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(NAR) VOL. 25 NO. 3 / JULY - SEPTEMBER 2014
[ BSP CIRCULAR NO. 850, September 08, 2014 ]
REPORT ON CROSS-BORDER FINANCIAL POSITIONS OF BANKS
Adopted: 08 September 2014
Date Filed: 29 September 2014
The Monetary Board, in its Resolution No. 1228 dated 7 August 2014, approved the issuance of the attached Report on Cross-Border Financial Positions.
The Report on Cross-Border Financial Positions is designed to measure and monitor the cross-border financial claims and liabilities of universal and commercial banks (U/KBs) and their subsidiary thrift banks (TBs) to provide the BSP with a comprehensive view of potential financial risks and transmission channels emanating from foreign counterparties of Philippine banks.
The following guidelines shall cover the submission of the Report:
1. | Coverage All U/KBs and their subsidiary TBs shall submit the Report on Cross-Border Financial Positions on a solo basis in accordance with the Guidelines on the Completion of the Report (Annex A*). | |||||
2. | Reportorial Requirements The Report on Cross-Border Financial Positions shall be considered a Category B report and shall be implemented in 2 phases: | |||||
a. | Phase 1 - U/KBs and their subsidiary TBs shall submit an initial, one-time report on their total cross-border financial position according to geographic region/country and currency within 120 calendar days after the initial reference date of 30 September 2014 using the template in Annex B. | |||||
b. | Phase 2 - U/KBs and their subsidiary TBs shall submit a quarterly report on their cross-border financial positions which shall be categorized according to the sector of their non-resident counterparty within a country as defined in Annex A. A separate sheet shall be submitted for each sector using the template provided in Annex C. This sectoral report shall replace the initial report required under Phase 1 and shall be submitted within 30 banking days from end of reference quarter starting 31 March 2015. | |||||
Appendix 6 of the MORB on the list of reports required of banks is hereby amended to include the Report on Cross-Border Financial Positions of Banks as follows: | ||||||
| A. UBs/KBs | ||||||
Report Category | Report Title | Frequency | Submission Deadline | Submission Procedure | ||
B | Report on Cross-Border Financial Positions (Phase 1) | One-time | Within 120 calendar days from 30 September 2014 | By electronic mail to SDC SDCKB-RCBP@ bsp.gov.ph | ||
B | Report on Cross-Border Financial Positions | Quarterly1/ | Within 30 banking days from end of reference quarter | By electronic mail to SDC SDCKB-RCBP@ bsp.gov.ph | ||
| B. TBs | ||||||
B | Report on Cross-Border Financial Positions (Phase 1)2/ | One Time | Within 120 calendar days from 30 September 2014 | By electronic mail to SDC SDCKB-RCBP@ bsp.gov.ph | ||
B | Report on Cross-Border Financial Positions2/ | Quarterly1/ | Within 30 banking days from end of reference quarter | By electronic mail to SDC SDCKB-RCBP@ bsp.gov.ph | ||
| 1/ Starting 31 March 2015 reference period 2/ For TBs which are subsidiaries of UBs and KBs | ||||||
3. | Late and/or erroneous reporting of the said report shall be subject to penalties prescribed under Subsection X192.2 of the Manual of Regulations for Banks (MORB) for Category B reports. | |||||
4. | Mode and Manner of Submission Specific guidelines on the mode and manner of submission of the Report on Cross-Border Financial Positions in the Philippines shall be covered by a separate memorandum issuance. | |||||
The Report on Cross-Border Financial Positions of Banks shall become effective starting with the 30 September 2014 quarter-end report for Phase 1 implementation and with the 31 March 2015 quarter-end report for Phase 2 implementation.
FOR THE MONETARY BOARD:
(SGD) DIWA C. GUINIGUNDO
Officer-in-Charge