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6 Cards in this Set
- Front
- Back
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BANK |
Can also be called a money broker. A place where people deposit money. Only entities duly authorized by monetary board of the Central Bank may engage in the lending of funds obtained from the public through the receipt of deposits of any kind, and all entities regularly conducting such operations shall be considered banking institutions and shall be subject to the provisions of this Act, of the Central Bank Act, and of other pertinent laws. |
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DEPOSIT |
Is constituted from the moment a person receives a thing belonging to another, with the obligation of safely keeping it and of return the same. If the safekeeping of the thing delivered is not the principal purpose of the contract, there is no deposit but some other contract. |
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DEPOSIT MONEY |
All those liabilities of the Central Bank and of other banks which are denominated in the Philippine currency and are subject to payment in legal tender upon demand by the presentation of checks. |
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Quasi-Banking Functions |
Shall mean borrowing funds for the borrower's own account, through the issuance, endorsement or acceptance of debt instrument of any kind other than deposits, or through the issuance of participations, certificates of assignment, or similar instruments with recourse, trust certificates, or of repurchase agreements, from twenty or more lenders at any one time, for purposes of relending or purchasing of receivables and other obligations: Provided, however, that commercial, industrial and other non-financial companies, which borrow funds through any of these means for the limited purpose of financing their own needs or the needs of their agents or dealers, shall not be considered as performing quasi-banking functions. |
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FINANCIAL INTERMEDIARIES |
Shall mean persons or entities whose principal functions include the lending, investing or placement of funds or evidences of indebtedness or equity deposited with them, acquired by them, or otherwise coursed through them, either for their own account or for the account of others. |
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REGULATION |
Shall mean the issuance of rules of conduct or the establishment of modes or standards of operation for uniform application to all institutions or functions covered. |
