The Philippine Deposit Insurance Corporation (PDIC), Receiver of the closed Export & Industry Bank (EIB), announced the engagement of Alba Romeo & Co. as financial auditor for EIB, to determine the financial condition of the closed bank.
Alba Romeo & Co. is the Philippine affiliate of Binder Dijker Otte International, a UK company and one of the largest accounting and consulting organizations in the world with more than 600 offices in 100 countries. As financial auditor of EIB, the Firm is expected to take full accounting of the assets and liabilities of the bank and ascertain the reasonableness of valuation and recoverability of assets and accuracy of liabilities.
The PDIC said that the Invitation for interested parties to commence due diligence of EIB will be released by Friday, June 22. Due diligence will commence on July 2, 2012 while the bidding for the rehabilitation of EIB is tentatively scheduled for August 2012.
The PDIC said that the rehabilitation of EIB shall involve no additional cost to PDIC.
As with any closed bank, a rehabilitation proposal for EIB should address the requirements for capital strengthening, liquidity, sustainability and viability, and governance. The PDIC is tasked to determine the rehabilitation proposal that is most advantageous to depositors, creditors and taxpayers. It is exerting all efforts to benefit uninsured depositors.
Meanwhile, PDIC has started the payout operations for EIB depositors with account balances of P10,000 and above on June 19. The payout operations are being conducted in three batches to cover all 50 banking units of EIB. Earlier, PDIC began mailing postal money order (PMO) payments last May 22 to depositors with valid accounts amounting to P10,000 and below. This represents those with complete addresses in the bank’s records and have no outstanding obligations with EIB. The PDIC said that total PMO payments amounted to P34.17 million involving 22,636 accounts or about 47% of the total deposit accounts maintained with EIB. Total estimated insured deposits of EIB is placed at P3.4 billion.
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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.
PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.
RELATED ARTICLES:
- PDIC to Start Payout for EIB Depositors on June 19
- Notice to the Depositors of the Closed Export and Industry Bank
- Statement of the Philippine Deposit Insurance Corporation on Export & Industry Bank
- PDIC starts paying EIB depositors with account balances of ten thousand pesos and below
- PDIC Statement on EIB Rehabilitation
- Schedule of PDIC Depositors Forum for Depositors of the Closed Export & Industry Bank (EIB)
- MB places Export & Industry Bank under PDIC receivership
All valid insured deposit claims will be paid
- Statement of the Philippine Deposit Insurance Corporation
on Export and Industry Bank
April 27, 2012
- 2012-08 - Export & Industry Bank, Inc.
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