BSP Circulars BSP Circular No. 116BSP Circular No. 116 1996-10-18T00:00:00.000+08:00
Reserve Fund
CIRCULAR NO. 116 Series of 1996
Pursuant to Monetary Board Resolution No. 1343 dated November 22, 1995 reducing the reserve fund requirements against deposit liabilities of non-stock savings and loan associations (NSSLAs) effective as of the date of this circular, Book IV of the Manual of Regulations for Banks and Other Financial Intermediaries is hereby amended to read as follows:
"Section 4253S. Reserve Fund. — Every savings and loan association shall maintain a reserve fund to meet withdrawals against deposit liabilities equivalent to six per cent (6%) of its savings and time deposit liabilities."
FOR THE MONETARY BOARD:
EDGARDO P. ZIALCITA Officer-in-Charge
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