Reserve position of any bank or non-bank financial intermediary performing quasi-banking functions and penalty on reserve deficiency

CBP CIRCULAR NO. 1332 Series of 1992

The Monetary Board, in its Resolution No. 210 and 235 dated March 6 and 16, 1992, respectively, decided that:

(i) effective April 20, 1992, the reserve position of any bank or non-bank financial intermediary performing quasi-banking functions and penalty on reserve deficiency shall be computed based on a seven-day week, i.e., daily including Saturdays, Sundays, public holidays and days when there is no Central Bank clearing (including special holidays); and

(ii) effective March 23, 1992, the term "chronic deficiency" shall be redefined to mean deficiency in reserve requirements for two consecutive weeks only.

JOSE L. CUISIA, JR. Governor