July 31, 1997
BSP MEMORANDUM
| TO | : | All Banks and Other Financial Intermediaries Performing Trust, Other Fiduciary Business and Investment Management Activities |
Pursuant to Monetary Board Resolution No. 962 dated 30 July 1997, the Rules and Regulations on Trust, Other Fiduciary Business and Investment Management Activities (Trust Rules) are amended as follows:
SECTION 1. The first paragraph of Subsection _405.5, Item 1.1 is amended to read as follows:
"1.1 Reserves Against Peso-Denominated Common Trust Funds
The required reserves against peso-denominated common trust funds and such other managed peso funds which partake the nature of collective investment of peso-denominated common trust funds of all financial intermediaries authorized to engage in trust and other fiduciary business shall be fifteen percent (15%). Of the fifteen percent (15%) required reserves, five percentage points may be held in the form of short-term market-yielding government securities purchased directly from the BSP-Treasury Department."
Item 1.2 of Subsection _405.5 is amended to read as follows: cdpr
"1.2 Reserves Against Trust and Other Fiduciary Accounts (TOFA) — Others
In addition to the basic security deposit required under Subsection _405.1, all financial intermediaries...
