Resolution CMN No. 1253 - Brazilian Savings and Loan System (SBPE) - Proposes Altering Reference in Resolution 1216 of November 24, 1986

RESOLUTION NO. 001253

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on this date, having regard to the provisions of Article 4, items XI and XIV, of the aforementioned Law, with the modifications introduced by Decree-Law No. 1,959 of September 14, 1982, in Paragraph 1 of Article 20 of Law No. 4,864 of November 29, 1965, in Article 2, Paragraph 1, of Decree-Law No. 2,290 of November 21, 1986, and in Article 7 of Decree-Law No. 2,291 of November 21, 1986,

RESOLVES:

I - To amend item II of Resolution No. 1,220 of November 24, 1986, which shall henceforth read as follows:

"II - The reserve referred to in the preceding item, except in the case of savings banks, shall be deposited with the Central Bank in the country's current currency, and shall be remunerated by the same update indices as savings deposits, plus interest corresponding to 8% per annum (eight percent per year).".

II - To amend item III of Resolution No. 1,221 of November 24, 1986, which shall henceforth read as follows:

"III - The real estate financing operations, as referred to in this Resolution, shall have an update clause linked to the update indices of savings deposits.".

III - To modify the reference at the end of item II of Resolution No. 1,216 of November 24, 1986, from "Article 1 of Decree-Law No. 2,290 of November 21, 1986" to "Article 1 of Decree-Law No. 2,311 of December 23, 1986".

IV - To authorize the Central Bank to accept voluntary deposits from the agents of the Housing Financial System, with remuneration identical to that established for the compulsory reserve.

V - The depository institution shall only be entitled to the remuneration referred to in the preceding item after maintaining the deposit for the minimum period established by the Central Bank.

VI - The Central Bank may adopt the measures deemed necessary for the execution of this Resolution.

VII - This Resolution shall enter into force on the date of its publication.

Brasilia-DF, January 28, 1987

Fernão Carlos Botelho Bracher
President