Legal and liquidity reserve requirements applicable to deposit substitutes effective for reserve week starting 7 January 2005
MEMORANDUM Series of 2004
TO : All Banks and Non-Banks Financial Intermediaries with Trust License
Pursuant to Monetary Board Resolution No. 1872 dated 23 December 2004, outstanding common trust funds and other similarly managed funds (CTF) shall be subject to the legal and liquidity reserves requirements applicable to deposit substitutes effective for reserve week starting 7 January 2005. This will amend Item 1 of Circular No. 452 dated 22 September 2004.
All banks/NBFIs with trust license are required to comply with the following reserve requirement rates effective the said reference reserve week:
Reserve Requirement Rates (%)
Legal
Liquidity
Total
A. Universal Banks
9
10
19
B. Commercial Banks
9
10
19
C. Thrift Banks
6
2
8
D. NBQBs
9
10
19
FOR THE MONETARY BOARD
ARMANDO L. SURATOS Deputy Governor
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