Resolution CMN No. 3736 — Grants additional payment deadlines for operating and investment operations in flood or drought-affected regions and establishes an Emergency Credit Line for rural activities

RESOLUTION NO. 003736

Dispenses with the granting of an additional deadline for the payment of installments of operating and investment operations contracted in regions affected by floods or drought and establishes an Emergency Credit Line for financing rural activities affected by floods or drought.

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 June 16 and 17, 2009, having regard to the provisions of Article 4, item VI, of Law No. 4.595, of 1964, Articles 4 and 14 of Law No. 4.829, of November 5, 1965, and Article 5 of Law No. 10.186, of February 12, 2001,

RESOLVES:

Art. 1. Financial institutions are authorized, for rural producers who suffered losses due to drought in municipalities of the States of Rio Grande do Sul, Santa Catarina, Paraná, Mato Grosso do Sul, and São Paulo that have declared a state of emergency or public calamity between December 1, 2008, and May 13, 2009, recognized by the respective State Governments until June 15, 2009, to:

I - extend, until August 15, 2009, the due date of installments due or to become due between January 1, 2009, and August 14, 2009, provided that the operation was in a compliant status on January 1, 2009, of the following rural credit operations:

a) operating credit for the 2007/2008 harvest, in the case of livestock and biennial crop operating credit, and operating credit for the 2008/2009 harvest, contracted with equalized resources from rural savings or under the Program for the Generation of Employment and Rural Income (Proger Rural) or the Family Proger Rural, provided that such operations are not covered by the Agricultural Activity Guarantee Program (Proagro) or by another agricultural insurance modality;

b) operating credit for the 2007/2008 harvest, in the case of livestock and biennial crop operating credit, and operating credit for the 2008/2009 harvest, contracted with mandatory resources as provided in the Rural Credit Manual (MCR) 6-2 or from non-equalized rural savings (MCR 6-4), provided that such operations are not covered by the Agricultural Activity Guarantee Program (Proagro) or by another agricultural insurance modality;

c) investment, from programs coordinated by the Ministry of Agriculture, Livestock, and Supply (MAPA), contracted with resources administered by the National Bank for Economic and Social Development (BNDES) or contracted under the Special Agricultural Finame Program or under the protection of Proger Rural or Family Proger Rural, including investment credit operations whose installments became due in 2008 but were extended by the respective financial institutions to May 15, 2009; and

d) extended operating credit for the 2003/2004, 2004/2005, and 2005/2006 harvests, including those under Proger Rural or Family Proger Rural;

II - renegotiate, provided that requested by the borrower until the respective due date, the repayment of up to 100% (one hundred percent) of the installments of the operations covered by item "a" of item I of this article, to become due between August 15, 2009, and December 30, 2009, including installments that are extended based on the aforementioned item, in up to 3 (three) years, with the 1st installment becoming due in 2010, observing the period for obtaining revenues by the producer;

III - extend, provided that requested by the borrower until the respective due date, the repayment of up to 100% (one hundred percent) of the installments of the operations covered by items "c" and "d" of item I of this article, to become due between August 15, 2009, and December 30, 2009, including installments that are extended based on the aforementioned item, for up to 1 (one) year after the due date of the last installment provided in the contract.

Art. 2. Financial institutions are authorized, for rural producers who suffered losses due to floods in municipalities of the States of Acre, Amazonas, Pará, Maranhão, Piauí, Paraíba, Ceará, Rio Grande do Norte, and Bahia that have declared a state of emergency or public calamity between April 1, 2009, and May 27, 2009, recognized by the respective state governments until June 15, 2009, to:

I - extend, until October 15, 2009, the due date of installments due or to become due between April 1, 2009, and October 14, 2009, provided that the operation was in a compliant status on April 1, 2009, of the following rural credit operations:

a) operating credit for the 2007/2008 harvest, in the case of livestock and biennial crop operating credit, and operating credit for the 2008/2009 harvest, contracted with equalized resources from rural savings or under the Program for the Generation of Employment and Rural Income (Proger Rural) or the Family Proger Rural, provided that such operations are not covered by the Agricultural Activity Guarantee Program (Proagro) or by another agricultural insurance modality;

b) operating credit for the 2007/2008 harvest, in the case of livestock and biennial crop operating credit, and operating credit for the 2008/2009 harvest, contracted with mandatory resources as provided in the Rural Credit Manual (MCR) 6-2 or from non-equalized rural savings (MCR 6-4), provided that such operations are not covered by the Agricultural Activity Guarantee Program (Proagro) or by another agricultural insurance modality;

c) investment, from programs coordinated by the Ministry of Agriculture, Livestock, and Supply (MAPA), contracted with resources administered by BNDES or contracted under the Special Agricultural Finame Program or under the protection of Proger Rural or Family Proger Rural, including investment credit operations whose installments became due in 2008 but were extended by the respective financial institutions to May 15, 2009; and

d) extended operating credit for the 2003/2004, 2004/2005, and 2005/2006 harvests, including those under Proger Rural or Family Proger Rural;

II - renegotiate, provided that requested by the borrower until the respective due date, the repayment of up to 100% (one hundred percent) of the installments of the operations covered by item "a" of item I of this article, with due dates between October 15, 2009, and December 30, 2009, including installments that are extended based on the aforementioned item, in up to 3 (three) years, with the 1st installment becoming due in 2010, observing the period for obtaining revenues by the producer;

III - extend, provided that requested by the borrower until the respective due date, the repayment of up to 100% (one hundred percent) of the installments of the operations covered by items "c" and "d" of item I of this article, to become due between October 15, 2009, and December 30, 2009, including installments that are extended based on the aforementioned item, for up to 1 (one) year after the due date of the last installment provided in the contract.

Art. 3. The case-by-case analysis of proof of losses or impossibility of payment for the effective renegotiation or extension referred to in Articles 1 and 2 of this resolution is dispensed with, at the discretion of each financial agent.

Art. 4. The emergency measures proposed in Article 1 of this resolution, applicable to rural credit operations of producers from the State of Mato Grosso do Sul, may be extended to rural credit operations contracted under the resources of the Constitutional Financing Fund of the Center-West (FCO), and the proposals provided for in Article 2 of this resolution, applicable to rural credit operations of producers from the States of Acre, Amazonas, Pará, Maranhão, Piauí, Paraíba, Ceará, Rio Grande do Norte, and Bahia, may be extended to rural credit operations contracted with resources from the Constitutional Financing Funds of the North (FNO) and the Northeast (FNE), observing the legislation applicable to the constitutional funds.

Art. 5. Financial agents, in the process of formalizing the renegotiations referred to in Articles 1 and 2 of this resolution, must observe the provisions of Resolutions Nos. 2,682, of December 21, 1999, and 3,499, of September 27, 2007.

Art. 6. An Emergency Rural Credit Line is established for financing activities of rural production units affected by floods or droughts, observing the general rules established for the granting of rural credit, provided they do not conflict with the following special conditions:

I - beneficiaries:

a) rural producers from the States of Rio Grande do Sul, Santa Catarina, Paraná, Mato Grosso do Sul, and São Paulo who suffered income loss due to drought, whose municipalities have declared a state of emergency or public calamity between December 1, 2008, and May 13, 2009, recognized by the respective State Governments until June 15, 2009;

b) rural producers from the States of Acre, Amazonas, Pará, Maranhão, Piauí, Paraíba, Ceará, Rio Grande do Norte, and Bahia who suffered income loss due to floods, whose municipalities have declared a state of emergency or public calamity between April 1, 2009, and May 27, 2009, recognized by the respective state governments until June 15, 2009;

II - purpose: expenses necessary for the recovery of productive capacity, upon presentation of a simplified proposal or budget;

III - limit per beneficiary: the value provided in the simplified budget, not exceeding R$5,000.00 (five thousand reais), to be released in proportion to the expenses incurred, independent of the limits established for other credit modalities;

IV - financial charges: effective interest rate of 6.75% p.a. (six and seventy-five hundredths percent per annum);

V - repayment period: up to 2 (two) years;

VI - source of resources: Mandatory Resources - MCR 6-2;

VII - deadline for contracting: until December 30, 2009;

VIII - operational risk: of the financial agent;

IX - guarantees: the usual ones for rural credit;

Art. 7. This resolution enters into force on the date of its publication.

Art. 8. Resolution No. 3,730, of May 28, 2009, is hereby revoked.

Brasília, June 17, 2009.

Mário Magalhães Carvalho Mesquita
President, substitute