Local News

The Financial Services Agency announced it has decided to provide the Miyazaki Taiyo Bank of Miyazaki Prefecture with 13 billion yen in public funds to help the troubled institution. The money will be provided when the government accepts preferred stock that the bank will issue at the end of March. The bank also revised its projections for the current fiscal year downward. It now expects to post a net loss of 8.3 billion yen for the year, its highest loss ever, due to its expenditures for disposing of non-performing loans.