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The cost of financing with BNDES
resources is composed of:
For direct support: Financial Cost + BNDES Spread + Credit Risk Tax
For indirect support: Financial Cost + BNDES Spread + Financial Intermediation Tax + Accredited Financial Institution's Spread
See: Support Forms
A) Financial Costs
The financial cost includes one or more of the following indexes:
Long Term Interest Rates - TJLP;
Currency Basket charges plus US dollar or UMBNDES (BNDES Monetary
Unit) variation;
National Extensive Consumer Price Index [IPCA],
plus charges.
See also: Financial conditions applicable according to financing facilities.
Export financing lines also apply the following indexes:
LIBOR plus US dollar variation;
Pre-shipment fixed interest rate - TJFPE plus US dollar variation.
The cost of BNDES resources has its origins in the sources (FAT, BIRD, BID, etc) where the resources that give weight to its operation are obtained. The cost of funding, in addition to the fees, also includes the currency/charges variations that are passed on to its financing operations.
B) BNDES Spread
Remunerates the operational risk incurred by the BNDES. It varies in function of the
priorities for the BNDES's performance.
C) Credit Risk Tax
Remunerates the BNDES's credit risk. It varies in
function of the credit of the financing borrower.
D) Financial Intermediation Tax
It is the tax that reflects the systemic risk of the
Accredited Financial Institutions, limited 0.8% p.a. The operations with
micro, small and medium companies are exempt of the financial
intermediation tax..
E) Accredited Financial Institution's Spread
It is the rate that reflects the credit risk incurred by the
Accredited Financial
Institutions, and will be determined by the institution that redistributes the resources. Operations that use the
Guarantee Fund - FGPC will have this rate limited to 4% per year.
 Back to Costs
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