BSP eases rules on banks' foreclosed assets; Monetary Board approval.

Byline: Louella D. Desiderio

THE RECLASSIFICATION of real and other properties acquired (ROPA) or foreclosed assets by banks or quasi-banks as part of its premises, furniture and or equipment will no longer require Monetary Board (MB) approval, the Bangko Sentral ng Pilipinas (BSP) said.

Through Circular No. 701 dated December 13, 2010, the central bank amended the regulations on the reclassification of foreclosed assets as bank premises, furniture and equipment citing that the reclassification of the assets will be subject to the following conditions:

1. a written approval of majority of the members of the board of directors to be manifested in a …