Circular No. 3.274

CIRCULAR N. 003274 ------------------ Redefines and consolidates the rules of the compulsory reserve requirement and the mandatory reserve on demand resources. The Collegiate Board of the Central Bank of Brazil, in a session held on 10 February 2005, 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. 1º To redefine and consolidate the rules of the compulsory reserve requirement and the mandatory reserve on demand resources raised by multiple and investment banks, holders of a Reserve Account, commercial banks and savings banks. Art. 2º The balances recorded in the following subgroups and accounts of the Chart of Accounts for Institutions of the National Financial System (Cosif), adjusted as provided in art. 3º, constitute the Amount Subject to Reserve Requirement (VSR) on each business day: I - 4.1.1.00.00-0 Demand Deposits; II - 4.1.4.10.00-6 Advance Notice Deposits; III - 4.5.1.00.00-6 Third-Party Funds in Transit; IV - 4.9.1.00.00-2 Collection and Receipt of Taxes and Similar; V - 4.9.9.05.00-1 Administrative Checks; VI - 4.9.9.12.10-4 Contracts of Assumption of Obligations - Linked to Operations Carried Out in the Country; VII - 4.9.9.27.00-3 Obligations for Provision of Payment Services; VIII - 4.9.9.60.00-8 Funds from Collateral Provided; and IX - 4.1.9.10.00-1 Investment Deposits. § 1º The following are exempt from the compulsory reserve requirement and the mandatory reserve on demand resources: I - the amounts recorded in the following Cosif account items: a) 4.5.1.85.00-7 Payment Orders in Foreign Currencies; and b) 4.5.1.90.00-9 Payment Orders in Foreign Currencies - Floating Rates; II - demand deposits, advance notice deposits and investment deposits raised by federal and state public financial institutions: a) of the respective governments; and b) of autarchies and mixed-capital companies in whose capital the respective governments hold a majority interest; III - demand deposits, advance notice deposits and investment deposits raised by state public financial institutions held by municipal public entities of the respective federative unit. § 2º The amounts recorded in the Third-Party Funds in Transit item, subject to the requirement, are balanced with the respective asset counterparts, except that those of an eminently debtor origin are not counted for the purpose of balancing. § 3º Any negative balance in the account item referred to in item IX of this article must not be considered for the purpose of calculating the arithmetic average of the VSR. Art. 3º The VSR must be adjusted each day considering checks, Credit Documents (DOCs) and collection slips with settlement on the business day immediately following acceptance or payment and that generate transfers between Reserve Accounts of financial institutions, as
defined below: I - Check: a) accepting bank: deduct the amount of checks accepted on the day, on deposit or for any other purpose, drawn against other financial institutions; and b) drawee bank: add the amount of checks with a value greater than the threshold amount referred to in item I of paragraph 1 of Circular Letter 2.883, of 1 December 1999, received for settlement, on the day, from the accepting financial institutions; II - Credit Document (DOC): a) sending financial institution: add the amount of DOCs sent to the clearing and settlement system on the day; and b) receiving financial institution: deduct the amount of DOCs received from the clearing and settlement system on the day; III - collection slip: a) accepting bank: add the amount of collection slips paid at the institution on the day and sent for settlement; and b) receiving bank: deduct the amount of collection slips received for settlement, on the day, paid at other financial institutions. Art. 4º The calculation base for the requirement of the compulsory reserve and the mandatory reserve on demand resources corresponds to the arithmetic average of the VSRs calculated in the calculation period, minus R$44,000,000.00 (forty-four million reais). Sole paragraph. The calculation period begins on the Monday of one week and ends on the Friday of the following week. Art. 5º The requirement of the compulsory reserve and the mandatory reserve on demand resources is calculated by applying the rate of 45% (forty-five percent) to the calculation base referred to in art. 4º. Art. 6º The financial institution that presents a requirement equal to or less than R$10,000.00 (ten thousand reais) is exempt from the obligation to hold reserves, and must provide the information set forth in art. 9º of this Circular. Art. 7 The verification of compliance with the reserve requirement is based on the positions determined on each business day of the movement period, which begins on the Wednesday of the second week of the calculation period and ends on the Tuesday of the second subsequent week. § 1 For the purpose of the verification referred to in the "caput" of this article, position is considered to be the sum of: I - the daily closing balance of the Banking Reserve account; and II - the arithmetic average of the financial institution's available funds recorded under the heading "1.1.1.10.00-6 Caixa", of Cosif, at the close of each business day of the respective calculation period, up to the limit of 15% (fifteen percent) of the calculation base determined for the institution. § 2 The arithmetic average of the institution's positions during the movement period must correspond to 100% (one hundred percent) of the reserve requirement determined for the respective period. § 3 At the end of each day, the institution's position must be equivalent to at least 80% (eighty percent) of the reserve requirement determined for the respective period. Art. 8 The financial institution that fails to observe the rules
relating to compliance with the reserve requirement for compulsory deposits and the mandatory reserve on demand resources incurs the payment of a financial cost in the manner provided for in the regulations in force. Art. 9 The financial institution must provide, by the business day immediately preceding the start of the movement period, the pertinent data already known and the estimate for the remaining days of the calculation period. § 1 The financial institution is exempt from providing the respective information if the calculation base for the compulsory deposit and the mandatory reserve on demand resources remains unchanged in relation to that of the previous calculation period. § 2 In the event of absence of information relating to a calculation period by the deadline set in the caput of this article, the calculation base shall be assigned the value relating to that of the previous period. § 3 The financial institution that provides or changes the data after the deadlines set in this article is subject to the payment of a fine, in the manner provided for in the regulations in force. § 4 The provisions of § 3 do not apply to cases of alteration of daily data made up to the third business day following the end of the respective calculation period. Art. 10 The financial institutions are divided into two segments, called "Group A" and "Group B", for the purposes of the compulsory deposit and the mandatory reserve on demand resources. § 1 The calculation and movement periods of "Group A" have a one-week lag in relation to those of "Group B". § 2 The Department of Banking Operations and Payment System (Deban) shall disclose the detailed lists of the institutions belonging to each group. Art. 11 Deban shall adopt the measures necessary for the operationalization of the provisions of this normative act. Art. 12 This Circular enters into force on 18 February 2005, when Circulars 3.169, 3.191, 3.199 and 3.257, of 19 December 2002, of 29 May 2003, of 8 August 2003, and of 8 September 2004, respectively, shall be revoked. São Paulo, 10 February 2005. Rodrigo Telles da Rocha Azevedo Director