Circular Letter No. 3434 — Procedures for Providing Information Referred to in Circulars Nos. 3,485 and 3,486, Both of 24 February 2010

CIRCULAR LETTER No. 3434

CENTRAL BANK OF BRAZIL

Discloses procedures regarding the provision of information referred to in Circulars nos. 3,485 and 3,486, both of 24 February 2010.

Having regard to the provisions of art. 1 of Circular No. 3,485 and art. 3 of Circular No. 3,486, both of 24 February 2010, we clarify that the arithmetic mean of the values corresponding to Level I of the Reference Equity (PR) must be reported in accordance with the following instructions, by means of the message "RCO0002 - IF informs statement", of the Compulsory Reserve Services Group (RCO), of the RSFN Message and File Catalog:

I - CodRCO: "9 - Time Deposits"

CodItem: "9015 - Mean of PR Level I", which must be filled in, only on the last business day of the calculation period, by institutions subject to compulsory reserve requirements and mandatory placement on time deposits, observing the provisions of art. 8 of Circular No. 3,091, of 1 March 2002;

II - CodRCO: "7 - Savings Placement"-

CodItem: "7041 - Mean of PR Level I", which must be filled in, only on the last business day of the calculation period, by institutions subject to mandatory placement on savings deposit funds and that are not subject to the reserve requirement mentioned in item I above, observing the provisions of art. 8 of Circular No. 3,093, of 1 March 2002; and

III - CodRCO: "1 - Demand Deposits"

CodItem "1033 - Mean of PR Level I", which must be filled in, only on the last business day of each week of the calculation period, by institutions subject to compulsory reserve requirements and mandatory placement on demand deposits and that are not subject to any of the reserve requirements mentioned in items I and II above, observing the provisions of art. 9 of Circular No. 3,274, of 10 February 2005.

2. If the institution reports values in more than one of the CodItems mentioned in items I, II and III of the first paragraph of this Circular Letter, the highest value shall be considered for the purposes of the deductions mentioned in Circulars nos. 3,485 and 3,486, of 2010.

3. In the event of absence of information regarding the arithmetic mean of the values corresponding to Level I of the PR, the institution shall be classified among those with the aforementioned mean above R$ 5,000,000,000.00 (five billion reais), for the purposes of calculating the deduction of reserve requirements on time deposits and additional on deposits.

4. For the first adjustment period mentioned in Circulars nos. 3,485 and 3,486, the arithmetic mean of Level I of the PR calculated based on the values from July 2008 to June 2009 shall be used.

CENTRAL BANK OF BRAZIL

Brasília, 15 March 2010.

Department of Banking Operations and Payment
System

José Antonio Marciano
Head of Unit

5. Exceptionally, for the period mentioned in art. 5 of Circular No. 3,486, of 2010, the information regarding the amount of the additional reserve requirement shall be available as of 20 March 2010.

6. The supporting documentation for the information subject of this circular letter shall be kept at the disposal of the Central Bank of Brazil for a period of five years, counted from the date to which each information refers, under the terms of the provisions of art. 1 of Law No. 9,873, of 23 November 1999.

This text does not replace the one published in the DOU and in Sisbacen.