Resolution CMN No. 3815 — Grants New Deadlines for Renegotiation of Investment Operations under the National Program for Strengthening Family Agriculture (Pronaf)

RESOLUTION NO. 003815

Grants new deadlines for the renegotiation of investment operations contracted under the National Program for Strengthening Family Agriculture (Pronaf), as addressed in Articles 15, 16, 17, and 21 of Law No. 11,775 of 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 a session held on November 26, 2009, considering 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, Article 5 of Law No. 10,186 of February 12, 2001, and Articles 15, 16, 17, 21, and 41 of Law No. 11,775 of September 17, 2008,

RESOLVES:

Article 1. The following deadlines are established for implementing the provisions of Article 15 of Law No. 11,775 of September 17, 2008, when the operation is collateralized:

I - in resources from the Constitutional Financing Funds:

a) until May 31, 2010, for borrowers to express interest in joining the debt renegotiation process;

b) until June 30, 2010, for borrowers to make the required minimum amortization and qualify for the benefits ensured by the aforementioned law for debt settlement or renegotiation; and

c) until July 30, 2010, for financial agents to formalize the renegotiations;

II - in other resource sources:

a) until October 30, 2009, for borrowers to express interest in joining the debt renegotiation process;

b) until November 30, 2009, for borrowers to make the required minimum amortization and qualify for the benefits ensured by the aforementioned law for debt settlement or renegotiation; and

c) until December 20, 2009, for financial agents to formalize the renegotiations.

Article 2. The following deadlines are established for implementing the provisions of Articles 16 and 17 of Law No. 11,775 of 2008:

I - until May 31, 2010, for borrowers to express interest in joining the debt renegotiation process;

II - until June 30, 2010, for borrowers to make the required minimum amortization and qualify for the benefits ensured by the aforementioned law for debt settlement or renegotiation; and

III - until July 30, 2010, for financial agents to formalize the renegotiations.

Article 3. For the renegotiation of operations based on this resolution, the provisions of § 5 of Article 15, §§ 1 and 2 of Article 16, and § 1 of Article 17 of Law No. 11,775 of 2008 do not apply.

Article 4. The renegotiations covered by this resolution do not apply to operations already renegotiated based on Articles 15, 16, and 17 of Law No. 11,775 of 2008.

Article 5. The dates defined in items "a" and "c" of item I of Article 1 of this Resolution apply, respectively, for borrowers of operations from Groups A and B of Pronaf to request individualization and for financial agents to formalize the respective individualization instruments, as addressed in Article 21 of Law No. 11,775 of 2008.

Article 6. Financial institutions will have the following deadlines to report the number of renegotiated contracts and the amounts involved in the renegotiations and settlements of operations:

I - to the Treasury Secretariat of the Ministry of Finance, in the case of operations involving equalization:

a) until March 30, 2010, when the information refers to operations renegotiated based on Article 15 of Law No. 11,775 of 2008; and

b) until November 30, 2010, when the information refers to operations renegotiated based on Articles 16 and 17 of Law No. 11,775 of 2008;

II - to the Ministry of National Integration, until November 30, 2010, the information regarding operations supported by resources from the Constitutional Financing Funds renegotiated based on Articles 15, 16, and 17 of Law No. 11,775 of 2008.

Article 7. Investment credit operations of Group C of Pronaf individualized in accordance with Resolution No. 3,775 of August 26, 2009, which fall under Article 15 of Law No. 11,775 of 2008, provided they have not yet been written off as losses, may be settled or renegotiated based on this resolution.

Sole Paragraph. In the event of settlement of the operation or part of the debt corresponding to the individualization, the formalization of the renegotiation is not necessary, and it is the responsibility of the financial institution to exclude the debtor, who has paid their share of the debt, from responsibility for paying the remaining balance of the original non-individualized debt.

Article 8. This resolution enters into force on the date of its publication.

Article 9. Resolution No. 3,754 of June 30, 2009, and Article 3 of Resolution No. 3,775 of August 26, 2009, are revoked.

Brasília, November 26, 2009.

Henrique de Campos Meirelles
President