Resolution CMN No. 5,260 — Provides for the granting of loans with resources from the National Civil Aviation Fund – FNAC

Resolution No. 5,260

RESOLUTION
CMN No. 5,260, OF OCTOBER 30, 2025

Provides for the granting of loans with resources from the National Civil Aviation Fund – FNAC.

The
Central Bank of Brazil, in accordance with art. 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on October 30, 2025, based on art. 4, item VI, of the aforementioned Law, and on art. 63, § 13, of Law No. 12,462, of August 4, 2011,

R E S O L V E D:

Art.
1º The reimbursable financial support through the granting of loans with resources from the National Civil Aviation Fund – FNAC to providers of regular domestic air transport services, established by Law No. 12,462, of August 4, 2011, aims to support the development, efficiency, innovation, and sustainability of Brazilian civil aviation.

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1º The financing is intended for the following purposes, observing the guidelines defined by the FNAC Management Committee – CG-FNAC: (Transformed into § 1º by CMN Resolution No. 5,283, of 2/26/2026.)

I

• acquisition of sustainable aviation fuel (Sustainable Aviation Fuel – SAF): financial support for the acquisition of SAF produced in Brazil;

II

• aircraft maintenance services: financial support for aircraft maintenance services,
  contracted from national companies;

III

• engine maintenance services: financial support for engine maintenance services
  of aircraft, contracted from national companies;

IV

• pre-delivery payments (Pre-Delivery Payment – PDP) for the acquisition of aircraft:
  financial support for advance payments to a national aircraft manufacturer based on a commercial contract signed;

V

• acquisition of aircraft: financial support for the acquisition of new aircraft of
  national manufacture and support for the acquisition of engines, parts, and associated components, including for the training and qualification of airmen and air traffic controllers, in an amount up to 30% (thirty percent) of the financed value with aircraft; and (Wording given by CMN Resolution No. 5,283, of 2/26/2026.)

VI

• investments in logistics infrastructure and equipment supporting civil aviation:
  financial support for the implementation, expansion, modernization, or revitalization of structures and facilities essential to the support of air operations located in Brazil and acquisition of national equipment intended for passenger accessibility.

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2º For the financing of the purposes set forth in § 1º, the use of resources for the contracting of contractual guarantees, including guarantee insurance, related to the respective financing shall be admitted. (Included by CMN Resolution No. 5,283, of 2/26/2026.)

Art.
2º The reimbursable financial support through the granting of a loan with resources from the FNAC shall observe the following conditions:

I

• financial charges to borrowers, as remuneration to the FNAC:

a)
6.5% p.a. (six and five-tenths percent per year) for operations referred to in art. 1º, sole paragraph, item I;

b)
7% p.a. (seven percent per year) for operations referred to in art. 1º, sole paragraph, item VI; and

c)
7.5% p.a. (seven and five-tenths percent per year) for operations referred to in art. 1º, sole paragraph, items II, III, IV, and V;

II

• financial charges to borrowers, as remuneration of financial institutions:

a) of the official financial agent, thus considered the financial agent of the FNAC defined by law, shall be:

1. in direct operations, up to 4.5% p.a. (four and five-tenths percent per year); and

2. in indirect operations, up to 0.9% p.a. (nine-tenths percent per year), when it concerns operations with a beneficiary that has annual income or Gross Operating Revenue – ROB of up to R$300,000,000.00 (three hundred million reais), and up to 1.2% p.a. (one and two-tenths percent per year), when it concerns operations with other beneficiaries; and

b) of authorized financial institutions, in indirect operations, shall be up to 3.8% p.a. (three and eight-tenths percent per year);

III

• repayment term:

a) up to sixty months, including up to twelve months of principal grace period, for operations referred to in art. 1º, sole paragraph, item I;

b) for the operations referred to in art. 1º, sole paragraph, items II and III:

1. up to twenty-four months, for contracts with a value lower than R$25,000,000.00 (twenty-five million reais); and

2. up to sixty months, for contracts with a value equal to or higher than R$25,000,000.00 (twenty-five million reais);

c) up to twenty-four months, with payment in a single principal installment at maturity or on the date of aircraft delivery, if this occurs before the maturity, for the operations provided for in art. 1º, sole paragraph, item IV;

d) up to one hundred and forty-four months, for the operations provided for in art. 1º, sole paragraph, item V; and

e) up to one hundred and twenty months, including up to twelve months of principal grace period, for the operations provided for in art. 1º, sole paragraph, item VI; and

IV

• the credit risk of the operations shall be assumed:

a) by the official financial agent, in direct operations; or

b) by the authorized financial institution, when acting as financial agent in indirect operations.

§
1º The official financial agent shall remain responsible, vis-à-vis the FNAC, for the fulfillment of the financial obligations relating to the principal value and the charges as remuneration to the Fund arising from the operations carried out, regardless of the mode of operation.

§
2º Borrowers shall have the option to contract the lines set forth in art. 1º with the substitution of the financial charges as remuneration to the FNAC, established in art. 2º, caput, item I, by the financial cost equivalent to the average reference rate of the Special Settlement and Custody System – Selic or to the Long-Term Rate – TLP, in which case the provisions of art. 4º shall not apply.

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3º The interest rate of the financing shall be calculated by converting into factors the charges provided for in items I and II of the caput, and their subsequent multiplication.

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4º The official financial agent may charge borrowers a charge for credit reservation or commissions, usually practiced in its operations, due to the request for services or other activities, as per contractual provision, observing the hypotheses of incidence and the values disclosed on its official internet page.

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5º The financing referred to in this Resolution shall not have guarantees from the Union.

Art.
3º Observed the provisions of this Resolution and meeting the guidelines fixed by the CG-FNAC within its competence, the official financial agent shall structure the financing contracts according to internal policies and normative acts applicable.

Art.
4º The granting of financing with FNAC resources shall be conditioned on the observance, by borrowers, of counterparty obligations linked to objectives of financial sustainability, operational efficiency, environmental sustainability, and improvement of the public air transport service.

§
1º The following constitute mandatory minimum counterparty obligations for the credit lines defined in art. 1º, § 1º, whose non-compliance shall imply the retroactive substitution of the financial charges to borrowers defined in art. 2º, caput, item I, as remuneration to the FNAC, in the manner of § 3º, calculated on the date of detection of non-compliance: (Wording given by CMN Resolution No. 5,283, of 2/26/2026.)

I

• prohibition on the payment of dividends or interest on equity, the distribution of accumulated resources in a Balance Sheet item as a reserve of any type, the payment of loans to shareholders or other companies of the same economic group, the repurchase of shares, and any other form of resource distribution to partners or shareholders, above the mandatory minimum, in accordance with corporate legislation, during the financial years covered by the financing grace period, proven by means of a declaration signed by legal representatives of the borrowers, presented by the twelfth month following the date of signing the financing contract;

II

• suspension of the payment of cash bonuses, or in any other form that implies cash disbursement by the borrowers, to key management personnel (councilors, executive committee members, and directors) during the financial years covered by the financing grace period, proven by means of a declaration signed by legal representatives of the borrowers, presented, together with the audited annual balance sheet, by the twelfth month following the date of signing the financing contract;

III

• acquisition of SAF produced in Brazil, which corresponds to a reduction of 0.05 (five-hundredths) additional percentage point of carbon dioxide – CO2 emissions relative to the target set forth in Law No. 14,993, of October 8, 2024, and its regulation, as follows:

a) compliance with the counterparty obligation with the actual acquisition of SAF corresponding to the reduction of 0.05 (five-hundredths) additional percentage point of CO2 emissions shall be paid for over the remaining term of the financing, starting from January 2028;

b) proof of compliance with the counterparty obligation shall be presented to the CG-FNAC by the end of the first quarter of each year following the use of the fuel, in the manner defined by the National Civil Aviation Agency – Anac, in compliance with the provisions of art. 10, § 5º, of Law No. 14,993, of October 8, 2024;

c) if it is verified that the supply of SAF in the Brazilian market, in accordance with the procedures and provisions established by Law No. 14,993, of October 8, 2024, is not sufficient to meet the legal targets and the counterparty obligation mentioned in this item, the borrower shall fulfill a counterparty obligation compatible with the economic benefit obtained from not acquiring the SAF, to be defined by the CG-FNAC;

d) the acquisition of SAF may be substituted, totally or partially, by direct investment in projects intended to increase the local supply of SAF, in a financial amount equivalent to the estimated value of the SAF acquisition, to be previously approved by the CG-FNAC, upon presentation of a technical study demonstrating the economic and environmental equivalence of the investment;

e) the counterparty obligation shall not apply to airlines that, on the date of formalization of the financing request, hold a participation of less than 1% (one percent) of the total revenue passenger-kilometers (Revenue Passenger-Kilometers – RPK) calculated in the Brazilian domestic passenger air transport market in the previous calendar year; and

f) for the purpose of monitoring and proving compliance with the counterparty obligation referred to in this item, the following provisions apply:

1. the measurement of the effective fulfillment of the SAF acquisition commitment or its alternative fulfillment methods shall be the responsibility of the CG-FNAC, based on a technical opinion from Anac, including with regard to the actual payment and delivery of the fuel; and

2. the manner of demonstrating compliance with the counterparty obligation shall be subject to specific regulation by the CG-FNAC, which shall provide for the criteria for proof, the required documents, the applicable deadlines, and the verification and audit mechanisms, and may, for this purpose, request complementary information from Anac, the borrowers, and the institutions involved in the financing operation; and

IV

• increase of at least 15% (fifteen percent) in the annual proportion of frequencies operated by the company between airports located in the region comprising the Legal Amazon and the Brazilian Northeast, relative to the proportion practiced in the year prior to the formalization of the financing request, or, alternatively, guarantee that at least 17.5% (seventeen and a half percent) of the total of its annual takeoffs are performed with origin and destination situated in these regions, observing the following conditions: (Wording given by CMN Resolution No. 5,283, of 2/26/2026.)

a) the company shall have a period of twenty-four months, from the approval of the financing request by the CG-FNAC, to achieve the above target; and (Wording given by CMN Resolution No. 5,283, of 2/26/2026.)

b) the company shall maintain, for at least one year, the minimum absolute number of frequencies in the region resulting from the calculation of the target established on the date of financing approval by the CG-FNAC. (Wording given by CMN Resolution No. 5,283, of 2/26/2026.)

c)
(Revoked by CMN Resolution No. 5,283, of 2/26/2026.)

§
2º The CG-FNAC, in the exercise of its legal duties, shall regulate the manner of proving compliance with the commitments referred to in § 1º.

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3º Non-compliance with the mandatory counterparty obligations referred to in § 1º shall entail the substitution of the financial charges to the FNAC, referred to in art. 2º, caput, item I, the retroactive difference, calculated between the date of contracting and the date of detection of non-compliance, shall be demanded in a single installment, within a period of sixty days, counting from the date of receipt of the payment notification by the borrower, with no dilution in the outstanding balance, and shall be carried out at the higher of the following rates, calculated on the date of detection of non-compliance:

I

• the Selic rate, or any other index that may replace it, observed the provisions of a specific contractual clause;

II

• the charges provided for in art. 2º, caput, item I, according to the purpose of the contracted financing, plus two percentage points per year.

§
4º In the case of proof of non-compliance with the mandatory counterparty obligations referred to in § 1º, the borrower shall permanently lose the right to the financial charges referred to in art. 2º, caput, item I.

§
5º The counterparty obligations provided for in items I and II of § 1º of this article apply only to the credit lines defined in art. 1º, § 1º, items I and VI, of this Resolution. (Included by CMN Resolution No. 5,283, of 2/26/2026.)

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

GABRIEL MURICCA
GALÍPOLO

President of the Central Bank of Brazil