Circular No. 2225 — Redefines Compulsory Deposit/Required Reserve Rate on Demand Resources and Exempts Subtitle of the Compulsory Deposit Obligation

CIRCULAR No. 002225

TO
MULTIPLE BANKS WITH COMMERCIAL PORTFOLIOS, COMMERCIAL BANKS, AND SAVINGS BANKS

REDEFINES THE RATE OF COMPULSORY DEPOSIT/REQUIRED RESERVE ON DEMAND RESOURCES AND EXEMPTS THE ACCOUNTING SUBTITLE OF THE COMPULSORY DEPOSIT OBLIGATION.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 09.09.92, 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, AND IN RESOLUTION No. 1.857, OF 15.08.91, DECIDED:

ART. 1. SET AT 48% (FORTY-EIGHT PERCENT) THE RATE OF COMPULSORY DEPOSIT/REQUIRED RESERVE ON THE VALUES REGISTERED IN THE ITEMS SPECIFIED IN ITEMS III, IV, V, AND VI OF ART. 1 OF CIRCULAR No. 2,043, OF 23.09.91, INDEPENDENTLY OF THE AREA WHERE THE RESOURCES WERE RAISED AND OF THE SIZE OF THE FINANCIAL INSTITUTION.

SINGLE PARAGRAPH. THE PROVISIONS CONTAINED IN THE "CAPUT" OF ART. 2 OF CIRCULAR No. 2,043, OF 23.09.91, ARE APPLICABLE EXCLUSIVELY FOR RESOURCES DERIVING FROM DEMAND DEPOSITS AND NOTICE DEPOSITS.

ART. 2. EXEMPT THE VALUES RELATING TO THE COLLECTION OF TAXES REGISTERED IN THE SUBTITLE "4.9.1.50.00-7 - RECEIPT OF FEDERAL TAXES" FROM THE OBLIGATION OF COMPULSORY DEPOSIT/REQUIRED RESERVE, IN VIEW OF THE PROVISIONS CONTAINED IN PORTARIA No. 604, OF 03.09.92, OF THE MINISTRY OF ECONOMY, TREASURY, AND PLANNING.

ART. 3. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION, PRODUCING EFFECTS FROM:

I - THE CALCULATION PERIOD STARTING ON 08.10.92 FOR FINANCIAL INSTITUTIONS MEMBERS OF GROUP "A", IN THE CASE OF THE INCREASE IN RATE PROVIDED FOR IN ART. 1 OF THIS CIRCULAR;

II - THE CALCULATION PERIOD STARTING ON 13.10.92 FOR FINANCIAL INSTITUTIONS MEMBERS OF GROUP "B", IN THE CASE OF THE INCREASE IN RATE PROVIDED FOR IN ART. 1 OF THIS CIRCULAR; AND

III - FROM 01.10.92 FOR THE PURPOSES OF THE EXEMPTION FROM DEPOSIT PROVIDED FOR IN ART. 2 OF THIS CIRCULAR.

ART. 4. REVOKE ITEM "C" OF THE FOURTH PARAGRAPH OF ART. 1 AND ITEM I OF ART. 2 OF CIRCULAR No. 2,043, OF 23.09.91.

BRASÍLIA (DF), SEPTEMBER 9, 1992.

PEDRO LUIZ BODIN DE MORAES GUSTAVO JORGE LABOISSIÈRE LOYOLA DIRECTOR DIRECTOR