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(NAR) VOL. 18 NO. 1/JANUARY - MARCH 2007
[ BSP CIRCULAR NO. 556, s. 2007, January 12, 2007 ]
OTHER BANKING SERVICES FOR SUBSIDIARIES, AFFILIATES AND RELATED COMPANIES
Pursuant to Monetary Board Resolution No. 1578 dated 21 December 2006, the Manual of Regulations for Banks (MORB) is hereby amended, as follows:
SECTION 1. Subsec. X169.11 Other banking services for subsidiaries, affiliates and related companies of the MORB is hereby amended to read, as follows:
SECTION 2. The foregoing amendments shall likewise apply to corresponding provisions in the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).
This Circular shall take effect fifteen (15) days after publication in the Official Gazette or in a newspaper of general circulation.
Adopted: 12 Jan. 2007
(SGD.) AMANDO M. TETANGCO, JR.
Governor
SECTION 1. Subsec. X169.11 Other banking services for subsidiaries, affiliates and related companies of the MORB is hereby amended to read, as follows:
“A bank may be authorized, upon prior Monetary Board approval, to render the following services in favor of subsidiaries, affiliates and companies related to it by at least 5% common ownership:
x x x
o. Procurement;
p. Records coordination; and
q. Mailroom and general services subject to the following conditions:
x x x”
SECTION 2. The foregoing amendments shall likewise apply to corresponding provisions in the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).
This Circular shall take effect fifteen (15) days after publication in the Official Gazette or in a newspaper of general circulation.
Adopted: 12 Jan. 2007
For the Monetary Board:
(SGD.) AMANDO M. TETANGCO, JR.
Governor