Single Reserve Week from 22 September to 5 October 2006 Due to Typhoon Milenyo
MEMORANDUM NO. M-2006-019
TO : ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS
Subject : Single Reserve Week from 22 September to 5 October 2006 Due to Typhoon Milenyo
To clarify the calculation of the reserve requirements for the period 22 September 2006 to 5 October 2006, please be guided by the following:
1. With regular business operations of government offices suspended due to Typhoon Milenyo, Thursday, 28 September 2006 and Friday, 29 September 2006 shall be considered as non-reserve days. Hence, the reserve position as computed at the close of business of Wednesday, 27 September 2006 shall be carried up to Sunday, 1 October 2006.
2. The reserve weeks 22 to 28 September 2006 and 29 September to 5 October 2006 shall be considered as a single reserve week for the purpose of determining “abuse” of the privilege of offsetting reserve deficiencies against excess reserves during that reserve week.
For information and guidance.
MA. CORAZON J. GUERRERO Sector-In-Charge
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