Circular Letter No. 1703 — Lowering Supplementary Norms Resolving CMN 1378/87 and Circular BCB 1220/87, Disclosing Remuneration and Cost Rates for Compulsory Collections and Mandatory Reserves Deposited in BCB Bank Reserve Accounts

Circular Letter No. 1,703, of August 24, 1987

CIRCULAR LETTER NO. 1,703

To

Commercial Banks, Investment Banks, Development Banks, and Savings Banks

As a result of the provisions contained in Resolution No. 1,378 and Circular No. 1,220, both of this date, the financial institution, upon the collection/release of resources for the purpose of complying with the exigibility fixed in the manner of the aforementioned normative instruments, shall send to this Department or its Regional Representation that has jurisdiction over it, a request signed by employees duly accredited for the purpose.

2. Starting from 26.08.87, it is established at 20% (twenty percent) the percentage referred to in item 2 of the aforementioned Circular, as well as fixing the following rates for remuneration and costs provided for in its items 3 and 4:

Remuneration (item 3 of Circular No. 1,220, of 24.08.87) Remuneration rate for Central Bank Letters;

Costs (item 4 of Circular No. 1,220, of 24.08.87) 7% (seven percent) per year.

3. The Financial Institution shall inform this Department or its Regional Representation that has jurisdiction over it, by the 20th of each month, the balances of the following items, calculated based on the balance sheet of the previous month, for the purpose of calculating its exigibilities for the following month:

Commercial Banks and Savings Banks – COBAN (*) – 4.01.90.00.4 – TIME DEPOSITS – WITHOUT CERTIFICATE – 4.01.93.00.1 – TIME DEPOSITS – WITH CERTIFICATE – 4.01.97.07.6 – (EXPENSES TO BE APPORTIONED FOR TIME DEPOSITS – WITHOUT CERTIFICATE) – 4.01.97.14.8 – (EXPENSES TO BE APPORTIONED FOR TIME DEPOSITS – WITH CERTIFICATE)

Investment Banks – COBIN (*)
– 2.1.05.00.00.8 – TIME DEPOSITS

Development Banks – CODES (*)
– 4.01.90.00.4 – TIME DEPOSITS – WITHOUT CERTIFICATE – 4.01.93.00.1 – TIME DEPOSITS – WITH CERTIFICATE – 4.01.97.00.7 – (EXPENSES TO BE APPORTIONED FOR TIME DEPOSITS)

(*) Exclusive of the portions corresponding to Interbank Deposit Certificates – CDI accounted for in these items

Brasília (DF), August 24, 1987

DEPARTMENT OF BANKING OPERATIONS

Nilton Junqueira
Acting Head

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