Circular No. 3.622

The Collegiate Board of the Central Bank of Brazil, in an extraordinary session held on 27 December 2012, based on art. 10, items III and IV, of Law No. 4.595, of 31 December 1964, and in view of the provisions of Circular No. 3.529, of 29 March 2011,

R E S O L V E S :

Art. 1 The compliance with the reserve requirement on demand deposits referred to in Circular No. 3.274, of 10 February 2005, may be effected with the deduction of the amount corresponding to the updated outstanding balance, verified on the last business day of the calculation period, of the financings granted as of 21 December 2012, which replicate the following criteria established within the scope of the subprograms referred to in arts. 1 and 2 of Resolution No. 4.170, of 20 December 2012:

• I - beneficiaries;

• II - eligible items; and

• III - interest rates to the final beneficiary.

§ 1 The deduction of the amount referred to in the caput is limited to 20% of the requirement calculated in the form of art. 5 of Circular No. 3.274, of 2005.

§ 2 The possibility of deduction referred to in the caput is restricted to independent institutions or those belonging to a financial conglomerate that presented, in relation to the month of September 2012, a Reference Equity (PR) amount, Tier I, calculated in the form established by Resolution No. 3.444, of 28 February 2007, exceeding R$6,000,000,000.00 (six billion reais).

§ 3 The deduction referred to in the caput may be made by the financial institution while it holds the aforementioned financings, recorded in its assets.

Art. 2 The deduction referred to in art. 1 shall be considered:

• I - for institutions of group "A" referred to in art. 10 of Circular No. 3.274, of 2005, from the calculation period between 21 January and 1 February 2013, whose movement period begins on 30 January 2013; and

• II - for institutions of group "B" referred to in art. 10 of Circular No. 3.274, of 2005, from the calculation period between 28 January and 8 February 2013, whose movement period begins on 6 February 2013.

Art. 3 The Department of Banking Operations and Payment System (Deban) shall adopt the necessary measures to comply with the provisions of this Circular.

Art. 4 This Circular enters into force on the date of its publication.

Aldo Luiz Mendes Director of Monetary Policy