Resolution No. 5,013

CMN RESOLUTION NO. 5,013, OF APRIL 28, 2022

Defines the methodology for calculating the 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 for 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 a session held on April 28, 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,

RESOLVES:

Art. 1º 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, designated, for the purposes of this Resolution, as Non-Rural Interest Rates of the Constitutional Financing Funds (TFC).

Art. 2º The following calculation methodologies for the 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:

§ 1º 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), in other cases;

VI - FL corresponds to the Location Factor, defined as follows:

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 Policy for Regional Development; and

b) factor 1.1 (one 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 published in accordance with § 1 of Article 4 of Decree No. 9,291, of February 21, 2018, shall be used, which 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 - Fixed Interest Rates of the TLP corresponds to the 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 of the reference month of the calculation in which financial charges are incurred.

§ 2º 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 this article.

Art. 3º For the purposes of calculating the FAM, referred to 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 Broad 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 the 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 the 13th months prior to the reference month m;

IV - ndu corresponds to the number of business days of the reference month m of the credit operations that use the methodology referred to in item I of the caput of Article 2, from the date of disbursement of the funds;

V - ndm corresponds to the total number of business days of 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, included in the calculation period.

Art. 4º For the purposes of calculating the Fixed Interest Rates of the TLP (J), referred to 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 fixed interest rate referred to in Articles 2 and 3 of Resolution No. 4,600, of 2017.

§ 1º 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.

§ 2º 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 Fixed Interest Rates of the TLP 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.

§ 3º 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.

Art. 5º For the purposes of calculating the FII, referred to 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, relative to the 5 (five) year vertices of the term structure of the interest rates of fixed-rate Treasury securities, 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 that will correspond to the charges included 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 that will correspond to the charges included between January 1 and June 30 of the following fiscal year;

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

Art. 6º The components FII, BA, FL, CDR, FP, and Fixed Interest Rates of the TLP, 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 or the substitution of the charges referred to in Article 8, shall remain constant throughout the validity of the non-rural credit operation, their revision being prohibited, even if there is an increase or decrease in the components.

Art. 7º In the event of negative charges due to the negative indexing of the inflation component of the post-fixed rate, the TFCpós of the reference month shall be considered equal to zero for the purpose of calculating the value of the charges, and the operating banks shall charge only the principal value.

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

§ 1º Credit borrowers may request, only once, until December 31, 2022, through an amendment to the credit instrument, the change of charges, in accordance with the provisions of this Resolution.

§ 2º The new charges shall take effect from the formalization of the amendment referred to in § 1, and retroactive application is not permitted.

§ 3º The substitution of charges referred to in the caput of this article is admitted only for credit operations that are compliant on the date of formalization of the amendment to the credit instrument.

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

Art. 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 publish the FII component, on the last business days of the months 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 published by the Central Bank of Brazil in April 2022 shall have its validity for the purposes of calculating charges referring to the period from May 2, 2022, to December 31, 2022.

Art. 11. The operations “outstanding” 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.

Art. 12. Resolution CMN No. 4,989, of March 8, 2022, is revoked.

Art. 13. 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 Microcredit Oriented	FP1	1.2	-
Investment, including associated working capital	FP2	0.7	up to R$50 thousand for Individuals and up to R$4.8 million for Legal Entities
FP3	1.0	from R$50 thousand to R$100 thousand for Individuals and from R$4.8 million to R$90 million for Legal Entities
FP4	1.5	from R$100 thousand to R$150 thousand for Individuals and from R$90 million to R$300 million for Legal Entities
FP5	1.8	above R$150 thousand for Individuals and above R$300 million for Legal Entities
Working capital	FP6	1.2	up to R$4.8 million for Legal Entities
FP7	1.5	from R$4.8 million to R$90 million for Legal Entities
FP8	2.0	from R$90 million to R$300 million for Legal Entities
FP9	2.3	for residential condominiums and above R$300 million for Legal Entities
Infrastructure projects for water and sewage and in logistics	FP10	0.8	-
Infrastructure projects, except for those of FP10	FP11	1.5	-
Investment project in science, technology and innovation	FP12	0.5
FP13	0.9

a) FP1, for a credit operation carried out within the National Program of Productive Microcredit Oriented (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 investment operation for individuals with annual gross income up to R$50,000.00 (fifty thousand reais), according to the Individual Income Tax Declaration (DIRPF), and for entrepreneurs classified as microenterprise or small business, according to the criteria established in Article 3 of Complementary Law No. 123, of December 14, 2006;

c) FP3, for investment operation for individuals with 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 microenterprise or small business, according to the criteria established in Article 3 of Complementary Law No. 123, of 2006, with annual gross revenue up to R$90,000,000.00 (ninety million reais);

d) FP4, for investment operation for individuals with 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 investment operation for individuals with annual gross income above R$150,000.00 (one hundred and fifty thousand reais), as reported in the DIRPF, and for entrepreneurs with annual gross revenue above R$300,000,000.00 (three hundred million reais);

f) FP6, for working capital operation for entrepreneurs classified as microenterprise or small business, according to the criteria established in Article 3 of Complementary Law No. 123, of 2006;

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

h) FP8, for 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 investment operation when it comes to residential condominiums, exclusively for operations of financing mini and micro energy generation, and for 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 project in infrastructure for water and sewage and in logistics;

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

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

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