Lagging of the Cash in Vault (CIV) account of banks
CIRCULAR LETTER Series of 2001
To : All Banks/NBQBs
Pursuant to Monetary Board Resolution No. 2233 dated December 27, 2000, the lagging of the Cash in Vault (CIV) account of banks by two banking days for purposes of computing the reserve position of the current day shall only be effective for two months starting from December 29, 2000 up to February 28, 2001. Thereafter, the Cash in Vault (CIV) account, for purposes of computing the banks' reserve position for the current day, shall be valued on same day in accordance with the practice prior to December 29, 2000.
Banks are strongly encouraged to use the two-month period to improve their internal reporting systems in anticipation of the implementation of the interim RTGS (MIPS2) on February 2, 2001.
For compliance.
ALBERTO V. REYES Deputy Governor
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