The Financial Reconstruction Commission on Friday officially approved the Sept. 1 transfer of the nationalized Nippon Credit Bank to a consortium led by Internet investor Softbank Corp.
The bank's capital deficit is expected to eventually total 3.242 trillion yen, of which 2.978 trillion yen will be paid off with taxpayers' money, FRC officials said.
The rest will be covered by insurance premiums paid by private-sector banks to the Deposit Insurance Corp., the banking industry safety net, as well as from other sources.