INSTRUÇÃO NORMATIVA BCB Nº 692, DE 19 DE DEZEMBRO DE 2025

Establishes the procedures for providing information regarding the allocation of resources captured in savings deposits and for contracting real estate financing, as provided for in Resolution No. 4,676, of July 31, 2018.

The Acting Head of the Department of Regulation of the Financial System (Denor), and the Head of the Department of Banking Operations and Payment Systems (Deban), in exercise of the authority conferred upon them by Article 23, item I, letter "a", of the Internal Regulations of the Central Bank of Brazil, annexed to BCB Resolution No. 340, of September 21, 2023, and in view of the provisions of Resolution No. 4,676, of 2018,

RESOLVE:

CHAPTER I

OBJECT AND SCOPE OF APPLICATION

Art. 1. This Normative Instruction establishes the procedures for providing information regarding the allocation of resources captured in savings deposits and for contracting real estate financing, as provided for in Resolution No. 4,676, of July 31, 2018.

CHAPTER II

APPLICATIONS IN RESIDENTIAL REAL ESTATE FINANCING OPERATIONS

Section I

Applications in Residential Real Estate Financing Contracted under the Conditions of the Housing Financial System

Art. 2. The value reported in CodItem "6100 - RES SFH FIN. ACQ. ART.16-I RES. 4676" must correspond to the gross book value of financing for the acquisition of residential properties, new, used, or under construction, as provided for in Article 16, item I, of Resolution No. 4,676, of 2018, contracted under the conditions of the Housing Financial System.

Art. 3. The value reported in CodItem "6166 - RES SFH FIN.CONST.(EXCL.DES.) ART.16-II RES. 4676" must correspond to the gross book value of financing granted to natural persons for the construction of residential properties, as provided for in Article 16, item II, of Resolution No. 4,676, of 2018, contracted under the conditions of the Housing Financial System.

Art. 4. The value reported in CodItem "6180 - RES SFH FIN.RENOV.EXT. ART.16-III RES. 4676" must correspond to the gross book value of financing for the renovation or extension of residential properties, as provided for in Article 16, item III, of Resolution No. 4,676, of 2018, contracted under the conditions of the Housing Financial System.

Art. 5. The value reported in CodItem "6101 - RES SFH FIN.PROD.(EXCL.DES.) ART.16-IV RES. 4676" must correspond to the gross book value of financing for the production of residential properties, as provided for in Article 16, item IV, of Resolution No. 4,676, of 2018, contracted under the conditions of the Housing Financial System.

Art. 6. The value reported in CodItem "6104 - RES SFH FIN.BUILD.MAT. ART.16-V RES. 4676" must correspond to the gross book value of financing for the acquisition of materials for construction, extension, or renovation of residential properties on a lot owned by the financing applicant or whose regular possession is held by them, as provided for in Article 16, item V, of Resolution No. 4,676, of 2018, contracted under the conditions of the Housing Financial System.

Art. 7. The value reported in CodItem "6102 - RES SFH PROG.DES.(AVG.TIT.) ART.16-VI RES. 4676" must correspond to the total value of scheduled disbursements, in the reference month, for release until the end of financing contracts for the construction or production of residential properties, as provided for in Article 16, item VI, of Resolution No. 4,676, of 2018, contracted under the conditions of the Housing Financial System.

Art. 8. The values reported in CodItem "6102 - RES SFH PROG.DES.(AVG.TIT.) ART.16-VI RES. 4676", when actually disbursed, must be deducted from this CodItem and reported:

I - in CodItem "6166 - RES SFH FIN.CONST.(EXCL.DES.) ART.16-II RES. 4676", if referring to the financing provided for in Article 16, item II, of Resolution No. 4,676, of 2018; or

II - in CodItem "6101 - RES SFH FIN.PROD.(EXCL.DES.) ART.16-IV RES. 4676", if referring to the financing provided for in Article 16, item IV, of Resolution No. 4,676, of 2018.

Section II

Other Applications in Residential Real Estate Financing

Art. 9. The value reported in CodItem "6200 - RES EXCL.SFH FIN.ACQ. ART.16-I RES. 4676" must correspond to the gross book value of financing for the acquisition of residential properties, new, used, or under construction, as provided for in Article 16, item I, of Resolution No. 4,676, of 2018, except those contracted under the conditions of the Housing Financial System.

Art. 10. The value reported in CodItem "6266 - RES EXCL.SFH FIN.CONST(EXCL.DES.) ART.16-II RES. 4676" must correspond to the gross book value of financing granted to natural persons for the construction of residential properties, as provided for in Article 16, item II, of Resolution No. 4,676, of 2018, except those contracted under the conditions of the Housing Financial System.

Art. 11. The value reported in CodItem "6280 - RES EXCL.SFH FIN.RENOV.EXT. ART.16-III RES. 4.676" must correspond to the gross book value of financing for the renovation or extension of residential properties, as provided for in Article 16, item III, of Resolution No. 4,676, of 2018, except those contracted under the conditions of the Housing Financial System.

Art. 12. The value reported in CodItem "6201 - RES EXCL.SFH FIN.PROD(EXCL.DES.) ART.16-IV RES. 4676" must correspond to the gross book value of financing for the production of residential properties, as provided for in Article 16, item IV, of Resolution No. 4,676, of 2018, except those contracted under the conditions of the Housing Financial System.

Art. 13. The value reported in CodItem "6204 - RES EXCL.SFH FIN.BUILD.MAT. ART.16-V RES. 4676" must correspond to the gross book value of financing for the acquisition of materials for construction, extension, or renovation of residential properties on a lot owned by the financing applicant or whose regular possession is held by them, as provided for in Article 16, item V, of Resolution No. 4,676, of 2018, except those contracted under the conditions of the Housing Financial System.

Art. 14. The value reported in CodItem "6202 - RES EXCL.SFH PROG.DES.(AVG.TIT.) ART.16-VI RES. 4676" must correspond to the total value of scheduled disbursements, in the reference month, for release until the end of financing contracts for the construction or production of residential properties, as provided for in Article 16, item VI, of Resolution No. 4,676, of 2018, except those contracted under the conditions of the Housing Financial System.

Art. 15. The values referred to in CodItem "6202 - RES EXCL.SFH PROG.DES.(AVG.TIT.) ART.16-VI RES. 4676", when actually disbursed, must be deducted from this CodItem and reported:

I - in CodItem "6266 - RES EXCL.SFH FIN.CONST(EXCL.DES.) ART.16-II RES. 4676", if referring to the financing provided for in Article 16, item II, of Resolution No. 4,676, of 2018; or

II - in CodItem "6201 - RES EXCL.SFH FIN.PROD(EXCL.DES.) ART.16-IV RES. 4676", if referring to the financing provided for in Article 16, item IV, of Resolution No. 4,676, of 2018.

Section III

Multiplication Factor Applicable to Residential Real Estate Financing

Art. 16. The value reported in CodItem "6205 - RES REAL.EST. UP TO 500K NO MULT. EXCL.DES. ART.20 RES. 4676" must correspond to the sum of the gross book value of the following operations, calculated without the multiplication factor of 1.2 (one whole and two tenths), referred to in Article 20 of Resolution No. 4,676, of 2018:

I - real estate financing for acquisition or construction, as provided for in Article 16, items I and II, of Resolution No. 4,676, of 2018, contracted from January 1, 2019, in which the appraisal or negotiation value of the property subject to the contract, whichever is higher, does not exceed R$500,000.00 (five hundred thousand reais); and

II - real estate financing for the production of residential units, as provided for in Article 16, item IV, of Resolution No. 4,676, of 2018, contracted from January 1, 2019, in which the average appraisal or negotiation value of the units in the development subject to the contract, whichever is higher, does not exceed R$500,000.00 (five hundred thousand reais).

Art. 17. The value reported in CodItem "6206 - RES REAL.EST. UP TO 500K EFFECT OF MULT. EXCL.REASSIGN." must correspond to the difference between the values reported in CodItems 6205 and 6217, as provided for in Articles 16 and 38, multiplied by 0.2 (two tenths).

Sole Paragraph. The CodItem mentioned in the caput aims to calculate the effect of applying the multiplication factor provided for in Article 20 of Resolution No. 4,676, of 2018, which does not apply to reassignment and refinancing operations provided for in Article 19, § 6º, item I, of that Resolution.

Section IV

Other Applications Admitted as Residential Real Estate Financing

Art. 18. The value reported in CodItem "6208 - RES MORT/CREIT ART.16-IX RES. 4676" must correspond to the sum:

I - of the book value of mortgage deeds and real estate credit deeds representing residential real estate financing, as provided for in Article 16, item IX, of Resolution No. 4,676, of 2018, acquired before the reference month; and

II - of the arithmetic mean of the daily balances of mortgage deeds and real estate credit deeds representing residential real estate financing, as provided for in Article 16, item IX, of Resolution No. 4,676, of 2018, acquired in the reference month.

Art. 19. The value reported in CodItem "6210 - RES DII APPLIED ART.16-VIII RES. 4676" must correspond to the arithmetic mean of the daily balances, in the reference month, of resources applied in interfinance real estate deposits, secured by residential real estate financing, as provided for in Article 16, item VIII, of Resolution No. 4,676, of 2018.

Art. 20. The value reported in CodItem "6109 - RES SFH FCVS DEBT NOVATED ART.16-XI RES. 4676" must correspond to the gross book value of credits corresponding to the novated debts of the Wage Variation Compensation Fund, as provided for in Article 16, item XI, of Resolution No. 4,676, of 2018.

Art. 21. The value reported in CodItem "6117 - RES-SFH CRI 31 JUL 18 NO MULT. ART.24 RES. 4676" must correspond to the book value of real estate receivable certificates as provided for in Article 2, item IX, of the Regulation annexed to Resolution No. 3,932, of December 16, 2010, calculated without a multiplication factor, acquired until July 31, 2018, in view of the provisions of Article 24 of Resolution No. 4,676, of 2018.

Art. 22. The value reported in CodItem "6139 - RES-SFH CRI 31 JUL 18 WITH MULT. ART.24 RES. 4676" must correspond to the book value of real estate receivable certificates as provided for in Article 2, item IX, of the Regulation annexed to Resolution No. 3,932, of 2010, calculated with a multiplication factor, acquired until July 31, 2018, in view of the provisions of Article 24 of Resolution No. 4,676, of 2018.

Art. 23. The value reported in CodItem "6143 - RES-SFH FIN.ACQ. WITH MULT. 31 DEC 18 ART.11-R3932 - ART.25 RES. 4676" must correspond to the gross book value of financing for the acquisition of residential properties, calculated with the multiplication factor provided for in Article 11 of the Regulation annexed to Resolution No. 3,932, of 2010, in view of the provisions of Article 25 of Resolution No. 4,676, of 2018.

Art. 24. The value reported in CodItem "6172 - RES-SFH FIN.CONST. WITH MULT. 31 DEC 18 ART.11-R3932 - ART.25 RES. 4676" must correspond to the gross book value of financing for the construction of residential properties, calculated with the multiplication factor provided for in Article 11 of the Regulation annexed to Resolution No. 3,932, of 2010, in view of the provisions of Article 25 of Resolution No. 4,676, of 2018.

Art. 25. The value reported in CodItem "6142 - RES-SFH FIN.ACQ. NO MULT. 31 DEC 18 ART.11-R3932 - ART.25 RES. 4676" must correspond to the gross book value of financing for the acquisition of residential properties, calculated without the multiplication factor provided for in Article 11 of the Regulation annexed to Resolution No. 3,932, of 2010.

Art. 26. The value reported in CodItem "6171 - RES-SFH FIN.CONST. NO MULT. 31 DEC 18 ART.11-R3932 - ART.25 RES. 4676" must correspond to the gross book value of financing for the construction of residential properties, calculated without the multiplication factor provided for in Article 11 of the Regulation annexed to Resolution No. 3,932, of 2010.

Art. 27. The value reported in CodItem "6119 - RES-SFH FIN.ACQ. WITH MULT. 31 DEC 18 ART.10-R3932 - ART.25 RES. 4676" must correspond to the gross book value of financing granted for the acquisition of residential properties as provided for in Article 10 of the Regulation annexed to Resolution No. 3,932, of 2010, calculated with the multiplication factor, in view of the provisions of Article 25 of Resolution No. 4,676, of 2018.

Art. 28. The value reported in CodItem "6299 - RES INVENTORY LOSS ART. 25-D RES. 4676" must correspond to the gross book value, on the date immediately preceding the charge to loss, of the residential real estate financing mentioned in Article 16 of Resolution No. 4,676, of 2018, charged to loss for less than five years, whose judicial or extrajudicial enforcement proceedings have not been concluded, which have been computed in the position relative to the month of December 2025, in accordance with BCB Normative Instruction No. 455, of February 29, 2024, in CodItem "6219 - RES CONTROL INVENTORY LOSS ART. 19-3 RES. 4676", in view of the provisions of Article 25-D of Resolution No. 4,676, of 2018.

Art. 29. The value reported in CodItem "6193 - RES SFH FCVS DEBT COLLECT. DED. ART.25-E RES. 4.676" must correspond:

I - to the value computed in CodItem "6113 - RES SFH FCVS DEBT COLLECT. ART.16-X RES. 4.676" in the position relative to the month of December 2025, in accordance with BCB Normative Instruction No. 455, of 2024, in the position relative to the month of January 2026,

II - to the value referred to in item I, deducted by 1/60 (one sixtieth) for each subsequent monthly position, in view of the provisions of Article 25-E of Resolution No. 4,676, of 2018.

Art. 30. The value reported in CodItem "6289 - RES REAL.EST. NOT ALIEN ART.25-F RES. 4676" must correspond to the book values of properties received in settlement of residential real estate financing, computed in the position relative to the month of December 2025, while not alienated, for a maximum period of five years, counted from January 1, 2026, in view of the provisions of Article 25-F of Resolution No. 4,676, of 2018.

Sole Paragraph. The value reported in the CodItem mentioned in the caput must consider any revaluations of properties received in settlement of residential real estate financing, according to the criteria established in the Accounting Standard of Institutions Regulated by the Central Bank of Brazil (Cosif).

Art. 31. The values reported in the following CodItems cannot be reported simultaneously in other CodItems:

I - 6119 - RES-SFH FIN.ACQ. WITH MULT. 31 DEC 18 ART.10-R3932 - ART.25 RES. 4676;

II - 6142 - RES-SFH FIN.ACQ. NO MULT. 31 DEC 18 ART.11-R3932 - ART.25 RES. 4676;

III - 6143 - RES-SFH FIN.ACQ. WITH MULT. 31 DEC 18 ART.11-R3932 - ART.25 RES. 4676;

IV - 6171 - RES-SFH FIN.CONST. NO MULT. 31 DEC 18 ART.11-R3932 - ART.25 RES. 4676",

V - 6172 - RES-SFH FIN.CONST. WITH MULT. 31 DEC 18 ART.11-R3932 - ART.25 RES. 4676; and

VI - 6299 - RES INVENTORY LOSS ART. 25-D RES. 4676

Art. 32. The Central Bank of Brazil will consider as applications in residential real estate financing, for the purpose of verifying compliance with the exigibility provided for in Article 15, item I, letter "a", of Resolution No. 4,676, of 2018, the values reported in the following CodItems:

I - 6117 - RES-SFH CRI 31 JUL 18 NO MULT. ART.24 RES. 4676;

II - 6119 - RES-SFH FIN.ACQ. WITH MULT. 31 DEC 18 ART.10-R3932 - ART.25 RES. 4676;

III - 6139 - RES-SFH CRI 31 JUL 18 WITH MULT. ART.24 RES. 4676;

IV - 6143 - RES-SFH FIN.ACQ. WITH MULT. 31 DEC 18 ART.11-R3932 - ART.25 RES. 4676;

V - 6172 - RES-SFH FIN.CONST. WITH MULT. 31 DEC 18 ART.11-R3932 - ART.25 RES. 4676;

VI - 6289 - RES REAL.EST. NOT ALIEN ART.25-F RES. 4676;

VII - 6193 - RES SFH FCVS DEBT COLLECT. DED. ART.25-E RES. 4.676; and

VIII - 6299 - RES INVENTORY LOSS ART. 25-D RES. 4676.

Section V

Deductions from the Computation of Applications in Residential Real Estate Financing

Art. 33. The value reported in CodItem "6214 - RES DII CAPTURED ART.19-6-II RES. 4676" must correspond to the arithmetic mean of the daily balances, in the reference month, of interfinance real estate deposits issued, secured by residential real estate financing as provided for in Article 16 of Resolution No. 4,676, of 2018.

Art. 34. The value reported in CodItem "6123 - RES-SFH LCI ISSUED UP TO 31 DEC 18 ART.19-6-II RES. 4676" must correspond to the book value of real estate credit letters issued until December 31, 2018, reported, in accordance with Circular Letter No. 3,492, of March 11, 2011, in CodItem "6123 - SFH LCI ISSUED-ART.9- II-B RES 3932".

Art. 35. In the event of changes to the conditions of real estate credit letters issued until December 31, 2018, their book values must be reported in accordance with Article 36 or Article 60, according to the predominant collateral, and cannot be reported in CodItem "6123 - RES-SFH LCI ISSUED UP TO 31 DEC 18 ART.19-6-II RES. 4676".

Art. 36. The value reported in CodItem "6215 - RES MORTG. AND LCI ISSUED ART.19-6-II RES. 4676" must correspond to the book value of mortgage letters and real estate credit letters issued from January 1, 2019, whose collateral is composed, predominantly, by the operations provided for in Article 16 of CMN Resolution No. 4,676, of 2018, and the portion collateralized by loan operations to natural persons secured by residential properties and real estate credit operations used for the purpose of deducting exigibility in the compulsory levy on savings deposit resources, in the free modality, as provided for in Article 6º-A of BCB Resolution No. 188, of February 23, 2022, must be disregarded.

Art. 37. The value reported in CodItem "6216 - RES OP.WITH REASSIGN. AND REF. GREATER 500K ART.19-6-I RES. 4676" must correspond to the book value of reassignment and refinancing operations destined for contracting residential real estate financing not eligible for the multiplication factor provided for in Article 20 of Resolution No. 4,676, of 2018.

Art. 38. The value reported in CodItem "6217 - RES OP.WITH REASSIGN. AND REF. UP TO 500K ART.19-6-I RES. 4676" must correspond to the book value of reassignment and refinancing operations destined for contracting residential real estate financing eligible for the multiplication factor provided for in Article 20 of Resolution No. 4,676, of 2018.

Art. 39. The value reported in CodItem "6218 - RES. LIG LESS THAN 3YRS ART.19-6-III RES. 4676" must correspond to the book value of guaranteed real estate letters issued until February 1, 2024, with maturity terms of less than three years, whose asset portfolios linked to the titles are composed, predominantly, by the operations provided for in Article 16 of Resolution No. 4,676, of 2018.

Art. 40. The value reported in CodItem "6220 - RES. LIG ART.19-6-IV RES. 4676" must correspond to the book value of guaranteed real estate letters issued from February 2, 2024, whose asset portfolios linked to the titles are composed, predominantly, by the operations provided for in Article 16 of CMN Resolution No. 4,676, of 2018, and the portion guaranteed by loan operations to natural persons secured by residential properties and real estate credit operations used for the purpose of deducting exigibility in the compulsory levy on savings deposit resources, in the free modality, as provided for in Article 6º-A of BCB Resolution No. 188, of February 23, 2022, must be disregarded.

Art. 41. The Central Bank of Brazil will deduct from the total of applications computed for the purpose of verifying compliance with the exigibility provided for in Article 15, item I, letter "a", of Resolution No. 4,676, of 2018, in accordance with Article 19, § 6º, items I to III, of that Resolution, the values reported in the CodItems:

I - 6123 - RES-SFH LCI ISSUED UP TO 31 DEC 18 ART.19-6-II RES. 4676;

II - 6214 - RES DII CAPTURED ART.19-6-II RES. 4676;

III - 6215 - RES MORTG. AND LCI ISSUED ART.19-6-II RES. 4676;

IV - 6216 - RES OP.WITH REASSIGN. AND REF. GREATER 500K ART.19-6-I RES. 4676;

V - 6217 - RES OP.WITH REASSIGN. AND REF. UP TO 500K ART.19-6-I RES. 4676;

VI - 6218 - RES. LIG LESS THAN 3YRS ART.19-6-III RES. 4676; and

VII - 6220 - RES. LIG ART.19-6-IV RES. 4676.

CHAPTER III

APPLICATIONS IN NON-RESIDENTIAL REAL ESTATE FINANCING OPERATIONS

Section I

Applications in Non-Residential Real Estate Financing

Art. 42. The value reported in CodItem "6800 - NRESID FIN.ACQ. ART.17-I RES. 4676" must correspond to the gross book value of financing for the acquisition of non-residential properties, new, used, or under construction, as provided for in Article 17, item I, of Resolution No. 4,676, of 2018.

Art. 43. The value reported in CodItem "6866 - NRESID FIN.CONST(EXCL.DES.) ART.17-II RES. 4676" must correspond to the gross book value of financing for the construction of non-residential properties, as provided for in Article 17, item II, of Resolution No. 4,676, of 2018.

Art. 44. The value reported in CodItem "6880 - NRESID FIN.RENOV.EXT. ART.17-III RES. 4676" must correspond to the gross book value of financing for the renovation or extension of non-residential properties, new or used, as provided for in Article 17, item III, of Resolution No. 4,676, of 2018.

Art. 45. The value reported in CodItem "6801 - NRESID FIN.PROD(EXCL.DES.) ART.17-IV RES. 4676" must correspond to the gross book value of financing for the production of non-residential properties, as provided for in Article 17, item IV, of Resolution No. 4,676, of 2018.

Art. 46. The value reported in CodItem "6804 - NRESID FIN.BUILD.MAT. ART.17-V RES. 4676" must correspond to the gross book value of financing for the acquisition of materials for the construction, renovation, or extension of non-residential properties, as provided for in Article 17, item V, of Resolution No. 4,676, of 2018.

Art. 47. The value reported in CodItem "6802 - NRESID PROG.DES.(AVG.TIT.) ART.17-VI RES. 4676" must correspond to the total value of scheduled disbursements, in the reference month, for release until the end of financing contracts for the construction or production of non-residential properties, as provided for in Article 17, item VI, of Resolution No. 4,676, of 2018.

Art. 48. The values referred to in CodItem "6802 - NRESID PROG.DES.(AVG.TIT.) ART.17-VI RES. 4676", when actually disbursed, must be deducted from this CodItem and reported:

I - in CodItem "6866 - NRESID FIN.CONST(EXCL.DES.) ART.17-II RES. 4676", if referring to the financing provided for in Article 17, item II, of Resolution No. 4,676, of 2018; or

II - in CodItem "6801 - NRESID FIN.PROD(EXCL.DES.) ART.17-IV RES. 4676", if referring to the financing provided for in Article 17, item IV, of Resolution No. 4,676, of 2018.

Section II

Other Applications Admitted as Non-Residential Real Estate Financing

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Art. 49. The value reported in CodItem "6805 - NRESID CH/CCI ART.17-XI RES. 4676" must correspond to the sum of:

I - the accounting value of mortgage bonds and real estate credit bonds representing non-residential real estate financing, as provided for in Article 17, item XI, of Resolution No. 4,676, of 2018, acquired before the reference month; and

II - the arithmetic mean of the daily balances of mortgage bonds and real estate credit bonds representing non-residential real estate financing, as provided for in Article 17, item XI, of Resolution No. 4,676, of 2018, acquired in the reference month.

Art. 50. The value reported in CodItem "6831 - NRESID FIN.OB.INFRA LOT. URB. ART.17-IX RES. 4676" must correspond to the gross accounting value of financing for urban lot infrastructure works, as provided for in Article 17, item IX, of Resolution No. 4,676, of 2018.

Art. 51. The value reported in CodItem "6838 - NRESID DII APLICADO ART.17-X RES. 4676" must correspond to the arithmetic mean of the daily balances, in the reference month, of resources applied in interbank real estate deposits, guaranteed by non-residential real estate financing, as provided for in Article 17, item X, of Resolution No. 4,676, of 2018.

Art. 52. The value reported in CodItem "6840 - EMP.GAR.COMP. ATE 30 JUN 21 - ART.17-XII RES. 4676" must correspond to the gross accounting value of loans guaranteed by fiduciary alienation of real estate assets that share guarantee with credit operations eligible for purposes of meeting the exigibility provided for in Article 15 of Resolution No. 4,676, of 2018, contracted until November 12, 2020, based on Resolution No. 4,837, of July 21, 2020.

Art. 53. The value reported in CodItem "6899 - NRESID ESTOQ. PREJ. ART. 25-D RES. 4676" must correspond to the gross accounting value, on the date immediately prior to the charge against loss, of the non-residential real estate financing mentioned in Article 17 of Resolution No. 4,676, of 2018, charged against loss for less than five years, whose judicial or extrajudicial execution processes have not been concluded, and which have been computed in the position relative to the month of December 2025, in accordance with Normative Instruction BCB No. 455, of 2024, in CodItem "6819 - NRESID CONTROLE ESTOQ. PREJ. ART. 19-3 RES. 4676", given the provisions of Article 25-D of Resolution No. 4,676, of 2018.

Art. 54. The value reported in CodItem "6890 - NRESID IMOV. NAO ALIEN ART.25-F RES. 4676" must correspond to the accounting values of real estate received in liquidation of non-residential real estate financing, computed in the position relative to the month of December 2025, while not alienated, for a maximum period of five years, counted from January 1, 2026, given the provisions of Article 25-F of Resolution No. 4,676, of 2018.

Sole Paragraph. The value reported in the CodItem mentioned in the caput must consider any revaluations of real estate received in liquidation of non-residential real estate financing, according to the criteria established in Cosif.

Art. 55. The values reported in CodItem "6899 - NRESID ESTOQ. PREJ. ART. 25-D RES. 4676" cannot be reported simultaneously in other CodItems.

Art. 56. The values reported in CodItems "6840 - EMP.GAR.COMP. ATE 30 JUN 21 - ART.17-XII RES. 4676", "6890 - NRESID IMOV. NAO ALIEN ART.25-F RES. 4676" and "6899 - NRESID ESTOQ. PREJ. ART. 25-D RES. 4676" will be considered by the Central Bank of Brazil as applications in non-residential real estate financing, for purposes of verifying compliance with the exigibility provided for in Article 15, item I, of Resolution No. 4,676, of 2018.

Section III

Of the Deductions from the Computation of Applications in Non-Residential Real Estate Financing

Art. 57. The value reported in CodItem "6814 - NRESID DII CAPTADO ART.19-6-II RES. 4676" must correspond to the arithmetic mean of the daily balances, in the reference month, of interbank real estate deposits issued, guaranteed by non-residential real estate financing as provided for in Article 17 of Resolution No. 4,676, of 2018.

Art. 58. The value reported in CodItem "6720 - NRESID-IMERC LCI EMITIDAS 31 DEZ 18 ART.19-6-II RES. 4676" must correspond to the accounting value of real estate credit letters issued until December 31, 2018, and reported, in accordance with Circular Letter No. 3,492, of 2011, in CodItem "6720 - IMERC LCI EMITIDAS-ART9 II-B RES 3932".

Art. 59. In case of alteration of the conditions of real estate credit letters issued until December 31, 2018, their accounting values must be reported in the manner of Article 36 or Article 60, according to the predominant backing, and cannot be reported in CodItem "6720 - NRESID-IMERC LCI EMITIDAS 31 DEZ 18 ART.19-6-II RES. 4676".

Art. 60. The value reported in CodItem "6816 - NRESID LH e LCI EMITIDAS ART.19-6-II RES. 4676" must correspond to the accounting value of mortgage letters and real estate credit letters issued from January 1, 2019, whose backing is composed, predominantly, by the operations provided for in Article 17 of CMN Resolution No. 4,676, of 2018, and the portion backed by operations of loans to natural persons guaranteed by residential real estate and real estate credit operations used for purposes of deduction of exigibility in the compulsory collection on resources of savings deposits, in the free modality, as provided for in Article 6º-A of BCB Resolution No. 188, of February 23, 2022, must be disregarded.

Art. 61. The value reported in CodItem "6817 - NRESID OP.C/REP.E REF. ART.19-6-I RES. 4676" must correspond to the accounting value of transfer and refinancing operations destined for contracting non-residential real estate financing, as provided for in Article 19, § 6º, item I, of Resolution No. 4,676, of 2018.

Art. 62. The value reported in CodItem "6820 - NRESID LIG ART.19-6-IV RES. 4676" must correspond to the accounting value of guaranteed real estate letters issued from February 2, 2024, whose asset portfolios linked to the titles are composed, predominantly, by the operations provided for in Article 17 of CMN Resolution No. 4,676, of 2018, and the portion guaranteed by operations of loans to natural persons guaranteed by residential real estate and real estate credit operations used for purposes of deduction of exigibility in the compulsory collection on resources of savings deposits, in the free modality, as provided for in Article 6º-A of BCB Resolution No. 188, of February 23, 2022, must be disregarded.

Art. 63. The values reported in the following CodItems will be deducted by the Central Bank of Brazil from the total of applications computed for purposes of verifying compliance with the exigibility provided for in Article 15, item I, of Resolution No. 4,676, of 2018, in accordance with Article 19, § 6º, items I to III, of that Resolution:

I - 6720 - NRESID-IMERC LCI EMITIDAS 31 DEZ 18 ART.19-6-II RES. 4676;

II - 6814 - NRESID DII CAPTADO ART.19-6-II RES. 4676;

III - 6816 - NRESID LH e LCI EMITIDAS ART.19-6-II RES. 4676;

IV - 6817 - NRESID OP.C/REP.E REF. ART.19-6-I RES. 4676; and

V - 6820 - NRESID LIG ART.19-6-IV RES. 4676.

CHAPTER IV

GENERAL PROVISIONS

Art. 64. For the purposes of the provisions of Article 21, § 1º, item I, of Resolution No. 4,676, of 2018, the application percentages used in the computation of the arithmetic mean will be based on the rule in effect on the date of its calculation.

Art. 65. The gross accounting value referred to in this Normative Instruction must be calculated according to the criteria established in Cosif, without deduction of provision for losses, nor addition of amounts to be released, as provided for in Article 19, of Resolution No. 4,676, of 2018.

Art. 66. The resources corresponding to the values of the disbursements provided for in CodItems "6102 - RESID SFH DES.PRG.(MED.TIT.) ART.16-VI RES. 4676", "6202 - RESID EXCT.SFH DES.PRG.(MED.TIT.) ART.16-VI RES. 4676" and "6802 - NRESID DES.PRG.(MED.TIT.) ART.17-VI RES. 4676" must be represented by titles issued by the National Treasury, belonging to the institution's own portfolio, which will remain unavailable in a specific account in the Special Settlement and Custody System (Selic), while computed for purposes of meeting the exigibility established in Article 15, item I, of Resolution No. 4,676, of 2018.

Sole Paragraph. The titles issued by the National Treasury provided for in the caput will be considered by the respective backing prices admitted by the Central Bank of Brazil in intraday repurchase operations, in accordance with applicable regulation.

Art. 67. For purposes of calculating the 80% (eighty percent) rate of return on savings deposits to which the update of resources not applied in the manner established in Article 15, item I, of Resolution No. 4,676, of 2018, and collected, in each monthly calculation, to the Central Bank of Brazil, in the manner of Article 21 of that same Resolution, is subject, the return on savings deposits with monthly credit of returns will be observed, as defined in Articles 12 of Law No. 8,177, of March 1, 1991, and 7 of Law No. 8,660, of May 28, 1993.

Art. 68. The calculation of the remuneration of the value to be transferred to the seller in real estate financing operations for the acquisition of real estate, as provided for in Article 22 of Resolution No. 4,676, of 2018, must be performed:

I - according to the system provided for in Articles 12 of Law No. 8,177, 1991, and 7 of Law No. 8,660, of 1993; and

II - based on the return on savings deposits with monthly credit of returns, pro rata temporis, with an anniversary date:

a) on the date of signing the financing contract for acquisition; or

b) on
January 1 of the following month, in the case of acquisition financing contracted on days 29, 30, and 31, given the provisions of Article 12, § 3º, of Law No. 8,177, of 1991.

Sole Paragraph. In the pro rata temporis calculation of the remuneration provided for in the caput, it must be considered:

I - for the basic remuneration by the Reference Rate (TR), the number of business days, as established in Article 2 of Circular Letter No. 2,456, of July 28, 1994; and

II - for the additional remuneration, the number of calendar days, given the provisions of Articles 12, § 2º, item I, of Law No. 8,177, of 1991, and 7 of CMN Resolution No. 4,924, of June 24, 2021.

Art. 69. For purposes of providing the information provided for in Articles 36, 40, 60, and 62, the predominance of the backing of mortgage letters, real estate credit letters, and guaranteed real estate letters, according to the categories "residential" and "non-residential", must be calculated monthly based on the gross accounting values of real estate financing operations eligible for use to meet the exigibility of application of resources captured in savings deposits.

Art. 70. For purposes of meeting the exigibility provided for in the "a" clause, item I, of Article 15, of Resolution No. 4,676, of 2018, real estate financing for construction or production of real estate or mixed-use enterprise is considered residential, provided that at most 20% (twenty percent) of the respective constructed area has non-residential destination.

Art. 71. The reporting of information in the following CodItems is not admitted:

I - 6107 - RESID-SFH LH 31 JUL 18 ART.2-VIII R3932;

II - 6113 - RESID SFH CR.JUNTO FCVS. ART.16-X RES. 4.676;

III - 6122 - RESID-SFH LH EMITIDAS ATE 31 DEZ 18 ART.19-6-II RES. 4676;

IV - 6124 - RESID-SFH LCI 31 JUL 18 ART.2-VIII R3932;

V - 6177 - RESID-SFH ESTOQ. DIF. E PREJ. 31 DEZ 18 ART. 23-I RES. 4676;

VI - 6178 - RESID-SFH DIF. E PREJ. DED. ART.23-II RES. 4676;

VII - 6209 - RESID IMOV. NAO ALIEN ART.16-VII RES. 4676;

VIII - 6219 - RESID CONTROLE ESTOQ. PREJ. ART. 19-3 RES. 4676;

IX - 6707 - NRESID-IMERC LH 31 JUL 18 ART.3-VIII R3932;

X - 6716 - NRESID-IMERC FIN. C/ MULT 31 DEZ 18 ART.10-R3932 - ART.25 RES. 4676;

XI - 6719 - NRESID-IMERC LH EMITIDAS 31 DEZ 18 ART.19-6-II RES. 4676;

XII - 6722 - NRESID-IMERC LCI 31 JUL 18 ART.3- VII R3932;

XIII - 6730 - NRESID-IMERC CRI 31 JUL 18 - ART.24 RES. 4676;

XIV - 6777 - NRESID-IMERC ESTOQ. DIF. E PREJ. 31 DEZ 18 ART. 23-I RES. 4676;

XV - 6778 - NRESID-IMERC DIF. E PREJ. DED. ART.23-II RES. 4676;

XVI - 6810 - NRESID IMOV.NAO ALIEN ART.17-VII RES. 4676;

XVII - 6818 - NRESID LIG MEN. 3ANOS ART.19-6-III RES. 4676;

XVIII - 6819 - NRESID CONTROLE ESTOQ. PREJ. ART. 19-3 RES. 4676; and

XIX - 6830 - NRESID FIN.PROJ.INVEST.CONCES. SAN. ART.17-VIII RES. 4676.

Sole Paragraph. The provisions of the caput do not apply to the rectification of information related to reference months prior to January 2026.

Art. 72. The gross accounting values of real estate credit operations used for purposes of deduction of exigibility in the compulsory collection on resources of savings deposits, in the free modality, as provided for in Article 6º-A of BCB Resolution No. 188, of February 23, 2022, cannot be computed in the CodItems provided for in this Normative Instruction, given the provisions of Article 6º-A, § 3º, of that Resolution.

Art. 73. The submission of information to the Central Bank of Brazil intended for verifying compliance with the direction provided for in Article 1 must be carried out through the message "RCO0002 - IF informs statement", from the compulsory collection service group (RCO), of the Catalog of Messages and Files of the National Financial System Network (RSFN), observing, from the position relative to the month of January 2026, the procedures established in this Normative Instruction.

Art. 74. For purposes of the provisions of BCB Resolution No. 131, of August 20, 2021, the Department of Banking Operations and Payment Systems (Deban) will monitor the conduct of institutions in sending the information provided for in Articles 1 and 73 of this Normative Instruction and will give identical treatment related to the sending of information associated with the compulsory collection on resources of savings deposits.

CHAPTER V

FINAL PROVISIONS

Art. 75. Normative Instruction BCB No. 455, of 2024, is revoked.

Art. 76. This Normative Instruction enters into force on February 1, 2026.

RENATO KIYOTAKA UEMA FÁBIO MARTINS TRAJANO DE ARRUDA

Chief of Denor, substitute Chief of Deban

NOTE /2025 – BCB/DENOR, OF OF
OF 2025

Justifies proposal for issuance of normative instruction that disseminates clarifications regarding aspects related to the contracting of real estate credit operations and establishes procedures for providing information regarding the direction of resources captured in savings deposits as provided for in Resolution No. 4,676, of July 31, 2018.

Gentlemen Chiefs of Denor and Deban,

1.            The  
   

present Note justifies a proposal for the issuance of a normative instruction by the Financial System Regulation Department (Denor) and the Banking Operations and Payment Systems Department (Deban), using the powers conferred by the Internal Regulations of the Central Bank of Brazil, annexed to BCB Resolution No. 340, of September 21, 2023, and given the provisions of Resolution No. 4,676, of July 31, 2018, which provides for real estate credit operations and regulates the direction of resources captured in savings deposits.

2.               Recently,  
   

the norms of Resolution No. 4,676, of 2018, were improved through CMN Resolution No. 5,255, of October 10, 2025. Among the changes promoted, a new model of mandatory direction of savings deposit resources was established, which will enter into force from January 1, 2027.

3.          Additionally,  
   

punctual adjustments were made to the current savings direction model with the aim of concentrating the obligation to apply resources in new operations of effective real estate nature, with validity from January 1, 2026. The adjustments include the elimination of the possibility of meeting the mandatory direction through the computation of credits against the Wage Variation Compensation Fund – FCVS, of credits charged against loss, of real estate received in liquidation of real estate financing, and of financing for investment projects of private concessionaires in the sanitation sector, with the provision of transition rules to be observed for the stock of these operations.

4.        In  
   

light of these adjustments, it is necessary to update the procedures for providing information regarding the direction of resources captured in savings deposits, to be observed from the position relative to the month of January 2026. Additionally, we believe it is appropriate to carry out a general review of these procedures, eliminating the possibility of computation in CodItems corresponding to transition rules established when Resolution No. 4,676, of 2018, was issued, which no longer produce effects for new positions sent for purposes of proving compliance with the direction in question.

5.               In  
   

this sense, we propose the issuance of a normative instruction to update the clarifications regarding the procedures for providing information regarding the direction of savings deposit resources, including the following changes:

I - inclusion of CodItems 6289, 6193, 6890, 6299, and 6899; and

II - exclusion of CodItems 6107, 6113, 6122, 6124, 6177, 6178, 6209, 6219, 6707, 6716, 6719, 6722, 6730, 6777, 6778, 6810, 6818, 6819, and 6830.

6.              In  
   

relation to the proposed changes, we highlight that the values computed in CodItems 6299 and 6899, related to the transition rule provided for in Article 25-D of Resolution No. 4,676, of 2018, will be considered as applications for purposes of compliance with the direction of resources captured in savings deposits, and cannot be reported in other CodItems.

7.                Furthermore,  
   

we observe that, in accordance with CMN Resolution No. 5,255, of October 10, 2025, this Central Bank, through the issuance of BCB Resolution No. 512, of October 10, 2025, made changes to the regulation that disciplines the compulsory collection on savings deposits, allowing up to 5% of savings balances, when used for real estate credit operations, to be deducted from the exigibility of collection.

8.                Considering  
   

that the same real estate credit operation cannot be used for purposes of deduction of compulsory savings and compliance with the direction of savings deposits, we deem it appropriate to provide that the gross accounting values of real estate credit operations used for purposes of deduction of exigibility in the compulsory collection on resources of savings deposits, in the free modality, cannot be computed in the CodItems provided for providing information regarding the direction of savings deposits.

9.              Still  
   

due to this, given that Mortgage Letters, Real Estate Credit Letters, and Guaranteed Real Estate Letters can be backed by real estate credit operations computed for purposes of compliance with the direction of savings deposits and by operations not admitted for this purpose, we deem it appropriate to expressly provide that the values reported in CodItems 6215, 6220, 6816, and 6820 must disregard the portion backed or guaranteed by real estate credit operations used for purposes of deduction of exigibility in the compulsory collection on resources of savings deposits, in the free modality, as provided for in Article 6º-A of BCB Resolution No. 188, of February 23, 2022, and by operations of loans to natural persons guaranteed by residential real estate.

10.                  It  
    

should be noted that Law No. 13,874, of September 20, 2019, determines that proposals for the issuance and alteration of normative acts of general interest of economic agents, issued by bodies and entities of the direct, autarchic, and foundation federal public administration, as well as by collegiate bodies through the body or entity responsible for providing administrative support, must be preceded by a Regulatory Impact Analysis (RIA).

11.                  In  
    

turn, Decree No. 10,411, of June 30, 2020, which regulates it, in its Article 4, item II, establishes that the RIA may be waived, provided there is a justified decision by the competent body or entity, in the case of a normative act intended to discipline rights or obligations defined in a hierarchically superior norm that does not allow, technically or legally, different regulatory alternatives.

12.                  In  
    

this sense, we understand that the present normative instruction meets the criteria of the aforementioned Decree for waiver of the RIA, since the normative act now proposed aims only to discipline rights and obligations established in Resolution No. 4,676, of 2018, with the wording given by CMN Resolution No. 5,255, of 2025.

For your consideration.

RÔMULO DE MAGALHÃES MÁRIO RUBEM DO COUTTO BASTOS

Deputy Chief of Denor, substitute Deputy Chief of Deban

Agreed.

RENATO KIYOTAKA UEMA FÁBIO MARTINS TRAJANO DE ARRUDA

Chief of Denor, substitute Chief of Deban