Temporary Deferral of the Required Listing with an Accredited Exchange of Long-Term Negotiable Certificates of Time Deposits

May 23, 2014BSP MEMORANDUM NO. M-2014-023TO:All Banks   SUBJECT:Temporary Deferral of the Required Listing with an Accredited Exchange of Long-Term Negotiable Certificates of Time Deposits  This refers to the required listing with an accredited exchange of Long-Term Negotiable Certificates of Time Deposits (LTNCTDs) under BSP Circular No. 824 dated 30 January 2014. It has come to the BSP's attention that such listing is not possible at this time due to non-availability of a suitable operating platform. The BSP is further informed that such a platform is under development now. Accordingly, pursuant to Monetary Board Resolution No. 450 dated 13 March 2014, a bank shall be allowed to issue LTNCTDs subject to the condition that the bank shall submit a deed of undertaking to the BSP that all LTNCTDs issued after effectivity of BSP Circular No. 824 shall be applied for listing on an accredited exchange within one day after the LTNCTD platform commences operation.This Memorandum to All Banks shall take effect after publication in a newspaper of general circulation.For compliance. (SGD.) RESTITUTO C. CRUZSector-in-Charge