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Rule · BCB · 30 Jul 1998 · Resolução CMN 2525

Resolution CMN No. 2525 — Provides for the opening of remunerated linked accounts for the constitution of guarantees for credit operations

credit

Resolution CMN No. 2525 authorizes financial institutions to maintain remunerated linked accounts in the names of their clients for credit operations, where these accounts are non-negotiable by the clients and earn the same charges as the respective operations. These accounts are exclusively intended to serve as guarantees for specific credit operations. The Central Bank of Brazil is authorized to adopt necessary measures and issue norms for the execution of this Resolution, which entered into force on the date of its publication.

BrazilBanco Central do Brasil

RESOLUTION NO. 2525

Provides for the opening of remunerated linked accounts for the constitution of guarantees for credit operations.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the NATIONAL MONETARY COUNCIL, in a session held on July 30, 1998, considering the provisions of Article 4, item VI, of the aforementioned Law,

RESOLVES:

Article 1. Financial institutions are permitted to maintain linked accounts associated with their credit operations, in the names of clients, which are not negotiable by these clients and are remunerated with the same charges applicable to each operation.

Sole Paragraph. The linked accounts referred to in this article must have the exclusive purpose of constituting a guarantee for the specific credit operation.

Article 2. The Central Bank of Brazil is authorized to adopt the measures and issue the norms deemed necessary for the execution of the provisions of this Resolution.

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

Brasília, July 30, 1998

Gustavo H. B. Franco
President

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Lei n.º 4.595, de 31 de dezembrode 1964 — dispõe sobre a política…1964 · BR-LAWLei n.º 4.595, de 31 de dezembro de 1964 — dispõe sobre a política e as instituições monetárias, bancárias e creditícias (establishes the National Financial System and the Banco Central do Brasil) (1964-12-31)Resolution CMN No. 2525 —Provides for the opening of r…1998-07-30 · this documentResolution CMN No. 2525 — Provides for the opening of remunerated linked accounts for the constitution of guarantees for credit operations (1998-07-30)
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