Guidelines on the Submission of the Disclosure Statement on SPV Transactions

February 4, 2008 BSP MEMORANDUM NO. M-2008-005 TO : All Banks and Non-Bank Financial Institutions with Quasi-Banking Functions (NBQBs) SUBJECT : Guidelines on the Submission of the Disclosure Statement on SPV Transactions The following set out the guidelines for the disclosure of information on the sale of non-performing assets (NPAs) to special purpose vehicles (SPVs) and to qualified individuals for housing under "The Special Purpose Vehicle (SPV) Act of 2002" pursuant to Memorandum dated 26 September 2003, as amended by Memoranda dated 16 February 2004 and 2 December 2005, respectively: DHITSc (a) Submission of Disclosure Statement The disclosure statement (Annex A), attached as Annex 2 of Memorandum dated 2 December 2005, shall be submitted on a quarterly basis, within 15 banking days after the end of the reference quarter, to the Supervisory Data Center. The said disclosure statement shall be submitted in hard copy duly notarized and signed by the authorized official of the reporting bank. (b) Publication/Posting Requirements The following additional information shall be incorporated in the prescribed form for the Published/Posted Balance Sheet (BS) provided in Circular No. 576 dated 8 August 2007 (Annex B): "(m) Deferred charges not yet written down; and (n) Unbooked allowance for credit losses on financial instruments received." The disclosure statement (Annex A) and the amended prescribed form for the published/posted BS (Annex B) shall be used and submitted starting with the quarter-end March 2008. For compliance. (SGD.) NESTOR A. ESPENILLA, JR. Deputy Governor ANNEX A DEADLINE : 15 banking days after end of reference quarter SUBMISSION : Original copy to Supervisory Data Center FOR ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS WITH QUASI-BANKING FUNCTIONS (NBQBs) _____________________________ _____________________________ (Name of Bank/NBQBs) (Code) _________________________________________________________________ (Address) Disclosure Statement on SPV Transactions ____________________________ As of _______________________________ (Quarter-End) REPUBLIC OF THE PHILIPPINES ) ______________________________) SS. I solemnly swear that all matters set forth in this report are true and correct, to the best of my knowledge and belief. ______________________________ (Signature of President/Senior/ Executive Vice President) SUBSCRIBED AND SWORN TO BEFORE ME this _____________ day of _________________________________________ 20__, affiant exhibiting to me his Community Tax Certificate No. ________________________ issued at ___________________ on ______________________________ 20__. _______________________________ Notary Public Until December 31, 20_____________ PTR No. _______________________ Place __________________________ Doc. No. ______ Page No. ______ Book No. ______ Series of _______ _____________________________________________________________ Name of Bank _____________________________________________________________ Address DISCLOSURE STATEMENT ON SPV TRANSACTIONS BALANCE SHEET As of ____________________________ INCOME STATEMENT For the Period Ended _______________ Balance Sheet Head Office and Branches/Other Offices) _____________________________________________ (Name of Bank) As of ________________________________________ Consolidated Balance Sheet (Parent Bank and Financial Allied Subsidiaries Excluding Subsidiary Insurance Companies) As of ____________________________________________ Republic of the Philippines) ) SS. I/We, ________________________ and ___________________________ of the above-mentioned bank do solemly swear that all matters set forth in the above balance sheet are true and correct to the best of my/our knowledge and belief. ScHAIT __________________ __________________ Comptroller President SUBSCRIBED AND SWORN to before me this _________ day of ______________ at _________________, affiant exhibiting to me his/her/their Community Tax Certificate No. __________, issued at _______________ on _______________ and Community Tax Certificate No. ______________, issued at _______________ on _______________. NOTARY PUBLIC Doc. No. _____ Book No. _____ Page No. _____ Series of ______.