CIRCULAR No. 3,888, OF MARCH 28, 2018

Amends Circulars No. 3,632, of February 21, 2013, No. 3,569, of December 22, 2011, No. 3,090, of March 1, 2002 and No. 3,566, of December 8, 2011.

The Board of Governors of the Central Bank of Brazil, in a session held on March 22, 2018, based on art. 10, items III and IV, of Law No. 4,595, of December 31, 1964, and on art. 66 of Law No. 9,069, of June 29, 1995, and in view of the provisions of Law No. 13,506, of November 13, 2017, in Circular No. 3,857, of November 14, 2017, and in Circular No. 3,529, of March 29, 2011,

R E S O L V E S :

Art. 1 The Circular No. 3,632, of February 21, 2013, shall come into force with the following amendments:

“Art. 3 The calculation base of the reserve requirement on demand deposits corresponds to the arithmetic average of the VSRs calculated in the calculation period, minus R$200,000,000.00 (two hundred million reais). ................................................................................................................” (NR)

“Art. 4 The reserve requirement on demand deposits is calculated by applying the rate of 25% (twenty-five percent) to the calculation base referred to in art. 3.” (NR)

“Art. 6 ...........................................................................................................

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

I - the daily closing balance of the Banking Reserves account; and

II – the demand base value, valid for deduction of the reserve requirement on demand deposits, in accordance with the provisions of art. 8 of Circular No. 3,823, of January 24, 2017.

.........................................................................................................” (NR)

“Art. 8 ..........................................................................................................

.........................................................................................................................

§ 4 The financial institution that informs or changes the data after the deadlines set in this article is subject to the penalties provided for in the regulations in force.” (NR)

Art. 2 Circular No. 3,569, of December 22, 2011, shall come into force with the following amendments:

“Art. 8 ............................................................................................................

.........................................................................................................................

Circular No. 3,888, of March 28, 2018
Page 2 of 3

§ 3 The financial institution that informs or changes the data after the deadline set in this article is subject to the penalties provided for in the regulations in force.” (NR)

“Art. 9 The financial institution subject to the reserve requirement referred to in this circular, not holding a Banking Reserves account or a Settlement Account, must indicate the financial institution holding a Banking Reserves account to which the charges pertaining to financial costs will be forwarded, and to which any refunds will be credited.” (NR)

Art. 3 Circular No. 3,090, of March 1, 2002, shall come into force with the following amendments:

“Art. 8 ............................................................................................................ .........................................................................................................................

§ 3 The financial institution that informs or changes the data after the deadline set in this article is subject to the penalties provided for in the regulations in force.” (NR)

“Art. 9 The financial institution subject to the reserve requirement referred to in this circular, not holding a Settlement Account, must indicate the financial institution holding a Banking Reserves account to which the charges pertaining to financial costs will be forwarded, and to which any refunds will be credited.” (NR)

Art. 4 Circular No. 3,566, of December 8, 2011, shall come into force with the following amendments:

“Art. 4 ............................................................................................................ .........................................................................................................................

§ 3 The financial institution that informs or changes the data after the deadline set in this article is subject to the penalties provided for in the regulations in force.” (NR)

“Art. 5 ............................................................................................................ .........................................................................................................................

II - if they do not hold a Settlement Account, indicate the institution holding a Banking Reserves account to which the notifications of the amount to be collected relating to the deficiency in application in microcredit operations will be forwarded, in addition to the charges pertaining to financial costs, and to which any refunds will be credited.” (NR)

Art. 5 The following provisions of Circular No. 3,632, of 2013, are revoked:

I - items II and III of § 1 of art. 2;

II - sole paragraph of art. 4; and

III - item III of § 1 of art. 6.

Art. 6 This circular enters into force on the date of its publication, producing effects:

I - as regards arts. 1 and 5, from the calculation period of April 16 to 27, 2018, whose compliance shall occur from May 7 to 18, 2018, for financial institutions that are part of group “A”; and

II - from the calculation period of April 9 to 20, 2018, whose compliance shall occur from April 30 to May 11, 2018, for financial institutions that are part of group “B”.

Carlos Viana de Carvalho
Deputy Monetary Policy Director

This text does not replace the one published in the DOU of 2/4/2018, Section 1, p. 24, and in Sisbacen.