Circular No. 2279 — Authorizes Interbank Deposits Settled with Immediately Available Reserves

CIRCULAR NO. 002279

AUTHORIZES THE CONDUCT OF INTERBANK DEPOSITS SETTLED WITH IMMEDIATELY AVAILABLE RESERVES.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 03.02.93, HAVING REGARD TO THE PROVISIONS OF ART. 4 OF DECREE-LAW NO. 1,454, OF 07.04.76, AMENDED BY ART. 4 OF DECREE-LAW NO. 2,290, OF 21.11.86, ART. 3 OF LAW NO. 7,801, OF 11.07.89, ARTS. 10 AND 11 OF LAW NO. 8,177, OF 01.03.91, AND ITEM II OF RESOLUTION NO. 1,647, OF 18.10.89, DECIDED:

ART. 1. AUTHORIZE MULTIPLE BANKS WITH COMMERCIAL PORTFOLIOS, COMMERCIAL BANKS, AND SAVINGS BANKS TO RECEIVE FIXED-TERM DEPOSITS, SETTLED WITH IMMEDIATELY AVAILABLE RESERVES, OBSERVING THE FOLLOWING CONDITIONS:

I - NO CERTIFICATE IS ISSUED;

II - THE DEPOSITORS ARE OTHER MULTIPLE BANKS WITH COMMERCIAL PORTFOLIOS, COMMERCIAL BANKS, AND SAVINGS BANKS;

III - THE OPERATIONS ARE REGISTERED AND FINANTIALLY SETTLED IN THE SPECIAL SETTLEMENT AND CUSTODY SYSTEM - SELIC.

SINGLE PARAGRAPH. EXCEPT FOR THE INTERMEDIATION OPERATIONS PROVIDED FOR IN ART. 4, THE ASSIGNMENT OF THE DEPOSITS COVERED BY THIS ARTICLE IS PROHIBITED.

ART. 2. THE MINIMUM TERM OF THE DEPOSITS COVERED BY THIS CIRCULAR SHALL BE:

I - 1 (ONE) DAY, WHEN REMUNERATED AT MARKET INDEXED RATES;

II - 90 (NINETY) DAYS, WHEN REMUNERATED BASED ON THE DAILY REFERENCE RATE (TRD).

SINGLE PARAGRAPH. THE USE OF A REMUNERATION BASE THAT DOES NOT MEET THE CONDITIONS PROVIDED FOR IN THIS ARTICLE IS PROHIBITED IN RELATION TO THE OPERATIONS REFERENCED IN THIS CIRCULAR.

ART. 3. THE LIMITS FIXED IN ARTS. 1 AND 2 OF CIRCULAR NO. 2,190, OF 26.06.92, SHALL APPLY TO THE SUM OF THE INTERBANK DEPOSITS COVERED BY THE MENTIONED REGULATORY INSTRUMENT AND THOSE EFFECTED AND RECEIVED IN ACCORDANCE WITH THIS CIRCULAR.

ART. 4. INVESTMENT BANKS, BROKERAGE FIRMS, AND SECURITIES DISTRIBUTION COMPANIES ARE AUTHORIZED TO INTERMEDIATE THE INTERBANK DEPOSIT OPERATIONS PROVIDED FOR IN THIS CIRCULAR, OBSERVED THAT:

I - THE DEPOSIT MUST BE MADE BY SAID INSTITUTIONS WITH THE SIMULTANEOUS TRANSFER OF THEIR RESPECTIVE CREDIT RIGHTS, VIA ASSIGNMENT, TO ONE OF THE INSTITUTIONS REFERENCED IN ART. 1, WITH THE FIRST RESPONDING, IN THEIR CAPACITY AS ASSIGNORS, FOR THE EXISTENCE OF THE CREDIT, BUT NOT FOR ITS PAYMENT;

II - THE REDEMPTION VALUE OF THE DEPOSIT SUBJECT TO ASSIGNMENT, TO BE RELEASED IN FAVOR OF THE ASSIGNEE ON THE RESPECTIVE MATURITY DATE, MUST CORRESPOND TO THE EXACT VALUE - PRINCIPAL PLUS INTEREST - AGREED UPON BY THE ASSIGNOR WITH THE DEPOSITORY INSTITUTION;

III - MORE THAN ONE INTERMEDIATION OF THE SAME DEPOSIT IS NOT ADMITTED;

IV - THE ASSIGNEE INSTITUTION MUST COMPUTE THE VALUE OF THE ASSIGNED DEPOSIT FOR THE PURPOSES OF OBSERVING THE LIMIT PROVIDED FOR IN ART. 1 OF CIRCULAR NO. 2,190, OF 26.06.92;

ART. 5. THIS CIRCULAR ENTERS INTO FORCE ON 01.03.93.

BRASÍLIA (DF), FEBRUARY 16, 1993

GUSTAVO JORGE LABOISSIÈRE LOYOLA JOÃO HERALDO LIMA PRESIDENT DIRECTOR