Circular No. 3.609

The Board of Directors of the Central Bank of Brazil, in an extraordinary session held on 14 September 2012, based on arts. 10, items III and IV, and 34 of Law No. 4.595, of 31 December 1964, and in view of the provisions of Circular No. 3.529, of 29 March 2011,

R E S O L V E :

Art. 1 The items I and III of art. 2 of Circular No. 3.144, of 14 August 2002, shall henceforth have the following wording:

"Art. 2 ............................................

• I - 11% (eleven percent) on the arithmetic average of the Amount Subject to Collection (VSR) related to time deposits, as dealt with in art. 2 of Circular No. 3.569, of 22 December 2011;

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• III - 0% (zero percent) on the arithmetic average of the Amount Subject to Collection (VSR) related to demand deposits, as dealt with in art. 2 of Circular No. 3.274, of 10 February 2005.

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Art. 2 The art. 10 of Circular No. 3.569, of 22 December 2011, shall henceforth have the following wording:

"Art. 10 ............................................

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§ 3 ................................................

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II - .................................................

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• e) 50% (fifty percent) as from the calculation and compliance periods beginning, respectively, on 15 and 26 October 2012;

• f) 64% (sixty-four percent) as from the calculation and compliance periods beginning, respectively, on 10 and 21 February 2014;

• g) 73% (seventy-three percent) as from the calculation and compliance periods beginning, respectively, on 14 and 25 April 2014;

• h) 82% (eighty-two percent) as from the calculation and compliance periods beginning, respectively, on 9 and 20 June 2014; and

• i) 100% (one hundred percent) as from the calculation and compliance periods beginning, respectively, on 11 and 22 August 2014." (NR)

Art. 3 The art. 11 of Circular No. 3.569, of 2011, shall henceforth have the following wording:

"Art. 11 ............................................

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§ 1 ................................................

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• II - the independent financial institutions and financial institutions that are part of financial conglomerates that meet, in relation to the month of June 2012, the following criteria, cumulatively, are considered eligible, in the capacity of assignors, sellers, depositors or issuers:

  • a) Reference Equity (PR), Level I, calculated in the manner established by Resolution No. 3.444, of 28 February 2007, less than R$2,200,000,000.00 (two billion two hundred million reais);

  • b) result greater than 0.20 (twenty hundredths) of the division of the value corresponding to the sum of the balances of accounting items 1.6.0.00.00-1 - Credit Operations, 1.7.0.00.00-0 - Leasing Operations and 3.0.1.85.00-5 - Co-obligations in Credit Assignments, by the value corresponding to the sum of the balances of accounting items 1.0.0.00.00-7 - Current and Long-Term Realizable, 2.0.0.00.00-4 - Permanent and 3.0.1.85.00-5 - Co-obligations in Credit Assignments, of Cosif; and

  • c) result greater than 0.20 (twenty hundredths) of the division of the value corresponding to the balance of accounting item 4.1.5.00.00-2 – Time Deposits, by the value corresponding to the sum of the balances of accounting items 4.0.0.00.00-8 – Current Liabilities and Long-Term Liabilities and 5.0.0.00.00-5 – Results of Future Years, of Cosif.

• III - the deduction of the amount equivalent to the sum of the assets and interfinancial deposits dealt with in arts. 11 and 11-A may be made up to the limit of 50% (fifty percent) of the requirement, observing the deadlines defined in art. 12;

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• V - the acquisitions of credit operations and Financial Bills dealt with in items I and VIII of the caput of this article, effected as from the date of publication of this Circular, shall be computed with the multiplication factor of 1.2 (one point two);

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§ 4 The independent financial institution or the financial conglomerate that, with the Cosif data referring to the end of each semester, starting with December 2012, does not comply with the provisions of item II, subitems "b" and "c", of § 1, shall become ineligible for the capacity of assignor, seller, depositor or issuer, as from:

• I - the month of April of the following year, for the position relating to the month of December; and

• II - the month of October of the same year, for the position relating to the month of June.

................................................." (NR)

Art. 4 The art. 11-A of Circular No. 3.569, of 2011, shall henceforth have the following wording:

"Art. 11-A The financial institution subject to the collection dealt with in this Circular may deduct, from the amount to be collected, in addition to the operations listed in art. 11, the balance of operations for financing and leasing of motorcycles, contracted as from the date of publication of this Circular, provided that they are recorded in its assets and originated:

• I - ..................................................

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§ 3 The operations for financing and leasing of automobiles and light commercial vehicles, contracted up to 14 September 2012, under the terms of Circular No. 3.594, of 21 May 2012, remain valid for deduction in the compulsory collection on time deposits until the end of their respective maturities."(NR).

Art. 5 This Circular enters into force on the date of its publication, producing effects:

• I - for the amendment to item I of art. 2 of Circular No. 3,144, of 2002, referred to in art. 1 of this Circular, as from the calculation period of 29 October to 1 November 2012, compliance with which shall occur from 12 to 16 November 2012;

• II - for the amendment to item III of art. 2 of Circular No. 3,144, of 2002, referred to in art. 1 of this Circular, as from the calculation period of 17 to 21 September 2012, compliance with which shall occur from 1 to 5 October 2012; and

• III - for the amendments to Circular No. 3,569, of 2011, referred to in articles 2, 3 and 4 of this Circular, as from the calculation period of 17 to 21 September 2012, compliance with which shall occur from 28 September to 4 October 2012.

Aldo Luiz Mendes Director of Monetary Policy