Resolution CMN No. 4041 — Authorizes Renegotiation of 2011 Maturity Installments for Rural Investment Operations by Rice and Swine Producers with BNDES Resources under the PSI

RESOLUTION NO. 004041

Authorizes the renegotiation of installments maturing in 2011 of rural investment operations contracted by rice and swine producers, with resources administered by the National Bank for Economic and Social Development (BNDES), within the scope of the Investment Sustainability Program (PSI).

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 15, 2011, considering the provisions of Article 4, item VI, of Law No. 4,595 of December 31, 1964, Articles 4 and 14 of Law No. 4,829 of November 5, 1965, and Article 5 of Law No. 10,186 of February 11, 2001,

RESOLVES:

Article 1. Financial institutions are authorized, at their discretion, to renegotiate rural investment financing contracts concluded with resources transferred by the National Bank for Economic and Social Development (BNDES), within the scope of the Investment Sustainability Program (PSI), operated with resources equalized by the National Treasury, as referred to in items "a" and "c" of item I of Article 1 of Resolution No. 3,759 of July 9, 2009, provided that they are concluded with rural producers whose income is predominantly derived from rice or swine farming activities, observing the following conditions:

I - the renegotiation is intended for final beneficiaries who, due to problems in the marketing of rice or swine, are having difficulty making payments of installments maturing in 2011;

II - the final beneficiary must request the renegotiation to the financial institution transferring the resources by May 31, 2012, and the formalization of the renegotiations by financial institutions must occur by June 30, 2012;

III - only the sum of installments maturing in 2011, considering interest capitalizations, may be subject to renegotiation;

IV - the value calculated according to item III may be renegotiated through incorporation into the outstanding balance of the operation and redistributed over the remaining term, which may be extended by up to 12 (twelve) months from the maturity date of the current contract, maintaining the same periodicity and other agreed conditions;

V - the financial institution is authorized to request additional guarantees, among the usual ones for rural credit, when carrying out the renegotiation provided for in this article;

VI - the final beneficiary who renegotiates their contract under this Resolution will be prohibited, until they fully amortize the installments scheduled for the following year, duly characterized by the sum of principal installments plus financial charges, from contracting new rural investment financing for the production of rice or swine, with resources equalized by the National Treasury or with resources controlled by rural credit, throughout the National Rural Credit System (SNCR).

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

Article 3. Resolution No. 3,993 of July 14, 2011, is hereby revoked.

Brasília, December 15, 2011.

Alexandre Antonio Tombini
President of the Central Bank of Brazil