Resolution No. 3.745

RESOLUTION No. 003745 ------------------- Provides for the requirements for application in rural credit under mandatory resources (MCR 6-2) and rural savings (MCR 6-4) - Collection and transfer of funds arising from deficiencies identified in the period of compliance with the requirements. The Central Bank of Brazil, in the form of art. 9 of Law No. 4.595, of December 31, 1964, makes public that the National Monetary Council, in a session held on June 30, 2009, in view of the provisions of arts. 4, item VI, of the aforementioned law, 4, 14, 15, item I, 16 and 21 of Law No. 4.829, of November 5, 1965, and 81, item III, of Law No. 8.171, of January 17, 1991, R E S O L V E D : Art. 1 The funds collected by the Central Bank of Brazil as a result of deficiencies in application in rural credit, provided for in the Rural Credit Manual (MCR), under mandatory resources (MCR 6-2) and rural savings (MCR 6-4), verified in the compliance period from July 1 to June 30 of the following year, may be transferred to the financial institutions that collected them, according to their needs, for application in rural credit, observing the other conditions defined in this normative. § 1 The financial institution that wishes to receive the funds referred to in the caput of this article, limited to the value of its own collection by source of funds, must formalize communication to the Executive Management of Regulation and Control of Rural Operations and Proagro (Gerop), of the Central Bank of Brazil, signed by two directors, one of whom is responsible for the rural credit area, according to a model to be disclosed. § 2 The transfer of funds will be effected by the Central Bank of Brazil by means of a credit entry in the Banking Reserves account. § 3 The transferred funds must be applied: I - mandatory resources (MCR 6-2): for the purposes provided, according to the direction of the requirement and/or sub-requirements object of the collection of the amounts of the deficiencies identified; II - rural savings resources (MCR 6-4): exclusively in rural credit operations (MCR 6-4-6-"a"). § 4 The transferred funds may remain at the disposal of the financial institution for a maximum period of 12 (twelve) months, counting from the first business day of August, no extension being allowed for any reason, also observing that: I - the date for receiving the transferred funds will be defined by the financial institution through the communication referred to in § 1; II - the return of the funds to the Central Bank of Brazil will occur only on the date scheduled for their definitive return to the respective financial institution that collected them, as provided in MCR 6-2-15 or MCR 6-4-13; III - they are subject to the incidence of financial charges represented by the Referential Rate (TR), when dealing with rural savings resources (MCR 6-4), and free of remuneration, in the case of mandatory resources (MCR 6-2); IV - until the business day prior to the maturity date, the Central Bank
of Brazil will notify the financial institution to proceed with the return of the funds transferred to it, via the Banking Reserves account, observing, where applicable, the procedures provided in MCR 6-2-16 and 17 or MCR 6-4-14 and 15, according to the source of funds. § 5 The transferred funds will be computed for purposes of application and compliance with the requirements by the financial institution for a maximum period of 11 (eleven) months. § 6 The financial institution that receives the funds object of this resolution must register them in Document 24 of the MCR, for purposes of verification of application of these funds, from the date of receipt of the funds until the last business day of the month of June, and must apply to the average daily balances of these funds a multiplier calculated based on the following methodology, so that the calculation of compliance with the requirement of the current period coincides with the calculation of the requirement of the transferred funds: "number of business days counted from the receipt of funds until the last business day of the month of July, divided by the number of business days counted from the receipt of funds until the last business day of the month of June, with 4 (four) decimal places". § 7 The financial institution that fails to apply the totality of the funds transferred to it is subject to the payment of a fine, incident on the value of the deficiency identified, observing the provisions of § 8, and the Central Bank of Brazil shall, until the last business day of the month of August, notify the financial institution to proceed with the collection of said pecuniary sanction, via the Banking Reserves account, observing, where applicable, the procedures provided in MCR 6-2-15-"b", 16 and 17 or MCR 6-4-13-"b", 14 and 15, according to the source of funds. § 8 The calculation base for the incidence of the fine referred to in § 7 is limited to the amount of the transferred funds. Art. 2 The rules provided in the MCR that do not conflict with the specific provisions established herein apply to the transfer of funds dealt with in this resolution. Art. 3 The Central Bank of Brazil is authorized to adopt the measures deemed necessary for the execution of the provisions of this resolution, and may even issue complementary operational norms that are necessary. Art. 4 This resolution enters into force on the date of its publication. Brasília, June 30, 2009. Henrique de Campos Meirelles President