Circular No. 3.262

CIRCULAR N. 003262 ------------------ Adds a sole paragraph to article 4 of Circular 3.091, of 1 March 2002, which defines the rules for compulsory reserve requirements and mandatory deposits on time deposits. The Board of Directors of the Central Bank of Brazil, in a session held on 19 November 2004, having regard to 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, in arts. 66 and 67 of Law 9.069, of 29 June 1995, and in Resolution 1.857, of 15 August 1991, D E C I D E D: Art. 1 The following sole paragraph is added to art. 4 of Circular 3.091, of 1 March 2002: "Sole Paragraph. Of the total requirement calculated as provided in the caput of this article, the financial institution shall deposit only the portion exceeding the amount of R$ 300,000,000.00 (three hundred million reais)." (NR) Art. 2 This circular enters into force on the date of its publication, producing effects as from the calculation period of 8 to 12 November 2004, whose compliance period begins on this date. São Paulo, 19 November 2004. Rodrigo Telles da Rocha Azevedo Director