Circular No. 2758 — Establishes procedures for the collection under Article 9, paragraph 1, of Resolution No. 1,980/93 and alters remuneration of resources corresponding to letters of credit collected by the Central Bank

CIRCULAR NO. 002758

Establishes procedures for the implementation of the collection referred to in Article 9, paragraph 1, of Resolution No. 1,980/93 and alters the remuneration of the resources corresponding to letters of credit collected by the Central Bank.

The Collegiate Board of the Central Bank of Brazil, in a session held on May 22, 1997, based on Articles 66 and 67 of Law No. 9,069 of June 29, 1995, and having in view the provisions of Article 9, paragraph 1, of the Regulation annexed to Resolution No. 1,980 of April 30, 1993, as amended by Resolution No. 2,386 of May 22, 1997,

DECIDED:

Article 1. The collection referred to in Article 9, paragraph 1, of the Regulation annexed to Resolution No. 1,980 of April 30, 1993, as amended by Resolution No. 2,386 of May 22, 1997, shall be made on the 15th (fifteenth) day of the following month after the position was calculated or on the next business day if the 15th (fifteenth) is not a business day.

Sole Paragraph. Until the penultimate business day immediately preceding the date fixed for the collection, institutions of the Brazilian Savings and Loan System (SBPE) shall inform the Central Bank of Brazil, via PPED500 transaction of the Central Bank Information System (SISBACEN), the amount to be collected.

Article 2. All financial movements related to the collection referred to in this Circular shall be made through a posting to the Bank Reserves account.

Sole Paragraph. The SBPE institution that does not hold a Bank Reserves account shall enter into an agreement in accordance with the terms provided in Circular No. 2,425 of June 15, 1994.

Article 3. In the event of non-compliance with the provisions of Article 1, sole paragraph, the institution shall be subject to payment of a fine identical to that determined for inclusion/alteration of information regarding the mandatory reserve on savings deposits.

Article 4. In the event that insufficiency in the collection referred to in this Circular is found, the institution shall incur payment of financial costs identical to those determined for deficiencies regarding the mandatory reserve on savings deposits.

Article 5. Exceptionally, the collection regarding the position calculated in the month of April shall be made on the next day, May 28.

Article 6. Amend Article 1, paragraph 2, of Circular No. 2,418 of April 6, 1994, which shall now read as follows:

"Article 1......

"Paragraph 2. The resources collected in accordance with this article shall be remunerated by the Reference Rate (TR) of the 15th (fifteenth) day of the month following the month in which the position was calculated, plus interest corresponding to 0.5% per month (five tenths of one percent per month).".

Article 7. The Department of Norms of the Financial System (DENOR) and the Department of Banking Operations (DEBAN) may issue complementary norms with a view to the operationalization of the provisions of this Circular, within the scope of their respective competencies.

Article 8. This Circular enters into force on the date of its publication.

Sole Paragraph. Regarding the form of remuneration of the resources collected by the Central Bank of Brazil in accordance with Article 1, paragraph 2, of Circular No. 2,418 of April 6, 1994, with the new wording given by Article 6, this Circular shall produce effects solely from the position relative to the month of May 1997, whose adjustment will occur on June 16, 1997.

Brasília, May 23, 1997

Alkimar Ribeiro Moura Francisco Lafaiete de Pádua Lopes Director Director