Rule · BCB · 2 May 1995 · Carta Circular 2539

Circular Letter No. 2539 — Clarifies the Scope of Article 1 of Circular No. 2,563 of April 27, 1995

Multiple banks, commercial banks, development banks, investment banks, and savings banks must register guarantees such as aval, surety, or other forms of collateral provided in debt/obligation assignment operations between non-financial individuals or legal entities within the country in the accounting subtitle specified in Article 1 of Circular No. 2,563 of April 27, 1995. These guarantees are subject to mandatory reserve requirements as regulated by the same Circular.

BrazilBanco Central do Brasil

CIRCULAR LETTER NO. 002539

Clarifies the Scope of Article 1 of Circular No. 2,563 of April 27, 1995.

We clarify that the granting of aval, surety, or other guarantees by multiple banks, commercial banks, development banks, investment banks, and savings banks in debt/obligation assignment operations between non-financial individuals or legal entities within the country must also be registered in the accounting subtitle referred to in Article 1 of Circular No. 2,563 of April 27, 1995, and is subject to mandatory reserve requirements in the manner regulated in the same Circular.

Brasilia, May 02, 1995

DEPARTMENT OF NORMS OF THE FINANCIAL SYSTEM

Sergio Darcy da Silva Alves Head

DEPARTMENT OF BANKING OPERATIONS

Luis Gustavo da Matta Machado Head

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Issued under

Circular No. 2563 — Creates a COSIF subtitle and establishes mandatory reserve requirements on the granting of aval, guarantee, or other securities in loan/financing operations between non-financial natural or legal persons1995 · BCB
“We clarify that the granting of aval... must also be registered in the accounting subtitle referred to in Article 1 of Circular No. 2,563 of April 27, 1995”