Circular No. 4023 — Amends Circular No. 3,929 of February 13, 2019, regarding the calculation and payment of contributions to the Credit Guarantee Fund (FGC)

The Board of Directors of the Central Bank of Brazil, in a session held on June 3, 2020, based on Art. 9 of Law No. 4,595 of December 31, 1964, and considering the provisions of Resolution No. 4,222 of May 23, 2013,

R E S O L V E:

Art. 1 The Circular No. 3,929 of February 13, 2019, shall enter into force with the following alterations:

“Art. 4 ......................................................

................................................................

II - Reference Value (RV) – the value of the FGC’s exposure to the instruments subject to ordinary guarantee, minus the balances of the instruments provided for in items I and II of § 3 of Art. 2-A of Resolution No. 4,222 of 2013, calculated based on the information referred to in Art. 4 of Circular No. 3,915 of 2018;

................................................................

§ 1 The value of the PLA used in the calculation of the additional contribution shall correspond to the greater value between the last available PLA and the result of the arithmetic mean of the PLA over the last 12 (twelve) months or the number of months available, if less than 12 (twelve).

................................................................

§ 4 The deductions provided for in item II of the main text shall be calculated based on the information provided through the tables annexed to Circular No. 3,915 of 2018, considering that:

I - the balances of the instruments provided for in item I of § 3 of Art. 2-A of Resolution No. 4,222 of 2013 are the balances of the lines corresponding to the respective instruments, contained in Table I;

II - the balances of the instruments referred to in item II of § 3 of Art. 2-A of Resolution No. 4,222 of 2013 are the result of the sum of the balances of the lines “Individual holder” and “Legal entity holder with FGC guarantee” of Table II, in the value ranges 1 to 6 of Table III, corresponding to the respective instruments, contained in Table I.

..........................................................” (NR)

“Art. 7 The fine for late payment of the contributions provided for in Art. 6, item III, of Resolution No. 4,222 of 2013, shall be paid by the institution associated with the FGC responsible for the contribution, updated based on the Selic rate, from the first day of delay until the day prior to the effective payment.

Sole Paragraph. It is the responsibility of the financial institution accredited by the FGC, referred to in Art. 6 of this Circular, to take the necessary measures regarding the payment to the Fund of the amount corresponding to the fine and the additions referred to in the main text, observing the conditions established by it.” (NR)

“Art. 10. This Circular enters into force on July 1, 2021.” (NR)

Art. 2 Annexes I, II, and III to Circular No. 3,929 of 2019 shall enter into force, respectively, in the form of Annexes I, II, and III to this Circular.

Art. 3 This Circular enters into force on July 1, 2020.

João Manoel Pinho de Mello Paulo Sérgio Neves de Souza Director of Organization of the System Director of Supervision Financial and Resolution

ANNEX I TO CIRCULAR NO. 4,023, OF JUNE 3, 2020

ANNEX I TO CIRCULAR NO. 3,929, OF FEBRUARY 13, 2019

Titles and subtitles of the Accounting Plan of the Institutions of the National Financial System (Cosif) used as the basis for the calculation of ordinary contributions to the Credit Guarantee Fund (FGC).

4.1.1.05.00-5 AFFILIATED DEMAND DEPOSITS

4.1.1.10.00-7 INDIVIDUAL DEPOSITS

4.1.1.20.00-4 LEGAL ENTITY DEPOSITS

4.1.1.25.00-9 DEPOSITS OF COMPANIES LOCATED IN EXPORT PROCESSING ZONES - EPZ

4.1.1.30.00-1 DEPOSITS OF FINANCIAL SYSTEM INSTITUTIONS

4.1.1.40.00-8 GOVERNMENT DEPOSITS

4.1.1.45.00-3 TRAVELER’S CHEQUES

4.1.1.50.00-5 CERTIFIED CHEQUES

4.1.1.55.00-0 SALARY CHEQUES

4.1.1.60.00-2 DEPOSITS OF RESIDENTS ABROAD

4.1.1.75.00-4 MANDATORY DEPOSITS

4.1.1.77.00-2 MANDATORY DEPOSITS OF AFFILIATES

4.1.1.80.00-6 DEPOSITS FOR INVESTMENTS ARISING FROM TAX INCENTIVES

4.1.1.85.00-1 EARMARKED DEPOSITS

4.1.1.90.00-3 CREDIT BALANCES IN LOAN AND FINANCING ACCOUNTS

4.1.1.98.00-5 CLOSED ACCOUNTS

4.1.2.10.00-0 SAVINGS ACCOUNTS FREE - INDIVIDUALS

4.1.2.20.00-7 SAVINGS ACCOUNTS FREE - LEGAL ENTITIES

4.1.2.25.00-2 SAVINGS ACCOUNTS OF AFFILIATES

4.1.2.27.00-0 RURAL SAVINGS ACCOUNTS

4.1.2.95.00-1 OTHER SAVINGS ACCOUNTS

4.1.2.98.00-8 CLOSED ACCOUNTS

4.1.4.10.00-6 NOTICE DEPOSITS

4.1.5.10.10-2 With Certificate

4.1.5.10.20-5 Non-Affiliated - Without Certificate

4.1.5.10.30-8 Affiliated - Without Certificate

4.1.5.30.00-3 TIME DEPOSITS WITH AUTOMATIC ROLLOVER

4.3.1.10.00-5 OBLIGATIONS FROM ACCEPTANCE OF COMMERCIAL INSTRUMENTS

4.3.2.25.00-0 OBLIGATIONS FROM ISSUANCE OF MORTGAGE LETTERS

4.3.2.35.00-7 OBLIGATIONS FROM ISSUANCE OF REAL ESTATE CREDIT LETTERS

4.3.2.40.10-2 Issued after May 23, 2013

4.9.9.25.00-5 OBLIGATIONS FROM OFFICIAL AGREEMENTS

4.9.9.27.00-3 PAYMENT OBLIGATIONS ON BEHALF OF THIRD PARTIES

6.2.1.10.00-0 APE - SAVINGS ACCOUNTS FREE - INDIVIDUALS

6.2.1.20.00-7 APE - SAVINGS ACCOUNTS FREE - LEGAL ENTITIES

6.2.1.25.00-2 APE - SAVINGS ACCOUNTS OF AFFILIATES

6.2.1.30.00-4 APE - SAVINGS ACCOUNTS - PENSION SAVINGS

6.2.1.35.00-9 APE - SAVINGS ACCOUNTS OF FINANCIAL SYSTEM INSTITUTIONS

6.2.1.40.00-1 APE - PROGRAMMED SAVINGS ACCOUNTS

6.2.1.50.00-8 APE - SAVINGS ACCOUNTS - MULTIPLE VALUES

6.2.1.60.00-5 APE - EARMARKED SAVINGS ACCOUNTS

6.2.1.80.00-9 APE - SPECIAL SAVINGS ACCOUNTS

9.0.9.53.15-0 Own Portfolio - Affiliated - After March 8

9.0.9.53.25-3 Third-Party Portfolio - Affiliated - After March 8

ANNEX II TO CIRCULAR NO. 4,023, OF JUNE 3, 2020

ANNEX II TO CIRCULAR NO. 3,929, OF FEBRUARY 13, 2019

Titles and subtitles of the Accounting Plan of the Institutions of the National Financial System (Cosif) used as the basis for the calculation of special contributions to the Credit Guarantee Fund (FGC).

4.1.3.10.80-7 Affiliated – With Special FGC Guarantee – With Receivables Alienation

4.1.3.10.81-4 Affiliated – With Special FGC Guarantee – Without Receivables Alienation

4.1.3.10.85-2 Non-Affiliated – With Special FGC Guarantee – With Receivables Alienation

4.1.3.10.86-9 Non-Affiliated – With Special FGC Guarantee – Without Receivables Alienation

4.1.5.10.22-9 Non-Affiliated - Without Certificate - With Special FGC Guarantee – With Receivables Alienation

4.1.5.10.23-6 Non-Affiliated - Without Certificate - With Special FGC Guarantee - Without Receivables Alienation

4.1.5.10.32-2 Affiliated - Without Certificate - With Special FGC Guarantee - With Receivables Alienation

4.1.5.10.33-9 Affiliated - Without Certificate - With Special FGC Guarantee - Without Receivables Alienation

ANNEX III TO CIRCULAR NO. 4,023, OF JUNE 3, 2020

ANNEX III TO CIRCULAR NO. 3,929, OF FEBRUARY 13, 2019

Titles and subtitles of the Accounting Plan of the Institutions of the National Financial System (Cosif) used as the basis for the calculation of Reference Collections (CR) for the purpose of calculating additional contributions to the Credit Guarantee Fund (FGC).

a - Total Collections

4.1.0.00.00-7 DEPOSITS

4.3.0.00.00-5 RESOURCES FROM COMMERCIAL ACCEPTANCES, REAL ESTATE AND MORTGAGE LETTERS, DEBENTURES AND SIMILAR

4.4.5.00.00-9 Resources Received from Affiliated Cooperatives

4.6.0.00.00-2 OBLIGATIONS FROM LOANS AND TRANSFERS

4.9.5.58.00-1 OBLIGATIONS FROM GOLD LOANS

4.9.5.88.00-2 CREDITORS FROM SHARE LOANS

4.9.6.50.00-2 OBLIGATIONS FROM FINANCIAL AND DEVELOPMENT FUNDS

4.9.6.70.00-6 ECONOMIC DEVELOPMENT BONDS

4.9.9.95.00-4 HYBRID CAPITAL AND DEBT INSTRUMENTS ELIGIBLE AS CAPITAL PREVIOUS TO RES 4.192/2013

4.9.9.96.00-3 SUBORDINATED DEBT ELIGIBLE AS CAPITAL

4.9.9.97.00-2 OTHER SUBORDINATED DEBT

4.9.9.98.00-1 DEBT INSTRUMENTS ELIGIBLE AS CAPITAL BASED ON RES 4.192/2013

6.2.1.00.00-3 APE - Resources from Savings Associates

b - Collections from affiliated entities

4.1.1.05.00-5 AFFILIATED DEMAND DEPOSITS

4.1.1.77.00-2 MANDATORY DEPOSITS OF AFFILIATES

4.1.1.85.03-2 Tea - Affiliated

4.1.1.85.20-7 Affiliated

4.1.2.25.00-2 SAVINGS ACCOUNTS OF AFFILIATES

4.1.4.10.10-9 Affiliated

4.1.5.10.30-8 Affiliated - Without Certificate

4.1.5.10.32-2 Affiliated - Without Certificate - With Special FGC Guarantee - With Receivables Alienation

4.1.5.10.33-9 Affiliated - Without Certificate - With Special FGC Guarantee - Without Receivables Alienation

4.1.5.30.10-6 Affiliated

4.3.8.00.00-9 Resources from Issuances by Subsidiaries not Subject to Central Bank Authorization

4.6.3.50.10-9 From Financial Institutions Abroad

c - Collections from Financial Institutions

4.1.1.30.00-1 DEPOSITS OF FINANCIAL SYSTEM INSTITUTIONS

4.1.1.60.30-1 From Financial Institutions

4.1.3.00.00-6 Interbank Deposits

4.1.4.10.30-5 Financial System Institutions

4.1.5.30.30-2 National Financial System Institutions

4.6.6.10.50-2 Linked to Interbank Transfers