BSP Circular No. 674 (2009)
AMENDMENT OF CERTAIN SUBSECTIONS AND APPENDIX 5A OF THE MANUAL OF REGULATIONS FOR BANKS (MORB) ON ONE OF THE PRE-QUALIFICATION REQUIREMENTS FOR THE GRANT OF BANKING AUTHORITIES
(NAR) VOL. 21 NO.1/ JANUARY - MARCH 2010
[ BSP CIRCULAR NO. 674, S. OF 2009, December 10, 2009 ]
AMENDMENT OF CERTAIN SUBSECTIONS AND APPENDIX 5A OF THE MANUAL OF REGULATIONS FOR BANKS (MORB) ON ONE OF THE PRE-QUALIFICATION REQUIREMENTS FOR THE GRANT OF BANKING AUTHORITIES
Pursuant to Monetary Board Resolution No. 1488 dated 15 October 2009, the following Subsection and Appendix 5a of the MORB are hereby amended as follows: Type of Licensing From To Specific Provision Authority (Current Provision) (Proposed Amendment) Establishment of a Susbsection Member in good Branch/Banking Office x151.2 item e standing of the (12) Philippine Deposit Insurance Corporation (PDIC) as of date of application Accept or Create Subsection It must be a member of Demand Deposits x201.1 item b the PDIC in good standing It has neither unpaid Accept NOW account Subsection It must be a member of assesstment due nor past x233.1 item b the PDIC in good due nor past due Issuance of Negotiable Subsection standing obligations with the Certificates of Time x233.1 item b PDIC. Deposit (NTCD) Accept Government Subsection Deposits x240.3 item b Issuance of Long Term Subsection It is a member of the Certificate of Time x233.9 item c PDIC in good standing. Deposits (LTNCTD) (1) (i) Engage in Trust and Subsection Other Fiduciary Business x404.3 item m Engage in Limited Trust Subsection Business to Thrift Banks 2404 item 10 (TBs) Engage in Limited Trust Subsection Business to Rural Bank 3404 item 10 (RBs) Operate a Foreign Appendix 5a The Bank is a member Currency Deposit Unit Item k of PDIC in good (TBs) standing Operate a Foreign Appendix 5a No outstanding major No outstanding major Currency Deposit Unit Item k supervisory concerns supervisory concerns on(RBs) on safety and safety and soundness soundness from last from last examination, examination, such as, such as, but not limited but not limited to: xxx to: xxx 11. Membership with 11. Non-payment of the PDIC assessment dues and/or past due obligations with the PDIC. This Circular shall take effect fifteen (15) days after publication in the Official Gazette or in a newspaper of general circulation. Adopted: 10 Dec. 2009 FOR THE MONETARY BOARD:
(SGD.) AMANDO M. TETANGCO, JR. Governor