BSP CIRCULAR NO. 582

: The purpose of BSP Circular No. 582 is to amend the requirements for operating a Foreign Currency Deposit Unit (FCDU) by thrift banks and rural banks/cooperative banks, specifically concerning the qualifications of officers in charge of FCDU operations.
: The officer must either have at least one year of actual experience as in-charge or assistant in-charge of FCDU operations in another bank, or have attended a specialized training course on FCDU transactions or operations conducted by the BSP Institute or an accredited institution or bank.
: No, it applies specifically to thrift banks as well as rural banks and cooperative banks operating an FCDU.
: Item c of Appendix 5a of the Manual of Regulations for Banks (MORB) and Section 4.a of Circular No. 522 dated March 23, 2006 as amended by Circular No. 579 were amended.
: They may operate an FCDU but can upgrade their capacity by appointing an officer who meets the specified experience or training requirements.
: Training conducted by the Bangko Sentral ng Pilipinas Institute or an institution or bank duly accredited by the BSP.
: It took effect fifteen (15) days following its publication in the Official Gazette or any newspaper of general circulation in the Philippines.
: Monetary Board Resolution Nos. 966 and 966.A dated August 30, 2007.
: Amando M. Tetangco, Jr., the Governor of the Bangko Sentral ng Pilipinas at that time.