The ruling Liberal Democratic Party said Thursday that the banking community, to regain public trust, must step up efforts to restructure and cut costs through such means as pay cuts.

The calls came during the day’s session of an LDP panel currently studying measures to stabilize the financial system, where representatives of the Japan Federation of Bankers Associations were summoned for a hearing. According to participants, the LDP lawmakers, who are prepared to release next week a package of steps aimed at securing deposits and investments through public funds, said further restructuring of the industry is needed.

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