Mizuho, the Japanese banking group, says it has fully repaid the public funds advanced to the bank during the Japanese banking crisis of the late 1990s. The re-payment took the form of the purchase and cancellation of preference shares. Public funds totalling Yen 2,949 billion were provided to Mizuho in March 1998 and March 1999.
Of the public funds provided to Mizuho, the banak re-purchased preferred shares worth Yen 482.6 billion in the fiscal year ended March 31, 2005, Yen 866.4 billion yen in the fiscal year ended March 31, 2006 and Yen 600.0 billion yen at the end of last month. In aggregate, this mean Mizuho has repaid in full preferred shares totalling Yen 1,949.0 billion (on an issued-price basis).
Mizuho also repaid subordinated bonds totalling Yen 1 trillion by March 31, 2005.