Circular No. 2418 — Provisions on Compliance with the Exigibility Under the Regulation Attached to Resolution No. 1,980 of April 30, 1993

CIRCULAR NO. 002418

Dispõe sobre o atendimento da exigibilidade prevista no Regulamento anexo à Resolução nº 1.980, de 30.04.93.

The Board of Directors of the Central Bank of Brazil, in a session held on 06.04.94, based on the provisions of Article 57 of the Regulation attached to Resolution No. 1,980 of April 30, 1993,

D E C I D E D:

Article 1. Establish that the exigibility of application referred to in Article 6 of the Regulation attached to Resolution No. 1,980 of April 30, 1993, with the wording given to it by Resolution No. 2,019 of October 18, 1993, may be satisfied with the issuance of letters of credit for financing the production of housing units or for the acquisition of new or used real estate, provided that the corresponding financing proposals are formalized or the respective resources are deposited with the Central Bank of Brazil, from the date of adjustment of the position relative to the month of the issuance of the letter of credit until the date of adjustment of the position for the formalization of the respective financing.

Paragraph 1. The deposit with the Central Bank resulting from the provisions of this article shall be made monthly, in current currency, on the 15th (fifteenth) of the month following the month in which the position was determined, or on the next business day if the 15th (fifteenth) is not a business day.

Paragraph 2. The resources collected in the manner of this article shall be remunerated by the Reference Rate - TR of the 15th (fifteenth) of the month following the month in which the position was determined, plus interest corresponding to 7.06% a.a. (seven whole and six hundredths percent per year).

Article 2. This Circular enters into force on the date of its publication.

Brasília, April 6, 1994

Cláudio Ness Mauch Alkimar Ribeiro Moura Director of Norms and Organization Director of Monetary Policy of the Financial System

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Republished due to an error in Article 1