Reserve Computation for Weeks Ended 25 December 2008 and 1 January 2009
MEMORANDUM NO. M-2008-038
To: All Banks and NBQBs
Subject: Reserve Computation for Weeks Ended 25 December 2008 and 1 January 2009
In computing the reserve requirements against deposit substitute/liabilities, Common Trust Funds (CTFs) and Other Similarly Managed Funds and Trust and Other Fiduciary Activities – Others (TOFA-Others) for the weeks ending 25 December 2008 and 1 January 2009, please be guided by the following:
1. 25 December 2008, Thursday (Christmas Day), 26 December 2008, Friday, additional special (non-working) day, 29 December 2008, Monday, additional special (non-working) day, 31 December 2008, and 1 January 2009, Thursday (New Year’s Day) are non-working holidays (Proclamation Order No. 1463 dated 18 February 2008) , thus considered as non-reserve days.
2. Accordingly, the reserve position as computed at the close of business of Wednesday, 24 December 2008 shall be carried up to Thursday, 1 January 2009.
For information and guidance.
NESTOR A. ESPENILLA, JR. Deputy Governor
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