31 October (Monday) and 4 November 2005 (Friday) as Special Non-Working Holidays and Non-Reserve Days

MEMORANDUM Series of 2005

To: All Banks and NBQBs

Subject: 31 October (Monday) and 4 November 2005 (Friday) as Special Non-Working Holidays and Non–Reserve Days

The Office of the President has declared 31 October 2005, Monday (Proclamation No. 839), and 4 November 2005, Friday (Proclamation No. 933), as special non-working holidays throughout the country, in connection with the observance of All Saints Day and Eid’l Fitr, the Muslim celebration marking the end of the month-long fasting or Ramadan, respectively.

Accordingly, the following shall be observed for purposes of computing the reserve position against deposit liabilities/substitutes, Common Trust Funds (CTFs) and other similarly managed funds, Trust and Other Fiduciary Activities-Others (TOFA):

a) 31 October and 1 November 2005 are non-reserve days for the week 28 October to 3 November 2005. Thus, the reserve position computed as at 28 October 2005 shall be applied from 29 October to 1 November 2005.

b) 4 November 2005 is a non-reserve day for the week 4-10 November 2005. Thus, the reserve position computed as at 3 November 2005 shall be carried forward to 4 – 6 November 2005.

For information and guidance.

NESTOR A. ESPENILLA, JR. Deputy Governor