CMN Resolution No. 4,989 — Defines the methodology for calculating financial charges on non-rural credit operations using Constitutional Financing Fund resources

CMN RESOLUTION
NO. 4,989, OF MARCH 8, 2022

Regulatory document revoked, as of 5/2/2022, by CMN Resolution No. 5,013, of 4/28/2022.

Defines the calculation methodology for financial charges applicable to non-rural credit operations financed with resources from the Constitutional Financing Funds of the North, Northeast, and Center-West, as provided in Article 1º-A of Law No. 10,177, of January 12, 2001.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on March 8, 2022, considering the provisions of Article 4, item VI, of Law No. 4,595, of 1964, and Article 1º-A of Law No. 10,177, of January 12, 2001,

R E S O L V E D:

Article 1. This Resolution provides for the methodology for defining the interest rates applicable to non-rural credit operations carried out with resources from the Constitutional Financing Funds, referred to for the purposes of this Resolution as Non-Rural Interest Rates of the Constitutional Financing Funds (TFC).

Article 2. The following calculation methodologies for TFC applicable to non-rural credit operations carried out with resources from the Constitutional Financing Funds of the North (FNO), Northeast (FNE), and Center-West (FCO) are established:

§ 1. The following definitions are used:

I - TFCpós corresponds to the Post-fixed Non-Rural Interest Rate of the Constitutional Financing Funds, expressed in percentage form, with four decimal places and mathematical rounding;

II - TFCpré corresponds to the Pre-fixed Non-Rural Interest Rate of the Constitutional Financing Funds, expressed in percentage form, with four decimal places and mathematical rounding;

III - FAM corresponds to the Monetary Update Factor, calculated according to the methodology defined in Article 3 of this Resolution;

IV - FII corresponds to the Implicit Inflation Factor, calculated according to the methodology defined in Article 5 of this Resolution;

V - BA corresponds to the Compliance Bonus applied to financial charges, as follows:

a) 0.85 (eighty-five hundredths), in cases where the debt installment is paid by the respective due date;

b) 1 (one whole), in other cases;

VI - FL corresponds to the Location Factor, thus defined:

a) factor 0.9 (nine tenths), for financing of enterprises located in Municipalities considered priority by the respective Deliberative Councils of the Regional Development Superintendencies, respecting the priority areas of the National Regional Development Policy; and

b) factor 1.1 (one whole and one tenth), in other cases;

VII - CDR corresponds to the Regional Imbalance Coefficient, referred to in § 17 of Article 1º-A and Article 1º-D of Law No. 10,177, of January 12, 2001, and the coefficient disclosed according to § 1 of Article 4 of Decree No. 9,291, of February 21, 2018, shall be used, and it shall be valid from July 1 to June 30 of the following year;

VIII - FP corresponds to the Program Factor, as defined in Annex I of this Resolution;

IX - Pre-fixed Interest Rates of TLP corresponds to the pre-fixed interest rate, calculated in accordance with Article 3 of Law No. 13,483, of September 21, 2017, according to the methodology defined in Article 4 of this Resolution; and

X - DU corresponds to the number of business days in the reference month of the calculation in which financial charges accrue.

§ 2. The borrower of the non-rural credit operation may opt, at the time of contracting, for the use of the post-fixed or pre-fixed interest rate, mentioned, respectively, in items I and II of the caput of Article 2.

Article 3. For the purposes of calculating the FAM, as provided in item III of § 1 of Article 2 of this Resolution, the following formula shall be applied:

I - FAMm corresponds to the factor to be applied during the reference month m to the credit operations referred to in item III of § 1 of Article 2 of this Resolution, expressed with six decimal places and mathematical rounding;

II - πm corresponds to the average percentage variation of the National Consumer Price Index (IPCA), calculated and published by the Brazilian Institute of Geography and Statistics (IBGE), referring to the period between the 2nd and 13th months prior to the reference month m, expressed in unit form with four decimal places;

III - IPCAm-n corresponds to the percentage variation of the IPCA, where n represents the period between the 2nd and 13th months prior to the reference month m.

IV - ndu corresponds to the number of business days in the reference month m of the credit operations that use the methodology referred to in item I of the caput of Article 2 until the date of contracting the operation;

V - ndm corresponds to the total number of business days in the reference month m of the credit operations that use the methodology referred to in item I of the caput of Article 2;

Sole paragraph. The calculation of the FAM will consider each business day of the validity of the credit operation, using as a basis the percentage variation of the IPCA, pro rata die, for updates until the last day (inclusive) of each month.

Article 4. For the purposes of calculating the Pre-fixed Interest Rates of TLP (J), as provided in item IX of § 1 of Article 2 of this Resolution, the following formula shall be applied:

I - ak corresponds to the adjustment factor referred to in § 1 of Article 3 of Law No. 13,483, of 2017, and Article 4 of Resolution No. 4,600, of September 25, 2017; and

II -Jm corresponds to the pre-fixed interest rate referred to in Articles 2 and 3 of Resolution No. 4,600, of 2017.

§ 1. For the purposes of calculating the methodology referred to in item I of the caput of Article 2 of this Resolution, the rate “J”, referred to in the caput of this article, stipulated for a specific credit operation, shall be:

I - fixed based on the interest rate “Jm” and the adjustment factor “ak” in effect in the month of contracting the financing operation; and

II - applied uniformly until the due date of the credit operation.

§ 2. For the purposes of calculating the methodology referred to in item II of the caput of Article 2 of this Resolution, the application of the Pre-fixed Interest Rates component shall observe the following:

I - for credit operations contracted between July 1 and December 31, the interest rate “Jm” and the adjustment factor “ak” published on the last business day of June of each year shall be considered; and

II - for credit operations contracted between January 1 and June 30 of the following fiscal year, the interest rate “Jm” and the adjustment factor “ak” published on the last business day of December of each year shall be considered.

§ 3. For the purposes of calculating the charges referred to in item II of the caput of Article 2 of this Resolution, referring to the period from May 2 to December 31, 2022, the interest rate “Jm” and the adjustment factor “ak” published on the last business day of April 2022 shall be considered.

Article 5. For the purposes of calculating the FII, as provided in item IV of § 1 of Article 2 of this Resolution, the following formula shall be applied:

Sole paragraph. The following definitions are used:

I - PRE corresponds to the simple arithmetic mean of the rates calculated on each business day, relating to the 5 (five) year vertices of the term structure of interest rates for fixed-rate National Treasury bonds, Treasury Notes (LTN) and National Treasury Notes, Series F (NTN-F), expressed in annual form, considering the convention of 252 (two hundred and fifty-two) business days, observing the following:

a) the months of February, March, and April shall be considered for the calculation of the FII corresponding to the charges between July 1 and December 31 of the same fiscal year; and

b) the months of August, September, and October shall be considered for the calculation of the FII corresponding to the charges between January 1 and June 30 of the following fiscal year;

II - Jm corresponds to the interest rate, according to item II of the caput of Article 4 of this Resolution.

Article 6. The components FII, BA, FL, CDR, FP, and Pre-fixed Interest Rates of TLP, as referred to, respectively, in items IV, V, VI, VII, VIII, and IX of § 1 of Article 2 of this Resolution, applied to each contract, at the time of contracting the operation, shall remain constant throughout the validity of the non-rural credit operation, and their revision is prohibited, even if there is an increase or decrease in the components.

Article 7. In the event of negative charges due to the negative sign of the inflationary component of the post-fixed rate, operating banks shall charge only the principal value, with no charge being levied in the reference month in which the interest rate is negative.

Article 8. For financing contracted between January 3, 2018, and May 1, 2022, the borrower of non-rural credit operations is permitted to opt to replace the charges contracted in the original credit operation with one of the charge methodologies established in Article 2 of this Resolution.

§ 1. Credit borrowers may request, only once, until December 31, 2022, the change of charges, according to what is established in this Resolution.

§ 2. The new charges will take effect from the first base date subsequent to the formalization by the client with the operating bank, which may be done directly on the bank's electronic site, in a specific link, or in writing, at the customer relationship agency, and retroactivity is not permitted.

Article 9. In the event of deviation in the application of resources, the borrower will lose, without prejudice to the applicable judicial measures, including of an executive nature, all and any benefits, especially those related to the compliance bonus.

Article 10. Based on the methodology set forth in item II of the caput of Article 2 of this Resolution, the Central Bank of Brazil shall disclose the FII component, on the last business days of April and October of each year, for the validity defined in Article 5, sole paragraph, item I.

Sole paragraph. The FII component to be disclosed by the Central Bank of Brazil in April 2022 will have its validity for the purposes of calculating charges referring to the period from May 2, 2022, to December 31, 2022.

Article 11. The “outstanding” operations contracted with resources from the Constitutional Funds in the period between January 3, 2018, and May 1, 2022, continue to be governed by Resolution No. 4,622, of January 2, 2018.

Article 12. This Resolution enters into force on May 2, 2022.

Roberto de Oliveira Campos Neto
President of the Central Bank of Brazil

ANNEX I
Program Factors

Purpose/Program/Sector	Ticker	Program Factor (FP)	Annual Gross Yield or Annual Gross Revenue
National Program of Productive Oriented Microcredit	FP1	1.2	-
Investment, including working capital or associated capital	FP2	0.7	up to R$50 thousand for individuals and up to R$4.8 million for companies
FP3	1.0	from R$50 thousand to R$100 thousand for individuals and from R$4.8 million to R$90 million for companies
FP4	1.5	from R$100 thousand to R$150 thousand for individuals and from R$90 million to R$300 million for companies
FP5	1.8	above R$150 thousand for individuals and above R$300 million for companies
Working capital or capital and commercialization	FP6	1.2	up to R$4.8 million for companies
FP7	1.5	from R$4.8 million to R$90 million for companies
FP8	2.0	from R$90 million to R$300 million for companies
FP9	2.3	for residential condominiums and above R$300 million for companies
Infrastructure projects for water and sewage and logistics	FP10	0.8	-
Infrastructure projects, except for those of FP10	FP11	1.5	-
Investment project in innovation	FP12	0.5	-
FP13	0.9	-

a) FP1, for a credit operation carried out within the National Program of Productive Oriented Microcredit (PNMPO) directed to the financing of natural person entrepreneurs of urban productive activities, as provided in Article 1 of Law No. 13,636, of March 20, 2018;

b) FP2, for an investment operation for individuals with an annual gross income of up to R$50,000.00 (fifty thousand reais), according to the Individual Income Tax Declaration (DIRPF), and for entrepreneurs classified as micro-enterprises or small-sized companies, according to the criteria established in Article 3 of Complementary Law No. 123, of December 14, 2006;

c) FP3, for an investment operation for individuals with an annual gross income above R$50,000.00 (fifty thousand reais) up to R$100,000.00 (one hundred thousand reais), according to DIRPF, and for entrepreneurs not classified as micro-enterprises or small-sized companies, according to the criteria established in Article 3 of Complementary Law No. 123, of 2006, with annual gross revenue of up to R$90,000,000.00 (ninety million reais);

d) FP4, for an investment operation for individuals with an annual gross income above R$100,000.00 (one hundred thousand reais) up to R$150,000.00 (one hundred and fifty thousand reais), according to DIRPF, and for entrepreneurs with annual gross revenue above R$90,000,000.00 (ninety million reais) up to R$300,000,000.00 (three hundred million reais);

e) FP5, for an investment operation for individuals with an annual gross income above R$150,000.00 (one hundred and fifty thousand reais), as informed in the DIRPF, and for entrepreneurs with annual gross revenue above R$300,000,000.00 (three hundred million reais);

f) FP6, for a working capital operation for entrepreneurs classified as micro-enterprises or small-sized companies, according to the criteria established in Article 3 of Complementary Law No. 123, of 2006;

g) FP7, for a working capital operation for entrepreneurs not classified as micro-enterprises or small-sized companies, according to the criteria established in Article 3 of Complementary Law No. 123, of 2006, with annual gross revenue of up to R$90,000,000.00 (ninety million reais);

h) FP8, for a working capital operation for entrepreneurs with annual gross revenue above R$90,000,000.00 (ninety million reais) up to R$300,000,000.00 (three hundred million reais);

i) FP9, for an investment operation when it comes to residential condominiums, exclusively for operations of financing mini and micro-generation of energy, and for a working capital operation for entrepreneurs with annual gross revenue above R$300,000,000.00 (three hundred million reais);

j) FP10, for financing of investment projects in infrastructure for water and sewage and logistics;

k) FP11, for financing of investment projects in infrastructure, except for projects financed by FP10;

l) FP12, for financing of investment projects in innovation up to R$1,000,000.00 (one million reais); and

m) FP13, for financing of investment projects in innovation above R$1,000,000.00 (one million reais).