Circular No. 2608 — Redefines Rules for Mandatory Reserve Collection Based on Savings Deposits

CIRCULAR N. 002608

Redefine rules for the purpose of collecting mandatory reserves based on savings deposit resources.

We communicate that the Board of Directors of the Central Bank of Brazil, in a session held on 23.08.95, considering the provisions of Art. 10, items III and IV, of Law No. 4.595, of 31.12.64, with the wording given by Arts. 19 and 20 of Law No. 7.730, of 31.01.89, in Arts. 66 and 67 of Law No. 9.069, of 29.06.95, and in Art. 3 of Resolution No. 2.190, of 23.08.95,

DECIDED:

Art. 1. The collection of mandatory reserves on resources captured in savings deposits by multiple banks with real estate credit portfolios, by real estate societies, by savings and loan associations, by economic banks, by Banco da Amazônia S.A., by Banco do Brasil S.A., and by Banco do Nordeste do Brasil S.A. applies to the balances registered in items 6.2.1.00.00-3 - APE-RESOURCES OF SAVINGS ASSOCIATES and 4.1.2.00.00-3 - SAVINGS DEPOSITS of the Accounting Plan of the Institutions of the National Financial System (COSIF), with credits held with the Guarantee Fund for Deposits and Real Estate Letters (FGDLI) being deductible.

Paragraph 1. The collection referred to in the "caput" of this article shall be based on the arithmetic mean of the daily balances registered during the calculation period.

Paragraph 2. The calculation period is defined as the business days included in a one-week period, starting on Monday and ending on Friday.

Art. 2. The mandatory reserve collection shall be constituted with the Central Bank, exclusively in cash, on the Monday of the second week following the end of the calculation period, and will remain unavailable until the subsequent adjustment, clarified that, in the event that Monday is not a business day, the adjustment will be made on the immediately following business day.

Sole Paragraph. The values collected with the Central Bank, in accordance with the "caput" of this article, are entitled to remuneration based on the Reference Rate (TR) fixed for the date of adjustment, applied by the number of business days, according to the "pró-rata die" criterion, until the subsequent adjustment, plus the interest below, when it will be incorporated into the values deposited in the Central Bank, considering, for the purpose of calculating interest, the civil year:

I - 3.0% (three percent) per year, in the case of mandatory reserves based on linked savings deposits;

II - 6.17% (six whole and seventeen hundredths percent) per year, in the case of mandatory reserves based on other modalities of savings deposits.

Art. 3. For the purpose of determining the exigibility of collection and respective adjustment, financial institutions must provide the Central Bank, via transaction PPED500 of the Central Bank Information System (SISBACEN), daily and according to the capture modality they are authorized for, the following information:

I - Peculio Savings Deposits:

a) balance of item 4.1.2.30.00-4 - PECULIO SAVINGS DEPOSITS on the day;

b) respective savings deposit expenses to be incorporated, calculated based on the basic remuneration indices of savings deposits, plus the corresponding interest;

c) balance of accounts with an anniversary on the day and, when applicable, separately, the balance, at the end of the same day, of accounts with an anniversary on the immediately preceding non-business day(s);

d) incorporated savings deposit expenses related to accounts with an anniversary date on the day informed and, when applicable, separately, those of accounts with an anniversary on the immediately preceding non-business day(s); and

II - Linked Savings Deposits:

a) balance of item 4.1.2.60.00-5 - LINKED SAVINGS DEPOSITS on the day;

b) respective savings deposit expenses to be incorporated, calculated based on the basic remuneration indices of savings deposits, plus the corresponding interest;

c) balance of accounts with an anniversary on the day and, when applicable, separately, the balance, at the end of the same day, of accounts with an anniversary on the immediately preceding non-business day(s);

d) incorporated savings deposit expenses related to accounts with an anniversary date on the day informed and, when applicable, separately, those of accounts with an anniversary on the immediately preceding non-business day(s); and

III - Other modalities of savings deposits:

a) balance, on the day, of item 4.1.2.00.00-3 - SAVINGS DEPOSITS or 6.2.1.00.00-3 - APE-RESOURCES OF SAVINGS ASSOCIATES, minus the portions informed according to item "a" of items I and II of this article;

b) respective savings deposit expenses to be incorporated, calculated based on the basic remuneration indices of savings deposits, plus the corresponding interest;

c) balance of accounts with an anniversary on the day and, when applicable, separately, the balance, at the end of the same day, of accounts with an anniversary on the immediately preceding non-business day(s);

d) incorporated savings deposit expenses related to accounts with an anniversary date on the day informed and, when applicable, separately, those of accounts with an anniversary on the immediately preceding non-business day(s); and

Paragraph 1. The information referred to in this article may be provided with a lag of up to five business days, provided that, for the purpose of inserting the last data of each calculation period, this period cannot exceed the business day immediately preceding the date of adjustment of the deposit with the Central Bank.

Paragraph 2. Subsequent additions/alterations after the deadline fixed in paragraph 1 of this article will only be processed by the Regional Delegation of the Central Bank where the financial institution is under jurisdiction.

Paragraph 3. The addition/alteration of information outside the regulatory period subjects the financial institution to the payment of a fine in the amount of R$150.00 (one hundred and fifty reais).

Paragraph 4. The fine will be due for each daily position added/altered outside the regulatory period.

Paragraph 5. In addition to the daily information for calculating the exigibility of mandatory reserves, financial institutions must inform, by the penultimate business day of the first fifteen days of each month, also via transaction PPED500, information regarding the allocation of resources for housing financing in the previous six months, in accordance with current regulations, subjecting themselves equally to the payment of a fine for additions/alterations after the regulatory period.

Art. 4. In the event of insufficient collection of mandatory reserves on savings deposits, the financial institution will incur the payment of financial costs calculated on the value of the deficiency determined.

Paragraph 1. Financial costs will be calculated considering the days, between consecutive adjustment dates, during which the deficiency persisted and are due on the date of regularization or the subsequent adjustment, whichever occurs first, taking as a basis the adjusted average rate of all financing operations registered in the Special Settlement and Custody System (SELIC), regardless of the characteristics of the titles, plus 30% (thirty percent) per year, minus the variation of the Reference Rate (TR) from the start of the deficiency calculated "pró-rata die", plus interest of 0.5% (half percent) per month.

Paragraph 2. Financial costs related to past deficiencies will be updated based on the daily rate of Interbank Deposits (DI) and debited on the current date, with the financial institution having the option to debit valued, such option must be communicated to the Regional Delegation of the Central Bank where under jurisdiction until the third business day following the processing of the alterations/entries that gave rise to them.

Paragraph 3. The daily factors used for the purpose of calculating financial costs can be obtained by consulting transactions PTAX860 and PTAX880 of the Central Bank Information System (SISBACEN).

Art. 5. All financial movements related to mandatory reserves will be processed via the Bank Reserves account of the Holder/Conventee.

Sole Paragraph. The financial institution not holding a Bank Reserves account must enter into an agreement in accordance with the provisions of Circular No. 2,425, of 15.06.94.

Art. 6. Financial institutions that do not yet have accreditation with the Central Bank Information System (SISBACEN) must arrange it with the Department of Informatics (DEINF), in Brasília (DF), or in its representations at the Regional Delegations of this Bank.

Art. 7. This Circular enters into force on the date of its publication, producing effects from the calculation period of 28.08 to 01.09.95, whose adjustment will take place on 11.09.95.

Art. 8. Revoke, from 11.09.95, Circulars Nos. 2,293, 2,307, and 2,483, of 24.03.93, 14.05.93, and 15.09.94, respectively, and Art. 6 of Circular No. 2,301, of 04.05.93.

Brasília, August 24, 1995.

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