Resolution CMN No. 3161 — Amends Provisions of Resolution 3,024 of 2002 and Its Annexes I and II Regarding the Statute and Regulations of the Credit Guarantee Fund (FGC)

RESOLUTION NO. 3161

Amends provisions of Resolution 3,024 of 2002 and its Annexes I and II, which provide for the statute and regulations of the Credit Guarantee Fund - FGC.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law 4,595 of December 31, 1964, makes public that the MONETARY COUNCIL NATIONAL, in a session held on December 17, 2003, based on Articles 3, item VI, and 4, item VIII, of the aforementioned law, Article 69 of Law 7,357 of September 2, 1985, and Article 7 of Decree-Law 2,291 of November 21, 1986,

RESOLVES:

Article 1. Amend the following specified provisions of Resolution 3,024 of October 24, 2002, and its Annexes I and II, which shall enter into force with the following wording:

I - Article 2, caput, of the resolution:

"Article 2. Fix, at up to 0.025% (twenty-five thousandths of a percent) of the amount of the balances of the accounts corresponding to the obligations subject to guarantee, the ordinary monthly contribution of the institutions associated with the FGC.

......" (NR);

II - Article 5, § 2, of Annex I:

"Article 5. ...

§ 2. If the FGC's equity is insufficient at any time to cover the guarantee provided for in the respective regulations, resources from the following sources shall be used, in the following order:

I - extraordinary contributions from the associated institutions, in accordance with the provisions of Article 22, item I;

II - advances, by the associated institutions, of up to twelve ordinary monthly contributions;

III - credit operations with private, official, or multilateral institutions;

IV - other sources of resources, upon proposal by the FGC administration and with prior authorization from the Central Bank of Brazil." (NR);

III - Article 22 of Annex I:

"Article 22. It is the responsibility of the Board of Directors:

I - fix the percentage of the ordinary contribution of the institutions associated with the FGC, through a specific request, duly justified, submitted to the Central Bank of Brazil for review and submission to the prior authorization of the Monetary Council National, observing the maximum percentage established in Article 2 of this resolution;

II - fix the conditions of the extraordinary contributions that the associated institutions must make to finance the guarantee to be provided by the FGC in the event referred to in Article 5, § 2, item I, observing that such contributions:

a) are limited to 50% (fifty percent) of the rate in force for ordinary contributions;

b) are exclusively intended to cover any equity deficiency of the FGC;

III - fix the general orientation of the FGC services, especially the policies and norms to be observed in fulfilling its social purposes and in the application of its resources, establishing the requirements for composition and diversification of portfolio risks, and may, in addition, contract its administration with third parties;

IV - approve the internal regulations and define competencies for deliberation and practice of acts included in the object of the FGC;

V - elect and dismiss the members of the executive board;

VI - approve the operating and investment budget of the FGC;

VII - submit to the Central Bank of Brazil, for review and submission to the prior authorization of the Monetary Council National, a duly justified proposal for alteration of the maximum percentage of the ordinary monthly contribution, established in Article 2 of this resolution;

VIII - approve the remuneration levels of the executive board and the staff of the FGC;

IX - deliberate on acts and operations that, according to this statute or the internal regulations, are within its competence, including alienation of assets from the permanent asset;

X - deliberate on the hiring of independent auditors;

XI - examine the monthly trial balance and express an opinion on the report and financial statements of the FGC;

XII - deliberate on omitted cases.

Sole paragraph. It is prohibited for the FGC to apply resources in the acquisition of real estate, except when received in settlement of credits of its ownership, after which they must be alienated." (NR);

IV - Article 2, § 1, of Annex II:

"Article 2. ...

§ 1. The following are not covered by the guarantee:

I - deposits, loans, or any other resources captured or withdrawn abroad;

II - operations related to programs of government interest, instituted by law;

III - judicial deposits accepted in the federal justice sphere.

......" (NR);

V - Article 3, §§ 3 and 4, of Annex II:

"Article 3. ...

§ 3. When the FGC's liquidity reaches 2% (two percent) of the total balances of the accounts covered by the guarantee, in the set of associated institutions, the Board of Directors, upon proposal by the executive board, duly justified, submitted to the Central Bank of Brazil, for review and submission to the prior authorization of the Monetary Council National, may deliberate the temporary suspension of contributions from the associated institutions to the fund.

§ 4. If the FGC's liquidity comes to represent less than 2% (two percent) of the total balances of the accounts covered by the guarantee, the contributions of the associated institutions shall be collected until the liquidity returns to reach the level of 2% (two percent) of the total balances of the accounts covered by the guarantee.

......" (NR)

Article 2. This resolution enters into force on the date of its publication.

Brasília, December 18, 2003.

Henrique de Campos Meirelles
President