CMN Resolution No. 3364 — Reprogramming of Overdue Installments and Extension of Payment Terms for 2006 Agro-Industrial Investment Operations

RESOLUTION NO. 003364

Dispenses with the reprogramming of overdue installments and the granting of a term for payment of future installments, in 2006, of agro-industrial investment operations.

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law 4,595 of December 31, 1964, makes public that the MONETARY COUNCIL, in an extraordinary session held on April 19, 2006, considering the provisions of Articles 4, item VI, of the aforementioned law, Articles 4 and 14 of Law 4,829 of November 5, 1965, and Article 5 of Law 10,186 of February 12, 2001,

RESOLVED:

Article 1. Grant an additional term of up to one year after the maturity of the last installment of the current return schedule for the payment of overdue or future installments (principal, interest, and accessories) in 2006, maintaining the normal charges agreed upon in the credit instrument, observing the following conditions:

I - The measure applies to agro-industrial investment operations carried out with the following resources:

a) From investment programs backed by transfers from the National Bank for Economic and Social Development (BNDES) and with equalization by the National Treasury;

b) Finame Agrícola Especial, administered by BNDES;

c) Provided for in MCR 6-2 (mandatory resources) and MCR 6-4 (rural savings), not equalizable by the National Treasury;

d) Made available for the National Program for Strengthening Family Agriculture (Pronaf) and for the Program for Job and Rural Income Generation (Proger Rural), including those transferred by the National Treasury;

II - Case-by-case examination.

§ 1. For borrowers whose main income originates from the production of cotton, rice, corn, soy, sorghum, or wheat, with recognized difficulty in commercialization due to prices, the granting of the new term may be implemented automatically, exempted from case-by-case examination and the formalization of an amendment to the credit instrument, at the discretion of the financial institution.

§ 2. The provisions of this article:

I - Do not apply to operations of producers whose main income originates from the production of coffee, sugarcane, or tobacco, or from crops that did not have climatic problems, or from products that are not facing commercialization difficulties due to prices;

II - Is conditioned upon the submission of a formal request by the borrower, by July 31, 2006, to the creditor financial institution, which will have until September 30, 2006, to formalize the amendments, when applicable, maintaining the operations classified in a situation of normality.

Article 2. The extensions referred to in this resolution must be carried out without prejudice to the observance of the provisions of Resolution 2,682 of December 21, 1999, regarding the classification and the constitution of provisions for doubtful liquidation credits of the operations in question.

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

Brasília, April 26, 2006.

Henrique de Campos Meirelles
President