To approve the following changes in the reportorial requirements in Appendix S-6 of the Manual of Regulations for Banks and Other Financial Intermediaries, Book IV

CIRCULAR NO. 25 Series of 1994

The Monetary Board, in its Resolution No. 437 dated 13 May 1994 approved the following changes in the reportorial requirements in Appendix S-6 of the Manual of Regulations for Banks and Other Financial Intermediaries, Book IV:

1. The following reports will no longer be required from NSSLAs with total resources of P10 million or less:

a. Annual Report of Management to Members; and

b. Consolidated Annual Financial Statements of NSSLAs and their Allied Undertakings/Affiliates/ Subsidiaries supported by individual financial statements of allied undertakings/affiliates/subsidiaries.

2. The following reports shall be deleted from the list of reports required from NSSLAs:

a) CBP 7-26-02.2H — Consolidated Report of Investments in Loans and Discounts;

b) Certification as to the Last Number of Board Resolution Adopted;

c) Duplicate of Board of Directors Resolutions; and

d) Information required in Section 4161 N.a (now Section 4161 S.b) as addendum to Information Sheet.

3. The following reports shall no longer be required from all NSSLAs:

a) Bio-Data and Information Sheet where no change occurs;

b) Report on Crimes/Losses when the value does not exceed 0.5% of the NSSLA's net worth or P50,000, whichever is lower; and

c) Report of Discrepancies of Accounts where the discrepancies do not exceed 1% of the NSSLA's net worth or P100,000, whichever is lower.

The effectivity of this Circular shall be 30 June 1994.

GABRIEL C. SINGSON Governor