Resolution No. 2458 — Directing Savings Deposits Resources in the SBPE

RESOLUTION NO. 2458

Dispenses with the direction of the resources captured in savings deposits by the entities members of the Brazilian Savings and Loan System (SBPE).

The CENTRAL BANK OF BRAZIL, in accordance with art. 9 of Law No. 4.595, of 31.12.64, makes public that the MONETARY POLICY COUNCIL, in a session held on 18.12.97, based on arts. 7 of Decree-Law No. 2.291, of 21.11.86, and 24 of Provisional Measure No. 1.635-16, of 12.12.97,

RESOLVES:

Art. 1. Approve the attached Regulation, which disciplines the direction of resources captured by the entities members of the Brazilian Savings and Loan System (SBPE).

Art. 2. Admit, exceptionally and temporarily, that the direction of the resources captured in savings deposits, under the terms of the attached Regulation to this Resolution, may be fulfilled based on the lesser of the following values:

I - exigibility calculated for the reference month;

II - exigibility calculated for the month of October 1997 adjusted, by the remuneration of savings deposits with an anniversary date on the first, to the reference month.

Art. 3. In the event of using the facility provided for in art. 2, item II, the institution must pay to the Central Bank of Brazil, in cash, the difference between the exigibility calculated, under the terms of the attached Regulation to this Resolution, for fulfillment in the reference month and the amount actually applied - observed the minimum corresponding to the exigibility calculated for the month of October 1997 adjusted under the terms of the mentioned provision.

Sole Paragraph. The resources collected in the form of this article will have the remuneration of savings deposits with an anniversary date on the 15th (fifteenth).

Art. 4. The Central Bank of Brazil may adopt the measures and issue the norms necessary for the execution of the provisions of this Resolution.

Art. 5. This Resolution enters into force on the date of its publication.

Art. 6. Arts. 4 to 10, 18, 35 to 48, 51 to 57 and item III of art. 29 of the attached Regulation to Resolution No. 1.980, of 30.04.93, arts. 3 and 4 of Resolution No. 2.130, of 21.12.94, Resolutions Nos. 1.981, of 30.04.93, 2.011, of 28.07.93, 2.029, of 25.11.93, 2.093, of 27.07.94, 2.190, of 23.08.95, 2.198, of 04.09.95, 2.261, of 28.03.96, 2.386, of 22.05.97, 2.442, of 12.11.97, Circulars Nos. 2.308, of 19.05.93, 2.337, of 14.07.93, 2.372, of 19.10.93, 2.379, of 11.11.93, 2.385, of 26.11.93, 2.395, of 22.12.93, 2.418, of 06.04.94, 2.758, of 23.05.97, art. 2 of Circular No. 2.551, of 22.03.95, and Circular Letters Nos. 2.377, of 01.07.93, and 2.573, of 28.08.95 are repealed.

Brasília, December 18, 1997

Gustavo H. B. Franco
President

Attached Regulation to Resolution No. 2.458, of 18.12.97, which disciplines the direction of resources captured in savings deposits

Of the Direction of Resources

Art. 1. The direction of the resources captured in savings deposits by the entities members of the Brazilian Savings and Loan System (SBPE) will be as follows:

I - 70% (seventy percent), minimum, in real estate financing operations, being:

a) 30% (thirty percent), minimum, of the above percentage in housing financing operations within the National Housing Finance System (SFH);

b) 50% (fifty percent), minimum, of the mentioned percentage in special rate operations;

c) the remainder in operations at market rates, provided that half, minimum, in housing financing operations;

II - 15% (fifteen percent) in mandatory reserve at the Central Bank of Brazil;

III - remaining resources in financial availability and free-range operations.

Paragraph 1. The direction referred to in item I will have as its calculation base the lesser of the following values:

I - the arithmetic average of the daily balances of savings deposits in the 12 (twelve) months preceding the reference month;

II - the arithmetic average of the daily balances of savings deposits of the reference month.

Paragraph 2. For SBPE entities in the start of activity, while 12 (twelve) months of savings deposit capture are not completed, the calculation base will be calculated by dividing the sum of the daily balances by the number of days considered in each position.

Paragraph 3. From the value calculated as the calculation base for the direction, under paragraph 1, a percentage of up to 5% (five percent) may, due to the average values of evaluation of the residential real estate objects of financing under the terms of arts. 2, item I, and 3, item II, in the 12 (twelve) months preceding each reference month, be transferred from the application exigibility established in item I to the applications referred to in item III.

Paragraph 4. The coefficient referred to in paragraph 3 - called transfer coefficient (CT) - will be calculated as follows:

I - if the average evaluation value of the real estate objects of the financing operations provided for in arts. 2, item I, and 3, item II, is less than R$50,000.00 (fifty thousand reais),

CT = 0.05 x CA,

0.03

CA = application coefficient - limited to 0.03 (three hundredths) -, defined as the division between the sum of the values of the financing operations contracted in the last twelve months, under the terms of arts. 2, item I, and 3, item II, and the value calculated as the calculation base for the direction, under paragraph 1 of this article;

II - if the average evaluation value of the real estate objects of the financing operations provided for in arts. 2, item I, and 3, item II, is between R$50,000.00 (fifty thousand reais) and R$80,000.00 (eighty thousand reais),

CT = CA (80,000 - VA),

18,000

VA = average evaluation value of the real estate;

III - if the average evaluation value of the real estate objects of the financing operations provided for in arts. 2, item I, and 3, item II, is greater than R$80,000.00 (eighty thousand reais), the transfer coefficient will be equal to zero.

Art. 2. For the purposes of verifying compliance with the exigibility established in art. 1, item I, letter "a", the following are considered as housing financing operations within the SFH:

I - financing for the acquisition of new or used residential real estate, contracted under the conditions of the SFH;

II - financing for the production of real estate - including the amount of disbursements scheduled for release until the end of the contract - whose housing units are financeable under the conditions of the SFH, observed the provisions of art. 7;

III - the amount of financing to be granted to acquirers of housing units in the production phase that exceeds the value of the financing referred to in item II, provided that they are provided for in the respective construction contract and comply with the conditions of the SFH, observed the provisions of arts. 7 and 8;

IV - financing for the acquisition of material for construction or expansion of housing on a lot owned by the financing applicant or whose regular possession is held by him, under the conditions fixed in paragraphs 1 and 2;

V - letters of credit granted for the acquisition of new or used residential real estate, provided that the corresponding financing proposals are formalized under the conditions of the SFH, observed the provisions of art. 7;

VI - mortgage bonds resulting from housing financing operations carried out within the SFH;

VII - mortgage notes guaranteed by mortgage credits resulting from housing financing operations carried out within the SFH, observed the provisions of art. 9;

VIII - mortgage notes received as payment of credits to the FCVS;

IX - balances of deposits in the Housing Production Support Fund for Low-Income Population (FAHBRE);

X - balances of deposits in the Stabilization Fund (FESTA);

XI - credits to the Wage Variation Compensation Fund (FCVS), observed the provisions of Provisional Measure No. 1.520/96;

XII - the value of discounts absorbed by financial institutions as a result of the provisions of arts. 3 and 5 of Law No. 8.004, of 14.03.90, adjusted in each position by the basic remuneration indices of savings deposits, as follows:

a) in its entirety, for a period of 1 (one) year counted from the respective absorption;

b) by 50% (fifty percent) of its amount, for a period of 1 (one) year counted from the end of the period referred to in the previous letter.

Paragraph 1. The contracting of the financing referred to in item IV will be carried out by opening credit to the final consumer or to the construction material merchant and will comply with the following conditions:

I - term agreed between the parties;

II - maximum effective remuneration of 12% a.a. (twelve percent per year);

III - unit value not exceeding R$30,000.00 (thirty thousand reais);

IV - final value of the constructed or expanded housing unit not exceeding the maximum limit of item II of art. 12;

V - guarantee at the discretion of the financial agent.

Paragraph 2. It will be the responsibility of the financial agent to verify the effective destination of the resources in the form provided for in item IV.

Art. 3. For the purposes of verifying compliance with the exigibility established in art. 1, item I, letter "b", the following are considered as special rate operations:

I - the financing referred to in art. 2 that exceeds the exigibility established in art. 1, item I, letter "a";

II - financing for the acquisition of new or used residential real estate, contracted with observance of the conditions mentioned in art. 12, items I, II and IV;

III - financing for the production of real estate - including the amount of disbursements scheduled for release until the end of the contract - whose housing units are financeable under the conditions mentioned in art. 12, items I, II and IV, observed the provisions of art. 7;

IV - the amount of financing to be granted to acquirers of housing units in the production phase that exceeds the value of the financing referred to in item III, provided that they are provided for in the respective construction contract and comply with the conditions mentioned in art. 12, items I, II and IV, observed the provisions of arts. 7 and 8;

V - financing for the acquisition of material for construction or expansion of housing on a lot owned by the financing applicant or whose regular possession is held by him, under the conditions mentioned in art. 12, items I, II and IV;

VI - letters of credit granted for the acquisition of new or used residential real estate, provided that the corresponding financing proposals are formalized under the conditions mentioned in art. 12, items I, II and IV, observed the provisions of art. 7;

VII - mortgage bonds resulting from housing financing operations carried out with observance of the conditions mentioned in art. 12, items I, II and IV.

VIII - mortgage notes guaranteed by mortgage credits resulting from housing financing operations contracted under the conditions mentioned in art. 12, items I, II and IV, observed the provisions of art. 9.

Art. 4. For the purposes of verifying compliance with the exigibility established in art. 1, item I, letter "c", the following are considered as housing financing operations contracted at market rates:

I - the financing referred to in art. 3 that exceeds the exigibility of art. 1, item I, letter "b";

II - financing for the acquisition, construction, renovation or expansion of new, used or under construction residential real estate contracted under conditions agreed between the parties;

III - financing for the production of residential real estate, including the amount of disbursements scheduled for release until the end of the contract, observed the provisions of art. 7;

IV - the amount of financing to be granted to acquirers of housing units in the production phase that exceeds the value of the financing referred to in item III, provided that they are provided for in the respective construction contract, observed the provisions of arts. 7 and 8;

V - financing for the acquisition of material for construction, renovation or expansion of housing, under conditions agreed between the parties;

VI - letters of credit granted for the acquisition, construction, renovation or expansion of new, used or under construction residential real estate, provided that the corresponding financing proposals are formalized under conditions agreed between the parties, observed the provisions of art. 7;

VII - mortgage bonds resulting from housing financing operations contracted under conditions agreed between the parties;

VIII - mortgage notes guaranteed by mortgage credits resulting from housing financing operations contracted under conditions agreed between the parties, observed the provisions of art. 9;

IX - credit rights originating from purchase and sale commitments, with natural persons, of new or under construction residential real estate;

X - titles issued by mortgage companies and securitization companies linked to housing financing operations contracted under conditions agreed between the parties, observed the provisions of art. 10.

Art. 5. For the purposes of verifying compliance with the exigibility established in art. 1, item I, letter "c", the following are considered as operations contracted at market rates:

I - the financing referred to in art. 4;

II - financing for the acquisition, construction, renovation or expansion of new, used or under construction commercial real estate;

III - financing for the production of commercial real estate, including the amount of disbursements scheduled for release until the end of the contract, observed the provisions of art. 7;

IV - the amount of financing to be granted to acquirers of commercial units in the production phase that exceeds the value of the financing referred to in item III, provided that they are provided for in the respective construction contract, observed the provisions of arts. 7 and 8;

V - financing for the acquisition of material for construction, renovation or expansion of commercial real estate, under conditions agreed between the parties;

VI - letters of credit granted for the acquisition, construction, renovation or expansion of new, used or under construction commercial real estate, provided that the corresponding financing proposals are formalized under conditions agreed between the parties, observed the provisions of art. 7;

VII - mortgage bonds resulting from real estate financing operations;

VIII - mortgage notes guaranteed by mortgage credits, observed the provisions of art. 9;

IX - credit rights originating from purchase and sale commitments of new or under construction real estate;

X - titles issued by mortgage companies and securitization companies linked to real estate financing operations, observed the provisions of art. 10;

XI - debentures, with real guarantee, linked to real estate financing operations;

XII - quotas of Real Estate Investment Funds intended for the production of real estate;

XIII - leasing operations of real estate acquired for the own use of the lessee entity, observed the norms applicable to operations of the species;

XIV - financing for infrastructure works in urban subdivisions intended for residential real estate.

Art. 6. For the purposes of verifying compliance with the direction established in art. 1, item III, the following are considered as free-range operations:

I - financing that exceeds the exigibility referred to in art. 1, item I;

II - working capital financing to incorporating and construction companies, through credit opening contracts guaranteed by the pledge of promissory notes issued by third parties in favor of the financed, linked to an individualized real estate, completed or under construction;

III - working capital financing to producers and distributors of construction materials, through credit opening contracts;

IV - credit rights of any kind from entities members of the National Financial System;

V - federal, state and municipal public debt titles and titles issued by the Central Bank of Brazil;

VI - interbank deposits;

VII - loans and financing guaranteed by real estate mortgage.

Art. 7. The resources corresponding to the amount of disbursements referred to in arts. 2, item II, 3, item III, 4, item III, and 5, item III, the corresponding to the amount of financing referred to in arts. 2, item III, 3, item IV, 4, item IV, and 5, item IV, and those referring to the letters of credit mentioned in arts. 2, item V, 3, item VI, 4, item VI, and 5, item VI, must be represented by federal public titles belonging to the institution's own portfolio, which will remain unavailable through registration in a specific account in the Special Settlement and Custody System (SELIC), while counted for the purposes of compliance with the exigibility.

Art. 8. The total value of the amounts mentioned in arts. 2, item III, 3, item IV, 4, item IV, and 5, item IV, may not exceed 2% (two percent) of the value calculated in the form of art. 1, paragraph 1.

Art. 9. The total value of the mortgage notes referred to in arts. 2, item VII, 3, item VIII, 4, item VIII, and 5, item VIII, may not exceed 10% (ten percent) of the value calculated in the form of art. 1, paragraph 1.

Art. 10. The total value of the titles mentioned in arts. 4, item X, and 5, item X, may not exceed 5% (five percent) of the value calculated in the form of art. 1, paragraph 1.

Of the Adjustments

Art. 11. For the purposes of verifying compliance with the exigibility in real estate financing operations, referred to in art. 1, item I:

I - the following must be deducted from the balance of existing financing:

a) the balance of operations carried out with resources from transfers and refinancing;

b) the balance of operations carried out with resources from Social Funds and Programs;

c) the balance of mortgage notes issued, when guaranteed by real estate credits;

II - the following must be counted:

a) real estate financing, by the gross balance, including its rents to incorporate, not excluding the respective rectifying account "Rents to Appropriated from Real Estate Financing";

b) real estate financing transferred to credits in liquidation, by the gross balance, until the end of the second year after the transfer is made;

c) mortgage notes, mortgage bonds, titles issued by mortgage companies and securitization companies and credits acquired from third parties, by the arithmetic average of the daily balances maintained in portfolio in the reported month;

d) federal public titles linked to the operations described in arts. 2, items II, III and V, 3, items III, IV and VI, 4, items III, IV and VI and 5, items III, IV and VI, by the arithmetic average of the daily balances maintained in portfolio in the reported month.

Of the Conditions of the Operations

Art. 12. In addition to the other conditions established in the legislation in force, the operations within the SFH must observe the following:

I - unit value of the financing, comprising principal and ancillary expenses, not exceeding:

a) R$90,000.00 (ninety thousand reais);

b) 90% (ninety percent) of the evaluation value of the real estate to be financed or of its purchase and sale price, whichever is lower;

II - maximum limit of the evaluation value of the financed real estate of R$180,000.00 (one hundred and eighty thousand reais);

III - term for amortization of the financing to final borrowers initially agreed at a maximum of 20 (twenty) years;

IV - maximum effective cost for the final borrower, comprising interest, commissions and other financial charges - except those referred to in paragraph 1 - of 12% a.a. (twelve percent per year);

V - mandatory inclusion in the SFH Housing Insurance Policy;

VI - contractual provision that any outstanding balance, at the end of the agreed term, will be the responsibility of the borrower, and the financing term may be extended for a period of up to 50% (fifty percent) of that initially agreed.

Paragraph 1. The costs of insurance and the application of the Wage Equalization Coefficient (CES) are not included in the maximum effective remunerations referred to in item IV and Article 13.

Paragraph 2. In the case of new residential properties whose acquisition was contracted by the applicant during the production phase, the classification of housing financing operations within the operational limits referred to in items I and II will take into account the situation prevailing at the time of contracting or, if applicable, upon subsequent alteration of the construction project.

Paragraph 3. In the case of a property that presents damages resulting from construction flaws whose coverage has been denied by the insurer, complementary financing may be granted for its recovery, provided that the complementation does not increase the liability of the FCVS, when it is financing with coverage of that Fund.

Article 13. Financing for the production of properties referred to in Article 2, item II, and Article 3, item III, shall have a maximum effective remuneration of 13% p.a. (thirteen percent per annum), allowing for financing of up to 100% (one hundred percent) of the direct construction cost.

Paragraph 1. In the case of the financings referred to in this article, the period for production and commercialization, to be established in the contract, shall be, at most, 42 (forty-two) months.

Paragraph 2. From the due date of the period referred to in paragraph 1, the remaining balance of the operation shall be computed for compliance with the exigibility referred to in Article 1, item I, letter "c".

Paragraph 3. The guarantee of the financing referred to in this article shall be the mortgage, in the first degree, of the land where the undertaking will be carried out and of all improvements made thereon, with the requirement of additional guarantees being admitted.

Article 14. In cases of financings carried out with the participation of non-profit promoting agents, financing to the final borrower of a value equivalent to up to 90% (ninety percent) of the housing investment shall be admitted.

Article 15. The housing financings referred to in this Regulation, except as provided in Article 2, paragraph 1, item V, and Article 13, paragraph 3, shall be secured, mandatorily, by a first-degree mortgage on the property subject to the operation.

Sole Paragraph. Substitution of the guarantee referred to in this article is admitted in cases where the substitute is a property owned by the borrower, further requiring that it be financeable under the conditions in force for the SHS or under the conditions referred to in Article 12, items I, II, and IV, if the financing is being computed to comply with the exigibility of Article 1, item I, letters "a" or "b", respectively.

Article 16. Financial agents must keep the clauses of housing financing contracts permanently adapted to current regulations, and those not applicable to the contract must be excluded.

Article 17. In operations not covered by the SHS, SBPE entities may charge their debtors, for each day of delay in payment or settlement of their debts, in addition to default interest, a "maintenance commission", in accordance with the legislation in force.

Mandatory Reserve

Article 18. The exigibilities for the collection of the mandatory reserve on savings deposits, referred to in Article 1, item II, shall observe the provisions of specific regulations on the subject, issued by the Central Bank of Brazil.

Unapplied Resources

Article 19. The resources not applied in accordance with Article 1 of this Regulation shall be deposited with the Central Bank of Brazil, in current currency, on the 15th (fifteenth) of the following month or on the next business day if the 15th (fifteenth) is a non-business day, established that:

I - the resources will be remunerated monthly at 80% (eighty percent) of the basic remuneration index of savings deposits;

II - until the second business day immediately preceding the date fixed for the deposit, the SBPE agents will inform the Central Bank of Brazil, via PPED500 transaction of the Central Bank Information System (SISBACEN), the amount to be deposited.

Paragraph 1. In the event of non-compliance with the provision of item II, the financial institution shall be subject to the payment of a fine identical to that determined for the inclusion/alteration of information regarding the mandatory reserve.

Paragraph 2. In the event of a deficiency in the deposit being found, the financial institution shall incur the payment of financial costs identical to those determined for deficiencies regarding the mandatory reserve.

Paragraph 3. All financial movements related to the deposit referred to in this article shall be carried out through a posting to the Bank Reserves account.

Paragraph 4. SBPE institutions that are not holders of a Bank Reserves account shall enter into an agreement in accordance with specific regulations on the subject.

Paragraph 5. The resources deposited by institutions in the initial stage of activity, during the first 6 (six) months of fundraising, shall have remuneration identical to that of the mandatory reserve of savings deposits.

Paragraph 6. The provision of the previous paragraph does not apply to institutions constituted through the process of incorporation, spin-off, or merger of institutions authorized to collect savings deposits.

Statements

Article 20. The Central Bank of Brazil shall establish mandatory remittance statements by financial institutions, to monitor the operations referred to in this Regulation.

General and Transitional Provisions

Article 21. SBPE institutions in the initial stage of activity, until the completion of the first 6 (six) months of savings deposit fundraising, may fulfill the exigibility in housing financings with mortgage letters guaranteed by mortgage credits resulting from housing financing operations carried out within the scope of the SHS.

Article 22. Unformalized letters of credit, already granted to acquirers of housing units in accordance with Circular No. 2,418, of 06.04.94, may remain computed for compliance with the exigibility of application in housing financings until the position relative to March 31, 1998.