MORNBFI Vol. 1 - Planters Development Bank

§§ 4254Q.3 - 4256Q.508.12.31The computation of quarterly interestpayments credited to the QBs’ DDAs withBSP are shown in Appendix Q-27.Effective 1 July 2003, published interestrates that will be applied on BSP’s RegularDDAs of QBs shall be inclusive of the tenpercent (10%) Value Added Tax (VAT).§ 4254Q.4 (2008 - 4246Q.6) Book entrymethod for reserve securities. Transactionsconcerning reserve-eligible securities shallbe entered in the respective securitiesaccount of each QB with the BSP and shallbe evidenced by securities account debit orcredit advices to be promptly furnished theinstitution/s concerned. No certificates shallbe issued for any purpose. Transactions withthird parties other than the BSP shall not berecognized.Sec. 4255Q (2008 - 4246Q.4) ExemptionsCertificates of assignment issued withrecourse by QBs under the IGLF Programare not covered by the reserve requirements.Sec. 4256Q (2008 - 4246Q.2) Computationof Reserve Position. The reserve positionof any QB and the penalty on reservedeficiency shall be computed based on aseven (7)-day week, starting Friday andending Thursday, including Saturdays,Sundays, public special/legal holidays,non-business days, unexpected declarednon-business days or declared half-dayholidays and days when there is no clearing:Provided, That with reference to publicspecial/legal holidays, non-businessunexpected declared non-business days,declared halfday holidays and days whenthere is no clearing, the reserve position ascalculated at the close of the business dayimmediately preceding such publicspecial/legal holidays, non-business daysand unexpected declared non-business day/sand declared half-day holidays and days whenthere is no clearing, shall apply thereon. Forthis purpose, the principal office in thePhilippines and all other offices locatedtherein shall be treated as a single unit.The guidelines on the computation ofa bank's reserve position during publicsector holidays are shown in AppendixQ-49.The required reserves in the currentperiod (reference reserve week) shall becomputed based on the correspondinglevels of deposit substitute liabilities of theprior week.(As amended by M-2008-025 dated 13 August 2008)§§4256Q.1 - 4256Q.4 (Reserved)§ 4256Q.5 (2008 - 4246Q.8) Guidelinesin calculating and reporting to the BSPthe required reserves on depositsubstitutes evidenced by repurchaseagreements covering governmentsecuritiesa. The Supervisory Data Center (SDC)shall determine the maximum allowableamount of repo agreements coveringgovernment securities that will qualify forthe reduced statutory reserve requirementsof two percent (2%). It shall be based onthe amount reported by QBs in their weeklyConsolidated Daily Report of Condition. Theadjusted Tier 1 capital reported daily shouldapproximate the quarterly adjusted Tier 1capital as submitted by banks in compliancewith the provisions of Sec. 4115Q.b. Any material differences that may benoted by the SDC between the daily andthe quarterly report shall be considered aserroneous reporting and shall be subject tothe penalties under existing regulations. TheSDC shall also make a re-run of itscomputation of the QB’s reserve positionand in the event that the reserve positionresulted to a reserve deficiency/ies, thecorresponding penalties on reservedeficiencies shall also apply.c. The lagged system in themeasurement of a QB’s reserve requirement,as provided in Sec.4256Q, shall also beManual of Regulations for Non-Bank Financial InstitutionsQ RegulationsPart II - Page 11