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Submission of Documents Relative to the Special Purpose Vehicle (SPV) Law |
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BANGKO SENTRAL NG PILIPINAS
MANILA OFFICE OF THE DEPUTY GOVERNOR Supervision and Examination Sector May 19, 2004 Mr. Daniel R. Arcenas President Rural Bankers Association of the Phils. RBAP BLDG., A. Soriano Ave. Cor. Archbishop St. Intramuros Manila Dear Mr. Arcenas: In view of the forthcoming deadlines provided under the Special Purpose Vehicle (SPV) Law which we brought to the attention of banks in Memorandum to all Banks/NBQBs dated April 28, 2004, please request your member banks to submit the following information relative to their intention with regard to said Law: a. Details and status of any specific undertaking or proposal (including those in the pipeline) on the disposition of non-performing assets (NPAs) under the SPV Law; and b. Specific action plan (including timelines) of remaining NPAs that will not be disposed under the SPV Law. If a member bank has no intention to avail of the SPV Law, said bank should also submit a definite plan of action (including timelines) to dispose of its NPAs. Meanwhile, please be informed that with the possible adoption of International Accounting Standard (IAS) No. 39 in 2005, losses arising from impairment of loans and receivables will have to be recognized immediately as loss for the period in which they are incurred; unlike under the SPV Law where losses arising from sale/transfer of NPAs and/or impairment upon remeasurement of financial instruments received, may be booked on staggered basis over a period of 10 years. Likewise, under Basel II, loans or portions thereof that are not secured by eligible collateral/guarantee and are past due for more than 90 days, net of specific provisions, will have to be risk weighted 150 percent. We will appreciate receiving your member banks' reply (c/o Mr. Luciano Manio, Bank Officer III, Supervision and Examination Department IV, SPV Task Force Representative) on or before June 7, 2004. Very truly yours, (Sgd.) ALBERTO V. REYES Deputy Governor |
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