Resolution CMN No. 2519 — Directing Resources Captured in Savings Deposits by Entities of the Brazilian Savings and Loan System (SBPE)

RESOLUTION NO. 2519

Provides for the direction of resources captured in savings deposits by entities integrated into the Brazilian Savings and Loan System (SBPE).

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 NATIONAL, in a session held on June 29, 1998, based on Article 7 of Decree-Law No. 2,291, of November 21, 1986, and Provisional Measure No. 1,671, of June 24, 1998,

RESOLVES:

Art. 1 Alter Article 11 of the Regulation annexed to Resolution No. 1,980, of April 30, 1993, which shall enter into force with the following wording:

"Art. 11. Observed the limitation provided for in Law No. 8,692, of July 28, 1993, for contracts entered into in conformity with the Income Commitment Plan - PCR and the Salary Equivalence Plan - PES, the percentage of family income commitment and the conditions for its proof, in operations where the readjustment of the monthly charge considers the borrower's income, shall be fixed by the parties."

Art. 2 Revoke Articles 12 and 13 of the Regulation annexed to Resolution No. 1,980, of April 30, 1993.

Art. 3 Approve the Regulation annexed, which disciplines the direction of resources captured by entities integrated into the Brazilian Savings and Loan System (SBPE).

Art. 4 Admit, up to the position relative to the month of July 1998, that the direction of resources captured in savings deposits, in accordance with the Regulation annexed to this Resolution, may be fulfilled based on the lesser of the following values:

I - exigibility calculated for the reference month;

II - exigibility calculated for the month of October 1997 adjusted, by the remuneration of savings deposits with an anniversary date on the first, for the reference month.

Art. 5 In the event of using the option provided for in Article 4, item II, the institution must pay to the Central Bank of Brazil, in cash, the difference between the exigibility calculated, in accordance with the Regulation annexed to this Resolution, for fulfillment in the reference month and the amount effectively applied - observed the minimum corresponding to the exigibility 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 savings deposits with an anniversary date on the 15th (fifteenth).

Art. 6 The amount corresponding to mortgage letters received as payment of credits to the FCVS, provided for in Resolution No. 1,923, of April 30, 1992, and redeemed on May 4, 1998, computed, on that same date, for the purpose of verifying compliance with the exigibility established in Article 1, item I, item "a", of the Regulation annexed to this Resolution, may remain in this condition until January 31, 1999, in the following manner:

I - paid to the Central Bank of Brazil for the same period, in current currency, entitled to the same remuneration as savings deposits, applying, where applicable, the other conditions provided for in Article 18 of the Regulation annexed to this Resolution; and/or

II - applied in mortgage letters issued from May 4, 1998, to which the provisions of Article 8 of the Regulation annexed to this Resolution shall not apply.

Art. 7 The Central Bank of Brazil may adopt the measures and issue the norms necessary for the execution of the provisions of this Resolution.

Art. 8 This Resolution enters into force on the date of its publication.

Art. 9 Resolutions Nos. 2,458, of December 18, 1997, 2,480, of March 26, 1998, and 2,499, of May 28, 1998, and Circulars Nos. 2,525, of December 21, 1994, and 2,791, of December 10, 1997, are hereby revoked.

Brasilia, June 29, 1998

Gustavo H. B. Franco
President

Regulation annexed to Resolution No. 2,519, of June 29, 1998, which disciplines the direction of resources captured in savings deposits.

Of the Direction of Resources

Art. 1 The direction of resources captured in savings deposits by entities integrated into the Brazilian Savings and Loan System (SBPE) shall be as follows:

I - 70% (seventy percent), at minimum, in real estate financing operations, being:

a) 80% (eighty percent), at minimum, of the above percentage in housing financing operations within the National Housing Finance System (SFH);

b) the remainder in operations at market rates, provided that at least half is in housing financing operations;

II - 15% (fifteen percent) in mandatory reserve at the Central Bank of Brazil;

III - remaining resources in financial availability and free-range operations.

Paragraph 1 The direction referred to in item I shall have as its calculation base the lesser of the following values:

I - the arithmetic average of the daily balances of savings deposits in the 12 (twelve) months preceding the reference month;

II - the arithmetic average of the daily balances of savings deposits of the reference month.

Paragraph 2 For institutions integrated into the SBPE in the beginning of activity, while 12 (twelve) months of savings deposit capture have not been completed, the calculation base shall be calculated by dividing the sum of daily balances by the number of days considered in each position.

Paragraph 3 From the value calculated as the calculation base for the direction, in accordance with paragraph 1, a percentage of up to 5% (five percent) may, due to the average values of evaluation of the residential real estate objects of financing in accordance with Article 2, item I, in the 12 (twelve) months preceding each reference month, be transferred from the application exigibility established in item I to the applications referred to in item III.

Paragraph 4 The coefficient referred to in paragraph 3 - called the transfer coefficient (CT) - shall be calculated as follows:

I - if the average value of evaluation of the real estate objects of the financing operations provided for in Article 2, item I, is less than R$50,000.00 (fifty thousand reais),

CT = (0.05 x CA) / 0.03, where:

CA = application coefficient - limited to 0.03 (three hundredths) -, defined as the division between the sum of the values of the financing operations contracted in the last twelve months, in accordance with Article 2, item I, and the value calculated as the calculation base for the direction, in accordance with paragraph 1 of this article;

II - if the average value of evaluation of the real estate objects of the financing operations provided for in Article 2, item I, is between R$50,000.00 (fifty thousand reais) and R$80,000.00 (eighty thousand reais),

CT = CA (80,000 - VA) / 18,000, where:

VA = average value of evaluation of the real estate;

III - if the average value of evaluation of the real estate objects of the financing operations provided for in Article 2, item I, is greater than R$80,000.00 (eighty thousand reais), the transfer coefficient shall be equal to zero.

Art. 2 For the purpose of verifying compliance with the exigibility established in Article 1, item I, item "a", the following are considered as housing financing operations within the SFH:

I - financing for the acquisition of new or used residential real estate, contracted under SFH conditions;

II - financing for the production of real estate - including the amount of scheduled disbursements for release until the end of the contract - whose residential units are financeable under SFH conditions, observed the provisions of Article 6;

III - the amount of financing to be granted, under SFH conditions, to acquirers of residential units in the production phase, observed the provisions of Articles 6 and 7 and also that:

a) in the case where the production is subject to financing granted by an entity integrated into the SBPE, provided for in the respective contracts, the computable value shall be that which exceeds the amount of financing referred to in item II;

b) in the case where the production is not subject to financing granted by an entity integrated into the SBPE, the computable value shall be that corresponding to the amount of financing proposals formalized;

IV - financing for the acquisition of material for construction or expansion of housing on a lot owned by the financing applicant or whose regular possession is held by him, under SFH conditions;

V - letters of credit granted for the production of residential units, with a validity period not exceeding 6 (six) months, and for the acquisition of new or used residential real estate, provided that the corresponding financing proposals are formalized under SFH conditions, observed the provisions of Article 6;

VI - mortgage certificates resulting from housing financing operations carried out within the SFH;

VII - mortgage letters guaranteed by mortgage credits resulting from housing financing operations carried out within the SFH, observed the provisions of Article 8;

VIII - residential real estate received in liquidation of housing financing contracted under SFH conditions, while not alienated, observed the maximum legal period established for its alienation;

IX - balances of deposits in the Fund for Support of Housing Production for the Low-Income Population (FAHBRE);

X - balances of deposits in the Stabilization Fund (FESTA);

XI - credits to the Salary Variation Compensation Fund (FCVS), observed the provisions of Provisional Measure No. 1,635-22, of June 10, 1998;

XII - the value of discounts absorbed by financial institutions as a result of the provisions of Articles 3 and 5 of Law No. 8,004, of March 14, 1990, and 16 of Provisional Measure No. 1,635-22/98, adjusted in each position by the basic remuneration indices of savings deposits, as follows:

a) in its entirety, for a period of 1 (one) year counted from the respective absorption;

b) by 50% (fifty percent) of its amount, for a period of 1 (one) year counted from the end of the period referred to in the previous item;

XIII - operations computed as special range during the validity of Resolution No. 2,458, of December 18, 1997.

Sole Paragraph. The contracting of the financing referred to in item IV shall be carried out through the opening of credit to the final consumer or to the merchant, the financial agent being responsible for verifying the effective destination of the corresponding resources.

Art. 3 For the purpose of verifying compliance with the exigibility established in Article 1, item I, item "b", the following are considered as housing financing operations contracted at market rates:

I - the financing referred to in Article 2 that exceeds the exigibility of Article 1, item I, item "a";

II - financing for the acquisition, construction, reform or expansion of new, used or under-construction residential real estate contracted under conditions freely agreed between the parties;

III - financing for the production of residential real estate - including the amount of scheduled disbursements for release until the end of the contract - whose residential units are financeable under conditions freely agreed between the parties, observed the provisions of Article 6;

IV - the amount of financing to be granted to acquirers of residential units in the production phase, under conditions freely agreed between the parties, observed the provisions of Articles 6 and 7 and, also, that:

a) in the case where the production is subject to financing granted by an entity integrated into the SBPE, provided for in the respective contracts, the computable value shall be that which exceeds the amount of financing referred to in item III;

b) in the case where the production is not subject to financing granted by an entity integrated into the SBPE, the computable value shall be that corresponding to the amount of financing proposals formalized;

V - financing for the acquisition of material for construction, reform or expansion of housing, under conditions freely agreed between the parties;

VI - letters of credit granted for the production of residential units, with a validity period not exceeding 6 (six) months, and for the acquisition, construction, reform or expansion of new, used or under-construction residential real estate, provided that the corresponding financing proposals are formalized under conditions freely agreed between the parties, observed the provisions of Article 6;

VII - mortgage certificates resulting from housing financing operations contracted under conditions freely agreed between the parties;

VIII - mortgage letters guaranteed by mortgage credits resulting from housing financing operations contracted under conditions freely agreed between the parties, observed the provisions of Article 8;

IX - credit rights originating from purchase and sale commitments, with natural persons, of new or under-construction residential real estate;

X - titles issued by mortgage companies and securitization companies linked to housing financing operations contracted under conditions freely agreed between the parties, observed the provisions of Article 9;

XI - residential real estate received in liquidation of housing financing contracted under conditions freely agreed between the parties, while not alienated, observed the maximum legal period established for its alienation.

Art. 4 For the purpose of verifying compliance with the exigibility established in Article 1, item I, item "b", the following are considered as operations contracted at market rates:

I - the financing referred to in Article 3;

II - financing for the acquisition, construction, reform or expansion of new, used or under-construction commercial real estate;

III - financing for the production of commercial real estate, including the amount of scheduled disbursements for release until the end of the contract, observed the provisions of Article 6;

IV - the amount of financing to be granted to acquirers of commercial units in the production phase, observed the provisions of Articles 6 and 7 and, also, that:

a) in the case where the production is subject to financing granted by an entity integrated into the SBPE, provided for in the respective contracts, the computable value shall be that which exceeds the amount of financing referred to in item III;

b) in the case where the production is not subject to financing granted by an entity integrated into the SBPE, the computable value shall be that corresponding to the amount of financing proposals formalized;

V - financing for the acquisition of material for construction, reform or expansion of commercial real estate;

VI - letters of credit granted for the production of commercial units, with a validity period not exceeding 6 (six) months, and for the acquisition, construction, reform or expansion of new, used or under-construction commercial real estate, provided that the corresponding financing proposals are formalized, observed the provisions of Article 6;

VII - mortgage certificates resulting from real estate financing operations;

VIII - mortgage letters guaranteed by mortgage credits, observed the provisions of Article 8;

IX - credit rights originating from purchase and sale commitments of new or under-construction real estate;

X - titles issued by mortgage companies and securitization companies linked to real estate financing operations, observed the provisions of Article 9;

XI - debentures, with real guarantee, linked to real estate financing operations;

XII - quotas of Real Estate Investment Funds destined to the production of real estate;

XIII - leasing operations of real estate assets acquired for the own use of the lessee entity, observed the norms applicable to operations of the species;

XIV - financing for infrastructure works in urban subdivisions destined to residential real estate;

XV - commercial real estate received in liquidation of financing, while not alienated, observed the maximum legal period established for its alienation.

Art. 5 For the purpose of verifying compliance with the direction established in Article 1, item III, the following are considered as free-range operations:

I - financing that exceeds the exigibility referred to in Article 1, item I;

II - working capital financing to incorporating and construction companies, through credit opening contracts guaranteed by pledge of promissory notes issued by third parties in favor of the financed, linked to an individualized real estate, completed or under construction;

III - working capital financing to producers and distributors of construction materials, through credit opening contracts;

IV - credit rights of any kind of institutions integrated into the National Financial System;

V - titles of federal, state and municipal public debt and titles issued by the Central Bank of Brazil;

VI - interbank deposits;

VII - loans and financing guaranteed by mortgage of real estate.

Art. 6 The resources corresponding to the amount of disbursements referred to in Articles 2, item II, 3, item III, and 4, item III, the corresponding to the amount of financing referred to in Articles 2, item III, 3, item IV, and 4, item IV, and those referring to the letters of credit mentioned in Articles 2, item V, 3, item VI, and 4, item VI, shall be represented by federal public titles belonging to the institution's own portfolio, which shall remain unavailable through registration in a specific account in the Special Settlement and Custody System (SELIC), while computed for the purpose of meeting the exigibility.

Art. 7 The total value of the amounts mentioned in Articles 2, item III, 3, item IV, and 4, item IV, shall not exceed 2% (two percent) of the value calculated in accordance with Article 1, paragraph 1.

Art. 8 The total value of the mortgage letters referred to in Articles 2, item VII, 3, item VIII, and 4, item VIII, shall not exceed 10% (ten percent) of the value calculated in accordance with Article 1, paragraph 1.

Art. 9 The total value of the titles mentioned in Articles 3, item X, and 4, item X, shall not exceed 5% (five percent) of the value calculated in accordance with Article 1, paragraph 1.

Of the Adjustments

Art. 10 For the purpose of verifying compliance with the exigibility in real estate financing operations, referred to in Article 1, item I:

I - the following shall be deducted from the balance of existing financing:

a) the balance of operations carried out with resources from transfers and refinancing;

b) the balance of operations carried out with resources from Social Funds and Programs;

c) the balance of mortgage letters issued, when guaranteed by real estate credits;

II - the following shall be computed:

a) real estate financing, by the updated gross balance, including those transferred to credits in liquidation while the respective judicial process is not concluded;

b) mortgage letters, mortgage certificates, titles issued by mortgage companies and securitization companies, and credits acquired from third parties, by the arithmetic average of daily balances maintained in portfolio in the reported month;

c) federal public titles linked to the operations described in Articles 2, items II, III and V, 3, items III, IV and VI and 4, items III, IV and VI, by the arithmetic average of daily balances maintained in portfolio in the reported month.

Of the Conditions of the Operations

Art. 11. In addition to the other conditions established in the legislation in force, operations within the SFH shall observe the following:

I - unit value of financing, comprising principal and ancillary expenses, not superior to:

a) R$90,000.00 (ninety thousand reais);

b) 90% (ninety percent) of the evaluation value of the real estate to be financed or of its purchase and sale price, whichever is lower;

II - maximum limit of the evaluation value of the financed real estate of R$180,000.00 (one hundred and eighty thousand reais);

III - maximum effective cost for the final borrower, comprising interest, commissions and other financial charges - except those referred to in paragraph 1 - of 12% p.a. (twelve percent per annum);

IV - contractual provision that any eventual debtor balance, at the end of the agreed term, shall be the responsibility of the borrower, allowing the financing term to be extended by a period of up to 50% (fifty percent) of that initially agreed.

          Paragraph 1º   The costs of insurance and the application of the Wage Equalization Coefficient (CES) are not included in the maximum effective remunerations referred to in item III and Art. 12.

          Paragraph 2º  In the case of new residential real estate whose acquisition was contracted by the applicant during the production phase, the classification of housing financing operations within the operational limits referred to in items I and II will take into account the situation prevailing at the time of contracting or, if applicable, upon subsequent alteration of the construction project.

          Paragraph 3º   In the case of property that presents damages resulting from construction flaws whose coverage has been denied by the insurer, complementary financing may be granted for its recovery, provided that the complement does not increase the responsibility of the FCVS, when it is a case of financing with coverage by that Fund.

          Art. 12.  The financing for the production of real estate referred to in Art. 2, item II, shall have a maximum effective remuneration of 13% p.a. (thirteen percent per year), allowing financing of up to 100% (one hundred percent) of the direct construction cost.

          Paragraph 1º  In the case of the financings referred to in this article, the term for production and commercialization, to be established in the contract, shall be, at most, 42 (forty-two) months.

          Paragraph 2º  From the expiration of the term referred to in paragraph 1, the remaining balance of the operation shall be computed for compliance with the exigibility referred to in Art. 1, item I, letter "b".

          Art. 13.  In the case of financings carried out with the participation of non-profit promoter agents, financing to the final borrower of a value equivalent to up to 90% (ninety percent) of the housing investment shall be admitted.

          Art. 14.  The housing financings referred to in this Regulation shall have as collateral:

          I - the mortgage, in first degree, of the property subject to the operation;

         II - the fiduciary alienation of the property subject to the operation, in accordance with Law No. 9.514, of 20.11.97;

        III - the mortgage, in first degree, or the fiduciary alienation, in accordance with Law No. 9.514, of another property of the borrower or of third-party property; and/or

         IV - other guarantees, at the discretion of the financial agent.

          Sole Paragraph. Substitution of the collateral referred to in this article is admitted.

          Art. 15.   Financial agents must keep the clauses of housing financing contracts permanently adapted to the current norms, excluding those not applicable to the contract.

          Art. 16.  In operations not covered by the SFH, entities of the SBPE may charge their debtors, per day of delay in payment or settlement of their debts, in addition to default interest, "commission of permanence", in accordance with the legislation in force.

                   Of the Mandatory Reserve

          Art. 17.  The exigibilities for the collection of the mandatory reserve on savings deposits, referred to in Art. 1, item II, shall observe the provisions of specific normative on the subject, issued by the Central Bank of Brazil.

                 Of the Unapplied Resources

          Art. 18.  The resources not applied in accordance with the provisions of Art. 1 of this Regulation shall be remitted to the Central Bank of Brazil, in current currency, on the 15th (fifteenth) day of the subsequent month to the position assessed or on the business day immediately following, if the 15th (fifteenth) is a non-business day, established that:

          I - the resources will be remunerated monthly at 80% (eighty percent) of the basic remuneration index of savings deposits;

         II - until the second business day immediately preceding the date fixed for the remittance, the SBPE agents will inform the Central Bank of Brazil, via PPED500 transaction of the Central Bank Information System (SISBACEN), the amount to be remitted.

          Paragraph 1º  In the event of non-compliance with the provision of item II, the financial institution shall be subject to the payment of a fine identical to that determined for the inclusion/alteration of information regarding the mandatory reserve.

          Paragraph 2º In the event of insufficiency in the remittance being found, the financial institution shall incur the payment of financial costs identical to those determined for deficiencies regarding the mandatory reserve.

          Paragraph 3º  All financial movement related to the remittance referred to in this article shall be carried out through a posting to the Bank Reserves account.

          Paragraph 4º  SBPE institutions that are not holders of a Bank Reserves account shall sign an agreement in accordance with specific normative on the subject.

          Paragraph 5º  The resources remitted by institutions in the start of activity, during the first 6 (six) months of fundraising, shall have remuneration identical to that of the mandatory reserve of savings deposits.

          Paragraph 6º  The provision of the previous paragraph does not apply to institutions constituted through the process of incorporation, spin-off or merger of institutions authorized to collect savings deposits.

                     Of the Statements

          Art. 19.  The Central Bank of Brazil shall institute mandatory remittance statements by financial institutions, to monitor the operations referred to in this Regulation.

                   Of the General Provisions

          Art. 20.  Institutions of the SBPE in the start of activity, until the first 6 (six) months of savings deposit fundraising are completed, may fulfill the exigibility in housing financings with mortgage letters guaranteed by mortgage credits resulting from housing financing operations carried out within the scope of the SFH.