Resolution CMN No. 3537 — Authorizes additional deadline until March 31, 2008 for rural borrowers to pay installments due between January 1 and March 30, 2008 while maintaining compliance benefits

RESOLUTION NO. 3537

Authorizes the granting of an additional deadline, until March 31, 2008, for borrowers to make payments, maintaining the benefits agreed upon for compliance, for installments due in the period from January 1 to March 30, 2008, relating to the operations that compose the rural indebtedness specified in this resolution, and provides other measures.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the MONETARY NATIONAL COUNCIL, in a session held on January 31, 2008, 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 Articles 5 and 6, sole paragraph, of Law No. 10,186, of February 11, 2001,

RESOLVES:

Article 1. The granting of an additional deadline, until March 31, 2008, is authorized for borrowers to make payments, maintaining the benefits agreed upon for compliance, for installments due in the period from January 1 to March 30, 2008, relating to the following operations, all originating from rural credit and with risk borne by the National Treasury or the Coffee Economy Defense Fund (Funcafé), or maintained with resources from the Constitutional Financing Funds for the North (FNO), Northeast (FNE), and Center-West (FCO), without prejudice to the observance of the statute of limitations for the operations:

I - renegotiated under Article 5, paragraph 3, of Law No. 9,138, of November 29, 1995, acquired or relieved of risk by the Union, or maintained with resources from the Constitutional Financing Funds (Securitization I and II);

II - renegotiated under Article 5, paragraph 6, of Law No. 9,138, of 1995, and in accordance with Resolution No. 2,471, of February 26, 1998, of the Monetary National Council, acquired or relieved of risk by the Union, or maintained with resources from the Constitutional Financing Funds (Special Program for Asset Sanitation - PESA);

III - contracted under the Program for Revitalization of Agricultural Production Cooperatives (RECOOP);

IV - celebrated with Funcafé resources, whose credits were received by the Union in payment in kind, in accordance with Article 3 of Provisional Measure No. 2,196-3, of August 24, 2001.

Paragraph 1. The formalization of an amendment to the credit instrument is waived.

Paragraph 2. If the installments referred to in the main text are not paid within the additional deadline, the financial institution will consider the borrower in a state of default from the respective contractual due date, including for the purpose of forwarding the process to the Union's Active Debt.

Article 2. The deadlines established in items I and II-a of Article 3 of Resolutions Nos. 3,407 and 3,408, both of September 27, 2006, and in item IX-a of Article 1 of Resolution No. 3,404, of September 22, 2006, are amended to:

I - March 31, 2008, and June 30, 2008, respectively, for financial institutions to formalize the repactuations and provide information on the contracts to the Ministries of Finance and National Integration, as defined in the aforementioned provisions of Resolutions Nos. 3,407 and 3,408;

II - March 31, 2008, for financial institutions to formalize the repactuations, as provided in the aforementioned Article 1, item IX-a, of Resolution No. 3,404.

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

Brasília, January 31, 2008.

Henrique de Campos Meirelles
President