quot Operational reserve quot replaced quot financial reserve quot .

(f) Operating reserve

(j) Operating reserves

Employment Provident Fund

( ) Change in operating reserves

C. Operating cash reserve

Note 14. Operational reserve

Note 11. Operational reserve

Note 7. Operational reserve

Non maintenance of operating reserve

(d) The establishment of an operational reserve is described, replacing the previous proposals for a financial reserve and a programme reserve (new rule 9.2).

(i) Operating and other types of reserves are included in the totals for quot Reserves and fund balances quot shown in the financial statements

Operational reserve, 31 December 1997

Furthermore, the PBC uses unconventional instruments from time to time, such as credit ceilings or credit quotas imposed on commercial banks. This may result in extra reserves, which commercial banks cannot use to extend their credit lines.

The Committee is of the view that there should be only one operational reserve.

Decision on the review of the Operational Reserve Category II

The level of the operational reserve will be reviewed in 1998.

(i) To comply with the new uniform financial statement formats, the classification of operating reserves and other types of reserves has been changed from that employed previously.

Projected movement of operational reserve and fund

None of the funds of the operational reserve were utilized in 1997.

The 1996 accumulated unspent income of 10,755,362 was transferred to the operational reserve for a new total of 17,555,362 at the end of the current biennium.

(i) To comply with the new uniform financial statement formats, the classification of operating reserves and other types of reserves has been changed from that employed previously.

b Includes 163,800 required as operating cash reserve for 2003.

d Includes 205,400 required as operating cash reserve for 2004.

f Includes 323,800 required as operating cash reserve for 2005.

It was calculated to be 11,400,000 for the biennium 1996 1997.

This amounted to a reserve of 3,446,200 under general purpose funds and 6,040,500 under special purpose funds as of 31 December 1995.

42. In 1950, the Executive Board authorized the establishment of a reserve for insurance of 200,000 to absorb losses of UNICEF programme supplies and equipment not covered by commercial insurance.

h Includes 290,700 required as operating cash reserve for 2006.

3 Includes 143,700 required as operating cash reserve for 1998.

5 Includes 93,100 required as operating cash reserve for 1999.

2. Operational reserve and annual surpluses of income over expenditure

The international reserves of Russia include foreign exchange reserves, gold reserves as well as the reserve positions and special drawing rights (SDRs) in the International Monetary Fund (IMF).

However, unlike in the case of EPF, it is a non contributory benefit to employees.

83. The operational reserve was re established in 1996 at a level of 3 million.

At 31 December 1997, the operational reserve amounted to 63 million.

In 1950, the Executive Board authorized the establishment of a reserve for insurance of 200,000 to absorb losses of UNICEF programme supplies and equipment not covered by commercial insurance.

The Board noted that, although some 165,000 should have been held as operating reserve under this instruction, no reserve was maintained.

Everybody has come up to me and said, well I'll stockpile water or, I'll stockpile food, or what have you.

Reserves

All of this changed in 2008, when a legislative reform allowed the Fed to pay interest on excess reserves. The commercial banks could sell Treasury bills and longer term bonds to the Fed, receive reserves in exchange, and earn a small but very safe return on those reserves.

a Includes 214,874 required as operating cash reserve for 2004.

b Includes 603,600 required as operating cash reserve for 2005.

f Includes 316,400 required as operating cash reserve for 2006.

The operating reserve amounted to 118,192, and the cumulative surplus to 431,116.