CMN Resolution No. 4312 — Amends Resolutions Nos. 4222 and 4284 Regarding Credit Guarantee Funds

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 a session held on February 20, 2014, based on Articles 3, item VI, and 4, item VIII, of Law No. 4,595 of 1964, Article 69 of Law No. 7,357 of September 2, 1985, and Article 7 of Decree-Law No. 2,291 of November 21, 1986, and taking into account the provisions of § 1 of Article 28 of Complementary Law No. 101 of May 4, 2000, and § 1, item XIII, of Article 1 of Complementary Law No. 105 of January 10, 2001,

R E S O L V E S:

Art. 1. Sections 1 and 5 and item II of § 8 of Article 3, items I and II of Article 4, the main text of Article 5, and § 1 of Article 6 of Resolution No. 4,222 of May 23, 2013, shall henceforth read as follows:

“Art. 3. ........................................................

..................................................................

§ 1. The contribution referred to in the main text of this article is 0.02497% per month (two thousand four hundred and ninety-seven ten-thousandths of one percent per month):

I - for DPGE in which the FGC accepts fiduciary cession of receivables from credit operations and financial leasing originated by the issuing institution;

II - for the stock of DPGE referred to in items I and II of the main text of this article for which the FGC accepts fiduciary cession of receivables from credit operations and financial leasing originated by the issuing institution.

..................................................................

§ 5. The maximum term for the fundraising referred to in § 4 may be limited by the FGC to adjust it to the maturity structure of the receivables from credit operations and financial leasing given in fiduciary cession.

..................................................................

§ 8. ............................................................

..................................................................

II - the fundraising of new DPGE without fiduciary cession in favor of the FGC:

a) from the first fundraising of DPGE referred to in item I of § 1;

b) from the adoption of the prerogative referred to in item II of § 1.

............................................................” (NR)

“Art. 4. ........................................................

I - for the balance of deposits originally raised without fiduciary cession, including those subject to the prerogative referred to in item II of § 1 of Article 3, by a depository institution associated with the FGC, the greater of the following values:

..................................................................

II - for the balance of deposits raised with fiduciary cession, the following multiples of the value corresponding to PR, Level I, calculated on the base date of December 31 of the previous year, updated monthly by the Selic Rate:

............................................................” (NR)

“Art. 5. The limit for fundraising of special guaranteed time deposits with the FGC without fiduciary cession must be reduced according to the following schedule:

............................................................” (NR)

“Art. 6. ........................................................

..................................................................

§ 1. The Central Bank of Brazil is authorized to establish:

I - the accounts that must serve as the basis for calculating contributions;

II - the procedures to be observed by associated institutions regarding the provision and disclosure of information about credits guaranteed by the Fund.

............................................................” (NR)

Art. 2. Article 3 of Resolution No. 4,222 of 2013 is amended by adding § 11, with the following wording:

“Art. 3. ........................................................

..................................................................

§ 11. DPGE for which the prerogative referred to in item II of § 1 is adopted will continue to be computed for the purposes of determining the excess balances referred to in item II of this article.” (NR)

Art. 3. Item IV and the sole paragraph of Article 3 of Resolution No. 4,284 of November 5, 2013, shall henceforth read as follows:

“Art. 3. ........................................................

..................................................................

IV - the collection of contributions and the increase calculated in accordance with item III must be processed, preferably, within the Brazilian Payments System (SPB), through the Reserve Transfer System (STR).

Sole Paragraph. The Central Bank of Brazil is authorized to establish:

I - the accounts that must serve as the basis for calculating contributions;

II - the procedures to be observed by associated institutions regarding the provision and disclosure of information about credits guaranteed by the Fund.” (NR)

Art. 4. This Resolution enters into force on the date of its publication.

Aldo Luiz Mendes
President of the Central Bank of Brazil, substitute