It has a serine and a weak tyrosine phosphatase activity with ratios of serine to tyrosine phosphatase activity as high as 200:1. It is essential for growth or germination at 37 degrees Celsius. May have a role in the heat shock response. Involved in tRNA splicing and cell separation. H2O + O-phospho-L-seryl-[protein] = L-seryl-[protein] + phosphate H2O + O-phospho-L-threonyl-[protein] = L-threonyl-[protein] + phosphate Binds 2 magnesium or manganese ions per subunit. Manganese is about 20 times more efficient than magnesium. Interacts with NBP2 and PBS2. Present with 1520 molecules/cell in log phase SD medium. Belongs to the PP2C family.