Central Bank Resolution No. 5,296: Minimum Limits for Short-Term Liquidity Indicators LCR and LCRS

Resolution No. 5,296

CENTRAL BANK RESOLUTION NO. 5,296, OF APRIL 23, 2026

Establishes the minimum limits for the Short-Term Liquidity Indicator – LCR and the Simplified Short-Term Liquidity Indicator – LCRS and the conditions for their compliance.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on April 23, 2026, based on Article 4, caput, items VIII and XI, of the aforementioned Law, Articles 1, § 1, and 12 of Complementary Law No. 130, of April 17, 2009, Article 20, § 1, of Law No. 4,864, of November 29, 1965, Article 6 of Decree-Law No. 759, of August 12, 1969, Articles 7 and 23, caput, item “a”, of Law No. 6,099, of September 12, 1974, Article 1, caput, item II, of Law No. 10,194, of February 14, 2001, and Article 1, § 2, of Provisional Measure No. 2.192-70, of August 24, 2001,

RESOLVES:

CHAPTER I

OBJECT AND SCOPE OF APPLICATION

Art. 1. This Resolution defines and establishes the minimum limits for the Short-Term Liquidity Indicator – LCR and the Simplified Short-Term Liquidity Indicator – LCRS and the conditions for their compliance.

Art. 2. This Resolution applies to institutions classified, in accordance with Article 2 of Resolution No. 4,553, of January 30, 2017:

I - in Segment 1 – S1 or in Segment 2 – S2; and

II - in Segment 3 – S3 or in Segment 4 – S4, provided they are authorized to:

a) collect funds from the public in the form of deposits;

b) collect funds from the public through the issuance of securities, as defined by the Central Bank of Brazil; or

c) provide the service of centralized application of funds to credit cooperatives, in accordance with Article 3-A, caput, item III, of CMN Resolution No. 5,051, of November 25, 2022.

Sole Paragraph. Demand deposits, time deposits, and savings deposits are considered deposits.

Art. 3. Financial institutions referred to in Article 2, caput, item I, must calculate the LCR, observing the provisions of this Resolution.

Art. 4. Financial institutions referred to in Article 2, caput, item II, must calculate the LCRS, observing the provisions of this Resolution.

CHAPTER II

SHORT-TERM LIQUIDITY INDICATOR – LCR

Art. 5. The LCR corresponds to the ratio between the stock of High-Quality Liquid Assets – HQLA and the total net cash outflows projected for a thirty-day period.

Art. 6. Institutions referred to in Art. 3 must, during periods of absence of financial stress, observe the following minimum LCR limits daily:

I - 1 (one), for institutions classified in S1;

II - 0.90 (ninety hundredths), for institutions classified in S2, from January 1, 2027, to June 30, 2027; and

III - 1 (one), for institutions classified in S2, from July 1, 2027, onwards.

§ 1. For institutions referred to in the caput belonging to a prudential conglomerate, the LCR must be calculated and observed:

I - on a consolidated basis, covering the entities comprising the prudential conglomerate, in accordance with CMN Resolution No. 4,950, of September 30, 2021; and

II - on a sub-consolidated basis, covering the entities comprising the prudential sub-conglomerate, in accordance with CMN Resolution No. 4,950, of September 30, 2021.

§ 2. Institutions may present an LCR below the limits established in this article during periods of financial stress, in accordance with an analysis of liquidity needs and the use of their liquid assets, observing the provisions of Art. 10.

CHAPTER III

SIMPLIFIED SHORT-TERM LIQUIDITY INDICATOR – LCRS

Art. 7. The LCRS corresponds to the ratio between the stock of High-Quality Liquid Assets – ALAQ and the total net cash outflows projected for a thirty-day period.

Sole Paragraph. The definition of ALAQ must consider simplified criteria, compared to those applicable to HQLA, in order to ensure lower operational complexity and enable more efficient monitoring of liquid assets.

Art. 8. Institutions referred to in Art. 4 must, during periods of absence of financial stress, observe the following minimum LCRS limits daily:

I - 0.90 (ninety hundredths), from January 1, 2027, to June 30, 2027; and

II - 1 (one), from July 1, 2027, onwards.

§ 1. For institutions referred to in the caput belonging to a prudential conglomerate, the LCRS must be calculated and observed considering the scope of the prudential sub-conglomerate, in accordance with CMN Resolution No. 4,950, of September 30, 2021.

§ 2. For institutions that do not belong to a prudential conglomerate, the calculation of the LCRS must not include agencies abroad.

§ 3. Institutions may present an LCRS below the limits established in this article during periods of financial stress, in accordance with an analysis of liquidity needs and the use of their liquid assets, observing the provisions of Art. 10.

CHAPTER IV

COMMON PROVISIONS FOR LCR AND LCRS

Art. 9. The institution must immediately inform the Central Bank of Brazil if there is an expectation that it will not be possible to comply with the minimum limits established in Arts. 6 or 8.

Art. 10. An institution that presents an LCR or LCRS below the minimum limits established in Arts. 6 or 8 during periods of financial stress must inform the Central Bank of Brazil:

I - the reasons that led the indicator to reach a level below the minimum limit, indicating whether they stem from idiosyncratic or market conditions;

II - to what extent each of the conditions treated in item I contributed to the indicator reaching a level below the minimum limit;

III - the liquidity contingency plan, referred to in Art. 38, caput, item II, of Resolution No. 4,557, of February 23, 2017, detailing the availability of contingent liquidity sources; and

IV - the liquidity recovery plan, which must include a forecast of the period for restoring the indicator to the minimum limit referred to in Arts. 6 and 8, the projected cash flows, the measures adopted and to be adopted, as well as the sources of resources intended to be used in the recomposition of the indicator.

§ 1. The institution must send a detailed report daily to the Central Bank of Brazil to monitor the execution of the liquidity recovery plan until the indicator returns to the minimum limit referred to in Arts. 6 and 8.

§ 2. The Central Bank of Brazil may request additional information to that mentioned in this article.

Art. 11. The Central Bank of Brazil may, if the institution presents an indicator below the minimum limits established in Arts. 6 or 8, determine, among other measures:

I - improvements in liquidity risk management, referred to in Resolution No. 4,557, of February 23, 2017, in the liquidity contingency plan and in the liquidity recovery plan, referred to in Art. 10, caput, items III and IV, respectively;

II - reduction of exposure to liquidity risk, which may include:

a) sale or swap of assets and liabilities;

b) alteration in the composition of collections and their respective remuneration rates; or

c) reduction in disbursements related to the granting of credit; and

III - recomposition of the indicator value, within a timeframe to be determined by it, so that the minimum limit is met.

Sole Paragraph. The provisions of this article may be adopted both during moments of financial stress and during periods of normality.

CHAPTER V

FINAL PROVISIONS

Art. 12. The Central Bank of Brazil, in the performance of its legal duties, will establish the calculation methodology and information disclosure requirements for the LCR and the LCRS.

Sole Paragraph. The methodology and requirements referred to in the caput will observe the guidelines established in Art. 7, sole paragraph.

Art. 13. The following are revoked:

I - Resolution No. 4,401, of February 27, 2015, published in the Official Gazette of the Union – DOU on March 3, 2015;

II - Art. 6 of Resolution No. 4,616, of November 30, 2017, published in the DOU on December 4, 2017; and

III - Art. 2 of CMN Resolution No. 5,222, of May 30, 2025, published in the DOU on June 2, 2025.

Art. 14. This Resolution enters into force on January 1, 2027.

GABRIEL MURICCA GALÍPOLO

President of the Central Bank of Brazil