Circular Letter No. 3.340

CIRCULAR LETTER No. 003340 ------------------------ Provides clarifications and sets forth procedures for formalizing communication regarding the request for transfer of funds arising from shortfalls in rural credit lending - Resolution No. 3.607, of 2008. The communication provided for in art. 1 of Resolution No. 3.607, of September 11, 2008, must be sent to the Central Bank of Brazil, in accordance with the attached model, by the business day preceding the respective credit to the Banking Reserves account, as needed by the financial institution. 2. The financial institution that receives the funds referred to in Resolution No. 3.607, of 2008: I - must not consider the respective amount for purposes of calculating the calculation base referred to in Document 24 of the MCR, in relation to the normal exigibility period provided for in items 6 2-3 and 6-4-3 of the MCR; II - is subject to the specific verification of application of the funds, which must occur in the month of their return to the Central Bank of Brazil, observing for this purpose that: a) the totality of the funds under exigibility must be computed, understood as such the funds of the exigibility of the normal period considered plus the funds transferred in the manner defined in the aforementioned resolution, for purposes of calculating the calculation bases and complying with the exigibilities; b) the transferred funds must be considered for purposes of calculation and compliance with the exigibilities as from their receipt; c) a specific Document 24 must be submitted monthly, as from the month of receipt of the funds, inclusive, without prejudice to the submission of the documentation referred to in item I. 3. This circular letter enters into force on the date of its publication. Brasília, September 11, 2008. Executive Department for Regulation and Control of Mandatory Applications in Rural Credit and Proagro (Gerop) Deoclécio Pereira de Souza Executive Manager NOTE: The attached model referred to in this Circular Letter is available for download on the Central Bank of Brazil's website on the internet at http://www.bcb.gov.br, as from September 15, 2008.