Resolution CMN No. 2623 — Directs Resources Raised in Savings Deposits by Entities of the Brazilian Savings and Loan System (SBPE)

RESOLUTION NO. 002623

Dispenses with the direction of resources captured in savings deposits by entities integ- rating 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 NATIONAL COUNCIL, in a session held on July 29, 1999, based on the provisions of
Article 7 of Decree-Law No. 2,291, of November 21, 1986, and Article 28
of Provisional Measure No. 1,877-36, of June 29, 1999,

RESOLVES:

Article 1. Amend Articles 1, 2, and 9 of the Regulation annexed to
Resolution No. 2,519, of June 29, 1998, which shall enter into force with the following wording:

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

I - 60% (sixty percent), minimum, in real estate financing operations, being:

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

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

II - 15% (fifteen percent) in mandatory reserves 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 be based on the lower of the following values:

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

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

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

"Article 2. For the purpose of verifying compliance with the requirement established in Article 1, item I, item 'a', the following are considered housing financing operations within the scope of 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 housing units are financeable under SFH conditions, observing the provisions of Article 6;

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

a) in the case where production is financed by an entity of the SBPE, provided it is stipulated 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 production is not financed by an entity of the SBPE, the computable value shall be that corresponding to the amount of formalized financing proposals;

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

V - letters of credit granted for the production of housing 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, observing the provisions of Article 6;

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

VII - mortgage notes secured by mortgage credits resulting from housing financing operations carried out within the scope of the SFH, observing the provisions of Article 8;

VIII - residential real estate received in settlement of housing financing contracted under SFH conditions, while not alienated, observing the maximum period legally established for their alienation;

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

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

XI - credits with the Wage Variation Compensation Fund (FCVS), observing the provisions of Provisional Measure No. 1,877-36, of 1999;

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 Article 16 of Provisional Measure No. 1,877-36, of 1999, 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;

XIV - credits corresponding to FCVS debts renegotiated in accordance with Provisional Measure No. 1,877-36, of 1999;

XV - credit rights related to individuals, originating from commitments to buy and sell new or under-construction residential real estate, received to amortize total or partial outstanding balances of financing for the production of real estate granted until December 31, 1998, within the scope of the SFH, provided they meet the provisions of Article 11, item II;

XVI - securities issued by mortgage companies and securitization companies linked to housing financing operations, observing the provisions of Article 9.

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, with the financial agent responsible for verifying the effective destination of the corresponding resources."

"Article 9. The total value of the securities mentioned in Article 2, item XVI, Article 3, item X, and Article 4, item X, shall not exceed 10% (ten percent) of the value determined in accordance with Article 1, Paragraph 1."

Article 2. To allow institutions of the SBPE, for the purpose of verifying compliance with the application requirement in real estate financing operations established in Article 1, item I, of the Regulation annexed to Resolution No. 2,519, of 1998, with the modifications introduced by this Resolution, the application of the multiplier factor 2 to the balances of financing operations for the production of real estate, which are in the grace period or amortization phase, or those to be contracted from the date of entry into force of this Resolution, in both cases, at rates up to 10% per annum (ten percent per year).

Paragraph 1. For the purpose of the provisions of this article, the amount of scheduled disbursements for release until the end of the contracts shall be included in the balances of financing for production.

Paragraph 2. The provisions of this article apply to operations contracted until December 31, 1999.

Paragraph 3. The excess resulting from the application of the multiplier factor referred to in this article shall not exceed 15% (fifteen percent) of the calculation base for the direction of savings deposits, established in Article 1, Paragraph 1, of the Regulation annexed to Resolution No. 2,519, of 1998, with the modifications introduced by this Resolution.

Article 3. Establish that institutions of the SBPE may apply, for the purpose of verifying compliance with the application requirement in real estate financing operations established in Article 1, item I, of the Regulation annexed to Resolution No. 2,519, of 1998, with the modifications introduced by this Resolution, the multiplier factor 1.5 to the balances of financing granted for the acquisition of new residential real estate, whose appraisal or negotiation value, whichever is higher, does not exceed:

I - R$70,000.00 (seventy thousand reais), in the case of real estate located in the municipality of Rio de Janeiro or the municipality of São Paulo;

II - R$50,000.00 (fifty thousand reais), in the case of real estate located in other localities of the national territory.

Article 4. The Central Bank of Brazil may adopt the measures and issue the norms deemed necessary for the execution of the provisions of this Resolution.

Article 5. This Resolution enters into force on the date of its publication.

Brasilia, July 29, 1999

Arminio Fraga Neto
President