MB Resolution No. 570 dated 17 May 2007 Placing Area Development Bank Under Receivership
CIRCULAR LETTER NO. CL-2007-026
To: All Banks and Non-Bank Financial Institutions (NBFI)
Subject : MB Resolution No. 570 dated 17 May 2007 Placing Area Development Bank Under Receivership
The Monetary Board, in its Resolution No. 570, dated 17 May 2007, approved and confirmed to prohibit AREA DEVELOPMENT 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 Philippine Deposit Insurance Corporation has been designated as Statutory Receiver of Area Development Bank.
NESTOR A. ESPENILLA, JR. Deputy Governor
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