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OFFICIAL GAZETTE, vol. 107 no. 49, Dec. 05, 2011
[ BSP MEMORANDUM NO. M-2011-019, March 29, 2011 ]
TRANSITORY PROVISION UNDER CIRCULAR NO. 694, DATED 14 OCTOBER 2010 ON THE ESTABLISHMENT OF OTHER BANKING OFFICES (OBOS)
Pursuant to the Transitory Provision under Section 2 of Circular 694, dated 14 October 2010 banks are given up to 15 April 2011 to declare to the BSP the desired classification of their existing Other Banking Offices (OBOs); otherwise, unclassified OBOs thereafter shall be automatically classified as regular OBOs after the said date. As regular OBOs, they shall perform only the following non-transactional activities, as provided under Circular 594:
Activities outside the enumeration above shall be phased out by 4 May 2011[1]. The president or officer of equivalent rank of a bank with existing OBO/s covered by this transitory provision shall submit a certification under oath, within 30 calendar days from 4 May 2011, to their respective central point of contact that all existing OBOs conform to the provisions of Circular 694.
For information and guidance.
Adopted: 29 March 2011
[1] Circular 694 Became Effective 4 November 2010 (15 days after Publication in Malaya on 20 October 2010). 4 May 2011 is 6 months after effectivity.
| (1) | Market loans, deposits and other bank products and services; | |
| (2) | Accept loan applications and conduct preliminary credit evaluation as well as per- form credit administration support services; | |
| (3) | Host on-site automated teller machines (ATMs); | |
| (4) | Perform customer care services; | |
| (5) | Perform customer identification process, receive account opening documents and facilitate account activation: Provided, that account opening approval and actual opening of deposit accounts shall be done only at the head office/branches/extension offices; and | |
| (6) | Such other non-transactional banking-related activities as may be authorized by the BSP. |
Activities outside the enumeration above shall be phased out by 4 May 2011[1]. The president or officer of equivalent rank of a bank with existing OBO/s covered by this transitory provision shall submit a certification under oath, within 30 calendar days from 4 May 2011, to their respective central point of contact that all existing OBOs conform to the provisions of Circular 694.
For information and guidance.
Adopted: 29 March 2011
(SGD.) NESTOR A. ESPENILLA, JR.
Deputy Governor
Deputy Governor
[1] Circular 694 Became Effective 4 November 2010 (15 days after Publication in Malaya on 20 October 2010). 4 May 2011 is 6 months after effectivity.