Resolution CMN No. 2655 — Disposes on the application of resources from the PIS-PASEP Participation Fund

RESOLUTION NO. 002655

Disposes on the application of resources from the PIS-PASEP Participation Fund.

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the President of the MONETARY COUNCIL, by act of October 5, 1999, based on Article 8, paragraph 1, of Law No. 9,069, of June 29, 1995, ad referendum of that Council, and having in view the provisions of Article 4-A of Law No. 9,365, of December 16, 1996, with the wording given by Article 2 of Provisional Measure No. 1,902-57, of September 24, 1999,

RESOLVES:

Article 1. Establish that loan operations for working capital, carried out
by Banco do Brasil S.A. and Caixa Econômica Federal, with resources originating from the PIS-PASEP Participation Fund, are subject to the following conditions:

I - beneficiaries: national companies, preferably micro, small and medium-sized enterprises, with industrial, commercial and service provision activity branches, as well as natural and legal persons beneficiaries of financing by microentrepreneur credit societies, in accordance with Resolution No. 2,627, of August 2, 1999;

II - remuneration: Reference Rate - TR, plus interest of 10% p.a. (ten percent per annum), applied on the monthly average of daily debtor balances in each period, capitalized on the first day of each month, at maturity and settlement of the operation;

III - grace period: up to six months;

IV - exigibility of charges: at the agent's discretion, with its collection permitted during the grace period; and

V - term: maximum of 24 months, observing the minimum established by the Central Bank of Brazil for operations of this kind.

Article 2. The following criteria must also be observed:

I - the operations referred to must be the subject of specific contracting, carried out directly by the agents of the Fund, with indication of the source of resources;

II - the remuneration of the agents, which integrates the remuneration fixed in item II of the previous article, will be calculated as follows:

a) administration commission: 1.5% p.a. (one and five tenths percent per annum);

b) operational risk commission: 2.5% p.a. (two and five tenths percent per annum).

Sole Paragraph. Microentrepreneur credit societies and non-governmental organizations that have as their objective the transfer of resources in the form of microcredit to the informal sector of the economy may be accredited as operating agents under the conditions established by the National Bank for Economic and Social Development - BNDES.

Article 3. The daily availability of the PIS-PASEP Participation Fund,
as well as the daily balance of resources delivered to Banco do Brasil S.A. and Caixa Econômica Federal for payment of withdrawals and other values not invested in the specific purposes, will be remunerated based on the yield rate of applications made at the Central Bank of Brazil.

Sole Paragraph. The remuneration referred to in this article constitutes revenue of the Fund.

Article 4. The remuneration referred to in the previous article is owed
to the PIS-PASEP Participation Fund on the first business day of each month, and the respective payment may occur during the month, provided that its value is remunerated daily based on the yield rate of applications made at the Central Bank of Brazil.

Article 5. The risks arising from applications made with resources
originating from the PIS-PASEP Participation Fund will be borne by the agents themselves, except those related to operations contracted by BNDES until December 31, 1982, the risks of which will be borne by the Fund.

Article 6. BNDES is assigned the responsibility to ensure to
participants of the Social Integration Program - PIS and the Public Servant's Patrimony Formation Program - PASEP the minimum remuneration provided for in the respective laws and regulations on the amounts transferred to it, maintaining identical responsibility of Banco do Brasil S.A. and Caixa Econômica Federal regarding the resources managed by these agents.

Article 7. BNDES will provide Banco do Brasil S.A. and Caixa Econômica
Federal with the information necessary for the accounting and control records of the resources under the management of these agents and, at the end of each financial year, will inform them of the global results of the applications made, for the measures related to the distribution of these results among the participants of PIS and PASEP, in proportion to the resources of one and the other program that were credited to it during the period.

Article 8. This Resolution enters into force on the date of its
publication.

Article 9. Resolution No. 2,630, of August 12, 1999, is hereby revoked.

Brasília, October 5, 1999

Arminio Fraga Neto
President