Resolution CMN No. 4260 — Establishes a rural credit line with resources from the Constitutional Financing Funds of the Northeast (FNE) and the North (FNO) for the settlement of rural credit operations

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 August 22, 2013, considering the provisions of Article 4, item VI, of Law No. 4,595 of 1964, Article 1 of Law No. 10,177 of January 12, 2001, combined with Article 3 of Resolution No. 4,181 of January 7, 2013, and Articles 9 and 11 of Law No. 12,844 of July 19, 2013,

R E S O L V E D:

Art. 1. A rural credit line is established with resources from the Constitutional Financing Funds of the Northeast (FNE) and the North (FNO) for the settlement, until December 31, 2014, of rural credit operations for working capital and investment with shared or full risk of the National Treasury, the FNE, the FNO, or federal official financial institutions, regardless of the source of resources, contracted until December 31, 2006, in an original value of up to R$200,000.00 (two hundred thousand reais), in one or more operations of the same borrower, which were in a state of default on June 30, 2012, observing the following conditions:

I - beneficiaries: rural producers and their cooperatives and associations;

II - method for calculating the credit value: the sum of the debtor balances of the operations to be settled with the new operation, removing default charges and fines and applying normal charges, without bonus and without rebate, calculated until the settlement date with the contracting of the new operation;

III - credit limit: the value equivalent to the sum of the adjusted and consolidated debtor balances, in the manner of item II, of the operations to be settled;

IV - financial charges:

a) family farmers classified under the National Program for Strengthening Family Agriculture (Pronaf):

1. beneficiaries of Groups “A” and “B”: effective interest rate of 0.5% p.a. (five tenths percent per year);

2. other Pronaf farmers: effective interest rate of 1% p.a. (one percent per year) for operations with a value up to R$10,000.00 (ten thousand reais) and effective interest rate of 2% p.a. (two percent per year) for operations with a value above R$10,000.00 (ten thousand reais);

b) other rural producers and their cooperatives and associations: effective interest rate of 3.5% p.a. (three and five tenths percent per year);

V - compliance bonus: operations contracted based on this credit line are entitled to the following compliance bonuses on each installment paid by the agreed due date:

a) on financial charges: 15% (fifteen percent);

b) on the principal of each installment of operations up to R$35,000.00 (thirty-five thousand reais): 15% (fifteen percent) when the activities are developed in Municipalities located in the semi-arid area of the jurisdiction of the Superintendency for the Development of the Northeast (Sudene), and 10% (ten percent) when the activities are developed in the other Municipalities of the Sudene jurisdiction and in the North Region;

VI - repayment: up to 10 (ten) years, with a grace period of at least 3 (three) years, according to the borrower's payment capacity;

VII - guarantees: those admitted for rural credit, which may be maintained, at the discretion of the financial institution, the same guarantees constituted in the financings that will be settled with the contracting of the new operation;

VIII - risk of the operation: the same risk position as the operations to be settled with the credit line provided for in this article, except for operations contracted with the risk of the National Treasury, which will have the risk transferred to the respective Fund.

§ 1. The classification in the credit line provided for in this article is admitted for the overdue installments of operations renegotiated based on §§ 3 or 6 of Article 5 of Law No. 9,138 of November 29, 1995, renegotiated or not in accordance with Law No. 10,437 of April 25, 2002, Law No. 11,322 of July 13, 2006, or Law No. 11,775 of September 17, 2008, except those assigned to the Union under Provisional Measure No. 2,196-3 of August 24, 2001.

§ 2. Financing of expenses with attorney fees and other procedural expenses is admitted with the resources of the credit line provided for in this article, limited to 4% (four percent) of the total value to be contracted.

§ 3. The borrower who defaults on the credit line provided for in this article will be prohibited from taking new financings in official banks, until the situation of the respective debt is regularized.

§ 4. For the purposes of granting the credit line provided for in this article, the debtor balances of rural credit operations contracted with cooperatives, associations, and condominiums of rural producers, including operations carried out in the group or collective modality, shall be calculated:

I - by a subsidiary promissory note or individual credit instrument signed by the final beneficiary of the credit;

II - in the case of an operation that did not involve the transfer of resources to members or associates, by the result of the division of the debtor balances by the total number of active members or associates of the entity;

III - in the case of group or collective rural credit, by the result of the division of the originally contracted value by the number of borrowers stated in the credit promissory note.

§ 5. The burden resulting from the adjustment of the debtor balances provided for in item II of the main text of this article shall be assumed according to the risk of the operation to be settled, as follows:

I - in operations with full risk of official financial institutions, the burden must be assumed by the official financial institutions themselves;

II - in operations with partial or full risk of the National Treasury, the FNE, or the FNO, the burden may be borne by the respective sources, respecting the proportion of the risk of each in the total of operations settled based on this article.

§ 6. Until December 31, 2014, the settlement of operations eligible for classification under this article is admitted by the debtor balance calculated in the manner of item II of the main text, prohibiting the option provided for in § 2 of this article.

Art. 2. Financial institutions must send to the National Treasury Secretariat, until the 30th of the month following the contracting, information on the volume of resources and the operations whose risk of the Union has been transferred to the Constitutional Financing Funds of the North and Northeast.

Art. 3. For the purposes of the renegotiation provided for in this Resolution, the provisions of §§ 3, 4, 5, and 12 of Article 9 of Law No. 12,844 of July 19, 2013, must also be observed.

Art. 4. This Resolution enters into force on the date of its publication.

Art. 5. Resolutions No. 4,147 of October 25, 2012, and No. 4,210 of April 18, 2013, are revoked.

Alexandre Antonio Tombini
President of the Central Bank of Brazil