Resolution No. 3.212

RESOLUTION No. 003212 ------------------- Amends Resolution 3.109, of 2003, which provides for the carrying out of microfinance operations aimed at the low-income population and microentrepreneurs. THE CENTRAL BANK OF BRAZIL, in the form of art. 9 of Law 4.595, of 31 December 1964, makes public that the NATIONAL MONETARY COUNCIL, in a session held on 30 June 2004, having regard to the provisions of Law 10.735, of 11 September 2003, R E S O L V E D: Art. 1 Amend arts. 1, 3 and 6 of Resolution 3.109, of 24 July 2003, which shall henceforth have the following wording: "Art. 1 Establish that multiple banks with a commercial portfolio, commercial banks, the Federal Savings Bank, as well as credit cooperatives of small entrepreneurs, microentrepreneurs or microentrepreneurs and credit cooperatives with free admission of members, must observe the following conditions in carrying out microfinance operations aimed at the low-income population and microentrepreneurs, as dealt with in Law 10.735, of 11 September 2003: I - the value of the operations must correspond to at least 2% (two percent) of the balances of demand deposits raised by the institution, observing that in the months of August and September 2003 the minimum percentage is 1% (one percent); II - the effective interest rates may not exceed 2% p.m. (two percent per month); III - the value of the credit may not be higher than: a) R$600.00 (six hundred reais), when dealing with the natural persons referred to in art. 2, items I and III; b) R$1,000.00 (one thousand reais), when dealing with microentrepreneurs referred to in art. 2, item II; IV - the term of the operation may not be less than 120 days; V - the value of the credit opening fee may not exceed the following percentages of the value of the credit granted: a) 2% (two percent), when dealing with natural persons referred to in art. 2, items I and III; b) 4% (four percent), when dealing with natural persons or legal entities referred to in art. 2, item II. § 1 The following are permitted: I - exceptionally, the contracting of operations for a term shorter than that provided for in item IV, provided that the credit opening fee is charged proportionally to the term; II - the installment payment of the operations. § 2 The verification of compliance with the requirement for applications in each annual period shall be carried out on the fifteenth business day of the month of August of each year, observing that: I - the calculation base of the requirement shall be the daily average of the values resulting from the application of the minimum percentages established in the caput, item I, on the daily balance of demand deposits raised by the institution in the annual period comprised between 1 July of one year and 30 June of the following year; II - the daily average of the balances of eligible operations in the period from 1 August of one year to 31 July of the following year shall be considered for satisfaction of the requirement. § 3 The first
verification shall occur in the month of August 2004." "Art. 3 For compliance with the requirement for applications dealt with in this resolution, the following shall be considered: I - the funds transferred to other financial institutions, including to microentrepreneur credit societies, for mandatory application in the credit operations dealt with in art. 1, by means of an interfinancial deposit linked to microfinance operations (DIM), observing the provisions of Resolution 1.647, of 18 October 1989, and complementary regulation; II - the credits arising from advance, loan and financing operations that meet the conditions established in arts. 1 and 2, acquired from: a) other financial institutions, including microentrepreneur credit societies; b) Civil Society Organizations of Public Interest, constituted in accordance with Law 9.790, of 23 March 1999, which carry out credit activities aimed at microentrepreneurs; c) non-governmental organizations whose statutes provide for the carrying out of microcredit operations; d) entities, funds or programs aimed at microcredit. § 1 It is incumbent upon the depositary institution of the funds dealt with in the caput, item I, to prove the application of the amounts raised, under penalty of transfer of the unapplied funds to the Central Bank of Brazil, under the terms provided for in art. 3 of Law 10.735, of 2003. § 2 Overdue operations may be counted for compliance with the requirement, observing the following percentages: I - 100% (one hundred percent) in the first year after maturity; II - 50% (fifty percent) in the second year. § 3 The following are not considered in the calculation of the requirement: I - demand deposits raised by federal and state public financial institutions: a) from the respective governments; and b) from autarchies and mixed-capital companies in whose capital the respective governments hold a majority interest; II - demand deposits raised by state public financial institutions held by municipal public entities of the respective federative unit." "Art. 6 The Central Bank of Brazil is authorized to: I - provide for the terms and negotiability of the DIM, dealt with in art. 3; II - adopt the measures and issue the rules deemed necessary for the execution of the provisions of this resolution; III - request information about the operations dealt with in this resolution." (NR) Art. 2 This resolution enters into force on the date of its publication. Art. 3 Resolution 3.128, of 30 October 2003, is revoked. Brasília, 30 June 2004. Henrique de Campos Meirelles President