Resolution CMN No. 2492 — Conditions and Procedures for Rural Credit Debt Extension Operations

RESOLUTION NO. 002492

Dispenses with conditions and procedures applicable to operations of extension of debts originating from rural credit, which are dealt with by Law No. 9,138, of 29.11.95, and Resolution No. 2,238, of 31.01.96.

THE CENTRAL BANK OF BRAZIL, in accordance with art. 9 of Law No. 4,595, of 31.12.64, makes public that the MONETARY COUNCIL NATIONAL, in a session held on 30.04.98, taking into account the provisions of arts. 4, item VI, of the aforementioned Law, 4 and 14 of Law No. 4,829, of 05.11.65, 10 of Law No. 9,138, of 29.11.95, and of Law No. 8,187, of 01.06.91,

RESOLVES:

Art. 1 Admit, in the case of an extension operation dealt with by Law No. 9,138, of 29.11.95, and Resolution No. 2,238, of 31.01.96, early amortization, by payment in product, of up to 100% (one hundred percent) of the value of the installment due in the year of the said early amortization.

Art. 2 In the case of acquisition by the Federal Government of the products subject to the early amortization, through the National Supply Company (CONAB), within the Minimum Price Guarantee Policy (PGPM), the financial expenses relating to the period comprising between the date of delivery of the product by the beneficiary and the date of the effective realization of the Federal Government Acquisition operation (AGF), as well as storage expenses, surcharge, product classification and taxes levied on the acquisition, are included in the purposes specified in art. 1 of Resolution No. 2,426, of 01.10.97, observed, with regard to financial expenses, the following bases:

I - Long-Term Interest Rate (TJLP), for operations backed by resources from constitutional funds and other funds;

II - Long-Term Interest Rate (TJLP), increased by the effective interest rate of 2% p.a. (two percent per year), for operations backed by resources from the Worker Protection Fund (FAT), PIS/PASEP and other resources administered by the National Bank for Economic and Social Development (BNDES) and by the Special Industrial Financing Agency (FINAME).

Art. 3 In the case of incorporation of the products into National Treasury Stocks, based on a specific contract signed between the Union and CONAB - situation provided for in operations backed with resources from own accounts of financial institutions and of Official Credit Operations (O2C) - storage expenses, surcharge, product classification and taxes levied will be absorbed by the National Treasury, in contractual form.

Art. 4 The Secretariats of Economic Monitoring and of the National Treasury, of the Ministry of Finance, and of Agricultural Policy, of the Ministry of Agriculture and Supply, are authorized to define, jointly, the complementary measures necessary for implementation of the provisions of this Resolution.

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

Art. 6 Resolution No. 2,479, of
26.03.98 is repealed.

Brasília, May 6, 1998

Gustavo H. B. Franco
President