Resolution CMN No. 3314 — Granting a Payment Period for Overdue or Future Installments of 2004/2005 Crop Financing

RESOLUTION NO. 003314

Dispenses with granting a payment period for overdue or future installments of crop financing, 2004/2005 season.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the NATIONAL MONETARY COUNCIL, in a session held on August 31, 2005, considering the provisions of Article 4, item VI, of the aforementioned law, Articles 4 and 14 of Law No. 4,829 of November 5, 1965, and Article 5 of Law No. 10,186 of February 12, 2001,

HAS DECIDED:

Article 1. Postpone, to March and April 2006, the settlement of the outstanding balance corresponding to the following installments of the 2004/2005 season crop financing:

I - those due in the months of June, July, and August 2005, related to rice, corn, soy, sorghum, and wheat crops;

II - the first two of 2005, even if due, related to the cotton crop.

Paragraph 1. The extension, covering operations formalized throughout the national territory, shall be made through a formal request by the borrower and presentation of proof of deposit of the harvested product, by September 15, 2005, with the formalization of an amendment to the credit instrument being waived.

Paragraph 2. The extended values must be computed as applications in the same sources of the 2005/2006 season resource program, including for the purpose of meeting the respective exigibility and equalization of financial charges.

Paragraph 3. Borrowers of extended operations may only obtain credit under controlled resources, for the cultivation of the 2005/2006 summer season, up to the value corresponding to the difference between the limits established for the new season and the values extended in accordance with this resolution.

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

Brasília, September 8, 2005.

Henrique de Campos Meirelles
President