Circular No. 2475 — Redefines rules on the collection of the compulsory reserve on funds raised by entities belonging to the Brazilian Savings and Loan System (SBPE)

CIRCULAR N. 002475

Redefines rules on the collection of the compulsory reserve on funds raised by entities belonging to the Brazilian Savings and Loan System (SBPE).

The Board of the Central Bank of Brazil, based on the provisions of art. 3 of Resolution No. 2106 of 31.08.94,

D E C I D E D:

Art. 1 To amend paragraph 2 of art. 1 of Circular No. 2293 of 24.03.93, which shall henceforth have the following wording:

"Paragraph 2 For the purpose of collecting the compulsory reserve on funds from savings deposits, the calculation period is defined as the business days comprised in a one-week period, beginning on Monday and ending on Friday."

Art. 2 The requirement referred to in item II of art. 6 of the Regulation annexed to Resolution No. 1980 of 30.04.93, as amended by Resolution No. 2106 of 31.08.94, must be met in cash, observing, where applicable, the provisions of Circular No. 2293 of 24.03.93.

Paragraph 1 The requirement referred to in this article shall correspond to the lesser of the following amounts:

a) 30% (thirty percent) of the average daily balances of savings deposits, calculated during the respective calculation period; or

b) the sum of the following portions:

1) requirement calculated in the calculation period from 22.08 to 26.08.94; and

2) net savings deposits raised from 29.08.94 to the last day of the calculation period considered.

Paragraph 2 Amounts collected in cash shall be released only after the requirement mentioned in the caput of this article is met.

Paragraph 3 The provisions of this article shall be observed from the calculation period beginning on 29.08.94, whose adjustment will occur on 12.09.94.

Paragraph 4 Institutions that have securities linked in the Special System for Settlement and Custody (SELIC), in compliance with the provisions of Circular No. 2435 of 30.06.94, must arrange for the unlinking of these securities from the adjustment date mentioned in the previous paragraph.

Art. 3 To amend paragraph 1 of art. 2 of Circular No. 2293 of 24.03.93, as amended by art. 2 of Circular No. 2435 of 30.06.94, which shall henceforth have the following wording:

"Paragraph 1 Amounts collected to the Central Bank in cash shall be entitled to daily remuneration based on the Referential Rate (TR), plus the interest below, considering, for the purpose of calculating interest, the calendar year:

a) 3.0% (three percent) per year, in the case of the compulsory reserve based on linked savings deposits;

b) 6.17% (six point seventeen percent) per year, in the case of the compulsory reserve based on other types of savings deposits."

Art. 4 This Circular enters into force on the date of its publication.

Art. 5 Circulars No. 2435 and No. 2458 of 30.06.94 and 01.08.94, respectively, are revoked as of 12.09.94.

Brasília, 31 August 1994

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