Circular No. 3.090

CIRCULAR N. 003090 ------------------ Redefines the rules for compulsory reserve requirements on funds from deposits and guarantees made. The Board of Directors of the Central Bank of Brazil, in a session held on 27 February 2002, having regard to the provisions of art. 10, items III and IV, of Law 4.595, of 31 December 1964, as amended by arts. 19 and 20 of Law 7.730, of 31 January 1989, and in arts. 66 and 67 of Law 9.069, of 29 June 1995, D E C I D E D: Art. 1 Redefine the rules for compulsory reserve requirements on funds from deposits and guarantees made raised by multiple banks and investment banks, not holding a Banking Reserve account, and credit, financing and investment companies. Art. 2 The Amount Subject to Reserve Requirement (VSR) consists of the sum of the balances recorded in the following accounting items of the Chart of Accounts for Institutions of the National Financial System (Cosif): I - 4.1.1.60.00-2 Deposits of Residents Abroad; II - 4.1.1.75.00-4 Compulsory Deposits; III - 4.1.1.85.00-1 Linked Deposits; IV - 4.9.9.12.10-4 Contracts for Assumption of Obligations - Linked to Operations Carried Out in the Country; and V - 4.9.9.60.00-8 Funds from Guarantees Made. Art. 3 The calculation base for the reserve requirement on funds from deposits and guarantees made corresponds to the sum of the following portions: I - arithmetic average of the sum of the balances recorded in the items referred to in items I to III of art. 2 of this circular, recorded on business days of the calculation period, minus R$2,000,000.00 (two million reais); and II - arithmetic average of the sum of the balances recorded in the items referred to in items IV and V of art. 2 of this circular, recorded on business days of the calculation period, minus R$2,000,000.00 (two million reais). Sole paragraph. The calculation period begins on the Monday of one week and ends on the Friday of the following week. Art. 4 The reserve requirement on funds from deposits and guarantees made is calculated by applying the rate of 45% (forty-five percent) to the calculation base referred to in art. 3 of this circular. Art. 5 The financial institution is exempt from the reserve requirement referred to herein if its requirement is equal to or less than R$10,000.00 (ten thousand reais), but must nevertheless provide the information as established in art. 8 of this circular. Art. 6 The calculated requirement is effective from the Wednesday of the week following the calculation period until the Tuesday of the second subsequent week. Paragraph 1 The reserve must be made exclusively in cash, through an institution holding a Banking Reserve account, which will command the respective transfer to the credit of the corresponding reserve account. Paragraph 2 The daily closing balance of the respective reserve account must correspond to 100% (one hundred percent) of the requirement. Paragraph 3 The amount deposited in the manner of this circular is not entitled to remuneration. Paragraph
4 The reserve account may be freely operated by the holding institution, to the credit of a Banking Reserve account of its free choice for each transaction. Paragraph 5 The operation of the reserve account observes the hours established for the functioning of the Reserve Transfer System (STR) of the Central Bank of Brazil. Art. 7 The financial institution that does not observe the rules relating to the maintenance of balance in the reserve account incurs the payment of a financial cost, in the manner established in the regulation in force. Art. 8 The financial institution must provide, by the business day immediately preceding the date on which the respective requirement becomes effective, the daily data relating to the corresponding calculation base. Paragraph 1 The institution is exempt from providing the respective information if the calculation base remains unchanged in relation to that of the previous calculation period. Paragraph 2 In the event of absence of information relating to a calculation period by the deadline set in the "caput" of this article, the calculation base shall be assigned the value relating to that of the previous period. Paragraph 3 The financial institution that provides or changes the data after the deadline set in the "caput" of this article incurs the payment of a fine, in the manner provided for in the regulation in force. Art. 9 The financial institution subject to the reserve requirement referred to in this circular must indicate the financial institution holding a Banking Reserve account to which the charges pertaining to financial costs and fines will be sent, and to which any refunds will be credited. Art. 10 The Department of Banking Operations and Payment System (Deban) is authorized to issue the rules and adopt the measures necessary for the execution of the provisions of this circular. Art. 11 This circular enters into force on 22 April 2002, when Circular 2.987, of 23 June 2000, shall be revoked. Brasília, 1 March 2002 Luiz Fernando Figueiredo Director