Calculation for the minimum value is based on Selic; senator had already presented the proposal in the form of an amendment to PEC 65 of 2023
The senator (PP-PI) re-presented this Tuesday (May 12, 2026) the proposal for a (Credit Guarantee Fund) of R$ 250 thousand for values between R$ 840 thousand and R$ 1 million. The proposal, which is being processed as the PLC (Complementary Bill), is called the “Master amendment”. Here is it (PDF – 138 KB).
The calculation for the minimum value is based on Selic. When presenting it, Nogueira said that, based on the basic interest rate, the FGC “it would have to be above R$840 thousand”. In a video on social media, he declared that he wanted to see “what is the excuse that the big banks will use to deny this protection to account holders”.
The senator’s reasoning is as follows: the maximum coverage offered to customers by the FGC increased to R$250,000 in May 2013. Since then, Selic has accumulated a yield of 239.2%. Therefore, if adjusted for the interest rate, the R$250 thousand would be equivalent to R$848.1 thousand.
Nogueira had already presented the proposal in 2024, in the form of an amendment to PEC 65 of 2023. At the time, the PP president’s text was rejected and, therefore, needed to be reintroduced, this time as a PLC. The return comes after . The Federal Police maintains that Daniel Vorcaro, founder of Banco Master, granted economic advantages to Nogueira in exchange for acting in favor of the bank’s interests. The senator called the investigation “absurd fiction script”.
SELIC X IPCA
Contrary to what the senator defends, the financial consultant for the Fintech Plan for Financial Education, Ricardo Hiraki, considers that the most appropriate correction would be for official inflation. The amount corrected by the IPCA (Broad Consumer Price Index), 97% in the period, reaches R$514.3 thousand, well below what is suggested.
Hiraki states that updating via Selic is possible, but would be less conventional. This type of update would take into account the profitability of the FGC, which has the majority of its investments linked to the Selic, when the focus should be on protecting customers’ assets.
“Updating by the IPCA would be for asset protection, to maintain the power of investors’ assets. When doing so through Selic, in addition to inflation, it would also be protecting profitability”, he states.
For the specialist, the FGC does not have the characteristic or obligation to protect gains, but rather the amount invested. Therefore, it should be readjusted based on the inflation rate. The consultant also argues that updating by the IPCA may be safer, due to the recent losses in the fund.
“It would make more sense. Furthermore, I think that one of the debates that has happened frequently is that the FGC was used, especially in the case of Banco Master, as a tool to make a very big appeal to investors without taking into account the risks within the bank.”, these.
In evaluating the consultant, the expansion of the fund that covers potential investor losses could result in higher interest rates for account holders. “The FGC would be very large if updated by Selic. A much larger fund would require banks to put up more money and would generate more costs; consequently, the banks would have to get this money from somewhere, and it would come from individuals. They would have to charge more through higher interest rates”, stated Hiraki.
CIRO NOGUEIRA CALCULATION
O Poder360 had access to the project before its publication. The calculation is based on the Selic because, according to Nogueira, the rate is more in line with the investments that the FGC protects.
The value of up to R$1 million considered other indices, such as the growth of the FGC’s assets since 2013 — and guarantee funds from other countries.
In the project, the senator justifies the amount for several reasons, among them:
- expansion of the fund’s assets: the project says that the FGC’s net worth multiplied 4.5 times from 2012 to 2024;
- international comparison: the project considers the Brazilian fund to be lagging behind that of the United States and the United Kingdom – respectively R$1.22 million and R$802 thousand converted;
- atypical period without readjustments: states that there was a delay, since the limit was revised at intervals of a maximum of 11 years;
- liquidity sufficiency: argues that the FGC maintains a liquidity ratio of 2.23% (in 2025) on total eligible deposits. The project mentions that the amount is greater than the minimum target level of 0.8% required in the European Union.
According to the proposal, raising the limit does not cause costs for the Union or impact on the public budget, because the system is fully financed by contributions from the banking sector.
Furthermore, the senator considered R$1 million as a central parameter for the protection of retail investors and for maintaining the health of the SFN (National Financial System).
FGC E MASTER
The FGC was created in November 1995, in response to a wave of bank failures. Here is how the value has been readjusted over the years:
- 1995 a 2006 – R$ 20.000;
- September 2006 to December 2020 – R$60,000;
- December 2010 to May 2013 – R$70,000;
- May 2013 to date – R$250,000.
Associated institutions contribute monthly to the fund, at a rate of 0.01% on the total covered deposits (such as savings, CDB, LCI, LCA). In March 2026, due to interventions, the banks made an extra contribution of R$32.5 billion, anticipating 60 months of contributions to rebuild the FGC.
Banco Master —together with Will Bank and Banco Pleno— was responsible for the record loss of R$51.8 billion, even though it only had 0.57% of total assets and 0.55% of funding in the national financial system.
