Provisional Measure No. 1,980-22, August 28 2000

Original Language Title: Medida Provisória nº 1.980-22, de 28 de Agosto de 2000

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## #MPV-001980-0-022-28-08-2000 @ @ @ provisional measure no. 1,980-22, of 28 August 2000.
Rules on the financial relations between the Union and the Central Bank of Brazil, and other matters.
The PRESIDENT of the REPUBLIC, in the use of the role that gives the art. 62 of the Constitution, adopts the following provisional measure, with force of law: Art. first The Union box available in the Central Bank of Brazil will be paid, as of 18 January 1999, by the weighted arithmetic average rate of intrinsic profitability of the Public Federal Securities debt securities issuance of internal national treasure in power of the Central Bank of Brazil.
Art. second Is the National Treasury authorized to make application in Public Federal Securities debt securities in the power of the Central Bank of Brazil, with the mutual commitment of reversal of the operation, noted that the rate of return of operation must be equal to the intrinsic profitability of securities purchased.
Art. 3 the result calculated in the annual balance sheet of the Central Bank of Brazil after any computed constitutions or reversals of reservation will be considered: (I) positive, the Brazil Central Bank's obligation to the Union, and shall be subject to payment to the tenth working day of the exercise subsequent to the approval of the balance sheet by the National Monetary Council;
II-if negative, the Union's obligation to the Central Bank of Brazil and should be the object of payment until the tenth working day of the exercise subsequent to the approval of the balance sheet by the National Monetary Council.
(1) The amounts paid in the form of item (I) shall be intended exclusively for payment of public debt Federal Securities and shall be amortized, as a priority, that next to the Central Bank of Brazil.
(2) During the period between the date of calculation of the annual balance sheet and the date of actual payment, parcels in items I and II will be identical to that applied to cash remuneration of the Union box deposited in the Central Bank of Brazil.
(3) the Constitution of the caput shall not be more than 25% of the result for the balance sheet of the Central Bank of Brazil.
Art. 4 the balance sheet of the Central Bank of Brazil will consider the period from January 1 to December 31.
Art. 5th the Union shall transfer to the Central Bank of Brazil, until 31 March 1999, the value corresponding to the balance of the rubric? Result the Offset?, on the balance sheet of the Central Bank of Brazil at the end of the financial year 1997, plus pay identical to that applied to the Union's cash deposits deposited at the Central Bank of Brazil, computed until the date of actual transfer.
Art. 6. The Union will promote, until 31 March 1999, replacing National Treasury notes-NTN-L L-Series in powers of the Central Bank of Brazil, until the limit of the obligation arising from the Multi-Year Deposit Facility Agreement-MYDFA, for other evidence of responsibility of national treasure with features similar to those of this obligation and the external NTN-L be replaced at their nominal value plus its pro rata remuneration applied until the date of the operation.
Art. 7 shall be transferred to the Union until 31 March 1999, the rights and obligations arising from the compulsory loans imposed by Decree-Law No. 2288, of 23 July 1986, the Central Bank of Brazil.
(1) the provisions of the main clause can effect the transfer, by the Central Bank of Brazil to the Union of the following assets: (I)-National Treasury emissions permits held by the Central Bank of Brazil;
II-credits resulting from renegotiated debts under the law No. 8727, of 5 November 1993;
III-claims belonging to the rubric? Result to compensate? contemplated in art. 5.
§ 2 the titles and credits referred to in paragraph 1 shall be transferred at their nominal value plus the remuneration pro rata thereof applied to the date of transfer.
Art. 8 payment of quotas and actions of international agencies that the Union participates, with the exception of those referred to in paragraph 2 of this article, it is the responsibility of the Union, the result of which will incorporate the relevant revenues and expenses.
§1 the quotas and actions of international organizations referred to in the caput, held by the Central Bank of Brazil, will be transferred to the Union.
(2) the payment of quota contributions and actions of the International Monetary Fund and the Bank for international settlements is the responsibility of the Central Bank of Brazil, the result of which will incorporate the relevant revenues and expenses.
(3) the assets of international organizations shall be deposited in the Central Bank of Brazil.
Art. 9 The effective transfer to the Union of international bodies dealing with the art. 8, § 1, and its contrast to the Central Bank of Brazil, occur simultaneously and up to 31 December 1999, on the basis of updated values listed in Brazil's Central Bank accounts on the date of the operations.
Sole paragraph. To that effect the transfers provided for in the caput, the payment referred to in art. 8, caput, is the responsibility of the Central Bank of Brazil.
Art. 10. for payment of the amounts referred to in arts. third, item II, 5 and 8, paragraph 1, may be issued Government bonds Federal internal Securities suitable for monetary policy purposes, with features defined by the Minister of finance.
Art. 11. The Ministry of finance, through the Federal Secretariat, will assess the accuracy of the values related to claims and obligations transferred to the Union referred to in arts. 7, caput and paragraph 1, and 8, paragraph 1, of this provisional measure.
Sole paragraph. Promote the differences, if any, compensation, updated with pay identical to that applied to the Union box available in the Central Bank of Brazil, since the date of its transfer to the date of actual compensation, when the financial arrangements provided for in art. 3.
Art. 12. Get convalidados the acts performed on the basis of provisional measure no. 1,980-21, of 28 July 2000.
Art. 13. This provisional measure shall enter into force on the date of its publication.
Art. 14. Get revoked Decree-Law No. 1637, of 6 October 1978, and art. 4 of law No. 7862, of 30 October 1989.
Brasília, 28 August 2000; 179 of independence and 112 of the Republic.
Fernando henrique cardoso, Pedro Malan Martus Tavares

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