CMN Resolution No. 4131 — Authorizes Renegotiation of Working Capital and Investment Credit Operations for Non-Integrated Poultry Producers and Amends Resolutions Nos. 4,117, 4,118 and 4,119 of August 2, 2012

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 extraordinary session held on September 5, 2012, based on the provisions of Articles 4, item VI, of Law No. 4,595 of 1964, 4 and 14 of Law No. 4,829 of November 5, 1965, and 5 of Law No. 10,186 of February 12, 2001,

R E S O L V E D:

Art. 1 Financial institutions are authorized to extend to February 15, 2013, the maturity of overdue and future installments between January 1, 2012, and February 14, 2013, of the following operations in a state of compliance as of December 31, 2011, contracted by non-integrated rural poultry producers, or their cooperatives, and destined for poultry production, maintaining the financial charges agreed upon for the normal situation and the same sources of resources:

I - agricultural working capital for the 2011/2012 harvest and livestock working capital for the 2011 and 2012 harvests for poultry, contracted with Mandatory Resources (Rural Credit Manual – MCR 6-2), equalized resources from Rural Savings (MCR 6-4), other resources equalized by the National Treasury, or from the Constitutional Financing Funds;

II - agricultural working capital and livestock working capital for poultry, extended by authorization of the National Monetary Council (CMN), or under the protection of MCR 2-6-9, including those under the National Program for Support to the Medium Rural Producer (Pronamp), the National Program for Strengthening Family Agriculture (Pronaf), the Constitutional Financing Funds, the Program for Generation of Employment and Rural Income (Proger Rural) or Proger Rural Family;

III - investment, contracted with Mandatory Resources (MCR 6-2) or equalized resources from Rural Savings (MCR 6-4), or within the scope of Pronamp, Pronaf, the Constitutional Financing Funds, Proger Rural or Proger Rural Family, including installments extended by CMN authorization or under the protection of MCR 2-6-9;

IV - investment, contracted within the scope of Pronaf, the Special Agricultural Finame Program or with resources transferred by the National Bank for Economic and Social Development (BNDES) and equalized by the National Treasury, from programs coordinated by the Ministry of Agriculture, Livestock and Supply (Mapa), including installments extended by CMN authorization or under the protection of MCR 2-6-9.

Sole Paragraph. For the purposes of the extensions provided for in this article, financial institutions are exempt from the case-by-case analysis of proof of the borrower's inability to pay due to difficulties in marketing poultry, as well as from observing the 8% (eight percent) limit set forth in the caput of MCR 13-1-4 or MCR 10-1-24-“f”, and the requirements contained in MCR 2-6-10-“a”, 13-1-4-“b” and “d” and 10-1-24-“f”-II and IV.

Art. 2 For operations covered under Article 1, where borrowers prove inability to pay due to difficulties in marketing poultry, as assessed by financial institutions, these institutions are authorized to:

I - renegotiate the outstanding balance of the rural credit operations referred to in item I of Article 1, for repayment in up to 5 (five) annual installments, with the first installment due within up to 1 (one) year after the date of formalization of the renegotiation;

II - extend up to 100% (one hundred percent) of the installments of the operations covered under items II and III of Article 1, for up to 1 (one) year after the maturity of the last installment provided in the current repayment schedule;

III - renegotiate, based on the conditions of MCR 13-1-4 or MCR 10-1-24-“f”, as applicable, up to 100% (one hundred percent) of the extended principal installments of the operations covered under item IV of Article 1, by incorporating them into the outstanding balance and redistributing them into the remaining installments, or extending them for up to 12 (twelve) months, after the date provided for the current maturity of the contract, with financial institutions exempt from observing the 8% (eight percent) limit set forth in the caput of MCR 13-1-4 or MCR 10-1-24-“f” and from complying with the requirements contained in MCR 13-1-4-“d” or MCR 10-1-24-“f”-IV.

Sole Paragraph. For the purposes of the renegotiations and extensions provided for in this article, the deadline for formalization is established as March 31, 2013, with financial institutions exempt from complying with the provisions of MCR 2-6-10-“a”.

Art. 3 The final beneficiary who renegotiates or extends debts under the protection of Article 2 is prohibited, until fully paying the installments agreed and renegotiated for payment in 2013, from contracting new rural investment credit operations destined for poultry farming using resources equalized by the National Treasury or resources controlled by rural credit, throughout the National Rural Credit System (SNCR).

Art. 4 Financial institutions must send to the National Treasury Secretariat, by the end of each month, information on the number of operations contracted in the previous month, with the values involved in the renegotiation, by source of resources and financing modality.

Art. 5 Item II of Article 2 of Resolution No. 4,117 of August 2, 2012, shall be effective with the following wording:

“II - renegotiate, based on the conditions of MCR 13-1-4 or MCR 10-1-24-“f”, as applicable, up to 100% (one hundred percent) of the extended principal installments of the operations covered under item III of Article 1, by incorporating them into the outstanding balance and redistributing them into the remaining installments, or extending them for up to 12 (twelve) months, after the date provided for the current maturity of the contract, with financial institutions exempt from observing the 8% (eight percent) limit set forth in the caput of MCR 13-1-4 or MCR 10-1-24-“f” and from complying with the requirements contained in MCR 13-1-4-“d” or MCR 10-1-24-“f”-IV.” (NR)

Art. 6 Item III of Article 2 of Resolution No. 4,118 of August 2, 2012, shall be effective with the following wording:

“III - renegotiate, based on the conditions of MCR 13-1-4 or MCR 10-1-24-“f”, as applicable, up to 100% (one hundred percent) of the extended principal installments of the operations covered under item IV of Article 1, by incorporating them into the outstanding balance and redistributing them into the remaining installments, or extending them for up to 12 (twelve) months, after the date provided for the current maturity of the contract, with financial institutions exempt from observing the 8% (eight percent) limit set forth in the caput of MCR 13-1-4 or MCR 10-1-24-“f” and from complying with the requirements contained in MCR 13-1-4-“d” or MCR 10-1-24-“f”-IV.” (NR)

Art. 7 Item III of Article 2 of Resolution No. 4,119 of August 2, 2012, shall be effective with the following wording:

“III - renegotiate, based on the conditions of MCR 13-1-4 or MCR 10-1-24-“f”, as applicable, up to 100% (one hundred percent) of the extended principal installments of the operations covered under item IV of Article 1, by incorporating them into the outstanding balance and redistributing them into the remaining installments, or extending them for up to 12 (twelve) months, after the date provided for the current maturity of the contract, with financial institutions exempt from observing the 8% (eight percent) limit set forth in the caput of MCR 13-1-4 or MCR 10-1-24-“f” and from complying with the requirements contained in MCR 13-1-4-“d” or MCR 10-1-24-“f”-IV.” (NR)

Art. 8 This Resolution enters into force on the date of its publication.

Alexandre Antonio Tombini
President of the Central Bank of Brazil