Resolution CMN No. 1647 - Authorizes Multiple Banks, Commercial Banks, Investment Banks, Development Banks, Savings Banks, Credit Financing and Investment Companies, Real Estate Credit Companies, Savings and Loan Associations, and Leasing Companies to Receive Interbank Deposits

RESOLUTION NO. 001647

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the President of the MONETARY COUNCIL, by act of October 12, 1989, based on Article 2 of Decree No. 94,303 of May 1, 1987, "ad referendum" of said Council, having regard to the provisions of item XXXII of Article 4 of the aforementioned Law, with the wording given by Article 3 of Decree-Law No. 2,290 of November 21, 1986,

RESOLVES:

I - To authorize multiple banks, commercial banks, investment banks, development banks, savings banks, credit financing and investment companies, real estate credit companies, savings and loan associations, and leasing companies to receive interbank deposits, provided that the following conditions are met:

a) no certificate is issued;

b) depositors are multiple banks, commercial banks, investment banks, development banks, savings banks, credit financing and investment companies, real estate credit companies, savings and loan associations, leasing companies, and securities brokers and dealers.

II - The Central Bank of Brazil may:

a) set limits regarding the deposits in question;

b) authorize or cancel authorizations for the practice of these operations;

c) adopt other measures deemed necessary for the execution of this Resolution.

III - This Resolution enters into force on the date of its publication, with Resolutions No. 1,102 of February 28, 1986, No. 1,111 of March 19, 1986, and No. 1,410 of October 29, 1987, being revoked.

Brasília-DF, October 18, 1989

Wadico Waldir Bucchi
Interim President