Reduced statutory reserves

Bar binas

OFFICE OF THE DEPUTY GOVERNOR SUPERVISION AND EXAMINATION SECTOR

CIRCULAR-LETTER

To: All Banks and Non-Bank Financial Institutions with

Quasi-Banking Functions (NBQBs) Concerned

statutory reserve of two percent (2%) provided under Bangko Sentral ng Pilipinas (BSP) Circuiar No. 444 dated 18 August 2004 may not yet be avaited of pending: This is to remind ail concerned banks and NBQBs that the reduced

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) of Treasury by the BSp-accredited third party custodian. the opening for the purpose of a separate RoSS account with the Bureau

For your guidance.

ALBERTO V Deputy Gderror REYES

2005

Pananalaping Matatag, BanSang Panatag

A. Mabini St., Malate 1004 Manila, Philippines Trunkline (632) 524-70-11 URL:www.bsp.gov.ph e-mail: [email protected]