BCB Resolution No. 235 Amending the Regulation of the Instant Payment System (SPI) and Instant Payment Account (Conta PI)

Resolution No. 235

BCB RESOLUTION NO. 235, OF JULY 27, 2022

Amends the Regulation annexed to BCB Resolution No. 195, of March 3, 2022, which regulates the operation of the Instant Payment System (SPI) and the Instant Payment Account (Conta PI) at the Central Bank of Brazil.

The Collegiate Board of the
Central Bank of Brazil, in a session held on July 27, 2022, based on art. 10, item IV, of Law No. 4.595, of December 31, 1964, in arts. 9, 14 and 15 of Law No. 12.865, of October 9, 2013, and in Law No. 14.185, of July 14, 2021,

R E S O L V E :

Art. 1 The Regulation annexed to
BCB Resolution No. 195, of March 3, 2022, shall enter into force with the following changes:

“Art. 23-A. The portion of the daily balance of the PI Account, up to the limit defined in art. 24-A of this Regulation, recorded at the closing of the regular operations grid of participants in the Reserve Transfer System (STR), before the start of the additional window for contributions to the PI Account, which is the subject of the regulation of that system, shall receive remuneration calculated based on the Selic Rate, through the use of the following formula:

R
= S x [(1 + Selic)^(1/252) – 1], where:

I

• R = remuneration to be credited, expressed with 2 (two) decimal places, with
  mathematical rounding;

II

• S = balance subject to remuneration; and

III

• Selic = Annual Selic Rate, in unit format, expressed with 4 (four) decimal
  places, referring to the date of the balance to be remunerated.

§
1 The remuneration referred to in the main text is credited to the PI Account on the next business day by 16:30 (sixteen hours and thirty minutes).

§
2 The partial results of multiplication, division and exponentiation used in the algebraic expression of the calculation of the remuneration must contain 8 (eight) decimal places, with mathematical rounding.

§
3 The remuneration referred to in the main text applies exclusively to the balance of the PI Account owned by institutions authorized to operate by the Central Bank of Brazil, as provided for in art. 20, item I, of this Regulation.” (NR)

“Art. 24-A. The portion of the daily balance of the PI Account subject to the remuneration referred to in art. 23-A is limited to the greater value between R$250,000,000.00 (two hundred and fifty million reais) and:

I

• the value equivalent to 25% (twenty-five percent) of the net resources
  corresponding to the balances of electronic money held in payment accounts allocated at the Central Bank of Brazil to comply with the application requirement provided for in art. 22 of BCB Resolution No. 80, of March 25, 2021; or

II

• the value determined under item I plus 10% (ten percent) of the daily arithmetic average of the Value Subject to Deposit (VSR), calculated in the calculation period relative to the movement period containing the date of the balance,
  in the case of a participant subject to deposit, in accordance with current regulation on the rules of compulsory deposit on demand resources.

§ 1 The value of the average VSR used in the calculation of item II considers the information from statements provided by institutions until the closing of the regular operations grid in the STR, on the date of the position of the portion of the balance to be remunerated.

§ 2 Subsequent changes after the moment defined in § 1 of the daily data relative to the calculation period for determining the VSR are not considered for purposes of determining the limit provided for in this article and do not generate adjustment entries on remuneration calculated and paid.” (NR)

Art. 2 This Resolution enters into force on August 15, 2022.

Bruno Serra Fernandes
Director of Monetary Policy