In its Resolution No. 11 dated January 5, 1994, the Monetary Board approved the amendments to Item b, first paragraph of Circular No. 1295 dated July 16, 1991 to read as follows:

b.         Other Sanctions

First Offense

Reprimand for the directors/officers who approved THE CREDIT LINE or availment which resulted to an excess with a warning that subsequent violations will be subject to more severe sanctions.


This amendment shall take effect immediately.

Adopted: 23 Mar. 1994