RegAlertRule · BCB · 24 Mar 2022 · Resolução CMN 4995
CMN Resolution No. 4,995 — Revises and Consolidates Rules on Credit Limits for Public Sector Operations
Financial institutions and authorized entities must observe a 45% Reference Equity limit for public sector credit operations, calculated permanently and consolidated within prudential conglomerates. They are prohibited from lending to defaulting entities, those with Cadip issues, or accepting public sector guarantees on commercial instruments, except for specific Union-guaranteed or corporate control transfers. Operations with Petrobras and unused contracted limits are exempt. This resolution replaces eleven prior resolutions and entered into force on May 2, 2022.
CMN RESOLUTION NO. 4,995, OF MARCH 24, 2022
Revises and consolidates the rules that provide for the maximum limit for the amount of credit operations with public sector bodies and entities and the annual global credit limit to public sector bodies and entities, to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
The Central Bank of Brazil, in accordance with art. 9 of Law No. 4,595, of December 31, 1964, makes it known that the National Monetary Council, in a session held on March 24, 2022, taking into account the provisions of art. 4, items VI and VIII, of the aforementioned Law, and of arts. 5, 7 and 8 of Decree No. 10,139, of November 28, 2019,
R E S O L V E S:
Art. 1 This Resolution establishes the maximum limit for the amount of credit operations to public sector bodies and entities and the annual global credit limit to public sector bodies and entities, to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
Art. 2 For the purposes of this Resolution, it is understood:
I - by public sector bodies and entities:
a) the direct administration of the Union, states, Federal District and municipalities;
b) the autarchies and foundations established or maintained, directly or indirectly, by the Union, states, Federal District and municipalities;
c) non-financial public companies and mixed-capital companies, their subsidiaries and other companies controlled, directly or indirectly, by the Union, states, Federal District and municipalities, including companies with exclusive objects; and
d) other bodies or entities of the powers of the Union, states, Federal District and municipalities;
II - by credit operation:
a) loans and financing;
b) leasing operations;
c) the definitive acquisition or carried out through committed resale operations of securities issued by the public sector bodies and entities mentioned in item I, letter "c", of this article, excluding the definitive acquisition of shares of mixed-capital companies;
d) the granting of guarantees of any nature; and
e) any and all operations that result, directly or indirectly, in the granting of credit and/or raising of resources of any nature, including the use of financial derivatives.
Art. 3 The institution mentioned in art. 1 must observe the maximum limit of 45% (forty-five percent) of Reference Equity (RE), calculated in accordance with current regulations, for the amount of credit operations to public sector bodies and entities.
§ 1 The compliance with the limit referred to in the main text must occur permanently.
§ 2 The following are not subject to the limit established in the main text:
I - credit operations that are the responsibility of or have formal and full guarantee of the Union;
II - values to be released from contracted credit operations; and
III - contracted credit limits that are not used.
§ 3 The compliance with the limit referred to in the main text must occur in a consolidated manner for institutions that are part of the same prudential conglomerate, in accordance with the Accounting Standard of Institutions Regulated by the Central Bank of Brazil (Cosif).
§ 4 The release of values related to contracted credit operations and the use of contracted credit limits must be managed in such a way as not to result in non-compliance with the limit established in the main text.
Art. 4 The institution mentioned in art. 1 may allocate a portion of RE for exclusive application in credit operations with public sector bodies and entities, which will not be considered for the purposes of the limit referred to in art. 3.
§ 1 The value corresponding to the allocation made in accordance with the main text will be deducted from RE, and the resulting RE will be considered for the calculation of all operational limits, including that provided for in art. 3.
§ 2 The exercise of the option provided for in the main text must be communicated to the Central Bank of Brazil in the manner to be defined by that agency.
§ 3 The outstanding balance of the credit operation mentioned in this article does not integrate the calculation base for the amount of risk-weighted assets (RWA), defined in specific regulation.
Art. 5 For the contracting of new credit operations, in accordance with this Resolution, the institution mentioned in art. 1 must be within the operational limits established by current regulations.
Sole paragraph. The provisions of the main text do not apply to credit operations that are the responsibility of or have formal and full guarantee of the Union and that present linked and identical raising and application structures, with respect to term and interest rate.
Art. 6 Credit operations guaranteed by revenues transferred by the Union by constitutional mandate must observe the maximum effective cost limitation for operations guaranteed by the Union, published by the National Treasury Secretariat of the Ministry of Economy, increased by up to 25% (twenty-five percent).
Art. 7 The institution mentioned in art. 1 is prohibited from:
I - carrying out credit operations with a public sector body or entity that is in default with a financial institution or another institution authorized to operate by the Central Bank of Brazil;
II - contracting new credit operations with a public sector body or entity that has pending issues in the Credit Operations Registration System with the Public Sector (Cadip);
III - receiving, in any modality of credit operations, as main or accessory guarantee, a promissory note, duplicate, bill of exchange or other title of the kind, as well as a letter of credit, aval and surety of direct or indirect responsibility of a public sector body or entity, corresponding to commitments assumed with suppliers, construction contractors or service providers; and
IV - carrying out any type of operation that implies transfer, under any title, of direct or indirect responsibility for the payment of debt to a public sector body or entity, except for operations with Union guarantee.
§ 1 The prohibition provided for in item III of the main text does not apply to operations contracted by a public company or by a mixed-capital company controlled directly or indirectly by the Union, states, Federal District and municipalities, nor to operations formally and exclusively guaranteed by sales or service provision duplicates drawn against the entity mentioned in letter "c" of item I of art. 2 of this Resolution.
§ 2 A public sector body or entity is considered in default if it presents a debt, fully or partially due, for a period exceeding thirty days.
§ 3 The prohibition referred to in item IV of the main text does not apply to corporate control transfer operations of a temporary nature, understood as such control that lasts for a maximum period of 180 days.
§ 4 The prohibition provided for in item IV of the main text does not cover the granting of guarantees by an electricity sector company, at the federal, state, municipal and district levels, to a special purpose company constituted by it, limited to the percentage of its participation in said company, exclusively for investments linked to the Energy Generation and Transmission Program, within the Accelerated Growth Program (PAC).
Art. 8 The annual global limit of new credit operations contracted by the institutions mentioned in art. 1 with public sector bodies and entities will be fixed by the National Monetary Council for each fiscal year.
§ 1 The limit referred to in the main text, specifying the maximum amounts that can be contracted in credit operations with and without Union guarantee, is defined in an Annex to this Resolution.
§ 2 While the limit referred to in the main text is not fixed, only the credit operations listed in art. 9 of this Resolution may be contracted.
§ 3 For the purposes of monitoring and verification regarding compliance with the limit provided for in the main text, the definition of credit operation of item III of art. 29 of Complementary Law No. 101, of May 4, 2000, will apply.
Art. 9 The following credit operations are not included in the global value established in accordance with the provisions of art. 8:
I - contracted with the entities mentioned in letter "c" of item I of art. 2 of this Resolution regarding operations supporting exports;
II - relating to the definitive acquisition or carried out through committed resale operations of securities issued by public sector bodies and entities mentioned in letter "c" of item I of art. 2 of this Resolution; (Amended, effective November 1, 2022, by CMN Resolution No. 5,041, of October 20, 2022.)
III - carried out by a development agency or development bank, provided that they are made with the allocation of a portion of RE, in accordance with art. 4 of this Resolution; (Amended, effective January 1, 2023, by CMN Resolution No. 5,054, of December 15, 2022.)
IV - intended exclusively for the restructuring or recomposition of the principal of contracted debts, within the National Financial System, by a body or entity of a state, Federal District or municipality; (Amended, effective January 1, 2023, by CMN Resolution No. 5,054, of December 15, 2022.)
V - carried out within the scope of a Fiscal Recovery Regime, a Fiscal Equilibrium Promotion Plan, a Restructuring and Fiscal Adjustment Program, and a Fiscal Monitoring and Transparency Program; (Included, effective January 1, 2023, by CMN Resolution No. 5,054, of December 15, 2022.)
VI - contracted with state-owned companies that meet the following requirements: (Included, effective January 1, 2023, by CMN Resolution No. 5,054, of December 15, 2022.)
a) they are not dependent state-owned companies, in accordance with art. 2 of Complementary Law No. 101, of 2000, for at least 10 (ten) years, with the exception also covering their subsidiaries and/or controlled companies; (Included, effective January 1, 2023, by CMN Resolution No. 5,054, of December 15, 2022.)
b) they are listed on B3 S.A. - Brasil, Bolsa, Balcão; and (Included, effective January 1, 2023, by CMN Resolution No. 5,054, of December 15, 2022.)
c) they are assessed with investment grade, at the national level, by a credit rating agency registered with the Securities and Exchange Commission or recognized by that agency. (Included, effective January 1, 2023, by CMN Resolution No. 5,054, of December 15, 2022.)
Sole paragraph. The institution mentioned in art. 1 is responsible for ensuring compliance with the requirements of item VI. (Included, effective January 1, 2023, by CMN Resolution No. 5,054, of December 15, 2022.)
Art. 10. (Revoked, effective January 1, 2023, by CMN Resolution No. 5,054, of December 15, 2022.)
Art. 11. The Cadip is maintained.
Art. 12. The Central Bank of Brazil will publish on its website:
I - information relating to credit operations contracted by bodies and entities mentioned in item I of § 1 of art. 2 that have legal personality of public law; and
II - consolidated information relating to credit operations contracted under this Resolution by public sector bodies and entities that have legal personality of private law.
Art. 13. The provisions of this Resolution do not apply to credit operations carried out with Petróleo Brasileiro S.A. (Petrobras), its subsidiaries and controlled companies. (Amended, effective January 1, 2023, by CMN Resolution No. 5,054, of December 15, 2022.)
Art. 14. The following are revoked:
I - Resolution No. 4,589, of June 29, 2017;
II - Resolution No. 4,610, of November 30, 2017;
III - Resolution No. 4,690, of October 29, 2018;
IV - Resolution No. 4,702, of December 19, 2018;
V - Resolution No. 4,779, of February 20, 2020;
VI - Resolution No. 4,821, of June 1, 2020;
VII - CMN Resolution No. 4,845, of August 24, 2020;
VIII - CMN Resolution No. 4,869, of November 27, 2020;
IX - CMN Resolution No. 4,891, of February 26, 2021;
X - Resolution No. 4,964, of November 25, 2021; and
XI - Resolution No. 4,972, of December 16, 2021.
Sole paragraph. Citations to Resolution No. 4,589, of 2017, shall henceforth refer to this Resolution.
Art. 15. This Resolution enters into force on May 2, 2022.
Roberto de Oliveira Campos Neto
President of the Central Bank of Brazil
ANNEX
Annual limit for contracting credit operations for public sector bodies and entities to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
| Year | Operations with Union guarantee | Operations without Union guarantee | Total |
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For bodies and entities of States, Federal District and Municipalities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For bodies and entities of the Union Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For bodies and entities of States, Federal District and Municipalities, excluding state-owned companies referred to in art. 10 Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in art. 10 Up to R$3,000,000,000.00 | |||
| For bodies and entities of the Union Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For bodies and entities of States, Federal District and Municipalities, excluding state-owned companies referred to in art. 10 Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 Up to R$1,000,000,000.00 | |||
| For bodies and entities of the Union Up to R$625,000,000.00 | |||
| 2023 | Up to R$6,500,000,000.00 | For bodies and entities of States, Federal District and Municipalities, excluding state-owned companies referred to in art. 10 Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 Up to R$1,000,000,000.00 | |||
| For bodies and entities of the Union Up to R$625,000,000.00 | |||
| 2024 | Up to R$ 6,500,000,000.00 | For bodies and entities of States, Federal District and Municipalities, excluding state-owned companies referred to in art. 10 Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 Up to R$1,000,000,000.00 | |||
| For bodies and entities of the Union Up to R$625,000,000.00 |
ANNEX
Annual limit for contracting credit operations for public sector bodies and entities to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
| Year | Operations with Union guarantee | Operations without Union guarantee | Total |
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For bodies and entities of States, Federal District and Municipalities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For bodies and entities of the Union Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For bodies and entities of States, Federal District and Municipalities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$3,000,000,000.00 | |||
| For bodies and entities of the Union Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For bodies and entities of States, Federal District and Municipalities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$1,000,000,000.00 | |||
| For bodies and entities of the Union Up to R$625,000,000.00 | |||
| 2023 | Up to R$3,000,000,000.00 | For bodies and entities of States, Federal District and Municipalities Up to R$7,000,000,000.00 | Up to R$10,625,000,000.00 |
| For bodies and entities of the Union Up to R$625,000,000.00 | |||
| 2024 | Up to R$3,000,000,000.00 | For bodies and entities of States, Federal District and Municipalities Up to R$7,000,000,000.00 | Up to R$10,625,000,000.00 |
| For bodies and entities of the Union Up to R$625,000,000.00 | |||
| 2025 | Up to R$3,000,000,000.00 | For bodies and entities of States, Federal District and Municipalities Up to R$7,000,000,000.00 | Up to R$10,625,000,000.00 |
| For bodies and entities of the Union Up to R$625,000,000.00 |
ANNEX
Annual limit for contracting credit operations for public sector bodies and entities to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
| Year | Operations with Union Guarantee | Operations without Union Guarantee | Total |
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For Union bodies and entities Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal bodies and entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$3,000,000,000.00 | |||
| For Union bodies and entities Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal bodies and entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$1,000,000,000.00 | |||
| For Union bodies and entities Up to R$ 625,000,000.00 | |||
| 2023 | Up to R$3,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$7,000,000,000.00 | Up to R$14,125,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$2,300,000,000.00 | For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$1,200,000,000.00 | ||
| 2024 | Up to R$3,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$7,000,000,000.00 | Up to R$37,425,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$17,200,000,000.00 | For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$9,600,000,000.00 | ||
| 2025 | Up to R$3,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$7,000,000,000.00 | Up to R$10,625,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 |
ANNEX
(Annex with wording given, from 1/6/2023, by Resolution CMN No. 5,073, of 5/18/2023.)
Annual limit for contracting credit operations for public sector bodies and entities to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
| Year | Operations with Union Guarantee | Operations without Union Guarantee | Total |
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For Union bodies and entities Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal bodies and entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$3,000,000,000.00 | |||
| For Union bodies and entities Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal bodies and entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$1,000,000,000.00 | |||
| For Union bodies and entities Up to R$625,000,000.00 | |||
| 2023 | Up to R$6,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$10,000,000,000.00 | Up to R$20,125,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S.A. – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$2,300,000,000.00 | For Eletrobras Termonuclear S.A. – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$1,200,000,000.00 | ||
| 2024 | Up to R$6,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$9,000,000,000.00 | Up to R$42,425,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S.A. – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$17,200,000,000.00 | For Eletrobras Termonuclear S.A. – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$9,600,000,000.00 | ||
| 2025 | Up to R$6,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$9,000,000,000.00 | Up to R$15,625,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 |
ANNEX
(Annex with wording given, from 1/9/2023, by Resolution CMN No. 5,096, of 8/24/2023.)
Annual limit for contracting credit operations for public sector bodies and entities to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
| Year | Operations with Union Guarantee | Operations without Union Guarantee | Total |
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For Union bodies and entities Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal bodies and entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$3,000,000,000.00 | |||
| For Union bodies and entities Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal bodies and entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$1,000,000,000.00 | |||
| For Union bodies and entities Up to R$625,000,000.00 | |||
| 2023 | Up to R$15,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$13,000,000,000.00 | Up to R$32,125,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$2,300,000,000.00 | For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$1,200,000,000.00 | ||
| 2024 | Up to R$6,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$9,000,000,000.00 | Up to R$42,425,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$17,200,000,000.00 | For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$9,600,000,000.00 | ||
| 2025 | Up to R$6,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$9,000,000,000.00 | Up to R$15,625,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 |
ANNEX
(Annex with wording given, from 1/11/2023, by Resolution CMN No. 5,106, of 10/26/2023.)
Annual limit for contracting credit operations for public sector bodies and entities to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
| Year | Operations with Union Guarantee | Operations without Union Guarantee | Total |
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For Union bodies and entities Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal bodies and entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$3,000,000,000.00 | |||
| For Union bodies and entities Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal bodies and entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$1,000,000,000.00 | |||
| For Union bodies and entities Up to R$625,000,000.00 | |||
| 2023 | Up to R$15,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$18,000,000,000.00 | Up to R$37,125,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$2,300,000,000.00 | For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$1,200,000,000.00 | ||
| 2024 | Up to R$6,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$9,000,000,000.00 | Up to R$42,425,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$17,200,000,000.00 | For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$9,600,000,000.00 | ||
| 2025 | Up to R$6,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$9,000,000,000.00 | Up to R$15,625,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 |
ANNEX
(Annex with wording given, from 1/3/2024, by Resolution CMN No. 5,115, of 1/25/2024.)
Annual limit for contracting credit operations for public sector bodies and entities to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
| Year | Operations with Union Guarantee | Operations without Union Guarantee | Total |
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For Union bodies and entities Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal bodies and entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$3,000,000,000.00 | |||
| For Union bodies and entities Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal bodies and entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$1,000,000,000.00 | |||
| For Union bodies and entities Up to R$625,000,000.00 | |||
| 2023 | Up to R$15,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$18,000,000,000.00 | Up to R$37,125,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A (ENBPar), exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$2,300,000,000.00 | For Eletrobras Termonuclear S/A (Eletronuclear), exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$1,200,000,000.00 | ||
| 2024 | Up to R$10,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$7,000,000,000.00 | Up to R$31,075,651,683.00 |
| For operations included under the New PAC Up to R$5,000,000,000.00 | For operations included under the New PAC Up to R$2,000,000,000.00 | ||
| For contracts under Public-Private Partnerships (PPPs) Up to R$2,000,000,000.00 | For Union bodies and entities Up to R$625,000,000.00 | ||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A (ENBPar) Up to R$1,736,839,681.00 | For Eletrobras Termonuclear S/A (Eletronuclear) Up to R$2,713,812,002.00 | ||
| 2025 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$6,000,000,000.00 | Up to R$15,625,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 | |||
| 2026 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$6,000,000,000.00 | Up to R$15,625,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 |
ANNEX
(Annex with wording given, from 1/10/2024, by Resolution CMN No. 5,176, of 9/26/2024.)
Annual limit for contracting credit operations for public sector bodies and entities to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil
| Year | Operations with Union Guarantee | Operations without Union Guarantee | Total |
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For Union bodies and entities Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal bodies and entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$3,000,000,000.00 | |||
| For Union bodies and entities Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal bodies and entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$1,000,000,000.00 | |||
| For Union bodies and entities Up to R$625,000,000.00 | |||
| 2023 | Up to R$15,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$18,000,000,000.00 | Up to R$37,125,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$2,300,000,000.00 | For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$1,200,000,000.00 | ||
| 2024 | Up to R$16,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$7,000,000,000.00 | Up to R$31,075,651,683.00 |
| For operations included under the New PAC Up to R$2,000,000,000.00 | For operations included under the New PAC Up to R$500,000,000.00 | ||
| For contracts under Public-Private Partnerships – PPPs Up to R$500,000,000.00 | For Union bodies and entities Up to R$625,000,000.00 | ||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar Up to R$1,736,839,681.00 | For Eletrobras Termonuclear S/A – Eletronuclear Up to R$2,713,812,002.00 | ||
| 2025 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$6,000,000,000.00 | Up to R$15,625,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 | |||
| 2026 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal bodies and entities Up to R$6,000,000,000.00 | Up to R$15,625,000,000.00 |
| For Union bodies and entities Up to R$625,000,000.00 |
ANNEX
(Annex with wording given, from 12/23/2024, by Resolution CMN No. 5,191, of 12/19/2024.)
Annual limit for contracting credit operations for public sector bodies and entities to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil
| Year | Operations with Federal Guarantee | Operations without Federal Guarantee | Total |
|---|---|---|---|
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For Federal entities Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$3,000,000,000.00 | |||
| For Federal entities Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$1,000,000,000.00 | |||
| For Federal entities Up to R$625,000,000.00 | |||
| 2023 | Up to R$15,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$18,000,000,000.00 | Up to R$37,125,000,000.00 |
| For Federal entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Plant Up to R$2,300,000,000.00 | For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Plant Up to R$1,200,000,000.00 | ||
| 2024 | Up to R$17,500,000,000.00 | For State, Federal District, and Municipal entities Up to R$7,000,000,000.00 | Up to R$31,075,651,683.00 |
| For operations included in the scope of the New PAC Up to R$500,000,000.00 | For operations included in the scope of the New PAC Up to R$500,000,000.00 | ||
| For contracts within the scope of Public-Private Partnerships – PPPs Up to R$500,000,000.00 | For Federal entities Up to R$625,000,000.00 | ||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar Up to R$1,736,839,681.00 | For Eletrobras Termonuclear S/A – Eletronuclear Up to R$2,713,812,002.00 | ||
| 2025 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$6,000,000,000.00 | Up to R$15,625,000,000.00 |
| For Federal entities Up to R$625,000,000.00 | |||
| 2026 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$6,000,000,000.00 | Up to R$15,625,000,000.00 |
| For Federal entities Up to R$625,000,000.00 |
ANNEX
(Annex with wording given, from 3/17/2024, by Resolution CMN No. 5,201, of 2/27/2025.)
Annual limit for contracting credit operations for public sector entities to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil
| Year | Operations with Federal Guarantee | Operations without Federal Guarantee | Total |
|---|---|---|---|
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For Federal entities Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$3,000,000,000.00 | |||
| For Federal entities Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$1,000,000,000.00 | |||
| For Federal entities Up to R$625,000,000.00 | |||
| 2023 | Up to R$15,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$18,000,000,000.00 | Up to R$37,125,000,000.00 |
| For Federal entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Plant Up to R$2,300,000,000.00 | For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Plant Up to R$1,200,000,000.00 | ||
| 2024 | Up to R$17,500,000,000.00 | For State, Federal District, and Municipal entities Up to R$7,000,000,000.00 | Up to R$31,075,651,683.00 |
| For operations included in the scope of the New PAC Up to R$500,000,000.00 | For operations included in the scope of the New PAC Up to R$500,000,000.00 | ||
| For contracts within the scope of Public-Private Partnerships – PPPs Up to R$500,000,000.00 | For Federal entities Up to R$625,000,000.00 | ||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar Up to R$1,736,839,681.00 | For Eletrobras Termonuclear S/A – Eletronuclear Up to R$2,713,812,002.00 | ||
| 2025 | Up to R$5,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$4,000,000,000.00 | Up to R$21,425,651,683.00 |
| For operations included in the scope of the New PAC Up to R$3,000,000,000.00 | For operations included in the scope of the New PAC Up to R$2,000,000,000.00 | ||
| For contracts within the scope of Public-Private Partnerships – PPPs Up to R$1,000,000,000.00 | For Federal entities Up to R$2,425,000,000.00 | ||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar Up to R$1,736,839,681.00 | For Eletrobras Termonuclear S/A – Eletronuclear Up to R$2,263,812,002.00 | ||
| 2026 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$6,000,000,000.00 | Up to R$15,625,000,000.00 |
| For Federal entities Up to R$625,000,000.00 |
ANNEX
(Annex with wording given, from 7/2/2025, by Resolution CMN No. 5,233, of 7/1/2025.)
Annual limit for contracting credit operations for public sector entities to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
| Year | Operations with Federal Guarantee | Operations without Federal Guarantee | Total |
|---|---|---|---|
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For Federal entities Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$3,000,000,000.00 | |||
| For Federal entities Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$1,000,000,000.00 | |||
| For Federal entities Up to R$625,000,000.00 | |||
| 2023 | Up to R$15,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$18,000,000,000.00 | Up to R$37,125,000,000.00 |
| For Federal entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Plant Up to R$2,300,000,000.00 | For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Plant Up to R$1,200,000,000.00 | ||
| 2024 | Up to R$17,500,000,000.00 | For State, Federal District, and Municipal entities Up to R$7,000,000,000.00 | Up to R$31,075,651,683.00 |
| For operations included in the scope of the New Growth Acceleration Program – PAC Up to R$500,000,000.00 | For operations included in the scope of the New PAC Up to R$500,000,000.00 | ||
| For contracts within the scope of Public-Private Partnerships – PPPs Up to R$500,000,000.00 | For Federal entities Up to R$625,000,000.00 | ||
| For ENBPar Up to R$1,736,839,681.00 | For Eletronuclear Up to R$2,713,812,002.00 | ||
| 2025 | Up to R$7,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$4,000,000,000.00 | Up to R$21,425,651,683.00 |
| For operations included in the scope of the New PAC Up to R$1,500,000,000.00 | For operations included in the scope of the New PAC Up to R$2,000,000,000.00 | ||
| For contracts within the scope of PPPs Up to R$500,000,000.00 | For Federal entities Up to R$2,425,000,000.00 | ||
| For ENBPar Up to R$1,736,839,681.00 | For Eletronuclear Up to R$2,263,812,002.00 | ||
| 2026 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$6,000,000,000.00 | Up to R$15,625,000,000.00 |
| For Federal entities Up to R$625,000,000.00 |
ANNEX
(Annex with wording given by Resolution CMN No. 5,241, of 8/22/2025.)
Annual limit for contracting credit operations for public sector entities to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
| Year | Operations with Federal Guarantee | Operations without Federal Guarantee | Total |
|---|---|---|---|
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For Federal entities Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$3,000,000,000.00 | |||
| For Federal entities Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$1,000,000,000.00 | |||
| For Federal entities Up to R$625,000,000.00 | |||
| 2023 | Up to R$15,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$18,000,000,000.00 | Up to R$37,125,000,000.00 |
| For Federal entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Plant Up to R$2,300,000,000.00 | For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Plant Up to R$1,200,000,000.00 | ||
| 2024 | Up to R$17,500,000,000.00 | For State, Federal District, and Municipal entities Up to R$7,000,000,000.00 | Up to R$31,075,651,683.00 |
| For operations included in the scope of the New Growth Acceleration Program – PAC Up to R$500,000,000.00 | For operations included in the scope of the New PAC Up to R$500,000,000.00 | ||
| For contracts within the scope of Public-Private Partnerships – PPPs Up to R$500,000,000.00 | For Federal entities Up to R$625,000,000.00 | ||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar Up to R$1,736,839,681.00 | For Eletrobras Termonuclear S/A – Eletronuclear Up to R$2,713,812,002.00 | ||
| 2025 | Up to R$7,300,000,000.00 | For State, Federal District, and Municipal entities Up to R$4,100,000,000.00 | Up to R$21,425,651,683.00 |
| For operations included in the scope of the New PAC Up to R$2,500,000,000.00 | For operations included in the scope of the New PAC Up to R$1,000,000,000.00 | ||
| For contracts within the scope of Public-Private Partnerships – PPPs Up to R$100,000,000.00 | For Federal entities Up to R$2,425,000,000.00 | ||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar Up to R$1,736,839,681.00 | For Eletrobras Termonuclear S/A – Eletronuclear Up to R$2,263,812,002.00 | ||
| 2026 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$6,000,000,000.00 | Up to R$15,625,000,000.00 |
| For Federal entities Up to R$625,000,000.00 |
ANNEX
(Annex with wording given, from 9/26/2025, by Resolution CMN No. 5,249, of 9/19/2025.)
Annual limit for contracting credit operations for public sector entities to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
| Year | Operations with Federal Guarantee | Operations without Federal Guarantee | Total |
|---|---|---|---|
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For Federal entities Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$3,000,000,000.00 | |||
| For Federal entities Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For State, Federal District, and Municipal entities, excluding state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in art. 10 (article revoked on January 1, 2023) Up to R$1,000,000,000.00 | |||
| For Federal entities Up to R$625,000,000.00 | |||
| 2023 | Up to R$15,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$18,000,000,000.00 | Up to R$37,125,000,000.00 |
| For Federal entities Up to R$625,000,000.00 | |||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Plant Up to R$2,300,000,000.00 | For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Plant Up to R$1,200,000,000.00 | ||
| 2024 | Up to R$17,500,000,000.00 | For State, Federal District, and Municipal entities Up to R$7,000,000,000.00 | Up to R$31,075,651,683.00 |
| For operations included in the scope of the New Growth Acceleration Program – PAC Up to R$500,000,000.00 | For operations included in the scope of the New PAC Up to R$500,000,000.00 | ||
| For contracts within the scope of Public-Private Partnerships – PPPs Up to R$500,000,000.00 | For Federal entities Up to R$625,000,000.00 | ||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar Up to R$1,736,839,681.00 | For Eletrobras Termonuclear S/A – Eletronuclear Up to R$2,713,812,002.00 | ||
| 2025 | Up to R$9,500,000,000.00 | For State, Federal District, and Municipal entities Up to R$4,300,000,000.00 | Up to R$24,425,651,683.00 |
| For operations included in the scope of the New PAC Up to R$2,700,000,000.00 | For operations included in the scope of the New PAC Up to R$1,400,000,000.00 | ||
| For contracts within the scope of Public-Private Partnerships – PPPs Up to R$100,000,000.00 | For Federal entities Up to R$2,425,000,000.00 | ||
| For Empresa Brasileira de Participações em Energia Nuclear e Binacional S/A – ENBPar Up to R$1,736,839,681.00 | For Eletrobras Termonuclear S/A – Eletronuclear Up to R$2,263,812,002.00 | ||
| 2026 | Up to R$9,000,000,000.00 | For State, Federal District, and Municipal entities Up to R$6,000,000,000.00 | Up to R$15,625,000,000.00 |
| For Federal entities Up to R$625,000,000.00 |
ANNEX
(Annex with wording given by Resolution CMN No. 5,264, of 11/27/2025.)
Annual limit for contracting credit operations for public sector entities to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
ANNEX
(Annex with wording given by Resolution CMN No. 5,271, of 12/18/2025.)
Annual limit for contracting credit operations for public sector entities to be observed by financial institutions and other entities authorized to operate by the Central Bank of Brazil.
ANNEX
(Annex with wording given by Resolution CMN No. 5,282, of 2/26/2026.)
Annual limit for contracting credit operations for public sector entities to be observed by financial institutions and other entities authorized to operate by the Central Bank of Brazil.
ANNEX
(Annex with wording given by Resolution CMN No. 5,302, of 5/5/2026.)
Annual limit for contracting credit operations for public sector entities to be observed by financial institutions and other entities authorized to operate by the Central Bank of Brazil.
ANNEX
(Annex with wording given by Resolution CMN No. 5,310, of 6/25/2026.)
Annual limit for contracting credit operations for public sector entities to be observed by financial institutions and other entities authorized to operate by the Central Bank of Brazil.
ANNEX
(Annex with wording given by Resolution CMN No. 5,339, of 8/27/2026.)
Annual limit for contracting credit operations for public sector entities to be observed by financial institutions and other entities authorized to operate by the Central Bank of Brazil.
| Year | Operations with Federal Government Guarantee | Operations without Federal Government Guarantee | Total |
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For state, Federal District, and municipal entities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For federal entities Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For state, Federal District, and municipal entities, excluding state-owned companies referred to in Art. 10 (revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in Art. 10 (revoked on January 1, 2023) Up to R$3,000,000,000.00 | |||
| For federal entities Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For state, Federal District, and municipal entities, excluding state-owned companies referred to in Art. 10 (revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in Art. 10 (revoked on January 1, 2023) Up to R$1,000,000,000.00 | |||
| For federal entities Up to R$625,000,000.00 | |||
| 2023 | Up to R$15,000,000,000.00 | For state, Federal District, and municipal entities Up to R$18,000,000,000.00 | Up to R$37,125,000,000.00 |
| For federal entities Up to R$625,000,000.00 | |||
| For Brazilian Company for Participation in Nuclear and Binuclear Energy S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$2,300,000,000.00 | For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$1,200,000,000.00 | ||
| 2024 | Up to R$17,500,000,000.00 | For state, Federal District, and municipal entities Up to R$7,000,000,000.00 | Up to R$31,075,651,683.00 |
| For operations included within the scope of the New Growth Acceleration Program – PAC Up to R$500,000,000.00 | For operations included within the scope of the New PAC Up to R$500,000,000.00 | ||
| For contracts within the scope of Public-Private Partnerships – PPPs Up to R$500,000,000.00 | For federal entities Up to R$625,000,000.00 | ||
| For Brazilian Company for Participation in Nuclear and Binuclear Energy S/A – ENBPar Up to R$1,736,839,681.00 | For Eletrobras Termonuclear S/A – Eletronuclear Up to R$2,713,812,002.00 | ||
| 2025 | Up to R$12,100,000,000.00 | For state, Federal District, and municipal entities Up to R$6,000,000,000.00 | Up to R$39,425,651,683.00 |
| For Brazilian Postal and Telegraph Company – Correios Up to R$12,000,000,000.00 | |||
| For operations included within the scope of the New PAC Up to R$2,900,000,000.00 | |||
| For Brazilian Company for Participation in Nuclear and Binuclear Energy S/A – ENBPar Up to R$1,736,839,681.00 | For federal entities Up to R$2,425,000,000.00 | ||
| For Eletrobras Termonuclear S/A – Eletronuclear Up to R$2,263,812,002.00 | |||
| 2026 | Up to R$8,500,000,000.00 | For state, Federal District, and municipal entities Up to R$6,500,000,000.00 | Up to R$28,625,000,000.00 |
| For operations included within the scope of the New PAC Up to R$2,800,000,000.00 | For operations included within the scope of the New PAC Up to R$2,200,000,000.00 | ||
| For Brazilian Postal and Telegraph Company – Correios Up to R$8,000,000,000.00 | For federal entities Up to R$625,000,000.00 |
ANNEX
(Annex with wording given by Resolution CMN No. 5,342, of 14/9/2026.)
(Annex to Resolution CMN No. 4,995, of March 24, 2022)
Annual limit for contracting credit operations for the organs and entities of the public sector to be observed by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.
| Year | Operations with Federal Government Guarantee | Operations without Federal Government Guarantee | Total |
| 2018 | Up to R$13,000,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,000,000,000.00 |
| 2019 | Up to R$13,500,000,000.00 | Up to R$11,000,000,000.00 | Up to R$24,500,000,000.00 |
| 2020 | Up to R$9,000,000,000.00 | For state, Federal District, and municipal entities Up to R$11,000,000,000.00 | Up to R$20,400,000,000.00 |
| For federal entities Up to R$400,000,000.00 | |||
| 2021 | Up to R$6,500,000,000.00 | For state, Federal District, and municipal entities, excluding state-owned companies referred to in Art. 10 (revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$20,500,000,000.00 |
| For state-owned companies referred to in Art. 10 (revoked on January 1, 2023) Up to R$3,000,000,000.00 | |||
| For federal entities Up to R$500,000,000.00 | |||
| 2022 | Up to R$6,500,000,000.00 | For state, Federal District, and municipal entities, excluding state-owned companies referred to in Art. 10 (revoked on January 1, 2023) Up to R$10,500,000,000.00 | Up to R$18,625,000,000.00 |
| For state-owned companies referred to in Art. 10 (revoked on January 1, 2023) Up to R$1,000,000,000.00 | |||
| For federal entities Up to R$625,000,000.00 | |||
| 2023 | Up to R$15,000,000,000.00 | For state, Federal District, and municipal entities Up to R$18,000,000,000.00 | Up to R$37,125,000,000.00 |
| For federal entities Up to R$625,000,000.00 | |||
| For Brazilian Company for Participation in Nuclear and Binuclear Energy S/A – ENBPar, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$2,300,000,000.00 | For Eletrobras Termonuclear S/A – Eletronuclear, exclusively for the implementation of the Angra 3 Nuclear Power Plant Up to R$1,200,000,000.00 | ||
| 2024 | Up to R$17,500,000,000.00 | For state, Federal District, and municipal entities Up to R$7,000,000,000.00 | Up to R$31,075,651,683.00 |
| For operations included within the scope of the New Growth Acceleration Program – PAC Up to R$500,000,000.00 | For operations included within the scope of the New PAC Up to R$500,000,000.00 | ||
| For contracts within the scope of Public-Private Partnerships – PPPs Up to R$500,000,000.00 | For federal entities Up to R$625,000,000.00 | ||
| For Brazilian Company for Participation in Nuclear and Binuclear Energy S/A – ENBPar Up to R$1,736,839,681.00 | For Eletrobras Termonuclear S/A – Eletronuclear Up to R$2,713,812,002.00 | ||
| 2025 | Up to R$12,100,000,000.00 | For state, Federal District, and municipal entities Up to R$6,000,000,000.00 | Up to R$39,425,651,683.00 |
| For Brazilian Postal and Telegraph Company – Correios Up to R$12,000,000,000.00 | |||
| For operations included within the scope of the New PAC Up to R$2,900,000,000.00 | |||
| For Brazilian Company for Participation in Nuclear and Binuclear Energy S/A – ENBPar Up to R$1,736,839,681.00 | For federal entities Up to R$2,425,000,000.00 | ||
| For Eletrobras Termonuclear S/A – Eletronuclear Up to R$2,263,812,002.00 | |||
| 2026 | Up to R$8,500,000,000.00 | For state, Federal District, and municipal entities Up to R$6,500,000,000.00 | Up to R$28,625,000,000.00 |
| For operations included within the scope of the New PAC Up to R$2,800,000,000.00 | For operations included within the scope of the New PAC Up to R$2,200,000,000.00 | ||
| For Brazilian Postal and Telegraph Company – Correios Up to R$8,000,000,000.00 | For federal entities Up to R$625,000,000.00 |
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- Obligation 22
- Permission 13
- Definition / condition 521
- background, boilerplate
Lineage: Amended
A newer document in RegAlert amends this one; it applies as amended.
The links and the sentences they come from (36)
- Supersedes
“Resolution No. 4,972, of December 16, 2021”
“Resolution No. 4,964, of November 25, 2021”
“CMN Resolution No. 4,891, of February 26, 2021”
“CMN Resolution No. 4,869, of November 27, 2020”
“CMN Resolution No. 4,845, of August 24, 2020”
“Resolution No. 4,821, of June 1, 2020”
+5 more
“Resolution No. 4,702, of December 19, 2018”
“Resolution No. 4,690, of October 29, 2018”
“Resolution No. 4,610, of November 30, 2017”
“Resolution No. 4,589, of June 29, 2017”
- Resolution No. 4779 dated 2020-02-20Not in RegAlert
“Resolution No. 4,779, of February 20, 2020”
- Amended by
“The annex to CMN Resolution No. 4.995, of March 24, 2022, published in the Official Gazette of the Union of March 28, 2022, shall come into force with the amendments set forth in the annex to this Resolution.”
“Amends the annex to CMN Resolution No. 4995, of March 24, 2022.”
- CMN Resolution No. 5,339 — Amends the Annex to CMN Resolution No. 4,995, of March 24, 20222026 · BCB
“The annex to CMN Resolution No. 4,995, of March 24, 2022, published in the Official Gazette of the Union on March 28, 2022, shall come into force with the amendments contained in the annex to this Resolution.”
“The annex to Resolution CMN No. 4,995 of March 24, 2022, published in the Official Gazette of the Union on March 28, 2022, shall be in effect with the alterations contained in the annex to this Resolution.”
- CMN Resolution No. 5,302 — Amending the Annex to CMN Resolution No. 4,995 of March 24, 20222026 · BCB
“Amends the annex to CMN Resolution No. 4,995, of March 24, 2022.”
“Amends the annex to CMN Resolution No. 4,995, of March 24, 2022.”
+13 more
“modifying the annex to CMN Resolution No. 4,995, of March 24, 2022.”
“modifying the annex to CMN Resolution No. 4,995, of March 24, 2022.”
“The Annex to CMN Resolution No. 4,995, of March 24, 2022, published in the Official Gazette of the Union on March 28, 2022, shall enter into force with the alterations contained in the annex to this Resolution.”
“The Annex to CMN Resolution No. 4,995, of March 24, 2022, published in the Official Gazette of the Union on March 28, 2022, shall enter into force with the alterations contained in the annex to this Resolution.”
“Proposes reallocation of the authorized sub-limits for contracting credit operations with the organs and entities of the public sector for the fiscal year 2025, by modifying the Annex to CMN Resolution No. 4,995, of March 24, 2022.”
“Proposes to alter the global annual limits authorized for contracting credit operations with the organs and entities of the public sector for 2025 and 2026, by modifying the Annex to Resolution CMN No. 4,995, of March 24, 2022.”
“Proposes to reallocate the authorized sublimits for contracting credit operations with public sector bodies and entities for the 2024 fiscal year, by modifying the Annex to CMN Resolution No. 4,995, of March 24, 2022.”
“Amends the annual global limits authorized for contracting credit operations with the organs and entities of the public sector for the triennium 2024-2026, by modifying the Annex to Resolution CMN No. 4,995, of March 24, 2022.”
“The Annex to CMN Resolution No. 4,995, of March 24, 2022, shall be in effect with the alterations contained in the Annex to this Resolution.”
“The Annex to CMN Resolution No. 4,995, of March 24, 2022, shall be in effect with the alterations contained in the annex to this Resolution.”
“The Annex to CMN Resolution No. 4,995 of March 24, 2022, shall be in effect with the alterations contained in the annex to this Resolution.”
“The Annex to Resolution CMN No. 4,995, of March 24, 2022, shall enter into force with the alterations contained in the annex to this Resolution.”
“Amends Resolution CMN No. 4,995, of March 24, 2022, which revises and consolidates the rules regarding the maximum limit for the amount of credit operations with public sector bodies and entities”
- Issued under
“in accordance with art. 9 of Law No. 4,595, of December 31, 1964”
- Basis for
“considering the provisions of CMN Resolutions Nos. 4,995 of March 24, 2022”
“having in view the provisions of CMN Resolutions Nos. ... 4,995, of March 24, 2022”
“in view of the provisions of CMN Resolutions No. 4,995, of March 24, 2022”
“4,995, of March 24, 2022, and of BCB Resolution No. 196”
“in accordance with Art. 7 of CMN Resolution No. 4,995, of March 24, 2022.”
Mentions (5): 1 document this one mentions and 4 documents that mention it, without changing it
- Refers to
“definition of credit operation of item III of art. 29 of Complementary Law No. 101, of May 4, 2000”
- Referred to by
“provisions of CMN Resolutions Nos. 4,995, of March 24, 2022”
“having in view the provisions of CMN Resolutions Nos. 4,995, of March 24, 2022”
“and 4,995 of March 24, 2022”
“Resolution CMN No. 4,995, of March 24, 2022”
Timeline
Amended 19 times · last 2026-10-29
- 2026-10-29
BCBCMN Resolution No. 5.344: Amends the Annex to CMN Resolution No. 4.995 of March 24, 2022amends
- 2026-09-14
- 2026-08-27
- 2026-06-25
- 2026-05-05
This document supersedes: Resolution CMN No. 4972 — Defines Annual Global Limit for Credit Operations with Public Sector Entities for 2022, 2023, and 2024, CMN Resolution No. 4,964 — Amends Resolution No. 4,589 to clarify the 45% Reference Equity limit, set a cost cap for Union-guaranteed credit, and create a sub-limit for state-owned enterprises, CMN Resolution No. 4,891 of February 26, 2021, CMN Resolution No. 4869 — Amends the annual global limit for credit operations with public sector entities in 2020, CMN Resolution No. 4845 of August 24, 2020, CMN Resolution No. 4821 - Amends the Annual Global Limit for Credit Operations with Public Sector Entities in 2020, Resolution CMN No. 4702 — Defines annual global limit for credit operations with public sector entities in 2019, CMN Resolution No. 4690 — Proposes amendments to limits for contracting internal credit operations with and without Union guarantee with public sector entities in 2018, CMN Resolution No. 4610 - Defines Annual Global Limit for Credit Operations with Public Sector Entities in 2018, CMN Resolution No. 4589 - Defines exposure limit and annual global credit limit for public sector entities
What changed in the obligations
Against CMN Resolution No. 4589 - Defines exposure limit and annual global credit limit for public sector entities (2017-06-29)
11 new obligations · 1 change of scope · 1 change of who is bound
20 obligations are the same in both texts.
Changed (2)
- Who is bound
- Before
- Art. 3. For the purpose of carrying out new credit operations, in accordance with this Resolution, financial institutions and other institutions authorized to operate by the Central Bank of Brazil must be within the operational limits established by current regulations.
- Now
- Art. 5 For the contracting of new credit operations, in accordance with this Resolution, the institution mentioned in art. 1 must be within the operational limits established by current regulations.
- Scope
- Before
- § 2. The credit operations of responsibility or that have formal and integral guarantee of the Union are not subject to the limit established in the main text.
- Now
- The provisions of the main text do not apply to credit operations that are the responsibility of or have formal and full guarantee of the Union and that present linked and identical raising and application structures, with respect to term and interest rate.
New in this text (11)
- § 1 The compliance with the limit referred to in the main text must occur permanently.
- II - values to be released from contracted credit operations; and
- § 4 The release of values related to contracted credit operations and the use of contracted credit limits must be managed in such a way as not to result in non-compliance with the limit established in the main text.
- Art. 6 Credit operations guaranteed by revenues transferred by the Union by constitutional mandate must observe the maximum effective cost limitation for operations guaranteed by the Union, published by the National Treasury Secretariat of the Ministry of Economy, increased by up to 25% (twenty-five percent).
- § 2 While the limit referred to in the main text is not fixed, only the credit operations listed in art. 9 of this Resolution may be contracted.
- Art. 9 The following credit operations are not included in the global value established in accordance with the provisions of art. 8: III - carried out by a development agency or development bank, provided that they are made with the allocation of a portion of RE, in accordance with art. 4 of this Resolution; [(Amended, effective January 1, 2023, by CMN Resolution No. 5,054, of December 15, 2022.)…
- Art. 9 The following credit operations are not included in the global value established in accordance with the provisions of art. 8: IV - intended exclusively for the restructuring or recomposition of the principal of contracted debts, within the National Financial System, by a body or entity of a state, Federal District or municipality; [(Amended, effective January 1, 2023, by CMN Resolution No.…
- Art. 9 The following credit operations are not included in the global value established in accordance with the provisions of art. 8: V - carried out within the scope of a Fiscal Recovery Regime, a Fiscal Equilibrium Promotion Plan, a Restructuring and Fiscal Adjustment Program, and a Fiscal Monitoring and Transparency Program; [(Included, effective January 1, 2023, by CMN Resolution No. 5,054, of…
- Art. 9 The following credit operations are not included in the global value established in accordance with the provisions of art. 8: VI - contracted with state-owned companies that meet the following requirements: [(Included, effective January 1, 2023, by CMN Resolution No. 5,054, of December 15, 2022.)](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20CMN&n…
- The institution mentioned in art. 1 is responsible for ensuring compliance with the requirements of item VI.
- Art. 11. The Cadip is maintained.
“Not carried over” means the sentence has no counterpart in this text; the rule can still be in force in another text.
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