Prompt Corrective Action Framework
CIRCULAR NO. 523 Series of 2006
Subject: Prompt Corrective Action Framework
The Monetary Board in its Resolution No. 314 dated 10 March 2006 approved the attached framework for the enforcement of prompt corrective action (“PCA”) on banks and other financial institutions under its jurisdiction. The framework sets forth the conditions/events that would trigger the enforcement of PCA, the measures that may be taken as PCA, the sanctions on non-compliance with the PCA plan and the conditions for lifting of the PCA status.
This Circular shall take effect fifteen calendar days after the publication in the Official Gazette or in a newspaper of general circulation.
FOR THE MONETARY BOARD
AMANDO M. TETANGCO, JR. Governor
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