Circular No. 3.576

The Board of Governors of the Central Bank of Brazil, in an extraordinary session held on 9 February 2012, based on arts. 10, items III and IV, and 34 of Law No. 4.595, of 31 December 1964, on arts. 66 and 67 of Law No. 9.069, of 29 June 1995, and on Circular No. 3.529, of 29 March 2011,

R E S O L V E S :

Art. 1 The art. 4-A of Circular No. 3.144, of 14 August 2002, shall take effect with the following wording:

"Art. 4-A ..........................................

......................................................

• III - R$1.000.000.000,00 (one billion reais), for independent financial institutions or those that are part of a financial conglomerate whose Tier I of the PR is equal to or greater than R$5.000.000.000,00 (five billion reais) and less than R$15.000.000.000,00 (fifteen billion reais);

• IV - zero, for independent financial institutions or those that are part of a financial conglomerate whose Tier I of the PR is equal to or greater than R$15.000.000.000,00 (fifteen billion reais).

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

Art. 2 The art. 5 of Circular No. 3.569, of 22 December 2011, shall take effect with the following wording:

"Art. 5 ............................................

......................................................

• III - R$1.000.000.000,00 (one billion reais), for independent financial institutions or those that are part of a financial conglomerate whose Tier I of the PR is equal to or greater than R$5.000.000.000,00 (five billion reais) and less than R$15.000.000.000,00 (fifteen billion reais);

• IV - zero, for independent financial institutions or those that are part of a financial conglomerate whose Tier I of the PR is equal to or greater than R$15.000.000.000,00 (fifteen billion reais).

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

Art. 3 The art. 10 of Circular No. 3.569, of 22 December 2011, shall take effect with the following wording:

"Art. 10. The daily closing balance of the reserve account at the Central Bank of Brazil, observed the limit referred to in § 3, 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 reserve account, limited in accordance with § 3;

• Selic = annual Selic Rate, in unit format, expressed with four decimal places, referring to the date of the balance to be remunerated.

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

......................................................

§ 3 The reserve balance to be remunerated, as per the caput, is limited to the lesser of the following values:

• I - of the requirement subtracted from the deductions provided in art. 11 of this Circular;

• II - of the requirement multiplied by the percentage of:

  • a) 80% (eighty percent) from the calculation and compliance periods beginning, respectively, on 13 and 24 February 2012;

  • b) 75% (seventy-five percent) from the calculation and compliance periods beginning, respectively, on 9 and 20 April 2012;

  • c) 70% (seventy percent) from the calculation and compliance periods beginning, respectively, on 11 and 22 June 2012;

  • d) 64% (sixty-four percent) from the calculation and compliance periods beginning, respectively, on 13 and 24 August 2012;

  • e) 73% (seventy-three percent) from the calculation and compliance periods beginning, respectively, on 10 and 21 February 2014;

  • f) 82% (eighty-two percent) from the calculation and compliance periods beginning, respectively, on 14 and 25 April 2014; and

  • g) 100% (one hundred percent) from the calculation and compliance periods beginning, respectively, on 9 and 20 June 2014." (NR)

Art. 4 The art. 11 of Circular No. 3.569, of 22 December 2011, shall take effect with the following wording:

"Art. 11. ...........................................

• I - acquisition of credit operations originated in the transferring financial institution and recorded in the accounting item 3.1.0.00.00-0 Classification of Credit Portfolios, of the Chart of Accounts for Institutions of the National Financial System (Cosif), permitted the co-obligation of the transferor;

• II - acquisition of credit rights arising from leasing operations accounted for in the transferring financial institution;

......................................................

• VI - primary investment in interfinancial deposits with guarantee of the assets referred to in items I and II, contracted until 10 August 2012;

• VII - primary investment in interfinancial deposits of non-affiliated institutions, contracted until 10 August 2012; and

......................................................

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

......................................................

• II - are considered eligible, as transferors, sellers, depositors or issuers, the independent financial institutions and financial institutions that are part of financial conglomerates that meet, in relation to the month of June or December 2011, the following criteria, cumulatively:

  • a) Reference Equity (PR), Tier I, calculated in the form established by Resolution No. 3.444, of 28 February 2007, less than R$2.200.000.000,00 (two billion and two hundred million reais); and

  • b) result greater than 0.20 (twenty hundredths) of the division of the value corresponding to the sum of the balances of the accounting items 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 value corresponding to the sum of the balances of the accounting items 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;

......................................................

• IV - .................................................

  • a) 2% (two percent) of the daily requirement of the assignee, depositor or acquirer for the calculation period from 27 June to 1 July 2011;

  • b) ...................................................

  • c) 50% (fifty percent) of the amount of Tier I of the PR, for 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.

§ 2 The eligibility criteria established in item II of § 1 of this article do not apply to financial institutions, in the capacity of sellers in the secondary market, of the assets referred to in item VIII of this article.

§ 3 The operations referred to in items I to VIII of this article, in which a financial institution eligible under the criteria of item II of § 1 appears in the capacity of assignor, seller, depositary or issuer, exclusively by reason of the parameters referring to December 2011, may only be used for deduction of the compulsory reserve requirement as from the calculation and compliance periods beginning, respectively, on 9 and 20 April 2012.

§ 4 The independent financial institution or the financial conglomerate that, at the end of each half-year, beginning with June 2012, does not comply with the provisions of item II, subitem "b", of § 1, shall become ineligible for the capacity of assignor, seller, depositary or issuer, as from:

• I - the month of October, for the position of the month of June; and

• II - the month of April, for the position of December.

§ 5 The condition of ineligibility referred to in § 4 shall be reviewed on the dates referred to in its items I and II.” (NR)

Art. 5 The art. 15 of Circular No. 3.569, of 22 December 2011, shall enter into force with the following wording:

“Art. 15. The amounts computed up to 29 December 2011, in the form of Circular No. 3.427, of 19 December 2008, and subsequent amendments, relating to operations contracted up to 22 December 2011, remain valid for purposes of deduction of the requirement established in its art. 3, items I to XI, until the end of the respective periods defined in its art. 4.” (NR)

Art. 6 This circular enters into force on the date of its publication, producing effects for the additional requirement on deposits as from the calculation period beginning on 13 February and ending on 17 February 2012, whose adjustment shall occur on 27 February 2012.

Anthero de Moraes Meirelles
Deputy Director of Monetary Policy