Resolution CMN No. 2029 — Amends the allocation of resources established by Resolution No. 1,981 of April 30, 1993

RESOLUTION NO. 002029

Amends the allocation of resources established by Resolution No. 1,981 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 November 25, 1993, based on Article 1, paragraph 2, of Law No. 8,646 of April 7, 1993, "ad referendum" of that Council, and having in view 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:

Art. 1 Alter Article 3 of Resolution No. 1,981 of April 30, 1993, as amended by Resolution No. 2,019 of October 18, 1993, which shall henceforth read as follows:

"Art. 3 It is established that the application of the resources referred to in this Resolution shall observe the following allocation:

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

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

Art. 2 Admit any exceedance of the maximum limit for financing for the acquisition of used real estate, established in Article 6, paragraph 2, of the Regulation annexed to Resolution No. 1,980 of April 30, 1993, provided that it results from operations contracted based on the provisions of Resolution No. 1,981/93.

Art. 3 This Resolution enters into force on the date of its publication.

Art. 4 Article 4 of Resolution No. 2,019 of October 18, 1993 is hereby revoked.

Brasília, November 25, 1993

Carlos Eduardo T. de Andrade
Acting President