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Eianeko Sentral No: Subject

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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39 views

Eianeko Sentral No: Subject

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.

Uploaded by

GilbertGalope
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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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 . [email protected]

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