Electronic Transmission of the Consolidated Report on Required and Available Reserves Against Deposit Substitutes and Special Financing (CRRAR) to SRSO

CIRCULAR LETTER Series of 2001

TO   :  NON BANK FINANCIAL INSTITUTIONS PERFORMING QUASI-BANKING FUNCTIONS (NBQBs)

Subject  : Electronic Transmission of the Consolidated Report on Required and Available Reserves Against Deposit Substitutes and Special Financing (CRRAR) to SRSO

In line with the new reportorial requirements under R.A. 8791 (General Banking Law of 2000), all NBQBs are required to submit in electronic form their CRRAR (Annex A, Annex A.1, Annex A.2 and Annex A.3) to the Supervisory Reports and Studies Office (SRSO) starting week covering December 28, 2001 – January 3, 2002

The following guidelines shall be observed:

1.  All entities shall comply with the stipulated data structure shown in Annex B and Annex B.1 (for Investment Houses) and Annex C and Annex C.1 (for Financing Companies). The report shall be transmitted in an EXCEL format (sample format attached as Annex D and Annex D.1) and saved as an Excel file (.xls) using the prescribed filename: NBQN01.xls (for CRRAR for both Investment Houses and Financing Companies) and NBQN03.xls (for Eligible Philippine Government Securities utilized as Reserves against Deposit Substitutes for both Investment Houses and Financing companies).

2.  The modes of  transmission and the corresponding BSP address shall be:

Mode of Transmission  BSP Address Subject

Via CCMail srso-nbqb CRRAR for the week ____ to ____

Via Internet [email protected] CRRAR for the week ____ to ____

3.  There shall be a parallel run for one month starting with reports covering week Dec. 28, 2001 – Jan. 3, 2002 (submission deadline, Jan. 9, 2002) wherein the NBQB concerned shall submit to SRSO the reports both in the (1) new reporting scheme (ccmail or email/internet) and (2) in hard copy format. A duplicate hard copy of the report shall likewise be submitted to the Dept. of Thrift Banks and Non-Bank Financial Institutions (DTBNBFI).

4. Upon electronic transmission of the reports, a control prooflist (sample copy attached as Annex E), duly signed by the authorized officer of the institution, shall be faxed to SRSO (#523-3461) on the same day.

5.  An acknowledgement receipt shall be issued by SRSO for reports that strictly follow the prescribed format. Reports with exceptions/errors shall be automatically rejected by the system and an error list shall be provided to the NBQB to serve as guide in rectifying errors verified.  Delayed and amended reports shall be considered as late reports and subject to the penalties for Category A-2 reports.  These penalties shall be imposed after the parallel testing period, i.e. week covering Feb. 1, 2002 – Feb. 7, 2002 (submission deadline, Feb. 13, 2002).

6.  SRSO will provide the Excel templates to the NBQBs during the week of December 17, 2001.  For authentication, all NBQBs are required to confirm their ccmail or email addresses with SRSO on or before December 14, 2001.

For strict compliance.

ALBERTO V. REYES Deputy Governor