Circular No. 3.253

CIRCULAR N. 003253 ------------------ Define criteria for assessing compliance with the requirement to apply demand deposits in microfinance operations and establishes procedures for accounting records and for the submission of information regarding the aforementioned operations. The Board of Directors of the Central Bank of Brazil, in a session held on 24 August 2004, taking into account the provisions of arts. 9 and 10 of Law 4.595, of 31 December 1964, as amended by art. 19 of Law 7.730, of 31 January 1989, 66 and 67 of Law 9.069, of 29 June 1995, 3 of Law 10.735, of 11 September 2003, and 6, item II, of Resolution 3.109, of 24 July 2003, as amended by Resolutions 3.212, of 30 June 2004, and 3.220, of 29 July 2004, D E C I D E D: Art. 1 Define criteria for assessing compliance with the requirement to apply demand deposits captured by commercial and multiple banks with commercial portfolios, by Caixa Econômica Federal and by credit cooperatives of small entrepreneurs, microentrepreneurs or microenterprises and of free admission of members in microfinance operations, as well as for the transfer to the Central Bank of Brazil of unapplied funds, in accordance with Resolution 3.109, of 24 July 2003, as amended by Resolutions 3.212, of 30 June 2004, and 3.220, of 29 July 2004. Art. 2 The following accounting titles and subtitles are created in the Chart of Accounts of Institutions of the National Financial System - Cosif, with attributes UBDKIFJSERLMNZ: I - with ESTBAN code 300: 3.0.9.64.00-6 APPLICATIONS IN MICROFINANCE OPERATIONS 3.0.9.64.10-9 Individuals - Special Accounts - Operations in Normal Course and Overdue up to 1 year 3.0.9.64.11-6 Individuals/Legal Entities - SCM - Operations in Normal Course and Overdue up to 1 year 3.0.9.64.12-3 Individuals - Low Income - Operations in Normal Course and Overdue up to 1 year 3.0.9.64.20-2 Individuals - Special Accounts - Operations Overdue for more than 1 and less than 2 years 3.0.9.64.21-9 Individuals/Legal Entities - SCM - Operations Overdue for more than 1 and less than 2 years 3.0.9.64.22-6 Individuals - Low Income - Operations Overdue for more than 1 and less than 2 years 3.0.9.64.30-5 DIM - Applied Funds 3.0.9.64.31-2 DIM - Captured Funds; II - with ESTBAN code 800: 9.0.9.64.00-8 FUNDS APPLIED IN MICROFINANCE OPERATIONS. Art. 3 The function of the title APPLICATIONS IN MICROFINANCE OPERATIONS, code 3.0.9.64.00-6, and its counterpart FUNDS APPLIED IN MICROFINANCE OPERATIONS, code 9.0.9.64.00-8, is to record the applications of funds eligible for compliance with the requirement addressed in Resolution 3.109, of 2003, and the appropriate subtitles must be used, according to the nature of the application, observing that: I - subtitles 3.0.9.64.10-9 and 3.0.9.64.20-2 are intended for the recording of credit operations with individuals carried out under the terms of art. 2, item I, of the aforementioned resolution; II - subtitles 3.0.9.64.11-6 and 3.0.9.64.21-9 are intended for the recording of credit
operations with individuals or legal entities carried out under the terms of art. 2, item II, of the aforementioned resolution; III - subtitles 3.0.9.64.12-3 and 3.0.9.64.22-6 are intended for the recording of credit operations with individuals carried out under the terms of art. 2, item III, of the aforementioned resolution; IV - subtitle 3.0.9.64.30-5 is intended for the recording of funds applied in other institutions through the instrument Interfinancial Deposits Linked to Microfinance Operations - DIM, under the terms of art. 3, item I, of the aforementioned resolution; V - subtitle 3.0.9.64.31-2 is intended for the recording of funds captured from other institutions through the DIM instrument, under the terms of art. 3, item I, of the aforementioned resolution. § 1 Recording in these items of the clearing system does not exempt the institution from recording the operations in the appropriate balance sheet items, according to the nature of the application. § 2 In the subtitles mentioned in items I, II and III, both credit operations originated by the institution and those acquired from other institutions must be recorded, under the terms of art. 3, item II, of Resolution 3.109, of 2003. Art. 4 The aggregation of title 3.0.9.64.00-6 must be carried out in the subgroup breakdown 30.9.9.00.00-7, in the document Annex II to Carta-Circular 2.918, of 15 June 2000. Art. 5 The requirement to apply demand deposits in microfinance operations consists of the daily average of the amounts resulting from the application of the minimum percentages established in art. 1, item I, of Resolution 3.109, of 2003, as amended by Resolution 3.212, of 2004, on the daily balances recorded in accounting item 4.1.1.00.00-0 Demand Deposits, of the Chart of Accounts of Institutions of the National Financial System - Cosif, plus the average of the daily balances recorded in accounting item 3.0.9.64.31-2 DIM - Captured Funds, calculated in the calculation period. § 1 The calculation period comprises the twelve months prior to the month immediately preceding the month of verification of compliance with the requirement. § 2 The following are exempt from the requirement to apply demand deposits in microfinance operations: I - demand deposits captured by federal and state public financial institutions: a) from the respective governments; and b) from autarchies and mixed-capital companies in whose capital the respective governments hold a majority interest; II - demand deposits captured by state public financial institutions held by municipal public entities of the respective federative unit. Art. 6 The verification of compliance with the requirement shall be carried out on the twentieth day of each month, or on the following business day, if the twentieth day is not a business day, based on the average of the balances of the microfinance operations referred to in this circular, plus the balances of the applied DIM, calculated at the end of each business day of the movement
period, which comprises the twelve months immediately preceding the month of verification. Art. 7 Funds not applied in microfinance operations, as provided in the caput, art. 1, item I, of Resolution 3.109, of 2003, as amended by Resolution 3.212, of 2004, must be collected to the Central Bank of Brazil, in cash, on the day of verification of compliance with the requirement, remaining unavailable until the subsequent collection date, not being entitled to any remuneration. Art. 8 The non-collection or partial collection of funds not applied in microfinance operations, referred to in art. 7, subjects the offending institution to the payment of a financial cost on each daily deficiency calculated, identical to that established by the regulation in force for daily deficiency related to compulsory reserve requirements and mandatory holdings on demand resources. Art. 9 Institutions subject to the requirement referred to in this circular must provide, by the business day immediately preceding the date of verification of compliance, the daily balances of the following Cosif accounting items, relating to the month immediately preceding the month of verification of compliance: I - 4.1.1.00.00-0 Demand Deposits; II - the deposits referred to in art. 5, § 2; III - 3.0.9.64.10-9 Individuals - Special Accounts - Operations in Normal Course and Overdue up to 1 year; IV - 3.0.9.64.11-6 Individuals/Legal Entities - SCM - Operations in Normal Course and Overdue up to 1 year; V - 3.0.9.64.12-3 Individuals - Low Income - Operations in Normal Course and Overdue up to 1 year; VI - 3.0.9.64.20-2 Individuals - Special Accounts - Operations Overdue for more than 1 and less than 2 years; VII - 3.0.9.64.21-9 Individuals/Legal Entities - SCM - Operations Overdue for more than 1 and less than 2 years; VIII - 3.0.9.64.22-6 Individuals - Low Income - Operations Overdue for more than 1 and less than 2 years; IX - 3.0.9.64.30-5 DIM - Applied Funds; X - 3.0.9.64.31-2 DIM - Raised Funds. § 1 The institution is exempt from providing the information referred to in this article, if it remains unchanged in relation to that of the immediately preceding day. § 2 In the event of absence of information relating to one or more days of the calculation period until the deadline set in the caput, the value relating to the last informed position shall be attributed to each uninformed position. § 3 The institution that informs or changes the data after the deadline set in the caput incurs the payment of a fine, as provided in the regulation in force. § 4 The institution holding a Banking Reserve account subject to the provision of information referred to in Circular 3.169, of 19 December 2002, is exempt from sending the information provided in items I and II. § 5 Institutions subject to the requirement referred to in this circular must provide, by 19 October 2004, the information relating to the period from 1 September 2003 to 31 August 2004, in addition to the period established in the caput.
§ 6 Exceptionally, for the verifications of compliance with the requirement relating to the calculation periods of July 2003 to June 2004 and August 2003 to July 2004, whose compliance periods comprise the months of August 2003 to July 2004 and September 2003 to August 2004, respectively, the institutions subject to the requirement in question must forward to the Central Bank of Brazil only the following information: I - the requirement calculated in each calculation period, calculated as established in art. 5; and II - the annual average of the balances of microfinance operations and applied DIM, consolidated, relating to each of the movement periods referred to in the caput. Art. 10 Microentrepreneur credit societies and other institutions not subject to the requirement that are depositaries of DIM in the form of art. 3, item I, of Resolution 3.109, of 2003, as amended by Resolution 3.212, of 2004, must provide the information listed in art. 9, with regard to funds raised through DIM. Art. 11 The institution subject to the requirement referred to in this circular, not holding a Banking Reserve account, as well as the microentrepreneur credit society and other institutions not subject to the requirement must indicate the institution holding a Banking Reserve account to which the notifications of the amount to be collected, relating to the deficiency of application in microfinance operations, in addition to the charges pertaining to financial costs and fines, and credited eventual returns, will be sent. Art. 12 The Department of Banking Operations and Payment System (Deban) shall adopt the necessary measures for the operationalization of the provisions of this normative. Art. 13 This circular enters into force on the date of its publication. Brasília, 30 August 2004. Afonso Sant'Anna Bevilaqua Sérgio Darcy da Silva Alves Director Director