Resolution CMN No. 3282 — Extension of Overdue and Future Installments for Proger Rural Investment Financing in 2005

RESOLUTION NO. 003282

Dispenses on the extension of overdue and future installments, in 2005, of investment financing under the Proger Rural program, and standardizes the deadlines provided for in Resolutions 3.269 and 3.277, both of 2005, for borrowers to express their position regarding the extension of overdue and future installments in 2005.

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 April 28, 2005, having regard to the provisions of Article 4, item VI, of the aforementioned law, and Articles 4 and 14 of Law 4.829, of November 5, 1965, Law 8.171, of January 17, 1991, and Article 5 of Law 10.186, of February 12, 2001,

RESOLVES:

Article 1. Authorize the granting of a new maturity date to the overdue and future installments in 2005 of investment operations contracted within the framework of the Rural Employment and Income Generation Program (Proger Rural), whose resources have been destined to developments carried out in the States of Rio Grande do Sul, Santa Catarina, and Paraná, in the following situations:

I - of up to one year after the maturity of the last installment, for borrowers whose properties are located in municipalities that have decreed a state of calamity or emergency, due to drought, duly recognized by the Federal Government;

II - of up to three years, in the event of:

a) recognized difficulty in commercialization due to prices;

b) proven loss resulting from drought, in rural properties not covered by the provision 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 5, observing the other limitations of the applicable regulation.

§ 2. Borrowers included in the situations provided for in this article must request the extension from the financial agent, observing the following deadlines:

I - until May 15, for the 2005 installments overdue or due until May 31, 2005;

II - until 15 days before the maturity, for the future installments in 2005 from June 1.

Article 2. The extensions referred to in Article 1 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 provision for doubtful collection credits of the operations in question.

Article 3. Article 2 of Resolution 3.269, of March 17, 2005, is amended, which shall now read as follows:

"Article 2. .............................................

§ 2. Borrowers included in the situations provided for in this article must express interest in negotiation until July 31, 2005, for the overdue or future installments in 2005." (NR)

Article 4. Article 1 of Resolution 3.277, of March 31, 2005, is amended, which shall now read as follows:

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

II - .................................................

b) for the other cases, the borrower must request the extension from the financial agent, dispensing with the formalization of an amendment to the credit instrument and observing the following deadlines:

1. until May 15, 2005, for the 2005 installments overdue or due until May 31, 2005;

2. until fifteen days before the maturity, for the future installments during the year of 2005, from June 1, 2005." (NR)

Article 5. The Ministries of Agriculture, Livestock and Supply, through the Secretariat of Agricultural Policy, and of Finance are authorized to define, jointly, the complementary measures that may be necessary for the implementation of the provisions of this resolution.

Article 6. This resolution enters into force on the date of its publication.

São Paulo, May 2, 2005.

Henrique de Campos Meirelles
President

--------------------------------------------------------------------- Note: Re-transmitted to correct the date from May 3 to May 2, 2005.