RESOLUTION No. 3,746

Creates application sub-requirements, changes weighting factors for the purpose of complying with the requirement and sub-requirements of MCR 6-2, as of the 2009/2010 crop year, and introduces adjustments to sections 6-1, 6-2 and 6-4 of the MCR.

The Central Bank of Brazil, pursuant to art. 9 of Law No. 4,595, of 31 December 1964, makes public that the National Monetary Council, in a session held on 30 June 2009, in view of the provisions of arts. 4, item VI, of the aforementioned law, 4, 14, 15, item I, 16 and 21 of Law No. 4,829, of 5 November 1965, and 81, item III, of Law No. 8,171, of 17 January 1991,

R E S O L V E S :

Art. 1 It is established that, as the Proger Sub-requirement, at least 6% (six percent) of the total funds of the requirement provided for in section 6-2 of the Rural Credit Manual (MCR) must be kept applied in operations under the Rural Employment and Income Generation Program (Proger Rural), referred to in Chapter 8 of the MCR.

Sole paragraph. The percentage referred to in the caput of this article is raised to:

I - 8% (eight percent), in the compliance period from 1 July 2010 to 30 June 2011;

II - 10% (ten percent), as of 1 July 2011.

Art. 2 It is established that, as the Cooperative Sub-requirement, at least 12% (twelve percent) of the total funds of the requirement established in section 6-2 of the MCR must be kept applied in rural credit operations:

I - intended for financing assistance to cooperative members, referred to in items 5-2-21 and 5-2-22 of the MCR, and for transfer to cooperative members provided for in item 5-5-19 of the MCR;

II - whose amount contracted with the final beneficiary does not exceed R$170,000.00 (one hundred and seventy thousand reais), except for operations under Proger Rural and Pronaf and subject to the limit of 40% (forty percent) of the total of this sub-requirement, plus and/or minus, as the case may be, the amount of the average daily balance of funds received or transferred through DIR-Subex.

Sole paragraph. The percentage referred to in the caput of this article is changed to:

I - 10% (ten percent), in the compliance period from 1 July 2010 to 30 June 2011;

II - 8% (eight percent), as of 1 July 2011.

Resolution No. 3,746, of 30 June 2009
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Art. 3 For the purpose of calculating the amounts of the sub-requirements referred to in arts. 1 and 2, the amounts of the balances of operations renegotiated under Resolutions nos. 2,238, of 31 January 1996, and 2,471, of 26 February 1998, are excluded from the requirement.

Art. 4 The Interfinancial Deposit Linked to Rural Credit (DIR) specific for compliance with the Proger Sub-requirement, referred to in art. 1, called DIR-Proger, is instituted, in the form established in section 6-1 of the MCR.

Art. 5 The DIR-Subex provided for in section 6-1 of the MCR shall be computed exclusively for compliance with the Cooperative Sub-requirement, without prejudice to compliance with the provisions of art. 7.

Art. 6 The amounts raised in DIR-Proger and DIR-Subex shall be added to the respective sub-requirements of the depository institution.

Art 7 The average daily balances of DIR-Subex contracted prior to 1 July 2009 may be computed proportionally to the respective Cooperative Sub-requirement and Proger Sub-requirement, for the purpose of compliance with the DIR-Subex and DIR-Proger modalities.

Art. 8 The DIR-Poup, defined in section 6-1 of the MCR, shall be computed exclusively for the sub-requirement of application in rural credit operations provided for in item 6-4-7-"a" of the MCR.

Sole paragraph. The amounts raised in DIR-Poup shall be added to the respective sub-requirement.

Art. 9 It is established that up to 10% (ten percent) of the funds of the requirement of MCR 6-2 may be applied in operations intended for financing costing expenses of broiler poultry farming and pig farming operated under a partnership regime, referred to in section 3-2 of the MCR.

Sole paragraph. The option of application defined in the caput of this article, as well as that provided for in item 6-2-8 of the MCR, renumbered by this normative act to 6-2-9, have as their calculation basis the amount of the requirement of MCR 6-2-2 of the financial institution itself, plus and/or minus, as the case may be, the amount of the average daily balance of funds received or transferred through DIR-Proger, DIR-Pronaf, DIR-Subex and DIR-Geral.

Art. 10 The average daily balances of credit operations contracted under the conditions of the National Program for Strengthening Family Agriculture (Pronaf) and Proger Rural, in the period from 1 July 2009 to 30 June 2010, with mandatory funds (MCR 6-2), must be computed by multiplying them by the following weighting factors, according to the credit program and the interest rate linked to the operations, for the purpose of complying with the requirement and sub-requirements provided for in section 6-2 of the MCR:

I - operations under Proger Rural, referred to in section 8-1 of the MCR: 1.15 (one point fifteen);

II - costing operations under Pronaf, referred to in section 10-4 of the MCR, with funds from the financial institution's own requirement, contracted at an interest rate of:

CENTRAL BANK OF BRAZIL

a) 1.50% p.a. (one point fifty percent per year): 3.00 (three point zero);

b) 3% p.a. (three percent per year): 2.40 (two point forty);

c) 4.50% p.a. (four point fifty percent per year): 1.80 (one point eighty);

d) 5.50% p.a. (five point fifty percent per year): 1.40 (one point forty);

III - costing operations under Pronaf, referred to in section 10-4 of the MCR, backed by funds raised through DIR-Pronaf, contracted at an interest rate of:

a) 1.50% p.a. (one point fifty percent per year): 3.50 (three point fifty);

b) 3% p.a. (three percent per year): 2.80 (two point eighty);

c) 4.50% p.a. (four point fifty hundredths percent per year): 2.10 (two point ten hundredths);

d) 5.50% p.a. (five point fifty hundredths percent per year): 1.65 (one point sixty-five hundredths);

IV - investment operations under Pronaf, referred to in section 10-5 of the MCR, with funds from the financial institution's own exigibility, contracted at an interest rate of:

a) 1% p.a. (one percent per year): 3.0 (three point zero);

b) 2% p.a. (two percent per year): 2.40 (two point forty hundredths);

c) 4% p.a. (four percent per year): 1.75 (one point seventy-five hundredths);

d) 5% p.a. (five percent per year): 1.40 (one point forty hundredths);

V - investment operations under Pronaf, referred to in section 10-5 of the MCR, backed by funds raised through DIR-Pronaf, contracted at an interest rate of:

a) 1% p.a. (one percent per year): 3.0 (three point zero);

b) 2% p.a. (two percent per year): 2.65 (two point sixty-five hundredths);

c) 4% p.a. (four percent per year): 1.90 (one point ninety hundredths);

d) 5% p.a. (five percent per year): 1.50 (one point fifty hundredths);

Resolution No. 3,746, of 30 June 2009
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VI - operations under Pronaf referred to in sections 10-11 and 10-12 of the MCR, with funds from exigibility, including those raised through DIR-Pronaf: 2.0 (two point zero).

Art. 11. The option to deposit with the Central Bank of Brazil amounts on account of the forecast of deficiencies in the compliance period, provided for in items 6-2-14 and 6-4-14 of the MCR, is extinguished.

Art. 12. Item 6-1-11 of the MCR, renumbered to 6-1-12, shall take effect with the following wording:

"12 - All modalities of DIR are subject to the rules applicable to interfinancial deposits that do not conflict with those provided for in this chapter."

Art. 13. Consequently, the necessary pages for updating sections 6-1 (General Provisions), 6-2 (Mandatory Funds) and 6-4 (Rural Savings) of the MCR are attached, whose regulatory bases shall be this normative act.

Art. 14. This resolution enters into force on 1 July 2009.

Art. 15. Resolutions No. 2,428, of 1 October 1997; 2,886, of 30 August 2001; 3,015, of 28 August 2002; 3,223, of 29 July 2004; 3,341, 3,342 and 3,343, of 2 February 2006; 3,352, of 24 February 2006; 3,362, of 26 April 2006; 3,450, of 3 April 2007; 3,458 and 3,459, of 11 June 2007; 3,493, of 30 August 2007; 3,522, of 20 December 2007; 3,541, of 28 February 2008; 3,561, of 14 April 2008; 3,562, of 24 April 2008; 3,564, of 29 May 2008; 3,610, of 29 September 2008; 3,623, of 14 October 2008, and 3,625, of 30 October 2008, are revoked.

Brasília, 30 June 2009.

Henrique de Campos Meirelles
President

This text does not replace the one published in the DOU and Sisbacen.

1 - Rural credit may be granted with controlled and non-controlled funds, according to the classification established in this section, observing the financial remuneration provided for in section 2-4.

2 - The following are considered controlled funds:

a) mandatory funds, referred to in section 6-2;

b) those from Official Credit Operations under the supervision of the Ministry of Finance;

c) those from the sources listed below, when applied with subsidy from the Union, in the form of equalization of financial charges:

I - rural savings, referred to in section 6-4;

II - the Workers' Assistance Fund (FAT);

III - the Extramarket Investment Fund;

d) those from rural savings, when applied according to the conditions defined for mandatory funds, referred to in section 6-2;

e) those from other sources that may be specified by the National Monetary Council.

3 - The following are considered non-controlled funds:

a) those from rural savings (exigibility and free), referred to in section 6-4;

b) those from specific funds, programs and lines;

c) the free funds of financial institutions, referred to in section 6-3.

4 - Credits formalized under mandatory funds are not subject to the subsidy of financial charges.

5 - Regarding the identification of funds, the financial institution must:

a) record in the credit instrument the source of funds used in the financing according to the classification of items 2 and 3 (controlled or non-controlled funds), registering, if applicable, the name of the specific fund, program or line;

b) observe the determinations provided for in section 3-5 and in document No. 5 of this manual with regard to the indication of the source of funds, when registering operations in the Common Registry of Rural Operations (Recor), unless otherwise provided.

6 - Financing under rural credit funds is intended for rural producers and their cooperatives, observing the rules provided for in this manual.

7 - The use of the Interfinancial Deposit Linked to Rural Credit (DIR) is permitted to comply with the General Exigibility of application in rural credit provided for in section 6-2, among financial institutions subject to this obligation, observing the following conditions:

a) on the part of the depositing financial institution, regardless of proof of the established targeting:

I - minimum term of 120 (one hundred and twenty) days;

II - prohibition of trading on the secondary market;

III - identification of the DIR-Geral modality, whose value must be added to that of the General Exigibility of the depositary institution, for application in operations not linked to the sub-exigibilities provided for in section 6-2;

b) on the part of the depositary financial institution: subjection to the other rules for compliance with the respective exigibility, including regarding proof of the established targeting, which is its responsibility.

8 - The use of the DIR called DIR-Proger is permitted for compliance with the Proger Sub-exigibility provided for in item 6-2-5, among financial institutions subject to this obligation, observing the following conditions:

a) by the depositing financial institution, regardless of proof of the established allocation:

I - minimum term of 120 (one hundred twenty) days;

II - prohibition of trading on the secondary market;

III - identification of the DIR-Proger modality, whose value must be added to that of the depositary institution's Proger Sub-requirement;

b) by the depositary financial institution: subjection to the other rules for compliance with the respective sub-requirement, including proof of the established allocation, which is its responsibility.

9 - The use of the DIR called DIR-Pronaf is permitted for compliance with the Pronaf Sub-requirement provided for in item 6-2-6, among financial institutions subject to this obligation, subject to the following conditions:

a) by the depositing financial institution, regardless of proof of the established allocation:

I - minimum term of 240 (two hundred forty) days;

II - prohibition of trading on the secondary market;

III - identification of the DIR-Pronaf modality, whose value must be added to that of the depositary institution's Pronaf Sub-requirement;

b) by the depositary financial institution:

I - cost to be borne: up to 3% p.a. (three percent per year);

II - it cannot appear as depositor of the same DIR-Pronaf modality in the same period in which it is depositary;

III - subjection to the other rules for compliance with the respective sub-requirement, including proof of the established allocation, which is its responsibility.

10 - The use of the DIR called DIR-Subex is permitted for compliance with the Cooperative Sub-requirement provided for in item 6-2-7, among financial institutions subject to this obligation, subject to the following conditions:

a) by the depositing financial institution, regardless of proof of the established allocation:

I - minimum term of 120 (one hundred twenty) days;

II - prohibition of trading on the secondary market;

III - identification of the DIR-Subex modality, whose value must be added to that of the depositary institution's Cooperative Sub-requirement;

b) by the depositary financial institution: subjection to the other rules for compliance with the respective sub-requirement, including proof of the established allocation, which is its responsibility.

11 - The use of the DIR called DIR-Poup is permitted for compliance with the sub-requirement for application in rural credit operations provided for in item 6-4-7-“a”, among financial institutions subject to the requirement of section 6-2, subject to the following conditions:

a) by the depositing financial institution, regardless of proof of the established allocations:

I - minimum term of 180 (one hundred eighty) days;

II - prohibition of trading on the secondary market;

III - identification of the DIR-Poup modality, whose value must be added to that of the depositary institution's sub-requirement for application in rural credit operations;

b) by the depositary financial institution: subjection to the other rules for compliance with the respective sub-requirement, including proof of the established allocation, which is its responsibility.

12 - All DIR modalities are subject to the rules applicable to interfinancial deposits that do not conflict with those provided for in this chapter.

13 - The transfer of debt backed by controlled resources is prohibited, except when:

a) indispensable for the recovery of the credit or the preservation of the assisted enterprise;

b) resulting from the division of rural property, donation, inventory, judicial separation of spouses or divorce;

c) the assumer is a company in which the original debtor holds a majority interest.

14 - When its sole justification is the purpose of recovering the credit or preserving the assisted enterprise, the transfer of debt provided for in the previous item is subject to the following:

a) the assumer must be a beneficiary of rural credit, as admitted in this manual;

b) interest must be adjusted to the levels in force for operations of the same nature and purpose on the date of its execution.

15 - It is incumbent upon the financial institution, in any case and under specific justification, to decide on the request for transfer of debt.

16 - For all purposes, applications intended for the financing of agricultural activities, formalized with rural credit beneficiaries through a contract or credit instrument provided for in Decreto-lei nº 167, of 14/2/1967, and in complementary legislation, backed by resources:

a) from the constitutional funds for regional financing;

b) managed by the Banco Nacional de Desenvolvimento Econômico e Social (BNDES).

17 - The definition of rules, procedures and operational conditions for the application of resources from the constitutional funds for regional financing is subject to the specific applicable legislation.

18 - Whatever the origin of the resources, their application in the agricultural sector is only considered rural credit when the rules established in this manual are observed.

19 - The Banco Central do Brasil may adopt the measures deemed necessary for the execution of the provisions of this chapter, as well as prepare and disclose a system for:

a) control and monitoring of applications under the mandatory resources and rural savings referred to in sections 6-2 and 6-4 and of the balances of applications in rural credit;

b) verification of the respective requirements.

20 - Multiple banks without a commercial portfolio and investment banks may raise funds, through DIR in the modalities provided for in this section, for application in rural credit, provided that:

a) they have authorization to operate in rural credit in the manner established in section 1-3;

b) they previously notify the Executive Management of Regulation and Control of Rural Operations and Proagro (Gerop) of the Banco Central do Brasil of the start of raising said funds;

c) operate exclusively as a depository financial institution.

21 - The institutions referred to in the previous item are subject, where applicable, to the rules of this manual, particularly those provided for in this section and in sections 6-2 and 6-4, including with regard to the collection or payment of amounts resulting from any deficiency in the application of resources.

1 - For the purposes of art. 21 of Law No. 4.829, of 5/11/1965, mandatory resources are those destined for rural credit operations, originating from the Amount Subject to Collection (VSR) related to demand resources, calculated in accordance with the applicable regulations.

2 - Requirement of mandatory resources is the duty of the financial institution to keep applied in rural credit operations an amount corresponding to 25% (twenty-five percent) of the arithmetic average of the VSR calculated in the calculation period, considering for compliance with this requirement:

a) the average daily balances of operations relating to business days;

b) the conditions established in this manual, particularly with regard to compliance with the rules:

I - of financing limits;

II - of the targeting of resources;

III - of the credit modalities with express provision for the use of the source of resources dealt with in this section;

c) the requirement provided for in the caput of this item is subject to the percentages below in the compliance periods:

I - from 1/11/2008 to 30/6/2009: 30% (thirty percent) of the arithmetic average of the VSR calculated in the calculation period from 1/10/2008 to 31/5/2009;

II - from 1/7/2009 to 30/6/2010: 30% (thirty percent) of the arithmetic average of the VSR calculated in the calculation period from 1/6/2009 to 31/5/2010;

III - from 1/7/2010 to 30/6/2011: 29% (twenty-nine percent) of the arithmetic average of the VSR calculated in the calculation period from 1/6/2010 to 31/5/2011;

IV - from 1/7/2011 to 30/6/2012: 28% (twenty-eight percent) of the arithmetic average of the VSR calculated in the calculation period from 1/6/2011 to 31/5/2012;

V - from 1/7/2012 to 30/6/2013: 27% (twenty-seven percent) of the arithmetic average of the VSR calculated in the calculation period from 1/6/2012 to 31/5/2013;

VI - from 1/7/2013 to 30/6/2014: 26% (twenty-six percent) of the arithmetic average of the VSR calculated in the calculation period from 1/6/2013 to 31/5/2014.

3 - For the purpose of the requirement and the sub-requirements referred to in this section, it must be observed that:

a) the calculation period begins on the first business day of the month of June and ends on the last business day of the month of May of the following year;

b) the compliance period is that in which the resources calculated in the manner of subparagraph "a" must be applied, beginning on the first business day of the month of July and ending on the last business day of the month of June of the following year;

c) deficiency is understood as the lack of application, total or partial, of the resources under the conditions established in this section;

d) monthly, financial institutions must provide information on the resources dealt with in this section to the Central Bank of Brazil, by sending document No. 24 of this manual, by the 20th (twentieth) day of the month following the reported position, under the responsibility of the director in charge of the rural credit area;

e) the verification of compliance, incumbent upon the Central Bank of Brazil, must be carried out as of 20 July of each year, without prejudice to actions emanating from the supervision area, and the financial institution must observe the provisions of items 15, 16 and 17, where applicable.

4 - The following are not subject to compliance with the requirement of application in rural credit:

a) Caixa Econômica Federal (CEF);

b) credit cooperatives;

c) credit, financing and investment companies;

d) the National Bank for Economic and Social Development (BNDES);

e) development banks;

f) investment banks;

g) multiple banks without a commercial portfolio;

h) development agencies.

5 - As a Proger Sub-requirement, observing the provisions of item 8, at least 6% (six percent) of the total resources of the requirement must be kept applied in operations under the Rural Employment and Income Generation Program (Proger Rural), dealt with in chapter 8 of this manual, noting that this sub-requirement is subject to the percentages below in the compliance periods:

a) 8% (eight percent), from 1/7/2010 to 30/6/2011;

b) 10% (ten percent), as of 1/7/2011.

6 - As a Pronaf Sub-requirement, observing the provisions of item 8, at least 10% (ten percent) of the total resources of the requirement must be kept applied in operations linked to the National Program for the Strengthening of Family Agriculture (Pronaf), dealt with in chapter 10 of this manual, noting that in the case of credits linked to tobacco crops the targeting of resources is permitted only in the following periods and limits:

a) from 1/7/2009 to 30/6/2010, up to 20% (twenty percent) of the total of this sub-requirement, plus and/or minus, as the case may be, the amount of the average daily balance of resources received or transferred through DIR-Pronaf;

b) from 1/7/2010 to 30/6/2011, up to 10% (ten percent) of the total of this sub-requirement, plus and/or minus, as the case may be, the amount of the average daily balance of resources received or transferred through DIR-Pronaf.

7 - As a Cooperative Sub-requirement, observing the provisions of item 8, at least 12% (twelve percent) of the total resources of the requirement must be kept applied in rural credit operations, noting that this percentage will be 10% (ten percent), in the compliance period from 1/7/2010 to 30/6/2011 and 8% (eight percent), as of 1/7/2011:

a) destined for financing to serve cooperatives members (MCR 5-2-21 and 22) and for transfer to cooperative members (MCR 5-5-19);

b) whose contracted value with the final beneficiary does not exceed R$170,000.00 (one hundred and seventy thousand reais), except for operations under Proger Rural and Pronaf and respecting the limit of 40% (forty percent) of the total of this sub-requirement, plus and/or minus, as the case may be, the value of the average daily balance of the resources received or transferred through DIR-Subex.

8 - For the purpose of calculating the amounts of the sub-requirements referred to in items 5, 6 and 7, the amounts of the balances of renegotiated operations under Resolutions nos. 2,238, of 1/31/1996, and 2,471, of 2/26/1998, are excluded from the requirement.

9 - As an option, from the total resources of the requirement, plus and/or minus, as the case may be, the value of the average daily balance of the resources received or transferred through DIR-Proger, DIR-Pronaf, DIR-Subex and DIR-Geral, the following may be applied:

a) up to 7% (seven percent), individually or cumulatively, in:

I - discount operations of Rural Duplicate (DR) and Rural Promissory Note (NPR), respecting the limits and conditions provided in section 3-4;

II - credits destined for costing operations whose individual value exceeds the limit per borrower/product established in section 3-2, and the application of these resources in costing credits for processing or industrialization is prohibited;

b) up to 10% (ten percent), in operations destined for the financing of costing expenses of poultry farming for meat and pig farming explored under a partnership regime, as dealt with in section 3-2.

10 - The following average daily balances may also be computed for the fulfillment of the requirement and sub-requirements, as the case may be:

a) of the Interfinancial Deposits Linked to Rural Credit (DIR), listed below, by the depositing financial institution:

I - DIR-Geral;

II - DIR-Proger;

III - DIR-Pronaf;

IV - DIR-Subex;

b) of rural financings contracted with the right to subsidy via equalization of financial charges by the National Treasury (TN), based on Law no. 8,427, of 5/27/1992, and subsequent amendments, by excluding them from the calculation base of the equalization, observing that if the financings have rural savings as the original source of resources they can no longer be computed for the fulfillment of the requirement dealt with in section 6-4;

c) of the operations dealt with in section 18-4, when backed with resources dealt with in this section;

d) of the securities issued by the TN for the payment of debts of the Agricultural Activity Guarantee Program (Proagro), whose operations with adherence to the program have been backed with mandatory resources, and the values of the securities redeemed by the TN, those freely traded on the market and those used in the National Privatization Program (PND) must be excluded from the calculation of the monthly average;

e) of the specific account "Proagro a Receber" dealt with in section 16-7, observing that:

I - operations contracted with the right to subsidy of financial charges by the TN must be excluded from the calculation base of the equalization;

II - the balances of operations originally backed with resources from rural savings can no longer be computed for the fulfillment of the requirement dealt with in section 6-4;

f) of the operations renegotiated under the conditions established in arts. 1, item IX, of Resolution no. 2,238/1996, and 5, §§ 1 and 2, of Resolution no. 2,471/1998, originally contracted based on the resources dealt with in section 6-2 and/or that became backed with resources of this section, whose value cannot exceed 60% (sixty percent) of the requirement;

g) of the securities issued by the TN for the payment of renegotiation of rural debts - values assigned to the TN, in the form of arts. 8, item III, subitem "c", and 14 of Resolution no.

2,238/1996, relatively to financings granted originally under the resources dealt with in this section;

h) of rural financings contracted with other sources of resources, when their transposition is admitted for the fulfillment of the requirement dealt with in this section, upon satisfaction of the conditions for classification in mandatory resources, including with regard to financial charges, which must be readjusted by amendment, also observing that if the financings have rural savings as the original source of resources they can no longer be computed for the fulfillment of the requirement dealt with in section 6-4.

11 - For the purpose of fulfilling the requirement and sub-requirements, the value corresponding to the average daily balance of the operations or negotiations listed below must be computed by multiplying it by the indicated weighting factors, without prejudice to the observance of the provisions of items 12, 13 and 14:

a) investment operations dealt with in section 3-3:

I - related to soil correction or recovery: 1.2 (one point two tenths);

II - other operations: 1.1 (one point one tenth);

b) operations under Proger Rural, dealt with in section 8-1: 1.15 (one point fifteen hundredths);

c) costing operations under Pronaf, dealt with in section 10-4 of the MCR, with resources from the financial institution's own requirement, contracted with an interest rate of:

I - 1.50% p.a. (one point fifty hundredths percent per year): 3.00 (three point zero);

II - 3% p.a. (three percent per year): 2.40 (two point forty hundredths);

III - 4.50% p.a. (four point fifty hundredths percent per year): 1.80 (one point eighty hundredths);

IV - 5.50% p.a. (five point fifty hundredths percent per year): 1.40 (one point forty hundredths);

d) costing operations under Pronaf, dealt with in section 10-4 of the MCR, backed by resources raised through DIR-Pronaf, contracted with an interest rate of:

I - 1.50% p.a. (one point fifty hundredths percent per year): 3.50 (three point fifty hundredths);

II - 3% p.a. (three percent per year): 2.80 (two point eighty hundredths);

III - 4.50% p.a. (four point five zero percent per year): 2.10 (two point one zero);

IV - 5.50% p.a. (five point five zero percent per year): 1.65 (one point six five);

e) investment operations under Pronaf, addressed in section 10-5 of the MCR, with funds from the financial institution's own exigibility, contracted at an interest rate of:

I - 1% p.a. (one percent per year): 3.0 (three point zero);

II - 2% p.a. (two percent per year): 2.40 (two point four zero);

III - 4% p.a. (four percent per year): 1.75 (one point seven five);

IV - 5% p.a. (five percent per year): 1.40 (one point four zero);

f) investment operations under Pronaf, addressed in section 10-5 of the MCR, backed by funds raised through DIR-Pronaf, contracted at an interest rate of:

I - 1% p.a. (one percent per year): 3.0 (three point zero);

II - 2% p.a. (two percent per year): 2.65 (two point six five);

III - 4% p.a. (four percent per year): 1.90 (one point nine zero);

IV - 5% p.a. (five percent per year): 1.50 (one point five zero);

g) operations under Pronaf addressed in sections 10-11 and 10-12, with funds from exigibility, including those raised through DIR-Pronaf: 2.0 (two point zero).

12 - The weightings established in this section, as well as those previously defined, applied to operations according to the date of their contracting, continue to have effect on the balances of the respective operations until their settlement, except as expressly provided otherwise.

13 - The weightings provided for in item 11 do not apply to the balances of operations, even if directed to Pronaf beneficiaries directly or indirectly, referring to credits intended for:

a) tobacco cultivation in the form admitted in section 10-1;

b) commercialization, in the modalities provided for in item 3-4-2.

14 - The balances of operations or credit portions whose financial charges have been readjusted due to the borrower's default may not be computed to satisfy exigibility and sub-exigibilities, from the day following the default.

15 - Once the compliance period has ended, the financial institution that incurs a deficiency with respect to exigibility and/or sub-exigibilities is subject, alternatively, on the first business day of the month of August:

a) to remittance to the Central Bank of Brazil of the amounts of the deficiencies determined, which will be returned, without any remuneration, on the first business day of the month of August of the year following the remittance;

b) to payment to the Central Bank of Brazil of a fine of 40% (forty percent), calculated on the amounts of the deficiencies determined.

16 - The amount of the remittance or payment referred to in item 15 must be previously informed to the Central Bank of Brazil, by means of a communication signed by two directors, one of whom responsible for the rural credit area, by the business day prior to the respective debit in the Bank Reserves account.

17 - The remittance or payment referred to in the previous item must be made exclusively in cash, on the initiative of the financial institution, by using a specific event and purpose provided for in the Message Catalog of the Brazilian Payment System, on the due date.

18 - In the event of non-compliance with the provisions of item 15, the financial institution loses the right to the remittance provided for in subitem "a" of that item and is subject to a fine of 40% (forty percent), whose payment will have the addition of the pecuniary sanctions provided for in section 2-4, from the date on which due until the effective remittance, without prejudice to the application of the legal penalties provided for.

19 - The average daily balances of DIR-Subex contracted prior to 7/1/2009 may be computed proportionally to the respective Cooperative Sub-exigibility and Proger Sub-exigibility, for the purpose of compliance with the DIR-Subex and DIR-Proger modalities.

20 - The general rules of rural credit that do not conflict with the special provisions of this section apply to operations supported by mandatory funds.

1 - For the purposes of arts. 15, item I, subitem "l", of Law No. 4,829, of 11/5/1965, and 81, item III, of Law No. 8,171, of 1/17/1991, rural savings funds are those raised according to the rules applicable to savings deposits of the Brazilian Savings and Loan System (SBPE), in the form of rural savings deposits for application under the conditions provided for in this section.

2 - Exigibility of rural savings funds is the obligation of the financial institution to keep applied in rural credit operations an amount corresponding to 65% (sixty-five percent) of the arithmetic average of the Amount Subject to Remittance (VSR) related to rural savings deposits determined in the calculation period, considering for compliance with this requirement:

a) the average daily balances of operations relating to business days;

b) the conditions established in this manual, particularly with regard to compliance with the rules:

I - of financing limits;

II - of the direction of funds;

III - of the credit modalities with express provision for use of the funding source addressed in this section;

c) the exigibility provided for in the caput of this item is subject to the percentages below in the compliance periods:

I - from 11/1/2008 to 6/30/2009: 70% (seventy percent) of the arithmetic average of the VSR determined in the calculation period from 10/1/2008 to 5/31/2009;

II - from 7/1/2009 to 6/30/2010: 70% (seventy percent) of the arithmetic average of the VSR determined in the calculation period from 6/1/2009 to 5/31/2010;

III - from 7/1/2010 to 6/30/2011: 69% (sixty-nine percent) of the arithmetic average of the VSR determined in the calculation period from 6/1/2010 to 5/31/2011;

IV - from 7/1/2011 to 6/30/2012: 68% (sixty-eight percent) of the arithmetic average of the VSR determined in the calculation period from 6/1/2011 to 5/31/2012;

V - from 1/7/2012 to 30/6/2013: 67% (sixty-seven percent) of the arithmetic mean of the VSR determined in the calculation period from 1/6/2012 to 31/5/2013;

VI - from 1/7/2013 to 30/6/2014: 66% (sixty-six percent) of the arithmetic mean of the VSR determined in the calculation period from 1/6/2013 to 31/5/2014.

3 - For the purposes of the enforceability and the limits established in this section, it must be observed that:

a) the calculation period begins on the first business day of the month of June and ends on the last business day of the month of May of the following year;

b) the compliance period is the one in which the resources determined in the manner of item "a" must be applied, beginning on the first business day of the month of July and ending on the last business day of the month of June of the following year;

c) deficiency is understood to be the failure to apply, in whole or in part, the resources under the conditions established in this section;

d) monthly, financial institutions must provide information on the resources referred to in this section to the Central Bank of Brazil, by submitting document no. 24 of this manual, by the 20th (twentieth) of the month following the position reported, under the responsibility of the director in charge of the rural credit area;

e) verification of compliance, the responsibility of the Central Bank of Brazil, must be carried out from 20 July of each year, without prejudice to the actions emanating from the

supervision area, with the financial institution being required to observe the provisions of items 13, 14 and 15, as applicable.

4 - The following are subject to compliance with the rural savings enforceability:

a) Banco da Amazônia S.A.;

b) Banco do Brasil S.A.;

c) Banco do Nordeste do Brasil S.A.;

d) cooperative banks;

e) institutions that are members of the Brazilian Savings and Loan System (SBPE), when operating in rural credit, in the manner of items 4/8 of section 1-3.

5 - Cooperative banks are subject to compliance with the enforceability after 6 (six) months have elapsed since the start of their collection of rural savings deposits.

6 - The resources of the rural savings enforceability, observing the provisions of items 7 and 12, must be applied:

a) in rural credit operations;

b) in the acquisition of Rural Product Notes (CPR);

c) in the marketing, processing or industrialization of agricultural or livestock products or of inputs used in that activity.

7 - The enforceability resources are subject to the following allocation:

a) as sub-enforceability, at least 68% (sixty-eight percent) must be applied in the operations provided for in item "a" of the preceding item;

b) as a discretionary option, up to 32% (thirty-two percent) may be applied in the operations provided for in items "b"" and "c" of the preceding item.

8 - The weightings established in this section, as well as those previously defined, applied to operations according to their contracting date, continue to have an effect on the balances of the respective operations until their settlement, unless expressly provided otherwise.

9 - Rural credit operations and/or Rural Product Notes (CPR), contracted with rural producers or their cooperatives, observing the conditions below, may be counted for compliance with the enforceability provided for in this section, as uncontrolled resources:

a) the contracting period from 1/12/2007 to 30/6/2008;

b) the effective interest rate of the operations, at the time of contracting, may not be less than 8.5% p.a. (eight and five tenths percent per year) nor exceed the rate corresponding to the remuneration of savings deposits plus the interest rate of rural credit operations with mandatory resources, referred to in section 6-2;

c) the weighted average interest rate of the operations referred to in the preceding item, for the purposes of determining the weighting factor referred to in item "i", may not be less than 10.5% p.a. (ten and five tenths percent per year);

d) in the case of an operation contracted with a post-fixed rate, the composition of the fixed charges charged to the borrower

plus the Reference Rate (TR) for the 1st day of the month of the respective application of the weighting factor, in percentage form, must be used to determine the minimum interest rate (item "b") and to obtain the weighted average interest rate (item "c");

e) the term of the operations may not exceed 24 (twenty-four) months;

f) the validity of the weighting factor must be equal to the term of the operations and its determination and application must occur monthly in accordance with item "i";

g) the average daily balances of the operations may not exceed 10% (ten percent) of the value of the enforceability;

h) the sum of the "outstanding" operations referred to in this item may not exceed R$10.000.000,00 (ten million reais) per beneficiary;

i) the average daily balances are counted for compliance with the enforceability, by multiplying them by the following weighting factor, determined monthly by the respective financial agent, with 6 (six) decimal places, disregarding, at the end, the last 2 (two), based on the following calculation methodology:

where:

FP = monthly weighting factor applicable to the operations referred to in this item;

TMS =
Effective Monthly Average Selic Rate for the month of the respective application of the weighting factor, in percentage form;

TR =
Reference Rate for the 1st day of the month of the respective application of the weighting factor, in percentage form;

TXm =
Annual weighted average interest rate of the operations in percentage form, calculated based on the average daily balance of the applications, observing that in any case, in the calculation of the weighting factor, the TXm may not be less than 10.5% p.a.;

TXrc =
Annual interest rate applicable to the mandatory resources, referred to in section 6-2, in force in the respective month of application of the weighting factor, in percentage form;

C admc = Rate equivalent to the administrative costs of collection, in percentage form, set at 1.666% p.a.

10 - With regard to the provisions of the preceding item, Banco do Brasil is authorized to proceed:

a) reclassification into rural savings of the entire balance or portions of operations carried out under the FAT Giro Rural Credit Line, established by Resolutions Nos. 485, of 28/4/2006, 487, of 28/6/2006, 505, of 22/8/2006, 521, of 18/12/2006, and 540, of 6/6/2007, of the Deliberative Council of the Worker Support Fund (Codefat);

b) counting, for the purpose of calculating the weighting factor as defined, during the term of validity of the operations, of the balance reclassified according to the preceding item, limited to the amount of R$500.000.000,00 (five hundred million reais), included in the limit established in item "g", with the financial charges originally contracted for the operations being maintained

provided that the parameters set forth in items "b" and "c" of that item shall be applied to the composition of the fixed charges levied on the borrower with the Long-Term Interest Rate (TJLP) in effect on the 1st day of the month of application of the respective weighter, in percentage terms.

11 - The following daily average balances may also be counted towards meeting the requirement and sub-requirement of rural savings:

a) the Interbank Deposit Linked to Rural Credit designated DIR-Poup, provided for in section 6-1, by the depositing financial institution;

b) the operations renegotiated under the conditions established in Articles 1, item IX, of Resolution No. 2.238, of 31/1/1996, and 5 of Resolution No. 2.471, of 26/2/1998, originally contracted based on the resources referred to in section 6-4 and/or that became backed by resources from this section;

c) the securities issued by the TN for the payment of renegotiation of rural debts - amounts assigned to the TN, in the manner of Articles 8, item III, item "c", and 14 of Resolution No. 2.238/1996, originally granted under the resources referred to in this section.

12 - Operations carried out based on the resources referred to in this section are subject, in the case of uncontrolled resources, to the special provisions established in section 6-3 for applications with free resources.

13 - Upon completion of the compliance period, a financial institution that incurs a deficiency with respect to the requirement shall be subject, alternatively, on the first business day of the month of August:

a) to the deposit with the Central Bank of Brazil of the amounts of the deficiency ascertained, which shall be refunded on the first business day of the month of August of the year following that of the deposit;

b) to the payment to the Central Bank of Brazil of a fine of 20% (twenty percent), calculated on the amount of the deficiency ascertained.

14 - The amount of the deposit or payment referred to in item 13 must be previously informed to the Central Bank of Brazil, by means of a communication signed by 2 (two) directors, one of whom shall be responsible for the rural credit area, by the business day prior to the respective debit in the Bank Reserves account.

15 - The remittance or payment dealt with in the previous item must be made exclusively in cash, on the initiative of the financial institution, by means of a specific event and purpose provided for in the Message Catalog of the Brazilian Payment System, on the due date.

16 - The amounts remitted to the Banco Central do Brasil, as calculated deficiency, are updated in accordance with the basic remuneration of savings deposits.

17 - In the event of non-compliance with the provisions of item 13, the financial institution loses the right to the remittance provided for in subitem "a" of that item and is subject to a fine of 20% (twenty percent), the payment of which shall include the pecuniary sanctions provided for in section 2-4, from the date on which it was due until the effective remittance.

18 - The general rules of rural credit that do not conflict with the special provisions contained in this section apply to operations carried out based on the funds dealt with in this section.

19 - The funds raised in rural savings deposits are also subject to the following allocation:

a) 20% (twenty percent), in mandatory reserve at the Banco Central do Brasil, exclusively in cash, on the initiative of the financial institution, to which shall be added financial charges corresponding to the basic remuneration of savings deposits and interest of 0.5% per month (five tenths of one percent per month), observing that for the following calculation periods this percentage is established at:

I - from 27/10/2008 to 26/6/2009: 15% (fifteen percent);

II - from 29/6/2009 to 25/6/2010: 15% (fifteen percent);

III - from 28/6/2010 to 24/6/2011: 16% (sixteen percent);

IV - from 27/6/2011 to 29/6/2012: 17% (seventeen percent);

V - from 2/7/2012 to 28/6/2013: 18% (eighteen percent);

VI - from 1º/7/2013 to 27/6/2014: 19% (nineteen percent);

b) 10% (ten percent), in additional mandatory reserve at the Banco Central do Brasil, by means of the linking, in the Special System for Settlement and Custody (Selic), of federal public securities registered in that system, as from the calculation period of 17 to 21/11/2008, the adjustment of which shall occur on 1º/12/2008;

c) up to 5% (five percent), in operations permitted to the said institutions, in accordance with the regulations in force.