Resolution No. 2.949

RESOLUTION No. 002949 ------------------- Authorizes the Central Bank of Brazil to institute and regulate the Central Bank Rediscount for financial institutions holding a Banking Reserves account. THE CENTRAL BANK OF BRAZIL, in accordance with art. 9 of Law 4.595, of 31 December 1964, makes public that the NATIONAL MONETARY COUNCIL, in an extraordinary session of 4 April 2002, taking into account the provisions of art. 4, item XVII, of the aforementioned Law, of art. 8, § 1, of Law 9.069, of 29 June 1995, and of art. 21 of Provisional Measure 2.160-25, of 23 August 2001, R E S O L V E D: Art. 1 Authorize the Central Bank of Brazil to institute a Central Bank Rediscount mechanism, in the forms of rediscount and purchase with resale commitment, of securities and marketable securities, of credits and credit rights forming part of the assets of commercial banks, savings banks and investment and multiple banks holding a Banking Reserves account. Art. 2 The Central Bank of Brazil shall issue the complementary rules necessary for the operationalization of the measures provided for in this resolution. Art. 3 This resolution enters into force on 22 April 2002, when Resolution 2.685, of 26 January 2000, is revoked. Brasília, 4 April 2002 Arminio Fraga Neto President