Resolution CMN No. 2813 — Provides for credit granting within the Revitalization Program of Agricultural Production Cooperatives - RECOOP

RESOLUTION NO. 002813

Provides for credit granting within the Revitalization Program of Agricultural Production Cooperatives - RECOOP.

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 December 28, 2000, considering the provisions of Article 4, item VI, of the aforementioned law, Articles 4 and 14 of Law No. 4,829 of November 5, 1965, and Article 10 of Law No. 9,138 of November 29, 1995, Decree No. 3,701 of December 27, 2000, Article 2, paragraph 7, of Provisional Measure No. 1,961-30 of December 21, 2000, and Article 5 of Provisional Measure No. 2,050-16 of December 21, 2000,

RESOLVES:

Article 1. Authorize, within the scope of the Revitalization Program of Agricultural Production Cooperatives (RECOOP), published by Resolution No. 2,681 of December 21, 1999:

I - financial institutions to admit the rearrangement of values between financeable and refinanceable items of the cooperative's revitalization project, which have been approved by the Executive Committee, or to substitute an item of the approved project with another item eligible for financing by the Program, provided that:

a) the rearrangement or substitution does not increase, for the greater, the limit approved by the Executive Committee for the cooperative's revitalization project, including values related to the updates provided for in Article 2, paragraph 3, of Provisional Measure No. 1,961-30 of December 21, 2000;

b) the other conditions and limitations established for RECOOP are observed;

II - the acceptance of proposals for the disinvestment of assets not related to the main object of the cooperative, observing that this measure must be endorsed by the first general assembly held after the formalization of the financing and refinancing, under penalty of considering the debt due in advance;

III - the release of credit installments to cover expenses already incurred with the cooperative's own resources or those of third parties, without constituting a recovery of invested capital, when the following cumulative conditions are observed:

a) the relevant items are part of the respective cooperative revitalization project;

b) the expenses were incurred after the approval of the corresponding inquiry letter by the RECOOP Executive Committee;

IV - the granting of direct credit to the cooperator for the financing of:

a) cooperators' receivables and the extension of quota-share operations;

b) investment credit and capitalization of the cooperative.

Sole Paragraph 1. The rearrangement or substitution referred to in item I of this article cannot imply an increase in the limit of the global value of all financing and refinancing operations carried out under the Program, fixed in Article 5 of Provisional Measure No. 1,961-30 of 2000.

Sole Paragraph 2. In the granting of credit referred to in item IV of this article:

I - the intervention of the cooperative must be required and the application of resources in their respective purposes ensured;

II - the observance of the provisions of MCR 10-1-15 is waived, when it concerns a cooperator borrower of the National Program for Strengthening Family Agriculture (PRONAF) or the Special Credit Program for Agrarian Reform (PROCERA).

Article 2. Financial institutions are authorized, in RECOOP operations, to include a clause in the credit instrument ensuring that any reduction in the financial charges established in Article 1, item IX, letter "a", items 1 and 2, of Resolution No. 2,681 of 1999, will be applied to contracts already formalized, from its communication.

Article 3. The following deadlines established in Article 1, item X, letter "a", and in Article 2, item I, of Resolution No. 2,681 of 1999, are amended to June 30, 2001:

I - for the formalization of operations under RECOOP;

II - for the payment of installments, due or payable until June 30, 2001, of operations the responsibility of cooperatives classified under RECOOP, without prejudice to the observance of the provisions of Resolution No. 2,682 of December 21, 1999, regarding the classification of the operations in question.

Article 4. This Resolution enters into force on the date of its publication.

Article 5. Resolution No. 2,796 of November 30, 2000, is revoked.

Brasília, December 28, 2000

Daniel Luiz Gleizer
Interim President