Resolution No. 3.220

RESOLUTION No. 003220 ------------------- Provides for the enforceability of investments in microfinance operations aimed at the low-income population and microentrepreneurs, amending provisions of Resolution 3.109, of 2003, amended by Resolution 3.212, of 2004. 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 a session held on 29 July 2004, having regard to the provisions of Law 10.735, of 11 September 2003, R E S O L V E D: Art. 1 Establish that, as from the month of September 2004, the verification of compliance with the enforceability of investments in microfinance operations, referred to in Resolution 3.109, of 24 July 2003, amended by Resolution 3.212, of 30 June 2004, shall be carried out monthly on the 20th day of each month or on the first business day thereafter, when the 20th is a non-business day. Art. 2 For the verification referred to in art. 1, the following shall be considered: I - the enforceability of investments, which corresponds to the average of the amounts resulting from the application of the minimum percentages required on the daily balances of demand deposits in the twelve months prior to the month immediately preceding the month in which the verification is being carried out; II - the average of the daily balances of eligible operations in the twelve months immediately prior to the month in which the verification is being carried out; Sole paragraph. The amount of the deficiency of investments in relation to the enforceable amount, if any, shall be collected by the Central Bank of Brazil, in the manner to be established by that Autarchy, in current currency, remaining unavailable until the date of verification of compliance with the enforceability in the following month. Art. 3 The amounts that may be collected in the month of August 2004 by the Central Bank of Brazil as a result of any deficiency of investments in the period from August 2003 to July 2004 are subject to the system established by this resolution. Art. 4 This resolution enters into force on the date of its publication. Art. 5 Paragraphs 2 and 3 of art. 1 of Resolution 3.109, of 2003, with the wording given by Resolution 3.212, of 2004, are revoked as from 1 September 2004. Brasília, 29 July 2004. Henrique de Campos Meirelles President