Resolution CMN No. 3399 — Provisions on the Capture and Execution of Interbank Deposits

RESOLUTION NO. 003399

Dispenses with the capture and execution of interbank 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 August 29, 2006, based on Article 4, item XXXII, of the aforementioned law, with the wording given by Article 3 of Decree-Law No. 2,290 of November 21, 1986,

RESOLVES:

Article 1. Multiple banks, commercial banks, savings banks, investment banks, development banks, credit, financing and investment companies, real estate credit companies, mortgage companies, savings and loan associations, credit cooperatives, and leasing companies may receive interbank deposits, provided that the following conditions are met:

I - no certificate is issued;

II - they are registered and financially settled in a registration and financial settlement system for assets authorized by the Central Bank of Brazil;

III - the depositors are the institutions listed in the caput and foreign exchange brokerage companies, securities brokerage companies, and securities distribution companies.

Article 2. In the execution of the interbank deposits referred to in Article 1, the depositing institution must observe the risk diversification limits set forth in Resolution No. 2,844 of June 29, 2001, and complementary regulation.

§ 1. The diversification limits referred to in the caput do not apply to deposits made between institutions subject to the consolidation of their financial statements, in accordance with the regulation established by the National Monetary Council.

§ 2. Credit cooperatives are subject to the risk diversification limits established in Resolution No. 3,321 of September 30, 2005.

Article 3. Institutions depositing interbank deposits may negotiate said deposits, observing the following conditions:

I - the operation must be contracted through the assignment of respective credit rights to another institution authorized to effect interbank deposits;

II - early settlement of the deposits is permitted, provided that the minimum periods fixed for operations carried out in the financial system are met;

III - negotiations of the respective deposits on their maturity dates are not admitted.

Article 4. Interbank deposits may be made with collateral, limited to:

I - pledge of credit rights;

II - fiduciary alienation of a fungible thing and fiduciary assignment of rights over movable goods, as well as credit titles, as provided in Article 66-B of Law No. 4,728 of July 14, 1965, introduced by Article 55 of Law No. 10,931 of August 2, 2004.

Article 5. In the execution of interbank deposits linked to specific purposes, such as rural credit, real estate credit, and microfinance, the specific regulation related to these deposits must also be observed.

Article 6. This resolution enters into force on the date of its publication.

Article 7. Resolution No. 1,647 of October 18, 1989, and § 4 of Article 1 of Resolution No. 2,844 of June 29, 2001, are hereby repealed.

Brasília, August 29, 2006.

Henrique de Campos Meirelles
President