Circular No. 2124 — Requirements for Financial Application Funds in Economic Development Bonds (TDE), Deposits with the Central Bank for Insufficient Acquisition of Such Bonds, and Allocation of Resources Captured via TDE Issuance

CIRCULAR NO. 002124

DISPOSES REGARDING THE REQUIREMENT FOR FINANCIAL APPLICATION FUNDS IN ECONOMIC DEVELOPMENT BONDS (TDE), AS WELL AS REGARDING DEPOSITS WITH THE CENTRAL BANK FOR INSUFFICIENCY IN THE ACQUISITION OF SAID BONDS AND THE ALLOCATION OF RESOURCES CAPTURED VIA TDE ISSUANCE.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 24.01.92, BASED ON ART. 31, PARAGRAPH 2, OF LAW NO. 8.177, OF 01.03.91, ON ART. 3 OF PORTARIA NO. 190, OF 27.03.91, OF THE MINISTRY OF ECONOMY, FINANCE AND PLANNING, AND ON ART. 1 OF RESOLUTION NO. 1.787, OF 01.02.91, WITH THE WORDING GIVEN TO IT BY ART. 3 OF RESOLUTION NO. 1.791, OF 26.02.91, DECIDED:

ART. 1. ADD PARAGRAPH 4 TO ART. 10 OF THE REGULATION ATTACHED TO CIRCULAR NO. 1,903, OF 26.02.91, WITH THE FOLLOWING WORDING:

"ART. 10. ...

PARAGRAPH 4. WHEN DEALING WITH A FUND ADMINISTERED BY CAIXA ECONÔMICA, 50% (FIFTY PERCENT) OF THE RESOURCES REFERRED TO IN ITEM IV MAY BE APPLIED IN MORTGAGE LETTERS ISSUED WITH COLLATERAL IN HOUSING FINANCING GRANTED WITHIN THE SCOPE OF THE HOUSING FINANCIAL SYSTEM (SFH)."

ART. 2. AMEND, AS A CONSEQUENCE OF THE CONTENT IN THE PREVIOUS ARTICLE, PARAGRAPH 3 OF ART. 1 OF CIRCULAR NO. 1,990, OF 18.07.91, WHICH SHALL ENTER INTO FORCE WITH THE FOLLOWING WORDING:

"ART. 1. ...

PARAGRAPH 3. THE COMPLIANCE OF UP TO 50% (FIFTY PERCENT) OF THE REQUIREMENT REFERRED TO IN THIS ARTICLE MAY BE VERIFIED IN:

A - TITLES LINKED TO AN INVESTMENT PROJECT IN AGRICULTURE, OBSERVING THE PROVISIONS IN PARAGRAPH 3 OF ART. 10 OF THE REGULATION ATTACHED TO CIRCULAR NO. 1,903, OF 26.02.91, WHEN DEALING WITH A FUND ADMINISTERED BY AN INSTITUTION AUTHORIZED TO CAPTURE RURAL SAVINGS DEPOSITS, OR BY AN INSTITUTION BELONGING TO A CONGLOMERATE INTEGRATED BY AN INSTITUTION AUTHORIZED TO CAPTURE RURAL SAVINGS DEPOSITS;

B - MORTGAGE LETTERS ISSUED WITH COLLATERAL IN HOUSING FINANCING GRANTED WITHIN THE SCOPE OF THE HOUSING FINANCIAL SYSTEM (SFH), WHEN DEALING WITH A FUND ADMINISTERED BY CAIXA ECONÔMICA."

ART. 3. AMEND ART. 3 OF CIRCULAR NO. 1,990, OF 18.07.91, WHICH SHALL ENTER INTO FORCE WITH THE FOLLOWING WORDING:

"ART. 3. DEPOSITS OF FINANCIAL APPLICATION FUNDS DUE TO INSUFFICIENCY IN THE ACQUISITION OF ECONOMIC DEVELOPMENT BONDS (TDE) SHALL BE CLASSIFIED ACCORDING TO THE FOLLOWING:

I - IN SUBSTITUTION FOR TITLES TO BE ISSUED AS A RESULT OF PROJECTS ALREADY ACCREDITED, BUT WHOSE DISBURSEMENT OF RESOURCES HAS NOT YET OCCURRED, IN WHICH CASE THE DOCUMENTATION RELATING TO THE ACCREDITATION OF THE PROJECT AND THE COMMITMENT TO ACQUISITION BY THE FUND, FROM THE ISSUER, OF THE CORRESPONDING TITLES MUST BE MAINTAINED AT THE ADMINISTRATING INSTITUTION, AT THE DISPOSAL OF THE CENTRAL BANK;

II - DUE TO THE UNAVAILABILITY OF TITLES."

ART. 4. AMEND PARAGRAPH 2 OF ART. 4 OF CIRCULAR NO. 1,944, OF 13.04.91, WHICH SHALL ENTER INTO FORCE WITH THE FOLLOWING WORDING:

"ART. 4. ...

PARAGRAPH 2. THE DEPOSIT REFERRED TO IN THE PREVIOUS PARAGRAPH SHALL BE REMUNERATED BY THE DAILY REFERENCE RATE - TRD.

..."

ART. 5. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

BRASÍLIA (DF), JANUARY 24, 1992

GUSTAVO JORGE LABOISSIÈRE LOYOLA
DIRECTOR