Regulatory Alerts2024-07-18
Monetary Board Resolution No. 818.B: Prohibition of the Cooperative Bank of Bohol From Doing Business in the Philippines
The Monetary Board of the Bangko Sentral ng Pilipinas has prohibited the Cooperative Bank of Bohol from conducting business in the Philippines pursuant to Section 30 of the New Central Bank Act. The Philippine Deposit Insurance Corporation has been designated as Receiver to execute the immediate takeover and liquidation of the institution under the PDIC Charter. All banks and non-bank financial institutions are directed to acknowledge this regulatory action and facilitate the transition process effective 18 July 2024.
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To ALL BANKS AND NON-BANK FINANCIALINSTITUTIONS
MB Resolution No. 818. B dated 18 July 2024
Prohibition of the Cooperative Bank of Bohol
From Doing Business in the Philippines
Notice is hereby given that the Monetary Board, in its Resolution No. 818. B
dated 18 July 2024, decided to prohibit the Cooperative Bank of Bohol, from doing
business in the Philippines pursuant to Section 30 of Republic Act (R. A. ) No. 7653
(The New Central Bank Act), as amended
The Philippine Deposit Insurance Corporation has been designated as Receiver
with a directive to proceed with the takeover and liquidation of the aforementioned
cooperative bank in accoi. dance with Section 12 (a) of R. A. No. 3591 (PDIC Charter). as
amended.
For information and guidance.
BANGl<O SENTRAL NG PILIP!NAS
Subject
OFFICE OF THE DEPUTY GOVERNOR I FINANCIAL SUPERVISION SECTOR
CIRCULAR LETTER No. cL-2024-039
18 July 2024
C CHI C. FONACIER
eputy Governor