Breaking News, World News and Taiwan News.

Updated Saturday, September 11, 2010 0:06 am TWN, AFP



	Go Egami, president of the Incubator Bank of Japan, is mobbed by the media as he arrives at the bank in Tokyo, Friday, Sept. 10. The indebted Japanese bank for small businesses, founded in 2004, has filed for bankruptcy, the government financial watchdog announced Friday. (AP) Enlarge Photo

Sponsors
▪	Get the best deals for Guangzhou Hotels or choose from more than 10,000 hotels in 499 Chinese cities.
▪	Find great real time deals on China Flights. Book flights to China or China domestic flights 24/7.
▪	Buy china wholesale products from reliable chinese wholesalers on DHgate.com!
▪	Save 75% for all hotels in Shanghai, Beijing and whole China. Lowest rates for Flights in China.

Incubator Bank of Japan halts, files for bankruptcy: officials

Bank of Japan governor Masaaki Shirakawa issued a statement saying the central bank considers the failure of IBJ does not pose the threat of “an adverse impact on the stability of Japan's financial system.”

Incubator Bank specializes in providing banking services for small and medium-sized businesses and is not related to Japan's central bank.

The IBJ has been struggling to restructure under president Go Egami after it was ordered to temporarily halt operations in May for blocking an FSA inspection, leading to the July arrest of former chairman Takeshi Kimura.

In the financial year to March, it posted a net loss of 5.1 billion yen.

The IBJ will resume operations on Monday to address calls from depositors for refunds, it said in a telephone message to customers.

1|2