The Central Bank will pay the Savings and Loan Association?s interest at the rate of 5 percent per month for deposits of their legal reserves, according to the new measures of the Monetary Board. Sub-paragraph B of Measure 2 established by the Monetary Board last Friday says that the S & Ls will gradually convert their Certificates of Participation into legal reserve accounts and obtain 5 percent interest per month from June 2003 onwards. Measure 2 also requires the S & Ls to increase their legal reserves from 10 percent to 15 percent of their deposits.