Circular No. 3596 — Amends Circular No. 3,093 of March 1, 2002, Regarding Mandatory Reserve on Savings Deposits

The Collegiate Board of the Central Bank of Brazil, in a session held on May 31, 2012, based on art. 10, items III and IV, of Law No. 4,595, of December 31, 1964,

R E S O L V E:

Art. 1º Art. 7 of Circular No. 3,093, of March 1, 2002, shall be effective with the following wording:

“Art. 7º ......

1/n m/365 1/n m/365
R = Sx(1-P)x(1+TR) x(1+A) +SxPx(1+TR) x(1+B) -S, where:

R = remuneration to be credited, expressed with two decimal places, with mathematical rounding;

S = daily closing balance of the collection account corresponding to each savings deposit modality, limited to its respective exigibility;

P = quotient of the division of the daily average balance, in the calculation period, of savings deposits made after May 3, 2012, by the daily average balance of the total savings deposits, expressed in unit format with eight decimal places and with mathematical rounding, for each savings deposit modality;

TR = TR of each business day, expressed with four decimal places, valid for the period ending on the corresponding day of the following month, converted to unit format;

n = number of business days between the reference day of the TR used for the remuneration calculation and the day corresponding to the reference day of the TR in the following month;

A = addition to the TR, corresponding to:

I - 0.03 (three hundredths), in the case of mandatory reserve on linked savings savings deposits;

II - 0.0617 (six hundred and seventeen thousandths), in the case of mandatory reserve on other savings deposit modalities;

m = number of calendar days between the date of the balance to be remunerated and the date of credit of the respective remuneration;

B = addition to the TR, corresponding to:

I - 0.03 (three hundredths), in the case of mandatory reserve on linked savings savings deposits;

II - in the case of mandatory reserve on other savings deposit modalities:

a) 0.0617 (six hundred and seventeen thousandths), while the Selic annual target rate, defined by the Central Bank of Brazil, is higher than eight and five tenths percent; or

b) seventy percent of the Selic annual target rate, defined by the Central Bank of Brazil, in effect on the date of the balance to be remunerated, while the target rate of said rate is equal to or lower than eight and five tenths percent.

......” (NR)

Art. 2º This Circular enters into force on the date of its publication.

Aldo Luiz Mendes
Director of Monetary Policy