BSP CIRCULAR NO. 674, S. OF 2009, December 10, 2009

[ 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 Authority

Specific Provision

From (Current Provision)

To (Proposed Amendment)

It has neither unpaid assesstment due nor past due nor past due obligations with the PDIC.

Establishment of a Branch/Banking Office

Susbsection x151.2 item e (12)

Member in good standing of the Philippine Deposit Insurance Corporation (PDIC) as of date of application

Accept or Create Demand Deposits

Subsection x201.1 item b

It must be a member of the PDIC in good standing

Accept NOW account

Subsection x233.1 item b

It must be a member of the PDIC in good standing

Issuance of Negotiable Certificates of Time Deposit (NTCD)

Subsection x233.1 item b

Accept Government Deposits Subsection x240.3 item b

Issuance of Long Term Certificate of Time Deposits (LTNCTD)

Subsection x233.9 item c (1) (i)

It is a member of the PDIC in good standing.

Engage in Trust and Other Fiduciary Business

Subsection x404.3 item m

Engage in Limited Trust Business to Thrift Banks (TBs) Subsection 2404 item 10

Engage in Limited Trust Business to Rural Bank (RBs)

Subsection 3404 item 10

Operate a Foreign Currency Deposit Unit (TBs)

Appendix 5a Item k

The Bank is a member of PDIC in good standing

Operate a Foreign Currency Deposit Unit (RBs)

Appendix 5a Item k

No outstanding major supervisory concerns on safety and soundness from last examination, such as, but not limited to: xxx

11. Membership with the PDIC No outstanding major supervisory concerns on safety and soundness from last examination, such as, but not limited to: xxx

11. Non-payment of 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