Resolution CMN No. 3500 — Amends Resolutions Nos. 3,495, 3,496 and 3,497, all of 2007

RESOLUTION NO. 003500

Amends Resolutions Nos. 3,495,
3,496 and 3,497, all of 2007.

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 a session held on September 27, 2007, considering the provisions of Articles 4, item VI, of the said law, 4 and 14 of Law No. 4,829, of November 5, 1965, 5 of Law No. 10,186, of February 12, 2001, 1 of Law No. 8,427, of May 27 of 1992, and 6 of Decrees Nos. 6,200 and 6,201, both of August 28 of 2007,

R E S O L V E D:

Art. 1 The Resolutions Nos. 3,495, 3,496 and 3,497, all of August 30 of 2007, shall enter into force with the following wording:

I - Articles 1, 2 and 3 of Resolution No. 3,495, of 2007:

"Art. 1 Financial institutions are authorized to establish for the credits of agricultural investment credits below referenced, in a situation of compliance until December 31 of 2006, a new term for payment, with maturity on December 17 of 2007, for the installments due and unpaid or due in the period from January 2, 2007 to December 17 of 2007, calculated and maintained under the conditions of normality for all purposes, dispensed with at the discretion of the financial agent the case-by-case review of the operations and the formalization of an amendment to the instrument of credit:
................................................" (NR)

"Art. 2 The conditions are established for the installments with maturity in 2007 of extended working capital operations of the 2003/2004, 2004/2005 and 2005/2006 harvests, including the operations extended under the Pronaf, that:

I - for the installments due and unpaid or due until October 30, 2007: they will be calculated and maintained under the conditions of normality, for all purposes, until October 30, 2007 and, under the terms of MCR 2-6-9, the granting of a term for payment of up to 100% (one hundred percent) of the value due, including capital, financial charges and accessories, for up to one year after the maturity of the last installment contained in the current return schedule of these operations, maintaining the financial charges agreed for the situation of normality;

II - for the installments due from October 31 of 2007: it will be permitted, provided that requested by the borrower until the date of its respective maturity, the granting of a term, under the terms of MCR 2-6-9, for payment of up to 100% (one hundred percent) of the value due, including capital, financial charges and accessories, for up to one year after the maturity of the last installment contained in the current return schedule of these operations, maintaining the financial charges agreed for the situation of normality; ................................................" (NR)

"Art. 3 The conditions established in this resolution can be applied to the financing of credit rural contracted under the support of resources of the Constitutional Financing Funds of the North (FNO), Northeast (FNE) and Central-West (FCO), provided that they do not conflict with specific deliberations of the Councils Deliberative of these funds and adopted the procedures that are necessary with respect to this source of resources." (NR);

II - Articles 2, 3 and 4 of Resolution No. 3,496, of 2007:

"Art. 2..............................................

§ 3 Conditions eventually established by the Deliberative Councils of the FNO, of the FNE or of the FCO prevail over those referred to in the caput of this
article." (NR)

"Art. 3 For the borrowers of the financing of which treats art. 1 who paid the installments with maturity in 2007 before the date of entry into force of this resolution, provided that the operations still present a debt balance, the respective rebate will be calculated on the nominal value of the installments paid and granted by reducing the balance due of the operation on the date of December 17, 2007. ................................................" (NR)

"Art. 4 .............................................

Sole Paragraph. Conditions eventually established by the Deliberative Councils of the FNO, of the FNE or of the FCO prevail over those to which the caput of this article refers." (NR);

III - Article 4 of Resolution No. 3,497, of 2007:

"Art. 4 For the borrowers of financing of which treat arts. 1 and 2 who paid the installments with maturity in 2007 before the date of entry into force of this resolution, provided that the operations still present a debt balance, the respective rebate will be calculated on the nominal value of the installments paid and granted by reducing the balance due of the operation on the date of December 17, 2007. ..............................................." (NR).

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

São Paulo, September 28, 2007.

Henrique de Campos Meirelles
President