ANNOUNCED AS TEMPORARYYes
On November 24, 2009, the Chamber of Deputies from Brazil adopted Law 12,096 authorising the National Bank for Economic and Social Development (i.e. BNDES) to grant economic subsidies under the modality of interest rate equalization, in financing operations contracted up to December 31, 2015 and aimed at the acquisition and production of capital goods and technological innovation. The total amount to finance the interest rates is limited to BRL 402 billion (USD 105.7 billion).
The equalization of interest corresponds to the difference between the final borrower's cost and the cost of the source of funds, plus the remuneration of the BNDES.
On June 9, 2015, the Brazilian Chamber of Deputies adopted Decree 13,132 increasing by BRL 50 billion (circa USD 5.5 billion) the total amount of the financing.
On October 23, 2015, the National Monetary Council issued Resolution 4,400 reducing to BRL 19.5 billion (circa USD 2.05 billion) the total amount increased for the financing and setting a new deadline to register the operations on October 30, 2015.
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