Circular No. 3468, of 28 September 2009

CIRCULAR No. 3468

Provides for the compulsory reserve requirement and the mandatory reserve on time deposits referred to in Circulars No. 3,091, of 1 March 2002, and No. 3,427, of 19 December 2008.

The Board of Governors of the Central Bank of Brazil, in a meeting held on 24 September 2009, based on art. 10, items III and IV, of Law No. 4,595, of 31 December 1964, as amended by arts. 19 and 20 of Law No. 7,730, of 31 January 1989, in art. 11, item III, of Law No. 4,595, of 1964, and in Resolution No. 1,857, of 15 August 1991,

D E C I D E D:

Art. 1 The caput of art. 4 of Circular No. 3,091, of 1 March 2002, shall henceforth be in force with the following wording:

"Art. 4 The requirement for compulsory reserve and mandatory reserve is calculated by applying the rate of 13.5% (thirteen point five percent) to the calculation base referred to in art. 3 of this Circular.

........................................................................................................................." (NR)

Art. 2 Art. 2 of Circular No. 3,427, of 19 December 2008, shall henceforth be in force with the following wording:

"Art. 2 Compliance with the requirement for compulsory reserve and mandatory reserve on time deposits referred to in § 1 of art. 6 of Circular No. 3,091, of 2002, shall be effected:

I - 45% (forty-five percent) by means of linkage, in the Special System for Settlement and Custody (Selic), of federal public securities registered in that system; and

II - 55% (fifty-five percent) in cash.

........................................................................................................................" (NR)

Art. 3 Art. 3, item V, and § 1, items II and III, of Circular No. 3,427, of 2008, shall henceforth be in force with the following wording:

"Art. 3 .............................................................................................................

V - acquisition of shares of Credit Rights Investment Funds (FDIC) organized by the Credit Guarantee Fund (FGC) and of shares of Multimarket Investment Funds and of Fixed Income Investment Funds held by a single qualified investor (exclusive), owned by the FGC, whose

CENTRAL BANK OF BRAZIL

portfolios are composed, essentially, of Bank Deposit Certificates (CDB), Bills of Exchange (LC) and Mercantile Leasing Letters (LAM), issued by financial conglomerates or a financial institution that meets the conditions established in item III of § 1 of this article;

§ 1 ..............................................................................................................

II - only acquisitions and interfinancial deposits completed by 31 March 2010 may be subject to deduction;

III - financial conglomerates and independent financial institutions are considered eligible, as assignors, sellers or depositors, whose Reference Equity (PR), Level I, calculated in the manner established by Resolution No. 3,444, of 28 February 2007, for the month of December 2008, is up to R$2,500,000,000.00 (two billion five hundred million reais)." (NR)

Art. 4 The operations and deposits referred to in art. 3 of Circular No. 3,427, of 2008, carried out with institutions with Level I PR higher than R$2,500,000,000.00 (two billion five hundred million reais) and up to R$7,000,000,000.00 (seven billion reais), contracted up to the date of publication of this Circular, may be used for the purposes of the deduction referred to in art. 3 of Circular No. 3,427, of 2008, until their respective maturities.

Art. 5 Circular No. 3,127, of 14 June 2002, is revoked.

Art. 6 This Circular enters into force on the date of its publication, producing effects, with regard to the provisions of arts. 1 and 2, as from the calculation period of 21 to 25 September 2009, whose adjustment will occur on 2 October 2009.

Brasília, 28 September 2009.

Mario Torós
Director

This text does not replace the one published in the DOU and in Sisbacen.