Circular No. 2372 — Establishes Procedures for Compliance with Additional Resource Requirements under Resolution No. 1,981 of April 30, 1993

CIRCULAR NO. 002372

Establishes procedures regarding compliance with the additional resource requirement referred to in Resolution No. 1,981 of April 30, 1993.

The Board of Directors of the Central Bank of Brazil, in a session held on October 6, 1993, based on the provisions of Article 8 of Resolution No. 1,981 of April 30, 1993,

D E C I D E D:

Article 1. The collection to the Central Bank of Brazil due to the provisions of Article 6 of the aforementioned Resolution No. 1,981 of April 30, 1993, shall be made monthly, in current currency, on the 15th (fifteenth) of the month following the month in which the position was ascertained, or on the next business day if the 15th (fifteenth) is not a business day, established, furthermore, that:

I - until the business day immediately preceding the day fixed for the collection, the agents of the Brazilian Savings and Loan System (SBPE) will inform the Central Bank of Brazil, via the PPED500 transaction of the Central Bank Information System (SISBACEN), the information necessary for the calculation of the requirements;

II - in the event of non-compliance with the provisions of item I, financial institutions will be subject to the payment of a fine identical to that determined for the inclusion/alteration of information regarding the mandatory reserve;

III - in the event that insufficiency in the collection is found, financial institutions will incur the payment of financial costs identical to those determined for deficiencies regarding the mandatory reserve;

IV - the values collected by the Central Bank will be remunerated monthly with 80% (eighty percent) of the Reference Rate - TR of the 15th (fifteenth) of the month following the month in which the position was ascertained; and

V - the collection/release of resources and the collection of fines/costs due will be processed via the "Bank Reserves" account of the holder/convention holder.

Sole Paragraph 1. Financial institutions that cannot be holders of the "Bank 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 the movement referred to in item V.

Sole Paragraph 2. The agreement provided for in the preceding paragraph does not imply any responsibility on the part of the financial institution holding the "Bank Reserves" account towards the Central Bank of Brazil, except in the event that the entries passed by it are not challenged until the first business day following the event.

Article 2. Exceptionally, the data relating to the position of September 30, 1993, may be reported until October 26, 1993, with the corresponding adjustment made on October 27, 1993.

Sole Paragraph. The values collected relating to the position referred to in this article will be remunerated based on the Reference Rate (TR) of October 27, 1993, using the "pro-rata" business days criterion.

Article 3. This Circular enters into force on the date of its publication.

Brasília, October 19, 1993

Francisco Eduardo de Almeida Pinto Cláudio Ness Mauch Monetary Policy Director Director of Norms and Organization of the Financial System