REPORT ON CROSS-BORDER FINANCIAL POSITIONS OF BANKS
Adopted: 08 September 2014
Date Filed: 29 September 2014
The Monetary Board, in its Resolution No. 1228 dated 7 August 2014, approved the issuance of the attached Report on Cross-Border Financial Positions.
The Report on Cross-Border Financial Positions is designed to measure and monitor the cross-border financial claims and liabilities of universal and commercial banks (U/KBs) and their subsidiary thrift banks (TBs) to provide the BSP with a comprehensive view of potential financial risks and transmission channels emanating from foreign counterparties of Philippine banks.
The following guidelines shall cover the submission of the Report:
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1.
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Coverage
All U/KBs and their subsidiary TBs shall submit the Report on Cross-Border Financial Positions on a solo basis in accordance with the Guidelines on the Completion of the Report (Annex A*). |
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2.
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Reportorial Requirements
The Report on Cross-Border Financial Positions shall be considered a Category B report and shall be implemented in 2 phases: |
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a.
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Phase 1 – U/KBs and their subsidiary TBs shall submit an initial, one-time report on their total cross-border financial position according to geographic region/country and currency within 120 calendar days after the initial reference date of 30 September 2014 using the template in Annex B.
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b.
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Phase 2 – U/KBs and their subsidiary TBs shall submit a quarterly report on their cross-border financial positions which shall be categorized according to the sector of their non-resident counterparty within a country as defined in Annex A. A separate sheet shall be submitted for each sector using the template provided in Annex C. This sectoral report shall replace the initial report required under Phase 1 and shall be submitted within 30 banking days from end of reference quarter starting 31 March 2015.
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Appendix 6 of the MORB on the list of reports required of banks is hereby amended to include the Report on Cross-Border Financial Positions of Banks as follows:
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| A. UBs/KBs | ||||||
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Report Category
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Report Title
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Frequency
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Submission Deadline
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Submission Procedure
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B
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Report on Cross-Border Financial Positions (Phase 1) |
One-time | Within 120 calendar days from 30 September 2014 |
By electronic mail to SDC SDCKB-RCBP@ bsp.gov.ph
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B
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Report on Cross-Border Financial Positions |
Quarterly1/ | Within 30 banking days from end of reference quarter |
By electronic mail to SDC SDCKB-RCBP@ bsp.gov.ph
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| B. TBs | ||||||
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B
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Report on Cross-Border Financial
Positions (Phase 1)2/ |
One Time
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Within 120 calendar days from 30 September 2014
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By electronic mail to SDC SDCKB-RCBP@ bsp.gov.ph
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B
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Report on Cross-Border Financial
Positions2/ |
Quarterly1/
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Within 30 banking days from end of reference quarter
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By electronic mail to SDC SDCKB-RCBP@ bsp.gov.ph
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| 1/ Starting 31 March 2015 reference period 2/ For TBs which are subsidiaries of UBs and KBs |
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3.
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Late and/or erroneous reporting of the said report shall be subject to penalties prescribed under Subsection X192.2 of the Manual of Regulations for Banks (MORB) for Category B reports.
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4.
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Mode and Manner of Submission
Specific guidelines on the mode and manner of submission of the Report on Cross-Border Financial Positions in the Philippines shall be covered by a separate memorandum issuance. |
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The Report on Cross-Border Financial Positions of Banks shall become effective starting with the 30 September 2014 quarter-end report for Phase 1 implementation and with the 31 March 2015 quarter-end report for Phase 2 implementation.
FOR THE MONETARY BOARD:
(SGD) DIWA C. GUINIGUNDO
Officer-in-Charge