To recognize, for bank supervisory purposes, internationally accepted credit rating agencies (CRAs)
The Monetary Board, in its Resolution No. 76 dated 20 January 2005, decided to recognize, for bank supervisory purposes, internationally accepted credit rating agencies (CRAs) that will undertake local and national ratings: Provided, that said CRAs have at least a representative office in the Philippines. Accordingly, credit ratings assigned by said CRAs may be used, among others, as basis for determining appropriate risk weights in ascertaining compliance with existing rules and regulations on risk-based capital requirements.
This Circular takes effect fifteen (15) days following its publication in the Official Gazette or any newspaper of general circulation.
TO THE MONETARY BOARD:
RAFAEL B. BUENAVENTURA
Governor
More in BSP Circulars
- Reduction in the Reserve Requirement of Bonds(BSP Circular No. 1054)
- Regulation governing NBQB(BSP Circular No. 185)
- Guidelines on the Integration of Sustainability Principles in Investment Activities of Banks(BSP Circular No. 1149)
- Amendments to the Qualification Requirements of Selling Agents and/or Market Makers of Long-Term Negotiable Certificates of Time Deposits and/or Unsecured Subordinated Debt(BSP Circular No. 778)
- Securities backed by the unreleased Internal Revenue Allotments (IRA) of local government units(BSP Circular No. 353)
- Credit card operations of banks and subsidiary credit card companies(BSP Circular No. 398)
- Importation of the commodities(BSP Circular No. 1337)
- To approve the amendments of the provisions of the Manual of Regulations for Banks and Other Financial Intermediaries(BSP Circular No. 26)
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