Circular No. 2269 — Redefine the Direction of Applications of Resources from Remunerated Special Deposits - DER

CIRCULAR NO. 002269

REDEFINE THE DIRECTION OF APPLICATIONS OF RESOURCES FROM REMUNERATED SPECIAL DEPOSITS - DER.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 20.01.93, BASED ON ART. 20 OF LAW NO. 8.024, OF 12.04.90, AND ON 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 ON RESOLUTION NO. 1.857, OF 15.08.91, DECIDED:

ART. 1. MULTIPLE BANKS WITH COMMERCIAL, INVESTMENT AND/OR REAL ESTATE CREDIT PORTFOLIOS, COMMERCIAL BANKS, INVESTMENT BANKS, SAVINGS BANKS, REAL ESTATE CREDIT COMPANIES AND SAVINGS AND LOAN ASSOCIATIONS MUST MAINTAIN, AT THE CENTRAL BANK, COMPULSORY RESERVES IN SPECIE, EQUIVALENT TO THE FOLLOWING PERCENTAGES OF THE DAILY BALANCES OF REMUNERATED SPECIAL DEPOSITS:

I - 20% (TWENTY PERCENT), MINIMUM, UNTIL 12.02.93;

II - 40% (FORTY PERCENT), MINIMUM, FROM 15.02.93;

III - 50% (FIFTY PERCENT), MINIMUM, FROM 17.05.93; AND

IV - 60% (SIXTY PERCENT), FROM 16.08.93.

PARAGRAPH 1. OBSERVING THE SCHEDULE ESTABLISHED IN THIS ARTICLE, THE APPLICATION OF RESOURCES CONSTITUTING THE REMUNERATED SPECIAL DEPOSITS IN THE INVESTMENT MODALITIES TREATED IN ITEMS III, IV AND V OF ART. 3 OF THIS CIRCULAR IS ADMITTED UNTIL 15.08.93.

PARAGRAPH 2. THE OBLIGATION TO MAKE COMPULSORY RESERVES BY MULTIPLE BANKS WITH REAL ESTATE CREDIT PORTFOLIOS, SAVINGS BANKS, REAL ESTATE CREDIT COMPANIES AND SAVINGS AND LOAN ASSOCIATIONS WITH INSUFFICIENCY OF NEW CRUZEIROS RESERVES ON THE BASE DATE OF 14.08.92 MUST CORRESPOND, AT MOST, TO THE DIFFERENCE BETWEEN THE DAILY BALANCES OF REMUNERATED SPECIAL DEPOSITS AND THE AMOUNT OF HOUSING FINANCE SYSTEM OPERATIONS, IN FORCE, CONTRACTED UNTIL 15.03.90.

PARAGRAPH 3. THE AMOUNT OF HOUSING FINANCE SYSTEM OPERATIONS, IN FORCE, CONTRACTED UNTIL 15.03.90, USED AS A REDUCER OF COMPULSORY RESERVES CANNOT EXCEED THE INSUFFICIENCY IN THE RESERVES OF NEW CRUZEIROS REGISTERED ON THE BASE DATE OF 14.08.92, UPDATED BY THE DAILY REFERENCE RATE (TRD), INCREASED BY INTEREST OF 6% (SIX PERCENT) PER YEAR.

PARAGRAPH 4. IN THE EVENT THAT THE APPLICATION OF THE PROVISIONS CONTAINED IN PARAGRAPHS 2 AND 3 RESULTS IN A DEPOSIT LIABILITY HIGHER THAN THAT FIXED IN THE ITEMS OF THIS ARTICLE, THE FINANCIAL INSTITUTION IS OBLIGED TO DIRECT THE PORTION THAT EXCEEDS THE PERCENTAGE FIXED FOR AGRICULTURAL CREDIT OPERATIONS TREATED IN ART. 2 OF THIS CIRCULAR.

PARAGRAPH 5. THE PORTION OF THE DEPOSIT AT THE CENTRAL BANK THAT, DAILY, EXCEEDS THE TOTALITY OF REMUNERATED SPECIAL DEPOSITS IS NOT ENTITLED TO ANY REMUNERATION.

PARAGRAPH 6. THE VERIFICATION OF COMPLIANCE WITH THE LIABILITY TO MAKE COMPULSORY RESERVES WILL OCCUR AFTER THE INFORMATION PRESCRIBED IN ART. 3 OF THIS CIRCULAR IS KNOWN.

ART. 2. FINANCIAL INSTITUTIONS, EXCEPT SAVINGS BANKS AND SAVINGS AND LOAN ASSOCIATIONS, MUST APPLY 40% (FORTY PERCENT) OF THE RESOURCES CORRESPONDING TO REMUNERATED SPECIAL DEPOSITS IN OPERATIONS OF STORAGE OF AGRICULTURAL PRODUCTS AND FUEL ALCOHOL, SUBJECT TO FINANCIAL CHARGES NOT EXCEEDING THE DAILY REFERENCE RATE (TRD), INCREASED BY 12.5% (TWELVE WHOLE AND FIVE TENTHS PERCENT) PER YEAR, AND IN AGRICULTURAL CREDIT OPERATIONS DESTINED FOR THE FOLLOWING PURPOSES, SUBJECT TO THE SAME CHARGES ESTABLISHED FOR APPLICATIONS WITH MANDATORY RESOURCES (MCR 6-2):

I - AGRICULTURAL COSTING, POULTRY FARMING, PIG FARMING, DAIRY CATTLE FARMING AND FISHING;

II - INVESTMENT FOR PROTECTION, CONSERVATION AND RECOVERY OF SOIL AND FOR RENEWAL OF SUGARCROP FIELDS;

III - LOANS TO COOPERATIVES FOR ADVANCES TO COOPERATIVES ON ACCOUNT OF THE PRICE OF PRODUCTS DELIVERED FOR SALE;

IV - OTHER COSTING AND INVESTMENTS DESTINED TO MINI AND SMALL PRODUCERS; AND

V - LOAN FROM THE FEDERAL GOVERNMENT (EGF) WITH A MINIMUM TERM OF 90 (NINETY) DAYS.

PARAGRAPH 1. THE OBLIGATION TO APPLY IN OPERATIONS PROVIDED FOR IN THIS ARTICLE, FOR INSTITUTIONS WITH A LIMIT OF INSUFFICIENCY OF NEW CRUZEIROS RESERVES ON THE BASE DATE OF 14.08.92, IS LIMITED TO THE PORTION THAT EXCEEDS THE COMPULSORY RESERVATION OBLIGATION PROVIDED FOR IN ART. 1 OF THIS CIRCULAR, NOT EXCEEDING THE PERCENTAGE DEFINED IN THE "CAPUT" OF THIS ARTICLE.

PARAGRAPH 2. THE VERIFICATION OF THE DIRECTION OF THIS MODALITY OF APPLICATION WILL OCCUR, MONTHLY, BASED ON DATA REFERENCING THE 14TH DAY OF EACH MONTH OR, IN MONTHS WHERE THE 14TH IS A NON-BUSINESS DAY, ON THE IMMEDIATELY PRECEDING BUSINESS DAY, WHERE THE DIFFERENCE BETWEEN THE MINIMUM PERCENTAGE AND THE EFFECTIVELY APPLIED IN THE NOMINATED OPERATIONS:

A - CAN BE SUPPLIED WITH INTERBANK DEPOSIT LINKED TO AGRICULTURAL CREDIT (DIR), PROVIDED THAT THE DEPOSITORY FINANCIAL INSTITUTION OBSERVES THE DIRECTION ESTABLISHED THEREIN; AND

B - CAN BE SUBJECT TO DEPOSIT AT THE CENTRAL BANK, REMUNERATED, DAILY, IN THE FOLLOWING MANNER:

1. THE PORTION CORRESPONDING TO 20% (TWENTY PERCENT), AT MOST, OF THE BALANCE OF REMUNERATED SPECIAL DEPOSITS WILL BE ENTITLED TO REMUNERATION BY THE SAME INDICES FIXED FOR THE COMPULSORY DEPOSIT TREATED IN ART. 1 OF THIS CIRCULAR; AND

2. THE PORTION THAT EXCEEDS THE PERCENTAGE PROVIDED FOR IN THE PREVIOUS ITEM WILL BE REMUNERATED BY THE DAILY REFERENCE RATE (TRD).

ART. 3. THE FINANCIAL INSTITUTIONS NOMINATED IN ART. 1 OF THIS CIRCULAR MUST INFORM, DAILY, VIA TRANSACTION PDER 500 OF THE CENTRAL BANK INFORMATION SYSTEM - SISBACEN, FOR THE PURPOSES OF CALCULATION AND DETERMINATION OF COMPLIANCE WITH THE LIABILITY TO MAKE RESERVES:

I - THE UPDATED BALANCE OF REMUNERATED SPECIAL DEPOSITS;

II - THE TOTAL WITHDRAWALS OF REMUNERATED SPECIAL DEPOSITS;

III - APPLICATIONS IN FEDERAL PUBLIC BONDS;

IV - APPLICATIONS IN CENTRAL BANK BONDS (BBC) AND CENTRAL BANK NOTES (NBC);

V - APPLICATIONS IN BONDS ISSUED BY STATES AND MUNICIPALITIES;

VI - APPLICATIONS IN AGRICULTURAL CREDIT OPERATIONS;

VII - APPLICATIONS IN INTERBANK DEPOSIT LINKED TO AGRICULTURAL CREDIT (DIR);

VIII - INSUFFICIENCY IN THE RESERVES OF NEW CRUZEIROS, BASE DATE OF 14.08.92, UPDATED BY THE DAILY REFERENCE RATE (TRD), INCREASED BY INTEREST OF 6% (SIX PERCENT) PER YEAR; AND

IX - AMOUNT OF HOUSING FINANCE SYSTEM OPERATIONS, IN FORCE, CONTRACTED UNTIL 15.03.90.

PARAGRAPH 1. THE INFORMATION PROVIDED FOR IN THIS ARTICLE MAY BE PROVIDED WITH A LAG OF UP TO 3 (THREE) BUSINESS DAYS.

PARAGRAPH 2. THE DEPOSITING INSTITUTION THAT DOES NOT INFORM THE DATA CONTAINED IN ITEMS I TO IX OF THIS ARTICLE WITHIN THE MAXIMUM PERIOD OF 3 (THREE) BUSINESS DAYS INCURS THE PAYMENT OF A FINE EQUIVALENT TO 0.5% (HALF PERCENT) PER YEAR, TO BE CALCULATED ON THE VALUE OF THE LIABILITY TO MAKE RESERVES DETERMINED FOR THE DATE TO WHICH THE INFORMATION REFERS, CONSIDERING THE NUMBER OF BUSINESS DAYS OF DELAY.

PARAGRAPH 3. THE FINE PROVIDED FOR IN THE PREVIOUS PARAGRAPH IS ALSO APPLICABLE IN CASES OF ALTERATION OF INFORMATION.

PARAGRAPH 4. THE DEPOSITING INSTITUTION MUST FORMALIZE THE REQUEST FOR INSERTION OF DELAYED DATA TO THE REGIONAL DELEGACY OF THE CENTRAL BANK OF ITS JURISDICTION.

ART. 4. IN THE EVENT THAT THE COMPULSORY DEPOSIT EFFECTIVELY COLLECTED IN EACH DAILY POSITION IS LOWER THAN THE LIABILITY DETERMINED FOR THE RESPECTIVE DATE, THE FINANCIAL INSTITUTION INCURS THE PAYMENT OF A FINANCIAL PENALTY ON THE VALUE OF THE DEFICIENCY.

PARAGRAPH 1. THE FINANCIAL PENALTY WILL BE CALCULATED TAKING AS A BASE THE AVERAGE ADJUSTED RATE OF ALL FINANCING OPERATIONS REGISTERED IN THE SPECIAL SETTLEMENT AND CUSTODY SYSTEM (SELIC), INDEPENDENTLY OF THE CHARACTERISTICS OF THE BONDS, DETERMINED FOR THE DATE OF THE GENERATING FACT OF THE OCCURRENCE, INCREASED BY INTEREST OF 30% (THIRTY PERCENT) PER YEAR, DEDUCTING THE DAILY REFERENCE RATE (TRD) FIXED FOR THE DAY OF THE INFRACTION, AND IS DUE ON THE FOLLOWING BUSINESS DAY.

PARAGRAPH 2. FINANCIAL PENALTY RELATIVE TO ANY PAST DEFICIENCY MAY, AT THE OPTION OF THE FINANCIAL INSTITUTION, BE DEBITED ON A CURRENT DATE, UPDATED, UNTIL THE EVE OF THE EFFECTIVE DEBIT, BY THE ACCUMULATED VARIATION OF THE AVERAGE ADJUSTED RATE OF ALL FINANCING OPERATIONS REGISTERED IN THE SPECIAL SETTLEMENT AND CUSTODY SYSTEM (SELIC), INDEPENDENTLY OF THE CHARACTERISTICS OF THE BONDS, INCREASED BY INTEREST OF 30% (THIRTY PERCENT) PER YEAR.

PARAGRAPH 3. THE DAILY FACTORS AND THE DAILY REFERENCE RATE (TRD) USED FOR THE PURPOSES OF CALCULATION OF THE FINANCIAL PENALTY MAY BE OBTAINED BY CONSULTING TRANSACTIONS PTAX 880, OPTION 14, AND PTAX 860, OPTION 17, RESPECTIVELY, OF THE CENTRAL BANK INFORMATION SYSTEM - SISBACEN.

ART. 5. THE MOVEMENT OF RESOURCES TO DEBIT/CREDIT OF ACCOUNT 6115.10.10-9 - BANKING RESERVES - IN SPECIE OF ITS HOLDER/CONVENTION AND TO CREDIT/DEBIT OF ACCOUNT 6190.20-6 - SPECIAL REMUNERATED RESERVATION MAY ONLY BE EFFECTED UNDER THE FOLLOWING CONDITIONS:

I - HAVE AS PURPOSE:

A - SATISFY THE MINIMUM LIABILITY TO MAKE RESERVES; AND/OR

B - COMPOSE THE COLLATERAL OF THE RESOURCES CONSTITUTING THE REMUNERATED SPECIAL DEPOSITS, UNDER THE TERMS OF ART. 5 OF CIRCULAR NO. 2.001, OF 06.08.91, PROVIDED THAT THERE HAS BEEN A CONCOMITANT REDUCTION OF COLLATERAL IN APPLICATIONS OTHER THAN DEPOSIT AT THE CENTRAL BANK.

II - BE INFORMED ON THE VERY DAY OF THE GENERATING FACT OF THE OCCURRENCE, THEREFORE NOT ENJOYING THE PRIVILEGE CONTAINED IN PARAGRAPH 1 OF ART. 3 OF THIS CIRCULAR.

ART. 6. THE OBLIGATION FOR FINANCIAL INSTITUTIONS NOT HOLDING THE "BANKING RESERVES" ACCOUNT TO MAINTAIN AN AGREEMENT FOR THE PURPOSES OF MOVING THE RESOURCES CONSTITUTING THE RESERVATION TO THE CENTRAL BANK REMAINS IN FORCE.

ART. 7. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION, PRODUCING EFFECTS FROM 15.02.93.

ART. 8. REVOKE, FROM 15.02.93, CIRCULARS NOS. 2.003, OF 06.08.91, 2.073, OF 31.10.91, 2.089, OF 28.11.91, 2.110, OF 30.12.91, 2.161, OF 15.04.92, AND 2.214, OF 07.08.92, AND ITEM V OF ART. 5 OF CIRCULAR NO. 2.001, OF 06.08.91.

BRASÍLIA (DF), JANUARY 20, 1993

GUSTAVO JORGE LABOISSIÈRE LOYOLA JOÃO HERALDO LIMA PRESIDENT DIRECTOR