MB Resolution No. 1090 dated 31 August 2006 Placing The Bank of Cebu - A Development Bank Under Receivership
MEMORANDUM NO. M-2006-017
For : All Banks and Non-Bank Financial Institutions
Subject : MB Resolution No. 1090 dated 31 August 2006 Placing The Bank of Cebu - A Development Bank Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No. 1090 dated 31 August 2006, approved and confirmed to prohibit The Bank of Cebu (TBC) - A 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 the aforementioned bank.
For information and guidance.
NESTOR A. ESPENILLA, JR. Deputy Governor
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