Revisions in Reporting Requirements for Thrift Banks - Effective 1 January 2001

CIRCULAR NO. 270 Series of 2000

TO       :            ALL THRIFT BANKS

To complete the rationalization and simplification of reports required from thrift banks, the Monetary Board, in its Resolution No. 2029 dated November 17, 2000 approved the following:

1.  Effective January 1, 2001, banks shall  adopt the updated Manual of Accounts for Thrift Banks  (Annex AA).

2.  Effective January 1, 2001, banks shall implement the revisions in reporting requirements enumerated in Annex 1.

3.  Starting January 1, 2001, all thrift banks shall transmit electronically the reports and schedules presently required to be submitted in diskette form,  but incorporating the foregoing report format revisions.  At present, these reports include the following:

TB Form 1, Consolidated Daily Report of Condition (CDRC)

TB Form 2, Consolidated Statement of Condition (CSOC)

TB Form 5, Consolidated Statement of Income, Expenses and Surplus (Free)

TB Form 20A, Report on Peso-Denominated Common Trust Funds and Other Similarly Managed Funds, and

TB Form 20B, Report on Trust and Other Fiduciary Accounts – Others.

After January 1, 2001, other required reports shall also be transmitted electronically, within a time frame to be determined by the BSP’s Supervisory Reports and Studies Office.

4. Banks shall adopt the General Ledger-Subsidiary Ledger (GL/SL) format of reporting, as embodied in the following documents:

Manual of Unified Reports (Annex BB)

Manual of Usage and Frequency Matrices (Annex CC), and

Manual of Reference Files (Annex DD)

under the following phases of implementation:

Phase 1.    Starting April 1, 2001, thrift banks shall transmit through communication lines the GENERAL LEDGER ACCOUNTS of the Regular/FCDU and Trust Books.

Phase 2.   Starting August 1, 2001, thrift banks shall transmit through communication lines the TRANSACTION REPORT FORMS in the required frequency.  In addition, they shall also transmit the SUBSIDIARY LEDGERS of the Regular/FCDU and Trust Books in stages to be agreed upon by BSP and the Chamber of Thrift Banks.

Phase 3.   Starting November 1, 2001, thrift banks shall transmit through communication lines the SPECIAL FORMS in the required frequency.

FOR THE MONETARY BOARD:

RAFAEL B. BUENAVENTURA Governor