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Mizuho Bank to pay Y17 million damages for computer problems - Kyodo

23 August 2002  |  3542 views  |  0 Mizuho Bank to pay Y17 million damages for computer problems - Kyodo

Mizuho Bank has agreed to pay the Tokyo metropolitan government Y17 million for damages incurred when the bank's computer systems crashed in April, the Kyodo News Agency reports.

Kyodo says withdrawals of Y1.75 billion in water and sewage fees from the bank accounts of 140,000 households and companies were delayed during the computer breakdowns which marred the opening of the newly-merged bank.

The glitches affected 2.5 million transactions, caused 60,000 erroneous double deductions from accounts and froze operations at Mizuho's 7000 ATMs.

The Y17 million compensation includes Y13 million the Tokyo government spent on writing a new computer program to collate the delayed payments, and an extra Y1.7 million for printing apologies and postage, Kyodo reported.

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