Circular Letter No. 2.448

CIRCULAR LETTER NO. 002448 ------------------------ Amends deadlines relating to Electronic Collection Compensation. Taking into account that technical problems made it impossible for the Executor of the Check and Other Instruments Clearing Service (SCCOP) to proceed with the procedures dealt with in Circular Letters nos. 2.414, of 07.10.93, and 2.442, of 22.02.94, we inform that the dates established in items II and IV of Circular Letter no. 2.442 are amended as follows, with the other provisions in force on the matter maintained: a) as from the movement of 02.05.94, the Compensation Slips whose data are included in the logical file shall be forwarded to the respective recipient banks on the day following the transmission of the file, at a time to be disclosed by the Executor of the SCCOP, which may not be later than that of the specific exchange session; b) as from 06.06.94, the Compensation Slips whose data are included in the logical file shall not be forwarded to the respective recipient banks, remaining in the possession of the remitting banks, as faithful depositaries, for a period of 60 (sixty) days from inclusion. 2. The Executor of the SCCOP is tasked with disclosing the routines necessary for compliance with the provisions of this Circular Letter. 3. This Circular Letter enters into force on the date of its publication. 4. Items II and IV of the aforementioned Circular Letter no. 2.442, of 22.02.94, are revoked. Brasilia, 04 April 1994. DEPARTMENT OF BANKING OPERATIONS Luis Gustavo da Matta Machado Chief