Regulatory Alerts2024-07-25
M-2024-024: Single Reserve Week from 19 July 2024 to 1 August 2024 and the Corresponding Computation for the Single Reserve Week
The Office of the Deputy Governor of Financial Supervision issued Memorandum M-2024-024 to all banks and non-banks with quasi-banking functions. The directive mandates that the reserve weeks of 19 July to 25 July 2024 and 26 July to 1 August 2024 be treated as a single reserve week for determining reserve positions. This consolidation applies to the calculation of reserve deficiencies and the privilege of offsetting such deficiencies against excess reserves during the specified period.
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