Circular No. 2613 — Regulates Savings Deposits Established by Resolution No. 2,173 of June 30, 1995

CIRCULAR NO. 002613

Regulates the savings deposits established by Resolution No. 2,173 of June 30, 1995.

The Board of Directors of the Central Bank of Brazil, in a session held on September 5, 1995, having regard to the provisions of Article 10, items III and IV, of Law No. 4,595 of December 31, 1964, as amended by Articles 19 and 20 of Law No. 7,730 of January 31, 1989, and based on Article 2 of Resolution No. 2,173 of June 30, 1995,

D E C I D E D:

Article 1. At the time of opening the linked savings deposit account established by Resolution No. 2,173 of June 30, 1995, with the modifications introduced by Resolution No. 2,199 of September 5, 1995, the following clauses, among others, shall be agreed upon by the parties and included in the contract:

I - the period from which the depositor becomes entitled to credit, observing a minimum term of 36 (thirty-six) months counted from the date of the initial deposit;

II - the quantity, frequency, and value(s) of the deposit(s);

III - the conditions of the financing to be contracted, including the cost incurred by the borrower.

Article 2. The deposits referred to in Article 1 must be registered in the accounting title LINKED SAVINGS DEPOSITS, subtitle Linked to Credit Letters, code 4.1.2.60.40-7, of the Accounting Plan of the Institutions of the National Financial System - COSIF.

Article 3. Of the balance registered in the accounting subtitle mentioned in the preceding article, 30% (thirty percent), at minimum, must be directed for investment in securities issued by the National Treasury.

Article 4. In the event that the financial institution does not release the credit agreed upon by the parties, it shall be obliged to remit to the Central Bank of Brazil an amount equivalent to the balance registered in the linked savings account of the holder until the effective granting of the respective financing.

Sole Paragraph. The resources collected in accordance with this article, observed the limit of 60% (sixty percent) of the balance contained in the accounting subtitle described in Article 2, shall be remunerated monthly at 80% (eighty percent) of the basic remuneration index of savings deposits.

Article 5. This Circular enters into force on the date of its publication.

Brasília, September 5, 1995

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

Note: Re-transmitted due to an error in the sole paragraph of Article 4.