All Banks and Other Financial Intermediaries Performing Trust, Other Fiduciary Business and Investment Management Activities

July 31, 1997BSP MEMORANDUMTO  : 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 FundsThe 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) — OthersIn addition to the basic security deposit required under Subsection _405.1, all financial intermediaries...