BSP Circular No. 776 (2012)
AMENDMENT OF SUBSECTION (§) X268.3 OF THE MANUAL OF REGULATIONS FOR BANKS (MORB) TO INCLUDE A PROVISION ON THE GRANT OF TEMPORARY REDISCOUNTING LINES TO NEWLY MERGED OR CONSOLIDATED BANKS
(NAR) VOL. 24 NO. 1 / JANUARY - MARCH 2013
[ BSP CIRCULAR NO. 776, December 07, 2012 ]
AMENDMENT OF SUBSECTION (§) X268.3 OF THE MANUAL OF REGULATIONS FOR BANKS (MORB) TO INCLUDE A PROVISION ON THE GRANT OF TEMPORARY REDISCOUNTING LINES TO NEWLY MERGED OR CONSOLIDATED BANKS
Pursuant to Monetary Board Resolution No. 1619 dated 4 October 2012, the provisions of § X268.3 of the MORB, covering the guidelines on the Bangko Sentral ng Pilipinas (BSP) Rediscounting Facility are hereby amended to include a paragraph after item h and immediately before the provision on the requirements on microfinance facility, as follows: xxx § X268.3 Approval/Renewal of the Line. The approval/renewal of the Line shall be subject to the bank's full compliance with the following requirements: xxx For newly merged or consolidated banks, a temporary line not exceeding 50% of its adjusted net worth as of latest date may be granted for a period of 180 days while awaiting the required reports/data from the appropriate Supervision and Examination Sector Department, renewable for another 180 days or until such time that the required reports/data are made available, whichever comes earlier, subject to the following conditions:
a. Compliance with the requirements cited under Items e and f, and other guidelines issued by the DLC; and b. One of the merging or consolidating banks has CAMELS composite rating of at least 3 and minimum CAR of 10% based on the latest available SDC data. xxx The above provision shall not limit the Monetary Board from granting rediscounting line incentives to merged/consolidated banks pursuant to § X108.3 of the MORB. Effectivity. This Circular shall take effect on 07 December 2012.
FOR THE MONETARY BOARD:(SGD.) JUAN D. DE ZUÑIGA, JR.
Officer-In-Charge