(NAR) VOL. 10 NO. 3 / JULY - SEPTEMBER 1999
"Section 7. Administrative Sanctions — The following administrative sanctions shall be imposed on banks:A. For noncompliance/undercompliance with the prescribed ratio requirements of the mandated credit allocation to small and medium enterprises for each reporting period:
Expanded commercial banks ( EKBs), Commercial Banks ( KBs) and branches of Foreign Banks ( FXBs) | P5,000 per day of undercompliance |
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Thrift Banks ( TBs) | P2,500 per day of undercompliance |
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Rural Banks ( RBs)/Cooperative Banks (Coop Banks) | P1,000 per day of undercompliance |
EKBs/KBs/FXBs | P1,000 per business day of delay in the submission of the report |
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TBs | P500 per business day of delay in the submission of the report |
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RBs/Coop Banks | P250 per business day of delay in the submission of the report" |
Subsec. X162.2 Sanctions in case of willful delay in the submission of reports/refusal to permit examination.SECTION 3. The provisions on DCB I/II Form 61 (Funds Set Aside for Small Enterprise Credit Under R.A. No. 6977) in Appendix 6-A of the Manual of Regulations for Banks is hereby amended to read as follows:
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b. Fines for willful delay in the submission of reports.
(1) Amount of Fine. Any bank which shall incur willful delay in the submission of required reports shall pay a fine in accordance with the following schedule:
(a) For Category A-1, A-2 and A-3 reports
— P1,200 for EKBs/KBs; P600 for TBs; and P180 for RBs/Coop Banks, per business day of default until the report is filed with the BSP;
— P1,000 for EKBs/KBs; P500 for TBs, and P250 for RBs/Coop Banks, per business day of default until the report on compliance with the mandatory credit allocation required under R.A. No. 6977 (as amended by R.A. No. 8289) is filed with the BSP; and
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| Submission | |
Category | Form No. | MOR Ref. | Report Title | Frequency | Deadline | Procedure |
A-3 | DCB I/II Form 6 | X342.6 | Report on Compliance with Mandatory Credit Allocation Required under R.A. No. 6977(as amended by R.A. No. 8289) | Quarterly | 15 banking days after end of reference quarter | Original and duplicate — DCB I/II Triplicate- SMED Council |
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| Submission | |
Category | Form No. | MOR Ref. | Report Title | Frequency | Deadline | Procedure |
A-3 | TB Form II | X342.6 | Report on Compliance with Mandatory Allocation Required under R.A. No. 6977(as amended by R.A. No. 8289) | Quarterly | 15 banking days after end of reference quarter | Original and duplicate DTBNFI Triplicate SMED Council |
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| Submission | |
Category | Form No. | Report Title | Frequency | Deadline | Procedure |
A-3 | RB/COB | Report on Compliance with Mandatory Credit Allocation Required under R.A. No. 6977(as amended by R.A. No. 8289) | Quarterly | 15 banking days after end of reference quarter | Original and duplicate DRB Triplicate SMED Council |