Circular No. 3.745

The Collegiate Board of the Central Bank of Brazil, in a session held on 22 January 2015, based on art. 10, items III and IV, 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 S :

Art. 1º Compliance with the reserve requirement on demand deposits referred to in Circular No. 3.632, of 21 February 2013, may be effected with the deduction of the amount corresponding to the updated outstanding balance, verified on the last business day of the calculation period, of the financings, granted as of 1 January 2015, that replicate the following criteria established in the rule issued by the National Monetary Council that establishes the conditions for contracting the financings eligible for economic subsidy referred to in Law No. 12.096, of 24 November 2009:

• I - beneficiaries;

• II - eligible items; and

• III - interest rates to the final beneficiary.

§ 1º The deduction of the amount referred to in the caput is limited to 20% (twenty percent) of the requirement calculated in the form of art. 4º of Circular No. 3.632, of 2013.

§ 2º The possibility of deduction referred to in the caput is restricted to independent institutions or those that are part of a financial conglomerate that presented, in relation to the month of April 2014, a Reference Equity (PR) amount, Tier I, calculated in the form established by Resolution No. 4.192, of 1 March 2013, greater than R$3,000,000,000.00 (three billion reais).

§ 3º The deduction referred to in the caput may be effected by the financial institution while it holds the aforementioned financings, recorded in its assets.

Art. 2º Compliance with the reserve requirement on demand deposits may also be effected with the deduction of the amount corresponding to the updated outstanding balance, verified on the last business day of the calculation period, of the financings, granted between 21 December 2012 and 31 December 2014, that replicate the criteria indicated in art. 1º of this Circular, established within the scope of the subprograms referred to in arts. 1º and 2º of Resolution No. 4.170, of 20 December 2012.

Art. 3º The deduction referred to in art. 1º shall be considered:

• I - for the institutions of group "A" referred to in art. 9º of Circular No. 3.632, of 2013, as of the calculation period comprised between 29 December 2014 and 9 January 2015, whose movement period began on 14 January 2015; and

• II - for the institutions of group "B" referred to in art. 9º of Circular No. 3.632, of 2013, as of the calculation period comprised between 22 December 2014 and 2 January 2015, whose movement period began on 7 January 2015.

Art. 4º The Department of Banking Operations and Payment System (Deban) shall adopt the measures necessary for compliance with the provisions of this Circular.

Art. 5º This Circular enters into force on the date of its publication.

Art. 6º Circular No. 3.622, of 27 December 2012, is revoked.

Aldo Luiz Mendes Director of Monetary Policy