First, I would like to extend my heartfelt sympathies to those who suffered as a result of the Great East Japan Earthquake, which occurred in March of this year. Along with the reconstruction of disaster areas and the rebuilding of livelihoods for those affected by the disaster, I pray in earnest that everyday life can return as soon as possible. We at Mizuho are making a full–scale effort to assist our customers and the damaged regions as well as to contribute to the recovery of the business community by utilizing our knowledge and know–how as a financial institution. Initiatives we are currently advancing include offering a variety of support to disaster–affected, individual customers; offering Disaster Relief Support Funding and the Business Reconstruction Assistance Fund for corporate customers; and supporting disaster areas through setting up the Tohoku Fukkou Desk (the Tohoku Reconstruction Desk) and through employee volunteer activities.
Next, I would also like to take this opportunity to reiterate our deepest and sincerest apologies to everyone who has experienced any inconvenience due to the recent computer system failures of Mizuho Bank. The management and all officers and employees of the Group are taking very seriously the situation where we, as a financial institution, caused settlement malfunctions amid a difficult time in Japan. With a strong resolution to prevent its recurrence, Mizuho will focus all of its energy to restore customer confidence.
Reviewing the recent economic environment, the global economy has been led by newly developing countries, but the risk remains of a slackening in the economy. In regards to the Japanese economy, due to the impact of the Great East Japan Earthquake, constraints to production activities and a sharp decline in personal consumption appear to be unavoidable, at least in the short term. In addition, the environment for financial institutions is changing drastically along with the ongoing revision of financial regulations around the world.
In order to respond promptly and appropriately to the new business environment, in May 2010 we announced "Mizuho's Transformation Program," the Medium–term Management Policy for the next three fiscal years, and have subsequently been enhancing our strengths in three areas, namely: profitability, financial base, and front–line business capabilities.
Through the recent computer system failures that we experienced, we have become seriously aware that implementation of the further proactive and self–disciplined transformation is necessary in order to become "the most trusted financial institution" which we have raised as Mizuho's future vision. Based on this background, we announced "Actions to Restore Customer Confidence" in May 2011. We are thoroughly implementing the "customer first policy" by encouraging officers and employees to change their mindset and restructuring the corporate culture, while thoroughly re–examining our management infrastructure ranging from the organizations and structure, to human resource management and operations and IT systems. Furthermore, we will endeavor to fulfill our public mission as a financial institution.
