Resolution CMN No. 3322 — Provisions on the Custody of Cash by the Central Bank of Brazil

RESOLUTION NO. 3322

Dispenses with the Custody of Cash by the Central Bank of Brazil.

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, in a session held on October 27, 2005, based on the provisions of Articles 4, item II, 10, item II, and 13 of the aforementioned Law,

RESOLVES:

Art. 1. The Custody of Cash by the Central Bank of Brazil may be executed, in accordance with this Resolution, by banking financial institutions or by an association of financial institutions constituted for this purpose.

Art. 2. In the execution of the custody referred to in this Resolution, the custodian institutions, through a contract signed with the Central Bank of Brazil, shall assume the following obligations:

a) hold non-monetized cash payable to the order of the Central Bank of Brazil, for the purpose of receiving deposits and meeting requests for cash withdrawals from banking financial institutions;

b) provide the arrangement, classification, and storage of the custodied cash, according to the rules defined by the Central Bank of Brazil;

c) perform the verification and selection of the received cash, separating that classified as unfit for circulation for delivery to the Central Bank of Brazil;

d) distribute metal coins and supply the offer of change;

e) make cash remittances, in the manner determined by the Central Bank of Brazil; and

f) comply with the circulating medium policies defined by the Central Bank of Brazil.

Sole Paragraph. The provision of custody services shall be carried out in the premises of the custodian institutions, under their administrative and operational control.

Art. 3. The Central Bank of Brazil shall exercise oversight of the custodian institutions regarding compliance with norms and procedures, and the quality of services provided.

Art. 4. The Central Bank of Brazil is authorized to adopt the following complementary measures:

I - establish a consultative council to conduct studies and propose solutions related to the execution of circulating medium policies; and

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

Sole Paragraph. In compliance with the provisions of Article 4, item II, it is incumbent upon the Central Bank of Brazil to establish the maximum remuneration to be paid by financial institutions to custodians, taking into consideration, among other things, the cost scale incurred in the provision of services.

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

Brasília, October 27, 2005.

Afonso Sant'Anna Bevilaqua
Acting President