Resolution CMN No. 2481 — Establishes Procedures for Verifying Compliance with the Permanent Asset Resource Application Limit

RESOLUTION NO. 2481

Establishes procedures for the purpose of verifying compliance with the limit on the application of resources in Permanent Assets.

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 March 26, 1998, having regard to the provisions of Article 4, items VIII and XI, of the aforementioned Law,

RESOLVES:

Article 1. For the purpose of verifying compliance with the respective limit on the application of resources in Permanent Assets, exclude from both this group and from adjusted net worth as defined in current regulations (PLA) the values corresponding to the equity quotas of the Central de Custódia e de Liquidação de Títulos (CETIP), to the equity titles of stock exchanges and commodity and futures exchanges, and to the shares of clearing and custody companies linked to stock exchanges and commodity and futures exchanges, provided that these are owned by financial institutions and other institutions authorized to operate by the Central Bank of Brazil, to which it is permitted to carry out operations in the markets administered by those entities.

Article 2. Consequently, amend Article 3 of Resolution No. 2,283 of June 5, 1996, modified by Article 2 of Resolution No. 2,385 of May 22, 1997, which shall now read as follows:

"Article 3. The total of resources applied in Permanent Assets may not exceed 90% (ninety percent) of the value of adjusted net worth as defined in current regulations (PLA) of financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

"Paragraph 1. For the purpose of verifying compliance with the limit provided for in this article, the following shall not be counted:

I - deferrals authorized in specific regulations;

II - shareholdings acquired within the scope of the National Privatization Program (PND), when of a permanent nature, during the period of 3 (three) years counted from the date of the auction in which the acquisition was made;

III - the values corresponding to commercial leasing operations.

"Paragraph 2. Also excluded, for the purpose of verifying compliance with the limit provided for in this article, both from Permanent Assets and from PLA, are the values corresponding:

I - to the equity quotas of the Central de Custódia e de Liquidação de Títulos (CETIP);

II - to the equity titles of stock exchanges and commodity and futures exchanges;

III - to the shares of clearing and custody companies, linked to stock exchanges and commodity and futures exchanges.

"Paragraph 3. The exclusion referred to in the preceding paragraph refers solely to quotas, equity titles, and shares owned by financial institutions and other institutions authorized to operate by the Central Bank of Brazil, to which it is permitted to carry out operations in the markets administered by those clearing and custody companies, stock exchanges, and commodity and futures exchanges."

Article 3. This Resolution enters into force on the date of its publication.

Article 4. Resolution No. 2,385 of May 22, 1997, is hereby revoked.

Brasília, March 26, 1998

Gustavo H. B. Franco
President