Reserve requirements during non-reserve day May 2, 2003
MEMORANDUM Series of 2003
TO: All Banks and NBQBs
In view of the official declaration of May 2, 2003 as a non-working holiday for government employees, May 2, 2003 shall likewise be considered as a non-reserve day.
For purposes of determining the reserve requirements on deposit substitutes/liabilities, common trust funds and other similarly managed funds (CTF) and trust and other fiduciary activities-others (TOFA-Others) for the period May 1 to 4, 2003, the reserve position as computed at the close of business day of April 30, 2003 shall be carried over to May 1, 2003 for reserve week April 25 to May 1, 2003, which balance shall be forwarded to May 2 to 4, 2003 for reserve week May 2 to 8, 2003.
For guidance.
ALBERTO V. REYES Deputy Governor
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