Circular No. 3.513

CIRCULAR No. 003513 ------------------ Amends Circulars Nos. 3.091 of 1 March 2002 and 3.485 of 24 February 2010, which deal with compulsory reserve requirements and mandatory deposits on time deposits. The Board of Governors of the Central Bank of Brazil, in a meeting held on 2 December 2010, 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 Resolution No. 1.857 of 15 August 1991, D E C I D E D: Art. 1 The art. 4 of Circular No. 3.091 of 1 March 2002 shall henceforth have the following wording: "Art. 4 The requirement for compulsory reserve requirements and mandatory deposits is calculated by applying the rate of 20% (twenty percent) to the calculation base referred to in art. 3 of this Circular." (NR) Art. 2 Items I to III of art. 5 of Circular No. 3.091 of 1 March 2002, as amended by Circular No. 3.485 of 24 February 2010, shall henceforth have the following wording: "Art. 5 ............................................... I - R$3.000.000.000,00 (three billion reais), for independent financial institutions or those belonging to a financial conglomerate whose Tier I of the Reference Equity (PR) is less than R$2.000.000.000,00 (two billion reais); II - R$2.500.000.000,00 (two billion five hundred million reais), for independent financial institutions or those belonging to a financial conglomerate whose Tier I of PR is equal to or greater than R$2.000.000.000,00 (two billion reais) and less than R$5.000.000.000,00 (five billion reais); and III - zero, for independent financial institutions or those belonging to a financial conglomerate whose Tier I of PR is equal to or greater than R$5.000.000.000,00 (five billion reais)." (NR) Art. 3 The art. 4 of Circular No. 3.485 of 24 February 2010 shall henceforth have the following wording: "Art. 4 The deduction of the amount equivalent to interfinancial assets and deposits, in the form of art. 3 of Circular No. 3.427 of 19 December 2008, may be made up to the limit of 36% (thirty-six percent) of the requirement, observing the deadlines defined in art. 4 of the same Circular." (NR) Art. 4 Item II of § 1 of art. 3 of Circular No. 3.427 of 19 December 2008 shall henceforth have the following wording: "Art. 3............................................... § 1 .................................................. II - only acquisitions and interfinancial deposits made up to 30 June 2011 may be subject to deduction." (NR) Art. 5 Circulars Nos. 3.487 of 1 March 2010 and 3.499 of 29 June 2010 are revoked. Art. 6 This circular enters into force on the date of its publication, with effects from the calculation period beginning on 6 December 2010 and ending on 10 December 2010, whose adjustment will occur on 17 December 2010. Brasília, 3 December 2010. Aldo Mendes Director