Reduced statutory reserves
CIRCULAR LETTER Series of 2005
TO : All Banks and Non-Bank Financial Institutions with Quasi-Banking Functions (NBQBs) Concerned
This is to remind all concerned banks and NBQBs that the reduced statutory reserve of two percent (2%) provided under Bangko Sentral ng Pilipinas (BSP) Circular No. 444 dated 18 August 2004 may not yet be availed of pending:
1) the issuance of the pertinent market convention acceptable to BSP that shall govern deposit substitutes transactions evidenced by repurchase agreements (repos) covering government securities; and
2) the opening for the purpose of a separate RoSS account with the Bureau of Treasury by the BSP-accredited third party custodian.
For your guidance.
ALBERTO V. REYES Deputy Governor
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