Resolution CMN No. 3114 — Amends conditions applicable to renegotiated operations under Resolutions 2,471 of 1998, 2,666 of 1999, and 2,963 of 2002

Resolution No. 3114 of July 31, 2003.

RESOLUTION No. 3,114

Provides for changes in the conditions applicable to renegotiated operations under the aegis of Resolutions 2,471 of 1998, 2,666 of 1999, and 2,963 of 2002.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law 4,595 of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on July 31, 2003, considering the provisions of Articles 4, item VI, of the aforementioned law, 4 and 14 of Law 4,829 of November 5, 1965, 12 of Law 10,437 of April 25, 2002, and 20 of Law 10,696 of July 2, 2003,

RESOLVES:

Art. 1. Amend Articles 2 and 8 of Resolution 2,963 of May 28, 2002, with the modifications introduced by Resolution 3,080 of April 24, 2003, which shall enter into force with the following wording:

"Art. 2. Borrowers of long-term operations under the aegis of Resolution 2,471 of February 26, 1998, with the alterations introduced in its Article 1 by Resolution 2,666 of November 11, 1999, are assured, exclusively in the case of operations acquired by the Union under the aegis of Provisional Measure 2.196-3 of August 24, 2001, the reduction of financial charges due from November 1, 2001, through an addendum to the credit instrument, observing the following conditions:

I - borrowers who make payments of the financial charges of their operations by the due dates of their respective installments will be entitled to the following benefits:

a) update of the principal balance by the variation of the General Market Price Index - IGP-M, respecting the cap of 0.759% per month (seven hundred and fifty-nine thousandths percent per month) of the variation of that index in the month immediately preceding the update;

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

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

§ 1. The limit of 0.759% per month (seven hundred and fifty-nine thousandths percent per month) 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.

§ 2. The reduction provided for in item 'b' of item I cannot result in an effective interest rate lower than 3% per annum (three percent per year), with the practice of lower rates not applying the referred discount.

§ 3. Financial institutions are authorized to grant, exclusively in the case of operations acquired by the Union under the aegis of Provisional Measure 2.196-3 of 2001, 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 September 1, 2003." (New)

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

I - the deadline for formalizing the repactuation of operations, for the cases covered by Article 2, cannot exceed September 1, 2003;

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

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

Art. 2. Regularization of overdue installments is admitted, for borrowers of long-term operations under the aegis of Resolution 2,471 of 1998, with the alterations introduced in its Article 1 by Resolution 2,666 of 1999, until February 28, 2003, exclusively for operations acquired by the Union under the aegis of Provisional Measure 2.196-3 of 2001, through the contracting of a new operation, observing the following special conditions:

I - deadline for contracting: up to ninety days, counted from the date of entry into force of this resolution;

II - payment, in cash, of 10% (ten percent) of the overdue debtor balance;

III - refinancing of the remaining debtor balance over thirteen years, through repactuation linked to the acquisition of federal public debt titles equivalent to 20.62% (twenty whole and sixty-two hundredths percent), to be given as guarantee to the creditor;

IV - application of the benefits provided for in Article 2, item I, of Resolution 2,963 of 2002, on each interest installment of the refinanced operations paid by the date of its respective due date.

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

Art. 4. Resolution 3,080 of April 24, 2003, is revoked.

Brasília, July 31, 2003.

Henrique de Campos Meirelles
President

This text does not replace the published version in the DOU and in Sisbacen.