Resolution No. 2,171

RESOLUTION No. 002171 ------------------- Establishes the methodology for calculating the Basic Financial Rate - TBF. THE CENTRAL BANK OF BRAZIL, in accordance with art. 9 of Law No. 4,595, of 31.12.64, makes public that the NATIONAL MONETARY COUNCIL, in a session held on 30.06.95, based on the provisions of art. 5 of Provisional Measure No. 1,053, of 30.06.95, R E S O L V E D: Art. 1 For the purposes of calculating the Basic Financial Rate - TBF referred to in art. 5 of Provisional Measure No. 1,053, of 30.06.95, a sample shall be constituted of the 30 (thirty) largest financial institutions in the Country, thus considered based on the volume of time deposit fund-raising, among multiple banks with commercial or investment portfolios, commercial banks, investment banks and savings banks. Paragraph 1 For the purpose of constituting the sample referred to in this article: I - the group of institutions of the same conglomerate shall be considered as a single financial institution; II - the data contained in the title "TIME DEPOSITS" - code 4.1.5.10.00-9 of the semiannual balance sheets of the financial institutions, prepared in accordance with the Chart of Accounts for Institutions of the National Financial System - COSIF, or, in its absence, the trial balance referring to the last month of the corresponding calendar half-year, shall be taken into account. Paragraph 2 The Central Bank of Brazil shall constitute the sample referred to in this article within 30 (thirty) days counted from the end of the period for receiving the semiannual balance sheets. Art. 2 The TBF shall be calculated based on the average monthly remuneration of bank deposit certificates and receipts (CDB/RDB) issued at pre-fixed market rates, with a term between 30 (thirty) and 35 (thirty-five) days, inclusive. Paragraph 1 For the purposes of the calculation referred to in this article, the institutions comprising the sample shall provide to the Central Bank of Brazil, through the Central Bank Information System (SISBACEN), via transaction PESP560, the following information, relating to the immediately preceding business day: I - amount, in reais, of the CDB/RDB referred to in the caput of this article, representing the effective fund-raising of the institution, except those placed with institutions of the same conglomerate; II - adjusted average monthly rate (M) of the mentioned CDB/RDB, obtained in accordance with the following: a) for each CDB/RDB issued, the corresponding adjusted monthly rate shall be calculated, in accordance with the following formula: wp /360ui i T = 100 ((1 + A /100) - 1) % , where: i i A = annual rate of the i-th CDB/RDB; i p = number of calendar days of the i-th CDB/RDB; i u = number of business days of the i-th CDB/RDB; i w = number of business days contained in the interval between the day of issue (inclusive) and its corresponding day in the following month (exclusive); b) from the rates T obtained, the adjusted average monthly rate is calculated, in
accordance with the following formula: S V T i i M = ---------- , where S V i V = value of the i-th CDB/RDB. i Paragraph 2 For the purposes of determining the value "w" in the formula established in paragraph 1, item II, subitem "a", when the day corresponding to the day of issue does not exist in the following month, the first day of the subsequent month shall be considered. Paragraph 3 The information referred to in this article: I - in the case of institutions belonging to the same conglomerate, must be provided, due to the provisions of art. 1, Paragraph 1, item I, jointly, by the corresponding total, using the CGC registration number of the lead institution; II - are due for each business day, thus considered, including any state or municipal holidays; III - must be provided to the Central Bank of Brazil, even in the event that there was no fund-raising (null values); IV - in the case of the rates referred to in paragraph 1, item II, subitem "b", must be calculated and reported with 4 (four) decimal places. Paragraph 4 The institutions comprising the sample must keep at the disposal of the Central Bank of Brazil, for a period of 6 (six) months, the worksheets or calculation memories that gave rise to the reported values. Art. 3 For each day of the month - reference day -, the Central Bank of Brazil shall calculate and disclose the corresponding TBF, for the period of one month beginning on the reference day itself and ending on its corresponding day in the following month. Sole paragraph. The calculation referred to in this article shall be made based on the information provided by the financial institutions comprising the sample, disregarding the two highest and the two lowest reported adjusted average monthly rates, in accordance with the following methodology: I - if the reference day is a business day, the TBF shall be obtained from the weighted average rate of the considered rates, in accordance with the following formula: S Y M k k X = ---------- , where: S Y k M = adjusted average monthly rate of the k-th institution; k Y = amount of CDB/RDB issued by the k-th institution; k II - if the reference day is a non-business day: a) the index corresponding to the effective-daily TBF of the business day immediately preceding the reference day shall be calculated, in accordance with the formula below: 1/f I = (1 + TBF /100) , where: u-1 u-1 TBF = TBF relative to the business day immediately preceding the u-1 reference day; f = number of business days included in the period of validity of the TBF ; u-1 b) the index corresponding to the effective-daily TBF of the business day immediately following the reference day shall be calculated, in accordance with the formula below: 1/g I = (1 + TBF /100) , where: u+1 u+1 TBF = TBF relative to the business day immediately following the u+1 reference day; g = number of business days included in the period of validity of the TBF ; u+1 c) the geometric mean of I and I shall be calculated, u-1 u+1 in
accordance with the formula below: I = SQR ( I . I ); u-1 u+1 d) the TBF shall be obtained according to the formula below: h TBF = 100 (I - 1)%, where nu h = number of business days included in the period of validity of the TBF relating to the reference day. Art. 4. The provision, by the financial institutions that are part of the sample referred to in Art. 1, of the information referred to in this Resolution outside the established deadline or with inaccuracy shall be considered a serious infraction, and the infringing institution shall be subject to a fine of R$280.00 (two hundred and eighty reais) for each day elapsed without the respective regularization, observing, with respect to such regularization, the following: I - it shall be debited automatically to the "Bank Reserves" account of the infringing institution or of the convening financial institution; II - in the case of the provision of information outside the established deadline, it shall be debited daily, from the business day following the occurrence of the irregularity, until its regularization; III - in the case of the provision of information with inaccuracy, it shall be applied on the business day following the rectification of the information provided with inaccuracy, with its amount calculated based on the period of occurrence of the irregularity. Sole paragraph. The fine referred to in this article shall be applied without prejudice to the other penalties provided for in Art. 44 of Law No. 4.595, of 31.12.64. Art. 5. To delegate competence to the Central Bank to: I - establish the conditions of remuneration and appropriation, as well as the setting of minimum terms, for operations carried out in the financial market contracted based on the TBF; II - establish methodology for the calculation of the TBF to be in force for periods that are multiples of 1 (one) month, when market conditions, in terms of representativeness of the raising of bank deposit certificates and receipts, so permit. Art. 6. The Central Bank of Brazil is authorized to issue the rules and adopt the measures deemed necessary for the execution of the provisions of this Resolution. Art. 7. This Resolution enters into force on the date of its publication, producing effects from the calculation of the TBF relating to the day 01.07.95. Brasília, 30 June 1995 Gustavo Jorge Laboissière Loyola President Note: In the formulas contained in Art. 2, paragraph 1, item II, subitem "b" and in Art. 3, item I, where "S" is read, read summation symbol; and in the formula contained in Art. 3, sole paragraph, item II, subitem "c", where "SQR" is read, read square root.