Circular Letter No. 2251 — Provisions on the Collection of Insufficiency in the Direction of Resources Captured via the Issuance of Economic Development Bonds, as Provided in Circular No. 1,944 of April 18, 1991

CIRCULAR LETTER NO. 002251

TO
MULTIPLE BANKS WITH COMMERCIAL AND/OR INVESTMENT PORTFOLIOS, COMMERCIAL BANKS, INVESTMENT BANKS, DEVELOPMENT BANKS AND SAVINGS BANKS

DISPOSES ON THE COLLECTION OF THE INSUFFICIENCY IN THE DIRECTION OF RESOURCES CAPTURED VIA THE ISSUANCE OF ECONOMIC DEVELOPMENT BONDS, IN THE MANNER PRE- SCRIBED IN CIRCULAR NO. 1,944, OF 18.04.91.

TAKING INTO ACCOUNT THE PROVISIONS OF ART. 4., PARAGRAPH 1., OF CIRCULAR NO. 1,944, OF 18.04.91, WE COMMUNICATE THAT:

ART. 1. RESOURCES CAPTURED VIA THE ISSUANCE OF ECONOMIC DEVELOPMENT BONDS (TDE), NOT FULLY APPLIED IN FINANCING PROJECTS WITHIN THE SCOPE OF THE PROGRAM FOR THE PROMOTION OF INDUSTRIAL COMPETITIVENESS (PCFI), MUST BE DEPOSITED, ACCORDING TO THE JURISDICTION OF EACH INSTITUTION, TO THE DEPARTMENT OF BANKING OPERATIONS (DEBAN), IN BRASILIA (DF), OR IN THEIR RESPECTIVE REPRESENTATIONS IN REGIONAL DELEGATIONS.

ART. 2. THE DEPOSIT MUST BE MADE ON THE BUSINESS DAY FOLLOWING THE IDENTIFICATION OF THE INSUFFICIENCY IN THE DIRECTION OF THE APPLICATIONS, WITH THE RESOURCES SO DEPOSITED REMAINING UNAVAILABLE FOR AS LONG AS THE INSUFFICIENCY PERSISTS.

PARAGRAPH 1. THE MOVEMENTS RELATED TO THE DEPOSIT/RELEASE OF THE VALUES SHALL BE MADE VIA DEBIT/CREDIT IN THE "BANK RESERVES" ACCOUNT OF ITS HOLDER/CONVENTION HOLDER.

PARAGRAPH 2. THE CONSTITUTION/RELEASE OF THE DEPOSIT MAY BE REQUESTED BY THE INSTITUTION VIA ELECTRONIC MAIL, FAX OR TELEX.

PARAGRAPH 3. INSTITUTIONS NOT HOLDING THE "BANK RESERVES" ACCOUNT MUST ENTER INTO AN AGREEMENT WITH A MULTIPLE BANK HOLDING A COMMERCIAL PORTFOLIO, A COMMERCIAL BANK OR A SAVINGS BANK FOR THE PURPOSES OF THE MOVEMENT IN QUESTION.

ART. 3. THIS CIRCULAR LETTER ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

BRASILIA (DF), JANUARY 21, 1992

DEPARTMENT OF BANKING OPERATIONS DEPARTMENT OF NORMS OF THE SYSTEM FINANCIAL

MIGUEL ARCANJO NETO CLARENCE JOSEPH HILLERMAN JR. CHIEF, IN EXERCISE CHIEF, IN EXERCISE