Resolution CMN No. 3667 — Adds a sole paragraph to Article 13 of Resolution No. 2,238 of January 31, 1996, regarding conditions and procedures for formalizing debt extension operations arising from rural credit

RESOLUTION NO. 003667

Adds a sole paragraph to Article 13 of Resolution No. 2,238 of January 31, 1996, which provides for the conditions and procedures to be observed in the formalization of debt extension operations arising from rural credit, as provided for in Law No. 9,138 of November 29, 1995.

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 a session held on December 17, 2008, considering the provisions of Article 10 of Law No. 9,138 of November 29, 1995,

RESOLVES:

Article 1. The following sole paragraph is added to Article 13 of Resolution No. 2,238 of January 31, 1996:

"Sole Paragraph. In cases where it is not possible to determine the outstanding balance of the operations referred to in the caput by the date of the issuances referred to in item 'a' of item II of Article 8, the payment of the equalization may be made subsequently, through the issuance of securities with the following characteristics:

I - Regarding distribution:

a) fifty percent of National Treasury Notes Series F (NTN-F), maturing on January 1, 2012 and January 1, 2013, and

b) fifty percent of National Treasury Notes Series B (NTN-B), maturing on August 15, 2012 and May 15, 2017;

II - The characteristics of the securities referred to in item I are those defined in Decree No. 3,859 of July 4, 2001;

III - The interest coupons of the assets mentioned in item I may be traded separately from the principal, maintaining the characteristics of the issuance, adopting the following interest coupon rates:

a) NTN-B: six percent per annum; and

b) NTN-F: ten percent per annum;

IV - The percentages referred to in item I may present marginal variations on the date of issuance of the securities due to market conditions."

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

Brasília, December 17, 2008.

Henrique de Campos Meirelles
President