23 Mar '11, 12pm

Japan banks in 2 trillion yen TEPCO finance plan: OSAKA : Japanese banks and trust groups will provide around 2

OSAKA : Japanese banks and trust groups will provide around 2 trillion yen (US$24.6 billion) to troubled Tokyo Electric Power this month to help cover costs for repairing its power plants, reports said. Three major banking groups - Sumitomo Mitsui Financial, Mizuho Financial and Mitsubishi UFJ Financial - as well as Sumitomo Trust & Banking and Chuo Mitsui Trust and Banking decided on Wednesday to offer financing, Jiji Press said. Sumitomo Mitsui Banking will provide about 600 billion yen and Mizuho Financial roughly 500 billion yen, with the three others each providing several hundred billion yen, Jiji said. TEPCO needs cash to boost electricity supply and carry out repairs at plants hit by the biggest earthquake ever recorded in Japan, which triggered a crisis at the firm's Fukushima Daiichi nuclear plant that has yet to be resolved. The utility had traditionally procure...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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