Circular No. 3.416

CIRCULAR N. 003416 ------------------ Provides for compliance with the requirement of compulsory reserve deposits and mandatory allocation on demand resources addressed in Circular No. 3.274 of 10 February 2005. The Board of Governors of the Central Bank of Brazil, in an extraordinary session held on 24 October 2008, having regard to the provisions of art. 10, items III and IV, of Law No. 4.595 of 31 December 1964, as amended by arts. 19 and 20 of Law No. 7.730 of 31 January 1989, and in Resolution No. 1.857 of 15 August 1991, D E C I D E D: Art. 1 The compliance with the requirement of compulsory reserve deposits and mandatory allocation on demand resources addressed in Circular No. 3.274 of 10 February 2005 may be effected with deduction of the amount of the installments of the ordinary contribution to the Credit Guarantee Fund (FGC) provided for in art. 2 of Resolution No. 3.400 of 6 September 2006, which are voluntarily anticipated. § 1 The anticipation shall correspond to 60 (sixty) times the amount of the ordinary contribution relating to the month of August 2008, collected to the FGC on 1 October 2008. § 2 The contribution relating to the month of September 2008 shall be collected in accordance with the regulations in force, and shall not be included in the anticipation. § 3 The anticipation addressed in this article shall be formally manifested to the Central Bank of Brazil. Art. 2 The deduction addressed in art. 1 shall occur for the number of months equivalent to that of the anticipated installments. § 1 The deduction addressed in the caput shall be made from the movement period pertaining to the calculation period in which the anticipation occurs, observing, respectively, the provisions of art. 7 and the sole paragraph of art. 4 of Circular No. 3.274 of 2005. § 2 The requirement shall be recomposed, monthly, from the movement period relating to the calculation period that encompasses the first business day of the second month subsequent to that of the anticipation. § 3 The deduction shall be reduced in the proportion of one sixtieth of the amount of the anticipation. Art. 3 The deduction addressed in this circular shall be considered: I - for institutions of group "A", from the calculation period of 20 to 31 October 2008, whose movement period begins on 29 October 2008; and II - for institutions of group "B", from the calculation period of 27 October to 7 November 2008, whose movement period begins on 5 November 2008. Art. 4 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. 5 This circular enters into force on the date of its publication. São Paulo, 24 October 2008. Mario Torós Director