The banks may get clean opinions for whatever that's worth.
Dow Jones Business News
Mizuho Group Gets Clean Bill Of Health From Its Auditor -FT
Monday May 19, 8:28 pm ET
TOKYO -(Dow Jones)- Mizuho Financial Group Inc. (J.MFN or 8411), the world's largest bank ranked by assets, has received a clean bill of health from its auditor, Shin Nihon - the same company that triggered the crisis at Resona Holdings Inc. (J.RSN or 8308), Japan's fifth-largest bank, after it refused to approve the bank's accounts, the Financial Times reported on its Web site Tuesday.
Bankers said Shin Nihon's backing for Mizuho's accounts indicates there is little chance of a Resona-style crisis spreading to Japan's four leading banks - Mizuho, Sumitomo Mitsui Financial Group Inc. (J.SMF or 8316), Mitsubishi Tokyo Financial Group Inc. (MTF or 8306) and UFJ Holdings Inc. (J.UFJ or 8307) - and will also offset concerns of a broader systemic crisis, the FT reported.
All four megabanks are due to report their results for the year ended March on Monday amid deep uncertainty over the state of the financial system. It is understood, however, that the auditors of all four banks have either approved or are close to approving their accounts.
Resona sought an injection of government funds last weekend after Shin Nihon balked at approving accounts that revealed 77% of its Tier 1 capital was made up of deferred tax assets, the report said. |
