US deposit accounts maintained by banks with the BSP Foreign Exchange Department (FED)

CIRCULAR LETTER Series of 1997

TO : All Authorized Agent Banks

This is to remind everyone that all US deposit accounts maintained by banks with the BSP Foreign Exchange Department (FED) were ordered closed as of July 1994. No new deposit accounts of banks have been allowed to be opened with FED since then.

The sending of requests for confirmation of deposit account balances with FED would therefore be pointless and the cessation of this practice would be deeply appreciated.

GREGORIO R. SUAREZ Managing Director Banking Services Sector & Officer-In-Charge, FED