Adoption by the Bangko Sentral ng Pilipinas (BSP) of the consolidated supervision approach

CIRCULAR LETTER Series of 2002

TO: ALL BANKS

In line with the adoption by the Bangko Sentral ng Pilipinas (BSP) of the consolidated supervision approach, all banks with foreign banking offices and subsidiaries are hereby required to furnish the appropriate supervising and examining department of the BSP, copies of the following:

1. Audited financial statements (AFS) of the foreign banking offices and subsidiaries; and 2. Examination reports done by the foreign bank supervisory authority.

The submission of the above documents to BSP shall not be later than thirty (30) banking days from date of submission/release of said reports to the foreign banking offices and subsidiaries of Philippine banks. Material findings, if any, contained in said reports should be highlighted.

This Circular Letter shall take effect with the AFS and reports received by the foreign banking offices and subsidiaries after date of this Circular Letter.

ALBERTO V. REYES Deputy Governor