MB Resolution No. 640.A dated 12 May 2022 Prohibition of the Farmers Savings and Loan Bank, Inc. From Doing Business in the Philippines
BANGKO SENTRAL NG PILIPINAS OFFICE OF THE DEPUW GOVERNOR I FINANCIAL SUPERVISION SECTOR clRcuLAR LETTER NO. CL-2O22-9tr15 To Att BANKSAND NON.BANK FINANCIAL INSTITUTIONS Subject MB Resofution No. 640.A dated 12 May 2o.22 Prohibition of the Farmers Savings and Loan Bank,Inc. From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 640.A dated 12 May 2022, decided to prohibit the Farmers Savings and Loan Bank, lnc., from doing business in the Philippines pursuant to Section 30 of Republic Act (R.A.) No. 7653 (The New Central Bank Act), as amended. The Philippine Deposit Insurance Corporation has been designated as Fleceiver with a directive to proceed with the takeover and liquidation of the aforementioned thrift bank in accordance with Section 12 (a) of R.A. No. 3591 (PDIC Charter), as amended. For information and guidance. G. FONACIER 12May20.22
More in BSP Circular Letters
- Lost BSRD Nos. (DE) 96-00498 and (DE) 97-00689(BSP Circular Letter No. CL01122006)
- Anti-Money Laundering Council (AMLC) 2021 Sanctions Guidelines(BSP Circular Letter No. CL-2021-023)
- Issuance of subordinated debt instrument and asset transfer plan(BSP Circular Letter No. CL01162002)
- Approved Applications for New Banking Offices and Opened/Re-opened Banking Offices during the 2nd Qaurter of 2011(BSP Circular Letter No. CL-2011-065)
- Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions(BSP Circular Letter No. CL-2008-010)
- Anti-Money Laundering Council (AMLC) Regulatory Issuance No. 5 Series of 2021 - Guidance for De-Listing and Unfreezing Procedures(BSP Circular Letter No. CL-2021-061)
- Bank of the Philippine Islands - Surrender of Trust License in View of the Spin-off of its Trust Department to BPI Asset Management and Trust Corporation(BSP Circular Letter No. CL-2017-022)
- Celebration of "Trust Consciousness Week" from March 17 to 21, 2003(BSP Circular Letter)
Want an analysis of this document?
Ask ASG Legal AI to summarize it, compare it with other rulings, or explain how it applies to your situation — it researches from this same library.