AMENDMENT OF CERTAIN SUBSECTIONS AND APPENDIX 5A OF THE MANUAL OF REGULATIONS FOR BANKS (MORB) ON ONE OF THE PRE-QUALIFICATION REQUIREMENTS FOR THE GRANT OF BANKING AUTHORITIES
National Administrative Register October 15, 2009 [ BSP CIRCULAR NO. 674, S. OF 2009, December 10, 2009 ]
Pursuant to Monetary Board Resolution No. 1488 dated 15 October 2009, the following Subsection and Appendix 5a of the MORB are hereby amended as follows:
This Circular shall take effect fifteen (15) days after publication in the Official Gazette or in a newspaper of general circulation.
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Type of Licensing Authority
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Establishment of a Branch/Banking Office
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Susbsection x151.2 item e (12)
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Member in good standing of the Philippine Deposit Insurance Corporation (PDIC) as of date of application
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Accept or Create Demand Deposits
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Subsection x201.1 item b
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It must be a member of the PDIC in good standing
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Accept NOW account
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Subsection x233.1 item b
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It must be a member of the PDIC in good standing
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Issuance of Negotiable Certificates of Time Deposit (NTCD)
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Subsection x233.1 item b
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| Accept Government Deposits | Subsection x240.3 item b | ||||||||||||||||||||||||||||
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Issuance of Long Term Certificate of Time Deposits (LTNCTD)
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Subsection x233.9 item c (1) (i)
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It is a member of the PDIC in good standing.
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Engage in Trust and Other Fiduciary Business
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Subsection x404.3 item m
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Engage in Limited Trust Business to Thrift Banks
(TBs) |
Subsection 2404 item 10 | ||||||||||||||||||||||||||||
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Engage in Limited Trust Business to Rural Bank (RBs)
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Subsection 3404 item 10
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Operate a Foreign Currency Deposit Unit (TBs)
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Appendix 5a Item k
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The Bank is a member of PDIC in good standing
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Operate a Foreign Currency Deposit Unit (RBs)
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Appendix 5a Item k
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No outstanding major supervisory concerns on safety and soundness from last examination, such as, but not limited to: xxx 11. Membership with the PDIC
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No outstanding major supervisory concerns on safety and soundness from last examination, such as, but not limited to: xxx
11. Non-payment of assessment dues and/or past due obligations with the PDIC.
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