CBP Circular Letter

June 10, 1983 CBP CIRCULAR LETTER TO : Thrift Banks, Rural Banks, Specialized Banks and Non-Banks Performing Quasi-Banking Functions In view of the conversion to "book-entry securities" of all reserve-eligible Treasury Bonds, Treasury Notes and PW & ED Bonds, heretofore held by thrift banks, rural, banks, specialized banks, and NBQBs, documentation of outright sales transactions with the Central Bank on such Securities be in accordance with the following procedures: 1. Banks and NBQBs shall accomplish the Confirmation of Sale in the prescribed from (sample attached) in quadruplicate and signed by two (2) authorized signatories of the institution. 2. The accomplished COS form shall be forwarded to the Securities Servicing Department not later than 2:30 p.m.. of value date for certification. An SSD authorized officer shall certify to the existence of the securities in the Securities Account of the bank/NBQB concerned by appending his signature on all copies. 3. The bank or NBQB shall submit the original document not later than 3:00 p.m. of the same day to the Central Bank Treasury, as basis for payment of the proceeds either by credit advice or by check. The CB Treasury shall not pay the seller without the verified complete documents. dctai (SGD.) EUGENIO NIERRAS, JR. Deputy Governor