COLLECTIVE BOARD OF THE CENTRAL BANK OF BRAZIL

The Collegiate Board of the Central Bank of Brazil, in a session held on 13 February 2019, based on art. 9 of Law No. 4,595, of 31 December 1964, and considering the provisions of Resolution No. 4,222, of 23 May 2013,

RESOLVES:

Article 1

This Circular provides for the determination of the calculation base and the collection of ordinary, special and additional contributions of institutions associated with the Credit Guarantee Fund (FGC), as addressed in Resolution No. 4,222, of 23 May 2013.

Article 2

The amounts of ordinary and special contributions must be calculated based on the balances, on the last day of each month, of the accounts and instruments corresponding to the obligations subject to guarantee, recorded by the institutions associated with the FGC in the titles and subtitles of the Accounting Plan of Institutions of the National Financial System (Cosif) published in Annexes I and II.

Article 3

The amounts of additional contributions must be calculated based on the trial balances of the institutions associated with the FGC, the information referred to in Circular No. 3,915, of 17 October 2018, and the balances, on the last day of each month, of the accounts and instruments corresponding to the collections of the associated institutions recorded in the titles and subtitles of the Cosif contained in Annex III, observing the calculation method provided in Article 4.

Article 4

For the purpose of calculating the additional contribution, the following are considered:

1. Adjusted Net Worth (PLA) – the net worth value adjusted by accumulated revenues and expenses;
2. Reference Value (VR) – the value of the FGC’s exposure to the instruments subject to ordinary guarantee, deducted by the balances of sight deposits, savings deposits and non‑check‑movable deposits, determined based on the information referred to in art. 4 of Circular No. 3,915, of 2018;
3. Reference Collections (CR) – the total collections value, deducted by the balances relating to collections of linked entities and collections of financial institutions recorded in the titles and subtitles of the Cosif established in Annex III.

Paragraph 1 – The PLA value used in the calculation of the additional contribution shall correspond to the arithmetic average of the PLA over the last 12 months or over the number of months available, if fewer than 12.

Paragraph 2 – The FGC’s exposure to the instruments subject to ordinary guarantee shall be the sum of the balance of the “Any holder” line with the coverage limits determined for the “Individual holder” and “Legal entity holder with FGC guarantee” lines, as defined in Table II of the annex to Circular No. 3,915, of 2018.

Paragraph 3 – The coverage limit is the sum of the balances relating to value ranges 1 to 14 of Table III of the annex to Circular No. 3,915, of 2018, added to the product of the ordinary guarantee limit by the sum of the number of clients in ranges 15 to 27 of the same table.

Paragraph 4 – The balances of sight deposits, savings deposits and non‑check‑movable deposits are the balances pertaining to the corresponding lines of these instruments, listed in Table I of the annex to Circular No. 3,915, of 2018.

Paragraph 5 – The VR and the CR shall be determined based on the data of the month immediately preceding the month of the additional contribution calculation.

Article 5

Associated institutions must send to the FGC, by the 18th day of each month, in the form and under the conditions disclosed by the FGC, the information necessary for the calculation of ordinary, special and additional contributions related to the PLA and the VR and the values corresponding to the sum of the respective balances on the last day of each month of the titles and subtitles of the Cosif that serve as the calculation base of the contributions due for the immediately preceding month.

Paragraph 1 – In the absence of the information provided for in the main clause, the amount of contributions due shall be the same amount determined and collected by the FGC in the immediately preceding month, without prejudice to the possible imposition of sanctions.

Paragraph 2 – When the missing information referred to in Paragraph 1 is regularized, the amount of the complement or refund of the contribution for the month of occurrence must be updated based on the Selic rate.

Paragraph 3 – The statements of the calculations performed for the purposes of this Circular must remain available to the Central Bank of Brazil and to the FGC for a period of five years.

Article 6

The collection of ordinary, special and additional contributions by the institutions associated with the FGC must be made at a financial institution accredited by the Fund by the first business day of the month following the receipt of the information regarding the total contribution amount due as determined by the FGC.

Single Paragraph – The total contribution amount due must be communicated by the accredited institution to the institutions associated with the FGC by the 26th day of the month preceding the collection date.

Article 7

Late payment of the contributions due subjects the responsible associated institution to a penalty of 2 % on the respective amount, plus Selic‑based updating, in accordance with Article 6, item III, combined with Article 2‑A, paragraph 5 of Resolution No. 4,222, of 2013.

Single Paragraph – The financial institution accredited by the FGC referred to in Article 6 shall adopt the measures related to the determination and collection, to the Fund, of the amount corresponding to the penalty and the accrued amounts mentioned in this article, observing the conditions established by it.

Article 8

The collection of contributions, the complementary collection provided for in Paragraph 2 of Article 5 and the collection of the penalty provided for in Article 7 must be processed within the Brazilian Payments System (SPB), through the Reserve Transfer System (STR).

Single Paragraph – The accredited financial institution referred to in Article 6 is authorized to adopt the necessary procedures to comply with the provisions of this article.

Article 9

The following are revoked:

1. Circular No. 3,666, 30 August 2013; and
2. Circular Letter No. 3,611, 2 September 2013.

Article 10

This Circular enters into force on 1 January 2020.

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Sidnei Corrêa Marques
Director of Organization of the Financial System and Resolution Deputy Director of Supervision

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ANNEX I TO CIRCULAR No. 3,929, OF 13 FEBRUARY 2019

Titles and subtitles of the Accounting Plan of Institutions of the National Financial System (Cosif) used as the calculation base for ordinary contributions to the Credit Guarantee Fund (FGC).

• 4.1.1.05.00‑5 DEPOSITS – SIGHT OF LINKED ENTITIES
• 4.1.1.10.00‑7 DEPOSITS – INDIVIDUALS
• 4.1.1.20.00‑4 DEPOSITS – LEGAL PERSONS
• 4.1.1.25.00‑9 DEPOSITS – COMPANIES LOCATED IN EXPORT PROCESSING ZONES – ZPE
• 4.1.1.30.00‑1 DEPOSITS – INSTITUTIONS OF THE FINANCIAL SYSTEM
• 4.1.1.40.00‑8 DEPOSITS – GOVERNMENTS
• 4.1.1.45.00‑3 TRAVEL CHEQUES
• 4.1.1.50.00‑5 MARKED CHEQUES
• 4.1.1.55.00‑0 SALARY CHEQUES
• 4.1.1.60.00‑2 DEPOSITS – RESIDENTS ABROAD
• 4.1.1.75.00‑4 MANDATORY DEPOSITS
• 4.1.1.77.00‑2 MANDATORY DEPOSITS – LINKED ENTITIES
• 4.1.1.80.00‑6 DEPOSITS FOR INVESTMENTS RESULTING FROM TAX INCENTIVES
• 4.1.1.85.00‑1 LINKED DEPOSITS
• 4.1.1.90.00‑3 CREDIT BALANCES IN LOAN AND FINANCING ACCOUNTS
• 4.1.1.98.00‑5 CLOSED ACCOUNTS
• 4.1.2.10.00‑0 FREE SAVINGS DEPOSITS – INDIVIDUALS
• 4.1.2.20.00‑7 FREE SAVINGS DEPOSITS – LEGAL PERSONS
• 4.1.2.25.00‑2 SAVINGS DEPOSITS – LINKED ENTITIES
• 4.1.2.30.00‑4 PECULIAR SAVINGS DEPOSITS
• 4.1.2.35.00‑9 SAVINGS DEPOSITS – INSTITUTIONS OF THE FINANCIAL SYSTEM
• 4.1.2.40.00‑1 PROGRAMMED SAVINGS DEPOSITS
• 4.1.2.50.00‑8 SAVINGS DEPOSITS – MULTIPLE VALUES
• 4.1.2.60.00‑5 LINKED SAVINGS DEPOSITS
• 4.1.2.80.00‑9 SPECIAL SAVINGS DEPOSITS
• 4.1.2.98.00‑8 CLOSED ACCOUNTS
• 4.1.4.10.00‑6 NOTICE DEPOSIT
• 4.1.5.10.10‑2 WITH CERTIFICATE
• 4.1.5.10.20‑5 NOT LINKED – WITHOUT CERTIFICATE
• 4.1.5.10.30‑8 LINKED – WITHOUT CERTIFICATE
• 4.1.5.30.00‑3 DEPOSITS – AUTOMATIC RE‑APPLICATION TERM DEPOSITS
• 4.3.1.10.00‑5 OBLIGATIONS – ACCEPTED FOREIGN CURRENCY TITLES
• 4.3.2.25.00‑0 OBLIGATIONS – ISSUANCE OF MORTGAGE LETTERS
• 4.3.2.35.00‑7 OBLIGATIONS – ISSUANCE OF REAL ESTATE CREDIT LETTERS
• 4.3.2.40.10‑2 ISSUED AFTER 23 May 2013
• 4.9.9.25.00‑5 OBLIGATIONS – OFFICIAL CONVENTIONS
• 4.9.9.27.00‑3 OBLIGATIONS – PROVISION OF PAYMENT SERVICE
• 6.2.1.10.00‑0 APE – FREE SAVINGS DEPOSITS – INDIVIDUALS
• 6.2.1.20.00‑7 APE – FREE SAVINGS DEPOSITS – LEGAL PERSONS
• 6.2.1.25.00‑2 APE – SAVINGS DEPOSITS – LINKED ENTITIES
• 6.2.1.30.00‑4 APE – PECULIAR SAVINGS DEPOSITS
• 6.2.1.35.00‑9 APE – SAVINGS DEPOSITS – INSTITUTIONS OF THE FINANCIAL SYSTEM
• 6.2.1.40.00‑1 APE – PROGRAMMED SAVINGS DEPOSITS
• 6.2.1.50.00‑8 APE – SAVINGS DEPOSITS – MULTIPLE VALUES
• 6.2.1.60.00‑5 APE – LINKED SAVINGS DEPOSITS
• 6.2.1.80.00‑9 APE – SPECIAL SAVINGS DEPOSITS
• 9.0.9.53.15‑0 OWN PORTFOLIO – LINKED – AFTER 8 March
• 9.0.9.53.25‑3 THIRD‑PARTY PORTFOLIO – LINKED – AFTER 8 March

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ANNEX II TO CIRCULAR No. 3,929, OF 13 FEBRUARY 2019

Titles and subtitles of the Accounting Plan of Institutions of the National Financial System (Cosif) used as the calculation base for special contributions to the Credit Guarantee Fund (FGC).

• 4.1.5.10.22‑9 NOT LINKED – WITHOUT CERTIFICATE – WITH SPECIAL FGC GUARANTEE – WITH ASSIGNMENT OF RECEIVABLES
• 4.1.5.10.23‑6 NOT LINKED – WITHOUT CERTIFICATE – WITH SPECIAL FGC GUARANTEE – WITHOUT ASSIGNMENT OF RECEIVABLES
• 4.1.5.10.32‑2 LINKED – WITHOUT CERTIFICATE – WITH SPECIAL FGC GUARANTEE – WITH ASSIGNMENT OF RECEIVABLES
• 4.1.5.10.33‑9 LINKED – WITHOUT CERTIFICATE – WITH SPECIAL FGC GUARANTEE – WITHOUT ASSIGNMENT OF RECEIVABLES

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ANNEX III TO CIRCULAR No. 3,929, OF 13 FEBRUARY 2019

Titles and subtitles of the Accounting Plan of Institutions of the National Financial System (Cosif) used as the calculation base for Reference Collections (CR) for the calculation of additional contributions to the Credit Guarantee Fund (FGC).

a – Total Collections

• 4.1.0.00.00‑7 DEPOSITS
• 4.3.0.00.00‑5 ACCEPTED FOREIGN‑CURRENCY, LIQUID AND MORTGAGE RESOURCES, DEBTS AND SIMILAR
• 4.4.5.00.00‑9 FINANCIAL CENTRALIZATION – COOPERATIVES
• 4.6.0.00.00‑2 OBLIGATIONS – LOANS AND TRANSFERS
• 4.9.5.58.00‑1 OBLIGATIONS – GOLD LOANS
• 4.9.5.88.00‑2 CREDITORS – SHARE LOANS
• 4.9.6.50.00‑2 OBLIGATIONS – FINANCIAL AND DEVELOPMENT FUNDS
• 4.9.6.70.00‑6 ECONOMIC DEVELOPMENT TITLES
• 4.9.9.95.00‑4 INSTRUMENTS – CAPITAL AND DIVIDEND ELIGIBLE TO CAPITAL RESOLUTION 4.192/13
• 4.9.9.96.00‑3 SUBORDINATED DEBTS ELIGIBLE TO CAPITAL
• 4.9.9.97.00‑2 OTHER SUBORDINATED DEBTS
• 4.9.9.98.00‑1 INSTRUMENTS – DIVIDEND ELIGIBLE TO CAPITAL BASED ON RESOLUTION 4.192/2013
• 6.2.1.00.00‑3 APE – RESOURCES OF SAVING ASSOCIATES

b – Collections of Linked Entities

• 4.1.1.05.00‑5 DEPOSITS – SIGHT OF LINKED ENTITIES
• 4.1.1.77.00‑2 MANDATORY DEPOSITS – LINKED ENTITIES
• 4.1.1.85.03‑2 TEA – LINKED
• 4.1.1.85.20‑7 LINKED
• 4.1.2.25.00‑2 SAVINGS DEPOSITS – LINKED ENTITIES
• 4.1.1.4.10‑10‑9 LINKED
• 4.1.5.10.30‑8 LINKED – WITHOUT CERTIFICATE
• 4.1.5.10.32‑2 LINKED – WITHOUT CERTIFICATE – WITH SPECIAL FGC GUARANTEE – WITH ASSIGNMENT OF RECEIVABLES
• 4.1.5.10.33‑9 LINKED – WITHOUT CERTIFICATE – WITH SPECIAL FGC GUARANTEE – WITHOUT ASSIGNMENT OF RECEIVABLES
• 4.1.5.30.10‑6 LINKED
• 4.3.8.00.00‑9 RESOURCES FROM ISSUANCE OF CONTROLLED ENTITIES NOT SUBJECT TO
• 4.6.3.50.10‑9 OBLIGATIONS – SUB‑LEASES ABROAD – OF LINKED ENTITIES ABROAD

c – Collections of Financial Institutions

• 4.1.1.30.00‑1 DEPOSITS – INSTITUTIONS OF THE FINANCIAL SYSTEM
• 4.1.2.35.00‑9 SAVINGS DEPOSITS – INSTITUTIONS OF THE FINANCIAL SYSTEM
• 4.1.3.00.00‑6 INTER‑FINANCIAL DEPOSITS
• 4.1.4.10.30‑5 INSTITUTIONS OF THE FINANCIAL SYSTEM
• 4.1.5.30.30‑2 NATIONAL FINANCIAL SYSTEM INSTITUTIONS
• 4.1.1.60.30‑1 DEPOSITS – RESIDENTS ABROAD – OF FINANCIAL INSTITUTIONS
• 4.6.6.10.50‑2 OBLIGATIONS – EXTERNAL TRANSFERS – LINKED TO INTER‑FINANCIAL TRANSFERS