Circular No. 2058 — Amends the minimum percentage of application of funds corresponding to remunerated special deposits in rural credit operations for financing and the remuneration of the deposit with the Central Bank made due to insufficiency in applications of the kind

CIRCULAR N. 002058

AMENDS THE MINIMUM PERCENTAGE OF APPLICATION OF THE FUNDS CORRESPONDING TO REMUNERATED SPE- CIAL DEPOSITS IN RURAL CREDIT OPERATIONS DESTINED FOR FINANCING AND THE REMUNERATION OF THE DEPOSIT WITH THE CENTRAL BANK MADE DUE TO INSUFFICIENCY IN APPLICATIONS OF THE KIND.

WE COMMUNICATE THAT THE BOARD OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 10.08.91, BASED ON THE PROVISIONS OF ART. 20 OF LAW NO. 8,024, OF 04.12.90, DECIDED:

ART. 1. TO AMEND ITEM V AND PARAGRAPH 2 OF ART. 5 OF CIRCULAR NO. 2,001, OF 08.06.91, WHICH SHALL TAKE EFFECT WITH THE FOLLOWING WORDING:

"ART. 5. ......
......

V - 20% (TWENTY PERCENT), AT MINIMUM, AND 30% (THIRTY PERCENT), AT MAXIMUM, IN RURAL CREDIT OPERATIONS DESTINED FOR FINANCING REFERRED TO IN ART. 1, ITEM I, OF CIRCULAR NO. 2,057, OF 10.09.91, AND TO THE FEDERAL GOVERNMENT LOAN (EGF) REFERRING TO THE MARKETING OF WHEAT, MENTIONED IN ART. 3, SOLE PARAGRAPH, LETTER "C", OF THE SAME CIRCULAR -- EXCEPT IN THE CASE OF SAVINGS BANKS AND SAVINGS AND LOAN ASSOCIATIONS --, AT INTEREST RATES NOT EXCEEDING THE DAILY REFERENCE RATE - TRD PLUS INTEREST OF 12.5% (TWELVE POINT FIVE PERCENT) PER YEAR, OBSERVING THAT AT LEAST HALF OF THE FLOOR HEREBY ESTABLISHED MUST BE DIRECTED TO THE PRIORITY PURPOSES DEFINED IN ART. 3, SOLE PARAGRAPH, OF THE MENTIONED CIRCULAR NO. 2,057.

......

PARAGRAPH 2. THE DIFFERENCE BETWEEN THE MINIMUM PERCENTAGE REFERRED TO IN ITEM V AND THAT EFFECTIVELY APPLIED IN THE OPERATIONS REFERRED TO THERE:

A - MAY BE SUPPLIED WITH AN INTERFINANCIAL DEPOSIT LINKED TO RURAL CREDIT - DIR, PROVIDED THAT THE DEPOSITORY INSTITUTION OBSERVES THE DIRECTION ESTABLISHED THERE; OR

B - SHALL BE SUBJECT TO DEPOSIT WITH THE CENTRAL BANK, REMUNERATED, DAILY, BY THE TRD.

......"

ART. 2. TO REMOVE PARAGRAPH 3 OF THE MENTIONED ART. 5 OF CIRCULAR NO. 2,001, OF 08.06.91, RENUMBERING THE SUBSE- QUENT.

ART. 3. TO AMEND LETTER "B" OF PARAGRAPH 1 OF ART. 1 OF CIRCULAR NO. 2,003, OF 08.06.91, WHICH SHALL TAKE EFFECT WITH THE FOLLOWING WORDING:

"ART. 1. ......

PARAGRAPH 1. ......

B - 20% (TWENTY PERCENT) OF THE DAILY BALANCES OF REMUNERATED SPE- CIAL DEPOSITS, PERMITTED THE DEDUCTION OF THE AMOUNT OF FUNDS EFFECTIVELY APPLIED IN RURAL CREDIT OPERATIONS REFERRED TO IN ART. 5, ITEM V, OF CIRCULAR NO. 2,001, OF 08.06.91, AND/OR IN AN INTERFINANCIAL DEPOSIT LINKED TO RURAL CREDIT - DIR, UNDER PARAGRAPH 2 OF THE SAME ARTICLE, AS A COLLECTION FOR INSUFFICIENCY OF APPLICATIONS OF THE KIND."

ART. 4. FINANCIAL INSTITUTIONS ADMINISTERING ACCOUNTS OF REMUNERATED SPECIAL DEPOSITS ARE OBLIGED TO ADAPT THE COMPOSITION OF THE APPLICATIONS OF THE CORRESPONDING FUNDS TO THE PROVISIONS OF ART. 5, ITEM V, OF CIRCULAR NO. 2,001, OF 08.06.91, WITH THE WORDING GIVEN TO IT BY ART. 1 OF THIS CIRCULAR, BY NOVEMBER 1, 1991.

ART. 5. THE FINE PROVIDED FOR IN PARAGRAPH 2 OF ART. 2 OF CIRCULAR NO. 2,003, OF 08.06.91, IS ALSO APPLICABLE IN CA- SES OF ALTERATION OF INFORMATION, INCLUDING MOVEMENT OF DEPOSIT.

ART. 6. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

BRASÍLIA (DF), OCTOBER 9, 1991

GUSTAVO JORGE LABOISSIÈRE LOYOLA
DIRECTOR