The Financial Services Agency asked Resona Holdings Inc. on Monday to improve its pending business revitalization plan, Financial Services Minister Tatsuya Ito said.
"I hope (Resona Holdings) will work out a plan with better content," Ito said after meeting with an FSA task force on financial issues that discussed the plan with Resona Chairman Eiji Hosoya.
The plan includes business programs for the years after next April, FSA officials said.
Under the plan, Resona Holdings has set a 2009 deadline for redeeming some 700 billion yen in preferred shares due to be converted into common shares, a portion of the 3.1 trillion yen in public funds it received from the government, the officials said.
The plan does not mention a deadline for repaying some 2 trillion yen the government injected into Resona in 2003, they said.
"We will be able to repay it by building up reserves," Hosoya was quoted as saying at the meeting.
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