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Mizuho seen speeding up writeoffs
TOKYO, Japan -- Mizuho Corporate Bank plans to write off 1 trillion yen ($8.2 billion) in bad loans next business year, according to a report. The bank, the wholesale unit of Mizuho Holdings, will dispose of the loans to around 150 large companies that are bankrupt or close to it, the Asahi Shimbun reports. Mizuho originally planned to write those loans down over the next two to three years. But it has decided to speed up that process in light of the government's plan for the banks released Wednesday. (Full story) That plan disappointed many bank watchers, who faulted Financial Services Minister Heizo Takenaka for giving up many of his harsher measures. (Full story) The company is also going to review loans to about 250 companies, with around 5 trillion yen ($41 billion) in loans. But most of those are viable, an official said in the report. Mizuho Corporate Bank said in October that it was scaling back its risk assets by 5 trillion to 7 trillion yen this business year. It is making that move to boost its capital base. Mizuho wrote off 890 billion yen ($4 billion) in bad loans last business year. But the government has been pushing banks to deal with them even quicker, hoping to halve Japan's tally of over $400 billion in bad loans by 2005. Mizuho stock is down 1.61 percent at 183,000 yen late on Friday morning, with most banks down despite a 0.39 percent rise in the Nikkei average.
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