Circular Letter No. 1,784 — Clarifies that mandatory reserve on rural savings account deposits must be held in federal public securities acquired directly from the Central Bank of Brazil

Circular Letter No. 1,784, of April 5, 1988

CIRCULAR LETTER NO. 1,784

To Banco do Brasil S.A., Banco da Amazônia S.A., Banco do Nordeste do Brasil S.A., and Nacional de Crédito Cooperativo S.A.

As a result of the provisions set forth in Resolution No. 1,188, of September 5, 1986, and in Circular Letters Nos. 1,130 and 1,255, of February 12, 1987, and November 17, 1987, respectively, we clarify that the mandatory reserve on the collection of rural savings account deposits must be constituted in federal public securities, acquired directly from the Central Bank of Brazil, which will ensure a return equivalent to that applied in the updating of savings deposits.

2. The remittance provided for in sub-items b-I of item 1 of the aforementioned Circular Letters must be made on the 15th of the month following the month in which the position was determined, or on the immediately following business day if the 15th is not a business day.

3. For the purposes of calculating the exigibility provided for in the previous item, the "Mandatory Reserve Statement — Rural Savings Deposits" must be used, according to the attached model, to be sent to the Department of Banking Operations — DEBAN or its Regional Representations that have jurisdiction over the Institution, by the business day prior to the one provided for the remittance in question.

4. Until six months have elapsed, counted from the month in which the collection of deposits of this type was determined, the average referred to in field "A" of the attached statement must be calculated considering the sum of the balances at the end of each month, as well as the number of months considered up to that point.

5. If the exigibility statement is not delivered by the business day prior to the date provided for the remittance, this will be made on the second business day following the date of delivery of the statement, with the application of the penalty provided for in item IX of Resolution No. 1,220, of November 24, 1986, and in item 8 of Circular Letter No. 1,098, of December 16, 1986, with the new wording given by item 5 of Circular Letter No. 1,277, of January 5, 1988.

6. Observed the deadline established in the previous item 2, the securities referred to in the initial item of this Circular Letter must be custodied in the Department of Operations with Securities and Financial Assets — DEMOB (Special Settlement and Custody System — SELIC) of this Body.

Brasília (DF), April 5, 1988.

DEPARTMENT OF BANKING OPERATIONS
DEPARTMENT OF OPERATIONS WITH SECURITIES AND FINANCIAL ASSETS

José Costa de Oliveira
CHIEF

Eduardo Hitiro Nakao
CHIEF

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

Circular Letter No. 1,784, of April 5, 1988