Resolution CMN No. 4028 — Authorizes Debt Composition and Renegotiation of Rural Credit Operations under Pronaf

RESOLUTION NO. 4028

Authorizes the composition of debts and the renegotiation of rural credit operations, within the scope of the National Program for Strengthening Family Agriculture (Pronaf).

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 November 18, 2011, considering the provisions of Articles 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:

Article 1. It is authorized, within the scope of the National Program for Strengthening Family Agriculture (Pronaf), the composition of rural credit debts related to operations of the same borrower, observing the following conditions:

I - beneficiaries: family farmers and other rural producers classified under Pronaf, with a Valid Declaration of Aptitude for Pronaf (DAP) on the date of contracting the debt composition operation;

II - rural credit operations subject to the debt composition provided for in this Resolution:

a) Pronaf working capital: contracted until June 30, 2010, with full or partial risk of financial institutions;

b) Pronaf investment: contracted with full or partial risk of financial institutions, referring to operations in the following situations:

1. compliant on the date of publication of this Resolution, contracted until June 30, 2008;

2. delinquent on the date of publication of this Resolution, contracted until June 30, 2010;

c) working capital and investment of the Program for Generation of Employment and Rural Income (Proger Rural) Family: contracted from June 26, 2003 to June 28, 2004;

d) working capital and investment of Pronaf that meet the conditions set forth in items "a" and "b", whose risk became full of the Constitutional Financing Funds of the North (FNO), of the Northeast (FNE) or of the Center-West (FCO) as a result of renegotiation authorized by specific legislation;

e) working capital contracted with resources from FNO, FNE or FCO, by the beneficiaries referred to in item I of this article and not discriminated in items "a", "c" and "d" of this item, covering operations contracted until June 30, 2010, except for operations under the auspices of Groups "A" and "A/C" of Pronaf;

f) investment contracted with resources from FNO, FNE or FCO, by the beneficiaries referred to in item I of this article and not discriminated in items "b", "c" and "d", except for operations carried out under the auspices of the Special Credit Program for Agrarian Reform (Procera) and Groups "A" and "B" of Pronaf, covering the operations:

1. in a compliant situation on the date of publication of this Resolution, contracted until June 30, 2008;

2. in a delinquent situation on the date of publication of this Resolution, contracted until June 30, 2010;

g) classified in items "a" to "f" that have already been accounted for as losses by financial institutions, including those transferred to their subsidiaries;

III - credit limit per beneficiary for debt composition: R$30,000.00 (thirty thousand reais), in the entire National Rural Credit System (SNCR), observed that, in the case of group or collective rural credit operations, the value considered per borrower will be obtained by the result of dividing the outstanding balance of the operations involved by the number of borrowers in the respective credit instruments;

IV - requirements for contracting the debt composition:

a) borrowers of operations in a compliant situation, on the date of publication of this Resolution, who become delinquent after this date must make the full payment of the due installments related to the operations subject to the composition, until the date of contracting the new operation, recalculated in the manner of items "b" of item V and "c" of item VI of this article, according to the source of resources and risk of the operations;

b) borrowers of operations in a delinquent situation, on the date of publication of this Resolution, must make payment of, at least, 3% (three percent) of the value of the outstanding balance recalculated in the manner of items V and VI, according to the source of resources;

V - method for calculating the value of the operations subject to the composition contracted with resources of the Constitutional Financing Funds, which have partial or full risk of the respective Funds:

a) operations in a delinquent situation on the date of publication of this resolution, including those accounted for as losses:

1. the due installments of each credit operation must be recalculated by the financial institution until the date of contracting the new operation with normal charges, without the incidence of fines, default charges and contractual compliance bonus of any nature, if applicable;

2. the future installments of each operation must be updated until the date of contracting the new operation, by normal charges, with the grant of compliance bonus on the interest rate, when provided for, and without the incidence of other compliance bonuses, if any;

b) operations in a compliant situation on the date of publication of this Resolution, observing the provision in item "a" of item IV: the outstanding balance must be updated by normal charges until the date of contracting the new operation, with the grant of compliance bonus on the interest rate, when provided for, and without the incidence of other compliance bonuses, if any;

VI - method for calculating the value of the operations subject to the composition, except those defined in item V:

a) operations in a delinquent situation on the date of publication of this Resolution: the outstanding balance of each rural credit operation must be recalculated by the financial institution, from the due date of each installment until the date of contracting the new operation, limited to 1 (one) year, with an effective interest rate of up to 6.75% a.a. (six and seventy-five hundredths percent per year), without the incidence of fines and contractual compliance bonus, if applicable;

b) operations in a delinquent situation on the date of publication of this Resolution, due for more than 1 (one) year, including those accounted for as losses, the outstanding balance of each rural credit operation must be recalculated by the financial institution:

1. with an effective interest rate of up to 6.75% a.a. (six and seventy-five hundredths percent per year), without the incidence of fines and contractual compliance bonus, if applicable, for a period of 1 (one) year;

2. after 1 (one) year of due until the date of contracting the new operation, with normal charges, without the incidence of fines and contractual compliance bonus, if applicable, admitted, at the discretion of the financial institution, the use of a single financial charge, equal to or lower than that in force in the contracts;

c) operations in a compliant situation on the date of publication of this Resolution: observing the provision in item "a" of item IV, the outstanding balance of each credit operation must be recalculated by the financial institution until the date of contracting the new operation with normal charges, without the incidence of contractual compliance bonus, if applicable;

VII - total outstanding balance to be included in the debt composition operation: sum of the outstanding balance of each operation of the same borrower, obtained in the manner of items V and VI, deducting the value paid related to the amortization referred to in item "b" of item IV;

VIII - when the total outstanding balance referred to in item VII, referring to the operations eligible for the debt composition operation, exceeds the limit referred to in item III, the borrower may opt to:

1. pay in full the amount exceeding the said limit, and contract the debt composition operation with the remaining balance; or

2. exclude in full from the composition one or more operations, with the consent of the financial institution, in such a way that the outstanding balance to be composed does not exceed the credit limit defined in item III;

IX - financial charges: effective interest rate of 2% a.a. (two percent per year) from the date of contracting the composition operation;

X - guarantees: usual for rural credit, the financial institution may, at its discretion, maintain the current ones or require additional guarantees;

XI - deadlines:

a) operations in a compliant situation on the date of publication of this Resolution:

1. until February 29, 2012 for the borrower to formally express interest to the financial institution in contracting the composition of debts;

2. until June 29, 2012 for contracting the debt composition operation;

b) operations in a delinquent situation on the date of publication of this Resolution, including those that have already been accounted for as losses by financial institutions or transferred to their subsidiaries:

1. until February 28, 2013 for the borrower to formally express interest to the financial institution in contracting the composition of debts;

2. until June 28, 2013 for contracting the debt composition operations;

c) the deadlines established in item "a" must be observed when the borrowers holding, simultaneously, operations in a compliant and delinquent situation on the date of publication of this Resolution wish to contract a single operation to compose the set of their debts;

XII - repayment: up to 10 (ten) years, in annual installments, with the due date of the first installment up to 1 (one) year after the date of contracting the composition operation, not exceeding:

a) December 30, 2012, for borrowers whose composed operations were in a compliant situation on the date of publication of this Resolution, including for the operations referred to in item "c" of item XI;

b) December 30, 2013, for borrowers whose composed operations were in a delinquent situation on the date of publication of this Resolution;

XIII - financial institutions: those members of the SNCR holding operations referred to in item II;

XIV - risk of the operation: full of financial institutions, except for operations with partial or full risk of the Constitutional Financing Funds for which the same position and proportionality of risk of the operations subject to the composition must be maintained;

Article 2. It is admitted, at the discretion of the financial institution, the composition of rural credit debts through the contracting in the terms of this Resolution covering the following operations, provided that the beneficiaries and the operations fall, respectively, into items I and II of Article 1:

I - contracted by the borrower in another financial institution, provided it is duly proven that the resources of the new operation were used to settle the existing operations in those institutions;

II - contracted through credit cooperatives with resources transferred by the National Bank for Economic and Social Development (BNDES), by the Regional Development Bank of the Extreme South (BRDE) and by Banco do Brasil S.A. and that, although they have been settled by the credit cooperatives with the respective financial institutions, have not been paid by the borrowers to the cooperatives and are backed by their own resources or have been accounted for as losses, the cooperative must prove that the operation subject to the composition originated from the rural credit operations referred to in the caput of this article;

III - that have been extended or renegotiated by authorization of the National Monetary Council (CMN) after the contracting dates referred to in item II of Article 1.

§ 1. Borrowers with debts in more than one financial institution may contract debt composition operations in up to three financial institutions, maintaining, in this case, the credit limit per borrower in the entire SNCR, provided for in item III of Article 1.

§ 2. The prerogative referred to in item I of the caput of this article, in cases involving resources transferred by BNDES, can only be applied when all the operations that will be subject to the composition are also backed by resources transferred by BNDES.

Article 3. For borrowers with a single operation eligible for the debt composition provided for in this Resolution, it is admitted, at the discretion of the financial institution, and only for operations in a compliant situation, the substitution of the composition by renegotiation of the operation, provided that in the renegotiation all criteria, limits, deadlines and other conditions established for the composition of debts are observed.

§ 1. It is admitted the use of the renegotiation prerogative provided for in the caput for:

I - operations in a delinquent situation when backed by resources of the Constitutional Financing Funds and carried out with partial or full risk of these Funds;

II - more than one operation of the same borrower, kept independent of each other, including with regard to guarantees, provided that all renegotiated operations of the same borrower have unified deadlines and repayment dates;

III - one or more operations of the same borrower, accounted for as losses, within the financial institutions or their subsidiaries.

§ 2. The prerogative referred to in this article does not apply to rural credit operations carried out with resources transferred by BNDES, BRDE and Banco do Brasil S.A. for other financial institutions members of the SNCR.

§ 3. The financial institution is authorized to substitute the formalization of a contractual addendum for the renegotiation referred to in this article by the use of a "text stamp".

Article 4. The borrower of operations in a compliant situation on the date of publication of this Resolution who contracts composition or renegotiation of debts in the terms of this Resolution is prevented, until he fully amortizes, at least, the installments provided for the two years subsequent to the contracting of the composition or renegotiation operation, from contracting new investment financing with resources from rural credit, in the entire SNCR.

Article 5. The composition operations referred to in this Resolution must be included in the Price Guarantee Program for Family Agriculture (PGPAF), using as reference for price guarantee the basket of products intended for investment operations, provided that the conditions and criteria defined in MCR 10-15 for investment operations are observed.

Sole paragraph. In cases where only the renegotiation of debts is carried out in the manner defined in Article 3, the same products linked to the working capital or investment operation in force must be maintained, for the purposes of PGPAF.

Article 6. The composition or renegotiation operations of debts referred to in this Resolution may be classified, at the discretion of the borrower, in the Program for Guarantee of Agricultural Activity of Family Agriculture (Proagro Mais), provided that the conditions and classification criteria for investment operations defined in MCR 16-10 are observed.

Article 7. The operation resulting from the composition or renegotiation of debts in the terms of this Resolution is not entitled to any compliance bonus of any nature, even when provided for in the operations subject to the composition or renegotiation of debts, except for the provision in Article 5.

Article 8. The composition or renegotiation of debts referred to in this Resolution does not include:

I - debts arising from operations renegotiated based on Article 5 of Law No. 9,138, of November 29, 1995, or classified in Resolution No. 2,471, of February 26, 1998, renegotiated or not in the terms of Law No. 10,437, of April 25, 2002;

II - operations disqualified from rural credit due to irregularities in the use of credit.

Article 9. The operations subject to composition or renegotiation of debts in the terms of this Resolution may remain classified at the same risk level referred to in Resolution No. 2,682, of December 21, 1999, in the period between the date of publication of this norm and the date of the effective composition or renegotiation.

§1. If the composition or renegotiation of debts is not formalized, the financial institution must apply the provisions of Resolution No. 2,682, of 1999 in full.

§2. If the composition or renegotiation of debts is formalized, the provisions of Resolution No. 3,749, of June 30, 2009, apply.

Article 10. The borrower must declare, under the penalties of the law, that he has not exceeded the limit of R$30,000.00 (thirty thousand reais) in one or more composition or renegotiation operations of debts referred to in this Resolution, in the entire SNCR.

Article 11. No type of interest rate equalization and of other financial charges by the Union to financial institutions is due as a result of the update of the outstanding balance in the period in which the operation subject to the composition or renegotiation remains in a delinquent situation or accounted for as losses, observing the provision in the sole paragraph of this article.

Sole paragraph. In the operations subject to the composition or renegotiation contracted with resources and with partial or full risk of FCO, FNE or FNO, it is incumbent upon each Fund to assume the costs inherent to the process of renegotiation or composition of debts, including those resulting from the update of the outstanding balance during the period in which the operation was in a delinquent situation.

Article 12. For the composition or renegotiation of debts referred to in this Resolution, the following sources of resources may be used:

I - FNE, FNO and FCO;
II - exigibility of Mandatory Resources (MCR 6-2); III - exigibility of Rural Savings Resources (MCR 6-4); IV - BNDES; V - Worker Protection Fund (FAT).

Sole paragraph. The Ministry of Finance will define the methodology for equalization of the operations contracted with the resources referred to in items III to V of the caput.

Article 13. For the purpose of complying with the exigibility and sub-exigibility of Mandatory Resources (MCR 6-2) and the exigibility of Rural Savings Resources (MCR 6-4), it is admitted that the value corresponding to the daily average balance of the composition and renegotiation operations under the auspices of this Resolution be computed by multiplying it by the weighting factor 2 (two).

§ 1. As a faculty, observing the provision in MCR 6-2-6, up to 30% (thirty percent) of the total Pronaf Sub-exigibility may be maintained applied in composition or renegotiation operations of debts referred to in this Resolution, added and/or deducted, as the case may be, of the value of the daily average balance of the resources received or transferred via DIR-Pronaf.

§ 2. The balances produced by the weighting factor referred to in the caput must be computed for the purpose of the faculty provided for in § 1.

Article 14. Financial institutions must mark the operations subject to the composition or renegotiation referred to in this Resolution to allow their monitoring by the Ministry of Finance.

Article 15. Financial institutions must send to the National Treasury Secretariat (STN) of the Ministry of Finance or, when it concerns operations with resources from FNO, FNE or FCO, to the Ministry of National Integration, a semi-annual report containing the number of operations and the amounts involved in the contracting and renegotiations under the auspices of this Resolution.

Sole paragraph. Financial institutions that use resources transferred by BNDES must send the information referred to in the caput of this article directly to the STN, with BNDES, within 90 days after the final deadline for the formalization of the renegotiation, sending to that Secretariat the consolidation of the composed operations with resources transferred by it.

Article 16. This Resolution enters into force on the date of its publication.

Brasília, November 18, 2011.

Altamir Lopes
President of the Central Bank of Brazil, substitute