We also need to take precautions to ensure that SIFIs cannot circumvent the tightened requirements by reorganising the institutional group structure while leaving the risk profile unchanged. However, we will never be able to fully prevent individual institutions from encountering difficulties and going bankrupt.
It is in this spirit that the Monetary Board approved the scrapping of certain fees of the Bangko Sentral’s real time gross settlement system – the PhilPass. You may get more details about this from Deputy Governor Andy Suratos who is here with us.