CMN Resolution No. 4115 — Amending Resolution No. 4,087 of May 24, 2012, Regarding the Statute and Regulations of the Credit Guarantee Fund (FGC) and Consolidating Rules on Time Deposit Collection with Special FGC Guarantee

The Central Bank of Brazil, pursuant to Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on July 26, 2012, based on Articles 3, item VI, and 4, item VIII, of the aforementioned Law,

R E S O L V E S:

Article 1. Resolution No. 4,087 of May 24, 2012, shall enter into force with the following amendments:

“Article 3. ...

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§ 1. The contribution percentages referred to in items I and II of the main text are 0.02497% p.m. (two thousand four hundred and ninety-seven ten-thousandths of one percent per month), for deposits in which the FGC accepts in fiduciary alienation receivables from credit operations and operating leases originated by the issuing institution.

§ 2. The receivables referred to in § 1 must be registered in financial asset registration and settlement systems, in accordance with Resolution No. 3,998 of July 28, 2011.

§ 3. Contracts related to the deposits referred to in the contribution provided in this article must:

I – provide for a minimum term of twelve months and a maximum term of thirty-six months; and

II – be subject to specific registration, until redemption, in an asset system administered by registration and financial settlement entities, authorized by the Central Bank of Brazil.

§ 4. The funds raised in the manner provided in this article must be registered in a segregated manner by modality in the internal control systems of the issuing institutions.

§ 5. The following are prohibited:

I – the total or partial redemption of the time deposits referred to in this article before their respective maturity dates; and

II – the issuance of new DPGE without fiduciary alienation in favor of the FGC, starting from the first issuance of DPGE referred to in § 1.

§ 6. Time deposits with FGC guarantee may be issued by commercial banks, multiple banks, development banks, investment banks, credit, financing and investment companies, and savings banks.” (NR)

“Article 3-A. In the issuance of DPGE, the following must be observed:

I – The balance of deposits raised without fiduciary alienation, by a depository institution associated with the FGC, is limited to the greater of the following values:

a) the amount corresponding to double the Reference Equity (PR), Level I, calculated annually on the base date of June 30, updated monthly by the Selic Rate from July 1;

b) the amount corresponding to double the PR, Level I, calculated on December 31, 2008, updated monthly by the Selic Rate from May 1, 2009; and

c) the amount corresponding to the sum of the balances of time deposits and the balances of obligations by exchange letters held in the institution on June 30, 2008, updated monthly by the Selic Rate from May 1, 2009.

II – The balance of deposits raised with fiduciary alienation is limited to the following multiples of the value corresponding to the PR, Level I, calculated on the base date of December 31 of the previous year, updated monthly by the Selic Rate:

a) 1 (one) until December 31, 2012;

b) 1.2 (one and two tenths) from January 1, 2013;

c) 1.4 (one and four tenths) from January 1, 2014;

d) 1.6 (one and six tenths) from January 1, 2015;

e) 1.8 (one and eight tenths) from January 1, 2016; and

f) 2 (two) from January 1, 2017.

§ 1. The value referred to in item I, plus the amount mentioned in item II, may not exceed R$5,000,000,000.00 (five billion reais).

§ 2. The calculation of the limits referred to in items I and II of this article must consider the value of the PR, Level I, calculated based on the first information provided to the Central Bank of Brazil regarding this equity element, in the event of any of the following situations occurring after the base date mentioned therein:

I – commencement of operations by an institution;

II – commencement of operations by an institution, independently from a financial conglomerate of which it was previously a part; and

III – modification, due to corporate transformation, of the set of institutions that make up a financial conglomerate.

§ 3. The limits referred to in items I and II of this article must be calculated on a consolidated basis by institutions associated with the FGC that are part of the same financial conglomerate.

§ 4. In the case of an institution authorized to operate by the Central Bank of Brazil that has not commenced its operations by the last base date, the PR, Level I, of the first information provided to the Central Bank of Brazil regarding this equity element must be considered, for the purposes of calculating the limit referred to in the main text.” (NR)

“Article 3-B. The limit for raising time deposits with special FGC guarantee without fiduciary alienation must be reduced according to the following schedule:

I – by 20% (twenty percent), from January 1, 2012;

II – by 40% (forty percent), from January 1, 2013;

III – by 60% (sixty percent), from January 1, 2014;

IV – by 80% (eighty percent), from January 1, 2015; and

V – by 100% (one hundred percent), from January 1, 2016.

Sole Paragraph. The schedule for reducing the limit for raising time deposits with the special FGC guarantee refers to operations contracted from each of the base dates on which this reduction will be applied, respecting the residual balances of contracts in progress.” (NR)

Article 2. This Resolution enters into force on the date of its publication.

Article 3. Resolution No. 3,692 of March 26, 2009, is hereby revoked.

Altamir Lopes
President of the Central Bank of Brazil, substitute