinions by July 17 and will accept public comments for a period of three weeks.

 

 Committee Chairman Hiroya Masuda said at a press conference: “We will collect views from all sorts of places. We have not decided the schedule for deliberations after soliciting public comments.

 

 However, even if the plan to raise the deposit cap at JP Bank is approved, the procedures to implement it will take time. Japan Post Holdings President Taizo Nishimuro expressed the view that “it will be difficult to raise the cap before going public.”

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