Resolution No. 3,400

RESOLUTION No. 003400 ------------------- Provides for the maximum amount of the guarantee provided by the Credit Guarantee Fund - FGC and the reduction of the percentage of the ordinary monthly contribution owed by the institutions associated with said fund, as well as for the inclusion of accounts intended for the registration and control of payment flows of salaries, pensions and similar among the covered credits. THE CENTRAL BANK OF BRAZIL, in the form of art. 9 of Law 4,595, of 31 December 1964, makes public that the NATIONAL MONETARY COUNCIL, in an extraordinary session held on 5 September 2006, based on arts. 3, item VI, and 4, item VIII, of said law, and 7 of Decree-law 2,291, of 21 November 1986, in view of the provisions of art. 22, item I, of Annex I to Resolution 3,251, of 16 December 2004, R E S O L V E D: Art. 1 The maximum amount of the guarantee provided by the Credit Guarantee Fund - FGC is established at R$ 60,000.00 (sixty thousand reais). Art. 2 The board of directors of the FGC is authorized to set, at 0.0125% (one hundred and twenty-five ten-thousandths of a percent) of the amount of the balances of the accounts corresponding to the obligations subject to guarantee, the ordinary monthly contribution of the institutions associated with said fund. Art. 3 Art. 2 of Annex II to Resolution 3,251, of 16 December 2004, shall take effect with the following wording: "Art. 2 The following credits are subject to the guarantee provided by the FGC: I - demand deposits or deposits withdrawable upon prior notice; II - deposits in checking accounts of investment deposit; III - savings deposits; IV - time deposits, with or without issuance of a certificate; V - deposits held in accounts not movable by checks intended for the registration and control of the flow of funds referring to the provision of payment services for salaries, wages, pensions, retirements and similar; VI - bills of exchange; VII - real estate letters; VIII - mortgage letters; IX - real estate credit letters. § 1 The following are not covered by the guarantee: I - deposits, loans or any other funds raised or collected abroad; II - operations related to programs of governmental interest established by law; III - judicial deposits; IV - time deposits authorized to compose Level II of the Reference Equity (PR), referred to in Resolution 2,837, of 30 May 2001. § 2 The total credits of each person against the same associated institution, or against all associated institutions of the same financial conglomerate, shall be guaranteed up to the amount of R$ 60,000.00 (sixty thousand reais). § 3 For the purpose of determining the guaranteed amount of the credits of each person, the following criteria must be observed: I - the holder of the credit is the one in whose name the credit is registered in the accounting records of the associated institution or the one designated in a title issued or accepted by it; II - the credits of each creditor identified by the respective Individual
Taxpayer Registry (CPF)/National Registry of Legal Entities (CNPJ) against all associated institutions of the same financial conglomerate must be added together; III - spouses are considered distinct persons, whatever the property regime of the marriage; IV - credits in the name of dependents of the beneficiary identified in the form of item II must be computed separately; V - in the event of investment in a credit title listed in art. 2 whose negotiation is intermediated by an institution that is part of the National Financial System, the ownership of the credits against the associated institutions of the FGC must be proven, by the client of the intermediary institution in the operation, through the presentation of the negotiation note of the title in the form of the Circular 915, of 13 February 1985; VI - credits held by associations, condominiums, cooperatives, consortium groups or administrators, supplementary pension entities, insurance companies, capitalization companies and other companies and associations without legal personality and similar entities, shall be guaranteed up to the amount of R$ 60,000.00 (sixty thousand reais) in the totality of their assets in a single associated institution; VII - in joint accounts, the amount of the guarantee is limited to R$ 60,000.00 (sixty thousand reais), or to the account balance, when lower than this limit, divided by the number of holders, with the credit of the guaranteed amount being made individually; VIII - the receipt of credits against institutions associated with the FGC through powers of attorney must be previously justified and approved by it. § 4 In the case provided for in § 3, item V, the intermediary institution of the operation must present to the intervener or liquidator a list of its clients containing the amounts invested, the date and the other characteristics of the investment in titles of responsibility of the issuer under intervention or in extrajudicial liquidation. § 5 Upon detecting the occurrence of procedures that may provide, through the use of artifices, the payment of an amount greater than the limit of R$ 60,000.00 (sixty thousand reais), with the intention of benefiting the same person, the FGC, provided that it is duly justified to the depositor or investor, may suspend payments until the fact is clarified, with the interested party being responsible for proving the fairness of the procedures adopted, and it being at the discretion of the FGC to accept or not the arguments and evidence presented." (NR) Art. 4 The Central Bank of Brazil is tasked with, until 31 December 2010, developing studies with a view to the eventual alteration of the maximum amount of the guarantee provided by the FGC and of the percentage of the ordinary monthly contribution of the institutions associated with said fund, established under the terms of arts. 1 and 2. Art. 5 This resolution enters into force on the date of its publication, producing effects, with regard to the provisions of
art. 2, as from the calculation of the ordinary contribution to the FGC referring to the month of August 2006. Brasília, 6 September 2006. Henrique de Campos Meirelles President