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Regions allow you to maintain several calendars with different holidays. Bank holidays and school vacations my differ for example between regions. This is very useful if you are managing an internationally distributed team. You can select a region in the calendar display.
You can import an iCal file to set a certain holiday in a specific region. This is useful for example if you want to import school holidays.
If you want to transfer or merge regions you can use the settings on this tab.