BSP CIRCULAR NO. 355, OCTOBER 9, 2002, October 09, 2002
LIQUIDITY FLOOR FOR AUTHORIZED GOVERNMENT DEPOSITORY BANKS OTHER THAN BSP
National Administrative Register October 9, 2002
Pursuant to Monetary Board Resolution
No. 1361 dated September 19, 2002, the first paragraph of Subsection
X240.6 of the Manual of Regulations for Banks is hereby amended to read
as follows:
No. 1361 dated September 19, 2002, the first paragraph of Subsection
X240.6 of the Manual of Regulations for Banks is hereby amended to read
as follows:
“Subsection X240.6. Liquidity
floor – Unless otherwise prescribed by the Monetary Board, authorized
government depository banks other than the BSP, and authorized private
banks shall, inclusive of the required reserves against deposits and/or
deposit substitutes, maintain a fifty percent (50%) liquidity floor with
respect to deposits of, borrowing from, and all other liabilities to,
the Government and government entities, in the form of transferable
government securities which represent direct obligations of the National
Government.“x x x.”
This Circular shall take effect immediately.
Adopted: 9 Oct. 2002
(SGD.) ALBERTO V. REYES
Officer-in-Charge