Circular No. 3561 — Authorizes Financial Institutions to Participate in Economic Subsidy Operations under the Minha Casa, Minha Vida Program

CIRCULAR NO. 003561

Dispenses with the authorization for financial institutions to participate in economic subsidy operations under the Minha Casa, Minha Vida Program (PMCMV), in accordance with Law No. 11,977 of July 7, 2009.

The Collegiate Board of the Central Bank of Brazil, in a session held on October 25, 2011, based on Article 6-B, paragraph 2, of Law No. 11,977 of July 7, 2009,

RESOLVES:

Article 1. Financial institutions interested in obtaining authorization from the Central Bank of Brazil to participate in economic subsidy operations under the Minha Casa, Minha Vida (PMCMV) program in municipalities with a population of up to 50,000 (fifty thousand) inhabitants, as provided in Article 6-B, paragraph 2, of Law No. 11,977 of July 7, 2009, must comply with the following requirements:

I - have been in operation for at least 3 (three) years;

II - meet the requirements of prudential regulation regarding limits on paid-in capital and net worth, the limit on the application of resources in Permanent Assets, and the Required Reference Equity (PRE), except as provided in Resolution No. 2,772 of August 30, 2000; and

III - not have any restrictions that, in the judgment of the Central Bank of Brazil, would discourage the granting of the authorization referred to in the caput.

Sole Paragraph. The authorization referred to in the caput is valid only for the public offering linked to the subsidy operation for which it was requested, in accordance with the regulations in force.

Article 2. The authorization referred to in this Circular must be requested from the Department of Organization of the Financial System (Deorf).

Article 3. This Circular enters into force on the date of its publication.

Article 4. Circular No. 3,473 of October 23, 2009 is hereby revoked.

Brasília, October 26, 2011.

Luiz Awazu Pereira da Silva Sidnei Correa Marques Director of Regulation of the Director of Organization of the Financial System Financial System and Control of Rural Credit Operations