Date: September 23, 2016
The Deposit Insurance Corporation of Japan (hereinafter referred to as “the DICJ”) decided to make the third (and the final) repayment of tenders to DICJ-represented depositors of the Liquidated Company of the Incubator Bank of Japan (former Incubator Bank of Japan, hereinafter referred to as “LCIBJ”). (As described in “1. Outline” below, DICJ-represented depositors refers to those depositors for whom the DICJ participates in bankruptcy proceedings on their behalf.)
Following the failure of former Incubator Bank of Japan, the DICJ has been carrying out procedures on behalf of the depositors (Note 1) to receive repayment, etc. for the uninsured portion of their deposits.
(Note 1) Of the depositors, those who requested purchases of their deposits and other claims (the estimated proceeds payment) as well as who submitted notifications to participate in the rehabilitation procedure by themselves are excluded. Regarding those who requested the estimated proceeds payment, please refer to another release titled “The Third (and the Final) Settlement Payment Related to the Purchase of Deposits and Other Claims of Former Incubator Bank of Japan.”
If the DICJ receives tenders from LCIBJ on behalf of DICJ-represented depositors, the DICJ makes a payment of tenders to those depositors (repayment of tenders).
LCIBJ has been making the final repayments since September 20, 2016 based on its rehabilitation plan (repayment rate: 2.95686%) and as scheduled the DICJ received tenders on behalf of DICJ-represented depositors. Therefore, the DICJ is going to make the third repayment of tenders to DICJ-represented depositors.
The DICJ will mail immediately those documents which are required to fill to receive a repayment of tenders to the qualified depositors.
Upon receipt of those documents filled, including the application form requesting the repayment of tenders from the qualified depositors by mail, the DICJ will remit the amount of the repayment to the designated bank accounts without delay (the bank remittance fee will be borne by the DICJ).
The payment is valid from September 26, 2016 to December 26, 2016. The qualified depositors for the repayment of tenders are required to send the documents back to the DICJ during the aforementioned period.
The final repayment of LCIBJ means that all assets of LCIBJ were liquidated. Therefore, the repayment of tenders the DICJ implements this time (the third repayment of tenders) represents the final payment.
After the repayment period, the DICJ may make a statutory deposit of such repayment with an official depository. The qualified depositors who do not take the necessary procedure this time will be required to take other procedures in order to receive the repayment.
|Payment period||Total payment amount|
|The first repayment of tenders||April 9, 2012 - June 29, 2012||¥0.29 billion
(the first repayment amount <repayment rate: 39%>)
|The second repayment of tenders||October 6, 2014 - January 16, 2015||¥0.14 billion
(the interim repayment amount <repayment rate: 19%>)
The third repayment of tenders (final)
|September 26, 2016 - December 26, 2016||¥0.02 billion
(the final repayment amount <repayment rate: 2.95686%>)