Mizuho Bank to Process Japan Salary Transaction

Mizuho Bank will be able to process, at noon Tuesday (3 a.m. GMT), 890,000 salary remittances and other transactions suspended by a system failure last week, President Satoru Nishibori said Monday.

Nishibori said the unit of Mizuho Financial Group Inc. <8411> has fixed the system glitch, which he explained was caused by massive fund transfers to two branches in Tokyo, but that the system is still unstable.

Some 30,000 fund transfers scheduled for Tuesday may be delayed into Wednesday, according to the president.

The bank will start operating its system for remittances into its accounts at noon on Tuesday, not the usual time of 8 a.m., which makes over-the-counter fund transfers and Internet banking services impossible before noon.

Withdrawals and deposits will be possible only at automated teller machines in its main office and branches from 8 a.m. Tuesday. The system glitch has halted all its ATMs including those in other places such as convenience shops.

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