MB Resolution No. 570 dated 17 May 2007 Placing Area Development Bank Under Receivership
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MAYNILA. PILIPINAS
SuPErVISION ANd eXAMInAtiON SECtOr OFFICE OF THE DEPUTY GOVERNOR
CIRCULAR LETTER nO. CL-2007- 026
TO Ail Banks and Non-Bank Financial Institutions (NBFI)
Subject MB Resolution No. 570 dated 17 May 2007 Placing Area Development Bank Under Receivership
approved and confirmed to prohibit AREA DEVELOPMENT BANK from doing receivership. in accordance with Section 30 of R.A. No. 7653. business in the Philippines and to place its assets and affairs under The Monetary Board. in its Resolution No. 570. dated 17 May 2007
Statutory Receiver of Area Development Bank. The Philippine Deposit insurance Corporation has been designated as
NESTOR A. ESPENILLA Deputy Governor
Zz May 2007
Pananalaping Matatag. Bansang Panatag
A. Mabini St., Malate 1004 Manjia, Philippines Trunkline (632) 524-70-1: URL:wWw.bsp.gov.ph * e-mait: bspmait@bsp gov.ph
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