Key Provisions on Profit Transfer
- Upon transferring FCDU profits to the Bank Proper's regular books, there must be a corresponding transfer of related FCDU assets.
- The assets subject to transfer include:
- Foreign currency deposits with the Central Bank.
- Foreign currency deposits with foreign banks.
- Foreign currency swapped with the Central Bank, represented by peso accounts arising therefrom.
- Foreign currency deposits with residents of Offshore Banking Units (OBUs) and other Expanded Foreign Currency Deposit Units (EFCDUs), excluding deposits with FCDUs.
- Any amounts due from the Bank Proper, if applicable.
Compliance Requirement
- Strict adherence to these provisions is mandated.
- The clarification aims to ensure uniform accounting practice and accurate reflection of asset and profit transfers in bank records.
Authority and Date of Effect
- The circular was issued by the Governor of the Bangko Sentral ng Pilipinas (BSP), Jose L. Cuisia, Jr., on September 17, 1992.
- It amends previous directives issued in CB Circular Nos. 343/547 and Circular Letter dated September 20, 1985, concerning the Revised Manual of Accounts for Commercial Banks.