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PDIC: Payouts to Export and Industry Bank depositors to start end of May
(Updated 9:00 p.m.) Bangko Sentral ng Pilipinas deputy governor Nestor Espenilla Jr. said that when the Export and Industry Bank was closed Friday, it had assets of P25 billion, or 0.3 percent of the P7 trillion in the Philippine banking system. The BSP assured the banking public Friday that the closure of EIB is not expected to adversely affect the Philippine banking system considering its relatively small size. “Naanticipate na nila na bago matapos ang araw may mga magmamature na deposito na ‘di nila kakayanin. Base sa kanilang analysis, nagsabi sila sa BSP na hindi na nila kayang iserve yung mga deposits na," Espenilla said in a report aired on GMA’s “24 Oras”. “Maybe combination of bad luck, wrong decisions, kinapos sa kanilang rehabilitation…They found that they are many legal issues facing Export and Industry Bank that were unresolved and they did not want to get in to such a situation [that is why they opted to tell BSP],” Espenilla noted. The last thrift bank the BSP placed under the receivership of the PDIC was the LBC Development Bank on September 9 last year. “Its (LBC) closure thus relieved the industry of absorbing its capital deficiency whereas the corresponding decrease in the industry’s risk weighted assets (RWA) was offset by expansion in RWA of several thrift banks arising from the increases in banks’ investments in foreign currency-denominated debt securities issued by the national government and loans to individuals for consumption and housing purposes,” the BSP said. The Philippine Deposit Insurance Corp (PDIC) said Friday that deposit insurance claims on accounts with the Export and Industry Bank (EIB) will be paid out starting end of May. “Payment for accounts with balances of P10,000 and below comprising 62 percent of the bank’s total deposit accounts of 50,052 is targeted to start by the end of May,” PDIC disclosed. “Holders of these accounts who have no outstanding loans and who have updated their addresses in the bank in the past year, need not file deposit insurance claims,” the deposit insurer also said. EIB, according to its website, has 50 branches nationwide—33 in Metro Manila and 17 in the provinces. It also has 43 ATM locations. PDIC advised depositors, especially those with balances in amounts higher than P10,000, to attend the depositor forums that will be held to explain the procedures, instructions and requirements for filing claims. “Claims servicing operations for accounts of over P10,000 are expected to commence no later than end of June,” the PDIC said. “[The bank] is closed because we have to secure all records because that is our responsibility – to secure all records and to determine exactly the state of condition," PDIC president Val Araneta said in the "24 Oras" report. P247.86 M in cash vs. P17.17 B in deposit liabilities Last April 16, EIB asked the Philippine Stock Exchange (PSE) for an extension for the filing of its financial statements for the quarter and year ending December 31, 2011. The last set of financial statements it disclosed to the PSE was for the third quarter of 2011. As of September 30, 2011 EIB had unaudited cash and other cash items of P247,866,000 against total deposit liabilities of P17,169,079,000. Some P10.8 billion were savings deposits and P4.86 billion in time deposits. It also had demand deposits of P1.5 billion. The thrift bank also reported total resources or assets of P27,664,476,000. PDIC said the latest general information sheet filed by EIB with the Securities and Exchange Commission, the bank is owned by, among others:
- Ridderbrecht B.V. (11.62%);
- Lead Bancfund Holdings, Inc. (10.03%);
- Apex Bancrights Holdings, Inc. (10.03%);
- Extra Year Investments Ltd. (9.5%);
- Asiawide Refreshments (8.45%); and
- Medco Asia Investments Corp. (7.86%).
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