Circular No. 3.091

CIRCULAR N. 003091 ------------------ Redefines the rules for compulsory reserve requirements and mandatory deposits on time resources. The Collegiate Board of the Central Bank of Brazil, in a session held on 27 February 2002, in view of 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, in arts. 66 and 67 of Law 9.069, of 29 June 1995, and in Resolution 1.857, of 15 August 1991, D E C I D E D: Art. 1 Redefine the rules for compulsory reserve requirements and mandatory deposits on time deposits, resources from exchange acceptances, pledge certificates of debentures, securities of own issue and contracts for the assumption of obligations linked to operations carried out abroad of commercial banks, multiple banks, development banks, investment banks, savings banks and credit, financing and investment companies. Art. 2 The Value Subject to Collection (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 - 4.1.5.10.00-9 Time Deposits; II - 4.3.1.00.00-8 Resources from Exchange Acceptances; III - 4.3.4.50.00-2 Pledge Certificates of Debentures; IV - 4.2.1.10.80-0 Securities of Own Issue; and V - 4.9.9.12.20-7 Contracts for the Assumption of Obligations - Linked to Operations Carried Out Abroad. Art. 3. The calculation base for the requirement of compulsory reserve requirements and mandatory deposits on time resources corresponds to the arithmetic average of the VSR calculated on the business days of the calculation period, minus R$30,000,000.00 (thirty million reais). Sole paragraph. The calculation period comprises the business days of one week, starting on Monday and ending on Friday. Art. 4 The requirement of compulsory reserve requirements and mandatory deposits is calculated by applying the rate of 10% (ten percent) to the calculation base referred to in art. 3 of this circular. Art. 5 The financial institution is exempt from the compulsory reserve requirements and mandatory deposits referred to if its requirement is equal to or less than R$10,000.00 (ten thousand reais), but must provide information as established in art. 8 of this circular. Art. 6 The calculated requirement is effective from the Friday of the week following the end of the calculation period, or the next business day if Friday is not a business day, until the subsequent Thursday. Paragraph 1 The requirement of compulsory reserve requirements and mandatory deposits on time resources must be fulfilled, on the adjustment date, by linking, in the Special System for Settlement and Custody (Selic), federal public securities registered in that system. Paragraph 2 The federal public securities used to fulfill the requirement will be considered at their respective unit prices used by the Central Bank of Brazil in its repurchase operations, disclosed daily by the Open Market
Operations Department (Demab). Paragraph 3 The value of the linked securities must correspond to at least 100% (one hundred percent) of the requirement, considering the daily closing balance of the respective linked account in Selic. Paragraph 4 The securities linked for the purposes of the compulsory reserve requirements and mandatory deposits referred to may be freely moved, throughout the day, by the institution, observing the opening and closing hours of Selic. Art. 7 The financial institution that does not observe the rules regarding the maintenance of linked securities for the purposes of compulsory reserve requirements and mandatory deposits on time resources incurs the payment of a financial cost, in the form established in the regulations in force. Art. 8 The financial institution must provide, by the business day immediately prior to the date on which the respective requirement becomes effective, the daily data related to the VSR of the calculation period. 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 related to a calculation period by the deadline set in the caput of this article, the value related to that of the previous period will be attributed to the calculation base. Paragraph 3 The financial institution that informs or changes the data after the deadline set in the "caput" of this article incurs the payment of a fine, in the form provided for in the regulations in force. Art. 9 The financial institution subject to the compulsory reserve requirements and mandatory deposits referred to in this circular, not holding a Banking Reserves account, must indicate the financial institution holding a Banking Reserves account to which the charges pertaining to financial costs and fines will be forwarded, and to which any refunds will be credited. Art. 10. The Banking Operations and Payment System Department (Deban) and Demab are 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 3.062, of 21 September 2001, will be revoked. Brasília, 1 March 2002 Luiz Fernando Figueiredo Director