The Financial Services Agency said Thursday it has set up a team under the Financial System Council to draft measures to ensure financial settlement stability before the April 1 imposition of a 10 million yen refund cap on all demand deposits.
The team, headed by Takaoka National College President Shoichi Royama, consists of five regular members and two observers, it said.
It is expected to work on the finer points of a proposed new type of account for financial settlements that will be fully protected by the government.
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