Resolution CMN No. 3502 — Establishes a new schedule and rescheduling of payments for financing debts under the Recovery Program for the Bahia Cocoa Crop

RESOLUTION NO. 3502

Dispenses with a new schedule and rescheduling of the payment of debts from financings covered by the Recovery Program for the Bahia Cocoa Crop.

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 Article 4, item VI, of the aforementioned law, 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. A new schedule for the payment of the following installments due in July 2007 for operations formalized under the Recovery Program for the Bahia Cocoa Crop is authorized, preserving the other conditions agreed upon:

I - for financings that constitute Stage 3, as provided in Article 1, item II, of Resolution No. 3,345 of February 3, 2006: to January 15, 2015;

II - for financings intended for the acquisition of National Treasury Certificates, as provided in Article 2 of Resolution No. 2,960 of April 25, 2002: to July 2009;

III - for financings that constitute Stage 4, as provided in Article 4 of Resolution No. 2,960 of 2002 and Article 2 of Resolution No. 3,431 of December 29, 2006: to occur from the end of the repayment schedule.

Article 2. Financial institutions shall have until January 30, 2008, to adopt the procedures provided for in this resolution and those necessary for the reschedulings provided for in Resolutions Nos. 3,345 and 3,431, both of 2006.

Sole Paragraph. The overdue installments of all stages of the program may be immediately extended to January 30, 2008, preserving the other conditions not expressly altered, through the formalization of an addendum with the borrowers, without prejudice to the observance of the statute of limitations for the operations.

Article 3. The operations may be maintained in a normal situation until January 30, 2008, without prejudice to the observance of the provisions of Resolution No. 2,682 of December 21, 1999, regarding the classification of the aforementioned operations.

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

Article 5. Resolution No. 3,484 of August 1, 2007, is hereby revoked.

São Paulo, September 28, 2007.

Henrique de Campos Meirelles
President