Circular No. 2.458

CIRCULAR N. 002458 ------------------ Provides for the collection of the required reserve based on the funds raised by the entities that are part of the Brazilian Savings and Loan System (SBPE). The Board of Directors of the Central Bank of Brazil, in a session held on 01.08.94, based on art. 3 of Resolution No. 2.088, of 30.06.94, D E C I D E D: Art. 1 As of the position adjustment of 01.08.94, the increase in the reserve requirement of five percentage points in the collection of the required reserve on savings deposits, to be collected in federal securities by means of linkage in the Special System for Settlement and Custody (SELIC), in accordance with the provisions of Circular No. 2.435, of 30.06.94, must be reached according to the net fund raising of savings deposits obtained since 04.07.94. Paragraph 1 The net fund raising calculated for the period from 04 to 22.07.94 must be collected on 01.08.94. Paragraph 2 The net fund raising calculated in the second week of each calculation period, as of the period from 18 to 29.07.94, must be added to the amount calculated under the terms of paragraph 1 and collected on the day of the respective position adjustment. Paragraph 3 Any excess collections recorded in the position adjustment made on 01.08.94 may be unlinked in SELIC, without appreciation, and such situation must be the subject of formal communication to the Regional Office of the Central Bank where the institution is subject to jurisdiction, by 05.08.94. Paragraph 4 As of the position adjustment of 08.08.94, amounts collected in federal securities will only be released after the total requirement of 20% (twenty percent) of the deposits subject to the collection of the required reserve in question is reached. Art. 2 This Circular enters into force on the date of its publication. Brasília, 01 August 1994 Alkimar Ribeiro Moura Cláudio Ness Mauch Director of Monetary Policy Director of Norms and Organization of the Financial System