Resolution CMN No. 778 — Sets Conditions for the Application of the PIS/PASEP Participation Fund

RESOLUTION NO. 000778

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on this date, having regard to the provisions of Article 2 of Complementary Law No. 19, of June 25, 1974, regulated by Decree No. 74,333, of July 30, 1974,

RESOLVES:

I - To establish the following conditions for the application of resources from the PIS-PASEP Participation Fund:

a) minimum interest rate: 3.5% (three and a half percent) per year;

b) monetary correction: according to the indices applicable to the National Treasury Adjustable Obligations - ORTN.

II - To authorize that, in addition to the charges referred to in items "a" and "b" of the previous item, the following commissions may be charged from the borrower, all incident on the corrected outstanding balance, as remuneration for the applying agent:

a) administration commission, at the rate of 0.5% (zero point five percent), due in operations carried out directly or through an accredited agent;

b) operational risk commission, at the rate of 1.5% (one and a half percent);

c) agency commission, at the rate of 1.5% (one and a half percent), due exclusively in operations carried out through an accredited agent.

III - The operational risk commission, provided for in item "b" of the previous item, may be attributed to the accredited agent when the operations are carried out through its intermediary.

IV - The remunerations established by items V and VI of Resolution No. 298, of July 30, 1974, and subsequent regulations, remain in force, now incident on the outstanding balances of operations contracted until January 1, 1983, extinguishing these remunerations with the final settlement of the operations.

V - This Resolution shall enter into force on the date of its publication, revoking items VII and VIII of Resolution No. 298, of July 30, 1974, and subsequent regulations, and shall produce effects for contracts finalized from January 1, 1983.

Brasilia-DF, December 16, 1982

Carlos Geraldo Langoni
President