Circular No. 3569 — Redefines and consolidates the rules for the compulsory deposit of term funds

BANCO CENTRAL DO BRASIL

CIRCULAR Nº 3.569, OF 22 DECEMBER 2011

Redefines and consolidates the rules for the compulsory deposit of term funds.

The Board of Directors of the Banco Central do Brasil, in an extraordinary session held on 22 December 2011, based on Articles 10, items III and IV, and 34 of Law No. 4,595 of 31 December 1964, Articles 66 and 67 of Law No. 9,069 of 29 June 1995, and Circular No. 3,529 of 29 March 2011,

R E S O L V E S :

Article 1 The compulsory deposit of term funds, to which commercial banks, multiple banks, development banks, investment banks, exchange banks, savings banks and credit, financing and investment companies are subject, must observe the rules of this Circular.

Article 2 The Subject to Deposit Amount (VSR) is the sum of the balances recorded in the following accounting accounts of the Chart of Accounts of the Institutions of the National Financial System (Cosif):

I - 4.1.3.10.60-1 Linked - Financial Leasing Company;

II - 4.1.3.10.65-6 Linked with Guarantee – Financial Leasing Company;

III - 4.1.3.10.70-4 Non-linked – Financial Leasing Company;

IV - 4.1.3.10.75-9 Non-linked with Guarantee – Financial Leasing Company;

V - 4.1.5.10.00-9 Term Deposits;

VI - 4.3.1.00.00-8 Acceptance Exchange Funds;

VII - 4.3.4.50.00-2 Debenture Pledge Notes;

VIII - 4.2.1.10.80-0 Own Issue Securities; and

IX - 4.9.9.12.20-7 Assumption of Obligations Contracts – Linked to Transactions Carried Out Abroad.

Article 3 The calculation base for the compulsory deposit requirement on term funds corresponds to the arithmetic average of the VSRs calculated on business days during the calculation period, less R$30.000.000,00 (thirty million reais).

Sole Paragraph. The calculation period comprises the business days of one week, starting on Monday and ending on Friday.

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Article 4 The compulsory deposit requirement is calculated by applying the rate of 20% (twenty percent) to the calculation base referred to in Article 3.

Article 5 The requirement, calculated in accordance with Article 4, shall be reduced by the following amounts:

I - R$3.000.000.000,00 (three billion reais), for independent financial institutions or members of a financial conglomerate whose Tier 1 of the Reference Capital (PR) is less than R$2.000.000.000,00 (two billion reais);

II - R$2.000.000.000,00 (two billion reais), for independent financial institutions or members of a financial conglomerate whose Tier 1 of the 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);

III - R$1.000.000.000,00 (one billion reais), for independent financial institutions or members of a financial conglomerate whose Tier 1 of the PR is equal to or greater than R$5.000.000.000,00 (five billion reais) and less than R$7.000.000.000,00 (seven billion reais);

IV - zero, for independent financial institutions or members of a financial conglomerate whose Tier 1 of the PR is equal to or greater than R$7.000.000.000,00 (seven billion reais).

§ 1 For the purposes of the deduction referred to in this Article, the last available position of the value corresponding to Tier 1 of the PR, whose regulatory submission deadline has expired, calculated in the manner established in Resolution No. 3,444 of 28 February 2007, and reported to the Banco Central do Brasil through the Operational Limits Statement (DLO) - Document 2041, shall be considered.

§ 2 For financial institutions commencing operations, the value corresponding to Tier 1 of the PR shall be considered zero until an available position exists under the terms of § 1 of this Article.

§ 3 Financial institutions whose requirements are equal to or less than R$500.000,00 (five hundred thousand reais) are exempt from the compulsory deposit referred to in this Circular, but must nevertheless provide the information as established in Article 8 of this Circular.

Article 6 The calculated requirement is valid from the Friday of the week following the end of the calculation period, or the following business day if Friday is not a business day, until the subsequent Thursday, and must be fulfilled in kind by depositing into a specific account.

§ 1 The daily closing balance of the respective deposit account must correspond to 100% (one hundred percent) of the requirement, subject to the provisions of Article 11 of this Circular.

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§ 2 The deposit of the requirement must be made exclusively by an institution holding a Bank Reserves Account or a Settlement Account, which shall command the respective credit transfer to the deposit account.

§ 3 The deposit account may be freely moved by the holding institution, credited to its Bank Reserves Account or Settlement Account, during the hours established for the operation of the Banco Central do Brasil's Reserve Transfer System (STR).

§ 4 An institution that does not hold a Bank Reserves Account or a Settlement Account may move its deposit account to the credit of a Bank Reserves Account of its free choice for each transaction.

Article 7 A financial institution that fails to comply with the rules relating to maintaining balances in deposit accounts at the Banco Central do Brasil, relating to the compulsory deposit of term funds, shall incur the payment of a financial cost, in the manner established in the regulations in force.

Article 8 The institution must provide, by the business day immediately preceding the date on which the respective requirement takes effect, the daily data relating to the VSR for the calculation period.

§ 1 The institution is exempt from providing the respective information if the calculation base remains unchanged compared to that of the previous calculation period.

§ 2º In the event of the absence of information relating to a calculation period by the deadline established in the head of this article, the value corresponding to the preceding period shall be assigned to the calculation base.

§ 3º The institution that reports or alters data after the deadline established in the head of this article shall incur the payment of a fine, in the manner provided for in the regulations in force.

Art. 9º The financial institution subject to the compulsory collection dealt with in this Circular, not being the holder of a Reservas Bancárias (Bank Reserves) Account or a Liquidação (Settlement) Account, shall indicate the financial institution that is the holder of the Reservas Bancárias Account to which the charges, pertaining to financial costs and fines, shall be forwarded and any returns credited.

Art. 10. The daily closing balance of the collection account at the Banco Central do Brasil, limited to 64% (sixty-four percent) of the respective exigibility, shall receive the following remuneration, calculated based on the Taxa Selic, as provided for in §§ 1º and 3º of art. 2º 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 percentage provided for in the head applied to the respective exigibility; Selic = annual Taxa Selic, in unitary format, expressed with four decimal places, referring to the date of the balance to be remunerated.

§ 1º The remuneration referred to in the head shall be credited to the respective collection account at 16:30 on the following business day.

§ 2º The partial results of multiplication, division, and exponentiation used in the algebraic expression for the calculation of the remuneration must contain eight decimal places, with mathematical rounding.

§ 3º The percentage limit referred to in the head shall be 73% (seventy-three percent) until the calculation period beginning on 9 April and ending on 13 April 2012, whose adjustment shall occur on 20 April 2012.

Art. 11. The collection referred to in art. 6º may be made with a deduction of the value equivalent to that of the following operations:

I - interbank acquisition of credit operations originated at the ceding institution and recorded under accounting line item 3.1.0.00.00-0 Classification of Credit Portfolios of the Accounting Plan of the Institutions of the National Financial System (Cosif), with the co-obligation of the cedent being admitted;

II - acquisition of receivables arising from financial leasing operations accounted for at the ceding institution, whether a financial institution or a financial leasing company;

III - acquisition of receivables comprising the portfolios of a Fundo de Investimento em Direito Creditório (FDIC) (Receivables Investment Fund), regulated by the Comissão de Valores Mobiliários (CVM), provided that said receivables are originated by institutions that meet the criteria established in item II of § 1º of this article;

IV - acquisition of shares of Credit Rights Investment Funds (FDIC) organized by the Credit Guarantee Fund (FGC) and of shares of Multimarket Investment Funds and Fixed Income Investment Funds titled by the FGC, whose portfolios are composed, predominantly, of Bank Deposit Certificates (CDB), Bills of Exchange (LC), Financial Bills (LF) and Leasing Bills (LAM), issued by financial conglomerates or a financial institution that meets the conditions established in item II of § 1;

V - acquisition of receivables, bank deposits, Leasing Bills, Bills of Exchange and Financial Bills owned by the FGC;

VI - primary investment in interfinancial deposits with guarantee of the assets addressed in items I and II, contracted up to 29 June 2012;

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VII - primary investment in interfinancial deposits of non-affiliated institutions, contracted up to 29 June 2012;

VIII - acquisition of Financial Bills, observing the provisions of art. 34 of Law No. 4,595, of 31 December 1964.

§ 1 For the purposes of the deduction addressed in this article:

I - the following are prohibited:

a) repurchase, in the acquisitions of assets addressed in items I to V;

b) acquisitions of assets and Financial Bills and investment in interfinancial deposits between financial institutions belonging to the same conglomerate;

c) use of interfinancial deposits linked to compliance with mandatory allocations;

d) total or partial early redemption of interfinancial deposits; and

e) fundraising, by the financial institution or another member of the same conglomerate that is using the deduction alternatives for the reserve requirement addressed in items VI, VII and VIII, from the same counterparties of the operations used for deduction and in a volume equal to or less than that invested or deposited by it;

II - the following are considered eligible, as transferors, sellers, depositors or issuers: independent financial institutions and financial institutions belonging to financial conglomerates that cumulatively meet the following criteria:

a) Reference Equity (PR), Tier I, calculated as established by Resolution No. 3,444, of 28 February 2007, relative to the month of June 2011, less than R$2,200,000,000.00 (two billion and two hundred million reais); and

b) result greater than 0.25 (twenty-five hundredths) of the division of the amount corresponding to the sum of the balances of accounting headings 1.6.0.00.00-1 - Credit Operations, 1.7.0.00.00-0 - Leasing Operations and 3.0.1.85.00-5 - Co-obligations in Credit Assignments, by the amount corresponding to the sum of the balances of accounting headings 1.0.0.00.00-7 - Current and Long-Term Realizable, 2.0.0.00.00-4 - Permanent and 3.0.1.85.00-5 - Co-obligations in Credit Assignments, of Cosif, referring to the month of June 2011;

III - the deduction of the amount equivalent to the sum of the assets and interfinancial deposits referred to in items I to VIII of art. 11 may be made up to the limit of 36% (thirty-six percent) of the requirement, observing the deadlines defined in art. 12;

IV - the sum of the acquisitions of assets and the investments in interfinancial deposits in a same independent institution or in the institutions of a same financial conglomerate, made as of the date of publication of this Circular, is limited, for deduction purposes, to the greater of the following amounts:

a) 1% (one percent) of the daily requirement of the assignee, depositor or acquirer relative to the calculation period from 27 June to 1 July 2011;

b) R$100,000,000.00 (one hundred million reais); or

c) 40% (forty percent) of the amount of Tier I of the PR, relative to the month of June 2011, of the independent financial institution or of the financial conglomerate to which the institution belongs, in the capacity of assignor, seller, issuer or depositary.

Art. 12. The assignee, depositor or acquirer financial institution may deduct, while in possession of the asset and observing the limits provided for in items III and IV of § 1 of art. 11 of this Circular, the total amount effectively disbursed in the operations referred to in the items of art. 11, in each calculation period defined in the sole paragraph of art. 3, as of the corresponding compliance period, observing that:

I - in the acquisitions of credit operations, by the weighted average remaining term of the operations subject to the assignment;

II - in the investments in interfinancial deposits, by the term of the operation agreed between the depositor institution and the depositary institution, with redemption terms of six months, at minimum, and eighteen months, at maximum, being allowed;

III - in the acquisitions from the FGC, by the terms of the respective assets; and

IV - in the acquisitions of Financial Bills, by the term of the operations.

Sole paragraph. For the purposes of the deduction referred to in this Circular, the balance reported relative to the last day of each calculation period shall be considered, which shall be the accumulated amount of the operations carried out up to the period.

Art. 13. The amount of the operations eligible for deduction in the manner established in art. 11 shall be settled, mandatorily, through Available Electronic Transfer in the Reserve Transfer System (STR), directly between the financial institutions, except if:

I - the assignor financial institution is a client of the assignee institution, in which case the settlement shall be carried out exclusively by credit to a current account;

II - it involves the negotiation of securities and values registered in a clearing and settlement system, in which case the procedures established in the regulations of the system shall be observed.

Art. 14. The acquisitions and deposits referred to in the items of art. 11, for purposes of deduction from the requirement, shall be reported by the assignor, assignee, depositor, depositary, issuer and acquirer institutions to the Department of Banking Operations and Payment System (Deban), strictly in the manner determined by it.

Art. 15. The amounts relative to operations contracted up to the date of publication

BANCO CENTRAL DO BRASIL

of this Circular and computed in the manner of Circular No. 3,427, of 19 December 2008, and subsequent amendments, remain valid for purposes of deduction from the requirement established in its art. 3, items I to XI, until the end of the respective deadlines defined in its art. 4.

Art. 16. This Circular enters into force on the date of its publication, producing effects as of the calculation period beginning on 13 February and ending on 17 February 2012, whose adjustment shall occur on 24 February 2012.

Art. 17. Circulars Nos. 3,091, of 1 March 2002, 3,427, of 19 December 2008, 3,456, of 29 June 2009, 3,468, of 28 September 2009, 3,485, of 24 February 2010, 3,513, of 3 December 2010, and 3,542, of 24 June 2011, as well as art. 1 of Circular No. 3,528, of 23 March 2011, are revoked.

Luiz Awazu Pereira da Silva
Director of Regulation of the Financial System

This text does not replace the one published in the DOU of 26/12/2011, Section 1, p. 196/197, and in Sisbacen.