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BSP wants too-big-to-fail banks to submit separate recovery plan


BSP wants too-big-to-fail banks to submit separate recovery plan
April 21, 2021 | 12:31 am
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THE Bangko Sentral ng Pilipinas (BSP) is requiring too-big-too-fail banks to submit a separate recovery plan annually starting 2022, a move seen giving the regulator a more focused assessment of a lender’s plans to bounce back from a crisis.
“The Bangko Sentral shall review the recovery plan as part of the overall supervisory process for domestic systemically important banks (D-SIBs), focusing on assessing the recovery plan’s robustness, credibility, and ability to be effectively implemented,” BSP Governor Benjamin E. Diokno said in Circular No. 1113.
Previously, central bank regulations only required D-SIBs to submit an Internal Capital Adequacy Assessment Process (ICAAP) document, which includes the recovery plan, annually every March 31. ....

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BSP tightens watch on VASPs | BusinessWorld


January 27, 2021 | 12:03 am
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THE CENTRAL BANK has tweaked its regulations to cover more types of virtual asset service providers (VASPs) and better guard against risks amid the heightened use of these services.
“This is in line with the thrust of the Bangko Sentral to promote financial innovation while remaining sensitive to the attendant risks. The said guidelines amended the regulations on virtual currency exchanges (VCE) that were issued in 2017,” the central bank said in a statement on Tuesday.
“We have seen accelerated growth in the use of virtual currency exchanges in the past three years and it is high time that we broaden the scope of existing regulations in recognition of the evolving nature of this financial innovation and set out commensurate risk management expectations,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said in the statement. ....

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