Resolution CMN No. 3636 — Amends provisions of Resolutions Nos. 3,572, 3,573, 3,574, 3,575, 3,577, 3,578, 3,579 and 3,580, all of May 29, 2008

RESOLUTION NO. 003636

Amends provisions of Resolutions
Nos. 3,572, 3,573, 3,574, 3,575,
3,577, 3,578, 3,579 and 3,580, all of May 29, 2008.

The Central Bank of Brazil, in accordance with Article 9 of Law No.
4,595, of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on November 13, 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 12, 2001, and 41 of Law No. 11,775, of September 17, 2008,

RESOLVES:

Art. 1. The extension until December 12, 2008, of the deadlines for borrowers to express interest in adhering to the debt renegotiation process governed by:

I - item I of Article 1 of Resolution No. 3,572, of May 29, 2008;

II - item I of Article 1 of Resolution No. 3,573, of May 29, 2008;

III - item "a" of item IV of Article 2 of Resolution No.
3,575, of May 29, 2008;

IV - item I of Article 1 of Resolution No. 3,577, of May 29 2008;

V - item I of Article 1 and item "a" of item V of
Article 4, both of Resolution No. 3,578, of May 29, 2008;

VI - item I of Article 1 of Resolution No. 3,580, of May 29 2008.

Sole Paragraph. The deadline referred to in the caput also applies to item "a" of item II of Article 2 of Resolution No. 3,580, of 2008, for borrowers to request the individualization of operations.

Art. 2. The extension until December 12, 2008, of the deadline provided for in item I of Article 1 of Resolution No.
3,574, of May 29, 2008, is authorized for borrowers of the operations governed by Article 4 of Law No. 11,775, of September 17, 2008, to pay off their debts and, thus, become eligible for the benefit assured therein.

Art. 3. The extension until December 12, 2008, of the deadline provided for in item II of Article 1 of Resolution No.
3,574, of 2008, is authorized for borrowers to express interest in liquidating overdue interest installments or in contracting a new credit operation under the conditions established in Article 2 of the aforementioned Resolution.

Art. 4. The extension until December 12, 2008, of the deadline provided for in item I of Article 1 of Resolution No.
3,575, of May 29, 2008, is authorized for borrowers to express interest in replacing interest rates as provided for in Article 10 of Law No. 11,775, of 2008.

Art. 5. The extension until December 12, 2008, of the deadline provided for in item I of Article 1 of Resolution No.
3,579, of May 29, 2008, is authorized for borrowers to formalize with financial institutions the request for individualization of the operations governed by the caput of Article 1 of the aforementioned resolution.

Art. 6. The extension until December 12, 2008, of the deadline provided for in item I of Article 2 of Resolution No.
3,579, of 2008, is authorized for borrowers to express interest in liquidating the operations, in accordance with items I to III, or in renegotiating, in accordance with item IV, all of Article 23 of Law No. 11,775, of 2008.

Art. 7. The deadlines for adhering to the renegotiation of rural debts governed by Resolutions Nos. 3,572, 3,573, 3,574, 3,575, 3,577, 3,578, 3,579 and 3,580, all of 2008, now extended, do not imply an extension of the maturity date provided for in the respective contracts or of the other deadlines defined by the National Monetary Council.

Art. 8. Article 2 of Resolution No. 3,575, of May 29, 2008, amended by Resolution No. 3,597, of August 29, 2008, shall be in effect with the following wording:

"Art. 2. Financial institutions, at their discretion and based on the prerogatives contained in item 2-6-9, in cases where the borrower's inability to pay is proven, may renegotiate rural investment credit operations, contracted until June 30, 2007, with resources transferred by BNDES and equalized by the National Treasury, or backed by resources from the Finame Agrícola Especial credit line, provided that the limit of 20% (twenty percent) of the balance of investment operations carried out with these sources of resources in each financial institution is respected, and only for operations in a state of compliance on the date of renegotiation, observing the following conditions:

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§ 1. In the States of Rio Grande do Sul (RS) and Mato Grosso (MT) and in the Municipalities of the States of Santa Catarina (SC), Paraná (PR) and Mato Grosso do Sul (MS) that have declared a state of emergency or public calamity in 2004 and 2005, due to drought, the case-by-case analysis of proof of the borrower's inability to pay is waived, and renegotiations may reach a limit of up to 60% (sixty percent) of the balance of investment operations, in each financial institution in these States, provided that the additional deadline for payment provided for in item II may be extended to up to 5 (five) years;

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§ 5. In defining the balance of investment operations by financial institution for the calculation of the 20% (twenty percent) eligible for renegotiation, the balances of operations carried out in the States of RS and MT and in the Municipalities of the States of SC, PR and MS that have declared a state of emergency or public calamity in 2004 and 2005 shall not be considered, which shall follow the provisions of item a of § 1." (NR)

Art. 9. This Resolution enters into force on the date of its publication.

Art. 10. Resolution No. 3,612, of September 30, 2008, is revoked.

Brasília, November 13, 2008.

Henrique de Campos Meirelles
President