Circular No. 2089 — Provisions on Deposits Made with the Central Bank Due to Insufficient Application of Resources from Remunerated Special Deposits in Rural Credit Operations and Amends Provisions of Circular No. 2,003 of August 6, 1991

CIRCULAR NO. 002089

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

PROVISIONS ON DEPOSITS MADE WITH THE CENTRAL BANK DUE TO INSUFFICIENT APPLICATION OF RESOURCES FROM REMUNERATED SPECIAL DEPOSITS IN RURAL CREDIT OPERATIONS AND AMENDS PROVISIONS OF CIRCULAR NO. 2,003 OF AUGUST 6, 1991.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON NOVEMBER 27, 1991, BASED ON THE PROVISIONS OF ART. 10, ITEMS III AND IV, OF LAW NO. 4,595 OF DECEMBER 31, 1964, WITH THE WORDING GIVEN TO IT BY ARTS. 19 AND 20 OF LAW NO. 7,730 OF JANUARY 31, 1989, AND IN ART. 20 OF LAW NO. 8,024 OF APRIL 12, 1990, DECIDED:

ART. 1. THE MOVEMENT RELATING TO THE DEPOSIT FOR INSUFFICIENCY OF APPLICATION OF RESOURCES FROM REMUNERATED SPECIAL DEPOSITS IN RURAL CREDIT OPERATIONS, AS PROVIDED FOR IN ART. 5, PARAGRAPH 2, LETTER "B", OF CIRCULAR NO. 2,001 OF AUGUST 6, 1991, WITH THE WORDING GIVEN TO IT BY ART. 1 OF CIRCULAR NO. 2,073 OF OCTOBER 31, 1991, SHALL BE RECORDED AS A DEBIT/CREDIT TO THE "BANKING RESERVES" ACCOUNT OF THE HOLDING/CONVENTIONED INSTITUTION.

ART. 2. THE REQUIREMENT FOR APPLICATION BY INSTITUTIONS WITH A DEFICIENCY LIMIT OF NEW CRUZADOS DEPOSIT COLLECTION, WHERE THE RATIO "TOTAL CREDITED CONVERSIONS (OWN PLUS CLIENTS)/TOTAL CLIENT CONVERSIONS COMPLETED" IS LESS THAN 40% (FORTY PERCENT), IS LIMITED TO THE PORTION EXCEEDING 20% (TWENTY PERCENT).

SINGLE PARAGRAPH. THE PERCENTAGE RATIO REFERRED TO IN THIS ARTICLE SHALL BE OBTAINED FROM THE DATA MONTHLY REGISTERED IN TRANSACTION PREN700 OF THE CENTRAL BANK INFORMATION SYSTEM - SISBACEN.

ART. 3. AMEND PARAGRAPHS 1, 2 AND 4 OF ART. 1 OF CIRCULAR NO. 2,003 OF AUGUST 6, 1991, WHICH SHALL ENTER INTO FORCE WITH THE FOLLOWING WORDING:

"ART. 1. ......

PARAGRAPH 1. THE COLLECTION REFERRED TO IN THE "CAPUT" OF THIS ARTICLE MUST CORRESPOND, AT A MINIMUM, TO 20% (TWENTY PERCENT) OF THE DAILY BALANCES OF REMUNERATED SPECIAL DEPOSITS, AS COMPULSORY COLLECTION.

PARAGRAPH 2. THE REQUIREMENT FOR COMPULSORY COLLECTION BY INSTITUTIONS WITH A DEFICIENCY LIMIT OF NEW CRUZADOS DEPOSIT COLLECTION IS LIMITED TO THE PERCENTAGE OBTAINED IN THE RATIO "TOTAL CREDITED CONVERSIONS (OWN PLUS CLIENTS)/TOTAL CLIENT CONVERSIONS COMPLETED", WHEN SUCH QUOTIENT PROVES TO BE LESS THAN 20% (TWENTY PERCENT).

......

PARAGRAPH 4. THE PERCENTAGE REFERRED TO IN PARAGRAPH 2 OF THIS ARTICLE, CALCULATED BASED ON DATA MONTHLY REGISTERED IN TRANSACTION PREN700 OF THE CENTRAL BANK INFORMATION SYSTEM - SISBACEN, SHALL BE VALID FOR COMPLIANCE WITH THE COMPULSORY COLLECTION REQUIREMENT FOR THE PERIOD COMPREHENDED BETWEEN THE CONVERSION DATE, INCLUSIVE, UNTIL THE NEXT CONVERSION DATE, EXCLUSIVE."

ART. 4. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION, PRODUCING EFFECTS FROM THE DEPOSIT REQUIREMENT ASSESSED ON NOVEMBER 18, 1991.

BRASÍLIA (DF), NOVEMBER 28, 1991

GUSTAVO JORGE LABOISSIÈRE LOYOLA PEDRO LUIZ BODIN DE MORAES DIRECTOR DIRECTOR