CMN Resolution No. 5223 — Minimum Leverage Ratio Requirement and Compliance Conditions

Vote

CMN RESOLUTION NO. 5,223,
OF MAY 30, 2025

Establishes the minimum requirement for the Leverage Ratio – LR and the conditions for its compliance.

The Central Bank of Brazil, in accordance with art. 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on May 22, 2025, based on arts. 4, caput, items VIII and XI, of the aforementioned Law, 20, § 1, of Law No. 4,864, of November 29, 1965, 7 and 23, caput, item “a”, of Law No. 6,099, of September 12, 1974, 1, caput, item II, of Law No. 10,194, of February 14, 2001, 6 of Decree-Law No. 759, of August 12, 1969, 1, § 1, and 12 of Complementary Law No. 130, of April 17, 2009, and 1, § 2, of Provisional Measure No. 2.192-70, of August 24, 2001,

R E S O L V E S:

Art. 1 This Resolution establishes the minimum requirement for the Leverage Ratio – LR, calculated in accordance with regulation by the Central Bank of Brazil, and the conditions for its compliance.

§ 1 The provisions of this Resolution apply to financial institutions and other institutions authorized to operate by the Central Bank of Brazil classified in segment 1 – S1 or segment 2 – S2, in accordance with Resolution No. 4,553, of January 30, 2017.

§ 2 The provisions of this Resolution do not apply to consortium administrators, payment institutions, securities brokerage firms, securities distribution firms, and currency brokerage firms, which must observe the regulation of the Central Bank of Brazil in the exercise of their legal duties.

Art. 2 The institutions referred to in art. 1, including standalone institutions not part of a prudential conglomerate, must permanently comply with a minimum requirement for the LR on a consolidated basis of 3% (three percent).

§ 1 The minimum LR requirement referred to in the caput will be phased according to the following schedule:

I - 2% (two percent), from July 1, 2026 to December 31, 2026;

II - 2.5% (two and five tenths percent), from January 1, 2027 to December 31, 2027; and

III - 3% (three percent), from January 1, 2028.

§ 2 The phasing referred to in § 1 does not apply to the minimum LR requirement on a consolidated basis for multiple banks, commercial banks, investment banks, development banks, National Bank for Economic and Social Development – BNDES, exchange banks, savings banks, and credit cooperatives.

Art. 3 The institutions referred to in art. 1, except standalone institutions not part of a prudential conglomerate, must permanently comply, without prejudice to art. 2, with a minimum requirement for the LR on an individual basis of 2.25% (two and twenty-five hundredths percent), according to materiality criteria defined by the Central Bank of Brazil.

§ 1 Compliance with the requirement referred to in the caput may occur on a sub-consolidated basis, according to criteria and specifications of the Central Bank of Brazil.

§ 2 The calculation on a sub-consolidated basis must be performed on consolidated bases for institutions that are part of the same prudential sub-conglomerate, in accordance with CMN Resolution No. 4,950, of September 30, 2021.

§ 3 If compliance with the requirement referred to in the caput occurs on a sub-consolidated basis, the institution must prepare and submit to the Central Bank of Brazil the Recovery and Organized Exit Plan – PROEP, without prejudice to CMN Resolution No. 5,187, of November 28, 2024.

§ 4 For the purposes of calculating the LR on an individual or sub-consolidated basis:

I - the same methodology and procedures used on a consolidated basis established in the regulation for the prudential conglomerate of which the institution is a member must be applied, individually or on a sub-consolidated basis;

II - only Core Capital, defined in CMN Resolution No. 4,955, of October 21, 2021, must be considered; and

III - foreign branches must be disregarded and treated as non-consolidated financial institutions.

§ 5 The minimum LR requirement referred to in the caput will be phased according to the following schedule:

I - 0.75% (seventy-five hundredths percent), from July 1, 2026 to December 31, 2026;

II - 1.5% (one and five tenths percent), from January 1, 2027 to December 31, 2027; and

III - 2.25% (two and twenty-five hundredths percent), from January 1, 2028.

Art. 4 Cooperative banks, except those classified in S1, credit confederations, central credit cooperatives, and standalone credit cooperatives may exclude, in the calculation of Total Exposure used in the LR calculation, exposures related to operations that have as counterparty, including through the provision of guarantee, credit cooperatives that are part of the same cooperative system, except for equity investments.

§ 1 The exclusion referred to in the caput must be authorized by the Central Bank of Brazil upon permanent compliance with the following requirements:

I - establishment of a Risk Sharing Mechanism – RSM that ensures immediately available resources for the preservation of liquidity, solvency, and soundness of the credit cooperatives that are part of the respective cooperative system;

II - management of the liquidity of the cooperative system, including that which may be carried out through financial centralization, performed in a way to avoid the existence of exposures by standalone cooperatives to a cooperative bank, a credit confederation, or a central credit cooperative; and

III - performance of the Simplified Internal Capital Adequacy Assessment Process – IcaapSimp, in accordance with Resolution No. 4,557, of February 23, 2017, encompassing the credit cooperatives that are part of the respective cooperative system.

§ 2 The exclusion referred to in the caput does not produce effects on the segmentation established by Resolution No. 4,553, of January 30, 2017.

Art. 5 The following are repealed:

I - Resolution No. 4,615, of November 30, 2017, published in the Official Gazette of the Union – DOU on December 4, 2017; and

II - art. 3, caput, item II, of Resolution No. 4,745, of August 29, 2019, published in the DOU on September 2, 2019.

Sole Paragraph. References to Resolution No. 4,615, of November 30, 2017, shall henceforth refer to this Resolution.

Art. 6 This Resolution enters into force on July 1, 2026.

GABRIEL MURICCA
GALÍPOLO
President of the Central Bank of Brazil