Circular No. 2280 — Redefine Rules for Compulsory Reserve and Mandatory Encashment on Demand Funds

CIRCULAR NO. 002280

REDEFINE RULES FOR THE PURPOSE OF COMPULSORY COLLECTION AND MANDATORY ENCAIXE ON DEMAND FUNDS.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 12.02.93, BASED 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. ELIMINATE THE DIFFERENTIATION OF FINANCIAL INSTITUTIONS FOR THE PURPOSE OF COMPULSORY COLLECTION/MANDATORY ENCAIXE ON DEMAND FUNDS.

ART. 2. THE COMPULSORY COLLECTION AND MANDATORY ENCAIXE ON DEMAND FUNDS OF MULTIPLE BANKS WITH COMMERCIAL PORTFOLIO, COMMERCIAL BANKS, AND SAVINGS BANKS SHALL BE SUBJECT TO THE FOLLOWING RATES:

I - INCENTIVIZED AREA:

A - DEMAND AND NOTICE DEPOSITS: 40% (FORTY PER CENT);

B - OTHER RESOURCES: 50% (FIFTY PER CENT).

II - NON-INCENTIVIZED AREA: 50% (FIFTY PER CENT), REGARDLESS OF THE TYPE OF COLLECTION.

SINGLE PARAGRAPH. THE ADJUSTMENT TO THE COMPULSORY COLLECTION/MANDATORY ENCAIXE RATE, IN THE CASE OF RESOURCES FROM THE COLLECTION OF DEMAND AND NOTICE DEPOSITS, FOLLOWS THE GRADATION PRESCRIBED IN ANNEXES 01 AND 02.

ART. 3. THE COMPULSORY COLLECTION AND MANDATORY ENCAIXE APPLY TO THE BALANCES REGISTERED IN THE FOLLOWING GROUPS/SUBGROUPS OF ACCOUNTS OF THE ACCOUNTING PLAN OF THE INSTITUTIONS OF THE NATIONAL FINANCIAL SYSTEM (COSIF):

I - 4.1.1.00.00-0 - DEMAND DEPOSITS;

II - 4.1.4.00.00-9 - NOTICE DEPOSITS;

III - 4.5.1.00.00-6 - THIRD-PARTY RESOURCES IN TRANSIT;

IV - 4.9.1.00.00-2 - COLLECTION AND COLLECTION OF TAXES AND SIMILAR;

V - 4.9.9.05.00-1 - ADMINISTRATIVE CHECKS;

VI - 4.9.9.60.00-8 - RESOURCES FROM REALIZED GUARANTEES.

PARAGRAPH 1. THE VALUES REGISTERED UNDER THE ITEM THIRD-PARTY RESOURCES IN TRANSIT, SUBJECT TO THE REQUIREMENT, ARE BALANCED WITH THE RESPECTIVE CONTRAPARTIES OF THE ASSET, RESPECTING THE FACT THAT THOSE OF EMINENTLY DEBTOR ORIGIN DO NOT ENTER FOR THE PURPOSE OF BALANCING.

PARAGRAPH 2. THE VALUES RELATING TO RECEIPTS OF WATER, ELECTRICITY, TELEPHONE, AND OTHER SERVICES PROVIDED BY PUBLIC SERVICE CONCESSION COMPANIES MUST INTEGRATE THE CALCULATION BASE OF THE COMPULSORY COLLECTION/MANDATORY ENCAIXE FROM THE THIRD BUSINESS DAY FOLLOWING THE DATE OF RECEIPT, INCLUSIVE, REGARDLESS OF WHETHER PAYMENT HAS OCCURRED OR NOT IN A CENTRALIZED DEPENDENCY OF THE DEPOSIT ACCOUNT OF THE CONCESSIONARY COMPANY.

PARAGRAPH 3. DEMAND AND NOTICE DEPOSITS COLLECTED IN MUNICIPALITIES ASSISTED EXCLUSIVELY BY PIONEER AGENCIES ARE NOT COMPUTED FOR THE PURPOSE OF COMPULSORY COLLECTION/MANDATORY ENCAIXE, CLARIFYING THAT, IN THE EVENT THAT THE AGENCY LOSES THIS CONDITION, THE BENEFIT WILL BE MAINTAINED FOR ANOTHER 3 (THREE) YEARS.

PARAGRAPH 4. THE COMPULSORY COLLECTION AND MANDATORY ENCAIXE DO NOT APPLY TO THE VALUES REGISTERED IN THE FOLLOWING SUBTITLES:

A - 4.1.4.20.00-3 - NOTICE DEPOSITS IN FOREIGN CURRENCIES - FLOATING RATES;

B - 4.5.1.85.00-7 - PAYMENT ORDERS IN FOREIGN CURRENCIES;

C - 4.5.1.90.00-9 - PAYMENT ORDERS IN FOREIGN CURRENCIES - FLOATING RATES;

D - 4.9.1.10.00-9 - IOF TO BE COLLECTED;

E - 4.9.1.25.00-1 - PROAGRO RESOURCES;

F - 4.9.1.35.10-1 - RECEIPTS OF FEDERAL PENSION CONTRIBUTIONS; AND

G - 4.9.1.50.00-7 - RECEIPTS OF FEDERAL TAXES.

PARAGRAPH 5. FINANCIAL INSTITUTIONS MAY DEDUCT FROM THE BALANCE BASE FOR THE PURPOSE OF CALCULATING THE VALUES SUBJECT TO COLLECTION (VSR), ON THE DAY OF RECEIPT, THE AMOUNTS CORRESPONDING TO CHECKS, DRAWN AGAINST OTHER FINANCIAL INSTITUTIONS, ACCEPTED IN PAYMENT OF TAXES AND SIMILAR REGISTERED UNDER THE ITEMS INDICATED BELOW:

A - 4.9.1.40.10-3 - RECEIPTS OF STATE TAXES;

B - 4.9.1.40.20-6 - RECEIPTS OF MUNICIPAL TAXES.

PARAGRAPH 6. FEDERAL AND STATE PUBLIC FINANCIAL INSTITUTIONS MAY DEDUCT DEMAND AND NOTICE DEPOSITS:

A - AT THE DISPOSITION OF THE JUDICIARY;

B - FROM THEIR RESPECTIVE GOVERNMENTS;

C - FROM AUTARCHIES AND MIXED ECONOMY COMPANIES WHOSE CAPITALS ARE MAJORITARILY PARTICIPATED BY THEIR RESPECTIVE GOVERNMENTS.

PARAGRAPH 7. STATE PUBLIC FINANCIAL INSTITUTIONS MAY ALSO DEDUCT DEPOSITS TITLED BY MUNICIPAL PUBLIC ENTITIES OF THE RESPECTIVE FEDERATIVE UNIT.

PARAGRAPH 8. AGENCIES MAY DEDUCT FROM THE CALCULATION BASE OF THE VALUES SUBJECT TO COLLECTION OF THE IMMEDIATELY PRECEDING BUSINESS DAY THE VALUES REGISTERED IN THE SUBTITLE FOR INTERNAL USE "SPECIFIC EXCHANGE SESSION", CLARIFYING THAT, IN THE EVENT THAT DECEMBER 24 IS A BUSINESS DAY, THE FOLLOWING PROCEDURES MUST BE OBSERVED:

A - THE VALUES REFERRED TO THE CHECKS ACCEPTED ON THE PRECEDING DAY, EXCHANGED IN THE IMMEDIATELY FOLLOWING "SPECIFIC EXCHANGE SESSION", MAY BE DEDUCTED FROM THE DEPOSITS SUBJECT TO COLLECTION OF THE BUSINESS DAY PRECEDING DECEMBER 24;

B - THE VALUES RELATING TO CHECKS ACCEPTED ON DECEMBER 24 AND EXCHANGED IN THE "SPECIFIC EXCHANGE SESSION" OF THE FIRST FOLLOWING BUSINESS DAY CANNOT BE DEDUCTED FROM THE DEPOSITS SUBJECT TO COLLECTION.

ART. 4. IN THE DETERMINATION OF THE LIABILITIES FOR COMPULSORY COLLECTION AND MANDATORY ENCAIXE ON DEMAND FUNDS, THE RATE PRESCRIBED FOR THE AREA WHERE THE RESOURCES WERE COLLECTED MUST BE OBSERVED, RESPECTING THE FACT THAT ONLY THE FINANCIAL INSTITUTION THAT HAS APPLIED IN CREDIT OPERATIONS, IN ITS OWN REGION, AT LEAST:

I - 60% (SIXTY PER CENT) OF THE BALANCE OF DEMAND AND NOTICE DEPOSITS SUBJECT TO COLLECTION, COLLECTED THERE, RELATING TO THE FIRST DAY OF THE CALCULATION PERIOD, IN THE EVENT THAT ITS HEADQUARTERS IS LOCATED IN AN INCENTIVIZED AREA;

II - 70% (SEVENTY PER CENT) OF THE BALANCE OF DEMAND AND NOTICE DEPOSITS SUBJECT TO COLLECTION, COLLECTED THERE, RELATING TO THE FIRST DAY OF THE CALCULATION PERIOD, IN THE EVENT THAT ITS HEADQUARTERS IS LOCATED IN A NON-INCENTIVIZED AREA.

PARAGRAPH 1. THE STATES OF ACRE, ALAGOAS, AMAPA, AMAZONAS, BAHIA, CEARA, ESPIRITO SANTO, GOIAS, MARANHAO, MATO GROSSO, MATO GROSSO DO SUL, PARA, PARAIBA, PERNAMBUCO, PIAUI, RIO GRANDE DO NORTE, RONDONIA, RORAIMA, SERGIPE, TOCANTINS AND THE MUNICIPALITIES OF THE STATE OF MINAS GERAIS LOCATED IN THE REGION CONSIDERED AS NORTHEAST, FOR THE PURPOSES OF LAW NO. 4.239, OF 27.06.63, ARE CONSIDERED AS INCENTIVIZED AREA.

PARAGRAPH 2. THE MINIMUM PERCENTAGE OF APPLICATION IN CREDIT OPERATIONS PRESCRIBED IN ITEMS I AND II OF THE "CAPUT" OF THIS ARTICLE MUST BE OBSERVED BY UNIT OF THE FEDERATION.

ART. 5. FINANCIAL INSTITUTIONS ARE DIVIDED INTO TWO SEGMENTS, NAMED "GROUP A" AND "GROUP B", FOR THE PURPOSE OF COMPULSORY COLLECTION/MANDATORY ENCAIXE.

SINGLE PARAGRAPH. THE DIVISION REFERRED TO IN THE "CAPUT" OF THIS ARTICLE IS CONTAINED IN THE LIST ATTACHED TO THIS CIRCULAR (ANNEXES 03 AND 04).

ART. 6. THE CALCULATION PERIOD OF THE VALUES SUBJECT TO COLLECTION (VSR) AND THE MOVEMENT OR ADJUSTMENT PERIOD EACH COVER A TIME LAPSE OF TWO WEEKS, BUT PARTIALLY OVERLAPPING, TO WIT:

I - CALCULATION PERIOD: BEGINS ON A MONDAY AND ENDS ON THE FRIDAY OF THE SECOND WEEK;

II - MOVEMENT PERIOD: BEGINS ON THE TUESDAY OF THE SECOND WEEK OF THE CALCULATION PERIOD AND ENDS ON A MONDAY.

SINGLE PARAGRAPH. THE CALCULATION AND MOVEMENT PERIODS ARE OFFSET DUE TO THE GROUP A THAT THE FINANCIAL INSTITUTION BELONGS TO.

ART. 7. IN THE DETERMINATION OF THE LIABILITY FOR COMPULSORY COLLECTION/MANDATORY ENCAIXE, THE AVERAGE OF THE DAILY BALANCES OF THE VALUES SUBJECT TO COLLECTION (VSR) REGISTERED IN THE CALCULATION PERIOD MUST BE CONSIDERED, CONSIDERING ONLY BUSINESS DAYS.

ART. 8. FOR THE PURPOSE OF INFORMING THE VALUES SUBJECT TO COLLECTION (VSR) AND CALCULATING THE LIABILITY, THE FINANCIAL INSTITUTION MUST INFORM, DAILY, VIA TRANSACTION PRES 520 OF THE CENTRAL BANK INFORMATION SYSTEM (SISBACEN), THE DATA RELATING TO:

I - TO THE VALUES SUBJECT TO COLLECTION (VSR), DISCRIMINATING:

A - DEMAND AND NOTICE DEPOSITS:

1. INCENTIVIZED AREA:

2. NON-INCENTIVIZED AREA;

B - OTHER DEMAND RESOURCES:

1. COLLECTION AND COLLECTION OF TAXES AND SIMILAR;

2. ADMINISTRATIVE CHECKS;

3. THIRD-PARTY RESOURCES IN TRANSIT;

4. RESOURCES FROM REALIZED GUARANTEES.

II - TO THE DAILY BALANCE OF ITEM 1.1.1.10.00-6 - CASH.

PARAGRAPH 1. FINANCIAL INSTITUTIONS MUST INFORM, BY THE BUSINESS DAY PRECEDING THE BEGINNING OF THE MOVEMENT PERIOD:

A - THE DAILY POSITIONS ALREADY KNOWN PERTAINING TO THE INFORMATION PRESCRIBED IN ITEMS I AND II OF THIS ARTICLE;

B - THE ESTIMATE OF BALANCES FOR THE REMAINING DAYS OF THE CALCULATION PERIOD, ITEMS I AND II OF THIS ARTICLE;

C - THE BALANCE OF DEMAND AND NOTICE DEPOSITS AND CREDIT OPERATIONS, ON THE FIRST DAY OF THE CALCULATION PERIOD, BY UNIT OF THE FEDERATION, WITH A VIEW TO THE APPLICATION OF THE PROVISIONS CONTAINED IN ART. 4 OF THIS CIRCULAR.

PARAGRAPH 2. CHANGES IN DAILY DATA MAY BE PROCESSED, DIRECTLY BY THE FINANCIAL INSTITUTION, BY THE BUSINESS DAY PRECEDING THE CLOSURE OF THE RESPECTIVE MOVEMENT PERIOD.

PARAGRAPH 3. CHANGES SUBSEQUENT TO THE DEADLINE FIXED IN PARAGRAPH 2 OF THIS ARTICLE WILL ONLY BE PROCESSED BY THE REGIONAL DELEGACY OF THE CENTRAL BANK OF THE JURISDICTION OF THE FINANCIAL INSTITUTION.

PARAGRAPH 4. THE FINANCIAL INSTITUTION THAT DOES NOT INFORM THE DATA REFERRED TO IN PARAGRAPH 1 WITHIN THE DEADLINE FIXED THEREIN OR COMES TO INCLUDE/ALTER INFORMATION FROM THE LAST DAY OF THE MOVEMENT PERIOD INCURS IN THE PAYMENT OF A FINE IN THE AMOUNT OF CR$2,000,000.00 (TWO MILLION CRUZEIROS), UPDATED, FROM THE ENTRY INTO FORCE OF THIS CIRCULAR, BY THE DAILY VARIATION OF THE INDEX OF ADJUSTMENT OF THE FISCAL REFERENCE UNIT (UFIR DAILY).

PARAGRAPH 5. THE FINE WILL BE DUE FOR EACH DAILY POSITION INCLUDED/ALTERED OUTSIDE THE REGULATORY DEADLINE.

ART. 9. THE FINANCIAL INSTITUTION THAT DOES NOT INFORM THE DAILY DATA FOR CALCULATING THE LIABILITY BY THE PENULTIMATE DAY OF THE RESPECTIVE MOVEMENT PERIOD IS SUBJECT TO THE ADOPTION OF THE FOLLOWING PROCEDURES:

I - THE VALUES SUBJECT TO COLLECTION (VSR) OF THE LAST POSITION INFORMED TO THE CENTRAL BANK WILL BE UPDATED BY THE VARIATION, PROVIDED IT IS POSITIVE, OF THE VALUES SUBJECT TO COLLECTION ASSESSED FOR THE SYSTEM;

II - THE MINIMUM DAILY BALANCE IN "BANK RESERVES" WILL BE FROZEN IN AN AMOUNT EQUIVALENT TO 100% (ONE HUNDRED PER CENT) OF THE LIABILITY ASSESSED FOR THE PERIOD, REGARDLESS OF WHETHER THE FINE PRESCRIBED IN ART. 8 OF THIS CIRCULAR IS APPLIED.

PARAGRAPH 1. WHEN INFORMING THE DATA, THE LARGEST AMONG THE FOLLOWING LIABILITY VALUES WILL BE CONSIDERED:

A - THE ONE ASSESSED FROM THE DATA PROVIDED BY THE FINANCIAL INSTITUTION;

B - THE ONE ASSESSED THROUGH THE APPLICATION OF THE PROVISION IN ITEM I OF THIS ARTICLE.

PARAGRAPH 2. THE MAINTENANCE OF A MINIMUM DAILY BALANCE EQUAL TO 100% (ONE HUNDRED PER CENT) OF THE LIABILITY WILL PREVAIL UNTIL THE DATE OF EFFECTIVE INFORMATION OF THE DELAYED DATA.

ART. 10. FINANCIAL INSTITUTIONS MUST MAINTAIN A DAILY BALANCE IN BANK RESERVES IN AN AMOUNT EQUIVALENT TO, AT LEAST, 70% (SEVENTY PER CENT) OF THE LIABILITY ASSESSED FOR THE RESPECTIVE MOVEMENT PERIOD.

PARAGRAPH 1. THE FINANCIAL INSTITUTION THAT DOES NOT COMPLY WITH THE REQUIREMENT PRESCRIBED IN THE "CAPUT" OF THIS ARTICLE INCURS IN THE PAYMENT OF A COST ON THE VALUE OF THE DEFICIENCY, CALCULATED TAKING AS A BASE THE ADJUSTED AVERAGE RATE OF ALL FINANCING OPERATIONS REGISTERED IN THE SPECIAL SETTLEMENT AND CUSTODY SYSTEM (SELIC), REGARDLESS OF THE CHARACTERISTICS OF THE TITLES, ASSESSED FOR THE DATE OF THE TAXABLE EVENT OF THE OCCURRENCE, INCREASED BY 30% (THIRTY PER CENT) PER YEAR.

PARAGRAPH 2. IN THE EVENT OF WITHDRAWAL "OVERDRAWN" IN THE ACCOUNT "BANK RESERVES - IN CASH", THE COST WILL BE CALCULATED BASED ON THE ADJUSTED AVERAGE RATE OF ALL FINANCING OPERATIONS REGISTERED IN THE SPECIAL SETTLEMENT AND CUSTODY SYSTEM (SELIC), REGARDLESS OF THE CHARACTERISTICS OF THE TITLES, ASSESSED FOR THE DATE OF THE TAXABLE EVENT OF THE OCCURRENCE, INCREASED BY 45% (FORTY-FIVE PER CENT) PER YEAR.

PARAGRAPH 3. THE COSTS ARE DUE ON THE BUSINESS DAY FOLLOWING THE DATE OF THE TAXABLE EVENT OF THE DEFICIENCY.

ART. 11. THE COMPULSORY LIABILITY ON DEMAND FUNDS MUST BE COMPLIED EXCLUSIVELY IN CASH.

PARAGRAPH 1. PART OF THE AVAILABILITY OF ITEM 1.1.1.10.00-6 - CASH OF THE ACCOUNTING PLAN OF THE INSTITUTIONS OF THE NATIONAL FINANCIAL SYSTEM (COSIF) MAY BE USED IN THE COMPOSITION OF THE ADJUSTMENT OF THE LIABILITIES FOR COMPULSORY COLLECTION AND MANDATORY ENCAIXE ON DEMAND FUNDS.

PARAGRAPH 2. THE PORTION OF RESOURCES REFERRED TO IN PARAGRAPH 1 OF THIS ARTICLE IS DETERMINED BY THE AVERAGE OF THE DAILY BALANCES ASSESSED DURING THE RESPECTIVE CALCULATION PERIOD, COMPLYING WITH PROCEDURES SIMILAR TO THOSE ADOPTED IN OBTAINING THE VALUES SUBJECT TO COLLECTION (VSR).

PARAGRAPH 3. THE PORTION OF RESOURCES REFERRED TO IN PARAGRAPH 1 OF THIS ARTICLE IS LIMITED TO 10% (TEN PER CENT) OF THE TOTAL VALUES SUBJECT TO COLLECTION (VSR).

ART. 12. THE FINANCIAL INSTITUTION THAT PRESENTS, AT THE CLOSURE OF EACH MOVEMENT OR ADJUSTMENT PERIOD, AN AVERAGE DEFICIENCY RELATIVE TO THE LIABILITY INCURS IN THE PAYMENT OF A PENALTY ON THE ASSESSED DEFICIENCY, CALCULATED ACCORDING TO THE INDICES DEFINED IN PARAGRAPH 1 OF ART. 10 OF THIS CIRCULAR.

PARAGRAPH 1. EVENTUAL EXCESS IN THE AVERAGE OF THE DAILY BALANCES OF BANK RESERVES RELATIVE TO THE LIABILITY, ASSESSED AT THE END OF EACH MOVEMENT PERIOD, MAY COMPENSATE A DEFICIENCY OF LESSER OR EQUAL VALUE IN THE IMMEDIATELY FOLLOWING PERIOD, PROVIDED THAT THE DEFICIENCY IS NOT SUPERIOR TO 3% (THREE PER CENT) OF THE RESPECTIVE LIABILITY.

PARAGRAPH 2. THE PENALTY IS DUE ON THE BUSINESS DAY FOLLOWING THE CLOSURE OF THE ADJUSTMENT PERIOD.

ART. 13. THE FINANCIAL INSTITUTION WITH A VALUE SUBJECT TO COLLECTION (VSR) EQUAL TO OR LESS THAN 0.000005 (FIVE MILLIONTHS) OF THE LIABILITY FOR COLLECTION, OF THE GROUP TO WHICH IT BELONGS, IS EXEMPT FROM COMPULSORY COLLECTION/MANDATORY ENCAIXE ON DEMAND FUNDS.

PARAGRAPH 1. THE CALCULATION BASE FOR THE PURPOSE OF DEFINING THE OBLIGATION OR NOT TO COLLECT WILL BE THE LIABILITY ASSESSED FOR THE IMMEDIATELY PRECEDING MOVEMENT PERIOD.

PARAGRAPH 2. THE PROVISION OF THE INFORMATION CONTAINED IN ART. 8 OF THIS CIRCULAR IS MANDATORY, REGARDLESS OF THE CONDITION PRESCRIBED IN THE "CAPUT" OF THIS ARTICLE.

ART. 14. THE FINANCIAL INSTITUTION NOT SUBJECT TO COMPULSORY COLLECTION/MANDATORY ENCAIXE ON DEMAND FUNDS THAT PRESENTS AT THE END OF THE DAILY BUSINESS HOURS A DEBIT BALANCE IN THE ACCOUNT "BANK RESERVES - IN CASH" INCURS IN THE PAYMENT OF A COST ON THE OVERDRAWN BALANCE, CALCULATED ACCORDING TO THE INDICES DEFINED IN PARAGRAPH 2 OF ART. 10 OF THIS CIRCULAR.

ART. 15. THE COSTS AND PENALTIES ARISING FROM DEFICIENCIES IN THE "BANK RESERVES" ACCOUNT WILL BE UPDATED AND DEBITED ON THE CURRENT DATE, PROVIDED THAT THE ENTRY THAT GAVE RISE TO THEM AFFECTED THE BANK RESERVES SERIES WITH A RETROACTION SUPERIOR TO 5 (FIVE) BUSINESS DAYS.

PARAGRAPH 1. IT IS OPTIONAL FOR THE FINANCIAL INSTITUTION TO OPT FOR THE VALORIZED DEBIT OF THE COSTS AND PENALTIES, SUCH OPTION MUST BE COMMUNICATED TO THE REGIONAL DELEGACY OF THE CENTRAL BANK OF ITS JURISDICTION BY THE THIRD BUSINESS DAY FOLLOWING THE PROCESSING OF THE CHANGES THAT GENERATED THE COSTS/PENALTIES.

PARAGRAPH 2. THE UPDATE REFERRED TO IN THE "CAPUT" OF THIS ARTICLE WILL BE BASED ON THE ADJUSTED AVERAGE RATE OF ALL FINANCING OPERATIONS REGISTERED IN THE SPECIAL SETTLEMENT AND CUSTODY SYSTEM (SELIC), REGARDLESS OF THE CHARACTERISTICS OF THE TITLES, INCREASED BY 30% (THIRTY PER CENT) PER YEAR.

PARAGRAPH 3. THE COSTS AND PENALTIES EMERGING FROM DEFICIENCIES NOT COVERED BY THE PROVISIONS OF THE "CAPUT" OF THIS ARTICLE WILL BE DUE AND DEBITED ON THE BUSINESS DAY FOLLOWING THE TAXABLE EVENT OF THE OCCURRENCE.

ART. 16. THE DAILY FACTORS FOR CALCULATING THE COSTS/PENALTIES MAY BE OBTAINED DIRECTLY THROUGH CONSULTATION TO OPTIONS 14 AND 15 OF THE PTAX880 TRANSACTION OF THE CENTRAL BANK INFORMATION SYSTEM (SISBACEN).

ART. 17. FOR THE PURPOSE OF TRANSITION FROM THE CALCULATION AND MOVEMENT CRITERION PRESCRIBED IN CIRCULAR NO. 2,043, OF 23.09.91, TO THE CURRENT SYSTEMATIC, THE FOLLOWING PROCEDURES WILL BE OBSERVED, EXCEPTIONALLY:

I - THE CALCULATION OF THE LAST LIABILITY FOR COLLECTION OF THE FINANCIAL INSTITUTIONS INTEGRATING GROUP "A", BASED ON CIRCULAR NO. 2,043, OF 23.09.91, WILL COVER THE PERIOD FROM 18 TO 26 OF FEBRUARY OF 1.993, TO BE COMPLIED IN THE MOVEMENT PERIOD FROM 02 TO 08 OF MARCH OF 1.993;

II - THE CALCULATION OF THE LAST LIABILITY FOR COLLECTION OF THE FINANCIAL INSTITUTIONS INTEGRATING GROUP "B", BASED ON CIRCULAR NO. 2,043, OF 23.09.91, WILL COVER THE PERIOD FROM 01 TO 05 OF MARCH OF 1.993, TO BE COMPLIED IN THE MOVEMENT PERIOD FROM 11 TO 17 OF MARCH OF 1.993;

III - THE CALCULATION OF THE FIRST LIABILITY FOR COLLECTION OF THE FINANCIAL INSTITUTIONS INTEGRATING GROUP "A", BASED ON THE CRITERIA FIXED BY THIS CIRCULAR, WILL COVER THE PERIOD FROM 01 TO 12 OF MARCH OF 1.993, TO BE COMPLIED IN THE MOVEMENT PERIOD FROM 09 TO 22 OF MARCH OF 1.993;

IV - THE CALCULATION OF THE FIRST LIABILITY FOR COLLECTION OF THE FINANCIAL INSTITUTIONS INTEGRATING GROUP "B", BASED ON THE CRITERIA FIXED BY THIS CIRCULAR, WILL COVER THE PERIOD FROM 08 TO 19 OF MARCH OF 1.993, TO BE COMPLIED IN THE MOVEMENT PERIOD FROM 18 TO 29 OF MARCH OF 1.993;

ART. 18. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION, PRODUCING EFFECTS FROM:

I - THE MOVEMENT PERIOD FROM 09 TO 22 OF MARCH OF 1993, WHICH WILL CORRESPOND TO THE CALCULATION PERIOD FROM 1ST TO 12 OF MARCH OF 1.993, IN THE CASE OF FINANCIAL INSTITUTIONS INTEGRATING GROUP "A";

II - THE MOVEMENT PERIOD FROM 18 TO 29 OF MARCH OF 1993, WHICH WILL CORRESPOND TO THE CALCULATION PERIOD FROM 08 TO 19 OF MARCH OF 1.993, IN THE CASE OF FINANCIAL INSTITUTIONS INTEGRATING GROUP "B".

ART. 19. REVOKE, FROM 09.03.93, FOR THE INSTITUTIONS INTEGRATING "GROUP A", AND FROM 18.03.93, FOR THE INSTITUTIONS INTEGRATING "GROUP B", RESOLUTION NO. 1.029, OF 28.06.85, CIRCULARS NOS 1.764, OF 21.06.90, 1.952, OF 10.05.91, 1.970, OF 13.06.91, 2.043, OF 23.09.91, 2.212, OF 06.08.92, 2.225, OF 09.09.92, 2.229, OF 23.09.92, 2.245, OF 29.10.92, 2.256, OF 17.12.92, 2.270, OF 27.01.93, AND LETTER-CIRCULAR NO. 2.326, OF 09.10.92.

BRASILIA (DF), 16 OF FEBRUARY OF 1993

GUSTAVO JORGE LABOISSIERE LOYOLA PRESIDENT
JOAO HERALDO LIMA DIRECTOR

ANNEX 01

PROGRESSIVE TABLE OF RATE ADJUSTMENT FOR COLLECTION OF DEMAND AND NOTICE DEPOSITS - GROUP-A

CALCULATION PERIOD	INCENTIVIZED AREA			NON-INCENTIVIZED AREA
	SMALL	MEDIUM	LARGE	SMALL	MEDIUM	LARGE
01.03 TO 12.03.93	22,0	29,4	39,0	27,5	36,5	49,0
15.03 TO 26.03.93	23,0	30,4	40,0	28,5	37,5	50,0
29.03 TO 07.04.93	24,0	31,4		29,5	38,5
12.04 TO 23.04.93	25,0	32,4		30,5	39,5
26.04 TO 07.05.93	26,0	33,4		31,5	40,5
10.05 TO 21.05.93	27,0	34,4		32,5	41,5
24.05 TO 04.06.93	28,0	35,4		33,5	42,5
07.06 TO 18.06.93	29,0	36,4		34,5	43,5
21.06 TO 02.07.93	30,0	37,4		35,5	44,5
05.07 TO 16.07.93	31,0	38,4		36,5	45,5
19.07 TO 30.07.93	32,0	39,4		37,5	46,5
02.08 TO 13.08.93	33,0	40,0		38,5	48,0
16.08 TO 27.08.93	34,0			39,5	50,0
30.08 TO 10.09.93	35,0			40,5
13.09 TO 24.09.93	36,0			41,5
27.09 TO 08.10.93	37,0			42,5
11.10 TO 22.10.93	38,0			43,5
25.10 TO 05.11.93	39,0			44,5
08.11 TO 19.11.93	40,0			45,5
22.11 TO 03.12.93				46,5
06.12 TO 17.12.93				48,0
20.12 TO 31.12.93				50,0

ANNEX 02

PROGRESSIVE TABLE OF RATE ADJUSTMENT FOR COLLECTION OF DEMAND AND NOTICE DEPOSITS - GROUP-B

PERIOD OF CALCULATION	AREA
	INCENTIVIZED			NON-INCENTIVIZED
	SMALL	MEDIUM	LARGE	SMALL	MEDIUM	LARGE
---	---	---	---	---	---	---
08.03 TO 19.03.93	22,0	29,4	39,0	27,5	36,5	49,0
22.03 TO 02.04.93	23,0	30,4	40,0	28,5	37,5	50,0
05.04 TO 16.04.93	24,0	31,4		29,5	38,5
19.04 TO 30.04.93	25,0	32,4		30,5	39,5
03.05 TO 14.05.93	26,0	33,4		31,5	40,5
17.05 TO 28.05.93	27,0	34,4		32,5	41,5
31.05 TO 11.06.93	28,0	35,4		33,5	42,5
14.06 TO 25.06.93	29,0	36,4		34,5	43,5
28.06 TO 09.07.93	30,0	37,4		35,5	44,5
12.07 TO 23.07.93	31,0	38,4		36,5	45,5
26.07 TO 06.08.93	32,0	39,4		37,5	46,5
09.08 TO 20.08.93	33,0	40,0		38,5	48,0
23.08 TO 03.09.93	34,0			39,5	50,0
06.09 TO 17.09.93	35,0			40,5
20.09 TO 01.10.93	36,0			41,5
04.10 TO 15.10.93	37,0			42,5
18.10 TO 29.10.93	38,0			43,5
01.11 TO 12.11.93	39,0			44,5
16.11 TO 26.11.93	40,0			45,5
29.11 TO 10.12.93				46,5
13.12 TO 23.12.93				48,0
27.12.93/07.01.94				50,0

ANEXO 03

FINANCIAL INSTITUTIONS MEMBERS OF GROUP "A"

NO. NAME

---

001 - BANCO ABC-ROMA S.A.
002 - BANCO ARAUCÁRIA S.A.
003 - BANCO ATLANTIS S.A.
004 - BANCO AUGUSTA INDUSTRIAL E COMERCIAL S.A.-INCOBANCO 005 - BANCO BAMERINDUS DO BRASIL S.A.
006 - BANCO BANCRED S.A.
007 - BANCO BANDEIRANTES S.A.
008 - BANCO BBA-CREDITANSTALT S.A.
009 - BANCO BMC S.A.
010 - BANCO BNL DO BRASIL S.A.
011 - BANCO BRADESCO S.A.
012 - BANCO BRASILEIRO COMERCIAL S.A. - BBC
013 - BANCO BRASILEIRO-IRAQUIANO S.A.
014 - BANCO CAMBIAL S.A.
015 - BANCO CÉDULA S.A.
016 - BANCO COMERCIAL BANCESA S.A.
017 - BANCO CREDIBANCO S.A.
018 - BANCO CREDIPLAN S.A.
019 - BANCO CREDIT COMMERCIAL DE FRANCE S.A.
020 - BANCO CREFISUL S.A.
021 - BANCO DE CRÉDITO NACIONAL S.A.
022 - BANCO DE CRÉDITO REAL DE MINAS GERAIS S.A.
023 - BANCO DE CRÉDITO DE SÃO PAULO S.A.
024 - BANCO DE LA NACIÓN ARGENTINA
025 - BANCO DE FINANCIAMENTO INTERNACIONAL S.A.
026 - BANCO DE LA PROVÍNCIA DE BUENOS AIRES
027 - BANCO DE LA REPÚBLICA ORIENTAL DEL URUGUAY 028 - BANCO DE MONTREAL S.A. - MONTREALBANK 029 - BANCO DE SANTANDER S.A.
030 - BANCO DE TOKYO S.A.
031 - BANCO DESTAK S.A.
032 - BANCO DO ESTADO DA BAHIA S.A.
033 - BANCO DO ESTADO DE MINAS GERAIS S.A.
034 - BANCO DO ESTADO DE PERNAMBUCO S.A.
035 - BANCO DO ESTADO DE RONDÔNIA S.A. - BERON 036 - BANCO DO ESTADO DE RORAIMA S.A.
037 - BANCO DO ESTADO DE SANTA CATARINA S.A.
038 - BANCO DO ESTADO DE SÃO PAULO S.A.
039 - BANCO DO ESTADO DE SERGIPE S.A.
040 - BANCO DO ESTADO DO ACRE S.A.
041 - BANCO DO ESTADO DO AMAPÁ S.A.
042 - BANCO DO ESTADO DO MARANHÃO S.A.
043 - BANCO DO ESTADO DO MATO GROSSO S.A.
044 - BANCO DO ESTADO DO PARANÁ S.A.
045 - BANCO DO ESTADO DO RIO GRANDE DO SUL S.A.
046 - BANCO DO ESTADO DO RIO DE JANEIRO S.A.
047 - BANCO EXTERIOR DE ESPANA S.A.
048 - BANCO FICSA S.A.
049 - BANCO FINANCIAL PORTUGUÊS
050 - BANCO GOLDMINE S.A.
051 - BANCO GUANABARA S.A.
052 - BANCO GULFINVEST S.A.
053 - BANCO INDUSTRIAL E COMERCIAL S.A.
054 - BANCO INDUSVAL S.A.
055 - BANCO INTER-ATLÂNTICO S.A.
056 - BANCO INTERCAP S.A.
057 - BANCO INTERPART S.A.
058 - BANCO INVESTCORP
059 - BANCO IOCHPE S.A.
060 - BANCO ITAMARATI S.A.
061 - BANCO LAVRA S.A.
062 - BANCO LUSO BRASILEIRO S.A.
063 - BANCO MAPPIN S.A.
064 - BANCO MARKA S.A.
065 - BANCO MERCANTIL DE DESCONTOS S.A.
066 - BANCO MERCANTIL DE SÃO PAULO S.A.
067 - BANCO MOSSORÓ S.A.
068 - BANCO NACIONAL DA BAHIA S.A.
069 - BANCO NORCHEM S.A.
070 - BANCO NOROESTE S.A.
071 - BANCO OPERADOR S.A.
072 - BANCO PATENTE S.A.
073 - BANCO PAULISTA S.A.
074 - BANCO PEBB S.A.
075 - BANCO PECÚNIA S.A.
076 - BANCO PERFORMANCE S.A.
077 - BANCO PIRELLI FINTEC S.A.
078 - BANCO PORTO REAL S.A.
079 - BANCO PRIMUS S.A.
080 - BANCO REGIONAL MALCON S.A-COML. E DE CRED. AO CONSUMIDOR 081 - BANCO RENDIMENTO S.A.
082 - BANCO ROSA S.A.
083 - BANCO SAFRA S.A.
084 - BANCO SANTISTA S.A.
085 - BANCO SANTOS NEVES S.A.
086 - BANCO SCHAHIN CURY S.A.
087 - BANCO SEGMENTO S.A.
088 - BANCO SUMITOMO BRASILEIRO S.A.
089 - BANCO TECNICORP S.A.
090 - BANCO TRIÂNGULO S.A.
091 - BANCO UNION S.A.
092 - BANCO UNIVERSAL S.A.
093 - BANESTES S.A.-BANCO DO ESTADO DO ESPÍRITO SANTO 094 - BANFORT-BANCO FORTALEZA S.A.
095 - BFC BANCO S.A.
096 - BIG S.A.-BANCO IRMÃOS GUIMARÃES
097 - BOREAL S.A. BANCO COMERCIAL DE CRÉDITO AO CONSUMIDOR 098 - CAIXA ECONÔMICA ESTADUAL DO RIO GRANDE DO SUL 099 - CAIXA ECONÔMICA FEDERAL 100 - CENTRO HISPANO BANCO 101 - CITIBANK, N.A. 102 - CONTINENTAL BANCO S.A. 103 - INTERNATIONALE NEDERLANDEN BANK N.V. 104 - MORGAN GUARANTY TRUST COMPANY OF NEW YORK 105 - MULTI BANCO S.A. 106 - NOSSA CAIXA - NOSSO BANCO S.A.

ANEXO 04

FINANCIAL INSTITUTIONS MEMBERS OF GROUP "B"

NO. NAME

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001 - BANCO A. J. RENNER S.A.
002 - BANCO ADOLPHO OLIVEIRA & ASSOCIADOS S.A.
003 - BANCO AGRIMISA S.A.
004 - BANCO AGROINVEST S.A.
005 - BANCO AMÉRICA DO SUL S.A.
006 - BANCO ANTONIO DE QUEIROZ S.A.
007 - BANCO APLICAP S.A.
008 - BANCO ARBI S.A.
009 - BANCO BHM S.A.
010 - BANCO BOAVISTA S.A.
011 - BANCO BOZANO, SIMONSEN S.A.
012 - BANCO BRASEG S.A.
013 - BANCO CACIQUE S.A.
014 - BANCO CAPITALTEC S.A.
015 - BANCO CHASE MANHATTAN S.A.
016 - BANCO CIDADE S.A.
017 - BANCO CLÁSSICO S.A.
018 - BANCO CRUZEIRO DO SUL S.A.
019 - BANCO DA AMAZÔNIA S.A.
020 - BANCO DA BAHIA S.A.
021 - BANCO DE CRÉDITO REAL DO RIO GRANDE DO SUL S.A.
022 - BANCO DIBENS S.A.
023 - BANCO DIGIBANCO S.A.
024 - BANCO DIMENSÃO S.A.
025 - BANCO DO BRASIL S.A.
026 - BANCO DO ESTADO DE ALAGOAS S.A.
027 - BANCO DO ESTADO DE GOIÁS S.A.
028 - BANCO DO ESTADO DO AMAZONAS S.A.
029 - BANCO DO ESTADO DO CEARÁ S.A.
030 - BANCO DO ESTADO DO PARÁ S.A.
031 - BANCO DO NORDESTE DO BRASIL S.A.
032 - BANCO DO PROGRESSO S.A.
033 - BANCO DRACMA S.A.
034 - BANCO ECONÔMICO S.A.
035 - BANCO EMPRESARIAL S.A.
036 - BANCO EUROINVEST S.A.
037 - BANCO EUROPEU PARA A AMÉRICA LATINA (BEAL) S.A.
038 - BANCO FATOR S.A.
039 - BANCO FENÍCIA S.A.
040 - BANCO FIBRA S.A.
041 - BANCO FICRISA AXELRUD S.A.
042 - BANCO FININVEST S.A.
043 - BANCO FRANCÊS E BRASILEIRO S.A.
044 - BANCO GARANTIA S.A.
045 - BANCO GARAVELO S.A.
046 - BANCO GENERAL MOTORS S.A.
047 - BANCO GERAL DO COMÉRCIO S.A.
048 - BANCO GRAPHUS S.A.
049 - BANCO HÉRCULES S.A. COML. E DE CRÉD. AO CONSUMIDOR 050 - BANCO HOLANDÊS S.A.
051 - BANCO ICATU S.A.
052 - BANCO INDUSCRED S.A.
053 - BANCO INTERIOR DE SÃO PAULO S.A.
054 - BANCO INTERPACÍFICO S.A.
055 - BANCO INTERUNION S.A.
056 - BANCO INVESTCRED S.A.
057 - BANCO INVESTOR S.A.
058 - BANCO ITAÚ S.A.
059 - BANCO LIBERAL S.A.
060 - BANCO MANTRUST - SRL S.A.
061 - BANCO MARTINELLI S.A.
062 - BANCO MATONE S.A.
063 - BANCO MAXINVEST S.A.
064 - BANCO MERCANTIL S.A.
065 - BANCO MERCANTIL DO BRASIL S.A.
066 - BANCO MERIDIONAL DO BRASIL S.A.
067 - BANCO MITSUBISHI BRASILEIRO S.A.
068 - BANCO MULTIPLIC S.A.
069 - BANCO NACIONAL S.A.
070 - BANCO OMEGA S.A.
071 - BANCO OPEN S.A.
072 - BANCO PACTUAL S.A.
073 - BANCO PANAMERICANO S.A.
074 - BANCO PLANIBANC S.A.
075 - BANCO PONTUAL S.A.
076 - BANCO PROSPER S.A.
077 - BANCO REAL S.A.
078 - BANCO RURAL S.A.
079 - BANCO SÃO JORGE S.A.
080 - BANCO SISTEMA S.A.
081 - BANCO SOFISA S.A.
082 - BANCO SOGERAL S.A.
083 - BANCO STOCK S.A.
084 - BANCO STOTLER DIME S.A.
085 - BANCO SUDAMERIS BRASIL S.A.
086 - BANCO SUL AMÉRICA SCANDINAVIAN S.A.
087 - BANCO TENDÊNCIA S.A.
088 - BANCO VARIG S.A.
089 - BANCO VR S.A.
090 - BANCO VOTORANTIM S.A.
091 - BANCORP-BANCO COMERCIAL E DE INVESTIMENTO S.A.
092 - BANESTO BANCO URUGUAY S.A.
093 - BANORTE-BANCO NACIONAL DO NORTE S.A.
094 - BMG BANCO COMERCIAL S.A.
095 - BRASBANCO S.A. - BANCO COMERCIAL
096 - BRB-BANCO DE BRASÍLIA S.A.
097 - DEUTSCH-SUDAMERIKANISCHE BANK AKTIENGESELLSCHAFT 098 - DEUTSCHE BANK AKTIENGESELLSCHAFT (BANCO ALEMÃO) 099 - EXCEL BANCO S.A.
100 - LLOYDS BNK PLC.
101 - MIL BANCO S.A.
102 - PARANÁ BANCO S.A.
103 - THE FIRST NATIONAL BANK OF BOSTON
104 - THE ROYAL BANK OF CANADA (BRASIL) S.A. BCO. COM. E INV.
105 - UNIBANCO-UNIÃO DE BANCOS BRASILEIROS S.A.