Officially, after 1876, the foundation of national banks was eagerly promoted as needed for national progress, and the re­ sponse was surpassing even the most optimistic expectations. By 1879 permission for founding new banks was stopped, their number having reached 153. But parallel private banks began to mushroom: in 1878 there was only one; by 1883 there were already 197 private banks. The zaibatsu realised the necessity to secure ample capital supply and, one after the other, founded their own banks: Mitsui in 1876, Yasuda in 1880; Mitsubishi took over the national bank number 119 and in 1895 established its private Mitsubishi Bank; Sumitomo did the same in that year.