Resolution CMN No. 2236 — Authorizes the granting of credit to states for the settlement of outstanding balances from ARO operations

RESOLUTION NO. 2236

Authorizes the granting of credit to states for the settlement of outstanding balances from ARO operations.

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on January 31, 1996, considering the provisions of Article 4, items VI and VIII, of the aforementioned Law,

RESOLVES:

Article 1. Authorize financial institutions to grant credit to states, using resources from currency loans, in the manner provided for in Resolution No. 63 of August 21, 1967, or other sources of resources at the discretion of the financial institutions, for the settlement of debts arising from Antecipação de Receitas Orçamentárias (ARO) operations, registered with the Central Bank of Brazil by December 5, 1995, observing the following conditions:

I - value: up to the balance of the ARO operations on the date of disbursement;

II - term: up to 36 (thirty-six) months, including 6 (six) months of grace period for principal amortization, with the final maturity not exceeding December 31, 1998;

III - disbursement method: directly to the financial institutions holding the claims of the operations to be settled;

IV - prior verification of compliance with the limits and conditions established in Resolutions of the Federal Senate.

Article 2. Establish that the limit established in Article 1 of Resolution No. 2,008 of July 28, 1993, does not apply to the operations referred to in Article 1 of this Resolution.

Article 3. Authorize the Central Bank of Brazil to adopt the necessary measures to comply with the provisions of this Resolution.

Article 4. Revoke Resolution No. 2,217 of December 5, 1995.

Article 5. Establish that this Resolution enters into force on the date of its publication.

Brasília (DF), January 31, 1996

Gustavo Jorge Laboissière Loyola
President