Resolution CMN No. 3347 — Directing Resources Captured in Savings Deposits by Entities of the Brazilian Savings and Loan System (SBPE)

RESOLUTION NO. 3347

Directs the allocation 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 it public that the MONETARY NATIONAL COUNCIL, in a session held on January 26, 2006, based on Articles 7 of Decree-Law No. 2,291 of November 21, 1986, 16 of Law No. 8,004 of March 14, 1990, and 10 and 28 of Law No. 10,150 of December 21, 2000,

RESOLVES:

Article 1. It is established that the balance existing on December 31, 2005, computed for compliance with the exigibility referred to in Article 1, item I, of the regulation annexed to this resolution, relating to credits corresponding to the debt of the Wage Variation Compensation Fund (FCVS) renegotiated in accordance with Law No. 10,150 of December 21, 2000, including those acquired from third parties, which have been used in accordance with the provisions of Article 6 of said law, exchanged in the manner of Article 6, item I, of Provisional Measure No. 2,196-3 of August 24, 2001, or alienated in conformity with the provisions of paragraph 3 of this article, remains computed for the purpose of said exigibility, adjusted in each position by the remuneration established in Article 1, paragraph 2, item II, of Law No. 10,150 of 2000, in the following manner:

I - in its entirety, until the end of the month immediately following the month of its use or alienation;

II - by the value referred to in item I, reduced by 1/36 (one thirty-sixth) for each subsequent monthly position starting from the position relative to the month of January 2006, except as provided in Article 5.

Paragraph 1. In the case of use or alienation, in accordance with the main text, of part of the credits held by the financial agent, any new use or alienation will not affect the original period established according to the methodology provided in this article.

Paragraph 2. In the event of the hypothesis referred to in Paragraph 1, in order to maintain the original period, the total balance verified after new use or alienation will suffer a deduction according to a fraction equivalent to the inverse of the number of remaining months.

Paragraph 3. In the case of credits acquired from third parties with the objective of immediate use in accordance with the provisions of Article 6 of said Law No. 10,150 of 2000, the option established in the main text will be exercised exclusively by the assignor.

Paragraph 4. For the purposes of Paragraph 3, immediate use is considered that which occurs before the end of the month in which the alienation of the credits mentioned above was carried out.

Paragraph 5. The provisions of this article also apply to credits corresponding to the FCVS debt that may be renegotiated after the entry into force of this resolution.

Article 2. The values relating to the balances of the financings negotiated within the scope of the Program for Stimulating the Restructuring and Strengthening of the National Financial System (Proer), computed on December 31, 2005, may continue to be computed for the purpose of compliance with the exigibility referred to in Article 1, item I, of the regulation annexed to this resolution, in the following manner:

I - in its entirety, from January 1, 2006;

II - by the value referred to in item I, reduced by 1/36 (one thirty-sixth) for each subsequent monthly position starting from the position relative to the month of January 2006, except as provided in Article 5.

Sole Paragraph. The values referred to in this article will be adjusted monthly by the basic remuneration of savings deposits plus interest corresponding to the average rate of the respective contracts until March 31, 2003, and by the remuneration established in Article 1, paragraph 2, item II, of Law No. 10,150 of 2000, from April 1, 2003.

Article 3. Institutions integrated into the Brazilian Savings and Loan System (SBPE), from the position relative to January 2006, may compute, for compliance with the exigibility referred to in Article 1, item I, of the regulation annexed to this resolution, the difference between the amount relating to the applications provided for in said regulation and said exigibility, provided that they have:

I - participated in the Program for Stimulating the Restructuring and Strengthening of the National Financial System (Proer);

II - computed for the purpose of compliance with the exigibility, on December 31, 2005, the credits referred to in Articles 1 and 2.

Sole Paragraph. The difference referred to in the main text refers to that presented on December 31, 2005, adjusted month by month by the basic remuneration of savings deposits, plus interest of 0.5% (zero point five percent) per month and reduced by 1/24 (one twenty-fourth) monthly.

Article 4. Institutions integrated into the SBPE, for the purpose of verifying compliance with the exigibility established in Article 1, item I, of the regulation annexed to this resolution:

I - may apply the multiplication factor provided for in Article 13 of the regulation annexed to this resolution to the balances of financings granted, from January 1, 2006, for the production of residential real estate within the scope of the Housing Financial System (SFH), provided that the institute of affected patrimony referred to in Articles 31-A to 31-F of Law No. 4,591 of December 16, 1964, with the wording given by Law No. 10,931 of August 2, 2004, is adopted;

II - may compute:

a) as real estate financing operations at market rates, financings for infrastructure works in urban subdivisions intended for residential and commercial real estate or for commercial real estate;

b) as housing financing operations within the Housing Financial System (SFH):

1. financings for the acquisition of construction materials, granted, from January 1, 2006, to construction and/or development companies, provided that the acquired materials are effectively used for the production of residential real estate within the scope of the SFH;

2. financings for technical studies for the structuring of partnership models between the public and private sectors, in environmental sanitation, referred to in Article 9-E of Resolution No. 2,827 of March 30, 2001, and subsequent amendments, observing the conditions provided for in Article 2, item XXI, of the regulation annexed to this resolution.

Article 5. The deduction referred to in items II of Articles 1 and 2 relative to the month of January 2006 must be carried out together with that provided for the month of February 2006, resulting in the latter reference month in a deduction factor of 2/36 (two thirty-sixths).

Article 6. For the purpose of verifying compliance with the exigibility referred to in Article 1, item I, of the regulation annexed to this resolution, the criterion provided for in its Article 11, item I, letter "b", relating to federal public securities referred to in Article 8 of said regulation, may be replaced, in the reference month of January 2006, by the position verified on the last day of that month.

Article 7. The regulation that disciplines, from January 1, 2006, the direction of resources captured by entities integrated into the SBPE, in the manner of the regulation annexed to this resolution, is consolidated.

Article 8. This resolution enters into force on the date of its publication.

Article 9. Resolutions No. 3,005 of July 30, 2002, No. 3,073 of April 24, 2003, No. 3,112 of July 31, 2003, No. 3,155 of December 17, 2003, No. 3,177 of March 8, 2004, No. 3,259 of January 28, 2005, No. 3,280 of April 29, 2005, and No. 3,304 of July 29, 2005 are hereby revoked.

Brasília, February 8, 2006.

Henrique de Campos Meirelles
President

Regulation annexed to Resolution No. 3,347 of February 8, 2006, which disciplines the direction of resources captured in savings deposits.

Chapter I

OF THE DIRECTION OF RESOURCES

Article 1. The resources captured in savings deposits by entities integrated into the Brazilian Savings and Loan System (SBPE) are applied according to the following percentages:

I - 65% (sixty-five 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 real estate financing operations contracted at market rates;

II - 20% (twenty percent) in mandatory reserve at the Central Bank of Brazil;

III - remaining resources in financial availability and in other operations admitted in accordance with the legislation and regulation in force.

Paragraph 1. The percentages established in item I have as their calculation base the lowest of the following values, using the business day criterion:

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

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

Paragraph 2. For institutions integrated into the SBPE in the beginning of activity, while twelve months of savings deposit capture have not been completed, the calculation base must 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 exigibility established in Article 1, item I, letter "a", the following are computed as housing financing operations within the scope of the SFH:

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

II - financings for the production of real estate, including the amount of scheduled disbursements for release until the end of the contract, with an average financing value per produced unit equal to or lower than the limit established in Article 16, item II, observing the provisions of Article 8;

III - the amount of financings to be granted, under the conditions of the SFH, to acquirers of housing units in the production phase, observing the provisions of Articles 6 and 8, and also that:

a) in the case where the production is subject to financing granted by an entity integrated into the SBPE, provided that it is provided for in the respective contracts, the computable value will be that which exceeds the amount of financings 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 will be that corresponding to the amount of financing proposals formalized;

IV - letters of credit granted for the production of housing units and for the acquisition of new or used residential real estate, with a validity period not exceeding 120 days, provided that the respective real estate is identified and the corresponding financing proposals are formalized under the conditions of the SFH, observing the provisions of Articles 7 and 8;

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

VI - real estate credit certificates and mortgage certificates representing housing financing operations under the conditions of the SFH;

VII - real estate letters of credit, mortgage letters, and interbank real estate deposits, guaranteed or backed by housing financing operations within the scope of the SFH, observing the provisions of Article 5;

VIII - real estate receivable certificates issued by real estate credit securitization companies, observing the provisions of Article 5;

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

X - shares of real estate investment funds and investment funds in credit rights, whose portfolios are constituted by housing financings or by credit rights linked to residential real estate, observing the provisions of Article 5;

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

XII - balances of deposits in the Fund for Support of Housing Production for Low-Income Population (Fahbre) and in the Stabilization Fund (Festa);

XIII - credits with the Wage Variation Compensation Fund (FCVS), observing the provisions of Article 11 of Law No. 10,150 of December 21, 2000;

XIV - credits corresponding to the renegotiated debts of the FCVS, in accordance with Article 10 of Law No. 10,150 of 2000;

XV - the value of discounts absorbed by financial institutions in contracts providing for coverage of possible residual balances by the FCVS, resulting from the provisions of Law No. 10,150 of 2000, adjusted in each position by the basic remuneration of savings deposits, in the following manner:

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

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

XVI - residential real estate received in liquidation of housing financings entered into within the scope of the SFH, while not alienated, observing the maximum period legally established for their alienation;

XVII - financing operations for the production of real estate within the scope of the SFH, contracted or renegotiated until June 30, 2000, based on Article 2 of Resolution No. 2,623 of July 29, 1999;

XVIII - financings for the acquisition of construction materials, granted, from January 1, 2006, to construction and/or development companies, provided that the acquired materials are effectively used for the production of residential real estate within the scope of the SFH;

XIX - financings granted, from January 1, 2005, to legal entities for the construction of housing for their employees, provided that under the conditions of the SFH;

XX - financings for investment projects of private concessionaires of the sanitation sector, for application in the actions provided for in Article 9-B, paragraph 1, of Resolution No. 2,827 of March 30, 2001, and subsequent amendments, provided that the provisions of Article 16, item III, are observed;

XXI - financings for technical studies for the structuring of partnership models between the public and private sectors, in environmental sanitation, referred to in Article 9-E of Resolution No. 2,827 of 2001, and subsequent amendments, observing also the following conditions:

a) maximum interest rate equivalent to that provided for in Article 16, item III;

b) maximum amortization period of up to eighteen months;

c) maximum grace period of up to nine months;

XXII - financings for the renovation of non-residential real estate with the objective of adapting them for residential use, contracted from April 1, 2005;

XXIII - up to 35% (thirty-five percent) of the value of guarantee letters for the acquisition of real estate receivable certificates issued after December 18, 2003, backed by credit rights originating from operations of purchase and sale of residential real estate or in housing financings, in the latter case since granted after December 18, 2003, observing the provisions of Articles 5 and 8;

XXIV - the values referred to in Articles 1 and 2 of this resolution.

Paragraph 1. The contracting of the financings referred to in item V must 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.

Paragraph 2. The credit rights provided for in item IX and the financing contracts and credit rights of the portfolios of the funds referred to in item X must also observe the limits provided for in Article 16, items I to III.

Paragraph 3. The guarantee letters referred to in item XXIII must establish:

I - that the acquisition of the real estate receivable certificates will only be carried out if the sale of said certificates has been offered in two auctions or in two consecutive negotiation sessions on a stock exchange, in an organized over-the-counter market, or in registration and financial liquidation systems authorized by the Central Bank of Brazil or by the Securities and Exchange Commission;

II - prices and exercise dates of the real estate receivable certificates, except that the first exercise cannot occur in a period less than 20% (twenty percent) of the total period of the certificate.

Paragraph 4. The percentage of up to 35% (thirty-five percent) referred to in item XXIII applies, in each position, to the exercise price established for the next exercise date.

Paragraph 5. Real estate receivable certificates with a guarantee letter for acquisition granted by an institution integrated into the SBPE can only be computed for the purpose of verifying compliance with the exigibility established in Article 1, item I, letter "a", up to the limit of 65% (sixty-five percent) of their acquisition value.

Article 3. For the purpose of verifying compliance with the exigibility established in Article 1, item I, letter "b", the following are computed as real estate financing operations at market rates:

I - financings for the acquisition, construction, renovation, or expansion of real estate, commercial or residential, new, used, or under construction, at market rates;

II - financings for the production of commercial or residential real estate at market rates, including the amount of scheduled disbursements for release until the end of the contract, observing the provisions of Article 8;

III - the amount of financings to be granted to acquirers of housing or commercial units in the production phase, under conditions freely agreed upon between the parties, observing the provisions of Articles 6 and 8, and also that:

a) in the case where the production is subject to financing granted by an entity integrated into the SBPE, provided that it is provided for in the respective contracts, the computable value will be that which exceeds the amount of financings 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 will be that corresponding to the amount of financing proposals formalized;

IV - letters of credit granted for the production of housing units and for the acquisition, construction, renovation, or expansion of new, used, or under-construction residential real estate, with a validity period not exceeding six months, provided that the respective real estate is identified and the corresponding financing proposals are formalized, observing the provisions of Articles 7 and 8;

V - financings for the acquisition of material for the construction, renovation, or expansion of real estate, commercial or residential, at market rates;

VI - real estate credit certificates and mortgage certificates representing real estate financing operations contracted at market rates;

VII - real estate letters of credit, mortgage letters, and interbank real estate deposits, guaranteed or backed by real estate financing operations contracted at market rates, observing the provisions of Article 5;

VIII - credit rights originating from purchase and sale commitments of real estate, new or under construction, contracted at market rates;

IX - shares of real estate investment funds and investment funds in credit rights whose portfolios are constituted by real estate financings or by real estate credit rights, contracted at market rates, observing the provisions of Article 5;

X - debentures with real guarantee linked to real estate financing operations;

XI - leasing operations of real estate assets acquired for the purpose of own use by the lessee entity, observing the norms applicable to operations of this kind;

XII - financings for infrastructure works in urban subdivisions;

XIII - real estate received in liquidation of financings contracted at market rates, while not alienated, observing the maximum period legally established for their alienation;

XIV - financing operations for the production of real estate at market rates, contracted or renegotiated until June 30, 2000, based on Article 2 of Resolution No. 2,623 of 1999.

Article 4. The interbank real estate deposits referred to in Article 2, item VII, and Article 3, item VII, must observe the regulation in force for interbank deposits.

Chapter II

OF THE LIMITS

Art. 5. The total value of real estate credit letters, mortgage letters, interbank real estate deposits, real estate receivables certificates, shares of real estate investment funds and investment funds in credit rights, and the resources corresponding to up to 35% (thirty-five percent) of the letters of guarantee for the acquisition of real estate receivables certificates, computed for the purpose of verifying compliance with the exigibility established in Art. 1, item I, may not exceed 50% (fifty percent) of the limit provided in item "a" of that item.

Sole paragraph. The total value of interbank real estate deposits computed for the purpose of verifying compliance with the exigibility established in Art. 1, item I, is limited to 5% (five percent) of the limit provided in item "a" of that item.

Art. 6. The total value of the amounts mentioned in Art. 2, item III, and Art. 3, item III, may not exceed 2% (two percent) of the value calculated in the manner of Art. 1, § 1.

Art. 7. The total value of the letters of credit mentioned in Art. 2, item IV, and Art. 3, item IV, may not exceed 3% (three percent) of the value calculated in the manner of Art. 1, § 1.

Art. 8. The resources corresponding to the amount of disbursements referred to in Art. 2, item II, and Art. 3, item II, those corresponding to the amount of financing referred to in Art. 2, item III, and Art. 3, item III, those related to the letters of credit mentioned in Art. 2, item IV, and Art. 3, item IV, and those related to up to 35% (thirty-five percent) of the letters of guarantee for the acquisition of real estate receivables certificates referred to in Art. 2, item XXIII, must be represented by federal public bonds 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.

Sole paragraph. The federal public bonds referred to in this article must be:

I - issued by the National Treasury or the Central Bank of Brazil;

II - registered in Selic;

III - considered by their unit prices accepted by the Open Market Operations Department (Demab) of the Central Bank of Brazil in committed operations.

Art. 9. The acquisition of real estate credit letters and mortgage letters by institutions integrated into the SBPE is limited, for each institution, to the amount verified on March 9, 2004.

Sole paragraph. The values referred to in this article must be updated monthly by the same yield as real estate credit letters and mortgage letters.

Art. 10. The total value of the operations referred to in Art. 2, items XX and XXI, may not exceed 2% (two percent) of the limit provided in Art. 1, item I, item "a".

Chapter III

ADJUSTMENTS

Art. 11. For the purpose of verifying compliance with the exigibility established in Art. 1, item I:

I - must be computed:

a) real estate financing, real estate credit warrants, and mortgage warrants, by the updated gross debtor balance, including credits in execution or litigation, while the respective processes are not concluded, without deduction of provisioned values, nor addition of installments to be released;

b) real estate credit letters, mortgage letters, interbank real estate deposits, real estate receivables certificates, bonds issued by mortgage companies, shares of real estate investment funds and investment funds in credit rights, federal public bonds referred to in Art. 8, and credits acquired from third parties, in the month of acquisition, by the arithmetic mean of the daily balances maintained in the portfolio during the reported month, using the business days criterion;

II - must be deducted, from the real estate financing operations computed in accordance with Arts. 2 and 3, the following balances:

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

b) operations carried out with resources from funds and social programs;

c) interbank real estate deposits captured and mortgage letters and real estate credit letters issued with backing in real estate financing.

Art. 12. Institutions integrated into the SBPE may apply, for the purpose of verifying compliance with the exigibility established in Art. 1, item I, the following multiplication factors to the balances of financing granted for the acquisition of new residential property:

I - 1.5 (one and five tenths) for financing granted between July 30, 1999, and July 30, 2002, inclusive, for the acquisition of properties whose appraisal or negotiation value, whichever is higher, does not exceed:

a) R$70,000.00 (seventy thousand reais), in the case of property located in the municipality of Rio de Janeiro or the municipality of São Paulo;

b) R$50,000.00 (fifty thousand reais), in the case of property located in other locations in the national territory;

II - 1.5 (one and five tenths) for financing granted between July 31, 2002, and December 31, 2004, inclusive, for the acquisition of properties whose appraisal or negotiation value, whichever is higher, does not exceed:

a) R$100,000.00 (one hundred thousand reais), in the case of property located in the municipality of Rio de Janeiro or the municipality of São Paulo;

b) R$80,000.00 (eighty thousand reais), in the case of property located in other locations in the national territory.

Art. 13. Institutions integrated into the SBPE may apply, for the purpose of verifying compliance with the exigibility established in Art. 1, item I, a multiplication factor to the balances of financing mentioned in § 1, calculated based on the following exponential formula:

[(R$150,000.00 - Vi) / R$150,000.00]
Mi = 1.6

where:

Mi = multiplication factor of the i-th financing contract for the production or acquisition of new or used residential property;

Vi = appraisal or negotiation value, whichever is higher, of the property subject to the i-th financing contract for acquisition or average appraisal or negotiation value, whichever is higher, of the residential units of the development subject to the i-th financing contract for production.

§ 1. The multiplication factor referred to in this article may be applied to the balances of the following financing, granted within the scope of the SFH:

I - from January 1, 2005, for the acquisition of new residential property;

II - from April 1, 2005, for the acquisition of used residential property;

III - from January 1, 2006, for the production of residential properties, provided that the institution of affected patrimony referred to in Arts. 31-A to 31-F of Law 4,591, of December 16, 1964, with the wording given by Law 10,931, of August 2, 2004, is adopted.

§ 2. For each percentage point reduction in the maximum effective cost for the final borrower provided in Art. 16, item III, or, in the case of financing for production, in the maximum interest rate provided in Art. 25 of Law 8,692, of July 28, 1993, with the wording given by Provisional Measure 2,197-43, of August 24, 2001, the multiplication factor referred to in this article may be increased by a value calculated based on the following formula:

Ai = 0.9 x [(R$150,000.00 - Vi) / R$150,000.00]

where:

Ai = Additional to the multiplication factor Mi;

Vi = appraisal or negotiation value, whichever is higher, of the property subject to the i-th financing contract for acquisition or average appraisal or negotiation value, whichever is higher, of the residential units of the development subject to the i-th financing contract for production.

§ 3. The additional provided in § 2 may not exceed 0.6 (six tenths) per percentage point of reduction in the maximum effective cost for the final borrower, or, in the case of financing for production, in the maximum interest rate provided in Art. 25 of Law 8,692, of 1993, with the wording given by Provisional Measure 2,197-43, of 2001.

§ 4. The term for the validity of the reduction referred to in § 2 must be at least 36 months.

§ 5. In the event of renegotiation or extension of the reduction referred to in § 2, the respective rate must remain in effect for an equal minimum period of 36 months, observing the multiplication factor established at the time.

§ 6. The conditions referred to in §§ 4 and 5 must be included in the contractual instrument of the housing financing.

§ 7. The provisions of this article do not apply to properties whose appraisal or negotiation value, whichever is higher, exceeds R$150,000.00 (one hundred and fifty thousand reais).

§ 8. In the event of the charge of the fee mentioned in Art. 16, § 1, item II, the resulting value from the sum of the multiplication factor Mi and the additional Ai is reduced by 0.3 (three tenths).

Art. 14. Institutions integrated into the SBPE may apply, for the purpose of verifying compliance with the exigibility established in Art. 1, item I, item "a", the multiplication factor 1.2 (one and two tenths) to the real estate receivables certificates referred to in Art. 2, item VIII.

§ 1. The provisions of this article exclude real estate receivables certificates backed by real estate credits originated by the acquiring institution itself or by another institution of the same conglomerate.

§ 2. The increase resulting from the eventual application of the multiplication factor referred to in this article is limited to 5% (five percent) of the limit provided in Art. 1, item I, item "a".

Art. 15. Institutions integrated into the SBPE may apply, for the purpose of verifying compliance with the exigibility established in Art. 1, item I, the multiplication factor 1.5 (one and five tenths) to the value of shares of real estate investment funds and investment funds in credit rights structured within the scope of the Program for Incentive to the Implementation of Projects of Social Interest - PIPS, provided that with the objective of creating and implementing housing nuclei provided with basic public services, commerce, and services, in the manner of Art. 5, item I, of Law 10,735, of September 11, 2003, observing the limit established in Art. 5.

Chapter IV

CONDITIONS OF OPERATIONS

Art. 16. In addition to the other conditions established in current legislation, operations within the scope of the SFH must observe the following:

I - unit value of financing, including principal and ancillary expenses, not exceeding R$245,000.00 (two hundred and forty-five thousand reais);

II - maximum limit of the appraisal value of the financed property of R$350,000.00 (three hundred and fifty thousand reais);

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

IV - contractual provision that any debtor balance, at the end of the adjusted term, will be the responsibility of the borrower, and the financing term may be extended for a period of up to 50% (fifty percent) of that initially agreed.

§ 1. The maximum effective cost for the final borrower referred to in item III does not include:

I - costs of contracting life and permanent disability insurance policies, physical damage to the property, and, when applicable, builder's civil liability, with the option to contract insurance without the intervention of the credit-granting institution, except in the case of opting for the Housing Insurance Policy of the SFH;

II - the value of the monthly fee eventually charged to the borrower of a real estate financing contract with the objective of reimbursing administration costs of that contract, limited to R$25.00 (twenty-five reais) per contract.

§ 2. In the case of new residential properties whose acquisition was contracted by the applicant during the production phase, the classification of housing financing operations within the limits provided in the caput, items I and II, must take into account the situation prevailing at the time of contracting or, if applicable, upon subsequent alteration of the construction project.

§ 3. Notary costs incurred by the borrower as a result of the granting of financing for the acquisition of new or used residential property, as well as those related to the payment of the "Inter Vivos" Real Estate Transfer Tax - ITBI, may be added to the value of the financing.

§ 4. In the event referred to in § 3, the value of the financing may exceed the limit referred to in the caput, item I, up to the added amount.

Art. 17. The housing financing referred to in this regulation must have as guarantee:

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 9,514, of November 20, 1997;

III - the mortgage, in first degree, or the fiduciary alienation, in accordance with Law 9,514, of 1997, of another property of the borrower or of third-party property; or

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

Sole paragraph. Substitution of the guarantee referred to in this article is admitted.

Art. 18. In operations not classified within the scope of the SFH, SBPE entities may charge their debtors, for each day of delay in payment or settlement of their debts, the charges provided in Resolution 1,129, of May 15, 1986.

Chapter V

MANDATORY RESERVE

Art. 19. The exigibilities for the collection of the mandatory reserve on savings deposits, referred to in Art. 1, item II, must observe the specific provisions on the subject issued by the Central Bank of Brazil.

Chapter VI

UNAPPLIED RESOURCES

Art. 20. The resources not applied in the manner provided in Art. 1, item I, must be deposited with the Central Bank of Brazil, in the manner determined by it, in current currency, on the fifteenth day of the following month to the position calculated or on the next business day, if the fifteenth is a non-business day, remaining unavailable until the fifteenth day of the month following the deposit or until the next business day, if the fifteenth is a non-business day.

§ 1. The balance deposited in the manner of this article will be remunerated monthly by 80% (eighty percent) of the basic remuneration of savings deposits.

§ 2. In the event of insufficiency in the deposit being found, the financial institution will incur the payment of financial costs identical to those determined for deficiencies regarding the mandatory reserve.

Chapter VII

STATEMENTS

Art. 21. The Central Bank of Brazil will institute a statement, mandatory submission by financial institutions, to monitor the operations referred to in this regulation.

Chapter VIII

GENERAL PROVISIONS

Art. 22. The directing of resources captured in savings deposits by institutions integrated into the SBPE can be proven in a consolidated manner, using for this purpose the concept of financial conglomerate adopted by the Accounting Plan of the Institutions of the Financial System - Cosif.

§ 1. The option for the use of the facility referred to in this article must be communicated to the Central Bank of Brazil, after the holding of a general assembly of each of the institutions integrated into the financial conglomerate, in the manner provided in Art. 2 of Resolution 2,283, of June 5, 1996.

§ 2. The provisions of § 1 do not apply to institutions subject to the preparation of consolidated financial statements in the terms of Art. 3 of Resolution 2,723, of May 31, 2000, with the wording given by Resolution 2,743, of June 28, 2000, without prejudice to the obligation of prior communication of the option for the use of the facility referred to in this article to the Central Bank of Brazil.

Art. 23. For institutions integrated into the SBPE in the beginning of activity, until the first six months of savings deposit capture are completed, the limit referred to in Art. 5 does not apply.