August 30, 2013
BSP CIRCULAR NO. 810-13
| SUBJECT | : | Amendments to the Guidelines Governing the Issuance of Long-Term Negotiable Certificates of Time Deposits |
The Monetary Board in its Resolution No. 1201 dated 18 July 2013, approved the following amendments to the guidelines governing the issuance of long-term negotiable certificates of time deposit (LTNCTDs).
SECTION 1. Long-Term Negotiable Certificates of Time Deposit. — The provisions under Subsection X233.9 of the Manual of Regulations for Banks (MORB) are hereby further amended to read, as follows:
"Subsection X233.9 Long-term negotiable certificates of time deposit. — The following guidelines shall govern the issuance of long-term negotiable certificates of time deposit (LTNCTDs) with a minimum maturity of five (5) years:
"xxx xxx xxx.
"d. Additional requirements for the issuance of LTNCTD. After a bank's application to issue an LTNCTD has been approved, it may issue the same, subject to the submission of the following additional requirements to the appropriate department of the SES within ten (10) calendar days after issuance of the initial offering/tranche: CHEDAc
(1) Written waiver of the secrecy of deposits on said LTNCTD by...
