CMN Resolution No. 3524 — Complements Resolution No. 3,502 of September 28, 2007, regarding a new schedule and rescheduling of payments for loans under the Bahia Cocoa Crop Recovery Program

RESOLUTION NO. 003524

Complements the provisions of Resolution No. 3,502 of September 28, 2007, which deals with a new schedule and rescheduling of payments for loans under the Bahia Cocoa Crop Recovery Program.

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, and Article 5 of Law No. 10,186 of February 11, 2001,

RESOLVES:

Article 1. The inclusion in Article 1 of Resolution No. 3,502 of September 28, 2007, of the installments due in January 2008 for operations formalized under the Bahia Cocoa Crop Recovery Program is authorized:

I - for the loans that constitute Stage 3, as provided for in Article 1, item II, of Resolution No. 3,345 of February 3, 2006: to January 15, 2015 (installment due in July 2007) and to July 2015 (installment due in January 2008);

II - for the loans intended for the acquisition of National Treasury Certificates, as provided for in Article 2 of Resolution No. 2,960 of April 25, 2002: to July 2009 (installment due in July 2007) and to January 2010 (installment due in January 2008);

III - for the loans that constitute Stage 4, as provided for in Article 4 of Resolution No. 2,960 of 2002 and Article 2 of Resolution No. 3,431 of December 29, 2006: to occur from the end of the repayment schedule.

Article 2. Financial institutions shall have until June 30, 2008, to adopt the procedures provided for in Resolution No. 3,502 and this resolution, and those necessary for the rescheduling provided for in Resolutions Nos. 3,345 and 3,431, both of 2006.

Sole Paragraph. The granting of a deadline until February 28, 2008, is authorized for borrowers who are still in default to express interest in extending the due installments of their loans under the Program, through the formalization of an addendum, without prejudice to the observance by financial institutions of the statute of limitations for the operations.

Article 3. The operations may be maintained in a normal situation until June 30, 2008, without prejudice to the observance of the provisions of Resolution No. 2,682 of December 21, 1999, regarding the classification of the aforementioned operations.

Article 4. This resolution enters into force on the date of its publication.

Brasília, December 20, 2007.

Henrique de Campos Meirelles
President