 Regulation
Banco Nacional de Desenvolvimento Econômico e Social [BNDES] establishes for its clients the cost of loans based on funds raised in foreign currency, without connection to transfers under specific conditions. Such cost, defined based on the Bank's average cost of funding in the international market, is comprised as
follows:
 BNDES Monetary Unit [UMBNDES]
UMBNDES variance reflects the weighed average of foreign exchange variances amongst currencies existing in BNDES Currency Basket. Whenever BNDES makes new funding abroad and/or amortizes existing operations, this composition is changed. In the currency quotation system, the UMBNDES, expressed in
value, bears the code 590.
Currency Basket Charges [ECM]
Currency Basket Charges [ECM] refer to the financial conditions for the concession of financing with equivalence in US dollars upon the use of funds raised by BNDES in foreign currency. In contractual currencies, the Currency Basket Charges [ECM], expressed in annual percentage, bears the code 006.
ECM = Variable Interest Rate + Income Tax
- Variable Interest Rate: the weighed average of all non-taxable rates and expenses, incurred by BNDES in fund raising, calculated on a quarterly basis. In the currency quotation system, the Currency Basket Variable Interest Rate, expressed in annual percentage, bears the code 001;
- Income Tax: equivalent to the weighed average income tax applied on interests remitted by BNDES to its creditors abroad, also quarterly calculated. In the currency quotation system, the Currency Basket Income Tax, expressed in annual percentage, bears the code 002.
Evolution of variable interest rates and income tax included in the Currency
Basket
| |
Variable Interest Rate (% p.a.) |
Income Tax (1) |
ECM (% p.a.) |
| 04/16/2002 |
7.868 |
5.740 |
8.320 |
| 07/16/2002 |
7.843 |
5.750 |
8.294 |
| 10/16/2002 |
8.233 |
5.308 |
8.670 |
| 01/16/2003 |
8.052 |
5.036 |
8.457 |
| 04/16/2003 |
8.138 |
4.895 |
8.536 |
| 07/16/2003 |
7.939 |
5.030 |
8.338 |
| 10/16/2003 |
6.701 |
6.069 |
7.108 |
| 01/16/2004 |
6.347 |
6.554 |
6.764 |
| 04/16/2004 |
6.190 |
6.690 |
6.604 |
| 07/16/2004 |
6.511 |
6.509 |
6.935 |
| 10/16/2004 |
6.694 |
6.158 |
7.107 |
| 01/16/2005 |
6.705 |
6.528 |
7.143 |
| 04/16/2005 |
6.199 |
6.606 |
6.608 |
| 07/16/2005 |
6.070 |
5.024 |
6.375 |
| 10/16/2005 |
6.209 |
4.777 |
6.506 |
| 01/16/2006 |
5.817 |
3.290 |
6.009 |
| 04/16/2006 |
6.097 |
3.750 |
6.325 |
| 16/07/2006 |
6.388 |
3.587 |
6.618 |
(1) % applied on the Variable Interest Rate.
For more information see
BNDES Currency Basket (*) -
Last version: October, 2008
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