To suspend the requirement under Subsection 2126.1c of the Manual of Regulations for Banks and Other Financial Intermediaries, Book II
CIRCULAR NO. 125 Series of 1997
The Monetary Board, in its Resolution No. 384 dated April 8, 1997, decided to suspend the requirement under Subsection 2126.1c of the Manual of Regulations for Banks and Other Financial Intermediaries, Book II, for prior Monetary Board approval for any sale or transfer of ownership or control of more than 20% of the voting stock of a thrift bank and any sale or transfer or a series of sales or transfers which shall effect a change in the majority ownership or control of the voting stock of the bank from one group of persons to another group. The suspension shall last for the duration of the moratorium on ownership ceilings under Section 8 of R.A. 7906, otherwise known as the Thrift Banks Act of 1995, or until lifted by the Monetary Board.
In lieu of prior Monetary Board approval, notice of the sale or transfer shall be given to the Monetary Board for its notation thru the Department of Thrift Banks and Non-Bank Financial Institutions.
This Circular shall take effect immediately.
GABRIEL C. SINGSON Governor
More in BSP Circulars
- Sanctions to be imposed for equity investments made without prior Monetary Board approval(BSP Circular No. 1366)
- Amendments to the rules and regulations to govern investments in all debts securities and marketable equity securities. Accordingly, Books I, II and IV of the Manual of Regulations for Banks and Other Financial Intermediaries(BSP Circular No. 161)
- Issuance of the new Financial Reporting Package (FRP) for banks in line with the adoption of the Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS)(BSP Circular No. 512)
- Enhanced Guidelines in Strengthening Compliance Frameworks(BSP Circular No. 972)
- Loans of exporters to the extent guaranteed by the Guarantee Fund for Small and Medium Enterprises and by the Small Business Guarantee and Finance Corporation which are not past due(BSP Circular No. 153)
- Modifying the regulation requiring an independent appraisal company in connection with a loan restructuring(BSP Circular No. 218)
- The Bangko Sentral’s Discount Window Facility(BSP Circular No. 1202)
- Amendments to the pertinent provisions of Circular No. 1389 dated April 13, 1993 (Consolidated Foreign Exchange Rules and Regulations)(BSP Circular No. 31)
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