Circular No. 2533 — Dispenses on the Publication of Financial Statements as of December 31, 1994

CIRCULAR NO. 002533

Dispenses on the Publication of the Financial Statements of the Base Date of 31.12.94.

The Board of Directors of the Central Bank of Brazil, in a session held on 04.01.95, based on Article 4, item XII, of Law No. 4.595, of 31.12.64, by competence delegated by the National Monetary Council, by act of 19.07.78,

DECIDED:

Art. 1. Financial institutions and other entities authorized to operate by this Agency, constituted in the form of an open joint-stock company, must carry out the publication of the financial statements in currency of constant purchasing power, with their respective values expressed in thousands of Reais, in the following manner:

I - balance sheet: base date of 31.12.94, comparatively with the base dates of 30.06.94 and 31.12.93;

II - income statement: fiscal year of 1994, comparatively with the second semester of 1994 and fiscal year of 1993;

III - statement of sources and applications of resources and statement of changes in shareholders' equity: fiscal year of 1994, comparatively with the fiscal year of 1993.

Art. 2. Multiple banks and commercial banks, not constituted in the form of an open joint-stock company, and savings banks, which started to prepare financial statements in currency of constant purchasing power from 01.01.94, must carry out the publication of these, with their respective values expressed in thousands of Reais, in the following manner:

I - balance sheet: base date of 31.12.94, comparatively with the base date of 30.06.94;

II - income statement: fiscal year of 1994, comparatively with the second semester of 1994;

III - statement of sources and applications of resources and statement of changes in shareholders' equity: fiscal year of 1994, without comparison with previous periods.

Art. 3. Financial institutions and other entities authorized to operate by this Agency, not referred to in the previous articles, and consortium administrators, must carry out the publication of the financial statements, in accordance with corporate legislation, observing the following:

I - balance sheet and statement of consortium resources: base date of 31.12.94, comparatively with the base date of 30.06.94;

II - income statement, statement of sources and applications of resources, statement of changes in shareholders' equity, and statement of variations in liquidity groups: second semester of 1994, comparatively with the first semester of 1994.

Paragraph 1. The financial statements referred to in this article must be presented with their respective values expressed:

I - in millions of Cruzeiros Reais, when related to the first semester of 1994;

II - in thousands of Reais, when related to the base dates of 30.06.94 and 31.12.94 and to the second semester of 1994.

Paragraph 2. The conversion of Cruzeiros Real to Real, of the amounts presented in the financial statements referred to in item I of the "caput" of this article, related to the base date of 30.06.94, must be carried out by dividing them by the value corresponding to the Real Value Unit - URV of that date (CR$2,750.00).

Paragraph 3. The conversion of amounts referred to in the previous paragraph, as well as the diversity of monetary standard in the presentation of the compared statements provided for in item II of the "caput" of this article, must be disclosed prominently in explanatory notes.

Paragraph 4. Consortium administrators are exempted from the publication of the statement of sources and applications of resources and the statement of changes in shareholders' equity.

Art. 4. Investment funds must carry out the publication of the financial statements, in accordance with corporate legislation, observing the following:

I - statement of composition and diversification of investments: base date of 31.12.94, without comparison with previous periods;

II - statement of evolution of shareholders' equity: second semester of 1994, comparatively with the first semester of 1994.

Sole Paragraph. The financial statements referred to in this article must be presented with their respective values expressed:

I - in millions of Cruzeiros Reais, when related to the first semester of 1994;

II - in thousands of Reais, when related to the base date of 31.12.94 and to the second semester of 1994.

Art. 5. Financial institutions and other entities authorized to operate by this Agency, which hold branches abroad, must carry out the publication of the financial statements covered by this Circular, by presenting the consolidated position of the operations carried out in the country and abroad, in accordance with the provisions of Circular No. 2,397, of 29.12.93.

Art. 6. The publication of financial statements covered by this Circular must be carried out with observance of the other regulatory provisions on the matter.

Art. 7. This Circular enters into force on the date of its publication.

Brasília, January 4, 1995

Cláudio Ness Mauch
Director of Standards and Organization of the
Financial System