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BSP Eases FCDU Asset Cover Requirements

10.31.2008

The Monetary Board (MB), in its meeting held on 30 October 2008 approved an adjustment in the items eligible as asset cover for purposes of the calculation of the 100 percent asset cover requirement. Under the revised guidelines, net unrealized losses arising from the marking to market of financial assets/liabilities and revaluation of third currencies under the Foreign Currency Deposit Unit (FCDU)/Expanded Foreign Currency Deposit Unit (EFCDU) book will not be deducted from asset cover for a limited period until March 31, 2009.

This is another measure taken by the MB in recognition of the extra-ordinary circumstances in the global financial market that has created unprecedented market volatility.

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