Resolution CMN No. 3504 — Establishes a special credit line with federal economic subsidy for financing and loans to companies in the ornamental stones, wood processing, leather processing, footwear and leather goods, textiles, apparel including home linen, and wooden furniture sectors

RESOLUTION NO. 3504

Establishes a special credit line, with economic subsidy by the Union, for financing and loans to companies in the sectors of ornamental stones; wood processing; leather processing; footwear and leather goods; textiles; apparel, including home linen, and wooden furniture.

THE CENTRAL BANK OF BRAZIL, in accordance with Art. 9 of Law No. 4,595, of December 31, 1964, makes public that the MONETARY NATIONAL COUNCIL, in a session held on October 25, 2007, based on Arts. 4, item VI, of the aforementioned law, and Art. 2, § 5, of Law No. 11,529, of October 22, 2007,

R E S O L V E D:

Art. 1. The conditions necessary for the granting of loans and financing eligible for economic subsidy by the Union are established, under the modalities of interest rate equalization and of default bonus on interest, observing the following:

I - beneficiaries: companies operating in the sectors of ornamental stones, wood processing, leather processing, footwear and leather goods, textiles, apparel, including home linen, and wooden furniture, with annual gross operating revenue of up to R$300,000,000.00 (three hundred million reais);

II - resources (total and source): the total of the financing and loans to be subsidized by the Union will be limited to R$ 3,000,000,000.00 (three billion reais), being:

a) R$2,000,000,000.00 (two billion reais) with resources from the National Bank for Economic and Social Development (BNDES); and

b) R$1,000,000,000.00 (one billion reais), as defined in CODEFAT Resolution No. 537, of May 11, 2007, with resources from the Worker Protection Fund - FAT, in the special credit line "FAT" "Sectorial Turnover", as provided for in CODEFAT Resolution No. 493, of May 15, 2006, observing the limits established by CODEFAT;

III - financial agents: BNDES and financial institutions accredited by it for BNDES resources; and Banco do Brasil S.A and Caixa Econômica Federal, for FAT resources;

IV - credit operation modality, financial charge and repayment term:

a) for BNDES resources:

1. working capital: effective interest rate of 8.5% p.a.
   (eight and five tenths percent per annum) and repayment term of up to 36 (thirty-six) months, including up to 18 (eighteen) months of grace period for the principal;

2. investment: effective interest rate of 7% p.a. (seven percent
   per annum) and repayment term of up to 8 (eight) years, including up to 3 (three) years of grace period for the principal;

3. export (pre-shipment): effective interest rate of 7%
   p.a. (seven percent per annum) and repayment term of up to 36 (thirty-six months, including up to 18 (eighteen) months of grace period for the principal;

b) for FAT resources:

1. working capital, with an effective interest rate of 8.5% p.a.
   (eight and five tenths percent per annum) and repayment term of up to 36 (thirty-six) months, including up to 18 (eighteen) months of grace period for the principal (Article 1 of CODEFAT Resolution No. 551 of August 2, 2007);

V - default bonus on interest: 20% (twenty percent) of the interest due, provided that principal and interest installments are paid, by the respective due dates;

VI - repayment periodicity:

a) interest: in quarterly installments during the grace period and monthly after the grace period;

b) principal: in monthly installments;

VII - contracting period: until December 31, 2007, for operations filed with BNDES, Banco do Brasil S.A. and Caixa Econômica Federal;

VIII - operational risk: of Banco do Brasil S.A., Caixa Econômica Federal, BNDES (in operations carried out directly by it) and financial institutions accredited by it, in other cases;

Art. 2. The Ministry of Finance shall establish, by means of ordinance, the conditions for the payment of the interest rate equalization and the default bonus on interest.

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

Art. 4. Resolutions No. 3,486, of August 3, 2007 and No. 3,491, of August 29, 2007 are revoked.

Brasília, October 26, 2007.

Henrique de Campos Meirelles
President