Resolution CMN No. 3586 — Defines weighting factors for compliance with MCR 6-2 exigibility for operations under Pronaf and Proger Rural

RESOLUTION NO. 003586

Defines weighting factors for compliance with the exigibility of MCR 6-2, regarding operations contracted under the conditions of Pronaf and Proger Rural.

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 June 30, 2008, considering the provisions of Articles 4, item VI, of the aforementioned law, and
Article 4, items 14, 15, item I, and 21 of Law No. 4.829, of November 5, 1965,

RESOLVED:

Article 1. The daily average balances of credit operations
contracted under the conditions of the National Program for Strengthening Family Agriculture (Pronaf) and the Program for Job and Income Generation Rural (Proger Rural), in the period from 1/7/2008 to 6/30/2009, with mandatory resources (MCR 6-2), shall be computed by multiplying them by the following weighting factors, according to the credit program and the interest rates linked to the operations, for effect of compliance with the exigibility and sub-exigibility provided for in MCR 6-2-2 and 6-2-5:

I - Weighting factors for Pronaf operations governed by MCR 10-4 (working capital):
a) 1.90 (one and ninety hundredths), when contracted at a rate of 1.50% p.a. (one and fifty hundredths percent per year); b) 1.65 (one and sixty-five hundredths), when contracted at a rate of 3% p.a. (three percent per year); c) 1.40 (one and forty hundredths), when contracted at a rate of 4.50% p.a. (four and fifty hundredths percent per year); d) 1.23 (one and twenty-three hundredths), when contracted at a rate of 5.50% p.a. (five and fifty hundredths percent per year);

II - Weighting factor for Pronaf operations governed by the provisions of MCR 10-11 (Pronaf Working Capital and Commercialization of Family Agroindustries) and MCR 10-12 (Pronaf Shares): 1.44 (one and forty-four hundredths);

III - Weighting factor for Proger Rural operations (MCR 8-1):
1.08 (one and eight hundredths).

Sole Paragraph. Consequently, MCR 6-2-10 shall enter into force with the following wording:

"10 - For the purpose of compliance with the exigibility and sub-exigibility provided for in items 2 and 5, the value corresponding to the daily average balance of the operations or negotiations listed below must be computed by multiplying them by the weighting factors indicated, without prejudice to the observance of the provisions of items 11, 12, and 13: (NR) a) investment operations governed by section 3-3:
I - related to soil correction or recovery: 1.2 (one and two tenths); II - other operations: 1.1 (one and one tenth); b) operations under the protection of Proger Rural (MCR 8-1): 1.08 (one and eight hundredths); c) working capital operations under the protection of Pronaf (MCR 10- 4), with resources from the exigibility, including those captured through DIR-Pronaf, contracted at an interest rate of:
I - 1.50% p.a. (one and fifty hundredths percent per year): 1.90 (one and ninety hundredths); II - 3% p.a. (three percent per year): 1.65 (one and sixty-five hundredths); III - 4.50% p.a. (four and fifty hundredths percent per year): 1.40 (one and forty hundredths); IV - 5.50% p.a. (five and fifty hundredths percent per year): 1.23 (one and twenty-three hundredths); d) operations under the protection of Pronaf governed by sections 10-11 and 10-12, with resources from the exigibility, including those captured through DIR-Pronaf: 1.44 (one and forty-four hundredths); e) operations for the transfer of mandatory resources from other financial institutions to the operator bank of the FRA in the form of DIR-FRA or resources from the operator bank's own exigibility, in the form provided for in section 12-4: 0.63 (sixty-three hundredths)."

Article 2. This resolution enters into force on the date of its
publication.

Brasília, June 30, 2008.

Henrique de Campos Meirelles
President