Resolution CMN No. 3345 — Reprograms Payment of Financing Debts Under the Bahia Cocoa Crop Recovery Program

RESOLUTION NO. 003345

Reprograms the payment of financing debts under the Bahia Cocoa Crop Recovery Program.

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 January 26, 2006, considering the provisions of Article 4, item VI, of the aforementioned law, and 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,

RESOLVES:

Article 1. Authorize the reprogramming of payment of debts of financing under the Bahia Cocoa Crop Recovery Program, Stages 1, 2, and 3, observing the following conditions:

I - for the operations of Stages 1 and 2, contracted until December 31, 1997, maintaining the other conditions agreed upon with the borrower:

a) repayment term: up to five years, in annual installments corresponding to 1/5 (one fifth) of the debt value, the amortization schedule must reflect the following proportionality, relative to the values paid annually:

1. 70% (seventy percent) in the month of January, with the first payment set for January 2007;

2. 30% (thirty percent) in the month of July;

b) financial charges: interest rate of 6% p.a. (six percent per year), for miniproducers; 8.75% p.a. (eight and seventy-five hundredths percent per year), for small and medium producers; and 10.75% p.a. (ten and seventy-five hundredths percent per year), for large producers;

c) compliance bonus: 30% (thirty percent) on each installment of the new repayment schedule paid by the due date;

d) operational risk: maintain the operations with the same position assumed in the original contracts;

e) allocation of the total expenses related to the application of the compliance bonus and the equalization of financial charges, as follows:

1. 75% (seventy-five percent) for the National Treasury; and

2. 25% (twenty-five percent) for the Treasury of the State of Bahia;

II - for the operations of Stage 3, contracted from January 1, 1998 to April 24, 2002, maintaining the other conditions agreed upon:

a) only the installments due on January 15, 2005, July 15, 2005, and January 15, 2006 may be paid, respectively, until July 15, 2012, January 15, 2013, and July 15, 2013;

b) the total value of accrued and non-capitalized interest must be incorporated, proportionally, into the future installments after February 2006;

c) operational risk: maintain the operations with the same position assumed in the original contracts;

d) maintain the allocation of expenses related to the equalization of financial charges with the same proportionality;

III - for financing intended for the acquisition of National Treasury bonds, as provided in Article 2 of Resolution 2,960 of 2002, only the installments due in January and July 2005 and January 2006 may be paid in January and July 2007 and January 2008, respectively.

§ 1. Financial agents must adopt, by June 30, 2006, all necessary procedures to enable the reprogramming of payment of the operations, including the formalization of respective addenda with borrowers, on a case-by-case basis, with a view to adapting the credit instrument to the conditions subject to this resolution.

§ 2. Borrowers who do not renegotiate their debts by the deadline established in § 1 or who do not make payments of the renegotiated installments by the respective due dates, will have their names forwarded for registration in the Federal Active Debt.

Article 2. The reprogramming provided for 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 of the aforementioned operations.

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

Article 4. Resolution 3,325 of November 8, 2005 is hereby revoked.

Rio de Janeiro, February 3, 2006.

Henrique de Campos Meirelles
President