Resolution CMN No. 2442 — Allocation of Savings Deposit Funds

RESOLUTION NO. 2442

Provides for the allocation of funds captured in savings deposits.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes it public that the MONETARY COUNCIL, in a session held on November 12, 1997, based on the provisions of Article 24 of Provisional Measure No. 1,520-14 of November 6, 1997,

RESOLVES:

Article 1. To exceptionally and temporarily admit that the allocation of funds captured in savings deposits, under the terms of the Regulation annexed to Resolution No. 1,980 of April 30, 1993, with the wording given by Article 1 of Resolution No. 2,386 of May 22, 1997, may be fulfilled based on the lower of the following values:

I - liability calculated for the reference month;

II - liability calculated for the month of October 1997, adjusted by the same update indices and interest rates applicable to savings deposits, for the reference month.

Article 2. In the event of using the facility provided for in Article 1, item II, the institution must deposit with the Central Bank of Brazil, in cash, the difference between the liability calculated, under the terms of the aforementioned Regulation, for compliance in the reference month and the amount actually applied - observing the minimum corresponding to the liability calculated for the month of October 1997 adjusted in accordance with the mentioned provision.

Sole Paragraph. The resources collected in accordance with this article shall be remunerated by the same update indices and interest rates applicable to savings deposits.

Article 3. The Central Bank of Brazil is authorized to issue the rules and adopt the measures deemed necessary for the execution of the provisions of this Resolution.

Article 4. This Resolution enters into force on the date of its publication.

Brasília, November 12, 1997

Gustavo H. B. Franco
President