CMN Resolution No. 2190 — Amending Article 6 of the Regulation Annexed to Resolution No. 1,980 of April 30, 1993

RESOLUTION NO. 002190

Amending Article 6 of the Regulation Annexed to Resolution No. 1,980 of April 30, 1993.

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the President of the NATIONAL MONETARY COUNCIL, by act of August 23, 1995, based on Article 8, paragraph 1, of Law No. 9,069 of June 29, 1995, "ad referendum" of said Council, and having in view the provisions of Article 7 of Decree-Law No. 2,291 of November 21, 1986,

RESOLVES:

Article 1. Amend Article 6 of the Regulation annexed to Resolution No. 1,980 of April 30, 1993, with the wording given by Resolution No. 2,106 of August 31, 1994, which shall now have the following wording:

"Article 6. The allocation of funds captured in savings deposits by entities integrated into the SBPE, observed the provisions of Article 9, shall be as follows:

I - 70% (seventy percent), at minimum, in housing financing, being:

a) 80% (eighty percent), at minimum, of the above percentage in operations within the scope of the SFH;

b) the remainder in operations at market rates;

II - 15% (fifteen percent) in mandatory reserve at the Central Bank of Brazil;

III - remaining resources in financial availability and free-range operations.

"Paragraph 1. Financing for the acquisition of new individual property, or for the construction of housing on individual or condominium urbanized plots, shall represent, at minimum, 25% (twenty-five percent) of the housing financing to be contracted to fulfill the minimum requirement set forth in item I of this article.

"Paragraph 2. Financing for the acquisition of used property contracted within the scope of the SFH is limited to 25% (twenty-five percent) of the minimum requirement set forth in item I, letter "a", of this article."

Article 2. The amounts collected at the Central Bank as mandatory reserve referred to in Article 6 of the Regulation annexed to Resolution No. 1,980 of April 30, 1993, with the wording given by this Resolution, shall not be part of the calculation base for purposes of contribution to the Deposit Guarantee and Real Estate Notes Fund (FGDLI).

Article 3. Authorize the Central Bank of Brazil to issue the complementary norms necessary for the execution of the provisions of this Resolution, including regulating the forms of collection of the mandatory reserve.

Article 4. This Resolution enters into force on the date of its publication, producing effects from August 28, 1995, when Resolution No. 2,106 of August 31, 1994, shall be revoked.

Brasília, August 23, 1995

Gustavo Jorge Laboissière Loyola
President