Foreign currency denominated credit accommodations of banks' FCDUs/EFCDUs to the BSP
CIRCULAR NO. 386 Series of 2003
To: All Universal and Commercial Banks
In its Resolution No. 512 dated 10 April 2003, the Monetary Board decided that for uniformity and consistency in reporting, foreign currency denominated credit accommodations of banks' FCDUs/EDCDUs to the BSP shall be booked as "Interbank Term Loans Receivable", under the sub-control account "Interbank Term Loans Receivable-BSP-FCDU/EFCDU".
Accordingly, BSP Circular No. 108 dated 02 October 1995, as amended by BSP Circular No. 201 dated 01 May 1999 [Manual of Accounts for Universal and Commercial Banks (UBs/KBs)], is amended further as follows -
a. Creation of the sub-control account "Interbank Term Loans Receivable-BSP- FCDU/EFCDU" which shall be used for loans and discounts granted to the BSP by FCDUs/EFCDUs of banks, which credit exposures shall be recorded at their respective foreign currency amounts.
b. Amendment of the definition of the "Due from BSP - Foreign Currency-FCDU/EFCDU" account so as to delete the phrase "claims in foreign currency from the BSP, i.e., due to purchase of BSP paper (due to BSP assumption of foreign liability of the reporting bank)".
Pages 2 and 4 of the Manual of Accounts for UBs/KBs are hereby amended as shown in Annex "A".
This Circular shall take effect immediately.
FOR THE MONETARY BOARD:
RAFAEL B. BUENAVENTURA Governor
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- Approval of the guidelines governing the emergency loans and advances to banking institutions which shall supersede the existing provisions of Sec. X272 and the corresponding subsections of the MORB(BSP Circular No. 517)
- Amendments to the Guidelines on the Submission of Annual Reports and the Sanctions to be lmposed for Non-Disclosure of Relevant lnformation(BSP Circular No. 956)
- Amendments to the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions(BSP Circular No. 237)
- Revised Manual of Rules and Regulations Governing Non-Trade Foreign Exchange Transactions - Chapters VI - X(BSP Circular No. 1318)
- Rules and regulations amending the Manual of Regulations for Banks to implement Section 20 of the General Banking Law of 2000(BSP Circular No. 357)
- Amendments to the Manual of Regulations for Banks(BSP Circular No. 349)
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