Resolution CMN No. 2465 — Amends the Regulation annexed to Resolution No. 2,309 of August 28, 1996

RESOLUTION NO. 2465

Amends the Regulation annexed to Resolution No. 2,309 of August 28, 1996.

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 February 19, 1998, based on the provisions of Article 23 of Law No. 6,099 of September 12, 1974, as amended by Law No. 7,132 of October 26, 1983,

HAS DECIDED:

Article 1. Amend Article 6 of the Regulation annexed to Resolution No. 2,309 of August 28, 1996, which shall henceforth read as follows:

"Article 6. Operational financial leasing is considered the modality in which:

I - the counterpayments to be made by the lessee include the cost of leasing the asset and services inherent to making it available to the lessee, and the present value of the payments cannot exceed 90% (ninety percent) of the cost of the asset;

II - the contractual term is less than 75% (seventy-five percent) of the useful economic life of the asset;

III - the price for exercising the purchase option is the market value of the leased asset;

IV - there is no provision for payment of a guaranteed residual value.

Paragraph 1. The operations referred to in this article are exclusive to multiple banks with financial leasing portfolios and financial leasing companies.

Paragraph 2. In calculating the present value of the payments, a rate equivalent to the financial charges stated in the contract must be used.

Paragraph 3. Maintenance, technical assistance, and related services for the operability of the leased asset may be the responsibility of the lessor or the lessee.".

Article 2. This Resolution enters into force on the date of its publication.

Brasília, February 19, 1998

Gustavo H. B. Franco
President