Resolution CMN No. 3418 — Formalization of Credit Operations under Laws 11.322/2006 and Resolutions 2.238/1996, 2.471/1998, and 2.681/1999

RESOLUTION NO. 3418

Dispenses with the formalization of the credit operations referred to in Articles 15 and 15-A of Law No. 11,322 of 2006, regarding operations contracted under the protection of Resolutions No. 2,238 of 1996, No. 2,471 of 1998, and No. 2,681 of 1999, and subsequent amendments.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the MONETARY COUNCIL NATIONAL, in an extraordinary session held on November 3, 2006, 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 18 of Law No. 11,322 of July 13, 2006,

RESOLVES:

Article 1. In the formalization of the credit operations referred to in Articles 15 and 15-A of Law No. 11,322 of July 13, 2006, with the wording given by Provisional Measure No. 317 of August 16, 2006, destined directly and exclusively to the settlement of the value corresponding to the installments due in 2005 and 2006 and those due in 2006, relative to the operations contracted under the protection of Resolutions No. 2,238 of January 31, 1996, and No. 2,471 of February 26, 1998, including those that were acquired or relieved of risk by the Union in the manner of Article 2 of Provisional Measure No. 2.196-3 of August 24, 2001, and Resolution No. 2,681 of December 21, 1999, and their subsequent amendments, the following conditions must be observed:

I - beneficiaries: borrowers in a state of compliance regarding installments due until December 31, 2004;

II - source of resources: mandatory resources (MCR 6-2);

III - financing limit: up to the value sufficient to settle the installments due in 2005 and 2006 and those due in 2006;

IV - contracting period: until December 29, 2006;

V - repayment term and schedule: up to five years, including up to two years of grace period for payment of the first installment, with the repayment schedule to be fixed according to the cash flow of the borrower's activity;

VI - financial charges: effective interest rate of 8.75% p.a. (eight and seventy-five hundredths percent per annum);

VII - guarantees: at the discretion of the financial agent;

VIII - risk of the operation: integral risk of the financial agent.

§ 1. Expenses already incurred by the borrower with the payment of installments due in 2005 and 2006 and those due in 2006 may be financed, provided that the respective payment was made between July 14, 2006, and August 17, 2006.

§ 2. The balance of the operations contracted in the manner of this article may be computed for the purposes of compliance with the requirement for applications in rural credit, as provided in MCR 6-2.

Article 2. Regarding the operations acquired or relieved of risk by the Union, in the manner of Article 2 of Provisional Measure No. 2.196-3 of August 24, 2001, the following provisions must also be observed:

I - the amounts due must be updated by the normal charges until the date of their respective due date, observed that the value of each installment must be calculated:

a) without additional default charges;

b) with the compliance bonus referred to in Article 5, § 5, item V, letter "d", of Law No. 9,138 of November 29, 1995, and Article 2, items I and II, of Law No. 10,437 of April 25, 2002;

c) without the incidence of the correction of the minimum price, as provided in Article 5, § 5, item III, of Law No. 9,138 of 1995, in accordance with Article 1, § 5, of Law No. 10,437 of 2002;

II - the amounts due must be updated by the application of the pro rata die variation of the Selic Rate since the date of the respective due date of the installments until the date of the effective payment with the contracting of the financing referred to in Article 1.

§ 1. The National Treasury, in cases where the risk of the operations is incompatible with the financial charges established in Article 1, item VI, may equalize the financial charges, as provided in Law No. 8,427 of May 27, 1992, and authorized by Article 15-A of Law No. 11,322 of 2006, with the wording given by Provisional Measure No. 317 of 2006.

§ 2. The operations are maintained in a state of normality until the end of the period established for contracting the financing, subject to the method of updating and the conditions provided in the main text.

§ 3. The conditions established in the main text are applicable even to borrowers who settle, until December 29, 2006, the installments due in 2005 and 2006 or those due in 2006, regardless of the contracting of the financing regulated by this resolution.

Article 3. In the formalization of the credit operations referred to in this resolution, the provisions of Resolution No. 2,682 of December 21, 1999, regarding the classification of the aforementioned operations, must be observed.

Article 4. This resolution enters into force on the date of its publication.

Article 5. Resolution No. 3,394 of August 18, 2006, is hereby revoked.

Brasília, November 3, 2006.

Henrique de Campos Meirelles
President

--------------------------------------------------------------------- Note: Republished to rectify item III of Article 1.