Michel, The treasurer of First National Bank wants to determine its legal reserve requirement. So he lists the related data as below: | | Millions of dollar | |--------------------------|--------------------| | Net transaction deposits | $75.0 | | Nonpersonal time deposits (<1.5 years) | $100.0 | | Eurocurrency liabilities | $15.0 | | Daily average balance in vault cash | $5.0 | | **Reserve requirements:** | | | Net transaction accounts | | | • Exemption amount to reserve tranche | 6.0% | | • More than reserve tranche | 16.0% | | Reserve tranche | $50.0 | | Exemption amount | $10.0 | | **Nonpersonal deposits** | | | • Less than 18 months | 4.0% | | • 18 months or more | 0.0% | | Eurocurrency liabilities – all types | 4.0% | What is the legal reserve requirement of the bank (millions of dollar)? | Financial Risk Manager Part 2 Quiz - LeetQuiz