The Monetary Board, in its Resolution Nos. 598 and 613 dated May 24, 1991 and May 31, 1991, respectively, decided to delete the requirement of compliance with the loans-to-deposits ratio for four (4) consecutive quarters as one of the conditions for the processing/approval of a bank ™s application (a) to qualify for branching privilege; (b) for permit to operate new banking offices; and (c) to avail of Central Bank credit facilities and other special financing programs managed by the Central Bank; provided, that, at the time of the application, applicant bank is in compliance with the prescribed ratio.

Adopted: 17 June 1991

(SGD.) GABRIEL C. SINGSON
Senior Deputy Governor