CMN Resolution No. 2561 — Amends and Consolidates Norms on the Assignment of Credits

RESOLUTION NO. 2561

Amends and consolidates norms on the assignment of credits.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on November 5, 1998, considering the provisions of Article 4, item VI, of the aforementioned Law and Article 23 of Law No. 6,099 of September 12, 1974, as amended by Law No. 7,132 of October 26, 1983,

RESOLVES:

Article 1. Financial institutions are authorized to assign, to institutions of the same nature, their credits arising from loan, financing, and leasing operations.

Sole Paragraph. The provisions of this article do not prevent the negotiation of credit instruments, such as mortgage deeds and rural, commercial, industrial, and export credit notes.

Article 2. Leasing companies are permitted to assign, to companies of the same nature and to financial institutions, the credit rights arising from leasing contracts.

Article 3. The assignment of credits referred to in this Resolution may be carried out with or without the co-obligation of the assigning institution.

Article 4. The acquisition of credit rights resulting from contracts containing a foreign exchange variation clause may only be carried out using resources from loans obtained abroad.

Sole Paragraph. The provisions of this article do not apply to the negotiation of credit instruments containing a foreign exchange variation clause.

Article 5. The following are not admitted:

I - the assignment of credits registered in credit liquidation accounts, except for the cases provided for in Article 7 and operations regulated by Resolution No. 2,493 of May 7, 1998;

II - the forward repurchase of credits maturing, previously assigned;

III - the acquisition of credits with resources originating from exchange acceptances.

Sole Paragraph. The assignment and acquisition operations of credits between credit, financing, and investment companies, commercial banks, and multiple banks with commercial and/or credit, financing, and investment portfolios, resulting from permitted operational modalities, may generate acceptance of exchange letters by the assignee, provided that the following conditions are met cumulatively:

I - the acquired credits originate from financing granted based on exchange acceptance contracts;

II - there is no acceptance of exchange letters by the assignor with respect to the assigned credits.

Article 6. Credit assignment operations by financial institutions and leasing companies are restricted to those provided for in this Resolution and in Resolution No. 2,493/98.

Sole Paragraph. The provisions of this article do not prevent the acquisition of credit rights from persons not part of the National Financial System.

Article 7. Except for operations regulated by Resolution No. 2,493/98, the assignment of credits arising from loan, financing, and leasing operations to persons not part of the National Financial System may be admitted, exceptionally and on a case-by-case basis, with authorization from the Central Bank of Brazil.

Paragraph 1. For the purposes of this article:

I - only credit assignments in the modality without co-obligation of the assigning institution are admitted;

II - the repurchase of assigned credits is not permitted;

III - the settlement of operations shall be carried out on a spot basis.

Paragraph 2. Any subsequent transaction involving the credits subject to assignment may not result in the return of risk, even indirectly, to the assigning institution.

Paragraph 3. The assigning institution must include, in the first balance sheet published after the operation is approved by the Central Bank of Brazil, an explanatory note informing the accounting and assignment values of the credits, as well as the equity and result effects resulting from the transaction.

Article 8. Financial institutions are permitted to acquire and assign, to legal entities part of or not part of the National Financial System, credits resulting from export contracts negotiated in the domestic market.

Sole Paragraph. The credits provided for in this article may be negotiated by investment funds, in accordance with current regulations.

Article 9. The Central Bank of Brazil may adopt the measures and issue the norms deemed necessary for the execution of this Resolution.

Article 10. This Resolution enters into force on the date of its publication.

Article 11. Resolutions Nos. 1,962 of August 27, 1992, and 2,412 of August 6, 1997, and Circular Letter No. 2,605 of December 12, 1995, are hereby revoked, and references in normative instruments issued by the Central Bank of Brazil relating to the aforementioned Resolution No. 1,962/92 shall have this Resolution as their reference and/or regulatory basis.

Brasília, November 5, 1998

Gustavo H. B. Franco
President