Regulatory Alerts2024-12-11
M-2024-038: Single Reserve Week from 20 December 2024 to 02 January 2025 and the Corresponding Computation for the Single Reserve Week
The Office of the Deputy Governor for Financial Supervision issued Memorandum No. M-2024-038 to all banks and non-banks with quasi-banking functions. The directive consolidates the reserve weeks of 20 December 2024 to 26 December 2024 and 27 December 2024 to 02 January 2025 into a single reserve week for computing reserve compliance and determining abuse of offsetting privileges. This measure is implemented in consideration of the Christmas and New Year holidays to streamline regulatory calculations during the festive 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 Pursuant to Sections 254 and 255 of the Manual of Regulations for Banks and Sections 214-Q and 215-Q of the Manual of Regulations for Non-Bank Financial Institutions on the Computation of Reserves Position and Reserve Deficiencies; Sanctions and, in consideration of the Christmas and New Year holidays, the reserve weeks 20 December 2024 to 26 December 2024 and 27 December 2024 to 02 January 2025 shall be considered as a single reserve week for the purpose of computing compliance with the reserve requirement as well as determining "abuse" of the privilege of offsetting reserve deficiencies against excess reserve during the abovementioned reserve week. For information and guidance. CHUCHI G. FONACIER Deputy Governor 11 December 2024 Subject : Single Reserve Week from 20 December 2024 to 02 January 2025 and the Corresponding Computation for the Single Reserve Week