Resolution CMN No. 3499 — Establishes criteria for the reclassification of renegotiated or extended rural credit operations

RESOLUTION NO. 003499

Establishes criteria for the reclassification of renegotiated or extended rural credit operations.

The CENTRAL BANK OF BRAZIL, in accordance with Articles 4, item VI, and 9 of Law No. 4,595 of December 31, 1964, and Articles 4 and 14 of Law No. 4,829 of November 5, 1965, makes public that the MONETARY COUNCIL, in a session held on September 27, 2007, based on Article 4, item XI, of the aforementioned law,

RESOLVES:

Art. 1 Rural credit operations, renegotiated or extended under the protection of decisions of the National Monetary Council, may, at the discretion of the financial institution and provided that the borrower remains in regular agricultural production activity, be subject to reclassification to another lower-risk category, considering the evaluation of the debtor in each operation. The provisions contained in Article 8 of Resolution No. 2,682 of December 21, 1999, do not apply in these cases, maintaining the delegation provided for in Article 13 of that resolution.

Sole Paragraph. The provisions of the caput also apply to rural credit operations carried out with resources from the Constitutional Fund for Financing the Center-West (FCO) and the Worker Protection Fund (FAT) covered by specific authorizations for renegotiation or extension from their respective Management Bodies or Councils, provided that the aforementioned operations are carried out at the risk of the financial agents.

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

Brasília, September 27, 2007.

Henrique de Campos Meirelles
President