A committee of the Financial Reconstruction Commission said Monday it has evaluated the stocks of the failed Nippon Credit Bank as worthless.

The FRC's evaluation committee made the decision based on NCB's capital deficit of some 3.05 trillion yen as of Dec. 17, when it was placed under temporary nationalization.

As a result, the 60 billion yen in public funds injected into the NCB in the form of preferred stocks in March 1998 will not be returned to the state.