Circular No. 944 — Lowering regulatory norms on the regulation approved by CMN Resolution No. 394/76

CIRCULAR NO. 000944

To
Development Banks

We communicate that the Board of Directors of the Central Bank, in a session held on July 3, 1985, decided, for the purposes of the provisions contained in Paragraph 2 of Article 26 of the Regulation annexed to Resolution No. 394, of November 3, 1976 (MNI 13-7-3-4-b), to define as temporary the period necessary for the maturation of the investment or financial recovery of the company, stipulated in accordance with the conclusions of the economic feasibility analysis of the project or financial assistance plan conducted by the specialized technical sector of the development bank.

2. The end of the transitional period shall be fixed in a contract, falling, when it concerns participation in shares, on the date provided for their resale, and, in the case of participation in debentures, on their maturity date, such that, upon the expiration of that period, the bank immediately proceeds to the alienation of the societal participation.

3. The transitional period, provided it is duly justified by a technical study, may be extended, at the discretion of the Department of Banking Organization and Authorizations - DEORB.

4. Development banks must take measures aimed at alienating their permanent participations in the social capital of other companies, authorized on an exceptional basis by the Central Bank. In this sense, they shall, within 60 (sixty) days counted from the date of this Circular, submit to the appreciation of the Department of Banking Organization and Authorizations - DEORB a schedule to divest themselves of existing participations, duly justified by technical studies.

Brasília-DF, July 9, 1985

Alberto Sozin Furuguem
Director