Date: June 23, 2014
The Liquidated Company of the Incubator Bank of Japan (formerly called the “Incubator Bank of Japan”; hereinafter referred to as the “LCIBJ”), which is under civil rehabilitation proceedings, has announced that it will gradually make interim repayments (19% repayment rate) to holders of rehabilitation claims based on its rehabilitation plan, starting at the end of September 2014.
If the amounts of the interim repayments and the first repayments (39% repayment rate), which were made by April 2, 2012, are combined, the repayment rate for the LCIBJ’s rehabilitation claims will come to 58%.
After receiving repayments related to the interim repayments from the LCIBJ, the Deposit Insurance Corporation of Japan (DICJ) will make settlement payments(Note 1) to parties whose deposits and other claims have been purchased (estimated proceeds payment) and will pay tenders(Note 2) to depositors on whose behalf the DICJ implements procedures, as in the case of the first repayments.
As for the schedule of the settlement payments and payments of tenders and the details of specific procedures, the DICJ will promptly notify the parties concerned by sending necessary documents after receiving from the LCIBJ repayments related to the interim repayments scheduled to be made at the end of September and later.
|(Note 1)||Of the deposits that depositors held at the LCIBJ, the DICJ purchased the portions that exceeded the coverage of deposit insurance by paying the estimated amount of proceeds based on their requests (estimated proceeds payment). Regarding parties who received estimated proceeds payments, if the DICJ subsequently receives payment of tenders related to deposit claims purchased from the LCIBJ, it intends to calculate the amount of additional payment based on the difference between the amounts of the payment of tenders and the estimated proceeds payment and pay the amount (settlement payment).|
Regarding depositors who did not request estimated proceeds payment, the DICJ will implement procedures on their behalf in principle. To depositors on whose behalf the DICJ implements procedures, the DICJ intends to pay tenders if it receives the tenders on their behalf from the LCIBJ (payment of tenders).