Resolution CMN No. 3549 — Provisions on the Collection of Savings Deposits

RESOLUTION NO. 003549

Dispenses with the collection of 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 MONETARY NATIONAL COUNCIL, in a session held on March 27, 2008, based on Articles 3, items IV and VI, 4, items VI, VIII and XXII, of the aforementioned law, Articles 4 and 15, item I, letter "l", of Law No. 4,829, of November 5, 1965, and Article 81, item III, of Law No. 8,171, of January 17, 1991, and Article 9 of Decree No. 58,380, of May 10, 1966,

RESOLVES:

Article 1. Institutions authorized to receive rural savings deposits may collect savings deposits within the scope of the Brazilian Savings and Loan System (SBPE), provided that:

I - they hold authorization from the Central Bank of Brazil to constitute a real estate credit portfolio;

II - they notify the Central Bank of Brazil of the start of collection of savings deposits within the scope of the SBPE.

Paragraph 1. The total daily balance of savings deposits within the scope of the SBPE may not exceed 10% (ten percent) of the total balance of savings deposits verified on the previous day, considering both modalities.

Paragraph 2. If the percentage referred to in Paragraph 1 is exceeded, the institutions referred to in the main text are prohibited from collecting savings deposits within the scope of the SBPE until compliance with the aforementioned limit is restored.

Paragraph 3. The provisions of Article 23 of the Regulation annexed to Resolution No. 3,347, of February 8, 2006, do not apply to the institutions referred to in the main text.

Article 2. Institutions belonging to the SBPE may collect rural savings deposits, provided that:

I - they hold authorization from the Central Bank of Brazil to operate in rural credit;

II - they notify the Central Bank of Brazil of the start of the collection of rural savings deposits.

Paragraph 1. The total daily balance of rural savings deposits may not exceed 10% (ten percent) of the total balance of savings deposits verified on the previous day, considering both modalities.

Paragraph 2. If the percentage referred to in Paragraph 1 is exceeded, the institutions referred to in the main text are prohibited from collecting rural savings deposits until compliance with the aforementioned limit is restored.

Article 3. The institutions referred to in Articles 1 and 2 must observe the mandatory direction established for the resources collected in savings deposits within the scope of the SBPE and in rural savings deposits, in accordance with current regulation.

Article 4. The institutions referred to in Articles 1 and 2 must:

I - maintain internal controls that allow for the identification of the daily balance of each modality of savings deposit;

II - provide information to the Central Bank of Brazil, in accordance with current regulation, regarding the balances of savings deposits of both modalities, as well as regarding real estate credit and rural credit operations contracted;

III - keep at the disposal of the Central Bank of Brazil, for a period of five years, the data related to the deposits of both modalities.

Article 5. Upon finding non-compliance with the provisions of this resolution, the Central Bank of Brazil will summon the legal representatives of the institution and, if deemed necessary, its controllers, to inform about the measures that will be adopted with a view to regularizing the situation.

Paragraph 1. The appearance of the legal representatives of the institution or its controllers must occur within a maximum period of five days counted from the date of the summons, which may be formalized through the drawing up of a specific term by the Central Bank of Brazil.

Paragraph 2. A regularization plan endorsed by the institution's board of directors and board of directors, if any, containing the measures provided for compliance and its respective execution schedule, which may not exceed six months, extendable, at the discretion of the aforementioned agency, by two additional identical periods, with reasoned justification at the end of each period, must be presented to the Central Bank of Brazil within a period fixed by it, not exceeding sixty days, counted from the date of the summons referred to in Paragraph 1 or from the drawing up of the appearance term.

Article 6. Article 20, Paragraph 1, of the Regulation annexed to Resolution No. 3,347, of 2006, is hereby amended, which shall henceforth read as follows:

"Article 20. ...........................................

Paragraph 1. The balance collected in accordance with this article shall be updated monthly by the basic remuneration of savings deposits.

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Article 7. This resolution enters into force on the date of its publication.

Brasília, March 27, 2008.

Alexandre Antonio Tombini
President, substitute