Circular No. 2293 — Provisions on the Collection of Mandatory Reserves Based on Resources from Savings Deposits

CIRCULAR NO. 002293

PROVISIONS ON THE COLLECTION OF MANDATORY RESERVES BASED ON RESOURCES FROM SAVINGS DEPOSITS.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 24.03.93, 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 RESOLUTIONS NOS. 1.220, OF 24.11.86, 1.443 AND 1.446, OF 05.01.88, 1.518, 1.519 AND 1.520, OF 21.09.88, DECIDED:

ART. 1. THE COLLECTION OF MANDATORY RESERVES ON RESOURCES CAPTURED IN SAVINGS DEPOSITS BY MULTIPLE BANKS WITH REAL ESTATE CREDIT PORTFOLIOS, BY REAL ESTATE CREDIT COMPANIES, BY SAVINGS AND LOAN ASSOCIATIONS, BY SAVINGS BANKS, BY BANCO DA AMAZÔNIA S.A., BY BANCO DO BRASIL S.A. AND BY BANCO DO NORDESTE DO BRASIL S.A. SHALL APPLY TO THE BALANCES RECORDED UNDER RUBRIC 4.1.2.00.00-3 - SAVINGS DEPOSITS OF THE ACCOUNTING PLAN OF INSTITUTIONS OF THE NATIONAL FINANCIAL SYSTEM (COSIF), ALLOWING FOR THE DEDUCTION OF CREDITS HELD WITH THE FUNDO DE GARANTIA DOS DEPÓSITOS E LETRAS IMOBILIÁRIAS (FGDLI).

PARAGRAPH 1. THE COLLECTION REFERRED TO IN THE MAIN TEXT OF THIS ARTICLE SHALL BE BASED ON THE ARITHMETIC MEAN OF THE DAILY BALANCES REGISTERED DURING THE CALCULATION PERIOD.

PARAGRAPH 2. THE CALCULATION PERIOD FOR THE PURPOSE OF COLLECTING MANDATORY RESERVES ON SAVINGS DEPOSIT RESOURCES IS DEFINED AS A TIME LAPSE OF TWO CONSECUTIVE WEEKS, WHICH ROLL ONE AFTER ANOTHER, STARTING ON A MONDAY AND ENDING ON A FRIDAY, CONSIDERING ONLY BUSINESS DAYS.

ART. 2. THE COLLECTION OF MANDATORY RESERVES SHALL BE AUTOMATICALLY CONSTITUTED ON THE MONDAY OF THE SECOND WEEK FOLLOWING THE END OF THE CALCULATION PERIOD OR, IN THE CASE OF A HOLIDAY, ON THE FIRST SUBSEQUENT BUSINESS DAY, REMAINING UNAVAILABLE UNTIL THE NEXT POSITION ADJUSTMENT.

PARAGRAPH 1. THE VALUES COLLECTED BY THE CENTRAL BANK, UNDER THE TERMS OF THE MAIN TEXT OF THIS ARTICLE, SHALL ENTITLE THE HOLDER TO REMUNERATION BASED ON THE DAILY REFERENCE RATE - TRD, PLUS INTEREST EQUIVALENT TO:

A - 3.9% (THREE WHOLE AND NINE TENTHS PER CENT) PER YEAR, IN THE CASE OF MANDATORY RESERVES BASED ON LINKED SAVINGS DEPOSITS;

B - 7.06% (SEVEN WHOLE AND SIX HUNDREDTHS PER CENT) PER YEAR, IN THE CASE OF MANDATORY RESERVES BASED ON OTHER MODALITIES OF SAVINGS DEPOSITS.

PARAGRAPH 2. MANDATORY RESERVES MUST BE COMPLIED WITH EXCLUSIVELY IN SPECIE AND ALL MOVEMENTS RELATED TO THE CONSTITUTION AND RELEASE OF THE DEPOSIT SHALL BE PROCESSED VIA THE "BANKING RESERVES" ACCOUNT OF THE HOLDER/CONVENTION PARTNER.

PARAGRAPH 3. FINANCIAL INSTITUTIONS THAT CANNOT BE HOLDERS OF THE "BANKING RESERVES" ACCOUNT MUST ENTER INTO AN AGREEMENT WITH A MULTIPLE BANK WITH COMMERCIAL PORTFOLIO, A COMMERCIAL BANK OR A SAVINGS BANK FOR THE PURPOSE OF MOVING THE COLLECTION OF MANDATORY RESERVES.

PARAGRAPH 4. THE AGREEMENT PROVIDED FOR IN THE PREVIOUS PARAGRAPH DOES NOT IMPLY ANY RESPONSIBILITY ON THE PART OF THE FINANCIAL INSTITUTION HOLDING THE "BANKING RESERVES" ACCOUNT TOWARDS THE CENTRAL BANK, EXCEPT IN THE EVENT THAT THE ENTRIES TRANSITED BY IT ARE NOT CHALLENGED UNTIL THE FIRST SUBSEQUENT BUSINESS DAY FOLLOWING THE EVENT.

ART. 3. FOR THE PURPOSES OF DETERMINING THE LIABILITY FOR COLLECTION AND THE RESPECTIVE ADJUSTMENT, FINANCIAL INSTITUTIONS MUST PROVIDE THE CENTRAL BANK, VIA TRANSACTION PPED 500 OF THE CENTRAL BANK INFORMATION SYSTEM (SISBACEN), DAILY AND ACCORDING TO THE CAPTURE MODALITY THEY ARE AUTHORIZED FOR, THE FOLLOWING INFORMATION:

I - DAILY BALANCE OF CURRENCY SAVINGS DEPOSITS, INCLUDING THE RESPECTIVE EXPENSES OF SAVINGS DEPOSITS TO BE INCORPORATED;

II - DAILY BALANCE OF LINKED SAVINGS DEPOSITS, INCLUDING THE RESPECTIVE EXPENSES OF SAVINGS DEPOSITS TO BE INCORPORATED;

III - DAILY BALANCE OF OTHER MODALITIES OF SAVINGS DEPOSITS, INCLUDING THE RESPECTIVE EXPENSES OF SAVINGS DEPOSITS TO BE INCORPORATED;

IV - DAILY BALANCE OF CREDITS HELD WITH THE FUNDO DE GARANTIA DOS DEPÓSITOS E LETRAS IMOBILIÁRIAS (FGDLI).

PARAGRAPH 1. THE INFORMATION REFERRED TO IN THIS ARTICLE MAY BE PROVIDED WITH A LAG OF UP TO FIVE BUSINESS DAYS, PROVIDED THAT, FOR THE PURPOSE OF INSERTING THE LAST DATA OF EACH CALCULATION PERIOD, SUCH DEADLINE CANNOT EXCEED THE BUSINESS DAY IMMEDIATELY PRECEDING THE DATE OF ADJUSTMENT OF THE DEPOSIT AT THE CENTRAL BANK.

PARAGRAPH 2. SUBSEQUENT INCLUSIONS/ALTERATIONS AFTER THE DEADLINE FIXED IN PARAGRAPH ONE OF THIS ARTICLE WILL ONLY BE PROCESSED BY THE REGIONAL DELEGACY OF THE CENTRAL BANK TO WHICH THE FINANCIAL INSTITUTION IS JURISDICTIONALLY SUBJECT.

PARAGRAPH 3. THE INCLUSION/ALTERATION OF INFORMATION OUTSIDE THE REGULATORY DEADLINE SUBJECTS THE FINANCIAL INSTITUTION TO THE PAYMENT OF A FINE IN THE AMOUNT OF CR$2,500,000.00 (TWO MILLION AND FIVE HUNDRED THOUSAND CRUZEIROS), UPDATED, FROM THE ENTRY INTO FORCE OF THIS CIRCULAR, BY THE DAILY VARIATION OF THE INDEX OF UPDATE OF THE REFISCAL UNIT (UFIR DAILY).

PARAGRAPH 4. THE FINE WILL BE DUE FOR EACH DAILY POSITION INCLUDED/ALTERED OUTSIDE THE REGULATORY DEADLINE.

PARAGRAPH 5. IN ADDITION TO THE DAILY INFORMATION FOR CALCULATING THE LIABILITY OF MANDATORY RESERVES, FINANCIAL INSTITUTIONS MUST INFORM, BY THE LAST BUSINESS DAY OF THE FIRST HALF OF EACH MONTH, ALSO VIA TRANSACTION PPED 500, INFORMATION RELATING TO THE ALLOCATION OF RESOURCES FOR HOUSING FINANCING OVER THE PREVIOUS SIX MONTHS, UNDER THE TERMS OF THE CURRENT REGULATION, SUBJECT THEMSELVES TO THE PAYMENT OF A FINE FOR INCLUSIONS/ALTERATIONS AFTER THE REGULATORY DEADLINE.

ART. 4. IN THE EVENT THAT A SHORTFALL IN THE COLLECTION OF MANDATORY RESERVES ON SAVINGS DEPOSITS IS DETECTED, THE FINANCIAL INSTITUTION SHALL INCUR THE PAYMENT OF FINANCIAL COSTS, CALCULATED ON THE VALUE OF THE DEFICIENCY IN COLLECTION.

PARAGRAPH 1. FINANCIAL COSTS SHALL BE CALCULATED TAKING AS A BASIS THE ADJUSTED AVERAGE RATE OF ALL FINANCING OPERATIONS REGISTERED IN THE SPECIAL SETTLEMENT AND CUSTODY SYSTEM (SELIC), INDEPENDENTLY OF THE CHARACTERISTICS OF THE SECURITIES, PLUS 30% (THIRTY PER CENT) PER YEAR, CONSIDERING THE NUMBER OF BUSINESS DAYS ELAPSED BETWEEN THE DATE OF CONSTITUTION OF THE RESERVE AT THE CENTRAL BANK AND THE DAY OF ITS REGULARIZATION, DEDUCTING THE ACCUMULATED VARIATION OF THE DAILY REFERENCE RATE (TRD) IN THE SAME PERIOD, BEING DUE ON THE SUBSEQUENT BUSINESS DAY.

PARAGRAPH 2. FINANCIAL COSTS RELATING TO POTENTIAL PAST DEFICIENCIES MAY, AT THE OPTION OF THE FINANCIAL INSTITUTION, BE DEBITED ON THE CURRENT DATE, UPDATED, UP TO THE EVE OF THE EFFECTIVE DEBIT, BY THE ACCUMULATED VARIATION OF THE ADJUSTED AVERAGE RATE OF ALL FINANCING OPERATIONS REGISTERED IN THE SPECIAL SETTLEMENT AND CUSTODY SYSTEM (SELIC), INDEPENDENTLY OF THE CHARACTERISTICS OF THE SECURITIES, PLUS 30% (THIRTY PER CENT) PER YEAR.

PARAGRAPH 3. THE DAILY FACTORS USED FOR THE PURPOSES OF CALCULATING THE FINE AND THE FINANCIAL COST CAN BE OBTAINED THROUGH CONSULTATION TO TRANSACTIONS PTAX 860, OPTIONS 14 AND 17, AND PTAX 880, OPTION 14, OF THE CENTRAL BANK INFORMATION SYSTEM (SISBACEN).

ART. 5. FINANCIAL INSTITUTIONS THAT DO NOT YET HAVE ACCREDITATION WITH THE CENTRAL BANK INFORMATION SYSTEM (SISBACEN) MUST PROVIDE FOR IT AT THE DEPARTMENT OF INFORMATION TECHNOLOGY (DEINF), IN BRASÍLIA (DF), OR AT THEIR REPRESENTATIONS AT THE REGIONAL DELEGACIES OF THIS BODY.

ART. 6. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION, PRODUCING EFFECTS FROM THE CALCULATION PERIOD OF 26.04 TO 07.05.93, WHICH WILL CORRESPOND TO THE ADJUSTMENT VALID FOR THE PERIOD OF 17 TO 21.05.93.

ART. 7. REVOKE, FROM 26.04.93, CIRCULARS NOS. 1.098, OF 16.12.86, 1.277, OF 05.01.88, 1.582, OF 15.02.90, 1.727, OF 11.05.90, AND 2.108, OF 30.12.91, AND LETTER-CIRCULARS NOS 1.850, 1.851 AND 1.852, OF 09.11.88, AND 2.341, OF 21.12.92, AND OTHER PROVISIONS TO THE CONTRARY.

BRASÍLIA (DF), MARCH 24, 1993

GUSTAVO JORGE LABOISSIÈRE LOYOLA JOÃO HERALDO LIMA PRESIDENT DIRECTOR

NOTE: RETRANSMITTED DUE TO A CORRECTION IN THE NUMBERING OF THE PARAGRAPHS OF ART. 2.