Circular No. 3.632

The Board of Directors of the Central Bank of Brazil, in a session held on 14 February 2013, based on arts. 10, items III and IV, of Law No. 4.595, of 31 December 1964, and on arts. 66 and 67 of Law No. 9.069, of 29 June 1995, in view of the provisions of Circular No. 3.529, of 29 March 2011,

R E S O L V E S :

Art. 1 This Circular provides for the compulsory reserve requirement on demand resources raised by multiple and investment banks holding a Reserve Account, commercial banks and savings banks.

Art. 2 The balances recorded in the following subgroups and accounts of the Chart of Accounts for Institutions of the National Financial System (Cosif) constitute the Amount Subject to Reserve Requirement (VSR), on each business day:

• I - 4.1.1.00.00-0 Demand Deposits;

• II - 4.5.1.00.00-6 Funds in Transit from Third Parties;

• III - 4.9.1.00.00-2 Collection and Receipt of Taxes and Similar;

• IV - 4.9.9.05.00-1 Administrative Checks;

• V - 4.9.9.12.10-4 Contracts for Assumption of Obligations - Linked to Operations Carried Out in the Country;

• VI - 4.9.9.27.00-3 Obligations for Provision of Payment Services; and

• VII - 4.9.9.60.00-8 Funds from Collateral Provided.

§ 1 The following are exempt from the compulsory reserve requirement on demand resources:

• I - the amounts recorded in the following Cosif account items:

  • a) 4.5.1.85.00-7 Payment Orders in Foreign Currencies; and

  • b) 4.5.1.90.00-9 Payment Orders in Foreign Currencies - Floating Rates;

• II - demand deposits raised by federal and state public financial institutions:

  • a) from the respective governments; and

  • b) from autarchies and mixed-capital companies in whose capital the respective governments hold a majority interest;

• III - demand deposits raised by state public financial institutions held by municipal public entities of the respective federative unit.

§ 2 The amounts recorded in the Funds in Transit from Third Parties item, subject to the requirement, are balanced with the respective asset counterparts, except that those of an eminently debtor origin are not computed for the purpose of balancing.

Art. 3 The calculation base for the compulsory reserve requirement on demand resources corresponds to the arithmetic average of the VSRs determined in the calculation period, minus R$44,000,000.00 (forty-four million reais).

Sole paragraph. The calculation period begins on the Monday of one week and ends on the Friday of the following week.

Art. 4 The compulsory reserve requirement on demand resources is determined by applying, to the calculation base referred to in art. 3, the rate of 45% (forty-five percent).

Sole paragraph. Until the calculation and compliance periods beginning, respectively, on 2 and 18 June 2014, for institutions in Group A, and on 9 and 25 June 2014, for institutions in Group B, the requirement shall be determined, under the terms of the caput, by applying the rate of 44% (forty-four percent).

Art. 5 The financial institution that presents a requirement equal to or less than R$500,000.00 (five hundred thousand reais) is exempt from the obligation to make the reserve, and must provide the information set forth in art. 8 of this Circular.

Art. 6 Verification of compliance with the requirement is made based on the positions determined on each business day of the movement period, which begins on the Wednesday of the first week following the end of the calculation period and ends on the Tuesday of the second subsequent week.

§ 1 For the purpose of the verification referred to in the caput of this article, position is considered to be the sum of:

• I - the daily closing balance of the Reserve Account;

• II - the arithmetic average of the financial institution's available funds recorded in the item "1.1.1.10.00-6 Cash", of Cosif, at the close of each business day of the respective calculation period, up to the limit of 40% (forty percent) of the requirement determined for the institution in the form of art. 4; and

• III - the balance of operations valid for deduction from the compulsory reserve requirement on demand resources, verified in the respective calculation period, considering their respective regulatory limits.

§ 2 The arithmetic average of the institution's positions during the movement period must correspond to 100% (one hundred percent) of the requirement determined for the respective period.

§ 3 At the end of each day, the institution's position must be equivalent to at least 80% (eighty percent) of the requirement determined for the respective period.

Art. 7 The financial institution that does not observe the rules relating to compliance with the compulsory reserve requirement on demand resources incurs the payment of a financial cost in the form provided for in the regulations in force.

Sole paragraph. A deficiency in the average of daily positions equal to or less than 3% (three percent) of the respective requirement shall not be subject to financial cost provided that, in the immediately preceding movement period, there is an excess in the average of daily positions, in relation to the corresponding requirement, of an amount equal to or greater than the deficiency.

Art. 8 The financial institution must provide, by the business day immediately preceding the beginning of the movement period, the daily data relating to the calculation period.

§ 1 In cases where the deadline referred to in the caput coincides with the last business day of the calculation period, the deadline shall be extended to the first business day of the movement period.

§ 2 The financial institution is exempt from providing the information referred to in this article if the amounts subject to the reserve requirement and others relating to compliance with the requirement, such as cash balance and reserve deductions, remain unchanged in relation to those of the previous calculation period.

§ 3 The hypothesis of absence of information relating to a calculation period by the deadline set in the caput, observing the provisions of § 1, the values verified in the previous period shall be attributed to the calculation base, to the average cash balance and to the other collection deductions.

§ 4 The financial institution that informs or alters the data after the deadlines set in this article is subject to the payment of a fine, in the form provided for in the regulation in force.

Art. 9 Financial institutions are divided into two segments, called Group A and Group B, for the purposes of compulsory reserve requirements on demand deposits.

§ 1 The calculation and movement periods of Group A have a one-week lag in relation to those of Group B.

§ 2 The Department of Banking Operations and Payment System (Deban) shall disclose the detailed lists of the institutions belonging to each group.

Art. 10 Deban shall adopt the necessary measures for the operationalization of the provisions of this Circular.

Art. 11 This Circular enters into force on the date of its publication, producing effects as of:

• I - the calculation period from 15 to 19 April 2013, whose compliance shall occur from 24 April to 7 May 2013, for the financial institutions that are part of Group A; and

• II - the calculation period from 22 to 26 April 2013, whose compliance shall occur from 2 to 14 May 2013, for the financial institutions that are part of Group B.

Sole paragraph. The first calculation period of each Group after the start of the effects of this Circular shall be one week.

Art. 12 Circular No. 3,274 of 10 February 2005 is revoked. Altamir Lopes Deputy Monetary Policy Director