Resolution CMN No. 3718 — Amends Resolution No. 3,635 of November 13, 2008, Regarding Credit Risk Coverage for Working Capital Loans to Civil Construction Companies

RESOLUTION NO. 003718

Amends Resolution No. 3,635, of November 13, 2008, which provides for credit risk coverage for working capital loan operations destined for civil construction companies, as provided for in Law No. 11,922, of April 13, 2009.

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 April 30, 2009, based on Section 3 of Article 1 of Law No. 11,922, of April 13, 2009, and on item VI of Article 4 of Law No. 4,595, of 1964,

RESOLVES:

Article 1. The sole paragraph of Article 2 of Resolution No. 3,635, of November 13, 2008, shall be effective with the following wording:

"Sole paragraph. The risk coverage referred to in the main text shall apply to operations that observe the following conditions:

I - have as their object residential construction;

II - nominal interest rate not exceeding the Reference Rate (TR) plus eleven percent per annum; and

III - maximum term of sixty months."

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

Article 3. Resolution No. 3,684, of February 19, 2009, is hereby revoked.

Rio de Janeiro, April 30, 2009.

Henrique de Campos Meirelles
President