Circular No. 2518 — Establishes procedures to be observed regarding December 24 when it is a business day and the last business day of the year

CIRCULAR NO. 002518

Establishes procedures to be observed regarding December 24, when it is a business day, and the last business day of the year.

The Board of Directors of the Central Bank of Brazil, in a session held on 14.12.94, based on the provisions of item VI of Article 11 of Law No. 4.595, of 31.12.64,

DECIDED:

Art. 1. December 24, when it is a business day, as well as the business day immediately following it, are henceforth considered normal days for the purposes of the Check Clearing Service and Other Papers (SCCOP).

Art. 2. Paragraph 8 of Article 2 of Circular No. 2.377, of 10.11.93, shall be effective with the following wording:

"Paragraph 8. Agencies may deduct from the calculation base of the values subject to remittance on the immediately preceding business day the values registered in the internal use subtitle 'Specific Exchange Session'."

Art. 3. On the last business day of the year, there shall be no banking hours for the public, only operations between financial institutions being admitted.

Art. 4. On the last business day of the year, the following criteria shall be observed:

I - it shall be considered a business day for the purposes of mandatory reserves/mandatory deposits;

II - in the SCCOP, the return session shall be held at a time previously established by the Operator, clarified that the postings in the appropriate accounts will integrally and obligatorily form part of the balance sheet to be closed, pertinent to the second semester of the current year;

III - the Operator of the SCCOP may set a time for the specific exchange session of checks with a value equal to or lower than the limit and of credit documents (DOC) models "A" and "B" accepted on the previous business day, and the documents exchanged in this session may be returned until the second business day following.

Art. 5. The Operator of the SCCOP is tasked with disseminating special times for the holding of exchange and return sessions on December 24, as well as the other procedures necessary for compliance with the provisions of this Circular.

Art. 6. This Circular enters into force on the date of its publication.

Art. 7. Communication DEBAN No. 096, of 08.12.87, is hereby revoked.

Brasília, December 15, 1994

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