State-run Philippine Deposit Insurance Corp. said Wednesday it asked the Court of Appeals to lift and dissolve the temporary restraining order prohibiting it from implementing the closure order of AMA Rural Bank of Mandaluyong Inc.
It said that while the TRO was effective, “it shall have no access to bank records and documents used as basis to settle claims for deposit insurance of depositors of AMA Bank.”
According to PDIC, this became necessary as it found huge discrepancies in the bank’s deposit data.
The PDIC said that based on records seen on the day it took over AMA Bank on Nov. 8, 2019, and prior to the issuance of the TRO, the data available in the bank’s deposit system was as of April 30, 2019 with total deposits of P4.9 billion consisting of 11,535 accounts.
“These are significantly higher than the reported figures to the PDIC as of June 30, 2019 with total deposits of only P1,448,522,577.30 representing 8,434 accounts,” it said.
“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,” it said.