Some US$130 million deposited with the failed Incubator Bank of Japan (IBJ) will not be covered by the state-backed Deposit Insurance Corp of Japan, it said yesterday.
The IBJ, a private lender for small businesses, filed for bankruptcy on Friday, in Japan’s first bank failure in seven years.
It is the first time a cap has been applied to deposit insurance, under which account holders’ money is guaranteed only up to a maximum of ¥10 million (US$120,000) per depositor. The cap was enacted in 2002 after a slew of banks went bankrupt when the economic bubble of the 1990s burst.
The IBJ, which was earlier told to halt its operations by the Financial Services Agency, will resume refunding business today, the deposit insurance agency said yesterday.
The insurance scheme will not cover some ¥11 billion held by 3,423 depositors, amounting to about 2.7 percent of all of IBJ’s clients, the agency said.
The bank held a total of ¥582 billion in deposits as of Friday. In the financial year to March, it posted a net loss of ¥5.1 billion.
Government officials and Bank of Japan Governor Masaaki Shirakawa have stressed that the bankruptcy would have little impact on the Japanese financial system.
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