Podcast
Questions and Answers
What is the authority given to the Bangko Sentral regarding electronic transactions?
What is the authority given to the Bangko Sentral regarding electronic transactions?
What is the purpose of submitting financial statements to the Bangko Sentral?
What is the purpose of submitting financial statements to the Bangko Sentral?
How often must a bank, quasi-bank, or trust entity publish a statement of its financial condition?
How often must a bank, quasi-bank, or trust entity publish a statement of its financial condition?
What is the alternative to publishing financial statements in a newspaper of general circulation?
What is the alternative to publishing financial statements in a newspaper of general circulation?
Signup and view all the answers
What is required for the Monetary Board to allow deferring the publication of a statement of financial condition?
What is required for the Monetary Board to allow deferring the publication of a statement of financial condition?
Signup and view all the answers
Who can apply to defer the publication of a statement of financial condition?
Who can apply to defer the publication of a statement of financial condition?
Signup and view all the answers
What is the purpose of submitting financial statements to the Bangko Sentral?
What is the purpose of submitting financial statements to the Bangko Sentral?
Signup and view all the answers
What is the language requirement for publishing financial statements?
What is the language requirement for publishing financial statements?
Signup and view all the answers
Where must financial statements be published?
Where must financial statements be published?
Signup and view all the answers
What is the purpose of the Bangko Sentral regulating electronic transactions?
What is the purpose of the Bangko Sentral regulating electronic transactions?
Signup and view all the answers
Study Notes
Universal Banks (UBs)
- Can invest in insurance companies and holding companies, provided that the investment of such holding company are confined to the equities of allied undertakings and/or non-allied undertakings of the UB's allowed under BSP regulations.
Departmentalization in Banking
- Departments in a bank may include:
- Cash Department: handles deposit function, new accounts, signature controls, safe deposit boxes, and armored car services.
- Loan and Discount Department: handles loans, bank credit investigation, re-discounting, statistics, loan releases, renewals, and collections.
- Trust Department: handles fiduciary activities, legal work, and lawyer's tasks.
- Foreign Department: handles international exchange transactions, applications for letters of credit, buying and selling foreign exchange, and similar transactions.
- Accounting Department: handles all bank transactions, bookkeeping, proof sheets, financial statements, and other accounting procedures.
Bank Assets and Liabilities
- Other Cash Resources:
- Exchanges for the clearing house: checks deposited at or cashed by the bank preparing the statement during the course of the day, drawn on banks within the city that are members of the clearing house.
- Collections in transit: "out-of-town" checks or drafts drawn on banks outside the city, credited to the depositor's account pending receipt of the proceeds.
- Other Cash items: bond coupons, claims against non-member banks.
- Due from Bank: deposits carried with other banks, usually in the form of demand deposit.
- Balances with Foreign Banks: deposits or funds held abroad, mainly to fill foreign exchange needs.
- Loans and Discounts: promissory notes and bills of exchange held by the bank, evidencing debt or securing a debt.
Regulatory Framework
- Authority to Regulate Electronic Transactions: Bangko Sentral has the authority to regulate electronic transactions, devices, and processes used by banks, quasi-banks, or trust entities.
- Financial Statements: banks, quasi-banks, or trust entities must submit financial statements to the Bangko Sentral, showing the actual financial condition of the institution.
- Publication of Financial Statements: banks, quasi-banks, or trust entities must publish a statement of their financial condition at least once every quarter in a newspaper of general circulation or post in public places.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers financial allied undertakings in foreign exchange, including insurance companies and holding companies. It is specifically designed for students of Laguna State Polytechnic University, Republic of the Philippines.