Circular Letter No. 3.325

CIRCULAR LETTER No. 003325 ------------------------ Clarifies procedures for the settlement of financial obligations between the Central Bank of Brazil and financial institutions, the other institutions authorized by it to operate, and non-financial individuals and legal entities. Based on the provisions of art. 6 of Circular 3.104, of 28 March 2002, we clarify that financial obligations between the Central Bank of Brazil and the institutions holding a Banking Reserves or settlement account shall be settled by means of fund transfer orders sent to the Reserve Transfer System - STR, using specific messages defined in the Brazilian Payment System Message Catalog, belonging to the SLB Services Group, except as provided in item 3. 2. The use of the system addressed in this circular letter shall be subject to explicit predictability in the specific regulations, according to the nature of the obligations, observing that when it involves an individual, a non-financial legal entity, or an institution not holding a Banking Reserves or Settlement account, the financial institution holding a Banking Reserves account with which it has an agreement for that purpose must be previously informed to the Central Bank of Brazil. 3. Obligations resulting from operations in a system managed by the Central Bank of Brazil may be settled through indirect fund transfer orders, as defined in item VIII of art. 2 of the regulation annexed to Circular 3.100, of 28 March 2002. 4. The Central Bank of Brazil shall provide, through a message from the group mentioned in item 1, the information relating to the financial obligations to be settled by 4:00 p.m. on the maturity date of the obligations, except with regard to operations resulting from Central Bank of Brazil interventions in the foreign exchange market, which may be informed after that time. 5. This Circular Letter enters into force on the date of its publication, when Circular Letter 2.998, of 28 March 2002, shall be revoked. Brasília, 2 July 2008. Department of Banking Operations Department of Technology and Payment System Information José Antonio Marciano José Antônio Eirado Neto Unit Head Unit Head