Resolution CMN No. 1857 — Authorizes the Central Bank of Brazil to establish and regulate mandatory reserve requirements on funds collected by savings banks

RESOLUTION NO. 001857

AUTHORIZES THE CENTRAL BANK OF BRAZIL TO ESTABLISH AND REGULATE MANDATORY RESERVE REQUIREMENTS ON FUNDS COLLECTED BY SAVINGS BANKS.

THE CENTRAL BANK OF BRAZIL, IN ACCORDANCE WITH ART. 9 OF LAW NO. 4,595, OF 12.31.64, MAKES PUBLIC THAT THE PRESIDENT OF THE MONETARY NATIONAL COUNCIL, BY ACT OF 08.15.91, BASED ON PARAGRAPH 2 OF ART. 2 OF LAW NO. 8,056, OF 06.28.90, AND ON LAW NO. 8,201, OF 06.29.91, "AD REFERENDUM" OF THAT COUNCIL, HAVING IN VIEW THE PROVISIONS OF ART. 4, ITEM XI, OF THE SAID LAW,

RESOLVES:

ART. 1. AUTHORIZE THE CENTRAL BANK OF BRAZIL TO SET PERCENTAGE AND CONDITIONS FOR THE COLLECTION, AS MANDATORY RESERVE, ON FUNDS COLLECTED BY SAVINGS BANKS.

ART. 2. THE CENTRAL BANK OF BRAZIL WILL ADOPT THE MEASURES NECESSARY FOR THE EXECUTION OF THIS RESOLUTION, POSSIBLY, FIXING REMUNERATION AND PENALTIES BASED ON THE VALUES COLLECTED BY THE SAVINGS BANKS AND OTHER INSTITUTIONS SUBJECT TO THE COLLECTION IN QUESTION.

ART. 3. THIS RESOLUTION ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

ART. 4. REVOKE RESOLUTION NO. 1,378, OF 08.24.87, CIRCULARS NOS. 1,220, OF 08.24.87, AND 1,244, OF 10.29.87, AND LETTER-CIRCULAR NO. 1,719, OF 09.11.87.

BRASÍLIA (DF), AUGUST 15, 1991

FRANCISCO ROBERTO ANDRÉ GROS
PRESIDENT