Circular Letter No. 3,492: Clarifies procedures for providing information on the allocation of funds raised in savings deposits under Resolution No. 3,932 of 16 December 2010

BANCO CENTRAL DO BRASIL

CIRCULAR LETTER No. 3.492

Clarifies procedures for the provision of information regarding the allocation of funds raised in savings deposits, as addressed in Resolution No. 3.932, of 16 December 2010.

Having regard to the provisions of Resolution No. 3.932, of 16 December 2010, which amends and consolidates the rules on the allocation of funds raised by entities belonging to the Brazilian Savings and Loan System (SBPE), we clarify that the submission of information to the Central Bank of Brazil, intended to verify compliance with the aforementioned allocation, must be carried out through the message "RCO0002 - IF informs statement", of the reserve requirement collection (RCO) service group, of the Catalog of Messages and Files of the National Financial System Network (RSFN), observing, as from the position relating to the month of March 2011, the procedures established in this circular letter.

2. The amount informed in CodItem "6001 - SAVINGS DEPOSITS/REFERENCE MONTH" must correspond to the arithmetic average of the daily balances of savings deposits in the reference month.

3. The amount informed in CodItem "6002 - SAVINGS DEPOSITS/AVERAGE 12 PREVIOUS MONTHS" must correspond to the arithmetic average of the daily balances of savings deposits in the twelve months preceding the reference month.

4. The amount informed in CodItem "6100 - SFH FIN.ACQUIS.RES.PROP. ART.2-I RES 3932" must correspond to the gross outstanding balance of financing for the acquisition of residential properties, new or used, contracted under the conditions of the Housing Financial System (SFH), as addressed in art. 2, item I, of the Regulation annexed to Resolution No. 3.932, of 2010.

5. The amount informed in CodItem "6166 - SFH FIN.CONST.RES.PROP. ART.2-II RES 3932" must correspond to the gross outstanding balance of financing to natural persons for construction of residential property, contracted under the conditions of the SFH, as addressed in art. 2, item II, of the Regulation annexed to Resolution No. 3.932, of 2010.

6. The amount informed in CodItem "6161 - SFH LOAN.SETTLE.HOUS.FIN- ART.2-III RES 3932" must correspond to the gross outstanding balance of loans contracted, under the conditions of the SFH, for settlement of housing financing, as addressed in art. 2, item III, of the Regulation annexed to Resolution No. 3.932, of 2010.

7. The amount informed in CodItem "6101 - SFH FIN.PROD(EXCL.DISB.) ART.2-IV RES 3932" must correspond to the gross outstanding balance of financing for the production of residential properties, as addressed in art. 2, item IV, of the Regulation annexed to Resolution No. 3.932, of 2010.

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8. The amount informed in CodItem "6102 - SFH PROG.DISB.(AVG.TITLE)- ART.2-V RES 3932" must correspond to the total amount of programmed disbursements, in the reference month, for release until the end of the financing contracts for construction or production of properties, as addressed in art. 2, item V, of the Regulation annexed to Resolution No. 3.932, of 2010.

9. The amounts referred to in paragraph 8, when effectively disbursed, must be deducted from CodItem "6102 - SFH PROG.DISB.(AVG.TITLE)-ART.2-V RES 3932" and informed:

I - in CodItem "6166 - SFH FIN.CONST.RES.PROP.-ART.2-II RES 3932", if referring to financing addressed in art. 2, item;

II, of the Regulation annexed to Resolution No. 3.932, of 2010; or II - in CodItem "6101 - SFH FIN.PROD(EXCL.DISB.)-ART.2-IV RES 3932", if referring to financing addressed in art. 2, item IV, of the Regulation annexed to Resolution No. 3.932, of 2010.

10. The amount informed in CodItem "6104 - SFH FIN.CONSTR.MATERIAL- ART.2- VI RES 3932" must correspond to the gross outstanding balance of financing for the acquisition of material for the construction or expansion of housing on a lot owned by the financing applicant or whose regularized possession is held by the latter, under the conditions of the SFH, as addressed in art. 2, item VI, of the Regulation annexed to Resolution No. 3.932, of 2010.

11. The amount informed in CodItem "6106 - SFH MORTGAGE BONDS/CCI- ART.2-VII RES 3932" must correspond to the sum:

I - of the gross outstanding balance of mortgage bonds and real estate credit notes (CCI) held in portfolio, representing housing financing operations under the conditions of the SFH, as addressed in art. 2, item VII, of the Regulation annexed to Resolution No. 3.932, of 2010, acquired before the reference month; and

II - of the arithmetic average of the daily balances of mortgage bonds and real estate credit notes (CCI) representing housing financing operations under the conditions of the SFH, as addressed in art. 2, item VII, of the Regulation annexed to Resolution No. 3.932, of 2010, acquired in the reference month.

12. The amount informed in CodItem "6107 - SFH LH - ART.2-VIII RES 3932" must correspond to the arithmetic average of the daily balances, in the reference month, of mortgage letters (LH) acquired, guaranteed or backed by housing financing operations within the scope of the SFH, as addressed in art. 2, item VIII, of the Regulation annexed to Resolution No. 3.932, of 2010.

13. The amount informed in CodItem "6122 - SFH LH ISSUED-ART.9- II-B RES 3932" must correspond to the arithmetic average of the daily credit balances, in the reference month, of mortgage letters (LH) issued, guaranteed or backed by housing financing operations within the scope of the SFH, as addressed in art. 9, item II, subitem "b", of the Regulation annexed to Resolution No. 3.932, of 2010.

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14. The amount informed in CodItem "6124 - SFH LCI -ART.2-VIII RES 3932" must correspond to the arithmetic average of the daily balances, in the reference month, of real estate credit letters (LCI) acquired, guaranteed or backed by housing financing operations within the scope of the SFH, as addressed in art. 2, item VIII, of the Regulation annexed to Resolution No. 3.932, of 2010.

15. The amount reported in CodItem "6123 - SFH LCI EMITIDAS-ART.9- II-B RES 3932" must correspond to the arithmetic average of the daily credit balances, in the reference month, of the real estate credit letters (LCI) issued, guaranteed or backed by housing finance operations within the scope of the SFH, referred to in art. 9, item II, subitem "b", of the Regulation annexed to Resolution No. 3.932, of 2010.

16. The amount reported in CodItem "6138 - SFH DII REC.APLICADO - ART.2-VIII RES 3932" must correspond to the arithmetic average of the daily balances, in the reference month, of the resources invested in interfinancial real estate deposits (DII), guaranteed or backed by housing finance operations within the scope of the SFH, referred to in art. 2, item VIII, of the Regulation annexed to Resolution No. 3.932, of 2010.

17. The amount reported in CodItem "6137 - SFH DII REC.CAPTADO- ART.9-II-B RES 3932" must correspond to the arithmetic average of the daily credit balances, in the reference month, of the resources raised in interfinancial real estate deposits (DII), guaranteed or backed by housing finance operations within the scope of the SFH, referred to in art. 9, item II, subitem "b", of the Regulation annexed to Resolution No. 3.932, of 2010.

18. The amount reported in CodItem "6116 - SFH DIR.CREDIT.PES.NAT. ART.2-X RES 3932" must correspond to the arithmetic average of the daily balances, in the reference month, of the credits arising from commitments or definitive purchase and sale contracts, entered into with natural persons, of new or under-construction residential real estate, referred to in art. 2, item X, of the Regulation annexed to Resolution No. 3.932, of 2010.

19. The amount reported in CodItem "6125 - SFH COTAS FII-ART.2-XI RES 3932" must correspond to the arithmetic average of the daily balances, in the reference month, of the shares of real estate investment funds (FII), referred to in art. 2, item XI, of the Regulation annexed to Resolution No. 3.932, of 2010.

20. The amount reported in CodItem "6126 - SFH COTAS FIDC-ART.2-XI RES 3932" must correspond to the arithmetic average of the daily balances, in the reference month, of the shares of credit rights investment funds (FIDC), referred to in art. 2, item XI, of the Regulation annexed to Resolution No. 3.932, of 2010.

21. The amount reported in CodItem "6115 - SFH OP.FAIXA ESPECIAL- ART.2-XII RES 3932" must correspond to the gross outstanding balance of the financings computed as special range during the term of Resolution No. 2.458, of 18 December 1997, referred to in art. 2, item XII, of the Regulation annexed to Resolution No. 3.932, of 2010.

22. The amount reported in CodItem "6111 - SFH SALDO DEP.FAHBRE- ART.2-XIII RES 3932" must correspond to the arithmetic average of the daily balances, in the reference month, of the deposits in the Fund for Support to the Production of Housing for the Low-Income Population

(Fahbre), referred to in art. 2, item XIII, of the Regulation annexed to Resolution No. 3.932, of 2010.

23. The amount reported in CodItem "6113 - SFH CR.JUNTO FCVS.- ART.2-XIV RES 3932" must correspond to the gross outstanding balance of the credits with the Fund for Compensation of Salary Variations (FCVS), referred to in art. 2, item XIV, of the Regulation annexed to Resolution No. 3.932, of 2010.

24. The amount reported in CodItem "6109 - SFH CR.DIV.FCVS NOVADA - ART.2- XV RES 3932" must correspond to the gross outstanding balance of the credits corresponding to the novated debts of the FCVS, under the terms of art. 10 of Law No. 10.150, of 21 December 2000, referred to in art. 2, item XV, of the Regulation annexed to Resolution No. 3.932, of 2010.

25. The amount reported in CodItem "6114 - SFH DESC.LEI 10.150 - ART.2-XVI RES 3932" must correspond to the amount of the discounts absorbed by financial institutions in contracts with provision for coverage of eventual residual balances by the FCVS, arising from the provisions of Law No. 10.150, of 2000, adjusted at each position by the basic remuneration of savings deposits, in the form established by art. 2, item XVI, of the Regulation annexed to Resolution No. 3.932, of 2010.

26. The amount reported in CodItem "6110 - SFH IMOV.HAB.NAO ALIEN - ART2XVII RES 3932" must correspond to the value of the real estate received in settlement of housing financings entered into within the scope of the SFH, while not sold, observing the maximum period legally established for their sale, as provided in art. 2, item XVII, of the Regulation annexed to Resolution No. 3.932, of 2010.

27. The amount reported in CodItem "6118 - SFH FIN.RES 2623/99 - ART.2-XVIII RES 3932" must correspond to the gross outstanding balance of the financing operations for the production of real estate within the scope of the SFH, contracted or renegotiated up to 30 June 2000, based on art. 2 of Resolution No. 2.623, of 29 July 1999, referred to in art. 2, item XVIII, of the Regulation annexed to Resolution No. 3.932, of 2010.

28. The amount reported in CodItem "6152 - SFH MAT.CONST.INCORP - ART.2- XIX RES 3932" must correspond to the gross outstanding balance of the financings for the acquisition of construction material, granted to construction and/or development companies, referred to in art. 2, item XIX, of the Regulation annexed to Resolution No. 3.932, of 2010.

29. The amount reported in CodItem "6136 - SFH FIN.HAB.EMPREGADO - ART.2- XX RES 3932" must correspond to the gross outstanding balance of the financings granted to legal entities for the construction of housing for their employees, under the conditions of the SFH, referred to in art. 2, item XX, of the Regulation annexed to Resolution No. 3.932, of 2010.

30. The amount reported in CodItem "6140 - SFH PROJ.INVEST.SAN - ART.2-XXI RES 3932" must correspond to the gross outstanding balance of the financings for investment projects of private sanitation sector concessionaires, referred to in art. 2, item XXI, of the Regulation annexed to Resolution No. 3.932, of 2010.

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31. The amount reported in CodItem "6141 - SFH EST.PPP.SAN.AMB. - ART.2-XXII RES 3932" must correspond to the gross outstanding balance of financing for technical studies for the structuring of models of partnership between the public sector and the private sector, in environmental sanitation, referred to in art. 2, item XXII, of the Regulation annexed to Resolution No. 3.932, of 2010.

32. The amount reported in CodItem "6155 - SFH FIN.REF.NAO RES - ART.2-XXIII RES 3932" must correspond to the gross outstanding balance of financing for the renovation of non-residential properties with the objective of adapting them for residential use, referred to in art. 2, item XXIII, of the Regulation annexed to Resolution No. 3.932, of 2010.

33. The amount reported in CodItem "6135 - SFH-35%-CTS.GAR.CRI - ART.2-XXIV RES 3932" must correspond, in each reference month, to up to 35% (thirty-five percent) of the exercise price, established for the next exercise date, of the letters of guarantee for the acquisition of real estate receivables certificates issued after 18 December 2003, referred to in art. 2, item XXIV, of the Regulation annexed to Resolution No. 3.932, of 2010.

34. The amount reported in CodItem "6157 - SFH FIN.CAP.GIRO IMOB - ART2- XXVA RES3932" must correspond to the gross outstanding balance of working capital financings, with a maximum term of sixty months, granted up to 31 December 2009, intended for real estate developments subject to the regime of the affected assets, referred to in art. 2, item XXV, subitem "a" of the Regulation annexed to Resolution No. 3.932, of 2010.

35. The amount reported in CodItem "6158 - SFH FIN.CAP.GIRO SPE - ART2-XXVB RES3932" must correspond to the gross outstanding balance of working capital financings, with a maximum term of sixty months, granted up to 31 December 2009, intended for special purpose entities, referred to in art. 2, item XXV, subitem "b", of the Regulation annexed to Resolution No. 3.932, of 2010.

36. The amount reported in CodItem "6159 - SFH FIN.OB.INFRA IMOB - ART2- XXVIA RES3932" must correspond to the gross outstanding balance of financings for infrastructure works in urban subdivisions, intended for residential properties, granted to real estate developments subject to the regime of the affected assets, referred to in art. 2, item XXVI, subitem "a", of the Regulation annexed to Resolution No. 3.932, of 2010.

37. The amount reported in CodItem "6160 - SFH FIN.OB.INFRA SP- ART2-XXVIB RES3932" must correspond to the gross outstanding balance of financings for infrastructure works in urban subdivisions, intended for residential properties, granted to special purpose entities, referred to in art. 2, item XXVI, subitem "b", of the Regulation annexed to Resolution No. 3.932, of 2010.

38. The amounts referred to in art. 1 of Resolution No. 3.841, of 25 February 2010, and the amounts referred to in art. 2, item I, of the same resolution, referring to the discounts granted by the institutions that are part of the SBPE in the renegotiations of housing financing contracts under Law No. 11.922, of 13 April 2009, referred to in art. 2, item XXVII, of the Regulation annexed to Resolution No. 3.932, of 2010, must be reported in the following CodItems, observing the form established in the mentioned arts. 1 and 2, item I, of Resolution No. 3.841, of 2010:

BANCO CENTRAL DO BRASIL

I - in CodItem "6162 - SFH DESC. SEM FCVS-ART.2-XXVII RES 3932", when arising from the renegotiations of housing financing contracts without coverage of the FCVS; and

II - in CodItem "6163 - SFH DESC. COM FCVS-ART.2-XXVII RES 3932", when arising from the renegotiations of housing financing contracts that lost the FCVS coverage.

39. The amounts referred to in paragraph 38 may not be reported, concomitantly, in CodItem "6100 – SFH FIN.AQUIS.IMOV.RES.-ART.2-I RES 3932".

40. The amount reported in CodItem "6164 - SFH QTD.CONT.RENEG.- ART.2- XXVII RES 3932" must correspond to the number of contracts renegotiated under Law No. 11.922, of 2009, whose respective discount amounts are computed in CodItems "6162 - SFH DESC. SEM FCVS-ART.2-XXVII RES 3932" and "6163 - SFH DESC. COM FCVS-ART.2- XXVII RES 3932."

41. The amounts of real estate credits, related to operations contracted under the conditions of the SFH, assigned, as of 1 March 2011, by the institutions that are part of the SBPE to real estate credit securitization companies, computed in the form of art. 1 of Resolution No. 3.932, of 2010, must be reported in CodItem "6168 - SFH VL.DED.CR.CED.-ART.2-XXVIII RES 3932", and may not be reported, concomitantly, in the CodItems in which they were reported in the reference months prior to the date of formalization of the credit assignment contracts.

42. The accumulated amounts, up to the reference month, of the real estate credits mentioned in paragraph 41 must be reported in CodItem "6167 - SFH VL.ORIG.CR.CED-ART.2-XXVIII RES 3932", taking into consideration the sum of the amounts determined on the date of formalization of the credit assignment contracts.

43. The amount reported in CodItem "6700 - IMERC FIN.AQUIS.IMOV - ART.3-I RES 3932" must correspond to the gross outstanding balance of financings for the acquisition, construction, renovation or expansion of properties, commercial or residential, new, used or under construction, at market rates, referred to in art. 3, item I, of the Regulation annexed to Resolution No. 3.932, of 2010.

44. The amount reported in CodItem "6726 - IMERC EMP.QUIT.FIN.IMOB ART3-II RES 3932" must correspond to the gross outstanding balance of loans contracted at market rates for the settlement of real estate financings, referred to in art. 3, item II, of the Regulation annexed to Resolution No. 3.932, of 2010.

45. The amount reported in CodItem "6701 - IMERC FIN.PROD(EXC.DES) ART3-III RES3932" must correspond to the gross outstanding balance of financing for the production of commercial or residential properties at market rates, referred to in art. 3, item III, of the Regulation annexed to Resolution No. 3,932, of 2010.

46. The amount reported in CodItem "6702 - IMERC DES.PRG(MED.TIT) - ART.3- IV RES 3932" must correspond to the total amount of disbursements scheduled, in the month of

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reference, for release until the end of the financing contracts for construction or production of properties, at market rates, referred to in art. 3, item IV, of the Regulation annexed to Resolution No. 3,932, of 2010.

47. The amounts referred to in paragraph 46, when effectively disbursed, must be deducted from CodItem "6702 - IMERC DES.PRG(MED.TIT)-ART.3-IV RES 3932" and reported:

I - in CodItem "6700 - IMERC FIN.AQUIS.IMOV-ART.3-I RES 3932", if referring to financing for the construction, renovation or expansion of properties mentioned in art. 3, item I, of the Regulation annexed to Resolution No. 3,932, of 2010; or

II - in CodItem "6701 - IMERC FIN.PROD(EXC.DES)-ART3-III RES3932", if referring to financing for the production of properties referred to in art. 3, item III, of the Regulation annexed to Resolution No. 3,932, of 2010.

48. The amount reported in CodItem "6704 - IMERC FIN.AQ.MAT.CONST. ART.3-V RES 3932" must correspond to the gross outstanding balance of financing for the acquisition of material for the construction, renovation or expansion of commercial or residential properties, at market rates, referred to in art. 3, item V, of the Regulation annexed to Resolution No. 3,932, of 2010.

49. The amount reported in CodItem "6706 - IMERC CEDULAS HIP/CCI - ART.3-VI RES 3932" must correspond to the sum of:

I - the gross outstanding balance of mortgage notes and real estate credit notes (CCI) held in portfolio, representing real estate financing operations agreed at market rates, referred to in art. 3, item VI, of the Regulation annexed to Resolution No. 3,932, of 2010, acquired before the reference month; and

II - the arithmetic average of the daily balances of mortgage notes and real estate credit notes (CCI) representing real estate financing operations agreed at market rates, referred to in art. 3, item VI, of the Regulation annexed to Resolution No. 3,932, of 2010, acquired in the reference month.

50. The amount reported in CodItem "6707 - IMERC LH-ART.3-VII RES 3932" must correspond to the arithmetic average of the daily balances, in the reference month, of mortgage letters (LH) acquired, guaranteed or backed by real estate financing operations agreed at market rates, referred to in art. 3, item VII, of the Regulation annexed to Resolution No. 3,932, of 2010.

51. The amount reported in CodItem "6719 - IMERC LH EMITIDAS-ART9 - II-B RES 3932" must correspond to the arithmetic average of the daily credit balances, in the reference month, of mortgage letters (LH) issued, guaranteed or backed by real estate financing operations agreed at market rates, referred to in art. 9, item II, subitem "b", of the Regulation annexed to Resolution No. 3,932, of 2010.

52.
The amount reported in CodItem "6722 - IMERC LCI-ART.3-VII RES 3932" must correspond to the arithmetic average of the daily balances, in the reference month, of the real estate credit letters (LCI) acquired, guaranteed or backed by real estate financing operations agreed at market rates, referred to in art. 3, item VII, of the Regulation annexed to Resolution No. 3,932, of 2010.

53.
The amount reported in CodItem "6720 - IMERC LCI EMITIDAS-ART9 II-B RES 3932" must correspond to the arithmetic average of the daily credit balances, in the reference month, of the real estate credit letters (LCI) issued, guaranteed or backed by operations of real estate financing agreed at market rates, referred to in art. 9, item II, subitem "b", of the Regulation annexed to Resolution No. 3,932, of 2010.

54.
The amount reported in CodItem "6724 - IMERC DII REC.APLICADO - ART3- VII RES 3932" must correspond to the arithmetic average of the daily balances, in the reference month, of the funds applied in interfinancial real estate deposits (DII), guaranteed or backed by real estate financing operations agreed at market rates, referred to in art. 3, item VII, of the Regulation annexed to Resolution No. 3,932, of 2010.

55.
The amount reported in CodItem "6723 - IMERC DII REC.CAPTADO - ART9-II- B RES 3932" must correspond to the arithmetic average of the daily credit balances, in the month of reference, of the funds raised in interfinancial real estate deposits (DII), guaranteed or backed by real estate financing operations agreed at market rates, referred to in art. 9, item II, subitem "b", of the Regulation annexed to Resolution No. 3,932, of 2010.

56.
The amount reported in CodItem "6708 - IMERC DIREIT.CREDITOR - ART3- VIII RES 3932" must correspond to the arithmetic average of the daily balances, in the reference month, of the credit rights originated from commitments or definitive purchase and sale contracts of real estate, new or under construction, agreed at market rates, referred to in art. 3, item VIII, of the Regulation annexed to Resolution No. 3,932, of 2010.

57.
The amount reported in CodItem "6711 - IMERC COTAS FII-ART3-IX RES 3932" must correspond to the arithmetic average of the daily balances, in the reference month, of the shares of real estate investment funds (FII), referred to in art. 3, item IX, of the Regulation annexed to Resolution No. 3,932, of 2010.

58.
The amount reported in CodItem "6721 - IMERC COTAS FIDC-ART3- IX RES 3932" must correspond to the arithmetic average of the daily balances, in the reference month, of the shares of credit rights investment funds (FIDC), referred to in art. 3, item IX, of the Regulation annexed to Resolution No. 3,932, of 2010.

59.
The amount reported in CodItem "6710 - IMERC DEBENTURES-ART.3 - X RES 3932" must correspond to the arithmetic average of the daily balances, in the reference month, of the debentures with real guarantee linked to real estate financing operations, referred to in art. 3, item X, of the Regulation annexed to Resolution No. 3.932, of 2010.

60.
The value informed in CodItem "6712 - IMERC ARREND.MERCANTIL - ART.3-XI RES 3932" must correspond to the gross outstanding balance of the leasing operations

BANCO CENTRAL DO BRASIL

of real estate acquired for the lessee entity's own use, referred to in art. 3, item XI, of the Regulation annexed to Resolution No. 3.932, of 2010.

61. The value informed in CodItem "6713 - IMERC FIN.OB.INFRA - ART.3-XII RES3932" must correspond to the gross outstanding balance of the financing for infrastructure works in urban subdivisions, referred to in art. 3, item XII, of the Regulation annexed to Resolution No. 3.932, of 2010.

62. The value informed in CodItem "6714 - IMERC IMOV.NAO ALIEN - ART3XIII RES 3932" must correspond to the value of the real estate received in settlement of financing agreed at market rates, while not sold, observing the maximum period legally established for their sale, referred to in art. 3, item XIII, of the Regulation annexed to Resolution No. 3.932, of 2010.

63. The value informed in CodItem "6715 - IMERC FIN. RES 2623- ART.3-XIV RES 3932" must correspond to the gross outstanding balance of the financing operations for the production of real estate at market rates, contracted or renegotiated up to 30 June 2000, based on art. 2 of Resolution No. 2.623, of 1999, referred to in art. 3, item XIV, of the Regulation annexed to Resolution No. 3.932, of 2010.

64. The values of real estate credits, related to operations contracted at market rates, assigned, as of 1 March 2011, by the institutions that are part of the SBPE to real estate credit securitization companies, computed as per art. 1 of Resolution No. 3.932, of 2010, must be informed in CodItem "6728 - IMERC VL.DED.CR.CED.-ART.3-XV RES 3932", and cannot be informed, concurrently, in the CodItems in which they were informed in the reference months prior to the date of formalization of the credit assignment contracts.

65. The accumulated values, up to the reference month, of the real estate credits mentioned in paragraph 64 must be informed in CodItem "6727 - IMERC VL.ORIG.CR.CED.-ART.3-XV RES 3932", taking into account the sum of the values determined on the date of formalization of the credit assignment contracts.

66. The real estate receivable certificates (CRI) must be computed in the following CodItems, considering the arithmetic average of their daily balances in the reference month:

I - those computed without the application of the multiplication factor 1.2 (one point two), provided for in art. 12 of the Regulation annexed to Resolution 3.932, of 2010:

a) in CodItem "6117 - SFH CRI-ART.2-IX RES 3932", the CRI backed by real estate financing, referred to in art. 2, item IX, of the Regulation annexed to Resolution No. 3.932, of 2010, and by other real estate credits, until the end of the respective contractual terms, as per the sole paragraph of art. 4 of Resolution No. 3.932, of 2010;

b) in CodItem "6169 - SFH CRI AQUIS-ART.2-XXVIII RES 3932", the CRI backed by the credits referred to in art. 1 of Resolution No. 3.932, of 2010, contracted under the conditions of the SFH, as per art. 2 of that resolution;

c) in CodItem "6729 - IMERC CRI AQUIS.-ART.3-XV RES 3932", the CRI backed by the credits referred to in art. 1 of Resolution No. 3.932, of 2010, contracted at market rates, as per art. 2 of that resolution;

II - those computed with the application of the multiplication factor 1.2 (one point two), provided for in art. 12 of the Regulation annexed to Resolution No. 3.932, of 2010:

a) in CodItem "6139 - SFH CRI C/ MULT.-ART.12 RES 3932", the CRI backed by the operations mentioned in item I, subitem "a", not originated by the acquiring institution itself or by another institution of the same conglomerate;

b) in CodItem "6170 - SFH CRI AQUIS. MULT-ART2-XXVIII RES 3932", the CRI backed by the credits mentioned in item I, subitem "b", not originated by the acquiring institution itself or by another institution of the same conglomerate; and

c) in CodItem "6730 - IMERC CRI AQUIS.C/MULT-ART3-XV RES 3932", the CRI backed by the credits mentioned in item I, subitem "c", not originated by the acquiring institution itself or by another institution of the same conglomerate.

67. The value informed in CodItem "6119 - SFH FIN BAIXO VL. C/MULT-ART.10 RES 3932" must correspond to the gross outstanding balance of the financing granted for the acquisition of new residential real estate, in the period from 30 July 1999 to 31 December 2004, under the conditions of the SFH, computed with a multiplication factor of 1.5 (one point five), as per art. 10 of the Regulation annexed to Resolution No. 3.932, of 2010, and cannot be informed, concurrently, in CodItem "6100 - SFH FIN.AQUIS.IMOV.RES.- ART.2-I RES 3932".

68. The value informed in CodItem "6716 - IMERC FIN.BAIXO VL. MULT-ART.10 RES 3932" must correspond to the gross outstanding balance of the financing granted for the acquisition of new residential real estate, in the period from 30 July 1999 to 31 December 2004, at market rates, computed with a multiplication factor of 1.5 (one point five), as per art. 10 of the Regulation annexed to Resolution No. 3.932, of 2010, and cannot be informed, concurrently, in CodItem "6700 - IMERC FIN.AQUIS.IMOV-ART.3-I RES 3932".

69. The value informed in CodItem "6143 - SFH FIN.AQUIS. C/MULT.- ART.11 RES 3932" must correspond to the sum of the gross outstanding balance, computed with the multiplication factor referred to in art. 11 of the Regulation annexed to Resolution No. 3.932, of 2010:

I - of the financing for the acquisition of new residential real estate, granted within the scope of the SFH, as of 1 January 2005;

II - of the financing for the acquisition of used residential property, granted under the SFH, as of 1 April 2005; and

III - of the new financing amount of the borrower, as of 1 March 2010, determined in the renegotiation provided for in Law No. 11,922 of 2009, provided that the appraisal value of the

property, determined in the manner of art. 6 of the aforementioned law, does not exceed R$150,000.00 (one hundred and fifty thousand reais), as set forth in art. 2, item II, of Resolution No. 3,841 of 2010.

70. The amount referred to in paragraph 69 may not be reported, concurrently, in CodItem "6100 - SFH FIN.AQUIS.IMOV.RES.-ART.2-I RES 3932".

71. The amount reported in CodItem "6148 - SFH FIN.PROD.C/MULT.- ART.11 RES 3932" must correspond to the gross outstanding balance of the financing for the production of residential properties, granted under the SFH as of 1 January 2006, provided that the institute of the affected patrimony is adopted, computed with a multiplication factor, in the manner of art. 11 of the Regulation annexed to Resolution No. 3,932 of 2010, and may not be reported, concurrently, in CodItem "6101 - SFH FIN.PROD(EXCT.DES.)-ART.2-IV RES 3932".

72. The amount reported in CodItem "6172 - SFH FIN.CONST.C/MULT.- ART.11 RES 3932" must correspond to the gross outstanding balance of the financing for the construction of residential properties, granted under the SFH as of 1 January 2006, computed with a multiplication factor, in the manner of art. 11 of the Regulation annexed to Resolution No. 3,932 of 2010, and may not be reported, concurrently, in CodItem "6166 - SFH FIN.CONST.IMOV.RES.-ART.2- II RES 3932".

73. The amount reported in CodItem "6142 - SFH VL.FIN.AQUIS.ORIG.- ART.11 RES 3932" must correspond to the amount reported in CodItem "6143 - SFH FIN.AQUIS. C/MULT.-ART.11 RES 3932", less the additional resulting from the application of the multiplication factor referred to in art. 11 of the Regulation annexed to Resolution No. 3,932 of 2010.

74. The amount reported in CodItem "6147 - SFH VL.FIN.PROD.ORIG.- ART.11 RES 3932" must correspond to the amount reported in CodItem "6148 - SFH FIN.PROD.C/MULT.- ART.11 RES 3932", less the additional resulting from the application of the multiplication factor referred to in art. 11 of the Regulation annexed to Resolution No. 3,932 of 2010.

75. The amount reported in CodItem "6171 - SFH VL.FIN.CONST.ORIG.- ART.11 RES 3932" must correspond to the amount reported in CodItem "6172 - SFH FIN.CONST.C/MULT.-ART.11 RES 3932", less the additional resulting from the application of the multiplication factor referred to in art. 11 of the Regulation annexed to Resolution No. 3,932 of 2010.

76. The multiplication factors referred to in paragraphs 67, 68, 69, 71 and 72 must be applied to the gross outstanding balance of the aforementioned financing, including credits in execution or litigation, until the respective judicial or extrajudicial execution proceedings are concluded, observing the same rules for determining their amounts for accounting in the Chart of Accounts for Institutions of the National Financial System (Cosif), without deduction of provisioned amounts, nor addition of installments to be released.

77. The amount reported in CodItem "6144 - SFH TX.MED.FIN.AQUIS.- ART.11 RES 3932" must correspond to the average, expressed as an annual interest rate, of the effective costs to the final borrower of the financing mentioned in paragraph 69, weighted by the respective outstanding balances, the sum of which must equal the amount reported in CodItem "6142 - SFH VL.FIN.AQUIS.ORIG.-ART.11 RES 3932".

Circular Letter No. 3,492 of 11 March 2011
12

78. The amount reported in CodItem "6146 - SFH VL.AVAL.ORIG.AQUIS- ART.11 RES 3932" must correspond to the sum of the Vi values referred to in art. 11 of the Regulation annexed to Resolution No. 3,932 of 2010, whose respective acquisition financing is reported in CodItem "6143 - SFH FIN.AQUIS. C/MULT.-ART.11 RES 3932".

79. The amount reported in CodItem "6145 - SFH QTD.IMOV.RESID.AQUIS-ART.11 RES 3932" must correspond to the number of housing units whose respective acquisition financing is reported in CodItem "6143 - SFH FIN.AQUIS. C/MULT.- ART.11 RES 3932".

80. The amount reported in CodItem "6149 - SFH TX.MED.FIN.PROD.- ART.11 RES 3932" must correspond to the average, expressed as an annual interest rate, of the effective costs to the final borrower of the production financing mentioned in paragraph 71, weighted by the respective outstanding balances, the sum of which must equal the amount reported in CodItem "6147 - SFH VL.FIN.PROD.ORIG.-ART.11 RES 3932".

81. The amount reported in CodItem "6151 - SFH VL.AVAL.ORIG.PROD.- ART.11 RES 3932" must correspond to the sum of the Vi values referred to in art. 11 of the Regulation annexed to Resolution No. 3,932 of 2010, whose respective production financing is reported in CodItem "6148 - SFH FIN.PROD.C/MULT.-ART.11 RES 3932"

82. The amount reported in CodItem "6150 - SFH QTD.IMOV.PROD.- ART.11 RES 3932" must correspond to the number of residential units of the developments whose respective production financing is reported in CodItem "6148 - SFH FIN.PROD.C/MULT.-ART.11 RES 3932".

83. The amount reported in CodItem "6173 - SFH TX.MED.FIN.CONST.- ART.11 RES 3932" must correspond to the average, expressed as annual interest rates, of the effective costs to the final borrower of the construction financing mentioned in paragraph 72, weighted by the respective outstanding balances, the sum of which must equal the amount reported in CodItem "6171 - SFH VL.FIN.CONST.ORIG.-ART.11 RES 3932".

84. The amount reported in CodItem "6175 - SFH VL.AVAL.ORIG.CONST. ART.11 RES 3932" must correspond to the sum of the Vi values referred to in art. 11 of the Regulation annexed to Resolution No. 3,932 of 2010, whose respective construction financing is reported in CodItem "6172 - SFH FIN.CONST.C/MULT.-ART.11 RES 3932".

85. The amount reported in CodItem "6174 - SFH QTD.IMOV.CONST.- ART.11 RES 3932" must correspond to the quantity of housing units whose respective construction financing is reported in CodItem "6172 - SFH FIN.CONST.C/MULT.-ART.11 RES 3932".

86. The amounts Vi mentioned in paragraphs 78, 81 and 84, when referring to the appraisal value, must consider the value determined on the date of contracting the financing.

87. The amount reported in CodItem "6165 - SFH FUNDO PIPS C/MULT- ART.13 RES 3932" must correspond to the application of the multiplication factor 1.5 (one point five) to the arithmetic mean of the daily balances, in the reference month, of the shares of real estate

investment funds and credit rights investment funds, within the scope of the Program for Incentive to the Implementation of Projects of Social Interest (PIPS), as provided in art.
13 of the Regulation annexed to Resolution No. 3,932, of 2010.

88. The amount reported in CodItem "6103 - SFH FIN.HAB.PROD(MED.TIT)ART2III RES3347" must correspond to the amount, in the reference month, of the financings to be granted, under the conditions of the SFH, to the purchasers of housing units in the production phase, as provided in art. 2, item III, of the Regulation annexed to Resolution No. 3,347, of 8 February 2006, whose promises were formalized by 28 February 2011, observing the provisions of art. 4, sole paragraph, of Resolution No. 3,932, of 2010.

89. The amount reported in CodItem"6105 - SFH CTS.CR.CONC(MED.TIT)ART2-IV RES3347" must correspond to the amount, in the reference month, of the letters of credit granted, by 28 February 2011, for the production of housing units and for the acquisition of new or used residential properties, as provided in art. 2, item IV, of the Regulation annexed to Resolution No. 3,347, of 2006, observing the provisions of art. 4, sole paragraph, of Resolution No. 3,932, of 2010.

90. The amount reported in CodItem "6703 – IMERC FIN.IM.PRO(MED.TIT)ART3III RES3347" must correspond to the amount, in the reference month, of the financings to be granted to the purchasers of housing or commercial units in the production phase, under conditions freely agreed between the parties, as provided in art. 3, item III, of the Regulation annexed to Resolution No. 3,347, of 2006, whose promises were formalized by 28 February 2011, observing the provisions of art. 4, sole paragraph, of Resolution No. 3,932, of 2010.

91. The amount reported in CodItem "6705 - IMERC CTS.CR.CONC(MED.TIT)ART3IV RES3347" must correspond to the amount, in the reference month, of the letters of credit granted, by 28 February 2011, for the production of housing units and for the acquisition, construction, renovation, or expansion of new, used, or under-construction residential properties, at market rates, as provided in art. 3, item IV, of the Regulation annexed to Resolution No. 3,347, of 2006, observing the provisions of art. 4, sole paragraph, of Resolution No. 3,932, of 2010.

92. The amount reported in CodItem "6156 - SFH FIN. FIXED RATES-RES 3409/06" must correspond to the gross outstanding balance of the operations computed to meet the requirement for application within the scope of the SFH, referred to in art. 1, item I, subitem "a", of the Regulation annexed to Resolution No. 3,932, of 2010, contracted at fixed rates.

93. The amount reported in CodItem "6725 - IMERC FIN. FIXED RATES-RES 3409/06" must correspond to the gross outstanding balance of the operations computed to meet the application requirement referred to in art. 1, item I, of the Regulation annexed to Resolution No. 3,932, of 2010, contracted at fixed rates freely agreed between the parties.

Circular Letter No. 3,492, of 11 March 2011
14

94. The amounts reported in CodItems "6156 - SFH FIN. FIXED RATES-RES 3409/06" and "6725 - IMERC FIN. FIXED RATES-RES 3409/06" must also be reported in the CodItems related to the respective operations.

95. The amount reported in CodItem "6120 - SFH OP.C/REP.E REF.- ART.9-II-A RES 3932" must correspond to the credit balance of the transfer and refinancing operations, including those carried out with resources from funds and social programs, contracted to carry out financings under the conditions of the SFH, referred to in art. 9, item II, subitem "a", of the Regulation annexed to Resolution No. 3,932, of 2010.

96. The amount reported in CodItem "6717 - IMERC OP.C/REP.E REF.- ART9-II-A RES 3932" must correspond to the credit balance of the transfer and refinancing operations, including those carried out with resources from funds and social programs, contracted to carry out financings at market rates, referred to in art. 9, item II, subitem "a", of the Regulation annexed to Resolution No. 3,932, of 2010.

97. The amount reported in CodItem "6906 - FLIVRE DISPONIBILIDADES FINANCEIRAS" must correspond to the funds raised in savings deposits applied in financial availabilities and in other operations, as provided in art. 1, item III, of the Regulation annexed to Resolution No. 3,932, of 2010.

98. The amount reported in CodItem "6005 - SFH - PERC MEDIA MENSAL 12 MESES ANTER." must correspond to the arithmetic mean of the effective application percentages, within the scope of the SFH, verified in the twelve months prior to the reference month, calculated in relation to the respective calculation bases.

99. The effective application percentage in each of the twelve months prior to the reference month, whose arithmetic mean is addressed in paragraph 98, corresponds to the ratio between the transactions computed as housing financing within the scope of the SFH, in each month, to meet the application requirement provided for in art. 1, item I, subitem "a", of the Regulation annexed to Resolution No. 3.932, of 2010, considering the respective adjustments and limits, and the calculation base of the same month, determined in the manner established by art. 1, § 1, of the aforementioned annexed regulation. 100. The value informed in CodItem "6006 - TOTAL - PERC MEDIA MENSAL 12 MESES ANTER." must correspond to the arithmetic mean of the effective application percentages in real estate financing, verified in the twelve months prior to the reference month, calculated in relation to the respective calculation bases.

101. The effective application percentage in each of the twelve months prior to the reference month, whose arithmetic mean is addressed in paragraph 100, corresponds to the ratio between the real estate financing transactions, in each month, computed to meet the application requirement provided for in art. 1, item I, of the Regulation annexed to Resolution No. 3.932, of 2010, considering the respective adjustments and limits, and the calculation base of the same month, determined in the manner established by art. 1, § 1, of the aforementioned annexed regulation.

102. The values informed in accordance with the provisions of this circular letter, when determined by the gross outstanding balance, must consider the gross outstanding balance updated up to the end of the reference month, including credits in execution or in litigation, while the respective judicial or extrajudicial execution proceedings are not concluded, observing the same rules of

Carta-Circular No. 3.492, of 11 March 2011
15

determination of their values for accounting in Cosif, without deduction of provisioned amounts, nor addition of installments to be released.

103. The values informed in accordance with the provisions of this circular letter, when determined by the arithmetic mean of daily balances, must consider the arithmetic mean of the daily balances maintained in portfolio up to the end of the reference month, using the business day criterion and the same rules for determining their values for accounting in Cosif.

104. The values of the CRI informed in the CodItems mentioned in paragraph 66, which have an acquisition guarantee letter granted by an institution that is part of the SBPE, must observe, in determining the average of daily balances, the limit of 65% (sixty-five percent) of the acquisition value of the security, referred to in art. 2, § 4, of the Regulation annexed to Resolution No. 3.932, of 2010.

105. The sum of the values informed in the CodItems referred to in paragraphs 19, 20, 33, 57, 58, 66 and 87 cannot exceed 50% (fifty percent) of the limit provided for in art. 1, item I, subitem "a", of the Regulation annexed to Resolution No. 3.932, of 2010.

106. The sum of the values informed in the CodItems referred to in paragraphs 30, 31, 36 and 37 cannot exceed 5% (five percent) of the limit provided for in art. 1, item I, subitem "a", of the Regulation annexed to Resolution No. 3.932, of 2010.

107. The sum of the values informed in the CodItems referred to in paragraphs 34 and 35 cannot exceed 5% (five percent) of the value determined in the manner of art. 1, § 1, of the Regulation annexed to Resolution No. 3.932, of 2010.

108. The increase resulting from the eventual application of the multiplication factor referred to in paragraph 66, item II, is limited to 5% (five percent) of the limit provided for in art. 1, item I, subitem "a", of the Regulation annexed to Resolution No. 3.932, of 2010.

109. The sum of the values informed in the CodItems referred to in paragraphs 88 and 90 cannot exceed 2% (two percent) of the value determined in the manner of art. 1, § 1, of the Regulation annexed to Resolution No. 3.932, of 2010.

110. The sum of the values informed in the CodItems referred to in paragraphs 89 and 91 cannot exceed 3% (three percent) of the value determined in the manner of art. 1, § 1, of the Regulation annexed to Resolution No. 3.932, of 2010.

111.
Carta-Circulares Nos. 3.227, of 13 February 2006, 3.250, of 27 November 2006, and 3.440, of 8 April 2010, are revoked.

Brasília, 11 March 2011.

Department of Norms of the Financial System
Sergio Odilon dos Anjos
Head

This text does not replace the one published in the DOU of 15/3/2011, Section 1, p. 19-22, and in Sisbacen.