Circular No. 1177 — Savings Deposits — Linked Passbook — Resolution 1298 of March 26, 1987 — Establishes Limit for Housing Credit

CIRCULAR NO. 001177

We communicate that the Board of Directors of the Central Bank, pursuant to item III of Resolution No. 1,298 of March 26, 1987, has decided to establish that the housing credit provided for in item II of the aforementioned Resolution shall be granted to holders of linked passbooks, within the following minimum deposit levels:

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FINANCING VALUE MINIMUM DEPOSIT (IN OTN) REQUIRED

------ up to 1,500 OTN 10% of the financed amount from 1,501 to 2,250 OTN 20% of the financed amount from 2,251 to 3,500 OTN 30% of the financed amount from 3,501 to 5,000 OTN 40% of the financed amount

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2. The requirement referred to in the previous item shall only be calculated on the due date of the deposit retention period in the linked passbook, and the depositor may make periodic deposits in order to meet the minimum requirement only at the end of the period.

Brasilia-DF, June 3, 1987.

Luiz Aranha Corrêa do Lago Director