Resolution CMN No. 3692 — Provisions on the Collection of Time Deposits with Special Guarantee Provided by the Credit Guarantee Fund (FGC)

RESOLUTION NO. 3692

Provisions on the collection of time deposits with special guarantee provided by the Credit Guarantee Fund (FGC).

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 March 26, 2009, based on Articles 3, item VI, and 4, item VIII, of the aforementioned law,

RESOLVES:

Art. 1 Commercial banks, multiple banks, development banks, investment banks, credit, financing and investment companies, and savings banks may, from April 1, 2009, collect time deposits, without the issuance of a certificate, with special guarantee to be provided by the Credit Guarantee Fund (FGC).

§ 1 The contracts relating to the deposits referred to in the caput must:

I - provide for a minimum term of six months and a maximum term of sixty months for the deposits, prohibiting redemption, total or partial, before the minimum term has elapsed;

II - be subject to specific registration, until redemption, in an asset system administered by entities for registration and financial settlement, duly authorized by the Central Bank of Brazil;

III - be entered into with a single holder, to be identified by their respective Individual Taxpayer Registry (CPF)/National Registry of Legal Entities (CNPJ) number, prohibiting the maintenance of deposits under joint accounts.

§ 2 The resources collected in the manner provided for in this article must be registered in a segregated manner in an internal control system of the institutions referred to in the caput.

§ 3 Renegotiation of the remuneration originally agreed upon for the time deposits referred to in the caput is prohibited.

§ 4 The deposits referred to in the caput shall be known as "time deposits with special FGC guarantee" and must be specified as such in the contracts.

§ 5 The FGC coverage for the deposits referred to in this resolution shall only be demanded in the cases provided for in Article 2 of Annex I to Resolution No. 3,251, of December 15, 2004.

Art. 2 The total amount of credits of each person against the same institution associated with the FGC, or against all institutions associated with the same financial conglomerate, relating to the time deposits with special FGC guarantee referred to in Article 1, shall be guaranteed up to a maximum value of R$20,000,000.00 (twenty million reais).

Sole paragraph. For the purpose of determining the guaranteed value of each depositor's credits, the criteria established in the FGC regulations shall be observed, where applicable.

Art. 3 The balance of deposits collected in the manner of Article 1, by a depository institution associated with the FGC, is limited to the greater value between twice its respective Reference Equity (PR), Level I, calculated on December 31, 2008, and the sum of the balances of time deposits maintained in the institution on June 30, 2008, with the guaranteed value per institution limited to R$5,000,000,000.00 (five billion reais).

Sole paragraph. The values of PR and of the time deposit balances shall be updated, from May 1, 2009, monthly by the Selic rate, published by the Central Bank of Brazil.

Art. 4 The Board of Directors of the FGC is authorized to fix the special contribution of the institutions referred to in Article 1, associated with the aforementioned fund, who opt for the facility treated therein:

I - 0.0833% per month (eight hundred and thirty-three tenths of a thousand percent per month) on the balance of "time deposits with special FGC guarantee", collected in accordance with this resolution, within the limit fixed in Article 3;

II - 0.8333% per month (eight thousand three hundred and thirty-three tenths of a thousand percent per month) on the portion that may exceed the limit fixed in Article 3.

Sole paragraph. The institutions referred to in the caput must observe:

I - for the purpose of calculating the value of the contribution, the criteria established in Article 2 of Resolution No. 3,251, of December 16, 2004;

II - the same provisions established by the Central Bank of Brazil regarding the conditions and deadlines for the collection of the ordinary contribution due to the FGC.

Art. 5 Upon verification of the exceedance of the limit established in Article 3, the Central Bank of Brazil may impose on the financial institution the following measures, among others deemed appropriate:

I - injection of resources to cover the additional risks to which the institution is exposed;

II - adoption of more restrictive operational limits;

III - restriction on the practice of operations or operational modalities, including new collection of third-party funds;

IV - restoration of liquidity levels adequate to the institution's profile;

V - prohibition on the exploration of new lines of business;

VI - alienation of assets.

Art. 6 The Central Bank of Brazil is authorized to adopt additional measures for the implementation of the provisions of this resolution.

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

Brasília, March 26, 2009.

Henrique de Campos Meirelles
President