Circular No. 3.257

CIRCULAR N. 003257 ------------------ Amends the calculation basis for compulsory reserve deposits and mandatory reserve requirements on demand deposits and the additional requirement. The Board of Directors of the Central Bank of Brazil, in a meeting held on 8 September 2004, taking into account the provisions of art. 10, items III and IV, of Law 4.595, of 31 December 1964, as amended by arts. 19 and 20 of Law 7.730, of 31 January 1989, and Resolution 1.857, of 15 August 1991, D E C I D E D: Art. 1 To include the balances recorded in accounting title 4.1.9.10.00-1 DEPOSITS FOR INVESTMENT in the calculation basis for compulsory reserve deposits, mandatory reserve requirements and the additional requirement referred to, respectively, in Circular 3.169, of 19 December 2002, and item III of art. 2 of Circular 3.144, of 14 August 2002. Art. 2 To amend, consequently, art. 2 of Circular 3.169, of 2002, which shall take effect with the following wording: "Art. 2 The balances recorded in the following subgroups and titles of the Chart of Accounts for Institutions of the National Financial System - Cosif, adjusted as provided in art. 3, constitute the Amount Subject to Deposit - VSR, on each business day: ...................................................... IX - 4.1.9.10.00-1 Deposits for Investment. ...................................................... § 1 The following are exempt from compulsory reserve deposits and mandatory reserve requirements on demand deposits: ...................................................... III - demand deposits, prior notice deposits and investment deposits raised by federal and state public financial institutions: IV - demand deposits, prior notice deposits and investment deposits raised by state public financial institutions held by municipal public entities of the respective federative unit. ...................................................... § 3 Any negative balance in the accounting title referred to in item IX of this article shall not be considered for the purposes of calculating the arithmetic average of the VSR. ................................................" (NR) Art. 3 This circular enters into force as of 1 October 2004, when Circular 3.236, of 6 May 2004, shall be revoked. Brasília, 8 September 2004. Afonso Sant'Anna Bevilaqua Director