Circular No. 2385 — Dispenses with requirements for application of funds under Resolutions 1,980 and 1,981

CIRCULAR NO. 002385

Dispenses with the requirements for application provided for in the Regulation annexed to Resolution No. 1,980 and in Resolution No. 1,981, both dated April 30, 1993.

The Board of Directors of the Central Bank of Brazil, in a session held on November 25, 1993, based on the provisions of Article 57 of the Regulation annexed to Resolution No. 1,980, dated April 30, 1993, Article 8 of Resolution No. 1,981, dated April 30, 1993, and Resolution No. 2,029, dated November 25, 1993,

D E C I D E D:

Article 1. Establish that the requirement for application referred to in Article 6, paragraph 1, of the Regulation annexed to Resolution No. 1,980, dated April 30, 1993, may be met with financing for the acquisition of used real estate.

Article 2. Establish that, for the purpose of verifying compliance with the 60% (sixty percent) percentage referred to in Article 7, item II, of Resolution No. 1,981, dated April 30, 1993, financing for the production of housing units and financing and issuance of letters of credit for the acquisition of new or used real estate may be counted.

Article 3. Establish that compliance with the requirement for application of at least 25% (twenty-five percent) in financing and/or issuance of letters of credit for the acquisition of new or used real estate or construction of housing on its own urbanized lot, referred to in Article 3, item I, of Resolution No. 1,981/93, with the wording given by Resolution No. 2,029, dated November 25, 1993, will be verified as of December 31, 1993.

Sole Paragraph. The letters of credit granted may be counted, provided that the corresponding financing proposals are formalized or the respective resources are deposited with the Central Bank, from the date of adjustment of the position relative to the month of issuance of the letter of credit until the date of adjustment of the position for formalization of the respective financing.

Article 4. For the purpose of meeting the requirement provided for in Resolution No. 1,981/93, it will be optional to count the amount of scheduled disbursements for the 12 (twelve) months following the month of each calculated position, provided that the first installment is released and the respective resources are deposited with the Central Bank, from the date of adjustment of the position relative to the month of contracting until the date of adjustment of the position relative to the month for which the disbursement is scheduled.

Article 5. The deposit to the Central Bank resulting from the provisions of Articles 3, sole paragraph, and 4 will be made monthly, in current currency, on the 15th (fifteenth) day of the following month or on the next business day if the 15th (fifteenth) is a non-business day.

Sole Paragraph. The resources collected in accordance with this article will be remunerated by the Reference Rate (TR) of the 15th (fifteenth) day of the month following the month of the calculated position, plus interest corresponding to 13% (thirteen percent) per annum.

Article 6. Extend to November 30, 1993 the deadline for sending to the Central Bank the data relating to the position of October 31, 1993, with the corresponding adjustment made on December 1, 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 December 1, 1993, using the "pro-rata" business days criterion, until December 14, 1993, observing the provisions of Article 6 of Resolution No. 1,981/93.

Article 7. Alter item III of Article 1 of Circular No. 2,372/93, which shall now read as follows:

"III - in the event of insufficient collection being found, financial institutions will incur the payment of financial costs calculated based on the Average Adjusted Rate of All Financing Operations registered in the Special Settlement and Custody System (SELIC), independent of the characteristics of the securities, plus 30% (thirty percent) per annum, considering the number of business days between the date of adjustment of the position with the Central Bank and the date of its regularization, deducting 80% (eighty percent) of the Reference Rate (TR), "pro-rata" day, from the same adjustment date, payable on the following business day."

Article 8. Include the following paragraph in Article 1 of Circular No. 2,372/93:

"Article 1. ......

"Paragraph 3. The financial costs relating to any past deficiencies may, at the option of the financial institution, be debited on a present date, updated until the eve of the actual debit, inclusive, by the daily Interbank Deposit rate (DI)."

Article 9. This Circular enters into force on the date of its publication.

Article 10. Article 1 of Circular No. 2,379, dated November 11, 1993, is hereby revoked.

Brasília, November 26, 1993

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