CMN Resolution No. 3523: Complements Resolutions 3496 and 3497 to Grant Default Bonuses on 2007 Rural Financing Installments and Extends Payment Deadlines for 2007 Rural Investment Installments

RESOLUTION NO. 003523

Complements provisions of Resolutions No. 3,496 and 3,497, both of August 30, 2007, for the purpose of granting default bonuses on installments due in 2007 for rural financing, and grants a new deadline for payment of rural investment installments due in 2007.

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 December 20, 2007, considering the provisions of Article 4, item VI, of the aforementioned law, Articles 4 and 14 of Law No. 4,829 of November 5, 1965, Article 5 of Law No. 10,186 of February 11, 2001, Article 1 of Law No. 8,427 of May 27, 1992, and Decrees Nos. 6,200 and 6,201, both of August 28, 2007,

RESOLVES:

Article 1. Article 3 of Resolution No. 3,497 of August 30, 2007, shall be effective with the following wording:

"Article 3. ...........................................

Sole Paragraph. For the purposes of this article, the contractual default bonuses shall be applied as follows:

I - by the fixed integral value contracted in the credit instrument for installments due in 2007, in the case of 'A/C' or 'C' group operations contemplated with rebates according to Articles 1 and 2, applied to the total value of the installment, even if there is partial payment of the installment within the minimum limits established in those articles, extinguishing the benefit for the value that is extended;

II - by applying the contracted percentage, when it concerns 'A' or 'B' group operations contemplated with rebates according to Article 2, on the effectively paid value of the principal or the debt, maintaining the benefit for the extended value that is paid until the new due date."

Article 2. Article 1 of Resolution No. 3,496 of August 30, 2007, shall be effective with the following wording:

"Article 1. ...........................................

§ 1. In the event of extension of installments beyond the limits established, borrowers shall not be entitled to the rebates defined in this article.

§ 2. The programs referenced in item III of this article include operations maintained in the programs that were incorporated by them, as follows:

I - Agricultural Modernization and Natural Resource Conservation Program (Moderagro): Soil Correctives Use Incentive Program (Prosolo), National Program for Recovery of Degraded Pastures (Propasto), and Floodplain Systematization Program (Sisvárzeas);

II - Irrigation and Storage Incentive Program (Moderinfra): Irrigated Agriculture Support Program (Proirriga) and Incentive Program for Construction and Modernization of Storage Units on Rural Properties (Proazem);

III - Agribusiness Development Program (Prodeagro): Aquaculture Development Support Program (Aquaculture), Beekeeping Development Program (Prodamel), Sheep and Goat Development Program (Prodecap), Sustainable Floriculture Development Program (Prodeflor), and Incentive Program for Mechanization, Cooling, and Bulk Transport of Milk Production (Proleite);

IV - Fruit Growing Development Program (Prodefruta): Fruit Growing Support Program (Profruta), Cocoa Growing Development Support Program (Procacau), Wine Growing Development Support Program (Prodevinho), and Cashew Growing Development Program (Procaju)."

Article 3. The adoption of the treatment provided for in Article 3 of Resolution No. 3,496 of 2007 for operations classified under its Article 1, as well as Article 4 of Resolution No. 3,497 of 2007 for operations classified under its Articles 1 and 2, is authorized, whose installments due in 2007 have been settled without deducting the rebate due between the effective date of that resolution and the respective due dates, considering the time extension authorized by the Monetary Council.

Article 4. Article 1 of Resolution No. 3,495 of August 30, 2007, with new wording given by Resolution No. 3,500 of September 28, 2007, shall be effective with the following wording:

"Article 1. Financial institutions are authorized to establish for the agricultural investment credits referenced below, in a state of default compliance until December 31, 2006, a new payment deadline, due on February 15, 2008, for installments due in 2007, which must be calculated and maintained under normal conditions for all purposes, with the case-by-case examination of operations and the formalization of an amendment to the credit instrument dispensed at the discretion of the financial agent:
...................................................."

Article 5. This resolution enters into force on the date of its publication.

Brasília, December 20, 2007.

Henrique de Campos Meirelles
President