Circular Letter No. 2451 — Amends the Electronic Clearing Regulation Addressed in Circular 2398 of 29 December 1993

CIRCULAR LETTER NO. 002451

To

The Participating Financial Institutions of the Check and Other Instruments Clearing Service.

Amends the Electronic Clearing Regulation addressed in Circular No. 2398 of 29.12.93.

Art. 1. In view of the provisions of art. 2 of Circular No. 2398 of 29.12.93, we communicate that art. 11 of the Regulation instituted by the aforementioned Circular shall now be in force with the following wording:

"Art. 11. The Service Executor is responsible:

I - for the faithful reproduction of the teletransmitted data or data contained in the magnetic files forwarded by the remitting banks;

II - for the supply of the magnetic files or teletransmission of the data relating to the movement destined for each participant, at the determined time;

III - until the date to be established for the start of the retention of the documents included in the logical files, if it does not comply with the times and notice procedures provided for in the contingency plan established by the Executor, upon the occurrence of inoperability:

a) for eventual losses caused to the participants due to the failure to inform, in a timely manner, the financial result of the exchange for debiting the RESERVAS BANCARIAS accounts maintained with the Banco Central do Brasil;

b) for reimbursement to the participant harmed by the non-compliance with the provisions contained in this article, by means of remuneration negotiable within the limits in force in the market."

2.              Once the Executor declares a contingency situation, the participants listed below must carry out direct exchange of files, in magnetic medium or by teletransmission of data, with direct exchange involving other participants being permitted, upon negotiation between the parties:
   

CAMARA DE SAO PAULO

ABBC-Associacao Brasileira de Bancos Comerciais e Multiplos ASBACE-Associacao Brasileira dos Bancos Estaduais Banco America do Sul S.A.
Banco Bamerindus S.A.
Banco Bradesco S.A.
Banco do Brasil S.A.
Banco do Estado de Sao Paulo S.A.
Banco Itau S.A.
Banco Nacional S.A.
Banco Noroeste S.A.
Banco Real S.A.
UNIBANCO-Uniao de Bancos Brasileiros S.A.

CAMARA DO RIO DE JANEIRO

ABBC-Associacao Brasileira de Bancos Comerciais e Multiplos ASBACE-Associacao Brasileira dos Bancos Estaduais Banco Bamerindus S.A.
Banco Bradesco S.A.
Banco de Credito Nacional S.A.
Banco do Brasil S.A.
Banco do Estado do Rio de Janeiro S.A.
Banco Itau S.A.
Banco Nacional S.A.
Banco Real S.A.
Caixa Economica Federal
UNIBANCO-Uniao de Bancos Brasileiros S.A.

3. The participant that does not carry out direct exchange of files in magnetic medium or by teletransmission of data, as provided for in the previous item, must process its movement based on the exchanged documents.

4. The information of the financial result of the exchange for debiting the RESERVAS BANCARIAS accounts maintained with the Banco Central do Brasil shall be of the exclusive initiative and responsibility of the Executor.

5. 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 destination banks, in an exchange session to be held at 02:00h on the day following the receipt of the documents.

6. In due course a new date shall be announced, replacing that of 06.06.94, for the start of the retention by the participants of the documents included in the logical files.

7. This Circular Letter enters into force on the date of its publication, with effects as from the night exchange session of 02.05.94.

5. Circular Letter No. 2448 of 04.04.94 is revoked.

Brasilia(DF), 29 April 1994.

DEPARTMENT OF BANKING OPERATIONS

Luis Gustavo da Matta Machado
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