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(NAR) VOL. 20 NO.1 / JANUARY – MARCH 2009
[ BSP CIRCULAR NO. 631, S. OF 2008, November 12, 2008 ]
AMENDMENT TO BSP CIRCULAR NO. 627 DATED 23 OCTOBER 2008: US DOLLAR DENOMINATED REPURCHASE AGREEMENTS WITH THE BANGKO SENTRAL NG PILIPINAS
SECTION 1. The provisions of Subsection X601.1 of the MORB on repurchase agreements (R/P) with the BSP are hereby further amended as follows:
“X601.1 Repurchase agreements with Bangko Sentral. R/P agreements may be effected with the BSP subject to the following terms and conditions,
x x x
US dollar denominated R/P facility may likewise be effected with the BSP, subject to the following terms and conditions, and as may be provided under the R/P facility:
(a) Eligible borrowers. The US dollar denominated R/P facility shall only be available to banks with legitimate foreign currency denominated funding needs as may be provided under the R/P facility: Provided, That the borrowing shall be for the account of the applicant bank and shall not be used to fund liquidity requirements of foreign branches, affiliates, or subsidiaries.
x x x”
This Circular shall take effect immediately.
Adopted: 12 Nov. 2008
FOR THE MONETARY BOARD:
(SGD.) ARMANDO L. SURATOS
Officer-In-Charge