Resolution CMN No. 3363 — Reprogramming of Overdue Installments and Granting of Time for Payment of Future Installments in 2006 for Working Capital Financing

RESOLUTION NO. 3363

Provides for the reprogramming of overdue installments and the granting of time for payment of future installments, in 2006, of working capital financing.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law 4.595 of December 31, 1964, makes public that the MONETARY NATIONAL COUNCIL, in an extraordinary session held on April 19, 2006, considering the provisions of Article 4, item VI, of the aforementioned law, Articles 4 and 14 of Law 4.829 of November 5, 1965, and Article 5 of Law 10.186 of February 12, 2001,

RESOLVES:

Article 1. Grant, for working capital operations extended during the year 2005 under the protection of MCR 2-6-9 and Resolutions 3.274 of March 24, 2005, 3.277 of March 31, 2005, and 3.287 of June 1, 2005, a new deadline of up to one year after the maturity of the last extended installment, for the payment of overdue or future installments due in 2006, maintaining the charges agreed upon in the credit instrument in the normal situation, observing the following conditions:

I - operations originally contracted under the protection of rural savings resources (MCR 6-4), equalizable by the National Treasury, shall have their extension conditioned on the prior reclassification of the installment to the mandatory resources source (MCR 6-2) or another non-equalizable source;

II - case-by-case examination.

§ 1. For borrowers whose main income originates from the production of cotton, rice, corn, soy, sorghum, or wheat, with recognized difficulty in commercialization due to prices, the granting of the new deadline may be implemented automatically, dispensed with the case-by-case examination and the formalization of an amendment to the credit instrument, at the discretion of the financial institution.

§ 2. The provisions of this article:

I - do not apply to operations extended based on Resolution 3.314 of September 8, 2005;

II - are conditioned on the submission of a formal request by the borrower, until July 31, 2006, to the creditor financial institution, which shall have a deadline until September 30, 2006, to formalize the amendments, when applicable, maintaining the operations classified in the normal situation;

III - in the event of eventual indemnification of losses by the Agricultural Activity Guarantee Program (Proagro), the corresponding value shall be carried by the financial institution for the amortization of the respective outstanding balance.

Article 2. 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 provisions for doubtful collection credits of the operations in question.

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

Brasília, April 26, 2006.

Henrique de Campos Meirelles
President