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FGC of investor loans to banks may rise from R $ 20 million to R $ 40 million


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The Credit Guarantee Fund (FGC) called associated financial institutions to a General Meeting on April 3. The meeting, to be held virtually, will deliberate on the expansion from R $ 20 million to R $ 40 million to guarantee loans to banks made by investors through the so-called Special Deposit Term (DPGE).

DGPE is a private security issued by small and medium-sized banks. This product stands out for offering increased profitability, higher than that normally offered in other fixed income securities.

In other words, by purchasing this instrument, the investor is lending money to the financial institution.

This type of term deposit is currently guaranteed by the FGC up to the limit of R $ 20 million per capita holder, which can be extended if the proposal is approved by the member institutions.

Instrument saved banks

Created in 2009, the DPGE was an instrument successfully used to provide liquidity to the market at the time of stress caused by the effects of the 2008 global crisis in Brazil. Especially small and medium-sized banks have benefited from this type of contribution.

The proposal to raise the limit to R $ 40 million came after the National Monetary Council (CMN) announced the authorization for banks and other financial institutions associated with the FGC to raise funds through DPGE.

The new rule is contained in resolution 4,785 / 2020, which was published on Tuesday (24) in the Federal Official Gazette. It stipulated rules for the so-called special guarantee that was already provided for in both the old resolution and in the regulation of the Credit Guarantee Fund. . With that, there was a need to correct the value of the guarantee.

If the Fund reaches the votes necessary for the implementation of the new rule, it will cover up to R $ 40 million in the “DPGE credits of each person against the same institution associated with the FGC, or against all associated institutions of the same financial conglomerate. ”.

Other fixed income securities

This DPGE credit has nothing to do with those that the association covers on investments of up to R $ 250 thousand, such as fixed income, such as CDB, CDI, LCA and LCI. Whoever has their investments in these modalities, therefore, will still remain under protection at the limit of this amount.

The interested investor will have to pay at least R $ 1 million to acquire such a security – this was the minimum amount stipulated in the CMN Resolution.

According to a note on the Central Bank website, whose president is a member of the CVM collegiate, each institution will be able to raise the amount equivalent to its shareholders' equity, limited to R $ 2 billion per conglomerate. DPGEs may be issued until the beginning of 2022.


Unlike the 2008 crisis, the situation now with the Coronavirus is that it is not known when everything will return to normal. Despite the collegiate stipulating a counterpart to banks and other institutions, the FGC presented a proposal to alleviate the situation of these institutions.

According to the CMN standard, however, for banks to be entitled to issue these DPGEs, they will have to pay the FGC a monthly contribution equivalent to 0.03% of the balance raised. This rule, however, has an exception.

"If the issuing institution offers counter-guarantees to the FGC in funding, an operation known as DPGE2, the special contribution is reduced to 0.02%", according to the Central Bank.

The FGC then suggested to remove the need to comply with the target on the minimum index established so that the fund constitutes a specific accounting reserve for resources. Called Resolution Fund (FR), it would be destined exclusively to fund assistance or financial support operations, at least until January 31, 2021.

In addition, the FGC also proposed that within the same period the suspension of “transfers of funds to the Resolution Fund, regardless of the achievement of FGC's liquidity maintenance goals”, which are provided for in the regulations of this civil association.

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