Resolution CMN No. 2019 — Establishes the Salary Equalization Coefficient (CES) for Housing Finances Governed by Law No. 8,692 of July 28, 1993, and Amends Regulations Attached to Resolution No. 1,980 and Resolution No. 1,981, Both of April 30, 1993

RESOLUTION NO. 002019

Establishes the Salary Equalization Coefficient (CES) for housing finances governed by Law No. 8,692 of July 28, 1993, and amends the Regulation attached to Resolution No. 1,980 and Resolution No. 1,981, both of April 30, 1993.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the President of the NATIONAL MONETARY COUNCIL, by act of October 15, 1993, based on Article 1, paragraph 2, of Law No. 8,646 of April 7, 1993, "ad referendum" of that Council, and having regard to the provisions of Article 7 of Decree-Law No. 2,291 of November 21, 1986, and Decree-Law No. 2,349 of July 29, 1987,

RESOLVES:

Article 1. The Salary Equalization Coefficient (CES) mentioned in Article 8 of Law No. 8,692 of July 28, 1993, shall refer to the date of contract signing and the months of quarterly readjustment established in Article 4 of Law No. 8,542 of December 23, 1992, being:

I - 1.00 for contracts signed in the month immediately preceding the competence month and in the competence month of the quarterly salary readjustment of the borrower;

II - 1.12 for contracts signed in the first month following the competence month of the quarterly salary readjustment of the borrower;

III - 1.04 for contracts signed in the second month following the competence month of the quarterly salary readjustment of the borrower.

Sole Paragraph. The alteration of the CES during the course of the financing shall be contractually provided for in the event of the establishment of new values based on the provisions of Article 2 of this Resolution.

Article 2. Delegate competence to the Central Bank of Brazil to alter the value of the coefficient referred to in Article 1, whenever necessary due to modifications in salary policy and/or inflation levels.

Article 3. Amend Article 6 of the Regulation attached to Resolution No. 1,980 of April 30, 1993, which shall henceforth read as follows:

"Article 6. The allocation of resources collected in savings deposits by entities integrated into the SBPE, observed the provisions of Article 9, shall be as follows:

I - 70% (seventy percent), at a minimum, in housing finances, being:

a) 80% (eighty percent), at a minimum, of the above percentage in operations within the scope of the SFH;

b) the remainder in operations at market rates;

II - 15% (fifteen percent) in mandatory deposit at the Central Bank of Brazil;

III - the remaining resources in financial availability and free-range operations.

Paragraph 1. Finances for the acquisition of new individual property, or for the construction of housing on individual or condominium urbanized lots, shall represent, at a minimum, 25% (twenty-five percent) of the housing finances to be contracted to fulfill the minimum exigibility provided for in item I of this article.

Paragraph 2. Finances for the acquisition of used property contracted within the scope of the SFH are limited to 25% (twenty-five percent) of the minimum exigibility provided for in item I, letter 'a', of this article."

Article 4. Amend Article 3 of Resolution No. 1,981 of April 30, 1993, which shall henceforth read as follows:

"Article 3. Establish that the application of resources referred to in this Resolution shall observe the following allocation:

I - 25% (twenty-five percent), at a minimum, in finances and/or issuance of letters of credit for the acquisition of new individual property, and/or in finances for the construction of housing on individual or condominium urbanized lots;

II - 20% (twenty percent), at a maximum, in finances and/or issuance of letters of credit for the acquisition of used property;

III - remaining resources in loans for the production of housing units."

Article 5. This Resolution enters into force on the date of its publication.

Brasília, October 18, 1993

Carlos Eduardo T. de Andrade
Acting President