Circular No. 2307 — Redefines Criteria for Remuneration of Mandatory Reserves Based on Savings Deposits and Alters Information to Be Provided to the Central Bank

CIRCULAR NO. 002307

REDEFINE CRITERIA FOR REMUNERATION OF MANDATORY RESERVES BASED ON RESOURCES FROM SAVINGS DEPOSITS AND ALTERS THE INFORMATION TO BE PROVIDED TO THE CENTRAL BANK.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 12.05.93, 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, IN PROVISIONAL MEASURE NO. 319, OF 30.04.93, AND IN ART. 2 OF RESOLUTION NO. 1,980, OF 30.04.93, DECIDED:

ART. 1. AMEND PARAGRAPH 1 OF ART. 2 OF CIRCULAR NO. 2,293, OF 24.03.93, WHICH SHALL HAVE THE FOLLOWING WORDING:

"PARAGRAPH 1. THE AMOUNTS DEPOSITED WITH THE CENTRAL BANK, UNDER THE TERMS OF THE "CAPUT" OF THIS ARTICLE, SHALL BE ENTITLED TO REMUNERATION BASED ON THE REFERENCE RATE-TR FIXED FOR THE ADJUSTMENT DATE, APPLIED BY THE NUMBER OF BUSINESS DAYS, ACCORDING TO THE "PRO-RATA DIE" CRITERION, UNTIL THE SUBSEQUENT ADJUSTMENT, INCREASED BY THE INTEREST BELOW, WHEN IT WILL BE INCORPORATED INTO THE AMOUNTS ON DEPOSIT AT THE CENTRAL BANK:

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

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

ART. 2. AMEND THE "CAPUT" AND ITEMS I, II AND III OF ART. 3 OF CIRCULAR NO. 2,293, OF 24.03.93, WHICH SHALL HAVE THE FOLLOWING WORDING:

"ART. 3. THE FINANCIAL INSTITUTION MUST PROVIDE THE CENTRAL BANK, VIA TRANSACTION PPED 500 OF THE CENTRAL BANK INFORMATION SYSTEM (SISBACEN), DAILY AND ACCORDING TO THE DEPOSIT MODALITY IT IS AUTHORIZED FOR, THE FOLLOWING INFORMATION:

I - PECUNIARY SAVINGS DEPOSITS:

A - BALANCE OF THE ITEM "4.1.2.30.00-4 - PECUNIARY SAVINGS DEPOSITS" ON THE DAY;

B - RESPECTIVE EXPENSES OF SAVINGS DEPOSITS TO BE INCORPORATED, CALCULATED BASED ON THE BASIC REMUNERATION INDICES OF SAVINGS DEPOSITS, INCREASED BY THE CORRESPONDING INTEREST;

C - FROM THE POSITION OF 19.05.93, BALANCE OF ACCOUNTS WITH ANNIVERSARY ON THE DAY AND, WHEN THE CASE MAY BE, SEPARATELY, THE BALANCE, AT THE END OF THE SAME DAY, OF ACCOUNTS WITH ANNIVERSARY ON THE NON-BUSINESS DAY(S) IMMEDIATELY PRECEDING; AND

D - FROM THE POSITION OF 19.05.93, EXPENSES OF INCORPORATED SAVINGS DEPOSITS RELATIVE TO ACCOUNTS WITH ANNIVERSARY DATE ON THE DAY REPORTED AND, WHEN THE CASE MAY BE, SEPARATELY, THOSE OF ACCOUNTS WITH ANNIVERSARY ON THE NON-BUSINESS DAY(S) IMMEDIATELY PRECEDING;

II - LINKED SAVINGS DEPOSITS:

A - BALANCE OF THE ITEM "4.1.2.60.00-5 - LINKED SAVINGS DEPOSITS" ON THE DAY;

B - RESPECTIVE EXPENSES OF SAVINGS DEPOSITS TO BE INCORPORATED, CALCULATED BASED ON THE BASIC REMUNERATION INDICES OF SAVINGS DEPOSITS, INCREASED BY THE CORRESPONDING INTEREST;

C - FROM THE POSITION OF 19.05.93, BALANCE OF ACCOUNTS WITH ANNIVERSARY ON THE DAY AND, WHEN THE CASE MAY BE, SEPARATELY, THE BALANCE, AT THE END OF THE SAME DAY, OF ACCOUNTS WITH ANNIVERSARY ON THE NON-BUSINESS DAY(S) IMMEDIATELY PRECEDING; AND

D - FROM THE POSITION OF 19.05.93, EXPENSES OF INCORPORATED SAVINGS DEPOSITS RELATIVE TO ACCOUNTS WITH ANNIVERSARY DATE ON THE DAY REPORTED AND, WHEN THE CASE MAY BE, SEPARATELY, THOSE OF ACCOUNTS WITH ANNIVERSARY ON THE NON-BUSINESS DAY(S) IMMEDIATELY PRECEDING;

III - OTHER MODALITIES OF SAVINGS DEPOSITS:

A - BALANCE, ON THE DAY, OF THE ITEM "4.1.2.00.00-3 - SAVINGS DEPOSITS" OR "6.2.1.00.00-3 - APE-RESOURCES OF SAVINGS ASSOCIATES", DEDUCTING THE PORTIONS REPORTED ACCORDING TO ALINIA "A" OF ITEMS I AND II OF THIS ARTICLE;

B - RESPECTIVE EXPENSES OF SAVINGS DEPOSITS TO BE INCORPORATED, CALCULATED BASED ON THE BASIC REMUNERATION INDICES OF SAVINGS DEPOSITS, INCREASED BY THE CORRESPONDING INTEREST;

C - FROM THE POSITION OF 19.05.93, BALANCE OF ACCOUNTS WITH ANNIVERSARY ON THE DAY AND, WHEN THE CASE MAY BE, SEPARATELY, THE BALANCE, AT THE END OF THE SAME DAY, OF ACCOUNTS WITH ANNIVERSARY ON THE NON-BUSINESS DAY(S) IMMEDIATELY PRECEDING; AND

D - FROM THE POSITION OF 19.05.93, EXPENSES OF INCORPORATED SAVINGS DEPOSITS RELATIVE TO ACCOUNTS WITH ANNIVERSARY DATE ON THE DAY REPORTED AND, WHEN THE CASE MAY BE, SEPARATELY, THOSE OF ACCOUNTS WITH ANNIVERSARY ON THE NON-BUSINESS DAY(S) IMMEDIATELY PRECEDING;

ART. 3. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

BRASÍLIA (DF), MAY 14, 1993

FRANCISCO AMADEU PIRES FELIX
DIRECTOR"