Resolution CMN No. 2963 — Amends conditions for renegotiated operations under Resolutions 2.238/1996, 2.471/1998, and 2.666/1999

RESOLUTION NO. 002963

Dispenses with alterations in the conditions applicable to renegotiated operations under the auspices of Resolutions 2.238, of 1996, 2.471, of 1998, and 2.666, of 1999.

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 May 28, 2002, 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 12 of Law No. 10.437, of April 25, 2002,

RESOLVES:

Article 1. Establish that, in the renegotiation of debts extended under the auspices of Resolution 2.238, of January 31, 1996, with the amendments introduced by Resolution 2.666, of November 11, 1999, through the option of borrowers who are compliant with their obligations or who will regularize them by June 29, 2002, the following conditions must be observed:

I - minimum payment, by June 29, 2002, of 32.5% (thirty-two and five-tenths percent) of the value of the installment due on October 31, 2001, plus interest, calculated pro rata die at an effective rate of 3% p.a. (three percent per annum), up to the date of payment;

II - from the amount calculated in accordance with the preceding item, the value of the compliance bonus must be deducted, calculated according to the criteria established in Article 1, items III or IV, of Resolution 2.666, of 1999, as applicable;

III - the financial outstanding balance of the debt subject to repactuation must be calculated based on October 31, 2001, and will correspond to the sum of the results obtained by multiplying the installments representing the units of product specified in the sub-items of this item by the respective minimum price in effect on that date, plus an effective interest rate of 3% p.a. (three percent per annum):

a) remaining balance of the installment due on October 31, 2001;

b) future installments, after deducting the fraction corresponding to the interest of 3% p.a. (three percent per annum) originally incorporated;

IV - the new repayment schedule, to be repactuated after the payment of the installment mentioned in item I, must provide for equal and successive payments, with a periodicity freely adjusted between the parties, observed that:

a) the interval between the due dates of the installments cannot exceed a period of one year and must occur on the last day of the chosen months;

b) the periodicity chosen for the repayment of the installments must be the same for all years of the operation's validity, taking into account the times of obtaining the borrower's revenues and the dates established in sub-item "c";

c) the due date of the first installment cannot exceed October 31, 2002, and the due date of the last installment cannot exceed October 31, 2025;

V - the repactuation instrument of the operation must establish that:

a) the financial outstanding balance calculated in the manner established in item III will be subject, from November 1, 2001, to the variation of the minimum price of the linked product unit;

b) the borrower who honors their commitments on the agreed dates will be exempt from paying the increase in the variation of the minimum price, except if the payment is made in product;

c) in the event of delay in the payment of installments of the renegotiated operation, the borrower, without prejudice to the observance of other rules applicable to situations of default, loses the right:

1. to the exemption from paying the increase in the variation of the minimum price, provided for in sub-item "b" of this item, on the overdue installment;

2. to the bonus mentioned in paragraph 2 of this article.

Paragraph 1. Regardless of adherence to the renegotiation admitted in this article:

I - an additional period is granted, until June 29, 2002, for the payment of the installment of the debt due on October 31, 2001, plus interest calculated pro rata die at an effective rate of 3% p.a. (three percent per annum), ensuring the borrower the right to the compliance bonus provided for in Resolution 2.666, of 1999;

II - if the borrower chooses to pay off their debt early until December 31, 2006, the compliance bonus mentioned in paragraph 2 must be increased by:

a) twenty percentage points, when it concerns operations whose outstanding balances were up to R$10,000.00 (ten thousand Reais), on November 30, 1995;

b) ten percentage points, in other cases.

Paragraph 2. The compliance bonuses provided for in Article 1, items III and IV, of Resolution 2.666, of 1999, are maintained for operations renegotiated under the conditions established in this article.

Paragraph 3. The financial institution must promote the early settlement of the operation with the National Treasury after 180 days have elapsed from the due date of the installment not paid by the borrower or at any time, in the event that the debt is considered due early due to the borrower's default, observed that the amounts to be collected:

I - must include the variation of the minimum price of the considered product;

II - do not benefit from the bonus mentioned in paragraph 2 of this article.

Paragraph 4. For borrowers of operations with installments due in 1999 and 2000 to qualify for the renegotiation admitted in this article, the regularization of these installments must be effected at their full values.

Article 2. It is assured to borrowers of operations extended under the auspices of Resolution 2.471, of February 26, 1998, with the amendments introduced in its Article 1 by Resolution 2.666, of 1999, a reduction in the financial charges due from November 1, 2001, through an addendum to the credit instrument, observed the following conditions:

I - borrowers who make payments of the financial charges of their operations until the respective due dates will have the following benefits:

a) update of the outstanding balance by the variation of the General Market Price Index - IGP-M, respecting the cap of 9.5% p.a. (nine and five-tenths percent per annum);

b) reduction of up to five percentage points in the respective interest rates;

II - the credit instrument must state that the interest installments in default will be subject to the full accumulated variation of the IGP-M and the originally contracted interest, from November 1, 2001, without prejudice to the application of default charges agreed upon and other applicable sanctions on the overdue installments, from the date of their due dates.

Paragraph 1. The limit of 9.5% p.a. (nine and five-tenths percent per annum) established for the variation of the IGP-M has the exclusive purpose of enabling the calculation of financial charges, not applying, consequently, to the update of the principal of the renegotiated debt.

Paragraph 2. The reduction provided for in sub-item "b" of item I of this article cannot result in an effective interest rate lower than 3% p.a. (three percent per annum), and the practice of lower rates without the application of the said discount is prohibited.

Paragraph 3. Financial institutions are authorized to grant the reduction of charges provided for in this article to future installments whose borrowers are in a situation of default, provided that the overdue installments are fully regularized by June 29, 2002.

Paragraph 4. The provisions of Article 6 of Resolution 2.666, of 1999, do not apply to operations whose borrowers opt for the reduction of charges as provided for in this article.

Paragraph 5. Financial institutions must submit to the National Treasury Secretariat a statement of responsibility regarding the values reported, for the purpose of payment by that secretariat of the equalization corresponding to the difference between the values of the interest agreed upon in the extension of the debts and those actually received from the borrowers, in accordance with the provisions of this article.

Article 3. The National Treasury Secretariat must adopt the necessary measures to extend the provisions established in the preceding articles to operations of the same species transferred to that secretariat as a result of the provisions of Provisional Measure 2.196-3, of August 24, 2001.

Article 4. In the event of default of installments of operations transferred to the National Treasury Secretariat, in addition to losing the right to the bonus mentioned in Article 1, paragraph 2, or to the reduction of financial charges provided for in Article 2, the borrower will be subject to the substitution of the originally agreed default charges by the late payment charges established in Article 5 of PM 2.196-3, of 2001, from the date of the due date of the overdue installment until the date of its effective payment.

Sole Paragraph. In the event that the delay in the payment of the installment exceeds a period of 180 days, the financial institution must consider the entire debt due early and adopt the applicable measures for the collection of credits of the Union, as adjusted with the National Treasury Secretariat.

Article 5. Rural credit operations formalized:

I - in the period between December 31, 1997, and December 31, 1998, with post-fixed financial charges, may benefit from Resolution 2.471, of 1998;

II - under the auspices of resources from the Japanese-Brazilian Cooperation Program for the Development of the Cerrados - 2nd and 3rd Phases (Prodecer II and III) may benefit from the provisions established in the following articles of this resolution:

a) 1., in the case of debts renegotiated under the auspices of Resolution 2.238, of 1996;

b) 2., in the case of debts renegotiated under the auspices of Resolution 2.471, of 1998.

Article 6. As a result of the preceding article, items V and VI, sub-item "d", of paragraph 1 of Article 1 of Resolution 2.471, of 1988, with the wording given by Article 4 of Resolution 2.666, of 1999, shall remain in force with the following wording:

"Article 1 ..................................................
Paragraph 1 .............................................

V - resulting from rural credit loans that were formalized between June 20, 1995, and December 31, 1998, not subject to pre-fixed financial charges and provided that there has been no practice of credit diversion or other fraudulent action;

VI .......................................................

d) from the Japanese-Brazilian Cooperation Program for the Development of the Cerrados - 2nd and 3rd Phases (Prodecer II and III);

.........................................................". (NR)

Article 7. It is incumbent upon the financial institution to ensure that sufficient guarantees are maintained throughout the entire period of validity of the repactuated operations under the conditions established in this resolution.

Article 8. In the renegotiations admitted by this resolution, the financial institution must observe that:

I - the period for formalizing the repactuations cannot exceed June 30, 2002;

II - interest must be calculated based on the civil year (365/365);

III - the provisions of MCR 2-6-9 do not apply to the renegotiated operations.

Article 9. The substitution of public bonds whose characteristics and conditions were regulated by Article 8 of Resolution 2.238, of 1996, is admitted, at the discretion of the National Treasury Secretariat, without prejudice to the observance of the provisions of item III, sub-item "c", of the aforementioned article.

Article 10. The Central Bank of Brazil is authorized to make the complementary adjustments that may be necessary for the implementation of the provisions of this resolution, upon duly justified request from the Ministry of Finance.

Article 11. This resolution enters into force on the date of its publication.

Article 12. Resolutions 2.919, of December 26, 2001, and 2.930, of January 24, 2002, are hereby repealed.

Brasília, May 28, 2002

Arminio Fraga Neto
President