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  • BSP Prohibits Rural Bank of Sta. Elena from Operations

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    GilbertGalope
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    The Monetary Board of the Bangko Sentral ng Pilipinas prohibited the Rural Bank of Sta. Elena (Camarines Norte), Inc. from doing business in the Philippines according to Section 30 of the New Central Bank Act. The Philippine Deposit Insurance Corporation was designated as Receiver to take over and liquidate the rural bank in accordance with Section 12 (a) of the PDIC Charter, as amended. This Circular Letter informs all banks and non-bank financial institutions of Monetary Board Resolution No. 1239.A dated August 2, 2018 regarding this prohibition.

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    The Monetary Board of the Bangko Sentral ng Pilipinas prohibited the Rural Bank of Sta. Elena (Camarines Norte), Inc. from doing business in the Philippines according to Section 30 of the New Central Bank Act. The Philippine Deposit Insurance Corporation was designated as Receiver to take over and liquidate the rural bank in accordance with Section 12 (a) of the PDIC Charter, as amended. This Circular Letter informs all banks and non-bank financial institutions of Monetary Board Resolution No. 1239.A dated August 2, 2018 regarding this prohibition.

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    9 visualizações1 página

    BSP Prohibits Rural Bank of Sta. Elena from Operations

    Enviado por

    GilbertGalope
    The Monetary Board of the Bangko Sentral ng Pilipinas prohibited the Rural Bank of Sta. Elena (Camarines Norte), Inc. from doing business in the Philippines according to Section 30 of the New Central Bank Act. The Philippine Deposit Insurance Corporation was designated as Receiver to take over and liquidate the rural bank in accordance with Section 12 (a) of the PDIC Charter, as amended. This Circular Letter informs all banks and non-bank financial institutions of Monetary Board Resolution No. 1239.A dated August 2, 2018 regarding this prohibition.

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    de 1

    EIANEKO SENTRAL NO PILIPINAS

    OFFICE OF THE DEPUTY GOVERNOR


    FINANCIAT SUPERVISION SECTOR

    CIRCULAR LETTER NO. CL - 2018 - 059

    To ALL BANKS AND NON.BANK FINANC]AL INSTITUTIONS

    Subject : MB Resolution No. 1239.A dated 02 August 2018


    Prohibition of the Rural Bank of Sta. Elena (Camarines Norte), Inc.
    From Doing Business in the Philippines

    Notice is hereby given that the Monetary Board, in its Resolution No. 1239.A
    dated 02 August 2018, decided to prohibit the Rural Bank of Sta. Elena (Camarines
    Norte), Inc., from doing business in the Philippines pursuant to Section 30 of
    Republic Act (R.A.) No. 7653 (The New Central Bank Act).

    The Philippine Deposit Insurance Corporation has been designated as


    Receiver with a directive to proceed with the takeover and liquidation of the
    aforementioned rural bank in accordance with Section 12 (a) of R.A. No. 3591 (PDIC
    Charter), as amended

    For information and guidance.

    ir*-
    G. FONACIER

    02 August 2018

    A. Mabini 5t., t*elate iI004 Manila, Philippine5 . (63?i 703-7701.. www.bsp.gov.ph . bspnrail@bsp.gov.ph

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