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.
Classification: GENERAL Page
OFFICE OF THE DEPUTY GOVERNOR I FINANCIAL SUPERVISION SECTOR MEMORANDUM NO. M-2024-___ To : ALL BANKS AND NON-BANKS WITH QUASI-BANKING FUNCTIONS Please be guided that the reserve weeks 19 July to 25 July 2024 and 26 July to 01 August 2024 shall be considered as a single reserve week for the purpose of determining the reserve position as well as the "abuse" of the privilege of offsetting reserve deficiencies against excess reserve during that reserve week. For information and guidance. CHUCHI G. FONACIER Deputy Governor 25 July 2024 Subject : Single Reserve Week from 19 July 2024 to 1 August 2024 and the Corresponding Computation for the Single Reserve Week