Resolution CMN No. 4622 on the methodology for calculating financial charges on non-rural credit operations financed by Constitutional Financing Funds

RESOLUTION No. 4,622, OF JANUARY 2, 2018

Provides for the methodology for calculating financial charges applicable to financing of non-rural credit operations with resources from the Constitutional Financing Funds of the North, Northeast, and Central-West, as provided for in art. 1ºA of Law No. 10,177, of January 12, 2001.

The Central Bank of Brazil, in accordance with art. 9 of Law No. 4,595, of December 31, 1964, makes it public that the Monetary National Council, in an extraordinary session held on January 2, 2018, based on § 6 of art. 1º-A of Law No. 10,177, of January 12, 2001,

RESOLVES:

Art. 1 The financial charges applicable to financing of non-rural credit operations with resources from the Constitutional Financing Funds of the North, Northeast, and Central-West (Constitutional Funds Interest Rate – TFC), as provided for in art. 1º-A of Law No. 10,177, of January 12, 2001, shall be calculated monthly, according to the following formula:

TFC = FAM x [1 + (BA x CDR x FP x Fixed Interest Rates of TLP)]^(DU/252) - 1, in which:

I - FAM corresponds to the Monetary Update Factor (FAM), as provided for in item I of art. 1º-A of Law No. 10,177, of 2001, calculated according to the methodology defined in art. 2 of this Resolution;

II - BA corresponds to the Compliance Bonus (BA), defined in item V of art. 1º-A of Law No. 10,177, of 2001;

III - CDR corresponds to the Regional Imbalance Coefficient (CDR), mentioned in arts. 1º-A, item III, and 1º-D of Law No. 10,177, of 2001;

IV - FP corresponds to the Program Factor (FP), defined in item IV of art. 1º-A of Law No. 10,177, of 2001; and

V - Fixed Interest Rates of TLP corresponds to the fixed interest rate mentioned in item II of art. 1º-A of Law No. 10,177, of 2001, and calculated in accordance with art. 3 of Law No. 13,483, of September 21, 2017, according to the methodology defined in art. 3 of this Resolution.

Art. 2 For the purposes of calculating the FAM, as provided for in art. 1 of this Resolution, the following formula shall be applied:

FAMm = (1 + πm−2)^(ndup/ndmp) * (1 + πm−1)^(ndus/ndms), in which:

I - FAMm corresponds to the factor to be applied during the reference month m to the credit operations referred to in the caput of art. 1, expressed with six decimal places and mathematical rounding;

II - πm−1 corresponds to the percentage variation of the National Consumer Price Index Broad (IPCA), calculated and published by the Brazilian Institute of Geography and Statistics (IBGE), referring to the first month prior to the reference month m, expressed in unit form with four decimal places;

III - πm−2 corresponds to the percentage variation of the National Consumer Price Index Broad (IPCA), calculated and published by the Brazilian Institute of Geography and Statistics (IBGE), referring to the second month prior to the reference month m, expressed in unit form with four decimal places;

IV - ndup is equal to the number of business days between the 1st (inclusive) and the 15th (exclusive) of the reference month m of the credit operations referred to in the caput of art. 1;

V - ndus is equal to the number of business days between the 15th (inclusive) and the last day (inclusive) of the reference month m of the credit operations referred to in the caput of art. 1;

VI - ndmp is equal to the total number of business days between the 15th of the first month prior to the reference month m (inclusive) and the 15th of the reference month m (exclusive); and

VII - ndms is equal to the total number of business days between the 15th of the reference month m (inclusive) and the 15th of the first month following the reference month m (exclusive).

Sole Paragraph. The FAM must be calculated taking into account each business day of the validity of the credit operation, using as reference the percentage variation of the IPCA referring to:

I - the second month prior to the reference month m, pro rata die, for updates until the 14th (inclusive) of each month; and

II - the second month prior to the reference month m, pro rata die, until the 14th (inclusive) of each month, conjugated with the first month prior to the reference month m, pro rata die, from the 15th (inclusive), for updates subsequent to the 14th (exclusive) of each month.

Art. 3 For the purposes of calculating the Fixed Interest Rates of TLP (J), as provided for in art. 1 of this Resolution, the following formula shall be applied:

J = ak * Jm / 100, in which:

I - ak corresponds to the adjustment factor referred to in § 1 of art. 3 of Law No. 13,483, of 2017, and art. 4 of Resolution No. 4,600, of September 25, 2017; and

II - Jm corresponds to the fixed interest rate referred to in arts. 2 and 3 of Resolution No. 4,600, of 2017.

Sole Paragraph. The rate “J”, referred to in the caput, stipulated for a certain credit operation, shall be:

I - fixed based on the interest rate “Jm” and the adjustment factor “ak” in effect in the month of contracting the financing operation; and

II - applied uniformly until the maturity of the credit operation.

Art. 4 The Central Bank of Brazil is authorized to issue norms and adopt measures deemed necessary for the execution of the provisions of this Resolution.

Art. 5 This Resolution enters into force on the date of its publication.

Ilan Goldfajn
President of the Central Bank of Brazil

This text does not replace the published in the DOU of 3/1/2018, Section 1, p. 139, corrected in the DOU of 4/1/2018, Section 1, p. 13, and in Sisbacen.