Revised Features of Monetary Operations under the Interest Rate Corridor (IRC) System

June 2, 2016BSP CIRCULAR NO. 913-16SUBJECT:Revised Features of Monetary Operations under the Interest Rate Corridor (IRC) System In its Resolution No. 961 dated 2 June 2016, the Monetary Board approved the following amendments to the Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) to operationalize the revised features of the Bangko Sentral ng Pilipinas' monetary operations under the IRC system:SECTION 1. Subsections X234.6 of the MORB and 4101Q.6 of the MORNBFI shall be amended to refer to the new deposit facilities of BSP as follows:"§ X234.6/4101Q.6. Sale, discounting, assignment or negotiation by banks/quasi-banks of their credit rights arising from claims against the Bangko Sentral to clients.Pursuant to the policy of the Bangko Sentral to promote investor protection and transparency in securities transactions as important components of capital markets development, placements in the Term Deposit Facility (TDF), the Overnight Deposit Facility (ODF), and Reverse Repurchase agreements with the Bangko Sentral, shall not be the subject of sale, discounting, assignment or negotiation on a with or without recourse basis.xxx...