Updated Manual of Account and unified GL/SL system for thrift banks

CIRCULAR LETTER Series of 2002

TO         :    All Thrift Banks

Subject  :   Updated Manual of Accounts and Unified GL/SL System for Thrift Banks

Pursuant to the provisions of Circular 270 dated December 19, 2000 on the rationalization and simplification of reports required by Bangko Sentral ng Pilipinas, all thrift banks are required to adopt the updated Manual of Accounts for Thrift Banks (Annex AA of Circular 270) and submit the General Ledger using the GL template in lieu of schedules of the monthly Consolidated Statement of Condition (CSOC) and the quarterly Consolidated Statement of Income and Expenses (CSIE) starting with reports as of September 30, 2002. However, the usual supporting schedules shall continue to be submitted, pending future phase in of reports using the Subsidiary Ledger (SL) template.

All thrift banks shall comply with the following guidelines:

1.   The GL report including the schedules attached to the former CSOC and CSIE reports shall be directly submitted electronically to the Supervisory Reports and Studies Office (SRSO) in accordance with existing deadlines using the following addresses:

Ccmail addresses   : - SRSO-CSOCTB Email address        : - [email protected] Subject                  : - (Bank Name) GL File Date                      : - As of Reference Date of Report

2.   Amounts shall be in absolute figures.

3.   Existing regulations on impositions of penalties for delayed/erroneous reporting shall continue to apply.

4.   Thrift Banks presently  submitting  reports through ccmail or email to SRSO shall continue to transmit their reports electronically, while banks that do not yet have access to these lines are encouraged to communicate with BSP-ITD for their registration/connection with said facility.  In the absence of an on-line facility with BSP,  the usual diskette reporting scheme shall be allowed for these banks.

5.   Upon transmission of the General Ledger template file of the CSOC and CSIE, the bank shall also fax the notarized Control Prooflist on the contents of the data sent via electronic mail to BSP-SRSO.  Original copy of the control prooflist shall likewise be submitted to BSP-SRSO.  A copy of the prescribed Control Prooflist of the CSOC and CSIE are attached for your ready reference.

6.   Until the full implementation of the SL reporting system, all thrift banks shall be responsible for reconciling the GL report against the various supporting schedules prior to submission to SRSO in accordance with prescribed validation rules.  Banks may secure from SRSO a copy of the BSP validation program for this purpose.

7.   SRSO shall run an official validation test on the reports submitted using the same program provided to banks.  Banks shall be promptly advised on the validation results and shall be required to correct reports when necessary.

8.   The timetable for implementing the GL template and the SL Template File Reporting System by all thrift banks shall be as follows:

Report

Parallel Testing

Live Implementation

General Ledger mapped with revised CSOC Main Report

September 2002 reports

November 2002 reports

CSOC Schedules (Schedules A to Q), Legacy style, based on the revised TB Form 2

September 2002 reports

November 2002 reports

Loan Ledger System Interbank Loans & Accounts Receivables

November 2002 reports

January 2003 reports

Deposit Liabilities/Due to Local Banks Ledger

December 2002 reports

February 2003 reports

Investment/Equity Investment System

January 2003 reports

February 2003 reports

Due from other Banks/Head Office, Branches & Agencies

February 2003 reports

March 2003 reports

Bills Payable

February 2003 reports

March 2003 reports

Various Liabilities

February 2003 reports

March 2003 reports

Contingent Accounts

February 2003 reports

March 2003 reports

It is understood that the related schedules (Schedules 2A to 2Q) attached to the corresponding subsidiary ledger system shall be discontinued when the corresponding SL Template reporting is implemented, as scheduled above.

All queries related to this implementation may be addressed to SRSO, c/o Mrs. Milagros F. Ayuyao at tel. no. 524.77.54 or Mrs. Aurora P. Frias, at tel. no. 525.5234. Queries may also be faxed to 523.3461.

For strict compliance.

Attachments (zip)

ALBERTO V. REYES Deputy Governor