State-run Philippine Deposit Insurance Corp. (PDIC) on Wednesday bared its fangs against the still uncooperative lender ordered closed by the Bangko Sentral ng Pilipinas (BSP) on 8 November 2019.
AMA Rural Bank of Mandaluyong Inc. on 25 November 2019, filed a temporary restraining order (TRO) against the BSP that prevented the PDIC from effectively taking over the lender and process its depositor claims.
“The PDIC asked the Court of Appeals (CA) to lift and dissolve the (TRO) prohibiting the PDIC from implementing the closure order,” it said.
“While the TRO is effective, (PDIC) shall have no access to bank records and documents used as basis to settle claims for deposit insurance of depositors of AMA Bank,” the agency added.
According to the state-owned insurer, lifting the restraint is vital as they found significant discrepancies in the bank’s deposit data.
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Prior to the TRO issuance, AMA Bank’s total deposits stood at P4.96 million as of end-April 2019, consisting of 11,535 accounts. This proved erroneous compared to deposits of only P1.44 million as of 30 June relating to only 8,434 accounts.
“Because of discrepancies in the data on deposits coupled with the absence of real-time recording of transactions on deposits in the deposit system, it becomes even more necessary for the PDIC to validate the bank’s records and documents,” the agency said.
Previously, AMA Bank’s directors and other accountable officers refused to cooperate with the PDIC in the turnover of records, accountabilities, possession and custody of documents, prompting the agency to file charges.
