Resolution CMN No. 3269 — Grants Additional Time for Payment of Trigo Operating Loan Installments and Installments for Agricultural Investment Programs Financed by BNDES

RESOLUTION NO. 003269

Dispenses with granting additional time for payment of installments of wheat operating loans and on the granting of time, in the form of MCR 2-6-9, for payment of installments related to financing under the auspices of Agricultural Investment Programs with resources from the National Bank for Economic and Social Development (BNDES), equalized by the National Treasury.

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 an extraordinary session held on March 16, 2005, taking into account the provisions of Articles 4, item VI, of the aforementioned law, 4 and 14 of Law 4,829 of November 5, 1965, and 5 of Law 10,186 of February 12, 2001,

RESOLVES:

Article 1. Authorize the granting of additional time for payment of installments of wheat operating loans, 2004 harvest, due from December 1, 2004, and due until March 31, 2005.

§ 1. The payment of the obligations referred to in this article will be demanded in three equal and successive monthly installments, with the first due in June 2005.

§ 2. The provisions of this article apply to both commercial agriculture and family farming.

Article 2. The granting of a new maturity date is admitted, in accordance with the provisions of MCR 2-6-9, for installments due and due in 2005, of operations contracted under the auspices of agricultural investment programs inherent to the activity of producers and their cooperatives, relating to the crops of cotton, rice, corn, wheat, and soy, financed with resources from the National Bank for Economic and Social Development (BNDES), equalized by the National Treasury, in the following situations:

I - of up to one year after the due date of the last installment, for borrowers whose properties are located in municipalities that have been affected by droughts, in a degree of severity recognized as a situation of calamity or emergency by the Federal Government;

II - of up to three years, respecting the maximum periods established in the specific regulation of each program, in the occurrence of:

a) recognized difficulty in marketing due to prices;

b) proven loss resulting from drought, in rural properties not covered by the provisions of item I.

§ 1. The extensions must be authorized only in cases of proven inability to pay, through case-by-case analysis, or according to criteria to be established by the Ministries of Agriculture, Livestock and Supply and of Finance, in accordance with Article 4, observing the other limitations of the applicable regulation.

§ 2. Borrowers classified under the situations referred to in this article must express interest in negotiation, observing the following deadlines:

I - until April 15, for installments due or due until April 30, 2005;

II - until 15 days before the due date, for installments due in the month of May;

III - until May 31, for the remaining installments due in 2005.

Article 3. The extensions referred to in this resolution must be carried out without prejudice to the observance of the provisions of Resolution 2,682 of December 21, 1999, regarding the classification and the constitution of a provision for doubtful collection credits of the operations in question.

Article 4. The Ministries of Agriculture, Livestock and Supply, through the Secretariat of Agricultural Policy, and of Finance, are authorized to jointly define the complementary measures necessary for the implementation of the provisions of this resolution.

Article 5. This resolution enters into force on the date of its publication.

Brasília, March 17, 2005.

Henrique de Campos Meirelles
President