Resolution CMN No. 2386 — Amends Provisions Related to the Allocation of Funds from Savings Deposits

RESOLUTION NO. 002386

Amends provisions related to the allocation of funds originating from savings deposits.

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 May 22, 1997, based on the provisions of Article 7 of Decree-Law No. 2,291 of November 21, 1986,

RESOLVES:

Article 1. Amend Article 9 of the Regulation annexed to Resolution No. 1,980 of April 30, 1993, with the wording given by Resolution No. 2,379 of April 24, 1997, which shall now be worded as follows:

"Article 9. The allocation of funds for housing finance, financial availability, and free-range operations provided for in Article 6 shall be based on the lower of the following values:

I - the arithmetic mean of the daily balances of savings deposits for the reference month, updated, until the last day of the month, based on the basic remuneration indices of savings deposits;

II - the arithmetic mean of the daily balances of savings deposits in the 6 (six) months preceding the reference month, updated, until the last day of the reference month, based on the basic remuneration indices of savings deposits;

III - the arithmetic mean of the daily balances of savings deposits in the 12 (twelve) months preceding the reference month, updated, until the last day of the reference month, based on the basic remuneration indices of savings deposits.

"Paragraph 1. In the event of using the average referred to in item III, the institution must pay to the Central Bank of Brazil, in the manner to be defined by it, the amount corresponding to the difference between the requirement for application in housing finance resulting therefrom and that corresponding to the lower of the averages referred to in items I and II, minus any excesses of application relative to the value of the requirement calculated.

"Paragraph 2. The resources collected in accordance with the provisions of the preceding paragraph shall receive remuneration identical to that of savings deposits.

"Paragraph 3. For institutions part of the National Financial System (SBPE) in the early stages of activity, while 12 (twelve) months of savings deposit collection have not been completed, the calculation base shall be determined by dividing the sum of the updated daily balances, adjusted in the manner of the main text of this article, by the number of days considered in each position."

Article 2. Amend Article 52, paragraph 6, of the Regulation annexed to Resolution No. 1,980/93, which shall now be worded as follows:

"Article 52 ...

"Paragraph 6. The resources collected by institutions in the early stages of activity, during the first 6 (six) months of collection, shall be remunerated by the same update indices and interest rates applicable to the mandatory reserve of savings deposits."

Article 2. This Resolution enters into force on the date of its publication, producing effects from the position relative to the month of April 1997.

Article 3. Resolution No. 2,379 of April 24, 1997, is hereby revoked.

Brasília, May 22, 1997

Gustavo Jorge Laboissière Loyola
President