Circular No. 3.409

CIRCULAR No. 003409 ------------------ Provides for rediscount operations in national currency referred to in Resolution No. 3.622 of 9 October 2008. The Board of Governors of the Central Bank of Brazil, in an extraordinary session held on 10 October 2008, having regard to the provisions of art. 10, item III, of Law No. 4.595 of 31 December 1964, and art. 7 of Resolution No. 3.622 of 9 October 2008, D E C I D E D: Art. 1 The addition to the Selic Rate to be used in calculating the resale price of rediscounted assets referred to in item II, § 2, of art. 1 of Resolution No. 3.622 of 9 October 2008 shall be 4% p.a. (four percent per year), and the resale value of the rediscounted assets shall be updated daily. § 1 The institution taking the rediscount may exercise, in advance, the commitment to repurchase all or part of the rediscounted assets. § 2 In the event of partial repurchase, priority shall be given, in order, to the resale of credits that: I - are classified in the highest risk categories: II - have the longest maturity; III - do not involve customer obligations with operations at more than one financial institution or payroll-deductible loans from the public sector. Art. 2 For the purposes of the provisions of arts. 2-A, item II, and 2-B of Resolution No. 2.949 of 4 April 2002, as amended by Resolution No. 3.622 of 2008, the Electronic Transfer Term (TTE) shall be prepared in the form of a file to be transferred by the financial institution, using the Central Bank File Transfer Service (PSTA). § 1 The file shall be in XML format, as set out in document DOC 3021 - "Document of proposal for operations of Res. 3.622/2008 and electronic transfer term assets", available for consultation in the file transfer area of the Brazilian Payment System, on the Central Bank of Brazil's website on the Internet (www.bcb.gov.br/?SPBTRANS). § 2 The file transfer protocol numbers, generated automatically by the system, shall be kept by the financial institution and used for reference in communications with the Central Bank of Brazil. Art. 3 The Central Bank of Brazil shall, on an exceptional basis, waive compliance with reserve requirement and compulsory deposit obligations of a financial institution that formalizes a rediscount request, up to the amount of the operation and for the period necessary for its analysis. § 1 In the period between the date of formalization and the date of the decision on the rediscount request referred to in the caput, the financial institution shall be subject to the payment of financial costs, on deficiencies in the deposit, equivalent to those provided for the rediscount operation. § 2 From the date of the decision referred to in § 1, the financial institution shall be subject to compliance with the requirements in accordance with the regulations in force. § 3 The waiver of compliance with the requirement referred to in the caput does not include the compulsory deposit referred to in Resolutions No. 3.103 of 25 June 2003 and
No. 3.347 of 8 February 2006. Art. 4 The provisions of the regulation annexed to Circular No. 3.105 of 5 April 2002 shall apply, where applicable, to the rediscount operations referred to in this circular. Art. 5 The Department of Banking Operations and Payment System and the Department of Information Technology shall adopt the necessary measures to comply with the provisions of this circular. Art. 6 This circular enters into force on the date of its publication. São Paulo, 10 October 2008. Mario Torós Director