Resolution CMN No. 2553 - Establishes Limit for Operating with Credit Operations for Anticipation of Budgetary Revenue - ARO

RESOLUTION NO. 2553

Establishes limit for operating with credit operations for anticipation of budgetary revenue - ARO.

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 NATIONAL, in a session held on September 24, 1998, based on Article 4, items VI and VIII, of the aforementioned Law, and having in view the provisions of Article 33, paragraph 1, of Resolution No. 78, of July 1, 1998, of the Federal Senate,

RESOLVES:

Article 1. The limit fixed, for each financial institution, by Resolution No. 2,443, of November 14, 1997, of the Monetary Council National, for carrying out credit operations for anticipation of budgetary revenue (ARO), may be altered, case by case, based on the results of interest rate auctions that are to be carried out based on the provisions of Article 33, paragraph 1, of Resolution No. 78, of July 1, 1998, of the Federal Senate.

Article 2. The financial institution that wins each auction referred to in the previous article, if it does not have sufficient limit to carry out the operation, will have the same limit positively adjusted, by the amount necessary for carrying out the operation in dispute, with the consequent reduction of the margin, by an equal amount, of the operational limit of the institution that made the firm proposal.

Article 3. This Resolution enters into force on the date of its publication, and the Central Bank may issue complementary norms regarding the subject.

Brasília, September 24, 1998

Gustavo H. B. Franco
President