BSP CIRCULAR NO. 17-94, March 11, 1994

[ BSP CIRCULAR NO. 17-94, March 11, 1994 ]

RE: CAPITAL ACCOUNTS OF P250M AMENDMENTS TO MANUAL REGULATIONS FOR BANKS AND OTHER FINANCIAL INTERMEDIARIES

The Monetary Board, in its Resolution No. 208 dated March 4, 1994, approved the amendments to the Manual of Regulations for Banks and Other Financial Intermediaries, as follows:

SECTION 1. Item (a) of Subsection 1289.4 (Book I) of the Manual of Regulations is hereby amended to read as follows:

"a. combined capital accounts of at least P250 million."

SECTION 2. Item (a) of Subsection 2289.4 (Book II) of the Manual of Regulations is hereby amended to read as follows:

"a. combined capital accounts of at least P250 million: Provided, that banks already authorized to perform quasi-banking functions shall have until December 31, 1995 within which to meet the minimum capital required and shall submit a capital build-up program with semestral targets by June 30, 1994."

This Circular shall take effect immediately.

Adopted: 11 Mar. 1994

(SGD.) GABRIEL C. SINGSON Governor