BSP Circular No. 1332 (1992)
PENALTY ON RESERVE DEFICIENCY
(NAR) VOL. III NO. 3 / JULY - SEPTEMBER 1992
[ BSP CIRCULAR NO. 1332 S. 1992, March 23, 1992 ]
PENALTY ON RESERVE DEFICIENCY
The Monetary Board, in its Resolution No. 210 and 235 dated March 6, and 16, 1992, respectively, decided that:
1. Effective April 20, 1992, the reserve position of any bank or non-bank financial intermediary performing quasi-banking functions and penalty on reserve deficiency shall be computed based on a seven-day week, i.e., daily including Saturdays, Sundays, public holidays and days when there is no Central Bank clearing (including special holidays); and 2. Effective March 23, 1992, the term chronic deficiency shall be redefined to mean deficiency in reserve requirements for two consecutive weeks only. Adopted: 23 Mar. 1992
(SGD.) JOSE L. CUISIA, JR. Governor