Resolution CMN No. 3819 — Consolidates norms regarding the credit line backed by BNDES resources for working capital financing for agroindustries, agricultural machinery and equipment industries, and agricultural cooperatives

RESOLUTION NO. 003819

Consolidates norms regarding the credit line established under the support of resources from the National Bank for Economic and Social Development (BNDES), intended for financing working capital for agroindustries, agricultural machinery and equipment industries, and agricultural cooperatives, and amends the contracting period for operations included in the aforementioned line.

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 16, 2009, based on Articles 4, item VI, of Law No. 4,595, of 1964, and 19 of Law No. 11,922, of April 13, 2009,

RESOLVES:

Article 1. The credit line established under the support of resources from the National Bank for Economic and Social Development (BNDES), with economic subsidy from the Union, under the modality of interest rate equalization, intended for financing working capital for agroindustries, agricultural machinery and equipment industries, and agricultural cooperatives, is subject to the following conditions:

I - beneficiaries: agroindustries, agricultural machinery and equipment industries, and agricultural cooperatives;

II - volume of resources: up to R$10,000,000,000.00 (ten billion reais);

III - financial agents: BNDES and financial institutions accredited by it;

IV - limit per company: at the discretion of BNDES or the financial institution;

V - financial charges: effective interest rate of 11.25% p.a. (eleven and twenty-five hundredths percent per annum);

VI - repayment period: up to 24 (twenty-four) months included, for the principal, up to 12 (twelve) months of grace period;

VII - payment frequency:

a) interest: in quarterly installments, during the grace period, and monthly, after the grace period;

b) principal: in monthly installments;

VIII - risk of the operation: of BNDES, in operations carried out directly by it, or of financial institutions, in other cases;

IX - contracting period: until June 30, 2010;

X - remuneration of financial agents, based on the contracted value, as a spread:

a) in direct operations: 4% p.a. (four percent per annum) for BNDES;

b) in indirect operations: 1% p.a. (one percent per annum) for BNDES and 3% p.a. (three percent per annum) for the financial institution.

Article 2. BNDES is authorized to transfer to federal public banks up to R$5,000,000,000.00 (five billion reais) of the resources established in item II of Article 1, so that these act as operators of the credit line intended for financing working capital, directly or as coordinators of syndicated operations to be carried out jointly with financial institutions authorized to operate by the Central Bank of Brazil, under the following conditions:

I - financial agents: federal public banks alone or jointly with financial institutions authorized to operate by the Central Bank of Brazil;

II - remuneration of financial agents, based on the contracted value: up to 4% p.a. (four percent per annum);

III - the resources may be transferred by BNDES to federal public banks at the same borrowing cost of the latter at the National Treasury, as provided in Article 1 of Law No. 11,948, of June 16, 2009;

IV - beneficiaries: agroindustries, agricultural machinery and equipment industries, and agricultural cooperatives;

V - limit per company: at the discretion of the federal public bank that receives the resources from BNDES;

VI - financial charges: effective interest rate of 11.25% p.a. (eleven and twenty-five hundredths percent per annum);

VII - repayment period: up to 24 (twenty-four) months included, for the principal, up to 12 (twelve) months of grace period;

VIII - payment frequency: at the discretion of the federal public bank that receives the resources from BNDES;

IX - risk of the operation: of the federal public bank that receives the resources from BNDES, in operations carried out directly by them, or of financial institutions, according to the risk assumed by them in the syndicated operation;

X - contracting period: until June 30, 2010;

XI - the transfer of these resources by federal public banks to other financial institutions is prohibited;

XII - federal public banks that borrow resources under the terms of this article are responsible for the monitoring and supervision of credit operations carried out.

Sole Paragraph. For operations contracted until August 26, 2009, with rural savings resources, under the conditions established in the items of the main text and that come to be reclassified to the credit line of this article, the repayment period may be established at up to 24 (twenty-four) months, for the principal and financial charges.

Article 3. This resolution enters into force on the date of its publication.

Article 4. Resolutions Nos. 3,714, of April 16, 2009, 3,725, of May 15, 2009, and 3,776, of August 26, 2009, are hereby repealed.

Brasília, December 16, 2009.

Henrique de Campos Meirelles
President