Section 10Sec./Art. 10

Section 11 of the same Act is hereby further amended to read as follows:

"AUTHORITY TO EXAMINE DEPOSIT RECORDS

"Section 11. When there is a failure of prompt corrective action as declared by the Monetary Board due to capital deficiency, the Corporation and the Bangko Sentral ng Pilipinas may examine, inquire or look into the deposit records of a bank: Provided, That such authority may not be exercised when the failure of prompt corrective action is due to grounds other than capital deficiency. For this purpose, banks, their officers and employees are hereby mandated to disclose and report to the Corporation and the Bangko Sentral ng Pilipinas or their duly authorized officers and employees, the required deposit account information.

"The Corporation and the Bangko Sentral ng Pilipinas, their duly authorized officers or employees are prohibited from disclosing information obtained under this section to any person, government official, bureau or office. Any act done pursuant to this section shall not be deemed as a violation of Republic Act No. 1405, as amended, Republic Act No. 6426, as amended, Republic Act No. 8791, and other similar laws protecting or safeguarding the secrecy or confidentiality of bank deposits. Any unauthorized disclosure of the information under this section shall be subject to the same penalty under the laws protecting the secrecy or confidentiality of bank deposits.

"The provisions of this section notwithstanding, the Monetary Board may take other actions under existing laws that it may deem necessary."