Circular Letter No. 2559 — Clarification on Active and Passive Operations in the Financial Market with Remuneration Based on the Basic Financial Rate - TBF

CIRCULAR LETTER NO. 002559

Clarification regarding active and passive operations in the financial market with remuneration based on the Basic Financial Rate - TBF.

Given the doubts raised by the market regarding the contracting of active and passive operations in the financial market with remuneration based on the Basic Financial Rate - TBF, as addressed in Circular No. 2,588 of this date:

I - We clarify that active operations subject to the maximum term stipulated by Resolution No. 2,118 of 19.10.94 cannot be contracted with remuneration based on the TBF;

II - We present practical examples providing for remuneration at levels higher or lower than the TBF:

Example 1:
Remuneration stipulated in the contract TBF + 0.125% TBF in effect during the calculation period 2.6% Principal amount BRL 125,000.00

Calculation:
Remuneration = 2.6% + 0.125% = 2.725%
Amount = BRL 125,000.00 x (1 + 0.02725) = BRL 128,406.25

Example 2:
Remuneration stipulated in the contract TBF - 0.05% TBF in effect during the calculation period 3% Principal amount BRL 100,000.00

Calculation:
Remuneration = 3% - 0.05% = 2.95%
Amount = BRL 100,000.00 x (1 + 0.0295) = BRL 102,950.00.

Brasilia, July 05, 1995.

DEPARTMENT OF NORMS OF THE FINANCIAL SYSTEM

Sergio Darcy da Silva Alves
Head