Circular No. 2301 — Provides for the Calculation and Update of Financial Charges for Deficiencies in the Compulsory Deposit/Required Reserve

CIRCULAR NO. 002301

PROVIDES FOR THE CALCULATION AND UPDATE OF FINANCIAL CHARGES FOR DEFICIENCIES IN THE COMPULSORY DEPOSIT/REQUIRED RESERVE REFERRED TO IN CIRCULARS NOS. 2,140, OF 02/26/92, 2,168, OF 04/29/92, 2,209, OF 08/05/92, 2,269, OF 01/20/93, 2,280, OF 02/16/93, AND 2,293, OF 03/24/93.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 05/04/93, HAVING REGARD TO THE PROVISIONS OF ART. 10, ITEMS III AND IV, OF LAW NO. 4,595, OF 12/31/64, WITH THE WORDING GIVEN TO IT BY ARTS. 19 AND 20 OF LAW NO. 7,730, OF 01/31/89, IN ART. 20 OF LAW NO. 8,024, OF 04/12/90, AND IN RESOLUTION NO. 1,857, OF 08/15/91, DECIDED:

ART. 1. PARAGRAPHS 3, 4, AND 5 OF ART. 3 OF CIRCULAR NO. 2,140, OF 02/26/92, SHALL ENTER INTO FORCE WITH THE FOLLOWING WORDING:

"PARAGRAPH 3. THE FINANCIAL INSTITUTION THAT DELIVERS THE STATEMENT LATELY AND/OR COMES TO REPLACE IT AFTER THE ADJUSTMENT DATE OF EACH POSITION INCURS THE PAYMENT OF A FINANCIAL CHARGE TO BE CALCULATED ON THE EVENTUAL DEFICIENCY IN THE DEPOSIT.

PARAGRAPH 4. THE FINANCIAL INSTITUTION THAT, OPTING TO LINK SECURITIES, DOES SO IN AN AMOUNT LOWER THAN REQUIRED SHALL BE SUBJECT TO THE SAME FINANCIAL CHARGE.

PARAGRAPH 5. THE FINANCIAL CHARGE SHALL APPLY TO THE DEFICIENCIES FOUND AND SHALL BE CALCULATED, UNTIL THE DATE OF ITS REGULARIZATION, TAKING AS A BASE THE ADJUSTED AVERAGE RATE OF ALL FINANCING OPERATIONS REGISTERED IN THE SPECIAL SYSTEM OF CLEARING AND CUSTODY (SELIC), INDEPENDENTLY OF THE CHARACTERISTICS OF THE SECURITIES, INCREASED BY 30% (THIRTY PERCENT) PER YEAR, CONSIDERING THE NUMBER OF BUSINESS DAYS, DEDUCTING THE REFERENCE RATE (TR), "PRO-RATA DIE", FROM THE ADJUSTMENT DATE OF THE RESPECTIVE POSITION, INCREASED BY 0.5% (HALF PERCENT) PER MONTH, AND SHALL BE DUE ON THE FOLLOWING BUSINESS DAY."

ART. 2. PARAGRAPHS 3 AND 5 OF ART. 3 OF CIRCULAR NO. 2,168, OF 04/29/92, SHALL ENTER INTO FORCE WITH THE FOLLOWING WORDING:

"PARAGRAPH 3. THE FINANCIAL INSTITUTION THAT DELIVERS THE STATEMENT LATELY AND/OR COMES TO REPLACE IT AFTER THE ADJUSTMENT DATE OF EACH POSITION INCURS THE PAYMENT OF A FINANCIAL CHARGE TO BE CALCULATED ON THE EVENTUAL DEFICIENCY IN THE DEPOSIT."

"PARAGRAPH 5. THE FINANCIAL CHARGE REFERRED TO IN PARAGRAPH 3 OF THIS ARTICLE SHALL APPLY TO THE DEFICIENCIES FOUND AND SHALL BE CALCULATED, UNTIL THE DATE IMMEDIATELY PRECEDING ITS REGULARIZATION, TAKING AS A BASE THE ADJUSTED AVERAGE RATE OF ALL FINANCING OPERATIONS REGISTERED IN THE SPECIAL SYSTEM OF CLEARING AND CUSTODY (SELIC), INDEPENDENTLY OF THE CHARACTERISTICS OF THE SECURITIES, INCREASED BY 30% (THIRTY PERCENT) PER YEAR, CONSIDERING THE NUMBER OF BUSINESS DAYS, AND SHALL BE DUE ON THE DAY OF REGULARIZATION."

ART. 3. ALINEMENT "B" OF PARAGRAPH 3 AND PARAGRAPH 4 OF ART. 38 OF THE REGULATION ATTACHED TO CIRCULAR NO. 2,209, OF 08/05/92, SHALL ENTER INTO FORCE WITH THE FOLLOWING WORDING:

"B - FINANCIAL CHARGE, TO BE CALCULATED ON THE VALUE OF THE EVENTUAL DEFICIENCY IN THE CONSTITUTION OF SAID DEPOSITS."

"PARAGRAPH 4. THE FINANCIAL CHARGE REFERRED TO IN ALINEMENT "B" OF THE PREVIOUS PARAGRAPH SHALL BE CALCULATED TAKING AS A BASE THE ADJUSTED AVERAGE RATE OF ALL FINANCING OPERATIONS REGISTERED IN THE SPECIAL SYSTEM OF CLEARING AND CUSTODY (SELIC), INDEPENDENTLY OF THE CHARACTERISTICS OF THE SECURITIES, INCREASED BY 30% (THIRTY PERCENT) PER YEAR, CONSIDERING THE NUMBER OF BUSINESS DAYS ELAPSED BETWEEN THE ADJUSTMENT DATE OF THE DEPOSITS WITH THE CENTRAL BANK AND THE DAY OF REGULARIZATION OF THE INFORMATION PERTAINING TO THEM, DEDUCTING THE REFERENCE RATE (TR), "PRO-RATA DIE", OF THE SAME ADJUSTMENT DATE."

ART. 4. THE "CAPUT" AND PARAGRAPHS 1 AND 2 OF ART. 4 OF CIRCULAR NO. 2,269, OF 01/20/93, SHALL ENTER INTO FORCE WITH THE FOLLOWING WORDING:

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

PARAGRAPH 1. THE FINANCIAL CHARGE SHALL BE CALCULATED TAKING AS A BASE THE ADJUSTED AVERAGE RATE OF ALL FINANCING OPERATIONS REGISTERED IN THE SPECIAL SYSTEM OF CLEARING AND CUSTODY (SELIC), INDEPENDENTLY OF THE CHARACTERISTICS OF THE SECURITIES, INCREASED BY 30% (THIRTY PERCENT) PER YEAR, DEDUCTING THE REFERENCE RATE (TR), "PRO-RATA DIE", OF THE 1ST (FIRST) DAY OF EACH MONTH, INCREASED BY THE INTEREST PAID TO THE HOLDERS OF THE SPECIAL REMUNERATED DEPOSITS, AND SHALL BE DUE ON THE SUBSEQUENT BUSINESS DAY.

PARAGRAPH 2. THE FINANCIAL CHARGE 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, INCLUSIVE, BY THE DAILY RATE OF INTERBANK DEPOSITS (DI)."

ART. 5. THE "CAPUT" AND PARAGRAPH 2 OF ART. 12 AND THE "CAPUT" AND PARAGRAPH 2 OF ART. 15 OF CIRCULAR NO. 2,280, OF 02/16/93, SHALL ENTER INTO FORCE WITH THE FOLLOWING WORDING:

"ART. 12. THE FINANCIAL INSTITUTION THAT PRESENTS, AT THE CLOSING OF EACH PERIOD OF MOVEMENT OR ADJUSTMENT, AN AVERAGE DEFICIENCY RELATIVE TO THE REQUIREMENT INCURS THE PAYMENT OF A FINANCIAL CHARGE ON THE DEFICIENCY DETERMINED, CALCULATED ACCORDING TO THE INDICES DEFINED IN PARAGRAPH 1 OF ART. 10 OF THIS CIRCULAR."

"PARAGRAPH 2. THE FINANCIAL CHARGE FOR DEFICIENCY IN THE AVERAGE OF THE DEPOSIT IS DUE ON THE BUSINESS DAY FOLLOWING THE CLOSING OF THE ADJUSTMENT PERIOD."

"ART. 15. THE CHARGES ARISING FROM DEFICIENCIES IN THE "BANKING RESERVES" ACCOUNT, WHETHER IN THE DAILY MINIMUM BALANCE OR IN THE AVERAGE OF THE DEPOSITS OF THE MOVEMENT PERIOD, SHALL BE UPDATED AND DEBITED ON A CURRENT DATE, PROVIDED THAT THE ENTRY THAT GAVE RISE TO THEM HAS AFFECTED THE SERIES OF BANKING RESERVES WITH A RETROACTION GREATER THAN 5 (FIVE) BUSINESS DAYS."

"PARAGRAPH 2. THE UPDATE REFERRED TO IN THE "CAPUT" OF THIS ARTICLE SHALL BE BASED ON THE DAILY RATE OF INTERBANK DEPOSITS (DI)."

ART. 6. PARAGRAPHS 1 AND 2 OF ART. 4 OF CIRCULAR NO. 2,293, OF 03/24/93, SHALL ENTER INTO FORCE WITH THE FOLLOWING WORDING:

"PARAGRAPH 1. THE FINANCIAL CHARGES SHALL BE CALCULATED TAKING AS A BASE THE ADJUSTED AVERAGE RATE OF ALL FINANCING OPERATIONS REGISTERED IN THE SPECIAL SYSTEM OF CLEARING AND CUSTODY (SELIC), INDEPENDENTLY OF THE CHARACTERISTICS OF THE SECURITIES, INCREASED BY 30% (THIRTY PERCENT) PER YEAR, CONSIDERING THE NUMBER OF BUSINESS DAYS ELAPSED BETWEEN THE ADJUSTMENT DATE OF THE RESERVE WITH THE CENTRAL BANK AND THE DAY OF ITS REGULARIZATION, DEDUCTING THE REFERENCE RATE (TR), "PRO-RATA DIE", OF THE SAME ADJUSTMENT DATE, INCREASED BY INTEREST OF 0.5% (HALF PERCENT) PER MONTH, BEING DUE ON THE SUBSEQUENT BUSINESS DAY.

PARAGRAPH 2. THE FINANCIAL CHARGES RELATIVE TO ANY PAST DEFICIENCIES MAY, AT THE OPTION OF THE FINANCIAL INSTITUTION, BE DEBITED ON A CURRENT DATE, UPDATED, UNTIL THE EVE OF THE EFFECTIVE DEBIT, INCLUSIVE, BY THE DAILY RATE OF INTERBANK DEPOSITS (DI)."

ART. 7. THE CRITERION OF UPDATING FINANCIAL CHARGES ARISING FROM DEFICIENCIES FOR DEBIT ON A CURRENT DATE, BY THE RATE OF INTERBANK DEPOSITS (DI), IS ALSO APPLICABLE TO THE COMPULSORY DEPOSITS/REQUIRED RESERVES REFERRED TO IN CIRCULARS NOS. 2,140, OF 02/26/92, 2,168, OF 04/29/92, AND 2,209, OF 08/05/92.

ART. 8. THE DAILY RATE OF INTERBANK DEPOSITS (DI) CAN BE OBTAINED DIRECTLY BY CONSULTING OPTION 9 OF THE PTAX 860 TRANSACTION OF THE CENTRAL BANK INFORMATION SYSTEM (SISBACEN).

ART. 9. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.
BRASÍLIA (DF), MAY 4, 1993

FRANCISCO AMADEU PIRES FELIX CLÁUDIO NESS MAUCH DIRECTOR DIRECTOR