(NAR) VOL. 5 NO. 2/APRIL-JUNE 1994
Banks may, however, be allowed to report compliance on a groupwide basis (based on Consolidated financial statements of investor-financial institution or parent bank and its subsidiaries/affiliates) provided that the subsidiary banks are at least 75% owned/controlled by the parent bank, subject to the following conditions:
1. The consolidated report shall be submitted by the bank in the prescribed form (Annex "A") and which shall be supported by the individual reports of the bank and its subsidiaries duly signed by each bank's authorized signatory. The subsidiaries shall continue with their separate submission of the subject report to their respective SES departments within the prescribed period.
2. Only the parent bank can exercise the right to avail/use the excess of its subsidiaries for its own compliance.
3. In the event of a deficiency in compliance of any parent of subsidiary or all of these banking institutions, the members of the Board of Directors and its President and the other officers of the parent bank shall be responsible for the Group's compliance.