Circular Letter No. 1,716 — Lowering Complementary Norms to CMN Resolution 1,385/87, Providing that Real Estate Credit Companies, Savings Banks, and Savings and Loan Associations Must Report to the BCB, via SISBACEN, the Balance of Savings Deposit Resource Capture Operations

Circular Letter No. 1,716, of September 9, 1987

CIRCULAR LETTER NO. 1,716

To Real Estate Credit Companies, Savings Banks, and Savings and Loan Associations

As a result of the provisions of Resolution No. 1,385, of August 27, 1987, we clarify that the information referred to in item III of the aforementioned Resolution must be transmitted to the Central Bank — Department of Banking Operations (DEBAN) or to the Regional Department to which the Institution is subject, through the SISBACEN - Central Bank Information System — “Electronic Mail” or message via “telex”, observing the following criteria:

a) the values collected by this body in accordance with Resolution No. 1,253, of January 28, 1987, will be considered as “free-range” operations after deducting the portion considered as housing applications, as provided for in item 3 of Circular No. 1,214, of August 4, 1987;

b) the balance of operations on the base date of August 26, 1987, must be corrected considering the remuneration index of the Central Bank Letters (LBC) from August 26, 1987 (inclusive) to the base date of the position considered (exclusive);

c) the average of resources allocated in such operations, in the period from August 26 to 31, 1987, and in the following months, must be calculated considering only the business days of the period; daily balances must be corrected according to the remuneration indices of the Central Bank Letters from the date to which the balance refers (inclusive) to the base date of the position considered (exclusive);

d) on the 13th of the month immediately following the month of the calculated position, or on the subsequent business day, if the 13th is a non-business day, the collection/release of resources due to calculated excesses will be effected;

e) the portions eventually collected late must be updated according to the remuneration indices of the Central Bank Letters — LBC Tax Rate, from the date when the collection was due (inclusive) to the date of its effective implementation (exclusive);

f) the value collected in accordance with the preceding letter will be maintained in deposit in this Body, without right to any remuneration, until the date of the following month — or the next business day, if this is a non-business day — that coincides with the date of the effective collection (anniversary date system); and

g) real estate credit companies and savings and loan associations must maintain an agreement with a commercial bank that expressly authorizes the Central Bank to make all entries related to the movement in question in their “Bank Reserves” account.

Brasília (DF), September 9, 1987.

DEPARTMENT OF BANKING OPERATIONS DEPARTMENT OF CAPITAL MARKET RULES

José Costa de Oliveira Gustavo Jorge Laboissière Loyola CHIEF CHIEF

This text does not replace that published in the DOU and in Sisbacen.