Regulatory Alerts2025-01-23
MB Resolution No. 77.A dated 23 January 2025 Prohibition of the Emerald Rural Bank, Inc. From Doing Business in the Philippines
Bangko Sentral ng Pilipinas issued Circular Letter CL-2025-004 to prohibit Emerald Rural Bank, Inc. from doing business in the Philippines pursuant to Section 30 of Republic Act No. 7653. The Monetary Board designated the Philippine Deposit Insurance Corporation as Receiver with a directive to proceed with the takeover and liquidation of the bank under Section 12(a) of the PDIC Charter. This notice serves as official guidance to all banks and non-bank financial institutions regarding the regulatory action taken on January 23, 2025.
.* .' To BANGKO SENTRAL NG PiL!PINAS Subject OFFICE OF THE DEPUTY GOVERNORI FINANCIAL SUPERVISION SECTOR Notice is hereby given that the Monetary Board, in its Resolution No. 77. A dated 23 January 2025, decided to prohibit the Emerald Rural Bank, Inc. , 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 rural bank in accordance with Section 12 (a) of R, A. No. 3591 (PDIC Charter). as amended. For information and guidance. CIRCULAR LETTER No. cL-2025- 004 ALL BANKS AND NON"BANK FINANCIAL INSTITUTIONS MB Resolution No. 77. A dated 23 January 2025 Prohibition of the Emerald Rural Bank, Inc. From Doing Business in the Philippines 23 January 2025 I^'^!I^A^;~' ' ^ Sector-in-Charge . ,