26 December 2005 (Monday) and 30 December 2005 (Friday) as Non-Working Holidays and Non-Reserve Day

MEMORANDUM Series of 2005

TO           :   All Banks and NBQBs Subject   :  26 December 2005 (Monday) and 30 December 2005 (Friday) as Non-Working Holidays and Non-Reserve Days

The Office of the President has declared Monday, 26 December 2005, as a special non-working holiday (Proclamation No. 839) with 30 December 2005 (Rizal Day) being a regular legal holiday throughout the country.

Accordingly, the following shall be observed for purposes of calculating the reserve position against deposit substitutes/liabilities, Common Trust Funds (CTF) and other similarly managed funds and Trust and Other Fiduciary Activities - Others (TOFA-Others):

26 December 2005 is a non-reserve day for the week 23 - 29 December 2005.  Thus, the reserve position as computed as at 23 December 2005 shall be applied from 24 - 26 December 2005.

30 December 2005 is a non-reserve day for the week 30 December 2005 - 5 January 2006.  Thus, the reserve position computed as at 29 December 2005 shall be carried forward to 30 December 2005 - 1 January 2006.

For information and guidance.

FOR THE MONETARY BOARD:

NESTOR A. ESPENILLA, JR. Deputy Governor