Circular No. 3093 — Redefines and Consolidates Rules for Mandatory Reserve Requirements on Savings Deposit Funds

CIRCULAR N. 003093

Redefine e consolida as regras do encaixe obrigatório sobre recursos de depósitos de poupança.

The Collegiate Board of the Central Bank of Brazil, in a session held on February 27, 2002, considering the provisions of Article 10, items III and IV, of Law 4.595, of December 31, 1964, as amended by Articles 19 and 20 of Law 7.730, of January 31, 1989, in Articles 66 and 67 of Law 9.069, of June 29, 1995, in Resolution 1.857, of August 15, 1991, and in Resolution 2.519, of June 29, 1998.

D E C I D E D:

Art. 1 Redefine and consolidate the rules for the mandatory reserve requirement on funds from savings deposits collected by multiple banks with real estate credit portfolios, commercial banks, real estate credit societies, savings and loan associations, and savings banks.

Art. 2 Values Subject to Collection (VSR) are the balances recorded in the following accounting rubrics of the Accounting Plan of the Institutions of the National Financial System (Cosif):

I - 4.1.2.00.00-3 Savings Deposits; and

II - 6.2.1.00.00-3 APE - Funds from Savings Associates;

Sole Paragraph. Values recorded in the accounting rubric "4.1.2.60.40-7 Linked Savings Deposits - Linked to Credit Letters" of Cosif are exempt from the mandatory reserve requirement.

Art. 3 The calculation base for the mandatory reserve requirement on savings deposit funds corresponds to the arithmetic mean of the sum of the balances recorded in the rubrics referred to in items I and II of Article 2 of this circular, relating to business days within the calculation period.

Sole Paragraph. The calculation period comprises the business days of one week, starting on Monday and ending on Friday.

Art. 4 The mandatory reserve requirement for each savings deposit modality is determined by applying a rate of 15% (fifteen percent) to the calculation base referred to in the previous article.

Art. 5 The mandatory reserve requirement calculated for each savings deposit modality is valid from the Monday of the second week following the closure of the calculation period until the following Friday.

Paragraph 1 The collection must be made exclusively in cash, through an institution holding a Bank Reserves account, which will command the respective transfer to the credit of the collection account corresponding to each savings deposit modality.

Paragraph 2 The daily closing balance of the collection account corresponding to each savings deposit modality must correspond to 100% (one hundred percent) of the requirement.

Paragraph 3 The collection account corresponding to each savings deposit modality may be freely operated by the holding institution, to the credit of a Bank Reserves account of its free choice at each transaction.

Paragraph 4 The operation of the collection account corresponding to each savings deposit modality observes the time established for the functioning of the Reserve Transfer System (STR) of the Central Bank of Brazil.

Art. 6 The financial institution that fails to observe the regulations regarding the maintenance of a balance in the collection account corresponding to each savings deposit modality incurs the payment of financial costs, as provided in the current regulation.

Art. 7 The daily closing balance of the collection account corresponding to each savings deposit modality, at the Central Bank of Brazil, limited to the respective requirement, is entitled to remuneration, credited to the respective collection account at 4:30 PM on the following business day and calculated based on the Reference Rate (TR), plus the interest below, as follows:

1/n 1/n 1/365
R = S x [(1+TR) -1]+[S x (1+TR) ] x [(1+a) -1], where:

R = remuneration to be credited, expressed with two decimal places, with mathematical rounding;

S = daily closing balance of the collection account corresponding to each savings deposit modality;

TR = TR of each business day, in unit format, expressed with four decimal places, valid for the period ending on the corresponding day of the following month;

n = number of business days between the reference day of the TR used for the calculation of the remuneration and the day corresponding to the reference day of the TR in the following month;

a = addition to the TR, corresponding to:

1 - 0.03 (three hundredths), in the case of the mandatory reserve requirement on savings deposits of the linked savings modality;

2 - 0.0617 (six hundred and seventeen thousandths), in the case of the mandatory reserve requirement on other savings deposit modalities.

Paragraph 1 When the corresponding day to the reference day of the TR in the following month does not exist, the first day of the subsequent month will be considered as the end of the period.

Paragraph 2 The partial results of multiplication, division, and exponentiation used in the algebraic expression for the calculation of remuneration must contain eight decimal places, with mathematical rounding.

Art. 8 The financial institution must provide, by the business day immediately preceding the date on which the respective requirement becomes effective, the daily data relating to the corresponding calculation base.

Paragraph 1 The institution is exempt from providing such information if the calculation base for the mandatory reserve requirement on savings deposit funds remains unchanged relative to that of the previous calculation period.

Paragraph 2 In the event of the absence of information relating to a calculation period by the deadline set in the "caput" of this article, the value relative to that of the previous period will be attributed to the calculation base.

Paragraph 3 The financial institution that provides or alters data after the deadline set in the "caput" of this article incurs the payment of a fine, as provided in the current regulation.

Art. 9 In addition to the daily information for the calculation of the mandatory reserve requirement, financial institutions must provide, by the penultimate business day of the first half of each month, the data necessary to verify the mandatory direction of funds from savings collected by entities integrated into the Brazilian Savings and Loan System (SBPE).

Art. 10 The financial institution subject to the mandatory reserve requirement referred to in this circular, not holding a Bank Reserves account, must indicate the financial institution holding a Bank Reserves account to which charges, pertinent to financial costs and fines, will be sent, and any eventual refunds will be credited.

Art. 11 The Department of Banking Operations and Payment Systems (Deban) is authorized to issue norms and adopt the measures necessary for the execution of the provisions of this circular.

Art. 12 This circular enters into force on April 22, 2002, when Circulars 2.608 and 2.651, respectively, of August 24, 1995, and December 27, 1995, will be repealed.

Brasília, March 1, 2002

Luiz Fernando Figueiredo
Director