Circular No. 3.601

The Collegiate Board of the Central Bank of Brazil, in a session held on 20 June 2012, based on the provisions of art. 9 of Law No. 4.595, of 31 December 1964, and in items I and II and the sole paragraph of art. 4 of Resolution No. 4.087, of 24 May 2012,

R E S O L V E S :

Art. 1 The arts. 1 and 2 of Circular No. 3.327, of 26 September 2006, are amended, which shall now take effect with the following wording:

“Art. 1 The amounts of the ordinary contributions of the institutions associated with the Credit Guarantee Fund (FGC) must be calculated based on the balances on the last day of each month of the accounts and instruments corresponding to the obligations subject to guarantee, recorded in the titles and subtitles of the Chart of Accounts for Institutions of the National Financial System (Cosif) listed in the annex to this Circular.

Art. 2 The institutions associated with the FGC must inform the financial institution accredited by that fund, by the fifteenth day of each month, in the form and under the conditions disclosed by it, of the amounts corresponding to the sum of the respective balances on the last day of each month of the titles and subtitles of the Cosif that serve as the calculation basis for the ordinary contributions referring to the immediately preceding month.

Sole paragraph ..............................” (NR)

Art. 2 The following amendments are made to the annex to Circular No. 3.327, of 2006, which lists the titles and subtitles of the Chart of Accounts for Institutions of the National Financial System (Cosif), used as the calculation basis for contributions to the Credit Guarantee Fund (FGC):

• I - exclusion of the items 4.1.5.10.40-1 Institutions of the National Financial System - Without Certificate; 4.1.9.10.00-1 DEPOSITS FOR INVESTMENTS; and 4.2.1.10.80-0 Own-Issue Securities;

• II - inclusion of the items 9.0.9.53.15-0 OWN PORTFOLIO - LINKED - AFTER 8 MARCH; and 9.0.9.53.25-3 THIRD-PARTY PORTFOLIO - LINKED - AFTER 8 MARCH.

Sole paragraph. The accounting titles and subtitles, contained in the annex referred to in the caput, must be considered for the calculation of contributions to the FGC, as from the base date of 31 May 2012.

Art. 3 The institutions that have made payment of contribution to the FGC lower than due, referring to the month of May 2012, as a result of disregarding the balances of the items included by means of this Circular, must offset this difference in the payment referring to the month of June 2012.

Art. 4 This Circular enters into force on the date of its publication. Luiz Awazu Pereira da Silva Sidnei Correa Marques Director of Regulation of the System Director of Organization of the Financial System Financial and Control of Rural Credit Operations