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IRRBB Transition Period Extended

The Bangko Sentral ng Pilipinas extended the transition period for implementing guidelines on managing interest rate risk in bank's banking books. The transition period was extended from December 2020 to December 2021. Banks must complete an analysis of how their existing risk management systems align with the new requirements by June 2021. Banks are expected to update their policies and procedures on interest rate risk management in their banking books by January 2022. This circular takes effect 15 days after publication in the Official Gazette or a newspaper.

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Maya Julieta Catacutan-Estabillo
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241 views1 page

IRRBB Transition Period Extended

The Bangko Sentral ng Pilipinas extended the transition period for implementing guidelines on managing interest rate risk in bank's banking books. The transition period was extended from December 2020 to December 2021. Banks must complete an analysis of how their existing risk management systems align with the new requirements by June 2021. Banks are expected to update their policies and procedures on interest rate risk management in their banking books by January 2022. This circular takes effect 15 days after publication in the Official Gazette or a newspaper.

Uploaded by

Maya Julieta Catacutan-Estabillo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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BaNExO SENrnaL NG PILIPINAS

OFFICE OF THE GOVERNOR

CIRCULAR NO. 1101


Series of 2O2O

Subject: Extension of Transition Period for the lmplementation of the Guidelines on


the Management of Interest Rate Risk in the Banking Book

The Monetary Board, in its Resolution No. 1223 dated 24 September 2020, approved
the extension of the transition period for the implementation of the requirements under
Section 151/4181Q of the Manual of Regulations for Banks (MORB)/Manual of Regulations
for Non-Bank Financial Institutions (MORNBFI) on the management of interest rate risk in the
banking book (IRRBB) until 3L December 2021.

Section 1. The footnote to Section 15Ll4181Q of the MORB/MORNBFI shall be


amended as follows:

"Banks/QBs shall complete a gap analysis of the requirements of Sec. 151,/4L81Q vis-
)-vis their existing risk management systems within six (6) months from the effectivity of this
Section. The results of the gap analysis shall be documented and made available for review
by the Bangko Sentral. Banks/QBs are expected to develop or make appropriate changes to
their policies and procedures on the management of interest rate risk in the banking book by
l January 2022."

Section 2. Effectivity. This Circular shall take effect fifteen (15) calendar days following
its publication either in the OfficialGazette or in a newspaperof generalcirculation.

FOR THE MONETARY BOARD:

c c-(-
BENJAMIN E. DIOKNO
Governor

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