INTERIM MEASURE NO. 2,101-31, OF April 26, 2001

Disposes about the financial relations between the Union and the Central Bank of Brazil, and gives other arrangements.

THE PRESIDENT OF THE REPUBLIC, in the use of the attribution that confers it on art. 62 of the Constitution, adopts the following Provisional Measure, with force of law:

Art. 1º The Union cash availabilities deposited at the Central Bank of Brazil will be remunerated, as of January 18, 1999, by the weighted average arithmetic rate of the intrinsic profitability of the Federal Furnished Public Debt Securities internal issuance of the National Treasury in power of the Central Bank of Brazil.

Art. 2º It is the National Treasury authorized to make application in securities of the internal Federal Foreign Exchange in power of the Central Bank of Brazil, with the mutual commitment of reversal of the operation, noted that the rate of return of the operation is expected to be equal to the intrinsic profitability of the acquired bonds.

Art. 3º The result ascertained in the annual balance sheet of the Central Bank of Brazil after computed eventual constitutions or reversal of reserves will be considered:

I-if positive, obligation of the Central Bank of Brazil to with the Union, owing to be the subject of payment up to the tenth working day of the subsequent exercise to the approval of the swing by the National Monetary Council;

II-if negative, obligation of the Union to with the Central Bank of Brazil, owing to be the subject of payment until the tenth working day of the subsequent financial year to the approval of the balance sheet by the National Monetary Council.

§ 1º The values paid in the form of the inciso I will be destined exclusively to the payment of the Federal Furnished Public Debt, and should be amortized, as a matter of priority, that existing together with the Central Bank of Brazil.

§ 2º During the period between the date of the annual balance sheet ascertainment and the date of the effective payment, the plots of which treat incisions I and II will have remuneration identical to that applied to the Union cash availabilities deposited in the Central Bank of Brazil.

§ 3º The constitution of reserves of which it treats the caput could not be greater than twenty-five percent of the result ascertained in the balance sheet of the Central Bank of Brazil.

Art. 4º The balance sheet of the Central Bank of Brazil will consider the period from January 1º to 31 of december.

Art. 5º The Union will transfer to the Central Bank of Brazil, until March 31 of 1999, the value corresponding to the balance of the heading "Result a Comthinking", existing on the balance sheet of the Central Bank of Brazil at the end of the financial year 1997, plus identical remuneration to that applied to the Union cash availabilities deposited in the Central Bank of Brazil, computed to the date of the effective transfer.

Art. 6º The Union will promote, until March 31, 1999, the replacement of National Treasury Notes-Series L-NTN-L in power of the Central Bank of Brazil, up to the limit of the obligation arising out of the Multi-Year Deposit Facility Agreement -MYDFA, by other National Treasury liability securities with characteristics similar to those of the said external obligation, and the NTN-L shall be replaced by its value nominal, plus the respective remuneration pro rata applied up to the date of the operation.

Art. 7º Will be transferred to the Union, until March 31, 1999, the rights and obligations arising from the compulsory loans instituted by the Decree-Law No. 2,288, of July 23, 1986, existing at the Central Bank of Brazil.

§ 1º The provisions of the caput will be able to take effect with the transfer, by the Central Bank of Brazil to the Union, of the following assets:

I-bonds of issuance of the National Treasury in power of the Central Bank of Brazil;

II-credits arising from the debts renegotiated pursuant to Law No. 8,727, November 5, 1993;

III-credits belonging to the item "Result a Comthinking" that treats art. 5º.

§ 2º The titles and credits mentioned in § 1º will be transferred by their value nominal, plus the respective remuneration pro rata applied up to the date of the transfer.

Art. 8º The integralization of quotas and actions of international bodies of which the Union participates, to the exception of those provided for in § 2º of this article, is of responsibility of the Union, the result of which the result will incorporate the respective revenues and expenses.

§ 1º The quotas and actions of the international bodies referred to in the caput, held by the Central Bank of Brazil, will be transferred to the Union.

§ 2º The integralization of quotas and actions of the International Monetary Fund and the Bank of International Settlements is the responsibility of the Central Bank of Brazil, the result of which the result will incorporate the respective revenues and expenses.

§ 3º The havers of the international bodies will be deposited in the Central Bank of Brazil.

Art. 9º The effective transfers to the Union of the stakes in the international bodies of which treats the art. 8, § 1, and the respective counterpart to the Central Bank of Brazil, will occur simultaneously and until December 31, 1999, based on updated figures, constants of the accounting of the Central Bank of Brazil on the date of the operations.

Paragraph single. Until they take effect of the expected transfers in the caput, the integralisation referred to in the art. 8, caput, is the responsibility of the Central Bank of Brazil.

Art. 10. For payment of the values to which the arts are referred. 3, inciso II, 5º and 8, § 1, may be issued domestic Federal Foreign Debt Securities suitable for the purposes of monetary policy, with characteristics set by the Minister of State of the Finance.

Art. 11. The Ministry of Finance, through the Federal Office of Control, will afar the correctness of the figures relating to the credits and obligations transferred to the Union to which the arts relate. 7º, caput and § 1, and 8º, § 1, of this Provisional Measure.

Single Paragraph. It shall be promoted to compensate for any established differences, updated with remuneration identical to that applied to the Union cash availabilities deposited in the Central Bank of Brazil, from the date of the respective transfer to the date of the effective compensation, when of the financial hits provided for in the art. 3º.

Art. 12. They are convalidated the acts practiced on the basis of the Provisional Measure No. 2.101-30, of March 27, 2001.

Art. 13. This Interim Measure shall come into force on the date of its publication.

Art. 14. The Decree-Law No. 1,637 of October 6, 1978 and the art shall be revoked. 4º of Law No. 7,862, of October 30, 1989.

Brasilia, April 26, 2001; 180º of the Independence and 113º of the Republic.

FERNANDO HENRIQUE CARDOSO

Pedro Parente