BSP Circular Letters BSP Circular LetterBSP Circular Letter 2004-09-10T00:00:00.000+08:00
To prohibit FIRST SAVINGS BANK from doing business in the Philippines
CIRCULAR LETTER Series of 2004
TO : All Banks
The Monetary Board, in its Resolution No. 1265 dated 8 September 2004, approved and confirmed to prohibit FIRST SAVINGS BANK from doing business in the Philippines and to place its assets and affairs under receivership , in accordance with Section 30 of R.A. No. 7653 (The New Central Bank Act) and Section 53 of R.A. 8791(The General Banking Law of 2000).
The Philippine Deposit Insurance Corporation has been designated as Receiver of the aforementioned thrift bank.
ALBERTO V. REYES Deputy Governor
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