Resolution No. 3.622

RESOLUTION No. 003622 ------------------- Provides for the rediscount and loan operations addressed in Provisional Measure No. 442 of 6 October 2008, and makes other provisions. THE CENTRAL BANK OF BRAZIL, in the form of art. 9 of Law No. 4.595 of 31 December 1964, makes public that the NATIONAL MONETARY COUNCIL, in extraordinary session of 9 October 2008, based on art. 1, § 5, of Provisional Measure No. 442 of 6 October 2008, and on art. 4, item XVII, of Law No. 4.595 of 1964, and in view of the provisions of arts. 26, § 1, and 28, § 2, of Complementary Law No. 101 of 4 May 2000, and in art. 45 of Law No. 10.931 of 2 August 2004, R E S O L V E D: Art. 1 This resolution establishes criteria and conditions for the evaluation and acceptance of assets received by the Central Bank of Brazil in rediscount operations in national currency and as collateral for loan operations in foreign currency, under the terms of art. 1 of Provisional Measure No. 442 of 2008. § 1 The rediscount operations in national currency addressed in this resolution shall be carried out in the form of purchase of assets with a repurchase commitment of the Central Bank of Brazil, combined with a resale commitment of the financial institution. § 2 The operations addressed in this resolution, at the request of the interested financial institution, shall be granted at the exclusive discretion of the Central Bank of Brazil, subject to the following conditions: I - the term of the operation, including any renewals, must be less than 360 (three hundred and sixty) consecutive days; II - the resale price of the assets that constitute the object of the rediscount operation in national currency shall correspond to the purchase price plus an amount equivalent to the Selic Rate plus a percentage set by the Central Bank of Brazil, based on market conditions, considering any flows; III - the financial charges of the loan operations in foreign currency shall correspond to the Libor rate plus a percentage set by the Central Bank of Brazil, based on market conditions. § 3 The operations addressed in this resolution shall be carried out exclusively with a financial institution of a banking nature. Art. 2 The Central Bank of Brazil is authorized to receive: I - in the rediscount operations addressed in this resolution, credits identified in the Central Risk System (SCR) classified in risk categories AA, A and B, subject to the following minimum parameters in the relationship between assets and the rediscount amount: a) if they involve credits against clients with operations at more than one financial institution or in payroll-deductible loans of the public sector: 1. 120% (one hundred and twenty percent), for credits classified in risk category AA; 2. 130% (one hundred and thirty percent), for credits classified in risk category A; 3. 140% (one hundred and forty percent), for credits classified in risk category B; b) if they involve credits not included in subitem "a" of this item: 1. 150% (one
hundred and fifty percent), for credits classified in risk category AA; 2. 160% (one hundred and sixty percent), for credits classified in risk category A; and 3. 170% (one hundred and seventy percent), for credits classified in risk category B; II - in loan operations in foreign currency, as collateral: a) 105% (one hundred and five percent), for sovereign securities denominated in United States dollars, issued by the Federative Republic of Brazil (Global Bonds) or by other countries, and in this case, must have a long-term rating equivalent to at least grade A; b) if operations of Advance on Exchange Contracts (ACC), Advance on Delivered Exchange Contracts (ACE), import financing and operations contracted under Resolution No. 2.770 of 30 August 2000, denominated or referenced in United States dollars, classified in risk categories AA, A and B: 1. 120% (one hundred and twenty percent), for credits classified in risk category AA; 2. 130% (one hundred and thirty percent), for credits classified in risk category A; and 3. 140% (one hundred and forty percent), for credits classified in risk category B. § 1 The credits addressed in item I of this article shall be considered at the net value of provisions defined in rules issued by the National Monetary Council for each level of risk classification. § 2 When, in the cases of items I and II, subitem "b", of this article, credits are received against clients with operations at more than one financial institution, the highest risk classification shall be considered. § 3 For the purposes of the provisions of item I of this article, credits linked to interfinancial funding and on-lending of official programs shall not be accepted. § 4 In the loan operations addressed in item II of this article, the Central Bank of Brazil may accept, as a complement to the collateral offered by the borrower, real or personal guarantee granted by the controlling shareholder, by an affiliated company or by a financial institution. § 5 The Central Bank of Brazil shall disclose a list of eligible securities and operational procedures for the purposes of item II of this article. § 6 The operations addressed in item II of this article shall be carried out through the assumption of an irrevocable commitment to sell, by the financial institution to the Central Bank of Brazil, the assets given as collateral, subject to the resolutory condition of default on the loan. Art. 3º As of this date, for a period of one year, in compliance with the provisions of § 3º of art. 195 of the Constitution, the fiscal regularity requirements set forth in art. 62 of Decree-Law No. 147, of 3 February 1967, in art. 1º, § 1º, of Decree-Law No. 1.715, of 22 November 1979, in art. 27, item "b", of Law No. 8.036, of 11 May 1990, and in Law No. 10.522, of 19 July 2002, are waived for the rediscount and loan operations addressed in this resolution. Art. 4º In the rediscount operations addressed in this resolution, the Central Bank of Brazil may impose on the
financial institution the following measures, among others deemed appropriate: I - obligation to contribute funds to address the risks to which the institution is exposed; II - adoption of more restrictive operational limits; III - restriction on the conduct of operations or operational modalities; IV - restoration of liquidity levels adequate to the institution's profile; V - suspension of the distribution of results, for any reason, in an amount greater than the minimum limits provided for by law, in the bylaws or in the articles of association, in situations that threaten compliance with the minimum standards of paid-in capital, net equity or equity required based on the risk level of the institution's exposures; VI - prohibition on the practice of acts that entail an increase in the remuneration of the administrators or other members of corporate bodies; VII - prohibition on the development of a new line of business; and VIII - disposal of assets. Art. 5º Resolution No. 2.949, of 4 April 2002, shall now include the following articles: "Art. 2º-A In rediscount operations, the transfer of ownership of credit instruments and credit rights to the Central Bank of Brazil shall occur through: I - simple change of the custody position from the financial institution to that of the Central Bank of Brazil and vice versa, in the manner provided for in the regulations of such systems, in the case of book-entry assets registered in a trading and custody environment authorized by the Central Bank of Brazil or by the Securities and Exchange Commission; and II - registration in an electronic transfer term or in the transfer term provided for in § 1º of art. 5º of Decree No. 21.499, of 9 June 1932, as amended by art. 1º of Decree No. 21.928, of 10 October 1932, in the case of book-entry or physical assets without registration in a trading and custody environment authorized by the Central Bank of Brazil or by the Securities and Exchange Commission. Sole paragraph. For the purposes of § 4º of art. 45 of Law No. 10.931, of 4 August 2004, the Central Bank of Brazil is authorized to pay the financial institution a del credere commission negotiated between the parties, as remuneration for the administration of the assets that are the object of the operations. Art. 2º-B In loan operations, the transfer of credit instruments and documents representing credit rights shall occur through registration in an electronic transfer term or in the transfer term provided for in § 1º of art. 5º of Decree No. 21.499, of 9 June 1932, as amended by art. 1º of Decree No. 21.928, of 10 October 1932. Sole paragraph. The transfer shall be perfected only upon receipt, by the financial institution benefiting from the loan, of a message of acceptance from the Central Bank of Brazil, or, if the transfer term is not electronic, after signature by the parties. Art. 2º-C The Central Bank of Brazil shall define, for the purposes of the provisions of arts. 2º-A, item II, and 2º-B of this
resolution, the electronic media or the electronic file transmission channel, the content, format or standard of information and the security requirements capable of ensuring the identity of the institution and the consistency and unalterability of the information. Art. 2º-D It is permissible, under the terms of the regulation of the Special System for Settlement and Custody (Selic), to carry out operations with the same federal public security, in the following association hypotheses: I - purchase operation, by the Central Bank, with an intraday resale commitment, associated with: a) definitive purchase or with a resale commitment; b) the release, by a clearinghouse or clearing and settlement service provider, of a security previously delivered as collateral by a financial institution, conditioned upon settlement, through the Reserve Transfer System (STR), of an indirect order for the transfer of funds of equal value, issued by the same financial institution in favor of the clearinghouse or clearing and settlement service provider; c) the multilateral creditor result in securities, arising from negotiations occurring in a clearinghouse or clearing and settlement service provider; II - payment of the operation, to the Central Bank of Brazil, associated with: a) definitive sale or with a repurchase commitment; b) the multilateral creditor financial result, arising from securities negotiations occurring in a clearinghouse or clearing and settlement service provider." (NR) Art. 6º The provisions of Resolution No. 2.949, of 2002, and complementary regulations shall apply subsidiarily to the rediscount and foreign currency loan operations addressed in this resolution. Art. 7º The Central Bank of Brazil shall adopt the measures necessary for the execution of the provisions of this resolution. Art. 8º This resolution shall enter into force on the date of its publication. São Paulo, 9 October 2008. Henrique de Campos Meirelles President