Circular Letter No. 2597 — Clarifies the calculation base for allocation in investments in securities issued by the National Treasury under Article 3 of Circular No. 2,613 of September 5, 1995

CIRCULAR LETTER NO. 002597

Clarifies the calculation base for allocation in investments in securities issued by the National Treasury under Article 3 of Circular No. 2,613 of September 5, 1995.

We inform you that, for the purposes of Article 3 of Circular No. 2,613 of September 5, 1995, the calculation of the calculation base shall reference the lower of the following values:

I - the arithmetic mean of the daily balances of savings deposits for the reference month, updated until the last day of the month based on the basic remuneration indices for savings deposits;

II - the arithmetic mean of the daily balances of savings deposits in the 6 (six) months preceding the reference month, updated until the last day of the reference month based on the basic remuneration indices for savings deposits.

2. While the financial institution has not completed the first 6 (six) months of collection of linked savings deposits, the calculation base shall be determined by dividing the sum of updated daily balances by the number of days considered in each position.

3. The provisions contained in Resolution No. 2,027 of November 24, 1993, and complementary regulations apply to the securities issued by the National Treasury under Article 3 of Circular No. 2,613 of September 5, 1995.

Brasilia, November 27, 1995

DEPARTMENT OF NORMS OF THE FINANCIAL SYSTEM

Sergio Darcy da Silva Alves
Head