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Bank of the Ryukyus to receive ¥40 billion fund injection

Date Posted: 1999-09-18

The Bank of the Ryukyus will receive ¥40 billion as part of the Finance Ministry’s multi-billion yen plan to inject public money to prop up shaky banks, it was announced Monday.

Yukio Matsumoto, a representative of the Bank of the Ryukyus, said the bank intends to reduce personnel and begin a restructure program in order to place itself in a stronger and more equitable footing, which Matsumoto said the bank hopes to achieve within 10 years. The bank’s annual budget is expected to rise to more than ¥62 billion with the announced capital increase, with its equity ratio rising to 10.31% when they receive the supplement from the Financial Support Committee.

Also expected to help the bank rise from the ashes of an economy hard hit by the worst recession in 50 years is the issue of convertible bonds without mortgages, to total ¥40 billion at ¥1,500 each. The dividend is expected to return ¥75 a year for each bond.

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