Resolution CMN No. 3596 — Establishes conditions for special credit line with federal economic subsidy for financing and loans to specific sectors

RESOLUTION NO. 003596

Establishes conditions for 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; clothing, including household linen, wooden furniture, fruits (fresh and processed), ceramics, software, and provision of information technology services and capital goods (except motor vehicles for transporting cargo and passengers, vessels, aircraft, railway and metro wagons, tractors, harvesters, and road machinery); and extends the deadline for contracting the operations covered by Resolution No. 3,504, of October 26, 2007.

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 July 31, 2008, based on Articles 4, item VI, of the aforementioned Law, 2, § 5, of Law No. 11,529, of October 22, 2007, and 15 of Provisional Measure No. 429, of May 12, 2008,

RESOLVES:

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

I - beneficiaries: companies operating in the sectors of ornamental stones, wood processing, leather processing, footwear and leather goods, textiles, clothing, including household linen, wooden furniture, fruits (fresh and processed), ceramics, software, and provision of information technology services and capital goods (except motor vehicles for transporting cargo and passengers, vessels, aircraft, railway and metro wagons, tractors, harvesters, and road machinery), with an 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, in 2008, without prejudice to the provisions of Resolution No. 3,504, of October 26, 2007, shall be subject to a limit of R$3,000,000,000.00 (three billion reais) with resources from the National Bank for Economic and Social Development (BNDES), applied directly or by financial institutions accredited by it;

III - financial agents: BNDES and financial institutions accredited by it;

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

a) investment: effective interest rate of 7% p.a. (seven percent per annum) and repayment term of up to 96 (ninety-six) months, including up to 36 (thirty-six) months of grace period for the principal;

b) 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;

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

VI - payment frequency:

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

b) principal: in monthly installments;

VII - operational risk: that of BNDES, in operations carried out directly by it, and of the financial institutions accredited by it, in other cases.

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

Article 3. Item VII of Article 1 of Resolution No. 3,504, of October 26, 2007, shall be amended to read as follows:

"VII - contracting deadline:

a) until June 30, 2008, for operations protocolled at Banco do Brasil S.A. and Caixa Econômica Federal;

b) until December 31, 2008, for operations protocolled at BNDES;" (NR)

Article 4. This resolution enters into force on the date of its publication.

Brasília, July 31, 2008.

Henrique de Campos Meirelles
President