Revision of the financial policy
In November of 2011, the Board of Directors approved a revision of the BNDES System’s Financial Policy. This new policy is subdivided into a Margin Policy, a Capital Management Policy, a Treasury Portfolio Management Policy, an Asset Turnover Policy and a Risk Management Measures Policy. The new text establishes three main objectives, which are: sustainable growth, budget and stability.
Sustainable growth, from a financial point of view, is highlighted as a new objective, improving the concept of profitability, which is now seen as an instrument to ensure the expansion of capital and profitability compatible with the growth of the assets. Furthermore, the Financial Policy still contains the objective of establishing guidelines and orientations to provide the necessary resources for the BNDES disbursement budget and the management of the banking activity’s financial risks.
Financial protection operations in the local market
In 2011, several hedge operations were carried out using BM&F-Bovespa and local financial institution derivative instruments. It is noteworthy that some transactions with financial institutions were negotiated with bilateral credit risk mitigation mechanisms by means of the fiduciary assignment of government bonds and inter-financial deposits to cover the margin. By the end of the year, the position held by the BNDES in derivatives reached approximately R$ 10.9 billion.