Circular No. 3.332

CIRCULAR No. 003332 ------------------ Defines the method for calculating the limit for targeted productive microcredit operations and criteria for assessing compliance with the requirement to apply demand deposits in microcredit operations and establishes procedures for the submission of information relating to the aforementioned operations. The Board of Governors of the Central Bank of Brazil, at its 2,420th session, having regard to the provisions of arts. 9 and 10 of Law 4.595 of 31 December 1964, as amended by art. 19 of Law 7.730 of 31 January 1989, 66 and 67 of Law 9.069 of 29 June 1995, 3 of Law 10.735 of 11 September 2003, 8, item II, and 3, § 3, of Resolution 3.422 of 30 November 2006, D E C I D E D: Art. 1 The requirement to apply demand deposits in microcredit operations intended for the low-income population and microentrepreneurs as set forth in Resolution 3.422 of 30 November 2006, by multiple banks with commercial portfolios, commercial banks and Caixa Econômica Federal, consists of the daily average of the amounts resulting from the application of the minimum percentage established in art. 1 of the aforementioned resolution to the daily balances recorded under account heading 4.1.1.00.00-0 Demand Deposits of the Chart of Accounts for Institutions of the National Financial System - Cosif, plus the average of the daily balances recorded under account heading 3.0.9.64.31-2 DIM - Funds Raised, calculated in the calculation period. § 1 The calculation period comprises the twelve months preceding the month immediately prior to the month of verification of compliance with the requirement. § 2 The following demand deposits raised are exempt from the requirement to apply in microcredit operations: I - by federal and state public financial institutions: a) from the respective governments; and b) from autarchies and mixed-capital companies in whose capital the respective governments hold a majority interest; II - by state public financial institutions held by municipal public entities of the respective federative unit. Art. 2 Verification of compliance with the requirement shall be carried out on the 20th day of each month, or on the following business day if the 20th is a non-business day, based on the average of the balances of the microcredit operations referred to in this circular, plus the balances of interfinancial deposits linked to microfinance operations (DIM) applied, calculated at the end of each business day of the movement period, which comprises the twelve months immediately preceding the month of verification. Art. 3 Funds not applied in microcredit operations, as provided in Resolution 3.422 of 2006, must be remitted to the Central Bank of Brazil, in cash, on the day of verification of compliance with the requirement, remaining unavailable until the date of the subsequent remittance, and shall not be entitled to any remuneration. Art. 4 Failure to remit or partial remittance of funds not applied in microcredit operations, as
referred to in art. 3, subjects the offending institution to the payment of a financial cost on each daily deficiency calculated, identical to that established by the regulations in force for the daily deficiency relating to the compulsory reserve and the mandatory deposit on demand funds. Art. 5 The following account titles and subtitles are maintained in Cosif: 3.0.9.64.00-6 APPLICATIONS IN MICROFINANCE OPERATIONS 3.0.9.64.10-9 Individuals - Special Accounts - Operations in Normal Course and Overdue up to 1 year 3.0.9.64.11-6 Individuals/Legal Entities - SCM - Operations in Normal Course and Overdue up to 1 year 3.0.9.64.12-3 Individuals - Low Income - Operations in Normal Course and Overdue up to 1 year 3.0.9.64.20-2 Individuals - Special Accounts - Operations Overdue for more than 1 and less than 2 years 3.0.9.64.21-9 Individuals/Legal Entities - SCM - Operations Overdue for more than 1 and less than 2 years 3.0.9.64.22-6 Individuals - Low Income - Operations Overdue for more than 1 and less than 2 years 3.0.9.64.30-5 DIM - Funds Applied 3.0.9.64.31-2 DIM - Funds Raised 9.0.9.64.00-8 FUNDS APPLIED IN MICROFINANCE OPERATIONS. Art. 6 The function of the title APPLICATIONS IN MICROFINANCE OPERATIONS, code 3.0.9.64.00-6, and its counterpart RESOURCES APPLIED IN MICROFINANCE OPERATIONS, code 9.0.9.64.00-8, is maintained, which shall record the applications of resources eligible for compliance with the requirement addressed in Resolution 3.422, of 2006, and the appropriate subheadings must be used, according to the nature of the application, observing that: I - subheadings 3.0.9.64.10-9 and 3.0.9.64.20-2 are intended for the recording of credit operations with natural persons carried out under the terms of art. 2, item I, of the aforementioned resolution; II - subheadings 3.0.9.64.11-6 and 3.0.9.64.21-9 are intended for the recording of credit operations with natural persons or legal entities carried out under the terms of art. 2, item II, as well as oriented productive microcredit operations carried out with natural persons and legal entities cited in art. 2, item IV, of the aforementioned resolution; III - subheadings 3.0.9.64.12-3 and 3.0.9.64.22-6 are intended for the recording of credit operations with natural persons carried out under the terms of art. 2, item III, of the aforementioned resolution; IV - subheading 3.0.9.64.30-5 is intended for the recording of resources applied in other institutions by means of DIM, under the terms of art. 5, item I, of the aforementioned resolution; V - subheading 3.0.9.64.31-2 is intended for the recording of resources raised from other institutions by means of DIM, under the terms of art. 5, item I, of the aforementioned resolution. § 1 Recording in these accounts of the settlement system does not exempt the institution from recording the operations in the appropriate balance sheet accounts, according to the nature of the application. § 2 In the subheadings mentioned in items I, II and III, both the credit
operations originated by the institution and those acquired from other institutions must be recorded, under the terms of art. 5, item II, of Resolution 3.422, of 2006. § 3 It is permitted that in subheadings 3.0.9.64.20-2, 3.0.9.64.21-9 and 3.0.9.64.22-6 only the amounts relating to installments overdue for more than 1 year and less than 2 years of microcredit operations be recorded, without prejudice to compliance with the provisions of Resolution 2.682, of 21 December 1999, regarding the classification of said operations. § 4 In the case of adoption of the option provided for in § 3, the amounts corresponding to installments overdue for less than 1 year must be recorded in subheadings 3.0.9.64.10-9, 3.0.9.64.11-6 and 3.0.9.64.12-3. Art. 7 The institutions referred to in art. 1 must provide, by the business day immediately preceding the date of verification of compliance, the daily balances of the following Cosif accounting accounts, relating to the month immediately preceding the month of verification of compliance: I - 4.1.1.00.00-0 Demand Deposits; II - the deposits referred to in art. 1, § 2; III - 3.0.9.64.10-9 Natural Persons - Special Accounts - Operations in Normal Course and Overdue up to 1 year; IV - 3.0.9.64.11-6 Natural Persons/Legal Entities - SCM - Operations in Normal Course and Overdue up to 1 year; V - 3.0.9.64.12-3 Natural Persons - Low Income - Operations in Normal Course and Overdue up to 1 year; VI - 3.0.9.64.20-2 Natural Persons - Special Accounts - Operations Overdue for more than 1 and less than 2 years; VII - 3.0.9.64.21-9 Natural Persons/Legal Entities - SCM - Operations Overdue for more than 1 and less than 2 years; VIII - 3.0.9.64.22-6 Natural Persons - Low Income - Operations Overdue for more than 1 and less than 2 years; IX - 3.0.9.64.30-5 DIM - Resources Applied; X - 3.0.9.64.31-2 DIM - Resources Raised. § 1 The institution is exempt from providing the information addressed in this article if it remains unchanged in relation to that of the immediately preceding day. § 2 In the event of absence of information relating to one or more days of the calculation period until the deadline set in the caput, the amount relating to the last informed position shall be attributed to each uninformed position. § 3 The institution that informs or alters the data after the deadline set in the caput incurs the payment of a fine, in the form provided for in the regulation in force. § 4 The institution holding a Bank Reserves account subject to the provision of information addressed in Circular 3.274, of 10 February 2005, is exempt from sending the information provided for in items I and II. Art. 8 Institutions not subject to the requirement and which are depositaries of DIM under the terms of art. 5, item I, of Resolution 3.422, of 2006, must: I - provide the information listed in art. 7, items III to X; II - indicate the institution holding a Bank Reserves account to which the notifications of amount to be collected, relating to the
deficiency of application in microcredit operations, shall be forwarded, in addition to the collections pertaining to financial costs and fines, and any refunds credited. Art. 9 The Department of Banking Operations and Payment System (Deban) shall adopt the necessary measures for the operationalization of the provisions of this circular. Art. 10 This circular enters into force on the date of its publication. Art. 11 Circular 3.253, of 30 August 2004, is revoked. São Paulo, 4 December 2006. Alexandre Antonio Tombini Director