Circular No. 2.435

CIRCULAR N. 002435 ------------------ Provides for the collection of the mandatory reserve requirement based on the funds raised by the entities that are part of the Brazilian Savings and Loan System (SBPE). The Board of Directors of the Central Bank of Brazil, based on art. 3 of Resolution No. 2.088, of 30.06.94, D E C I D E D: Art. 1 The collection requirement referred to in item II of art. 6 of the Regulation Annex to Resolution No. 1.980, of 30.04.93, as amended by Resolution No. 2.088, of 30.06.94, must be fulfilled as follows, observing, where applicable, the provisions of Circular No. 2.293, of 24.03.93: I - 15% (fifteen percent) in cash; II - 5% (five percent) through the linking, in the Special System for Settlement and Custody (SELIC), of Federal Securities registered in that System, from the financial institution's own portfolio and not linked to resale commitments. Paragraph 1 The linked/unlinked securities shall be considered at their respective unit prices used by the Central Bank of Brazil in its repurchase operations, disclosed daily by the Open Market Operations Department (DEMAB). Paragraph 2 The linked securities may be replaced by others whose financial value, on the date of replacement, is equivalent to that of the securities originally linked. Art. 2 To amend paragraph 1 of art. 2 of Circular No. 2.293, of 24.03.93, as amended by art. 1 of Circular No. 2.307, of 14.05.93, which shall henceforth have the following wording: "Paragraph 1 The amounts collected by the Central Bank, in cash, shall be entitled to daily remuneration based on the Reference Rate - TR, plus the interest below, considering, for the purpose of calculating interest, the calendar year: a) 3.0% (three percent) per year, in the case of the mandatory reserve requirement based on linked savings deposits; and b) 6.17% (six point seventeen percent) per year, in the case of the mandatory reserve requirement based on the other types of savings deposits." Art. 3 In the event that insufficiency is found in the linking of securities, the financial institution incurs the payment of costs applicable to the amount of the deficiency determined and calculated as provided in art. 4 of Circular No. 2.293, of 24.03.93, for cases of insufficiency in the cash collection. Sole paragraph. The collection of financial costs is carried out by debiting the "Bank Reserves" account of the holder/accountholder. Art. 4 This Circular enters into force on the date of its publication, taking effect, in relation to: I - the provisions of art. 1, from the calculation period beginning on 04.07.94 and ending on 15.07.94, whose adjustment will occur on 25.07.94; and II - the provisions of art. 2, from the position adjustment to be made on 04.07.94, whose remuneration will be credited on 11.07.94. Brasília, 30 June 1994 Alkimar Ribeiro Moura Cláudio Ness Mauch Director of Monetary Policy Director of Norms and Organization of the Financial System