BSP seeks more power over erring banks

Weaknesses in charter blamed for Legacy fiasco.

Citing the magnitude of the problem created by the failed rural banks of the Legacy Group, the central bank, Bangko Sentral ng Pilipinas (BSP), has called on Congress to speed up passage of a bill seeking to enhance its regulatory power.

The BSP could have placed the Legacy banks under receivership much earlier and prevented more people from being victimized from the alleged fraudulent schemes of the Legacy Group if not for the weaknesses of its charter, BSP Deputy Governor Nestor Espenilla Jr. said.

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