Circular No. 3.485

CIRCULAR No. 003485 ------------------ Amends Circular No. 3.091, of 2002, which deals with the compulsory reserve requirement and the mandatory deposit on time deposits, and provides other measures. The Board of Directors of the Central Bank of Brazil, in a session held on 24 February 2010, having regard to the provisions of 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, and in Resolution No. 1.857, of 15 August 1991, D E C I D E D : Art. 1 The arts. 4, 5, 6, 7 and 9 of Circular No. 3.091, of 1 March 2002, shall henceforth have the following wording: "Art. 4 The requirement for compulsory reserve and mandatory deposit is calculated by applying the rate of 15% (fifteen percent) to the calculation base referred to in art. 3 of this Circular." (NR) "Art. 5 The requirement, calculated as provided in art. 4, shall be deducted from the following amounts: I - R$2,000,000,000.00 (two billion reais), for independent financial institutions or those belonging to a financial conglomerate whose Reference Equity (PR) is less than R$2,000,000,000.00 (two billion reais); II - R$1,500,000,000.00 (one billion five hundred million reais), for independent financial institutions or those belonging to a financial conglomerate whose PR is equal to or greater than R$2,000,000,000.00 (two billion reais) and less than R$5,000,000,000.00 (five billion reais); and III - zero, for independent financial institutions or those belonging to a financial conglomerate whose PR is equal to or greater than R$5,000,000,000.00 (five billion reais). § 1 For the purposes of the deduction referred to in this article, the arithmetic average of the amounts corresponding to Tier I of the Reference Equity, calculated as established by Resolution No. 3.444, of 28 February 2007 (Tier I of PR), shall be considered, as follows: I - the average of the amounts corresponding to Tier I of PR from July of one year to June of the following year shall be effective from January to June of the subsequent year, beginning in the calculation period whose adjustment is the first of January; and II - the average of the amounts corresponding to Tier I of PR from January to December of the same year shall be effective from July to December of the subsequent year, beginning in the calculation period whose adjustment is the first of July. § 2 For financial institutions starting operations, the average of the amounts corresponding to Tier I of PR shall be calculated considering the number of months they have been in operation, until they complete twelve months. § 3 In the event that there is no information on the amounts corresponding to Tier I of PR for a given month or period, the last available position shall be used to calculate the average referred to in § 1 of this article, in substitution for the non-existent ones. § 4 Financial institutions whose requirement is equal to or less than R$500,000.00 (five hundred thousand
reais) are exempt from complying with the requirement referred to in this Circular. § 5 Financial institutions exempt from the collection referred to in this Circular are not released from providing information under the terms of art. 8." (NR) "Art. 6 The calculated requirement shall be effective from the Friday of the week following the end of the calculation period, or the next business day if Friday is not a business day, until the following Thursday, and must be met in cash, by deposit into a specific account. § 1 The daily closing balance of the respective collection account must correspond to 100% (one hundred percent) of the requirement. § 2 The collection of the requirement must be made exclusively by an institution holding a Banking Reserve account or a Settlement Account, which shall command the respective transfer to the credit of the collection account. § 3 The collection account may be freely operated by the holding institution, to the credit of its Banking Reserve account or Settlement Account, during the hours established for the operation of the Central Bank of Brazil's Reserve Transfer System (STR). § 4 An institution that does not hold a Banking Reserve account or a Settlement Account may operate its collection account to the credit of a Banking Reserve account of its free choice for each operation." (NR) "Art. 7 A financial institution that fails to observe the rules regarding the maintenance of a balance in the collection accounts at the Central Bank of Brazil, relating to the compulsory reserve and mandatory deposit on time deposits, shall incur the payment of a financial cost, as established in the regulations in force." (NR) "Art. 9 A financial institution subject to the compulsory reserve and mandatory deposit referred to in this circular, which does not hold a Banking Reserve account or a Settlement Account, must indicate the financial institution holding a Banking Reserve account to which charges pertaining to financial costs and fines shall be sent, and to which any refunds shall be credited." (NR) Art. 2 The Circular No. 3,091, of 2002, shall now include the following article: "Art. 6-A The daily closing balance of the collection account at the Central Bank of Brazil, limited to the respective requirement, shall receive the following remuneration, calculated based on the Selic Rate, referred to in §§ 1 and 3 of art. 2 of Circular No. 2,900, of 24 June 1999: 1/252 R = S x [(1+Selic) - 1], where: R = remuneration to be credited, expressed with two decimal places, with mathematical rounding; S = closing balance of the collection account, limited to the respective requirement; Selic = annual Selic Rate, in unit format, expressed with four decimal places, referring to the date of the balance to be remunerated. § 1 The remuneration referred to in the caput shall be credited to the respective collection account at 4:30 p.m. on the following business day. § 2 The partial results of multiplication, division and exponentiation
used in the algebraic expression for calculating the remuneration must contain eight decimal places, with mathematical rounding." Art. 3 Item II of § 1 of art. 3 of Circular No. 3,427, of 19 December 2008, shall now have the following wording: "Art. 3 ............................................. § 1 ................................................. II - only acquisitions and interfinancial deposits made up to 30 June 2010 may be subject to deduction." (NR) Art. 4 The deduction of the amount equivalent to assets and interfinancial deposits, in the form of art. 3 of Circular No. 3,427, of 19 December 2008, may be carried out up to the limit of 45% (forty-five percent) of the requirement, observing the deadlines defined in art. 4 of the same Circular. Art. 5 Circular No. 3,262, of 19 November 2004, art. 2 of Circular No. 3,427, of 19 December 2008, and arts. 1 and 2 of Circular No. 3,468, of 28 September 2009, are revoked. Art. 6 This circular enters into force on the date of its publication, producing effects from the calculation period beginning on 29 March 2010 and ending on 1 April 2010, whose adjustment shall occur on 9 April 2010. Brasília, 24 February 2010. Aldo Mendes Director