Resolution CMN No. 3103 — Provisions on Resources Captured in Rural Savings Deposits

RESOLUTION NO. 003103

Provisions on resources captured in rural savings deposits.

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 June 24, 2003, considering the provisions of Article 4, item VI, of the aforementioned law, Articles 4 and 15, item I, letter "l", of Law No. 4,829 of November 5, 1965, and Articles 81, item III, and 87, § 1, of Law No. 8,171 of January 17, 1991,

RESOLVES:

Article 1. The resources captured in rural savings deposits by Banco da Amazônia S.A., Banco do Brasil S.A., and Banco do Nordeste do Brasil S.A., in accordance with the norms applicable to savings deposits of the Brazilian Savings and Loan System (SBPE), are subject to the following allocation:

I - 20% (twenty percent), as mandatory reserve at the Central Bank of Brazil, without prejudice to compliance with the additional reserve established in Resolution No. 3,023 of October 11, 2002;

II - 40% (forty percent), at minimum:

a) in rural credit operations;

b) in the commercialization, processing, or industrialization of products of agricultural origin or inputs used in that activity;

c) in the acquisition, directly from the issuer, of Rural Product Certificates (CPR);

III - the remainder in operations permitted to those institutions, according to the regulations in force.

Sole Paragraph. At minimum, 60% (sixty percent) of the percentage of applicability established in item II must be applied in rural credit operations or in CPR, observing that, in the specific case of rural savings of Banco do Brasil S.A., the average of the daily balances of values applied in CPR cannot exceed R$1,000,000,000.00 (one billion reais) in each annual adjustment period.

Article 2. Financial institutions authorized to receive rural savings deposits must comply with the applicability requirement, represented by the daily average balance of applications in the purposes and limits established in Article 1, item II, not less than 40% (forty percent) of the daily average balance of deposits captured.

§ 1. For the purposes of classification under the applicability provided for in this article, the following schedule established in relation to the 40% (forty percent) applicability percentage must be observed:

I - 75% (seventy-five percent), at minimum, in the period from September 1, 2002, to August 31, 2003;

II - 100% (one hundred percent), from September 1, 2003.

§ 2. Exceptionally and only for the resources of the rural savings applicability of Banco do Brasil S.A., the balance of the period from July 1, 2003, to June 30, 2004, may be computed by multiplying it by the weighting factor 2, provided the following limits and conditions are observed:

I - up to R$3,900,000,000.00 (three billion nine hundred million reais), in credits of interest to business agriculture, formalized according to the conditions established for Mandatory Resources (MCR 6-2);

II - up to R$500,000,000.00 (five hundred million reais), in credits for family farmers classified in Group "D" of the National Program for Strengthening Family Agriculture (Pronaf);

III - up to R$200,000,000.00 (two hundred million reais), in credits within the scope of Proger Rural Familiar;

IV - up to R$100,000,000.00 (one hundred million reais), in credits within the scope of the Program for Generation of Employment and Rural Income - Proger Rural.

§ 3. For the effect of the provisions of this article, the following procedures must be observed:

I - non-business days are disregarded in the calculation of the daily average of deposits and applications;

II - the calculation period of the applicability begins on the first business day and ends on the last business day of each month;

III - the adjustment period is understood as that in which the applicability ascertained in the calculation period must be met;

IV - the adjustment period begins on the first business day and ends on the last business day of the month following the calculation period;

V - for compliance with the applicability, applications are computed by the daily average balance of the operations.

Article 3. The verification of compliance with the applicability of applications referred to in Article 1, item II, must be carried out on the fifth business day of September, based on the daily average of the applicability and applications of the immediately preceding annual period.

Article 4. It is optional to pay to the Central Bank of Brazil a value on account of a forecast of deficiency in the year, on the first business day of August, which will be retained until the first business day of September and will be computed for satisfaction of the applicability.

Article 5. The financial institution that incurs a deficiency in applications is subject to payment to the Central Bank of Brazil, on the date of verification:

I - of the value of the deficiency ascertained, which will be retained until the date of the subsequent verification or until its recomposition is proven; or

II - of a fine of 20% (twenty percent), calculated on the value of the deficiency ascertained.

Article 6. The values paid to the Central Bank of Brazil, on account of forecast of deficiency or ascertained deficiency, will be updated according to the basic remuneration of savings deposits.

Article 7. It is the responsibility of the financial institution to initiate the payment of the value of the deficiency ascertained or the payment of the fine, by using a specific message of the Message Catalog of the Brazilian Payments System, on the due date, regardless of any notice or charge by the Central Bank of Brazil.

Article 8. The payment of the deficiency or the fine in delay is subject to the addition of the pecuniary sanctions provided for in the Rural Credit Manual, from the date it is due until its effective payment.

Article 9. The value to be paid must be informed by the financial institution to the Central Bank of Brazil in the form and conditions to be established by it.

Article 10. The average deficiency of applications in rural credit, which is verified in the applicability of the period from September 1, 2002, to August 31, 2003, in the form of Article 2, § 1, item I, may be added to the applicability of the period from September 1, 2003, to August 31, 2004, through formal communication to the Central Bank of Brazil until September 5, 2003.

§ 1. In the event of using the option provided for in this article, the financial institution is relieved of the payments referred to in Article 5, regarding that period.

§ 2. The non-observance of the deadline established in this article for communication to the Central Bank of Brazil subjects the financial institution to the provisions of Articles 5 and 8.

Article 11. Financial institutions authorized to capture rural savings resources may transfer resources of the applicability referred to in Article 1, item II, for application by other financial institutions.

Sole Paragraph. In the transfer instrument, it must be established that the operations must be formalized with a clause of update by the basic remuneration applied in the capture of the savings deposits.

Article 12. The provisions of Article 8, item III, letter "c", of Resolution No. 2,238 of January 31, 1996, are ratified.

Article 13. The Central Bank of Brazil is authorized to:

I - establish the conditions for the payment of the mandatory reserve referred to in Article 1, item I;

II - adopt the measures and issue the norms deemed necessary for the execution of the provisions of this resolution.

Article 14. This resolution enters into force on the date of its publication.

Article 15. Resolution No. 2,971 of June 27, 2002, is revoked.

Brasília, June 25, 2003.

Henrique de Campos Meirelles
President