Resolution CMN No. 2443 — Limits Anticipation of Budgetary Revenue (ARO) Operations to Specified Balances

RESOLUTION NO. 2443

Limits the operations of Anticipation of Budgetary Revenue (ARO) to the balances specified.

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 November 12, 1997, taking into account the provisions of Article 4, items VI and VIII, of the aforementioned Law,

RESOLVES:

Article 1. The balances of credit operations by Anticipation of Budgetary Revenue (ARO) are limited to the balances of these operations, calculated by financial institutions on June 30, 1997.

Article 2. The financial institution that presents an excess resulting from the registration of a new operation or acquisition of credit arising from an ARO operation, in the positions calculated on the last business day of each month, in relation to the limit established in Article 1 of this Resolution, shall deposit with the Central Bank of Brazil, without remuneration, on the fifth business day of the second month subsequent to the occurrence of the irregularity, the value of the excess calculated, without prejudice to the other penalties and sanctions provided for in the norms in force.

Sole Paragraph. The total or partial release of the deposited values will occur on the fifth business day of the second month subsequent to the balance sheet in which the reduction or elimination of the excess is verified.

Article 3. The realization of new credit operations by Anticipation of Budgetary Revenue with holders of debtor balances of ARO operations transferred to Caixa Econômica Federal in accordance with Resolution No. 2,366, of March 17, 1997, is prohibited.

Article 4. The limit established in Article 1 of this Resolution must be deducted, in the month of the occurrence of the event:

I - from the balance of the ARO operation transferred to Caixa Econômica Federal, in accordance with Resolution No. 2,366, of March 17, 1997, clarified that the deduction of the assigned balances will be made at June 1997 prices;

II - from the value of the ARO operation novated or renegotiated, when the novation or renegotiation results in a change in the initially agreed amortization periods or values, provided that it is characterized as founded debt; and

III - from the value of the ARO operation liquidated with resources originating from any other credit operations.

Article 5. The Central Bank of Brazil is authorized to adopt the necessary measures to comply with the provisions of this Resolution.

Article 6. This Resolution enters into force on the date of its publication.

Article 7. Resolutions Nos. 818, of April 11, 1983, 2,236 and 2,237, of January 31, 1996, 2,281, of June 5, 1996, 2,300, of July 8, 1996, and 2,316, of September 25, 1996, are hereby repealed.

Brasília, November 14, 1997

Gustavo H. B. Franco
President