Circular No. 2168 — Establishes Mandatory Reserve on Deposit Funds and Realized Guarantees

CIRCULAR No. 002168

TO
MULTIPLE BANKS WITH INVESTMENT AND/OR CREDIT, FINANCING AND INVESTMENT PORTFOLIOS, INVESTMENT BANKS AND CREDIT, FINANCING AND INVESTMENT COMPANIES

ESTABLISHES MANDATORY RESERVE ON DEPOSIT FUNDS AND REALIZED GUARANTEES.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 29.04.92, HAVING REGARD TO THE PROVISIONS OF 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, HAS DECIDED:

ART. 1. ESTABLISH MANDATORY RESERVE ON DEPOSIT FUNDS AND REALIZED GUARANTEES OF MULTIPLE BANKS HOLDING INVESTMENT AND/OR CREDIT, FINANCING AND INVESTMENT PORTFOLIOS, INVESTMENT BANKS AND CREDIT, FINANCING AND INVESTMENT COMPANIES.

PARAGRAPH 1. THE MANDATORY RESERVE REFERRED TO IN THE "CAPUT" OF THIS ARTICLE APPLIES TO FUNDS RECORDED IN THE FOLLOWING ACCOUNTING TITLES OF THE ACCOUNTING PLAN OF THE INSTITUTIONS OF THE NATIONAL FINANCIAL SYSTEM (COSIF):

A - 4.1.1.60.00-2 - DEPOSITS OF RESIDENTS ABROAD; B - 4.1.1.75.00-4 - MANDATORY DEPOSITS; C - 4.1.1.85.00-1 - LINKED DEPOSITS; D - 4.9.9.60.00-8 - FUNDS FROM REALIZED GUARANTEES.

PARAGRAPH 2. THE MANDATORY RESERVE PAYMENTS SHALL BE CALCULATED BY APPLYING A RATE OF 48% (FORTY-EIGHT PERCENT) TO THE AVERAGE OF DAILY BALANCES DETERMINED DURING THE CALCULATION PERIOD.

PARAGRAPH 3. THE FINANCIAL INSTITUTION WHOSE AVERAGE OF DAILY BALANCES DETERMINED DURING THE CALCULATION PERIOD IS EQUAL TO OR LESS THAN CR$ 15,000,000.00 (FIFTEEN MILLION CRUZEIROS) IS EXEMPT FROM THE MANDATORY RESERVE REFERRED TO IN THIS CIRCULAR, BEING, HOWEVER, OBLIGED TO PRESENT THE STATEMENT.

PARAGRAPH 4. THE CALCULATION PERIOD COVERS A TIME SPAN OF TWO WEEKS, WHICH MOVE ONE AFTER THE OTHER, SO THAT IN THE DETERMINATION OF THE FOLLOWING PAYMENT THE FIRST WEEK OF THE PREVIOUS CALCULATION PERIOD IS ABANDONED.

PARAGRAPH 5. THE CALCULATION PERIOD BEGINS ON A MONDAY, OR THE FOLLOWING BUSINESS DAY, AND ENDS ON THE FRIDAY OF THE FOLLOWING WEEK, OR THE PREVIOUS BUSINESS DAY.

PARAGRAPH 6. THE MOVEMENT OR ADJUSTMENT PERIOD BEGINS ON THE MONDAY, OR THE FOLLOWING BUSINESS DAY, OF THE SECOND WEEK AFTER THE CLOSING OF THE RESPECTIVE CALCULATION PERIOD AND ENDS ON THE FRIDAY, OR THE PREVIOUS BUSINESS DAY, OF THAT SAME WEEK.

ART. 2. THE MANDATORY RESERVE PAYMENTS REFERRED TO IN THIS CIRCULAR MUST BE COMPLIED WITH EXCLUSIVELY IN CASH, CLARIFYING THAT THE FUNDS COLLECTED WILL NOT ENTITLE ANY REMUNERATION.

ART. 3. FOR THE PURPOSES OF PROVING THE MANDATORY PAYMENTS ON DEPOSIT FUNDS AND REALIZED GUARANTEES, THE FINANCIAL INSTITUTION MUST FILL OUT THE "MANDATORY RESERVE - STATEMENT OF DUE BALANCE - DEPOSIT FUNDS AND REALIZED GUARANTEES" STATEMENT, MODEL NUMBER 24031-0, WHOSE CODIFICATION IN THE DOCUMENT CATALOG (CADOC) IS AS FOLLOWS:

SEGMENT CADOC CODE MULTIPLE BANKS ...... 26.1.1.400-4 INVESTMENT BANKS ...... 24.1.1.400-6 CREDIT, FINANCING AND INVESTMENT COMPANIES ... 81.1.1.400-1

PARAGRAPH 1. THE STATEMENT REFERRED TO IN THE "CAPUT" OF THIS ARTICLE MUST BE SENT, ACCORDING TO THE JURISDICTION OF THE FINANCIAL INSTITUTION, TO THE RESPECTIVE REPRESENTATION IN THE REGIONAL DELEGACY OF THE CENTRAL BANK BY THE BUSINESS DAY PRECEDING THE ADJUSTMENT DATE OF THE POSITION.

PARAGRAPH 2. FINANCIAL INSTITUTIONS THAT DO NOT SHOW A BALANCE IN THE ITEMS DISCRIMINATED IN PARAGRAPH ONE OF ARTICLE ONE OF THIS CIRCULAR ARE EXEMPT FROM THE OBLIGATION TO PRESENT A STATEMENT.

PARAGRAPH 3. THE FINANCIAL INSTITUTION THAT DELAYS THE DELIVERY OF THE STATEMENT AND/OR COMES TO SUBSTITUTE IT AFTER THE ADJUSTMENT DATE OF EACH POSITION INCURS THE PAYMENT OF A MONETARY PENALTY TO BE CALCULATED ON THE EVENTUAL DEFICIENCY IN THE RESERVE.

PARAGRAPH 4. IN THE EVENT OF DELAY IN THE DELIVERY OF THE STATEMENT AND/OR ITS SUBSTITUTION AFTER THE ADJUSTMENT DATE OF THE POSITION, THE RELEVANT ADJUSTMENTS (RESERVE/RELEASE) WILL BE MADE, WITHOUT APPRECIATION, ON THE DATE OF ACTUAL DELIVERY OF THE STATEMENT.

PARAGRAPH 5. THE MONETARY PENALTY REFERRED TO IN PARAGRAPH THREE OF THIS ARTICLE WILL APPLY TO THE DEFICIENCIES FOUND AND WILL BE CALCULATED, UP TO THE DATE IMMEDIATELY PRECEDING ITS REGULARIZATION, TAKING AS A BASE THE ADJUSTED AVERAGE RATE OF ALL FINANCING OPERATIONS REGISTERED IN THE SPECIAL SYSTEM OF SETTLEMENT AND CUSTODY (SELIC), INDEPENDENTLY OF THE CHARACTERISTICS OF THE TITLES, INCREASED BY INTEREST OF 30% (THIRTY PERCENT) PER YEAR, CONSIDERING THE NUMBER OF BUSINESS DAYS, AND IS DUE ON THE VERY DAY OF REGULARIZATION.

PARAGRAPH 6. THE FACTORS FOR CALCULATING THE MONETARY PENALTY CAN BE OBTAINED DIRECTLY THROUGH TRANSACTION PTAX-880, OPTION 14, OF THE CENTRAL BANK INFORMATION SYSTEM-SISBACEN.

ART. 4. ALL FINANCIAL MOVEMENT OF THE MANDATORY RESERVE PROVIDED FOR IN THIS CIRCULAR WILL BE PROCESSED VIA THE "BANKING RESERVES" ACCOUNT.

PARAGRAPH 1. FINANCIAL INSTITUTIONS SUBJECT TO RESERVE, NOT HOLDING A "BANKING RESERVES" ACCOUNT, MUST ENTER INTO AN AGREEMENT WITH A MULTIPLE BANK WITH COMMERCIAL PORTFOLIO, COMMERCIAL BANK OR SAVINGS BANK FOR THE PURPOSES OF THE FINANCIAL MOVEMENT PROVIDED FOR IN THE "CAPUT" OF THIS ARTICLE.

PARAGRAPH 2. THE AGREEMENT REFERRED TO IN PARAGRAPH ONE OF THIS ARTICLE DOES NOT IMPLY ANY RESPONSIBILITY OF THE HOLDER OF THE "BANKING RESERVES" ACCOUNT TOWARDS THE CENTRAL BANK, EXCEPT IN THE CASE WHERE THE ENTRIES TRANSITING THROUGH IT ARE NOT CHALLENGED BY THE FIRST BUSINESS DAY SUBSEQUENT TO THE EVENT.

ART. 5. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION, PRODUCING ITS EFFECTS FROM THE RESERVE OF 18.05.92, CALCULATION BASE OF 27.04 TO 08.05.92.

BRASÍLIA (DF), APRIL 29, 1992

PEDRO LUIZ BODIN DE MORAES GUSTAVO JORGE LABOISSIÈRE LOYOLA DIRECTOR DIRECTOR

LUIZ NELSON GUEDES DE CARVALHO
DIRECTOR

TITLE: DOCUMENT MODELS - 99
NUMBER: 24031-0 - MODEL

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DOCUMENT NAME: MANDATORY RESERVE - STATEMENT OF DUE BALANCE - DEPOSIT FUNDS AND REALIZED GUARANTEES CADOC CODES : 24.1.1.400-6, 26.1.1.400-4, 81.1.1.400-1

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DOCUMENT IDENTIFICATION

01 CADOC CODE	02 ORDER NUMBER

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MANDATORY RESERVE
STATEMENT OF DUE BALANCE - DEPOSIT FUNDS
AND REALIZED GUARANTEES

CALCULATION PERIOD

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03 START DATE	04 END DATE

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INSTITUTION IDENTIFICATION

05 NAME	06 CGC

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VALUES SUBJECT TO RESERVE (IN CR$ 1.00)

|07 DATE |08 DOM.EXT.|09 MANDATORY.|10 LINKED.|11 REAL.GUAR.|

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|SUBTOTAL |12 |13 |14 |15 |

| TOTAL |16 |

| AVERAGE |17 |

CALCULATION OF PAYMENT

|18 48% ON FIELD 17 | |

DECLARATION

THE SIGNATORIES OF THIS DOCUMENT ARE RESPONSIBLE FOR THE VERACITY
OF THE ELEMENTS AND DATA CONTAINED IN IT AND FOR THE TOTAL COMPATIBILITY
OF THE DECLARED POSITIONS WITH THE INSTITUTION'S RECORDS.

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19 SIGNATURE, NAME AND POSITION	20 CPF

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21 SIGNATURE, NAME AND POSITION	22 CPF

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23 PLACE AND DATE	24 CONTACT TELEPHONE

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TITLE: DOCUMENT MODELS - 99
NUMBER: 24031-0 - FILLING INSTRUCTIONS

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FRAME - DOCUMENT IDENTIFICATION
FIELD 01 - FILL WITH THE DOCUMENT CODE IN CADOC.
FIELD 02 - RESERVED FOR THE CENTRAL BANK.
FRAME - POSITION
FIELD 03 - FILL WITH THE DATE OF THE FIRST BUSINESS DAY OF THE CALCULATION PERIOD.
FIELD 04 - FILL WITH THE DATE OF THE LAST BUSINESS DAY OF THE CALCULATION PERIOD. THE DATES MUST BE EXPRESSED NUMERICALLY IN DAY, MONTH AND YEAR. FRAME - INSTITUTION IDENTIFICATION FIELD 05 - FULL NAME OF THE INSTITUTION. FIELD 06 - FILL WITH THE INSTITUTION'S REGISTRATION NUMBER IN THE GENERAL REGISTER OF CONTRIBUTORS OF THE MINISTRY OF ECONOMY, FINANCE AND PLANNING. FRAME - VALUES SUBJECT TO RESERVE FIELD 07 - FILL WITH THE BUSINESS DAYS OF THE CALCULATION PERIOD, FORMAT DD/MM/AA. FIELD 08 - FILL, FOR THE BUSINESS DAYS IN FIELD 07, WITH THE VALUES, IN CR$ 1.00, OF THE DAILY BALANCES OF THE ITEM "4.1.1.60.00-2 - DEPOSITS OF RESIDENTS ABROAD". FIELD 09 - FILL, FOR THE BUSINESS DAYS IN FIELD 07, WITH THE VALUES, IN CR$ 1.00, OF THE DAILY BALANCES OF THE ITEM "4.1.1.75.00-4 - MANDATORY DEPOSITS". FIELD 10 - FILL, FOR THE BUSINESS DAYS IN FIELD 07, WITH THE VALUES, IN CR$ 1.00, OF THE DAILY BALANCES OF THE ITEM "4.1.1.85.00-1 - LINKED DEPOSITS". FIELD 11 - FILL, FOR THE BUSINESS DAYS IN FIELD 07, WITH THE VALUES, IN CR$ 1.00, OF THE DAILY BALANCES OF THE ITEM "4.9.9.60.00-8 - FUNDS FROM REALIZED GUARANTEES". FIELD 12 - FILL WITH THE SUM OF THE VALUES RECORDED IN FIELD 08. FIELD 13 - FILL WITH THE SUM OF THE VALUES RECORDED IN FIELD 09. FIELD 14 - FILL WITH THE SUM OF THE VALUES RECORDED IN FIELD 10. FIELD 15 - FILL WITH THE SUM OF THE VALUES RECORDED IN FIELD 11. FIELD 16 - FILL WITH THE SUM OF FIELDS 12, 13, 14 AND 15. FIELD 17 - FILL WITH THE VALUE CORRESPONDING TO THE ARITHMETIC AVERAGE DETERMINED, TAKING AS A BASE THE VALUE IN FIELD 16 AND THE NUMBER OF BUSINESS DAYS OF THE CALCULATION PERIOD. FIELD 18 - FILL WITH THE VALUE CORRESPONDING TO THE RATE OF 48% (FORTY-EIGHT PERCENT) APPLIED TO THE VALUE DETERMINED IN FIELD 17. FIELDS 19 TO 22 - INDICATE THE NAMES, POSITIONS, CPF OF THOSE RESPONSIBLE FOR THE INFORMATION AND AFFIX THE RESPECTIVE SIGNATURES. FIELD 23 - REGISTER PLACE AND DATE OF ISSUE OF THE DOCUMENT. FIELD 24 - INDICATE THE TELEPHONE OF THOSE RESPONSIBLE FOR THE INFORMATION.