Circular No. 2003 — Defines Rules for Calculation and Adjustment of Compulsory Deposit on Remunerated Special Deposits

CIRCULAR NO. 002003

TO
MULTIPLE BANKS WITH COMMERCIAL, INVESTMENT AND/OR REAL ESTATE CREDIT PORTFOLIOS, COMMERCIAL BANKS, INVESTMENT BANKS, SAVINGS BANKS, REAL ESTATE CREDIT SOCIETIES AND SAVINGS AND LOAN ASSOCIATIONS

DEFINES RULES FOR CALCULATION AND ADJUSTMENT OF THE COMPULSORY DEPOSIT ON REMUNERATED SPECIAL DEPOSITS.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 06.08.91, HAVING REGARD TO THE PROVISIONS OF ART. 5 OF CIRCULAR NO. 2,001, OF 06.08.91, AND BASED ON ART. 10, ITEMS III AND IV, OF LAW NO. 4.595, OF 31.12.64, WITH THE WORDING GIVEN TO IT BY ARTS. 19 AND 20 OF LAW NO. 7.730, OF 31.01.89, DECIDED:

ART. 1. MULTIPLE BANKS WITH COMMERCIAL, INVESTMENT AND/OR REAL ESTATE CREDIT PORTFOLIOS, COMMERCIAL BANKS, INVESTMENT BANKS, SAVINGS BANKS, REAL ESTATE CREDIT SOCIETIES AND SAVINGS AND LOAN ASSOCIATIONS MUST MAINTAIN A DEPOSIT AT THE CENTRAL BANK, IN SPECIE.

PARAGRAPH 1. THE DEPOSIT REFERRED TO IN THE CAPUT OF THIS ARTICLE MUST CORRESPOND, AT A MINIMUM, TO THE SUM OF THE FOLLOWING REQUIREMENTS:

A - 20% (TWENTY PERCENT) OF THE DAILY BALANCES OF REMUNERATED SPECIAL DEPOSITS, AS COMPULSORY DEPOSIT;

B - 10% (TEN PERCENT) OF THE DAILY BALANCES OF REMUNERATED SPECIAL DEPOSITS, ALLOWING THE DEDUCTION OF THE AMOUNT OF RESOURCES EFFECTIVELY APPLIED IN RURAL CREDIT OPERATIONS DESTINED FOR FUNDING AND/OR RURAL INTERBANK DEPOSIT (RURAL-DIR), IN ACCORDANCE WITH ART. 5, ITEM V AND SECOND PARAGRAPH, OF CIRCULAR NO. 2,001, OF 06.08.91, AS DEPOSIT FOR INSUFFICIENCY OF APPLICATIONS OF THE SPECIES.

PARAGRAPH 2. THE REQUIREMENT TO DEPOSIT BY INSTITUTIONS WITH A LIMIT OF DEFICIENCY OF DEPOSIT IN NEW CRUZEIROS, IN ACCORDANCE WITH ITS OWN REGULATION, IS LIMITED TO THE VALUE EFFECTIVELY CONVERTED BY THE CENTRAL BANK AND CREDITED TO ACCOUNT 6190.20-6 - SPECIAL REMUNERATED DEPOSIT, IF THE AMOUNT CONVERTED BY THE CENTRAL BANK IS LESS THAN THE REQUIREMENT CALCULATED IN ACCORDANCE WITH ITEMS "A" AND "B" OF THE PREVIOUS PARAGRAPH.

PARAGRAPH 3. SAVINGS BANKS AND SAVINGS AND LOAN ASSOCIATIONS ARE EXEMPT FROM THE OBLIGATION PROVIDED IN ITEM "B" OF PARAGRAPH ONE OF THIS ARTICLE.

PARAGRAPH 4. THE BALANCE OF THE COMPULSORY DEPOSIT OF INSTITUTIONS WITH A LIMIT OF DEFICIENCY OF DEPOSIT IN NEW CRUZEIROS MAY BE DAILY REDUCED IN PROPORTION TO THE WITHDRAWALS OF REMUNERATED SPECIAL DEPOSITS.

PARAGRAPH 5. THE PART OF THE DEPOSIT AT THE CENTRAL BANK THAT, DAILY, EXCEEDS THE TOTAL OF REMUNERATED SPECIAL DEPOSITS SUBJECT TO DEPOSIT DOES NOT ENTITLE TO ANY REMUNERATION.

PARAGRAPH 6. THE VERIFICATION OF COMPLIANCE WITH THE DEPOSIT REQUIREMENT WILL OCCUR AFTER THE INFORMATION PROVIDED IN ART. 2 OF THIS CIRCULAR IS KNOWN.

PARAGRAPH 7. IN THE EVENT THAT THE COMPULSORY DEPOSIT EFFECTIVELY DEPOSITED IN EACH DAILY POSITION IS LESS THAN THE REQUIREMENT CALCULATED FOR THE RESPECTIVE DATE, THE DEPOSITING INSTITUTION INCURS THE PAYMENT OF A PECUNIARY PENALTY ON THE VALUE OF THE DEFICIENCY.

PARAGRAPH 8. THE PECUNIARY PENALTY WILL BE CALCULATED TAKING AS A BASE THE ADJUSTED AVERAGE RATE OF ALL FINANCING OPERATIONS REGISTERED IN THE SETTLEMENT AND CUSTODY SYSTEM (SELIC), INDEPENDENTLY OF THE CHARACTERISTICS OF THE SECURITIES, CALCULATED FOR THE DATE OF THE GENERATING EVENT OF THE OCCURRENCE, INCREASED BY INTEREST OF 30% (THIRTY PERCENT) PER YEAR, AND IS DUE ON THE NEXT BUSINESS DAY.

PARAGRAPH 9. THE DAILY FACTORS FOR CALCULATING THE PECUNIARY PENALTY MAY BE OBTAINED DIRECTLY FROM PTAX880, OPTION 14, OF THE CENTRAL BANK INFORMATION SYSTEM-SISBACEN.

PARAGRAPH 10. THE MOVEMENT OF THE COMPULSORY DEPOSIT FROM 15.08.91, INCLUSIVE, MUST BE EFFECTED IN THE OWN OPTION OF TRANSACTION PDER500 OF THE CENTRAL BANK INFORMATION SYSTEM-SISBACEN AND WILL SENSITIZE THE "BANKING RESERVES" ACCOUNT OF ITS HOLDER/CONVENTION.

ART. 2. INSTITUTIONS SUBJECT TO COMPULSORY DEPOSIT ON REMUNERATED SPECIAL DEPOSITS MUST INFORM DAILY, VIA TRANSACTION PDER500 OF THE CENTRAL BANK INFORMATION SYSTEM-SISBACEN, FOR THE PURPOSES OF CALCULATION AND DETERMINATION OF COMPLIANCE WITH THE DEPOSIT REQUIREMENT:

I - THE DAILY BALANCE OF REMUNERATED SPECIAL DEPOSITS;

II - TOTAL WITHDRAWALS OF REMUNERATED SPECIAL DEPOSITS OF THE DAY.

III - APPLICATIONS IN FEDERAL PUBLIC SECURITIES;

IV - APPLICATIONS IN CENTRAL BANK BONDS (BBC) AND CENTRAL BANK NOTES (NBC);

V - APPLICATIONS IN SECURITIES ISSUED BY STATES AND MUNICIPALITIES;

VI - APPLICATIONS IN RURAL CREDIT OPERATIONS DESTINED FOR FUNDING;

VII - APPLICATIONS IN RURAL INTERBANK DEPOSIT (RURAL-DIR).

PARAGRAPH 1. THE INFORMATION PROVIDED FOR IN THIS ARTICLE MAY BE PROVIDED WITH A LAG OF UP TO 3 (THREE) BUSINESS DAYS.

PARAGRAPH 2. THE DEPOSITING INSTITUTION THAT DOES NOT INFORM THE DATA CONTAINED IN ITEMS I TO VII OF THIS ARTICLE WITHIN THE MAXIMUM PERIOD OF 3 (THREE) BUSINESS DAYS INCURS A FINE EQUIVALENT TO 0.5% (HALF PERCENT) PER YEAR, TO BE CALCULATED ON THE VALUE OF THE DEPOSIT REQUIREMENT CALCULATED FOR THE DATE TO WHICH THE INFORMATION REFER, CONSIDERING THE NUMBER OF BUSINESS DAYS OF DELAY.

PARAGRAPH 3. THE DEPOSITING INSTITUTION MUST FORMALIZE THE REQUEST FOR INSERTION OF DELAYED DATA, ACCORDING TO ITS JURISDICTION, TO THE CENTRAL BANK/BANKING OPERATIONS DEPARTMENT (DEBAN), IN BRASÍLIA (DF), OR TO THE RESPECTIVE REPRESENTATION IN A REGIONAL DELEGACY.

PARAGRAPH 4. INSTITUTIONS SUBJECT TO DEPOSIT THAT DO NOT YET HAVE CREDENTIALING IN THE CENTRAL BANK INFORMATION SYSTEM-SISBACEN ARE OBLIGED TO DO SO, AND THE RESPECTIVE REQUEST MUST BE MADE TO THE INFORMATION TECHNOLOGY DEPARTMENT-DEINF OR AT THE REGIONAL DELEGACIES, THROUGH A SPECIFIC FORM, BY THE DAY 12.08.91, IMPERATIVELY.

ART. 3. INSTITUTIONS SUBJECT TO COMPULSORY DEPOSIT ON REMUNERATED SPECIAL DEPOSITS, NOT HOLDERS OF A "BANKING RESERVES" ACCOUNT, MUST CONFIRM TO THE CENTRAL BANK/BANKING OPERATIONS DEPARTMENT - BANKING RESERVES DIVISION, BY THE DAY 12.08.91, IMPERATIVELY, VIA TRANSACTION CORREIO OF THE CENTRAL BANK INFORMATION SYSTEM-SISBACEN, TELEX 061-2141443 OR FAX NO. 061-2141614, THE FOLLOWING DATA FOR REGISTRATION PURPOSES:

I - NAME AND NUMBER OF REGISTRATION IN THE GENERAL REGISTER OF CONTRIBUTORS (CGC) OWN;

II - NAME OF THE FINANCIAL INSTITUTION IN WHOSE "BANKING RESERVES" ACCOUNT THE FINANCIAL MOVEMENT PROVIDED FOR IN PARAGRAPH TEN OF ART. 1 OF THIS CIRCULAR MUST BE PROCESSED.

SINGLE PARAGRAPH. THE CONVENTING INSTITUTION CANNOT BE DIFFERENT FROM THAT WHICH, ON THE DATE OF PUBLICATION OF THIS CIRCULAR, WAS PROCESSING THE MOVEMENT OF VALUES AT THE ORDER OF THE CENTRAL BANK OF THE CONVENED INSTITUTION, AS PROVIDED IN CIRCULAR NO. 1,689, OF 24.04.90.

ART. 4. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

BRASÍLIA (DF), AUGUST 06, 1991

PEDRO LUIZ BODIN DE MORAES GUSTAVO JORGE LABOISSIÈRE LOYOLA DIRECTOR DIRECTOR