BCB Normative Instruction No. 455

Model of letterhead with signature of the Central Bank.

BCB NORMATIVE INSTRUCTION No. 455, OF 29 FEBRUARY 2024

Establishes the procedures for the provision of information relating to the allocation of funds raised in savings deposits and for contracting real estate financing, as addressed in CMN Resolution No. 4,676, of 31 July 2018.

The Head of the Department of Regulation of the Financial System (Denor) and the Head of the Department of Banking Operations and Payment System (Deban), using the authority conferred on them by art. 23, item I, subitem "a", combined with arts. 112, item IV, subitem "e", and 117, item I, subitem "a", of the Internal Regulations of the Central Bank of Brazil, annexed to BCB Resolution No. 340, of 21 September 2023, in view of the provisions of CMN Resolution No. 4,676, of 31 July 2018,

R E S O L V E :

CHAPTER I

OF THE OBJECT AND SCOPE OF APPLICATION

Art. 1 This Normative Instruction establishes the procedures for the provision of information relating to the allocation of funds raised in savings deposits and for contracting real estate financing, as addressed in CMN Resolution No. 4,676, of 31 July 2018.

CHAPTER II

OF APPLICATIONS IN RESIDENTIAL REAL ESTATE FINANCING OPERATIONS

Section I

Of Applications in Residential Real Estate Financing Contracted under the Conditions of the Housing Finance System

Art. 2 The amount informed in CodItem "6100 - RESID SFH FIN.AQUIS. ART.16-I RES. 4676" must correspond to the gross book value of the financing for acquisition of residential properties, new, used or under construction, as addressed in art. 16, item I, of CMN Resolution No. 4,676, of 2018, contracted under the conditions of the Housing Finance System (SFH).

Art. 3 The amount informed in CodItem "6166 - RESID SFH FIN.CONST.(EXCT.DES.) ART.16-II RES. 4676" must correspond to the gross book value of the financing granted to natural persons for construction of residential properties, as addressed in art. 16, item II, of CMN Resolution No. 4,676, of 2018, contracted under the conditions of the SFH.

Art. 4 The amount informed in CodItem "6180 - RESID SFH FIN.REF.AMP. ART.16-III RES. 4676" must correspond to the gross book value of the financing for renovation or expansion of residential properties, as addressed in art. 16, item III, of CMN Resolution No. 4,676, of 2018, contracted under the conditions of the SFH.

Art. 5 The amount informed in CodItem "6101 - RESID SFH FIN.PROD.(EXCT.DES.) ART.16-IV RES. 4676" must correspond to the gross book value of the financing for production of residential properties, as addressed in art. 16, item IV, of CMN Resolution No. 4,676, of 2018, contracted under the conditions of the SFH.

Art. 6 The amount informed in CodItem "6104 - RESID SFH FIN.MAT.CONSTRUCAO ART.16-V RES. 4676" must correspond to the gross book value of the financing for acquisition of material for construction, expansion or renovation of residential properties on a lot owned by the applicant for the financing or whose regularized possession is held by the latter, as addressed in art. 16, item V, of CMN Resolution No. 4,676, of 2018, contracted under the conditions of the SFH.

Art. 7 The amount informed in CodItem "6102 - RESID SFH DES.PRG.(MED.TIT.) ART.16-VI RES. 4676" must correspond to the total amount of the programmed disbursements, in the reference month, for release until the end of the financing contracts for construction or production of residential properties, as addressed in art. 16, item VI, of CMN Resolution No. 4,676, of 2018, contracted under the conditions of the SFH.

Art. 8 The amounts informed in CodItem 6102, when effectively disbursed, must be deducted from that CodItem and informed:

• I - in CodItem 6166, if referring to the financing addressed in art. 16, item II, of CMN Resolution No. 4,676, of 2018; or

• II - in CodItem 6101, if referring to the financing addressed in art. 16, item IV, of CMN Resolution No. 4,676, of 2018.

Section II

Of the Other Applications in Residential Real Estate Financing

Art. 9 The amount informed in CodItem "6200 - RESID EXCT.SFH FIN.AQUIS. ART.16-I RES. 4676" must correspond to the gross book value of the financing for acquisition of residential properties, new, used or under construction, as addressed in art. 16, item I, of CMN Resolution No. 4,676, of 2018, except those contracted under the conditions of the SFH.

Art. 10 The amount informed in CodItem "6266 - RESID EXCT.SFH FIN.CONST(EXCT.DES.) ART.16-II RES. 4676" must correspond to the gross book value of the financing granted to natural persons for construction of residential properties, as addressed in art. 16, item II, of CMN Resolution No. 4,676, of 2018, except those contracted under the conditions of the SFH.

Art. 11 The amount informed in CodItem "6280 - RESID EXCT.SFH FIN.REF.AMP. ART.16-III RES. 4.676" must correspond to the gross book value of the financing for renovation or expansion of residential properties, as addressed in art. 16, item III, of CMN Resolution No. 4,676, of 2018, except those contracted under the conditions of the SFH.

Art. 12 The amount informed in CodItem "6201 - RESID EXCT.SFH FIN.PROD(EXCT.DES.) ART.16-IV RES. 4676" must correspond to the gross book value of the financing for production of residential properties, as addressed in art. 16, item IV, of CMN Resolution No. 4,676, of 2018, except those contracted under the conditions of the SFH.

Art. 13 The amount informed in CodItem "6204 - RESID EXCT.SFH FIN.MAT.CONSTRUCAO ART.16-V RES. 4676" must correspond to the gross book value of the financing for acquisition of material for construction, expansion or renovation of a residential property on a lot owned by the applicant for the financing or whose regularized possession is held by the latter, as addressed in art. 16, item V, of CMN Resolution No. 4,676, of 2018, except those contracted under the conditions of the SFH.

Art. 14 The amount informed in CodItem "6202 - RESID EXCT.SFH DES.PRG.(MED.TIT.) ART.16-VI RES. 4676" must correspond to the total amount of disbursements scheduled, in the reference month, for release until the end of the financing contracts for construction or production of residential properties, referred to in art. 16, item VI, of CMN Resolution No. 4,676, of 2018, except those contracted under the conditions of the SFH.

Art. 15. The amounts referred to in CodItem 6202, when effectively disbursed, must be deducted from that CodItem and reported:

• I - in CodItem 6266, if referring to the financings referred to in art. 16, item II, of CMN Resolution No. 4,676, of 2018; or

• II - in CodItem 6201, if referring to the financings referred to in art. 16, item IV, of CMN Resolution No. 4,676, of 2018.

Section III

Of the Multiplication Factor Applicable to Residential Real Estate Financings

Art. 16. The amount reported in CodItem "6205 - RESID FIN.IMOV.ATE 500M S/ MULT. EXCT.DES. ART.20 RES. 4676" must correspond to the sum of the gross book value of the following operations, calculated without the multiplication factor 1.2 (one point two), referred to in art. 20 of CMN Resolution No. 4,676, of 2018:

• I - real estate financings for the acquisition or construction, referred to in art. 16, items I and II, of CMN Resolution No. 4,676, of 2018, contracted as of January 1, 2019, in which the appraisal or negotiation value of the property subject to the contract, whichever is greater, does not exceed R$500,000.00 (five hundred thousand reais); and

• II - real estate financings for the production of residential units, referred to in art. 16, item IV, of CMN Resolution No. 4,676, of 2018, contracted as of January 1, 2019, in which the average appraisal or negotiation value of the units of the development subject to the contract, whichever is greater, does not exceed R$500,000.00 (five hundred thousand reais).

Art. 17. The amount reported in CodItem "6206 - RESID FIN.IMOV. ATE 500M EFEITO MULT. EXCT.REPASSES" must correspond to the difference between the amounts reported in CodItems 6205 and 6217, referred to in arts. 16 and 42, multiplied by 0.2 (two tenths).

Sole paragraph. The CodItem mentioned in the caput aims to determine the effect of applying the multiplication factor referred to in art. 20 of CMN Resolution No. 4,676, of 2018, which does not apply to the transfer and refinancing operations referred to in art. 19, § 6, item I, of that Resolution.

Section IV

Of Other Applications Admitted as Residential Real Estate Financings

Art. 18. The amount reported in CodItem "6208 - RESID CH/CCI ART.16-IX RES. 4676" must correspond to the sum of:

• I - the book value of mortgage bonds (CHs) and real estate credit bonds (CCIs) representing residential real estate financings, referred to in art. 16, item IX, of CMN Resolution No. 4,676, of 2018, acquired before the reference month; and

• II - the arithmetic average of the daily balances of the CHs and CCIs representing residential real estate financings, referred to in art. 16, item IX, of CMN Resolution No. 4,676, of 2018, acquired in the reference month.

Art. 19. The amount reported in CodItem "6209 - RESID IMOV. NAO ALIEN ART.16-VII RES. 4676" must correspond to the book value of the properties received in settlement of residential real estate financings, referred to in art. 16, item VII, of CMN Resolution No. 4,676, of 2018.

Art. 20. The amount reported in CodItem "6210 - RESID DII APLICADO ART.16-VIII RES. 4676" must correspond to the arithmetic average of the daily balances, in the reference month, of the funds applied in interfinancial real estate deposits (DIIs), guaranteed by residential real estate financings, referred to in art. 16, item VIII, of CMN Resolution No. 4,676, of 2018.

Art. 21. The amount reported in CodItem "6113 - RESID SFH CR.JUNTO FCVS. ART.16-X RES. 4.676" must correspond to the gross book value of the credits with the Salary Variation Compensation Fund (FCVS), referred to in art. 16, item X, of CMN Resolution No. 4,676, of 2018.

Art. 22. The amount reported in CodItem "6109 - RESID SFH CR.DIV.FCVS NOVADA ART.16-XI RES. 4676" must correspond to the gross book value of the credits corresponding to the novated debts of the FCVS, referred to in art. 16, item XI, of CMN Resolution No. 4,676, of 2018.

Art. 23. The amount reported in CodItem "6107 - RESID-SFH LH 31 JUL 18 ART.2-VIII R3932" must correspond to the book value of the mortgage letters (LHs) referred to in art. 2, item VIII, of the Regulation annexed to CMN Resolution No. 3,932, of December 16, 2010, acquired until July 31, 2018, in view of the provisions of art. 24 of CMN Resolution No. 4,676, of 2018.

Art. 24. The amount reported in CodItem "6124 - RESID-SFH LCI 31 JUL 18 ART.2-VIII R3932" must correspond to the book value of the real estate credit letters (LCIs) referred to in art. 2, item VIII, of the Regulation annexed to CMN Resolution No. 3,932, of 2010, acquired until July 31, 2018, in view of the provisions of art. 24 of CMN Resolution No. 4,676, of 2018.

Art. 25. The amount reported in CodItem "6177 - RESID-SFH ESTOQ. DIF. E PREJ. 31 DEZ 18 ART. 23-I RES. 4676" must correspond to the sum of the following amounts referring to the month of December 2018, in view of the provisions of art. 23, item I, of CMN Resolution No. 4,676, of 2018:

• I - the amounts referring to credits charged against loss, arising from operations within the scope of the SFH, computed for compliance with the requirement referred to in art. 1, item I, subitem "a", of the Regulation annexed to CMN Resolution No. 3,932, of 2010; and

• II - the difference between the amounts of real estate financings overdue by more than sixty days computed as operations within the scope of the SFH for compliance with the requirement referred to in art. 1, item I, subitem "a", of the Regulation annexed to CMN Resolution No. 3,932, of 2010, and their respective gross book values computed under art. 19 of CMN Resolution No. 4,676, of 2018.

Art. 26. The amount reported in CodItem "6178 - RESID-SFH DIF. E PREJ. DED. ART.23-II RES. 4676" must correspond to the value referred to in CodItem 6177, deducted by 1/72 (one seventy-second) at each monthly position starting from February 2019, in view of the provisions of art. 23, item II, of CMN Resolution No. 4,676, of 2018.

Art. 27. The value informed in CodItem "6117 - RESID-SFH CRI 31 JUL 18 S/ MULT. ART.24 RES. 4676" must correspond to the book value of the real estate receivables certificates (CRIs) referred to in art. 2, item IX, of the Regulation annexed to CMN Resolution No. 3,932, of 2010, computed without the multiplication factor, acquired up to 31 July 2018, in view of the provisions of art. 24 of CMN Resolution No. 4,676, of 2018.

Art. 28. The value informed in CodItem "6139 - RESID-SFH CRI 31 JUL 18 C/ MULT. ART.24 RES. 4676" must correspond to the book value of the CRIs referred to in art. 2, item IX, of the Regulation annexed to CMN Resolution No. 3,932, of 2010, computed with the multiplication factor, acquired up to 31 July 2018, in view of the provisions of art. 24 of CMN Resolution No. 4,676, of 2018.

Art. 29. The value informed in CodItem "6143 - RESID-SFH FIN.AQUIS. C/MULT. 31 DEC 18 ART.11-R3932 - ART.25 RES. 4676" must correspond to the gross book value of the financing for acquisition of residential properties, computed with the multiplication factor referred to in art. 11 of the Regulation annexed to CMN Resolution No. 3,932, of 2010, in view of the provisions of art. 25 of CMN Resolution No. 4,676, of 2018.

Art. 30. The value informed in CodItem "6172 - RESID-SFH FIN.CONST. C/MULT. 31 DEC 18 ART.11-R3932 - ART.25 RES. 4676" must correspond to the gross book value of the financing for construction of residential properties, computed with the multiplication factor referred to in art. 11 of the Regulation annexed to CMN Resolution No. 3,932, of 2010, in view of the provisions of art. 25 of CMN Resolution No. 4,676, of 2018.

Art. 31. The value informed in CodItem "6142 - RESID-SFH FIN.AQUIS. S/MULT. 31 DEC 18 ART.11-R3932 - ART.25 RES. 4676" must correspond to the gross book value of the financing for acquisition of residential properties, computed without the multiplication factor referred to in art. 11 of the Regulation annexed to CMN Resolution No. 3,932, of 2010.

Art. 32. The value informed in CodItem "6171 - RESID-SFH FIN.CONST. S/ MULT. 31 DEC 18 ART.11-R3932 - ART.25 RES. 4676" must correspond to the gross book value of the financing for construction of residential properties, computed without the multiplication factor referred to in art. 11 of the Regulation annexed to CMN Resolution No. 3,932, of 2010.

Art. 33. The value informed in CodItem "6119 - RESID-SFH FIN.AQUIS. C/ MULT. 31 DEC 18 ART.10-R3932 - ART.25 RES. 4676" must correspond to the gross book value of the financing granted for acquisition of residential properties referred to in art. 10 of the Regulation annexed to CMN Resolution No. 3,932, of 2010, computed with the multiplication factor, in view of the provisions of art. 25 of CMN Resolution No. 4,676, of 2018.

Art. 34. The values informed in CodItems 6119, 6142, 6143, 6171, 6172, 6177 and 6178 cannot be informed concomitantly in other CodItems.

Art. 35. The values informed in CodItems 6107, 6117, 6119, 6124, 6139, 6143, 6172 and 6178 will be considered by the Central Bank of Brazil as applications in residential real estate financing, for purposes of verifying compliance with the requirement referred to in art. 15, item I, subitem "a", of CMN Resolution No. 4,676, of 2018.

Section V

On the Deductions from the Computation of Applications in Residential Real Estate Financing

Art. 36. The value informed in CodItem "6214 - RESID DII CAPTADO ART.19-6-II RES. 4676" must correspond to the arithmetic average of the daily balances, in the reference month, of the issued DIIs, guaranteed by residential real estate financing referred to in art. 16 of CMN Resolution No. 4,676, of 2018.

Art. 37. The value informed in CodItem "6122 - RESID-SFH LH EMITIDAS ATE 31 DEC 18 ART.19-6-II RES. 4676" must correspond to the book value of the LHs issued up to 31 December 2018, informed, pursuant to Circular Letter No. 3,492, of 11 March 2011, in CodItem "6122 - SFH LH EMITIDAS-ART.9- II-B RES 3932".

Art. 38. The value informed in CodItem "6123 - RESID-SFH LCI EMITIDAS ATE 31 DEC 18 ART.19-6-II RES. 4676" must correspond to the book value of the LCIs issued up to 31 December 2018, informed, pursuant to Circular Letter No. 3,492, of 2011, in CodItem "6123 - SFH LCI EMITIDAS-ART.9- II-B RES 3932".

Art. 39. In case of alteration of the conditions of the LHs and LCIs issued up to 31 December 2018, their book values must be informed in the form of art. 40 or art. 71, according to the predominant underlying asset, and cannot be informed in CodItems 6122 and 6123.

Art. 40. The value informed in CodItem "6215 - RESID LH e LCI EMITIDAS ART.19-6-II RES. 4676" must correspond to the book value of the LHs and LCIs issued from 1 January 2019, whose underlying assets are composed, predominantly, of the operations referred to in art. 16 of CMN Resolution No. 4,676, of 2018.

Art. 41. The value informed in CodItem "6216 - RESID OP.C/REP.E REF. MAIOR 500M ART.19-6-I RES. 4676" must correspond to the book value of the operations of transfers and refinancing destined to the contracting of residential real estate financing not eligible for the multiplication factor referred to in art. 20 of CMN Resolution No. 4,676, of 2018.

Art. 42. The value informed in CodItem "6217 - RESID OP.C/REP.E REF. ATÉ 500M ART.19- 6-I RES. 4676" must correspond to the book value of the operations of transfers and refinancing destined to the contracting of residential real estate financing eligible for the multiplication factor referred to in art. 20 of CMN Resolution No. 4,676, of 2018.

Art. 43. The value informed in CodItem "6218 - RESID. LIG MEN. 3ANOS ART.19-6-III RES. 4676" must correspond to the accounting value of the guaranteed real estate letters (LIGs) issued until 1 February 2024 with maturities of less than three years, whose asset portfolios linked to the securities are composed, predominantly, of the operations dealt with in art. 16 of CMN Resolution No. 4,676, of 2018.

Art. 44. The value informed in CodItem "6220 - RESID. LIG ART.19-6-IV RES. 4676" must correspond to the accounting value of the LIGs issued from 2 February 2024, whose asset portfolios linked to the securities are composed, predominantly, of the operations dealt with in art. 16 of CMN Resolution No. 4,676, of 2018.

Art. 45. The values informed in CodItems 6122, 6123, 6214, 6215, 6216, 6217, 6218 and 6220 shall be deducted by the Central Bank of Brazil from the total investments computed for the purposes of verifying compliance with the requirement dealt with in art. 15, item I, subitem "a", of CMN Resolution No. 4,676, of 2018, under the terms of art. 19, § 6, items I to III, of that Resolution.

CHAPTER III

ON INVESTMENTS IN NON-RESIDENTIAL REAL ESTATE FINANCING OPERATIONS

Section I

On Investments in Non-Residential Real Estate Financing

Art. 46. The value informed in CodItem "6800 - NRESID FIN.AQUIS. ART.17-I RES. 4676" must correspond to the gross accounting value of the financing for acquisition of non-residential properties, new, used or under construction, dealt with in art. 17, item I, of CMN Resolution No. 4,676, of 2018.

Art. 47. The value informed in CodItem "6866 - NRESID FIN.CONST(EXCT.DES.) ART.17-II RES. 4676" must correspond to the gross accounting value of the financing for construction of non-residential properties, dealt with in art. 17, item II, of CMN Resolution No. 4,676, of 2018.

Art. 48. The value informed in CodItem "6880 - NRESID FIN.REF.AMP. ART.17-III RES. 4676" must correspond to the gross accounting value of the financing for renovation or expansion of non-residential properties, new or used, dealt with in art. 17, item III, of CMN Resolution No. 4,676, of 2018.

Art. 49. The value informed in CodItem "6801 - NRESID FIN.PROD(EXCT.DES.) ART.17-IV RES. 4676" must correspond to the gross accounting value of the financing for production of non-residential properties, dealt with in art. 17, item IV, of CMN Resolution No. 4,676, of 2018.

Art. 50. The value informed in CodItem "6804 - NRESID FIN.MAT.CONSTRUCAO ART.17-V RES. 4676" must correspond to the gross accounting value of the financing for acquisition of material for the construction, renovation or expansion of non-residential properties, dealt with in art. 17, item V, of CMN Resolution No. 4,676, of 2018.

Art. 51. The value informed in CodItem "6802 - NRESID DES.PRG.(MED.TIT.) ART.17-VI RES. 4676" must correspond to the total amount of programmed disbursements, in the reference month, for release until the end of the financing contracts for construction or production of non-residential properties, dealt with in art. 17, item VI, of CMN Resolution No. 4,676, of 2018.

Art. 52. The values referred to in CodItem 6802, when effectively disbursed, must be deducted from that CodItem and informed:

• I - in CodItem 6866, if referring to the financing dealt with in art. 17, item II, of CMN Resolution No. 4,676, of 2018; or

• II - in CodItem 6801, if referring to the financing dealt with in art. 17, item IV, of CMN Resolution No. 4,676, of 2018.

Section II

On Other Investments Admitted as Non-Residential Real Estate Financing

Art. 53. The value informed in CodItem "6805 - NRESID CH/CCI ART.17-XI RES. 4676" must correspond to the sum:

• I - of the accounting value of the CHs and the CCIs representing non-residential real estate financing, dealt with in art. 17, item XI, of CMN Resolution No. 4,676, of 2018, acquired before the reference month; and

• II - of the arithmetic average of the daily balances of the CHs and the CCIs representing non-residential real estate financing, dealt with in art. 17, item XI, of CMN Resolution No. 4,676, of 2018, acquired in the reference month.

Art. 54. The value informed in CodItem "6810 - NRESID IMOV.NAO ALIEN ART.17-VII RES. 4676" must correspond to the accounting value of the properties received in settlement of non-residential real estate financing, dealt with in art. 17, item VII, of CMN Resolution No. 4,676, of 2018.

Art. 55. The value informed in CodItem "6830 - NRESID FIN.PROJ.INVEST.CONCES. SAN. ART.17-VIII RES. 4676" must correspond to the gross accounting value of the financing for investment projects of private concessionaires in the sanitation sector, dealt with in art. 17, item VIII, of CMN Resolution No. 4,676, of 2018.

Art. 56. The value informed in CodItem "6831 - NRESID FIN.OB.INFRA LOT. URB. ART.17-IX RES. 4676" must correspond to the gross accounting value of the financing for infrastructure works in urban subdivisions, dealt with in art. 17, item IX, of CMN Resolution No. 4,676, of 2018.

Art. 57. The value informed in CodItem "6838 - NRESID DII APLICADO ART.17-X RES. 4676" must correspond to the arithmetic average of the daily balances, in the reference month, of the resources invested in DIIs, guaranteed by non-residential real estate financing, dealt with in art. 17, item X, of CMN Resolution No. 4,676, of 2018.

Art. 58. The value informed in CodItem "6707 - NRESID-IMERC LH 31 JUL 18 ART.3-VIII R3932" must correspond to the accounting value of the LHs dealt with in art. 3, item VII, of the Regulation annexed to CMN Resolution No. 3,932, of 2010, acquired until 31 July 2018, in view of the provisions of art. 24 of CMN Resolution No. 4,676, of 2018.

Art. 59. The value informed in CodItem "6722 – NRESID-IMERC LCI 31 JUL 18 ART.3- VII R3932" must correspond to the accounting value of the LCIs dealt with in art. 3, item VII, of the Regulation annexed to CMN Resolution No. 3,932, of 2010, acquired until 31 July 2018, in view of the provisions of art. 24 of CMN Resolution No. 4,676, of 2018.

Art. 60. The value informed in CodItem "6777 - NRESID-IMERC ESTOQ. DIF. AND LOSS AS OF 31 DEC 18 ART. 23-I RES. 4676" must correspond to the sum of the following amounts referring to the month of December 2018, in view of the provisions of art. 23, item I, of CMN Resolution No. 4,676, of 2018:

• I - the amounts referring to credits charged against loss, arising from transactions contracted at market rates, computed for the purpose of complying with the requirement set forth in art. 1, item I, of the Regulation annexed to CMN Resolution No. 3,932, of 2010; and

• II - the difference between the amounts of real estate financing overdue by more than sixty days, computed as transactions contracted at market rates for compliance with the requirement set forth in art. 1, item I, of the Regulation annexed to CMN Resolution No. 3,932, of 2010, and their respective gross accounting amounts computed under art. 19 of CMN Resolution No. 4,676, of 2018.

Art. 61. The amount reported in CodItem "6778 - NRESID-IMERC DIF. AND LOSS DED. ART.23-II RES. 4676" must correspond to the amount referred to in CodItem 6777, deducted by 1/72 (one seventy-second) at each monthly position starting from February 2019, in view of the provisions of art. 23, item II, of CMN Resolution No. 4,676, of 2018.

Art. 62. The amount reported in CodItem "6730 - NRESID-IMERC CRI 31 JUL 18 - ART.24 RES. 4676" must correspond to the accounting amount of the CRIs referred to in art. 3, item XVI, of the Regulation annexed to CMN Resolution No. 3,932, of 2010, acquired up to 31 July 2018, in view of the provisions of art. 24 of CMN Resolution No. 4,676, of 2018.

Art. 63. The amount reported in CodItem "6716 - NRESID-IMERC FIN. WITH MULT 31 DEC 18 ART.10-R3932 - ART.25 RES. 4676", must correspond to the gross accounting amount of the financing for the acquisition of residential properties referred to in art. 10 of the Regulation annexed to CMN Resolution No. 3,932, of 2010, computed with a multiplication factor, in view of the provisions of art. 25, of CMN Resolution No. 4,676, of 2018.

Art. 64. The amount reported in CodItem "6840 - EMP.GAR.COMP. UP TO 30 JUN 21 - ART.17- XII RES. 4676" must correspond to the gross accounting amount of loans guaranteed by fiduciary transfer of real estate that share collateral with credit transactions eligible for the purpose of meeting the requirement set forth in art. 15 of CMN Resolution No. 4,676, of 2018, contracted up to 12 November 2020 based on CMN Resolution No. 4,837, of 21 July 2020.

Art. 65. The amounts reported in CodItems 6716, 6777 and 6778 cannot be reported concurrently in other CodItems.

Art. 66. The amounts reported in CodItems 6707, 6716, 6722, 6730, 6778 and 6840 and will be considered by the Central Bank of Brazil as investments in non-residential real estate financing, for the purpose of verifying compliance with the requirement set forth in art. 15, item I, of CMN Resolution No. 4,676, of 2018.

Section III

On the Deductions from the Computation of Investments in Non-Residential Real Estate Financing

Art. 67. The amount reported in CodItem "6814 - NRESID DII CAPTADO ART.19-6-II RES. 4676" must correspond to the arithmetic average of the daily balances, in the reference month, of the DIIs issued, guaranteed by non-residential real estate financing referred to in art. 17 of CMN Resolution No. 4,676, of 2018.

Art. 68. The amount reported in CodItem "6719 - NRESID-IMERC LH EMITIDAS 31 DEC 18 ART.19-6-II RES. 4676" must correspond to the accounting amount of the LHs issued up to 31 December 2018, and reported, under the terms of Circular Letter No. 3,492, of 2011, in CodItem "6719 - IMERC LH EMITIDAS- ART9 - II-B RES 3932".

Art. 69. The amount reported in CodItem "6720 - NRESID-IMERC LCI EMITIDAS 31 DEC 18 ART.19-6-II RES. 4676" must correspond to the accounting amount of the LCIs issued up to 31 December 2018, and reported, under the terms of Circular Letter No. 3,492, of 2011, in CodItem "6720 - IMERC LCI EMITIDAS- ART9 II-B RES 3932".

Art. 70. In the event of a change in the conditions of the LHs and LCIs issued up to 31 December 2018, their accounting amounts must be reported in the form of art. 40 or art. 71, according to the predominant underlying asset, and cannot be reported in CodItems 6719 and 6720.

Art. 71. The amount reported in CodItem "6816 - NRESID LH and LCI EMITIDAS ART.19-6-II RES. 4676" must correspond to the accounting amount of the LHs and LCIs issued from 1 January 2019, whose underlying assets are composed, predominantly, of the transactions referred to in art. 17 of CMN Resolution No. 4,676, of 2018.

Art. 72. The amount reported in CodItem "6817 - NRESID OP.C/REP.E REF. ART.19-6-I RES. 4676" must correspond to the accounting amount of the transfer and refinancing transactions intended for the contracting of non-residential real estate financing, referred to in art. 19, § 6, item I, of CMN Resolution No. 4,676, of 2018.

Art. 73. The amount reported in CodItem "6818 - NRESID LIG MEN. 3ANOS ART.19-6-III RES. 4676" must correspond to the accounting amount of the LIGs issued up to 1 February 2024 with maturities of less than three years, whose asset portfolios linked to the securities are composed, predominantly, of the transactions referred to in art. 17 of CMN Resolution No. 4,676, of 2018.

Art. 74. The amount reported in CodItem "6820 - NRESID LIG ART.19-6-IV RES. 4676" must correspond to the accounting amount of the LIGs issued from 2 February 2024, whose asset portfolios linked to the securities are composed, predominantly, of the transactions referred to in art. 17 of CMN Resolution No. 4,676, of 2018.

Art. 75. The amounts reported in CodItems 6719, 6720, 6814, 6816, 6817, 6818 and 6820 will be deducted by the Central Bank of Brazil from the total investments computed for the purpose of verifying compliance with the requirement set forth in art. 15, item I, of CMN Resolution No. 4,676, of 2018, under the terms of art. 19, § 6, items I to III, of that Resolution.

CHAPTER IV

GENERAL PROVISIONS

Art. 76. The amount reported in CodItem "6219 - RESID CONTROLE ESTOQ. LOSS ART. 19-3 RES. 4676" must correspond to the gross book value, on the date immediately prior to the write-off against loss, of the residential real estate financings described in art. 16 of CMN Resolution No. 4,676, of 2018, written off against loss less than five years ago, whose judicial or extrajudicial execution proceedings have not been concluded, in view of the provisions of art. 19, § 3, of CMN Resolution No. 4,676, of 2018.

Art. 77. The value informed in CodItem "6819 - NRESID CONTROLE ESTOQ. PREJ. ART. 19-3 RES. 4676" must correspond to the gross book value, on the date immediately prior to the write-off against loss, of the non-residential real estate financings described in art. 17 of CMN Resolution No. 4,676, of 2018, written off against loss less than five years ago, whose judicial or extrajudicial execution proceedings have not been concluded, in view of the provisions of art. 19, § 3, of CMN Resolution No. 4,676, of 2018.

Art. 78. For the purposes of the provisions of art. 21, § 1, item I, of CMN Resolution No. 4,676, of 2018, the application percentages used in the calculation of the arithmetic mean shall be based on the rule in force on the date of their calculation.

Art. 79. The gross book value referred to in this Normative Instruction must be calculated according to the criteria established in the Chart of Accounts for Institutions of the National Financial System (Cosif), without deduction of provision for losses, nor addition of installments to be released, as provided in art. 19 of CMN Resolution No. 4,676, of 2018.

Art. 80. The funds corresponding to the amounts of the disbursements dealt with in CodItems 6102, 6202 and 6802 must be represented by securities issued by the National Treasury, belonging to the institution's own portfolio, which shall remain unavailable in a specific account in the Special System for Settlement and Custody (Selic), while computed for the purpose of meeting the requirement established in art. 15, item I, of CMN Resolution No. 4,676, of 2018.

Art. 81. The securities issued by the National Treasury dealt with in art. 80 shall be considered at their respective collateral prices accepted by the Central Bank of Brazil in intraday repurchase operations, under the terms of the applicable regulations.

Art. 82. Real estate financing operations whose outstanding balance is updated by the basic remuneration applicable to savings deposits may be remunerated by the additional remuneration dealt with in subitems "a" and "b", item II, of art. 12 of Law No. 8,177, of 1 March 1991, combined with a fixed interest rate, and this remuneration structure does not represent a violation of the provisions of art. 5, item I, of Circular No. 2,905, of 30 June 1999.

Art. 83. For the purpose of calculating the percentage of 80% (eighty percent) of the income from savings deposits to which the updating of funds not applied in the manner established in art. 15, item I, of Resolution No. 4,676, of 2018, and collected, in each monthly calculation, to the Central Bank of Brazil, in the form of art. 21 of the same Resolution, is subject, the income from savings deposits with monthly credit of income shall be observed, as defined in arts. 12 of Law No. 8,177, of 1991, and 7 of Law No. 8,660, of 28 May 1993.

Art. 84. The calculation of the remuneration of the amount to be transferred to the seller in financing operations for the acquisition of real property, dealt with in art. 22 of Resolution No. 4,676, of 2018, must be made:

• I - according to the system dealt with in arts. 12 of Law No. 8,177, of 1991, and 7 of Law No. 8,660, of 1993; and

• II - based on the income from savings deposits with monthly credit of income, pro rata temporis, with anniversary date:

  • a) on the date of signing the financing contract for acquisition; or

  • b) on the 1st day of the following month, in the case of acquisition financings contracted on the 29th, 30th and 31st, in view of the provisions of art. 12, § 3, of Law No. 8,177, of 1991.

Sole paragraph. In the pro rata temporis calculation of the remuneration dealt with in the caput, the following must be considered:

• I - for the basic remuneration by the Referential Rate (TR), the number of business days, as established in art. 2 of Circular No. 2,456, of 28 July 1994; and

• II - for the additional remuneration, the number of calendar days, in view of the provisions of arts. 12, § 2, item I, of Law No. 8,177, of 1991, and 7 of CMN Resolution No. 4,924, of 24 June 2021.

Art. 85. For the purposes of providing the information dealt with in arts. 40 and 71, the predominance of the collateral of the LHs and LCIs, according to the categories "residential" and "non-residential", must be calculated monthly based on the gross book values of the real estate financing operations eligible for use in meeting the requirement to apply funds raised in savings deposits.

Art. 86. For the purposes of meeting the requirement dealt with in subitem "a", item I, of art. 15 of CMN Resolution No. 4,676, of 2018, real estate financings for the construction or production of a property or mixed-use development are considered residential, provided that at most 20% of the respective built area has a non-residential purpose.

Art. 87. The provision of information in the following CodItems is not permitted:

• I - 6103, 6106, 6110, 6114, 6115, 6116, 6118, 6120, 6136, 6137, 6138, 6140, 6141, 6144, 6145, 6146, 6147, 6148, 6149, 6150, 6151, 6152, 6155, 6156, 6159, 6160, 6161, 6167, 6168, 6169, 6170, 6173, 6174, 6175 and 6176, relating to operations within the scope of the SFH, admitted under the terms of CMN Resolution No. 3,932, of 2010;

• II - 6700, 6701, 6702, 6703, 6704, 6706, 6708, 6712, 6713, 6714, 6715, 6717, 6723, 6724, 6725, 6726, 6727, 6728 and 6729, relating to operations at market rates, admitted under the terms of CMN Resolution No. 3,932, of 2010; and

• III - 6906, relating to financial availabilities.

Sole paragraph. The provisions of the caput do not apply to the rectification of information relating to reference months prior to January 2019.

Art. 88. The submission of information to the Banco Central do Brasil for the purpose of verifying compliance with the allocation referred to in art. 1º shall be carried out by means of the message "RCO0002 - IF informa demonstrativo", from the compulsory collection (RCO) service group, of the Catalog of Messages and Files of the National Financial System Network (RSFN), observing, from the position relative to the month of February 2024, the procedures established in this Normative Instruction.

Art. 89. For the purposes of the provisions of Resolution BCB nº 131, of 20 August 2021, the Department of Banking Operations and Payment Systems (Deban) will monitor the conduct of institutions in submitting the information referred to in articles 1º and 88 of this Normative Instruction and will apply treatment identical to that related to the submission of information associated with the compulsory collection on savings deposit funds.

CHAPTER V

FINAL PROVISIONS

Art. 90. The following are revoked:

• I - Circular Letter nº 3.560, of 28 June 2012;

• II - Normative Instruction BCB nº 4, of 10 August 2020; and

• III - Normative Instruction BCB nº 64, of 23 December 2020.

Art. 91. This Normative Instruction shall enter into force on the date of its publication.

Renato Kiyotaka Uema Rogério Antônio Lucca
Head of the Department of Head of the Department of Banking Financial System Regulation Operations and Payment Systems

NOTE 87/2024–DENOR, OF 19 FEBRUARY 2024

Allocation of funds raised in savings deposits and contracting of real estate financing – Proposes the issuance of a normative instruction to establish the procedures for providing information relating to the allocation of funds raised in savings deposits referred to in Resolution CMN nº 4.676, of 31 July 2018 - Waiver of the performance of AIR.

Messrs. Heads of Denor and Deban,

1. We reaffirm the proposal to issue a Normative Instruction (doc. 1), by the heads of the Department of Financial System Regulation (Denor) and the Department of Banking Operations and Payment Systems (Deban), in view of their statutory competences and based on art. 26 of Resolution CMN nº 4.676, of 31 July 2018, which provides for the members of the Brazilian Savings and Loan System (SBPE), the Housing Finance System (SFH) and the Real Estate Financing System (SFI), the general conditions and criteria for the contracting of real estate financing by financial institutions and other institutions authorized to operate by the Banco Central do Brasil, and disciplines the allocation of funds raised in savings deposits.

2. In this regard, the present proposal consists of the full incorporation of the provisions contained in Circular Letter nº 3.560, of 28 July 2018, and Normative Instruction BCB nº 4, of 10 August 2020, accompanied by improvements to some currently effective provisions, without substantive changes, as well as the addition of provisions aimed at providing additional information, resulting from the issuance of Resolution CMN nº 5.119, of 1 February 2024. The proposal therefore promotes a consolidation of the rules relating to the subject at hand, revoking the aforementioned Circular Letter nº 3.560, of 2018, Normative Instruction BCB nº 4, of 2020, and Normative Instruction BCB nº 64, of 23 December 2020.

3. Thus, it is proposed to amend the articles that deal with the provision of information relating to investment in interbank real estate deposits (DII), in order to align the wording with the provisions of Resolution CMN nº 4.676, of 2018, in view of the fact that, for allocation purposes, such financial instrument must necessarily be guaranteed by real estate financing. Conversely, the current wording of the provisions of Normative Instruction nº 4, of 2020, admits that the DII be guaranteed or backed by real estate financing.

4. The proposal also amends provisions that allowed the recording and computation, for the purpose of allocating savings deposits, of the balance of loans that share a guarantee with credit operations eligible to meet the allocation. Such operations ceased to be carried out with the end of the validity, on 12 November 2020, of Provisional Measure nº 992, of 16 July 2020, which allowed the sharing of fiduciary alienation of credit operations of any nature, provided they were contracted with the fiduciary creditor of the original credit operation.

5. Finally, the normative instruction proposal seeks to meet the need to amend the provision of information relating to compliance with the allocation of savings deposits resulting from the issuance of Resolution CMN nº 5.119, of 2024, which determined the deduction, for the purpose of allocating funds raised in savings deposits, of the balances of guaranteed real estate letters, issued from 2 February 2024, that have as a guarantee real estate financing already computed for the same purpose. In Normative Instruction BCB nº 4, of 2020, only the balances of guaranteed real estate letters issued with a maturity term of less than 3 years are deducted from the allocation base.

6. It should be noted that, by force of art. 24 of Decree nº 10.411, of 30 June 2020, the issuance of normative acts by bodies of the federal public administration must be preceded by a regulatory impact analysis (AIR). However, as it is a normative act intended to discipline rights or obligations defined in a hierarchically superior norm, art. 4º, item II, of such Decree waives the impact analysis. Furthermore, as the present proposal is a consolidation of other norms on the same specific subject, without substantive change, the obligation to perform AIR does not apply to it, in accordance with art. 3º, § 2º, item VI of the aforementioned Decree.

7. Having made these considerations, we forward the file to the consideration of Your Excellencies.

Felipe de Olívio Derzi Pinheiro Fabio Martins Trajano de Arruda Deputy Head of the Department of Deputy Head of the Department of Financial System Regulation Banking Operations and Payment Systems

Agreed.

Renato Kiyotaka Uema Rogério Antônio Lucca Head of the Department of Head of the Department of Financial System Regulation Banking Operations and Payment Systems