Mizuho Bank will acknowledge flaws in its system management in a report over a series of glitches that the Japanese lender will soon submit to regulators, informed sources said Friday.

The report will say that Mizuho failed to fully recognize the impact of glitches that hit parts of its systems, according to its outline. It will say that the four glitches had no direct causal link with each other, according to the outline.

The glitches occurred in the space of only two weeks, beginning with the one on Feb. 28 that caused about 80% of the bank’s ATMs across the country to stop functioning.

The Financial Services Agency has given the bank and its parent, Mizuho Financial Group Inc., until the end of this month to report on the cause of the glitches and preventive measures.

In the report, the bank will say it will consider introducing a plan to monitor and oversee its entire systems, according to the outline.

The Feb. 28 glitch caused cash cards and passbooks to be stuck inside affected ATMs. The bank will consider ways to prevent such occurrences from happening, according to the outline.

The bank will also review the way it provides information to customers when system glitches happen, according to the outline. It is also considering in-house disciplinary measures.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.