Circular Letter No. 3.034

CIRCULAR LETTER No. 003034 ------------------------ Discloses procedures relating to compliance with and consultation of the additional reserve requirement on deposits. In view of the provisions of Circular 3.144 of 14 August 2002, we clarify that, for the purposes of controlling compliance with the additional reserve requirement on deposits, addressed in the aforementioned circular, as well as for the movement of funds and verification of the existence of any financial costs due to deficiency, financial institutions holding a Reserve Account must use the National Financial System Network - RSFN, through the specific messages of the Compulsory Reserve Service Group - RCO, contained in the Brazilian Payment System Message Catalog, using, when filling in the -CodRCO- field, the domain -10-, now disclosed, whose description is -Additional Reserve Requirement on Deposits-. 2. For the purposes listed in the previous item, financial institutions that do not hold a Reserve Account must use transaction PRCO500 of the Central Bank Information System - Sisbacen. 3. Financial institutions are not required to send the message -RCO0002 - IF informs statement- regarding the additional reserve requirement, considering that the calculation will be made based on the information provided in the statements relating to compulsory reserves and mandatory deposits addressed in Circulars 3.091 and 3.093 of 1 March 2002, and 3.134 of 10 July 2002. 4. The financial institution holding a Reserve Account will receive information on the amount of its additional reserve requirement on the business day immediately preceding the date on which it takes effect, after the closing of the time established for the operation of the Reserve Transfer System - STR, through the message -RCO0014 - RCO informs position repetition-. 5. In the event of absence of information relating to one or more days of the calculation period up to the date established in item 4, each position not informed will be assigned the value relating to the last position informed for each compulsory reserve and mandatory deposit that makes up the calculation base of the additional reserve requirement. 6. In calculating the additional reserve requirement, the following procedures are observed: a) in each calculation period, the arithmetic mean of each of the VSRs that give rise to the additional reserve requirement is determined; b) the respective rate is applied to each arithmetic mean obtained as per the previous subitem; c) from the sum of the portions calculated as per subitem "b", R$30,000,000.00 (thirty million reais) is deducted. 7. The factors used to calculate the remuneration or financial cost on deficiency in complying with the additional reserve requirement, as provided in arts. 4 and 5 of Circular 3.144, respectively, can be obtained by consulting options 1 and 14 7 of transaction PTAX880 of Sisbacen. Brasília, 19 August 2002. Department of Banking Operations and Payment System José Antonio Marciano
Head