MB Resolution No. 950 dated 27 July - 2006 Placement of the First Coconut Rural Bank (Batangas City), Inc. Under Receivership
MEMORANDUM NO. M - 2006 -012
To : All Banks
Subject : MB Resolution No. 950 dated 27 July - 2006 Placement of the First Coconut Rural Bank (Batangas City), Inc. Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No. 950 dated 27 July 2006, decided to prohibit the FIRST COCONUT RURAL BANK (BATANGAS CITY), INC. from doing business in the Philippines and to place its assets and affairs under receivership pursuant to Section 30 of R.A. No. 7653.
The Philippine Deposit Insurance Corporation has been designated as Receiver of the aforementioned rural bank.
For information and guidance.
NESTOR A. ESPENILLA, JR. Deputy Governor
More in BSP Memoranda
- Creditable Withholding Tax (CWT) on Licensing and Processing Fees(BSP Memoranda No. M-2018-031)
- Single Reserve Week from 19 December 2025 to 01 January 2026(BSP Memoranda No. M-2025-040)
- Customer Due Diligence for Banks issued by the Basel Committee on Banking Supervision(BSP Memoranda)
- MB Resolution No. 1521.A dated 19 September 2013 Placement of the Rural Bank of Hagonoy (Davao del Sur), Inc. Under Receivership(BSP Memoranda No. M-2013-043)
- Frequently Asked Questions on the Basel III Implementing Guidelines(BSP Memoranda No. M-2013-008)
- Calculation of a bank/NBQB reserve position during the reserve weeks 24 to 30 December 2004 and 31 December 2004 to 6 January 2005(BSP Memoranda)
- Guidelines on the Submission of the Amended Financial Reporting Package (FRP) of 2008(BSP Memoranda No. M-2008-016)
- MB Resolution No. 1336 dated 29 November 2007; Placement of the Rural Bank of Malabon (Metro Manila), Inc. Under Receivership(BSP Memoranda No. M-2007-036)
Want an analysis of this document?
Ask ASG Legal AI to summarize it, compare it with other rulings, or explain how it applies to your situation — it researches from this same library.