1. Brazil - Session5-FernandoBrasiliero

8/4/2019 1. Brazil - Session5-FernandoBrasiliero

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The Brazilian Savings & Real Estate Financing SystemMay, 2010
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Brazilian Demographics

Population: 190 million (2007)

Population growth rate:

1.7% (average 1990 - 2000)

1.3% (average 2001 - 2007)

Population living in urban areas/

Total population: 83.5%

GDP per capita : R$ 13,700 (US$ 7,600)

Number of homes: 56.3 million

2
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The Brazilian GDP

3

GDP 2009

R$ 3,143billion

Source: IBGE
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Housing Deficit: 7,2 million homes

4

Source: FundaoJoo Pinheiro Minimum Wage represents R$ 465 (US$ 260) per month

90% of the Housing Deficit is concentrated within low-income population

Up to 3

minimum wages

From 3 to 5

minimum wages

From 5 to 10

minimum wages

Over 10

minimum wages


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Housing Deficit per Region:

5

Source: Fundao Joo Pinheiro

Housing Deficit is concentrated in the Southeast and Northeast Regions
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Real Estate Financing in Brazil: Operational Model

6

MainFundingSources

Saving Accounts

FGTS
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Mortgage Market in Brazil: SFH

7

SFH

FGTS SBPE

CMN

65% MORTGAGE MARKET20% RESERVE REQUIREMENT

15% FREE

CCFGTS

RESERVE REQUIREMENT / YEAR60% HOUSING

40% SANITATION

DEPARTAMENT OF LABOR

DEPARTAMENT OF

TREASURE

CMN

CENTRAL BANK

DEPARTAMENT OF CITIES

HOUSING OFFICE

BOARD OF CITIES


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The Mandatory Destination for Saving Accounts Funding

8

Volume retained at

the Central Bank

Savings

65% Savings

35% Savings

Free to be used by Treasury

Volume retained at

the Central Bank

Penalty calculation considering the savings volume retained at the Central Bank (per year)

Interest paid by the Central Bank = 1,6% Saving account return = 8%

-Funding Penalty = - 6,4%=

20% Savings

15% Savings

Retained at the Central Bank, however, at the same

return of savings account (8% per year)

Mortgage assets
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Saving Accounts Balance Historical Evolution - SBPE

9

ESTABLISHED CONSOLIDATION STAGNATION RESTRUCTURING


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SFH: Establishment

10


-

100

200

300

400

500

600

700

1964 1965 1966 1967 1968 1969 1970

Thou

sandUnits

SBPE

SFH

LAW 4.591 - 16/12/64-REAL ESTATE

DEVELOPMENT

RC BNH 25 -16/6/67- FCVS

LAW 4.380:21/8/64:

SFH, BNH,SCI, CM

. LAW 5.107 -13/9/66 -FGTS

. DL 19 - 30/8/66 MANDATORY INDEXATION. DL 70 -21/11/66 -APE E

FORECLOSURE

ABECIP -19/8/1967

RC BNH 29 -31/10/68SAVING

ACCOUNT
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11/25

SFH: Consolidation

11


-

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982

ThousandUnits

SBPE

SFH

LAW 5.741 - 1/12/71FORECLOSURE

SFH: 1979 A 1982:2 MILLION UNITS IN 4

YEARSRD 61 - 11/10/71BNH (SEGUNDA

LINHA)

ECONOMIC MIRACLE: GDP

GROWS 8,7% PER YEARBETWEEN 1971 -1980
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12/25

-

1.000

2.000

3.000

4.000

5.000

6.000

7.000

1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995

Thous

andUnits

1983 AND 1984- AMORTIZATION

INDEXATION (MW)MISMATCH WITHDEBT BALANCES

1985- 25% DEFAULT RATE

1986MAR: PLANO CRUZADONOV: BNH EXTINGUISHED

1987PLANO BRESSER

1989PLANO VERO

1990PLANO COLLOR

- 60% SAVING ACCOUNTS BLOCKED- 40% FREE

FGTS COMPROMIZED BY1991 COMMITMENTS

SFH: Stagnation

12

http://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BR


13/25

Main Factors Leveraging Brazilian Market

13

Economic stability

Household income increase

Default reduction

Flexible conditions

Apropriate regulatory framework
http://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BR


14/25

Brazilian Mortgage Market - Origination - SBPE & FGTS

14

Source: BCB, ABECIP and CAIXA


15/25

Brazilian Mortgage Market - Origination - SBPE & FGTS

(*) Database: March 2010

15


R$ Billions

9,98

4,11

1stQUARTER

2010

5,8

9,3

14,8

24,9

40

49,6

69

ProjectionAbecip

24%

39%
http://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BR


16/25

Brazilian Mortgage Market Origination Breakdown - SBPE

(*) Database: March 2010

16


50

6,22

3,76

1stQUARTER

2010

Projection

Abecip

9,3

18,3

30

13%34

4,93,0

64%

47%

R$ Billions
http://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BRhttp://images.google.com.br/imgres?imgurl=http://www.lares.org.br/logos/logo_abecip_oficial_pantone00.jpg&imgrefurl=http://www.lares.org.br/8seminariopatrocinio.html&usg=__qLxhQK_dZ3mX8hY-S0wja1UL6-c=&h=1341&w=1013&sz=114&hl=pt-BR&start=2&tbnid=pfgv3GYXliF7EM:&tbnh=150&tbnw=113&prev=/images?q=abecip&gbv=2&hl=pt-BR


17/25

Recent Saving Accounts Balance Evolution - SBPE

(R$ Billion)

17

13,2%

19,0%


18/25

Saving Accounts Funding vs. Credit Demand

18

SCENARIO 1 GROWTH

Financing: 50,0% a.a

Saving Accounts Volume: 17,7% a.a

34 5

0 75 1

13

169

253

253,6

298,5 3

51,3 4

13,5 4

86,7

572,8

25%

35%

46%

59%

76%

98%

0,00%

20,00%

40,00%

60,00%

80,00%

100,00%

120,00%

0,0

100,0

200,0

300,0

400,0

500,0

600,0

700,0

2009 2010 2011 2012 2013 2014

EmR

$Bilhes

Contrataes

Poupana SBPE

Estoque Financiamentos / Poupana

Within 2013 new financingsmay exceed 65% of saving

accounts deposits

Commitments

SBPE Savings

Financial Inventory / Saving Accounts

InR

$

Billion
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19/25

Securitization Market

19

Pulverized32,2%Corporate

67,8%

CRI: Offerings (Corporate vs. Pulverized)

Base: R$ 15,2 billion accumulated between 1999 and 2010

Source: CVM: Annual Offerings

Residential Portfolios


20/25

Contact

Fernando C. Brasileiro

[email protected]

CIBRASEC - Chief Executive Officer

ABECIP - Senior Vice President

Phone: +55 (11) 3266-3223

20


21/25

21

Additional Information & Data


22/25


22

Inflation - IPCA

Household Income Increase

Average 1995 - 2000 = 9.0%

Average 2001 - 2005 = 8.6%

2004 to 2008 = 25.6%

Average 2006 - 2008 = 4.5%

2009 = 4.31%

Economic stability


23/25


Regulatory Framework

23

Law10.931/04

Fiduciary Trust Uncontrovertible

Law9.514/97

ConditionalTrust
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24/25


24

Default reduction

1.2%

Alienao

Fiduciria

(Conditional

trust)

Default

Contracts signed after 1998: Mortgage and Fiduciary Lien

Contracts with more than 3 past due installments


25/25


Installments amounts decreased, becoming affordable considering customers debt burden.

25

TENOR

POSITIVECHANGES

LTV RATES

NEW PRODUCTS
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1. Brazil - Session5-FernandoBrasiliero

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Transcript of 1. Brazil - Session5-FernandoBrasiliero