Resolution CMN No. 2964 — Establishes Deadlines and Financial Charges under the Revitalization Program for Agricultural Production Cooperatives - Recoop

RESOLUTION NO. 002964

Establishes deadlines and financial charges within the scope of the Revitalization Program for Agricultural Production Cooperatives - Recoop.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law 4,595 of December 31, 1964, makes public that the MONETARY NATIONAL 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 4,829 of November 5, 1965, and Articles 6 and 12 of Law 10,437 of April 25, 2002,

RESOLVES:

Article 1. Amend Article 1 of Resolution 2,681 of December 21, 1999, modified by Resolution 2,903 of November 21, 2001, which shall now read as follows:

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

IX - the operations are subject to the following financial charges:

a) resources destined for working capital: effective interest rate of 8.75% p.a. (eight and seventy-five hundredths percent per annum);

b) resources destined for other purposes, including working capital for start-up activities resulting from investments:

1. until October 31, 2001:

1.1. variation of the General Price Index - Internal Availability (IGP-DI), published by the Getulio Vargas Foundation, referring to the month prior to the calculation period;

1.2. effective interest rate of 4% p.a. (four percent per annum);

2. from November 1, 2001 to April 25, 2002:

2.1. variation of the IGP-DI, respecting the cap of 9.5% p.a. (nine and five-tenths percent per annum) for the variation of that index in the twelve-month period prior to the month of application;

2.2. effective interest rate of 4% p.a. (four percent per annum);

3. from April 26, 2002 onwards: effective interest rate of 9.75% p.a. (nine and seventy-five hundredths percent per annum);

...................................................-. (New Text)

Article 2. The reduction in charges provided for in the preceding item applies to previously contracted operations, through an addendum to the credit instrument, which must be formalized within a period of up to 180 days after the publication of this resolution.

Article 3. This resolution enters into force on the date of its publication.

Article 4. Article 2 of Resolution 2,813 of December 28, 2000, and Resolution 2,903 of November 21, 2001, are hereby revoked.

Brasília, May 28, 2002

Arminio Fraga Neto
President