Central bank liquidating assests
Deposit Guarantee Scheme The Deposit Guarantee Scheme (the “DGS”) has been invoked.
Deposits up to €100,000 per person per institution are protected under the DGS.
7653, AND FOR OTHER PURPOSES WHEREAS, pursuant to Section 132 (e) of Republic Act No. Unless the Board decides otherwise, it shall hold office at the present BSP office complex in the City of Manila. Until finally disposed of, manage, let, conserve, and rehabilitate said assets and properties; and iii. The presence of two (2) Members shall constitute a quorum: Provided, That all decisions of the Board shall require the concurrence of at least two (2) Members. 7653 and this Executive Order; (b) To execute and administer all the policies and measures approved by the Board; (c) To direct and supervise the operations and internal administration of the Board. (b) To authorize, with his signature, contracts entered into by the Board, and the annual reports balance sheets, profit and loss statements, correspondence and other documents of the Board. Remuneration of Members of the Board and the Chairman. - If for any reason, any section or provision or this Executive Order is declared to be unconstitutional or invalid, the other provisions hereof not affected thereby shall continue to be in full force and effect.
7653, all assets and liabilities of the Central Bank of the Philippines ("Central Bank") created under Republic Act No. RAMOS, President of the Republic of the Philippines, by virtue of the powers vested in me by law, do hereby order: Sec. Declaring the Continued Existence of the Central Bank as the Central Bank Board of Liquidators. 7653, the Central Bank, as a juridical entity, shall continue to exist for twenty-five (25) years or until all its assets and liabilities have been disposed of or liquidated, as the Central Bank Board of Liquidators ("Board"). In coordination with the Secretary of Finance and the BSP Monetary Board, explore and employ ways and means of retiring or liquidating said liabilities through such mechanisms as compromise, remission, condonation, dation in payment, write-off, or set off, whether in whole or in part, or a combination of such modes, including the roll-over, extension, restructuring or revalidation of maturing liabilities, regardless of the amount involved, and negotiate accordingly with all of its creditors with the end in view of obtaining better repayment terms and conditions therefor; (b) Submit periodic reports to the President through the Secretary of Finance and the BSP Monetary Board as to the status of the Board's disposition and liquidation program, and such other reports as may be required by them, from time to time; (c) Determine and approve the financial requirements of the Board including the annual budget for its operation, the conservation and administration of its assets, and the servicing of its liabilities especially those which shall fall due from time to time; (d) Subject to the provisions of Sections 8 and 9 hereof, and upon the recommendation of the Chairman, appoint, fix the remunerations, allowances and other emoluments, and remove personnel of the Board, subject to existing civil service and compensating laws; Provided, That the Board may delegate such authority to the Chairman under such guidelines as it may determine; and (e) Perform such other corporate powers necessary to attain the objectives set forth under Section 132 (e) of Republic Act No. The Chairman may delegate certain of his administrative responsibilities to other Members or officers of the Board, subject to the rules and regulations of the Board; and (d) To exercise such other powers as may be vested in him by the Board. The signature of the Chairman may be in facsimile, whenever appropriate; (c) To represent the Board, either personally or through counsel, in any legal proceedings or action; and (d) To delegate his power to represent the Board, as provided in subsection (a), (b) and (c) of this section, to other Members and officers of the Board upon his own responsibility. - (a) Subject to existing laws, the Chairman and Members of the Board shall receive a per diem for every Board (or Committee thereof) meeting attended. - The BSP shall provide the Board with adequate funds to cover the latter's operational expenses for fiscal year 1994.
The €12.9bn was part of the consideration paid to the Central Bank for agreeing to undo the Anglo Irish Bank promissory note deal.
The Central Bank also received €25bn in long term government bonds, debts owed by taxpayers that will be repaid over 35 years.
In the event, the liquidation raised more than the €12.9bn owed to the Nama unit which is now being placed into a solvent liquidation - meaning it has no outstanding debts that cannot be met.Should a creditor be unsatisfied with the shareholders' appointed liquidator, he/she may approach the Courts and petition for a Court appointed liquidator and supervision of the liquidation process by the Courts. 169 April 17, 1994 DECLARING THE CONTINUED EXISTENCE OF THE CENTRAL BANK OF THE PHILIPPINES AS THE CENTRAL BANK BOARD OF LIQUIDATORS, PRESCRIBING ITS POWERS AND FUNCTIONS PURSUANT TO THE PROVISIONS OF SECTION 132 (E) OF REPUBLIC ACT NO. - The Board shall have its principal place of business in Metro Manila. They shall be appointed/designated by, and shall serve at the pleasure of, the President. Formulate and implement a comprehensive program and issue guidelines for the disposition and liquidation of all retained assets and liabilities; ii. - The Board shall convene as frequently as necessary to discharge its responsibilities but shall meet at least once every month. His powers and duties shall be as follows: (a) To prepare the agenda for the meetings of the Board and to submit, for the consideration of the Board, the policies and measures which are necessary to carry out the objectives provided under Section 132 (e) of Republic Act No. - The Chairman shall be the principal representative of the Board, and in his capacity and in accordance with the instructions of the Board, he shall be empowered: (a) To represent the Board in all dealings with other offices, agencies and instrumentalities of the Government and with all other persons or entities, public or private, whether domestic, foreign, or international. These payments will be made as early as possible within the statutory deadline of 20 working days.Further information and updates on the DGS can be found on