Supreme Court E-Library
Information At Your Fingertips


  View printer friendly version

(NAR) VOL. 9 NO. 3 / JULY - SEPTEMBER 1998

[ BSP MEMORANDUM, June 22, 1998 ]

REQUIRED RESERVES AGAINST TRUST FUND



Pursuant to Monetary Board Resolution No. 749 dated 20 May 1996, the seventh paragraph of Subsec. _405.6 Form and Composition of Reserves of the Rules and Regulations on Trust, Other Fiduciary Business and Investment Management Activities (Trust Rules) is hereby amended as follows:
"Deposits maintained by all financial intermediaries authorized to engage in trust and other fiduciary business with the BSP up to forty percent (40%) of the required reserves against peso-denominated common trust funds (less the percentage allowed to be maintained in the form of short-term market-yielding government securities), as well as the required reserves for TOFA-Others (less the percentage allowed to be maintained in the form of short-term market-yielding government securities), shall be paid interest at four (4%) per annum effective 29 May 1998 based on the average daily balance of said deposits to be credited quarterly."
Adopted: 22 June 1998

(SGD.) GABRIEL C. SINGSON
Governor




© Supreme Court E-Library 2019
This website was designed and developed, and is maintained, by the E-Library Technical Staff in collaboration with the Management Information Systems Office.