CMN Resolution No. 3670 — Amends Article 1 of Resolution No. 3,596 of July 31, 2008, and Revokes Resolution No. 3,651 of November 26, 2008

RESOLUTION NO. 003670

Amends Article 1 of Resolution No.
3,596, of July 31, 2008, and revokes Resolution No. 3,651, of November 26 of 2008.

The Central Bank of Brazil, pursuant to Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on December 17, 2008, based on Articles 4, item VI, of Law No. 4,595, of 1964, Article 2, main text and § 5, of Law No. 11,529, of October 22, 2007, Article 15 of Law No. 11,786, of September 25, 2008, and Article 18 of Provisional Measure No. 451, of December 15, 2008,

R E S O L V E D:

Article 1. Article 1 of Resolution No. 3,596, of July 31, 2008,
shall be amended to read as follows:

"Article 1. The necessary conditions are established for the granting of loans and financing eligible for economic subsidy by the Union, under the modalities of interest rate equalization, observing the following:

I - beneficiaries:

a) companies operating in the sectors of ornamental stones, wood processing, leather curing, footwear and leather goods, textile, fabrication, including household linen, wooden furniture, fruits (raw and processed), ceramics, software and provision of information technology services and capital goods (except motor vehicles for cargo and passenger transport, vessels, aircraft, railway and metro wagons, tractors, combines and road machinery);

b) micro and small enterprises in municipalities of the State of Santa Catarina that had declared a state of emergency or state of calamity, according to State Decrees No. 1,897, of November 22, 2008, and No. 1,910, of November 26, 2008, and subsequent amendments, and that present losses or damage to equipment, production, stocks, as well as of physical structures linked to the activity, during the phenomenon of excessive water occurring in the last bimonthly period of 2008; and

c) companies for marketing, industrialization and processing of fish, from municipalities of the State of Santa Catarina that had declared a state of emergency or state of calamity, according to Decrees State No. 1,897, of November 22, 2008, and No. 1,910, of November 26, 2008, and subsequent amendments, and that prove, by technical report, losses or damage to equipment, production, stocks, as well as physical structures linked to the activity, during the phenomenon of excessive water occurring in the last bimonthly period of 2008;

II - resources (total and source): the total of financing and loans to be granted based on resources from the National Bank for Economic and Social Development (BNDES), applied directly or by financial institutions accredited by it and subsidized by the Union, shall comply with the limits of:

a) R$1,000,000,000.00 (one billion reais) in 2008, without prejudice of the provisions of Resolution No. 3,504, of October 26 of 2007; and

b) R$3,000,000,000.00 (three billion reais) in 2009;

III - financial agents: BNDES and institutions financial by it accredited;

IV - financial charge and repayment term:

a) in operations of companies listed in item "a" of item I of this article, an effective interest rate of nine per cent per annum and a repayment term of up to ninety-six months, including up to thirty-six months of grace period for the principal, for operations of investment and associated working capital;

b) in operations of companies listed in item "b" of item I of this article, an effective interest rate of six whole and seventy-five hundredths percent per annum, with a repayment term of up to sixty months, including up to twelve months of grace period for the principal, in operations of working capital, and up to ninety-six months, including up to thirty-six months of grace period for the principal, in investment operations or of investment and associated working capital; and

c) in operations of companies listed in item "c" of item I of this article, an effective interest rate of eight whole and twenty-five hundredths percent per annum and repayment term of up to sixty months, including up to twelve months of grace period for the principal in operations of working capital, and up to ninety-six months, including up to thirty-six months of grace period for the principal, in investment operations or of investment and associated working capital;

V - payment periodicity:

a) interest: in quarterly installments during the grace period and monthly after the grace period; and

b) principal: in monthly installments;

VI - operational risk: of BNDES, in operations carried out by it directly, and of financial institutions by it accredited, in other cases;

VII - disbursement limit, observing the provisions of BNDES regulations:

a) up to R$100,000,000.00 (one hundred million reais), per economic group, in operations of companies related in item "a" of item I of this article;

b) up to R$50,000.00 (fifty thousand reais) for companies related in item "b"; and

c) up to R$20,000,000.00 (twenty million reais) for companies related in item "c", of item I of this
article; and

VIII - contracting term:

a) for the total of resources destined to 2008 (R$1,000,000,000.00) - until December 31, 2008; and

b) for the total of resources destined to 2009 (R$3,000,000,000.00) - until December 31, 2009.

Sole Paragraph. Of the total of resources referred to in item "b" of item II of this article, up to R$50,000,000.00 (fifty million reais) may be applied in operations destined to the companies listed in item "b" of item I, and up to R$250,000,000.00 (two hundred and fifty million reais) destined to the companies mentioned in item "c" of item I."

Article 2. This resolution enters into force on the date of its
publication.

Article 3. Resolution No. 3,651, of November 26
of 2008, is revoked;

Brasília, December 17, 2008.

Henrique de Campos Meirelles
President