Resolution CMN No. 3578 - Establishes deadlines and complementary provisions for the implementation of Articles 15, 16, 17 and 18 of Provisional Measure No. 432 of May 27, 2008

Resolution No. 3,578, of May 29, 2008 1

RESOLUTION NO. 3,578

Establishes deadlines and complementary provisions for the implementation of the content contained in Articles 15, 16, 17 and 18 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 POLICY COUNCIL, in a session held on May 29, 2008, considering the provisions of Articles 4, item VI, of the aforementioned Law, 4 and 14 of Law No. 4,829, of November 5, 1965, 5 of Law No. 10,186, of February 11, 2001, and 41 of Provisional Measure No. 432, of May 27, 2008,

RESOLVES:

Art. 1. The following deadlines are established for the implementation of the provisions of Articles 15 to 18 of Provisional Measure No. 432, of May 27, 2008, regarding the operations covered by them:

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

II - until December 30, 2008, for borrowers of the operations covered by Articles 16 and 17 of the aforementioned Provisional Measure to become compliant, according to their respective paragraphs 1, as well as for the minimum amortization required in Articles 15 to 18, and to qualify for the benefits ensured therein for the settlement or renegotiation of debts;

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

Art. 2. Financial institutions shall 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 of the North (FNO), Northeast (FNE) or Central-West (FCO), to the Ministry of Integration, the number of renegotiated contracts and the amounts involved in the renegotiations and settlements covered by this Resolution.

Art. 3. The provisions of Articles 1 and 2 of this Resolution apply to operations of the same kind that are individualized in accordance with Article 21 of Provisional Measure No. 432, of 2008.

Art. 4. Financial institutions, at their discretion and based on the prerogatives contained in item 2.6.9 of the Rural Credit Manual, when the borrower's inability to pay is proven, may renegotiate rural investment credit operations contracted until June 30, 2007, under the conditions of Groups "C", "D" and "E" and the special lines of the National Program for Strengthening Family Agriculture (Pronaf), according to norms of the Monetary Policy Council, provided that the limit of 10% (ten percent) of the number of compliant investment operations carried out with these Groups and special lines in each financial institution is respected, and only for operations in a compliant status as of April 30, 2008, observing the following conditions:

I - sources of resources for the operations covered: FNO, FNE or FCO, Official Credit Operations or Worker Protection Fund (FAT);

II - minimum payment of 30% (thirty percent) of the value of the 2008 installment, until its respective due date;

III - update of the outstanding balance of the operation until the date of renegotiation, incorporation of the remaining value of item II of this article into the total of future installments and distribution of the obtained sum into as many annual installments as there are future contractual installments, allowing an increase of up to three annual installments in the current schedule;

IV - prioritization of producers with greater difficulty in making full payment of the installments within the established deadlines;

V - deadlines:

a) until September 30, 2008, for borrowers to express interest in adhering to the debt renegotiation process;

b) until December 30, 2008, for formalization of debt renegotiation.

§ 1. In the States of Rio Grande do Sul and Mato Grosso and in areas covered by the Superintendence for the Development of the Amazon (SUDAM) and the Superintendence for the Development of the Northeast (SUDENE), renegotiations may reach a limit of up to 30% (thirty percent) of the number of compliant investment operations carried out with resources from the sources referred to in the caput in each financial institution in these States and regions, and the additional deadline for payment referred to in the final part of item III may be extended to up to five years.

§ 2. In Municipalities where a state of emergency or public calamity was declared after July 1, 2007, recognized by the Federal Government, whose triggering events negatively affected the production of the 2007/2008 agricultural harvest, the limitations on the number of renegotiations established in this article do not apply, nor does the requirement for minimum payment in 2008 provided for in item II of this article.

§ 3. The rural producer who renegotiates debt under the conditions established in this article will be prohibited, until they fully settle their renegotiated investment operation, from contracting new investment financing with resources equalized by the National Treasury or with resources controlled by rural credit or Constitutional Financing Funds, throughout the National Rural Credit System (SNCR), and they must present a declaration that they do not maintain prorogated debt under the present conditions with the SNCR, when contracting the new operation.

Art. 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 referred operations, must be observed, except for those contracted with risk to the Constitutional Funds, which are subject to the norms of the management bodies of these Funds.

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

Brasília, May 29, 2008.

Henrique de Campos Meirelles
President

This text does not replace the published version in the DOU and in Sisbacen.