Date: October 2, 2014
The Deposit Insurance Corporation of Japan (hereinafter referred to as “the DICJ”) decided to make the second final settlement payments concerning the purchase of deposits and other claims of the Liquidated Company of the Incubator Bank of Japan (formerly called the “Incubator Bank of Japan”; hereinafter referred to as “LCIBJ”).
Following the failure of LCIBJ, the DICJ purchased deposits beyond those protected by deposit insurance upon request by the depositors, and made payments (“the estimated proceeds payment”) of the amount (“amount of the estimated proceeds payment”) calculated using the rate determined by the DICJ (“the estimated proceeds payment rate”) (25%). (The purchase period was from December 13, 2010 to March 31, 2011.)
Under the rehabilitation procedure of LCIBJ, if the DICJ receives tenders with respect to the purchased deposit claims from LCIBJ, the DICJ will calculate immediately the amount of additional payment based on the difference between relevant tenders and the amount of the estimated proceeds payment, and make payments to the depositors who received the estimated proceeds payment (“final settlement payment”).
On April 2, 2012, the DICJ made the first final settlement payments based on the tenders the DICJ received (39% repayment rate).
Since September 30, 2014, LCIBJ has been making the interim repayments based on its rehabilitation plan (19% repayment rate). Accordingly, the DICJ received the interim repayments with regard to the deposits which the DICJ purchased on September 30, 2014, and is going to make the second final settlement payments to those who received the estimated proceeds payment.
The DICJ will mail immediately to the qualified depositors for the final settlement payments the necessary documents for following procedure of requesting the final settlement payments.
Upon receipt from the qualified depositors by mail of the necessary documents, including the application form for requesting the final settlement payments, the DICJ will remit the amount of the final settlement payments to the designated bank accounts as soon as possible (the bank remittance fee will be borne by the DICJ).
The payment period is from October 6, 2014 to January 16, 2015. The qualified depositors for the final settlement payments are requested to mail the necessary documents to the DICJ so that the DICJ can receive such documents by the end of the aforementioned period.
In the cases where LCIBJ will make the payments of additional tenders in the future, the DICJ will make separate announcements about them.