Circular No. 629 dated 31 October 2008, as amended, on the Treatment of net Unrealized Losses in the FCDU/EFCDU Book
MEMORANDUM NO. M-2009-034
To: All Banks with FCDU/EFCDU Authority
Subject: Circular No. 629 dated 31 October 2008, as amended, on the Treatment of net Unrealized Losses in the FCDU/EFCDU Book
This is to remind all banks with Foreign Currency Deposit Unit (FCDU)/Expanded Foreign Currency Deposit Unit (EFCDU) authority that the effectivity of Circular No. 629 dated 31 October 2008, as amended by Circular No. 651 dated 1 April 2009, on the treatment of net unrealized losses in the FCDU/EFCDU book for purposes of determining compliance with FCDU/EFCDU asset cover requirements, is only up to 30 September 2009.
For information and guidance.
NESTOR A. ESPENILLA, JR. Deputy Governor
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