December 13, 2013
BSP CIRCULAR NO. 822-13
SUBJECT : Amendment to the Capital Framework of Foreign Bank Branches
The Monetary Board, in its Resolution No. 1999 dated 28 November 2013, amended the components of capital for purposes of compliance with minimum capital requirements under Section X111 of the Manual of Regulations for Banks (MORB) and the Risk-Based Capital Adequacy Framework for Philippine Branches of Foreign Banks, as follows:
SECTION 1. Subsection X105.4 of the MORB is re-titled as Capital Requirements of Foreign Banks and amended to contain the capital requirements of foreign banks established as locally incorporated subsidiaries and as branches. The provisions under the previous item d. of Subsection X105.4 and Subsection X105.5 are amended, consolidated and renamed as Minimum Capital Requirements for Foreign Bank Branches under the new Subsection X105.4.b (1) of the MORB. Items b and c of the previous Subsection X105.4 of the MORB are re-titled as permanently assigned capital requirements for foreign bank branches under the new Subsection X105.4.b (2) of the MORB. The new Subsection X105.4 of the MORB reads as:
"Subsection X105.4...
