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BSP prepares new circular on bank penalties |
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by Donnabelle Gatdula
The Philippine Star 08/24/2005 The Bangko Sentral ng Pilipinas (BSP) will come up with a new circular which will embody clearer parameters on penalties imposed on banks. "We already have a ruling on penalties on bank violations but this one would be clearer and more transparent," BSP Deputy Governor Nestor Espenilla said yesterday. According to Espenilla the circular would cover all the penalties on banks and would carry basic terms. "We would want to clarify how and when a specific penalty is to be imposed on banks. It is geared towards a spirit of clear and transparent framework," Espenilla said. He said this move will also allow the BSP to consolidate all the penalties on banks in one circular. The Manual of Regulations of the BSP, he said, carries some of these bank penalties as well as in the New Central Bank Act or RA 7653. Under Section 37 of the Central Bank Act on administrative sanctions on banks and quasi-banks, "fines in amounts as may be determined by the Monetary Board to be appropriate, but in no case to exceed P30,000 a day for each violation, taking into consideration the attendant circumstances, such as the nature and gravity of the violations or irregularity and the size of the bank or quasi bank." But Espenilla pointed out that in any case, they would maintain the "due process" being extended to banks before a fine is imposed. "This would allow the banks to have clearer understanding of the fines imposed on them by the BSP while they would be allowed to undergo due process," Espenilla said. |
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