Resolution CMN No. 3572 — Establishes Deadlines and Complementary Provisions for the Implementation of Articles 1, 2, 5, 6, and 7 of Provisional Measure No. 432 of May 27, 2008

RESOLUTION NO. 3572

Establishes deadlines and complementary provisions for the implementation of the content contained in Articles 1, 2, 5, 6, and 7 of Provisional Measure No. 432 of May 27, 2008.

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, in a session held on May 29, 2008, having regard to the provisions of Article 4, item VI, of the aforementioned Law, Articles 4 and 14 of Law No. 4,829 of November 5, 1965, Articles 5 and 6, sole paragraph, of Law No. 10,186 of February 11, 2001, and Article 41 of Provisional Measure No. 432 of May 27, 2008,

RESOLVES:

Article 1. The following deadlines are established for the implementation of the provisions contained in Articles 1, 2, 5, 6, and 7 of Provisional Measure No. 432 of 2008, with respect to the operations framed therein:

I - by September 30, 2008, for borrowers to express interest in adhering to the debt renegotiation process;

II - by December 30, 2008, for the settlement of the operation or minimum amortization, required from the borrower as a condition for the renegotiation of their debts;

III - by March 31, 2009, for financial agents to formalize the renegotiations.

Article 2. For the purpose of operationalizing the provisions contained in Articles 1, 2, and 6 of Provisional Measure No. 432 of 2008, financial agents may use the charges agreed upon for default - the average adjusted rate of daily financing calculated in the Special Settlement and Custody System, published by the Central Bank of Brazil, plus 1% (one percent) per year - for the calculation of the amount due on the date of renegotiation and grant a discount on the overdue outstanding balance equivalent to the percentage difference between the obtained value and that calculated by applying the charges based on the Broad Consumer Price Index (IPCA), published by the Brazilian Institute of Geography and Statistics (IBGE), plus 6% (six percent) per year.

Article 3. Financial institutions will have until June 30, 2009, to inform the National Treasury Secretariat of the Ministry of Finance or, in the case of operations with resources from the Constitutional Financing Funds for the North (FNO), Northeast (FNE), and Center-West (FCO), to the Ministry of National Integration, of the number of renegotiated contracts and the amounts involved in the renegotiations and settlements covered by this Resolution.

Article 4. For the classification of operations with cooperatives or producer associations within the discount ranges provided for in Articles 1, 2, 6, and 7 of Provisional Measure No. 432 of 2008, the outstanding balances shall be considered in accordance with the provisions of its Article 9.

Article 5. In the process of formalizing the renegotiations covered by this Resolution, the provisions of Resolution No. 2,682 of December 21, 1999, regarding the classification of the aforementioned operations, must be observed, except for those contracted with the risk of the Constitutional Financing Funds, which are subject to the norms of the management bodies of these Funds.

Article 6. This Resolution enters into force on the date of its publication.

Brasília, May 29, 2008.

Henrique de Campos Meirelles
President