Circular Letter No. 3295 — Clarifies Provisions of Resolutions Nos. 3,516 and 3,518 and Circular No. 3,371, All from 2007

CIRCULAR LETTER NO. 003295

Clarifies Provisions of Resolutions Nos. 3,516 and 3,518 and Circular No. 3,371, All from 2007.

In light of doubts raised by financial market institutions regarding the provisions of Resolutions Nos. 3,516 and 3,518, as well as Circular No. 3,371, all dated December 6, 2007, we clarify that:

I - to calculate the equivalent rate referred to in Article 2, item II, letter "a", of Resolution No. 3,516 of 2007, the most recent Selic Rate available on the day of amortization or early settlement must be used;

II - to comply with the provision of Article 2, paragraph 1, of Resolution No. 3,516 of 2007, the specific contractual clause must explicitly state the rules for calculating the discount rate contained in items I and II of the aforementioned article;

III - in credit and leasing operations, the reimbursement of expenses admitted in Article 1, sole paragraph, item III, of Resolution No. 3,518 of 2007, refers exclusively to expenses related to services provided by third parties with the client's consent, expressly provided for in the contract signed;

IV - for the purpose of complying with the provisions of Resolution No. 3,518 of 2007 regarding the provision of statements of checking accounts and savings deposits, the statement for a period - "EXTRATOmovement" provided for in Table I annexed to Circular No. 3,371 of 2007 - must cover the activity of the month or months prior to the current month, with no impediment to the statement relating to the activity of the month - "EXTRATOmounth" referred to in the aforementioned Table - containing information about the previous month;

V - institutions that hold operations entered into before the effective date of Resolution No. 3,401 of September 6, 2006, whose contracts provide for the charging of a fee for early settlement, must continue to disclose the aforementioned fee, to comply with the agreed conditions.

Brasília, February 1, 2008.

Department of Standards of the Financial System

Sergio Odilon dos Anjos
Deputy Head

--------------------------------------------------------------------- Note. Republished due to inaccuracy in item III.