Reserve Computation for Weeks Ended 28 December 2006 and 4 January 2007
MEMORANDUM NO. M - 2006-025
TO : ALL BANKS AND NBQBs
Subject : Reserve Computation for Weeks Ended 28 December 2006 and 4 January 2007
The Office of the President has declared Tuesday, 26 December 2006, a special non-working holiday (Proclamation Order No. 1169 dated 10 November 2006) with Monday, 25 December 2006 and the succeeding Monday, 1 January 2007, being a regular legal holiday throughout the country.
Accordingly, the following shall be observed for purposes of calculating the reserve requirement against deposit substitute/liabilities, Common Trust Funds (CTFs) and Other Similarly Managed Funds and Trust and Other Fiduciary Activities – Others (TOFA-Others):
1. 25 and 26 December 2006 are non-reserve days for the week 22 to 28 December 2006. Thus, the reserve position as computed as at 22 December 2006 shall be applied from 23 to 26 December 2006.
2. 1 January 2007 is a non-reserve day for the week 29 December 2006 to 4 January 2007. Thus, the reserve position computed as at 29 December 2006 shall be carried forward to 30 December 2006 to 1 January 2007.
For information and guidance.
NESTOR A. ESPENILLA, JR. Deputy Governor
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