BSP Circular Letters BSP Circular LetterBSP Circular Letter 2004-09-10T00:00:00.000+08:00

To prohibit FIRST SAVINGS BANK from doing business in the Philippines

R

ManILa

DFFICE OF THE De Puty governor

SUPERVISiON AND EXAMINAtiCN SECtOr

CIRCULAR LETTEF

TO: ALL BANKS

8 September 2004, approved and co firmed to prohibit FIRST SAVINGS BANK from doing=business in the Philippines and to place its assets ind affairs under receivership, in accordance with Section 3 of R.A. No. 7653 (The General Banking Law of 2000). (The New Centrai Bank Act) and Secti_i 53 of R.A. 8791 The Monetary Board, in its Resoiluton No. 1265 dated

been designated as Receiver of the a-nrementioned thrift bank. The Philippine Deposit Insuranc- Corporation has

ALBE TOV Der ty G&vernor IL/REYES

September 2004

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