Appendix / APPENDIX · 216 / Boletim do Banco Central do Brasil - Annual Report 1999 Balance Sheet...

Appendix / 215

Balance Sheet of the Banco Central do Brasil (December 31, 1999)

Explanatory notes on accounting statements

Members of the Conselho Monetário Nacional

Banco Central do Brasil Management

Central units (departments) of the Banco Central do Brasil

Regional offices of the Banco Central do Brasil

Acronyms

APPENDIX

216 / Boletim do Banco Central do Brasil - Annual Report 1999

Balance Sheet of the Banco Central do Brasil (December 31, 1999)R$

ASSETS 1999 1998

LONG-TERM CURRENT ASSETS AND RECEIVABLES ............................................... 239 275 884 254.91 237 212 624 941.10

FOREIGN ..................................................................................................................... 68 545 752 353.26 58 318 825 061.96

Foreign Sector Operations (Note 4)............................................................................ 71 347 331 317.13 59 993 198 205.62 (Provision for Hard-to-Recover Credits) (Note 4) ..................................................... - 2 801 578 963.8 7 - 1 674 373 143.66 INTERNAL ..................................................................................................................... 170 730 131 901.65 178 893 799 879.14 Operations ................................................................................................................... 129 272 465 324.70 138 674 737 609.42

Loans to Financial Institutions (Note 5)..................................................................... 8 744 672 478.23 9 655 401 927.80 Federal Public Securities - Open Market (Note 6) .................................................... 64 283 327 524.35 127 672 495 669.25

(Provision for Reduction to Market Value) (Note 6)................................................... - - 0 16 156 433.79

Security Operations - Resale Commitment............................................................... 2 603 802 115.59 -

National Treasury Notes-NTN-A 10 (Note 6) ........................................................... 1 844 138 824.67 - National Treasury Notes-NTN-L (Note 6) ................................................................. - 1 346 443 927.30

National Treasury Notes-NTN-P (Note 6) ................................................................ 0 3 865 785.36 0 3 450 555.59

Investment of National Treasury resources with reverse repurchase

commitment (Note 6)................................................................................................. 51 759 393 042.34 - Other Operations...................................................................................................... 0 33 265 554.16 0 13 101 963.27

Other Credits ............................................................................................................... 40 127 211 417.14 39 027 525 836.52

Credits Receivable (Note 7)...................................................................................... 36 366 898 786.48 31 413 332 763.92

1999 Negative Result, to be paid by National Treasury (Note 19)............................ 13 041 763 377.44 - Credits with Centrus (Note 8) ................................................................................... 1 183 332 785.58 1 399 172 764.95

Securities Receivable (Note 8) ................................................................................. 2 137 887 222.91 15 321 287 599.49

Credits Registered under Debts in Execution .......................................................... 0 904 130 998.54 492 724 366.27

Real Estate Commitment Debtors ............................................................................ 9 668 019.11 8 975 510.09 (Provision for Hard-to-recover Credits) (Notes 7 and 9)........................................... . - 13 516 469 772.92 - 9 607 967 168.20

Other Accounts ............................................................................................................ 825 586 341.82 712 312 421.62

Fines .......................................................................................................................... 314 707 263.60 392 197 047.64

Deposits Earmarked to Appeals ................................................................................ 418 269 839.05 209 968 213.59 Other Accounts .......................................................................................................... 92 952 729.40 110 475 146.52

(Provision for Hard-to-recover Credits) ..................................................................... -0 343 490.23 -0 327 986.13

Securities and Goods ................................................................................................... 19 699 449.81 10 050 709.10

Inventory ................................................................................................................... 2 328 524.61 2 415 047.42 Real Estate not Reserved to Use.............................................................................. 17 370 925.20 7 635 661.68

Expenditures Anticipated or to be Appropriated .......................................................... 485 169 368.18 469 173 302.48

Expenditures to be Appropriated - Bacen/Centrus Settlement (Note 10) ................ 469 141 869.37 469 139 468.21

Expenditures to be Appropriated - Bacen/Brazilian Mint Settlement (Note 11) ....... . 16 000 000.00 - Other Expenditures to Appropriate ........................................................................... 27 498.81 33 834.27

PERMANENT ................................................................................................................... 8 239 386 746.21 6 373 061 396.16

INVESTMENTS ............................................................................................................. 7 492 369 839.65 5 615 340 226.31 Capital Quotas in International Financial Organizations (Note 12) ............................. 7 492 369 839.65 5 615 340 226.31

International Monetary Fund (IMF) ........................................................................... 7 428 213 343.00 3 681 329 472.00

Interamerican Development Bank (IDB) .................................................................. - 1 198 940 751.37

International Bank for Reconstruction and Development (IBRD) ........................... - 223 633 207.29 Bank for International Settlements (BIS) ................................................................ 64 156 496.65 43 336 669.45

Other Organizations ................................................................................................. - 468 100 126.20

IMMOBILIZED ............................................................................................................... 747 016 906.56 757 721 169.85

Movable Properties ..................................................................................................... 101 039 310.43 93 265 419.77 Fixed Estate ................................................................................................................ 758 401 274.19 761 263 813.97

(Accumulated Depreciation)......................................................................................... -112 552 934.38 -96 937 320.21

Intangible Goods ......................................................................................................... 129 256.32 129 256.32

TOTAL ................................................................................................................ 247 515 271 001.12 243 585 686 337.26

Appendix / 217

Balance Sheet of the Banco Central do Brasil (December 31, 1999) R$

LIABILITIES 1999 1998

LONG-TERM CURRENT AND CALLABLE LIABILITIES................................................. 214 506 803 663.76 216 248 369 446.20

FOREIGN (Note 13) ...................................................................................................... 34 096 517 745.35 20 626 044 082.04

Foreign Currency Liabilities.......................................................................................... 26 039 316 231.33 16 028 738 454.52 Deposits of International Financial Organizations........................................................ 8 010 093 131.67 4 562 792 050.59

Other Accounts ............................................................................................................ 47 108 382.35 34 513 576.93 INTERNAL ..................................................................................................................... 180 410 285 918.41 195 622 325 364.16 Financial Institution Deposits ....................................................................................... 33 783 918 682.36 30 532 478 435.71 Banking Reserves .................................................................................................... 18 602 185 043.91 15 070 295 352.84

Deposits of Brazilian Savings and Loans System............ ........................................ 16 433 475 562.22 16 351 643 163.04

Compulsory Reserves on Time Deposits (Note 14).................................................. 836,830.12 17 568 934 006.56

Compulsory Reserves on Judicial Deposits.............................................................. 5 660 320 576.23 4 271 548 536.81 Other Deposits ......................................................................................................... 267 000 416.77 538 971 855.56

(Deposits in Public Securities) (Note 14) ................................................................. - 7 179 899 746.89 - 23 268 914 479.10

Deposits at Orders of Federal Government (Note 15)................................................. 75 779 216 879.12 50 4 02 341 303.06

Single National Treasury Account (Note 13)............................................................. 24 025 059 280.10 50 402 341 303.06 Investment of National Treasury resources with reverse repurchase commitment . 51 754 157 599.02 -

Other Deposits ............................................................................................................ 25 917 319.90 4 566 234 102.77

Financial Investment Funds...................................................................................... - 4 545 797 645.48

Earmarked Deposits to Guaranty Operations .......................................................... 1 646 353 097.18 879 520 580.40 (Deposits in Federal Public Securities)..................................................................... - 1 646 338 054.25 -879 499 646.06

Other Accounts.......................................................................................................... 25 902 276.97 20 415 522.95

Other Liabilities Callable .............................................................................................. 69 881 249 102.39 109 074 390 268.37

Banco Central Bonds (BBC) (Note 16)..................................................................... - 48 372 478 590.74 Banco Central Bills (BC) (Note 16).......................................................................... 1 122 331 930.85 22 536 832 220.90

Banco Central Notes (NBC) (Note 16) .................................................................... 61 345 716 555.67 33 799 758 709.89

Security Operations - Repurchase Commitment ...................................................... 7 343 081 490.75 4 289 952 031.43

Result to be Transferred to National Treasury (Note17) .......................................... 4 040 998.06 3 227 502. 09 Funds and Programs - Available at Banco Central (Note 23).................................. 80 341.91 5 625.15

Remainder to be Paid - Expenditures Processed..................................................... 5 560 973.43 15 748 17 4.11

Remainder to be Paid - Expenditures not Processed............................................... 7 677 993.56 -

Other Accounts ......................................................................................................... 52 758 818.16 56 387 414.06 Other Accounts ............................................................................................................ 939 983 934.64 1 046 881 254.25

Other Liabilities Registered in Foreign Currency ...................................................... 168 743 825.43 134 596 470.80

Earnings on Federal Government Deposits, to be Deposited ................................. 203 005 629.43 398 261 593.34

Centrus - Other Values to be Deposited (Note 10) .................................................. 469 141 869.37 469 15 8 880.95 Brazilian Mint - Other Values to be Deposited (Note 11) ......................................... 16 000 000.00 -

Other Accounts.......................................................................................................... 83 092 610.41 44 864 309.16

CURRENCY (Note 18)...................................................................................................... 29 837 940 775.14 24 166 790 328.84

NET WORTH ................................................................................................................... 3 170 526 562.22 3 170 526 562.22 Equity ........................................................................................................................... 2 576 356 440.43 2 576 356 440.43

Contingency Reserves (Note 20) ................................................................................ 67 818 844.79 67 818 844.79

Re-evaluation Reserves............................................................................................... 526,351,277.00 526,351,277.00

TOTAL ............................................................................................................. 247 515 271 001.12 243 585 686 337.26


Balance Sheet of the Banco Central do Brasil (December 31, 1999)R$

STATEMENT OF RESULTS 1999 1998

OPERATING REVENUES .......................................................................... 143 978 469 950.71 56 973 558 049.69 Security Operations ................................................................................. 56 125 253 715.80 23 636 859 565.71 Foreign Sector Operations........................................................................ 73 307 614 099.61 12 895 964 550.24 Banking Sector Operations....................................................................... 3 654 500 729.25 7 404 062 761.42 Operations with Institutions under Special Systems................................. 3 305 680 846.66 2 915 685 346.89 Earnings on the Result to be Offset ........................................................ - 3 345 611 594.63 Reversion and Exchange Updating of Provisions ................................... 7 581 810 056.67 6 760 798 706. 00 Other ........................................................................................................ 3 610 502.72 14 575 524.80

OPERATING EXPENDITURES .................................................................. - 160 971 193 992.16 - 60 519 631 195.62 Security Operations ................................................................................. - 60 617 056 080.50 - 29 757 911 587.63 Foreign Sector Operations........................................................................ - 66 047 178 851.00 - 3 173 727 099.37 Banking Sector Operations....................................................................... - 3 642 209 477.34 - 5 358 726 788.72 Earnings on Deposits at Orders of Federal Government......................... - 17 143 463 028.75 - 11 164 440 198.58 Constitution and Monetary/Exchange Updating of Provisions.................. - 12 601 365 711.65 - 10 214 618 382.92 Administrative Expenditures .................................................................... -881 350 043.45 -828 416 787.11 Other ........................................................................................................ -38 570 799.47 -21 790 351.29

OPERATING RESULT ..................................................................................... - 16 992 724 041.45 - 3 546 073 145.93

NON-OPERATING REVENUES ................................................................. 7 659 874 498.52 3 836 887 089.07

NON-OPERATING EXPENDITURES ......................................................... - 3 708 913 834.51 -287 586 441.05

NON-OPERATING RESULTS............................................................................ 3 950 960 664.01 3 549 300 648.02

RESULT IN PERIOD (Note19)............................................................................... - 13 041 763 377.44 3 227 502.09

R$

1999 1998

RESULT IN PERIOD (Note19)............................................................................... - 13 041 763 377.44 3 22 7 502.09

RESULT TO BE TRANSFERRED TO NATIONAL TREASURY........................... - -3 227 502.09

1999 NEGATIVE RESULT, TO BE PAID BY NATIONAL TREASURY................. 13 041 763 377.44 -

Appendix / 219

Explanatory notes on accounting statements (12-31-1999)

Note 1 - BANCO CENTRAL AND ITS RESPONSIBILITIES

Banco Central do Brasil (hereafter known as Banco Central or BCB) is a semi-autonomous federal agency created by Law no. 4,595, dated 12.31.1964. Its taskis to comply with and oversee the compliance of the determinations of therelevant current legislation and norms issued by the National Monetary Council(CMN).

The major responsibilities of the Banco Central are as follows:

a) to issue bank notes and coins under the conditions and limits authorized by the CMNand to execute currency services;

b) to receive compulsory banking reserves and voluntary deposits of financialinstitutions;

c) to perform rediscount operations and loans to banking institutions;

d) to exercise credit control in all forms;

e) to exercise foreign capital control;

f) to act as recipient of government reserves in gold, foreign currencies and SpecialDrawing Rights (SDR), and, with the latter, to carry out whatever operationsspecified in the Articles of Incorporation of the International Monetary Fund (IMF);

g) to inspect financial institutions and to apply the appropriate penalties;

h) to authorize financial institutions to operate in the country, to settle or to transfertheir headquarters or offices, to modify their statutory regulations etc;

i) to perform, as an instrument of monetary policy, open market operations withfederal government securities;

j) to receive, as deposits, federal government cash funds;

l) to come to understandings, on the behalf of the Brazilian Federative Republic, todeal, in the name of the Brazilian government with foreign and internationalfinancial institutions;


m) to take the necessary measures to ensure: i) the regular operation of the exchangemarket; ii) the relative stability of the exchange rates and iii) the balance ofpayments equilibrium. To accomplish these goals, the Banco Central is authorizedto purchase and sell gold and foreign currencies, as well as to carry out creditoperations abroad;

n) to buy and sell securities of public and private joint ownership companies, and state-owned companies;

o) to issue its own securities, based on the conditions defined by the CMN;

p) to regulate the implementation of clearing services of checks and other papers.

Note 2 - PRESENTATION OF ACCOUNTING STATEMENTS

The accounting balance sheets were elaborated according to the legislation applicableto the Banco Central, particularly Law no. 4,320/1964, Law no. 4,595/1964 - modifiedby Executive Act no. 2,376/1987, Executive Act no. 278/1967 and Law no. 7,862/1989and Provisional Measure (PM) no. 1,980 (previously PM no. 1,789, dated 12.29.1998and PM no.1,852, dated 6.30.1999).

Note 3 - BASIC ACCOUNTING GUIDELINES

The Banco Central adopts the period based (competence) accounting regime as thebasis for appropriation of revenues and expenditures inside the fiscal year, brokendown into monthly periods.

Given the peculiarities of the operations of the Banco Central, there is no discriminationbetween Current and Long-Term Assets and Liabilities. Hence, domestic and foreigncurrency assets and liabilities are classified as internal and external, respectively.

Assets and Liabilities in foreign currency and those subject to indexing are adjusted tothe exchange rates in effect on the date of the balance sheet, according to the legal andcontractually agreed upon indices.

As of the 12.31.1999 balance sheet, based on the provision in CMN Vote no. 12/2000(BCB no. 30/2000), the Bank�s asset-based operations with adequate liquidity havebeen registered at market value.

The criteria for constituting and adjusting provisions were also reassessed and thefollowing rules adopted:

Appendix / 221

a) when the credit is classified as bad debt - in the amount corresponding to thedifference between the accounting value and that considered possible toreceive;

b) when an unforeseen event lessens market value - in the amount corresponding to thedifference between the accounting value and market value.

Among the specific rules applicable by Banco Central, one should stress:

a) credits to countries or with country guaranties:

- arrears on one payment: provisioning in the amount of the overduepayment;

- as of the second payment in arrears: provisioning in the remaining amount of theoperation

- in negotiations involving partial or total debt forgiveness; provisioning in theamount being negotiated.

b) credits subject to judicial execution: provisioning in the total amount of the debtin question;

c) Bank Reserve debt balances: provisioning of 100% of the debt balance, unless theoccurrence is characterized as one of transitory illiquidity or is caused by operationalfailings;

d) rediscount operations:

- in cases of risk of issuer default: provisioning of 100% of the value of the security;- in cases of devaluation of the security: provisioning of the amount corresponding

to the effective devaluation;

e) other credits granted to institutions authorized to operate by Banco Central: arrearson one payment, provisioning in the remaining amount of the operation;

f) credits granted to institutions subjected to liquidation: provisioning of the differencebetween the value of the operation and the value of the institution�s total assets,evaluated whenever possible at market value, or other criteria considered appropriateto the case in question, with due consideration to the position of Banco Central inthe order of preference.

Investments are updated by variations of the original currencies in which they werecontracted. The depreciation of the Fixed Assets is calculated by the linear method,based in rates that reflect the economic life of assets.


Note 4 - FOREIGN SECTOR OPERATIONS

The government�s international reserves for which the Banco Central is recipient (Lawno. 4,595/1964) are registered as Current Foreign Assets and Long-Term ForeignReceivables.

External assets backed by adequate liquidity are registered at their market value andprovisions are set aside according to the credit risk of the different operations.

On December 31, external assets were as follows:

One should clarify that the balance of the Bank�s External Assets does not correspondto the balance of the International Reserve position announced by the Banco Central�sDepartment of Economics (Depec) in either the cash or liquidity concept. This is dueto the following differentiated criteria utilized by the accounting system and by Depec:

a) deposits generated by banks� excess long positions are registered in accounting asBanco Central liabilities with the depositing institutions and under assets as cash inforeign currency. In the criterion used by Depec, the resources generated by thesedeposits are not considered in the calculation of international reserves;

b) Depec considers the date of liquidation of the operation while the accounting systemuses the date of the accounting entry;

c) Depec includes the balance of the Export Financing Fund (Finex) credits, managedby Banco do Brasil, in International Reserves. However, this balance is not includedin the Bank�s accounting.

Note 5 - LOANS TO FINANCIAL INSTITUTIONS

The amount under this heading on 12.31.1999 corresponds to the balance of financinggranted to the Federal Savings Bank (CEF) for purposes of acquisition of the securities

In R$ In equivalent US$ In R$ In equivalent US$

Cash 1 775 772 252.80 993 050 135.78 1 737 930 177.08 1 438 803 027.63

Very short-term deposits 4 805 698 012.00 2 687 449 956.38 7 412 968 868.50 6 137 071 668.60

Time deposits 34 313 456 913.59 19 188 825 027.17 26 029 522 447.19 21 549 401 810.74

Securities 22 931 445 399.14 12 823 758 751.34 17 682 141 881.17 14 638 746 486.60

Credits receivable 6 892 760 280.04 3 854 580 181.21 5 185 780 029.02 4 293 219 661.41

Other 628 198 459.56 351 302 124.80 1 944 854 802.66 1 610 112 428.73

Provisions - 2 801 578 963.87 - 1 566 703 368.68 - 1 674 373 143.66 - 1 386 185 233.60

Total 68 545 752 353.26 38 332 262 808.00 58 318 825 061.96 48 281 169 850.11

1999 1998

Appendix / 223

portfolio of financial institutions in the framework of the Program of Incentives toRestructuring and Strengthening of the National Financial System (Proer) and theProgram of Incentives to the Reduction of the State Public Sector in Banking Activities(Proes).

Note 6 - FEDERAL PUBLIC SECURITIES

Federal public securities were registered at acquisition cost and adjusted accordingto monetary updating indices and interest incorporated �pro rata die� on an accrualbasis.

In light of CMN Vote no. 12/2000 and starting with the 12.31.1999 balance sheet,negotiable securities registered in the Bank�s portfolio, including those earmarked tocommitted operations and containing reverse agreements, have been registered at theirmarket price.

The following table summarizes the composition of the Banco Central�s portfolioon 12.31 and the impact of the change in the methodology of registering securities.

R$

SECURITIES QUANTITY VALUE QUANTITY VALUE

1) FREE

LFT 30 491 129 35 192 453 134.94 23 854 531 25 581 274 053.02 LFT-A 62 88 088.30 71 028 556 82 189 141 336.23 LTN 9 999 890 9 866 325 429.18 16 365 649 15 298 094 491.65 NTN-B - - 481 946 8 054 698.63 NTN-S 9 900 000 11 966 922 034.47 250 000 245 367 306.84

SUM 1 50 391 081 57 025 788 686.89 111 980 682 123 321 931 886.37

2) OPERATIONS WITH REPURCHASE COMMITMENT LTN 110 108 517.05 576 851 547 622 091.36 LFT-A 5 270 591 7 257 430 320.41 2 614 785 3 175 274 667.63 NTN-B - - 37 801 892 631 777 933.23

SUM 2 5 270 701 7 257 538 837.46 40 993 528 4 354 674 692.22

3) OPERATIONS WITH REVERSE REPURCHASE COMMITMENT

LFT-A 36 533 013 51 759 393 042.34 - -

SUM 3 36 533 013 51 759 393 042.34 - -

SUBTOTAL (1+2+3) 92 194 795 116 042 720 566.69 152 974 210 127 676 606 578.59

4) NON-NEGOTIABLE

NTN-L - - 1 126 249 1 345 719 209.24 NTN-A10 2 024 090 1 844 138 824.67 - - NTN-P 2 746 911 3 865 785.36 2 746 911 3 450 555.59 TDA - - 38 4 789.14

SUM 4 4 771 001 1 848 004 610.03 3 873 198 1 349 174 553.97

TOTAL 96 965 796 117 890 725 176.72 156 847 408 129 025 781 132.56

1999 1998


As a result of operating problems that occurred at the end of 1998, the Banco Central�saccounting (Balance Sheet) turned in, on 12.31.1998, balances that were different fromthose registered at the Special System of Clearence and Custody (Selic). Such differenceswere settle during the course of January 1999. In a summarized form, the compositionwas as follows:

National Treasury Notes - Series L (NTN-L) were created by Decree no. 916/1993 andwere limited in value to that of Banco Central do Brasil�s external liabilities to beassumed by the National Treasury, in keeping with the terms of the Medium andLong-Term Foreign Debt Restructuring Agreement with private banks and the ParisClub.

Based on the terms of Provisional Measure no. 1,980, on 3.15.1999 the federal governmentsubstituted the NTN-L held by Banco Central up to the limit of the liabilities resultingfrom the �Multi-Year Deposit Facility Agreement (MYDFA)� with NTN-A10, whichpossess characteristics similar to those of the aforementioned foreign liability. Thissubstitution was made at nominal value plus earnings �pro rata die� applied up to thedate of the operation.

The Provision for Reduction to Market Value existent on 12.31.1998 had theobjective of adjusting the accounting value of the NTN-B received by the Bank �atpar� at the time the economic measures cited in CMN Votes no. 116/1993, BCB no.753/1993 and 760/1993 and Notification no. 1,176/GMF/1993 were adopted by thefederal government.

According to article 2 of Provisional Measure no. 1,980, as of 5.31.1999, the NationalTreasury has invested in internal federal public securities debt papers held by BancoCentral, with the mutual reverse repurchase commitment. The financial result of theseinvestments is stated in Note 22.

Note 7 - CREDITS RECEIVABLE

For the most part, Credits Receivable refer to credits with financial institutions inextrajudicial liquidation and reflect debt status on the date of the balance sheet. Itis important to note that this in no way impacts adjustments, corrections andchanges brought about by current legislation, including possible contingent

R$

SECURITIES Accounting balance Selic balance Difference

in 12.31.1998 in 12.31.1998

Federal securities - open market 127 672 495 669.25 127 676 606 578.59 -4 110 909.34NTN-L 1 346 443 927.30 1 345 719 209.24 724 718.06

NTN-P 3 450 555.59 -3 450 555.59

Appendix / 225

factors and unforeseen events that, due to their operational characteristics, maywell affect accounting information with some degree of lag. These amounts arereadjusted according to contractual or legal indices and are duly set aside in theterms of CMN Vote no. 12/2000.

Credits with the Wage Variation Compensation Fund (FCVS) are evaluated at marketvalue.

Composition on 12.31 was as follows:

One should note that Bank Reserve overdrafts will no longer be possible once the newsystem of payments has been implemented (forecast for November/2000) since, as ofthat date, the Banco Central system will reject all entries against the Reserve accountwhen a sufficient balance is not available.

The following chart shows �operations with institutions in liquidation�, stating theorigin of the balance on the date of liquidation.

R$

CREDITS RECEIVABLE

Balance Provision Balance Provision

Operations with institutions in

extrajudicial liquidation 29 979 584 868.55 - 9 740 114 056.31 28 092 967 854.40 - 6 690 133 109.07

- Banco NACIONAL 15 216 944 513.02 - 6 093 699 343.06 14 389 354 886.98 - 3 019 900 526.47

- Banco ECONÔMICO 9 642 654 556.79 - 2 123 006 640.54 9 124 054 005.62 -810 614 896.33

- Banco BAMERINDUS 2 311 671 860.34 - 1 015 734 715.09 2 439 320 103.41 - 1 820 377 293.50

- Banco MERCANTIL 706 698 535.06 -64 647 496.00 668 263 987.58 -

- Banco BANORTE 528 098 169.90 - 0 192 664 227.02 499 376 992.24 -409 107 283.70

- Banco do Estado de Alagoas 313 718 974.87 - 0 156 395 375.00 296 657 036.53 -

- Banco CREFISUL 163 689 504.95 -484 320.95 - -

- Banco BANFORT 219 018 580.31 -61 195 972.31 193 591 754.09 -193 591 754.09

- Banco PONTUAL 744 416 618.66 -2 509 430.66 - -

- Banco PROGRESSO - - 174 020 335.62 -174 020 335.62

- Other 132 673 554.65 -29 776 535.68 308 328 752.33 -262 521 019.36

Credits with FCVS 735 988 701.23 - 2 325 417 089.27 - 2 325 417 089.27

Bank Reserve overdrafts - - 657 280 106.38 -

- Banco PONTUAL

Under intervention - - 657 280 106.38 -

Credits with states 5 645 847 135.17 - 1 946 838 552.50 332 826 565.67 -

Other operations 5 478 081.53 -5 448 441.15 4 841 148.20 -4 841 148.20

TOTAL 36 366 898 786.48 - 11 692 401 049.96 31 413 332 763.92 - 9 020 391 346.54

12.31.1999 12.31.1998


Note 8 - CREDITS WITH CENTRUS

The amount of R$ 1,183,332,785.58 results from employer contributions to Centrus upto December 1990 referring to employees covered by the Single Civil Service System(RJU). As a consequence of Law no. 9,650, dated 5.27.1998, these amounts, which arebeing managed by Centrus in the name of Banco Central and will be used to payretirement benefits and pensions classified under the aforementioned system, are to beupdated according to the average profitability of Centrus assets. On 12.31.1999, theywere registered at December 1997 values, updated only through transactions resultingfrom payments of retired employees of the RJU. This balance will be settled during the2000 fiscal year.

With incorporation of Banco Central employees into the RJU, that institution and theNational Social Security Institute (INSS) are calculating the amounts to be returned.The reconciling of accounts will cover employer and personnel contributions, includingthe amounts to be transferred to the Employee Social Security Plan (PSS).

Note 9 - SECURITIES RECEIVABLE

Under this heading, one should note that, in December 1999, with renegotiation of thedebt of the State of Rio de Janeiro, Forward Sale operations with Banco Central Bills(LBC), carried out according to the terms of Resolution no. 2,081/1994 by state andfederal banks, were terminated. The financial costs of the Forward Sale operations wereidentical to earnings on LBC.

R$

Date of Balance on date of liquidation

liquidation Proer Overdrafts Total

Banks in extrajudicial liquidation

- Banco NACIONAL 11/13/1996 7 178 332 046.12 5 846 812 000.00 13 025 144 046.12

- Banco ECONÔMICO 8/9/1996 5 435 425 569.04 2 022 917 468.60 7 458 343 037.64

- Banco BAMERINDUS 3/26/1998 3 630 591 500.70 2 321 246 014.97 5 951 837 515.67

- Banco MERCANTIL 8/9/1996 543 076 982.67 41 458.95 543 118 441.62

- Banco BANORTE 12/19/1996 30 768 606.22 390 135 866.34 420 904 472.56

- Banco do Estado de Alagoas 7/22/1997 - 261 875 262.57 261 875 262.57

- Banco CREFISUL 3/23/1999 103 361 935.15 55 590 563.07 158 952 498.22

- Banco BANFORT 5/15/1997 - 168 509 814.40 168 509 814.40

- Banco PONTUAL 10/29/1999 - 740 960 302.85 740 960 302.85

- Banco PROGRESSO 2/21/1997 - 148 839 949.11 148 839 949.11

- Others - 316 387 143.90 316 387 143.90

TOTAL 16 921 556 639.90 12 273 315 844.76 29 194 872 484.66

Appendix / 227

Provisions for the other operations stated herein were made according to the criteriadefined in CMN Vote no. 12/2000.

Note 10 - EXPENDITURES TO BE APPROPRIATED - RECONCILIATION OF

BACEN X CENTRUS ACCOUNTS

Refers to the balance of the Centrus mathematical reserves to be paid-in fully by BancoCentral so that it will be possible for that Foundation to assume full responsibility forpayment of retirement and pension benefits granted up to 1990.

This amount is to be indexed by the IGP-M + 6% per year and entered in the contra-account �Centrus - Sundry Amounts to Deposit�, in the liability column. On 12.31.1999,these credits were entered in December 1997 values. This balance is to be normalizedin the 2000 fiscal year.

Payment will be effected in 10 annual installments starting in 2000.

Note 11 - EXPENDITURES TO BE APPROPRIATED - BRAZILIAN MINT

Expenditures with the Brazilian Mint to be appropriated refer to part of the fixedcost of 1999 currency production which, by contract, is to be paid in 2000. Theeffective value calculated at a later date came to R$ 18,926,720.47, normalized on1.31.2000.

Note 12 - PARTICIPATION IN INTERNATIONAL FINANCIAL ORGANIZATIONS

The Capital Shares in International Financial Organizations in which Brazil participates

are paid-in by the Banco Central as soon as the National Congress approves therespective articles of incorporation. These shares are classified under PermanentAssets - Investments and are revised by the rate of exchange.

In compliance with the terms of Provisional Measure no. 1,980, R$ 3,318,381,489.89 inquotas and shares in international organizations - with the exception of the IMF and theBank for International Settlements (BIS) - were transferred to the National Treasurywhich, in turn, delivered to Banco Central federal public security debt papers in anamount required to conduct monetary policy.

Promissory notes in the amount of R$ 693,804,433.57 related to these organizations andthat were held by Banco Central were deducted from that amount.


On December 31, the participation of such organizations in the Banco Central balancesheet was as follows:

Note 13 - FOREIGN LIABILITIES

The Banco Central�s foreign currency liabilities are converted into national currency bythe exchange rate in effect on the date of the balance sheet and include interest to bepaid at contracted rates. In summarized form, these liabilities were as follows onDecember 31:

FINANCIAL ORGANIZATION

US$ R$ US$ R$

Equivalent Equivalent

International Monetary Fund

IMF 4 154 017 080.30 7 428 213 343.00 3 047 710 466.10 3 681 329 472.00

Interamerican Development Bank

IDB - - 992 582 789.44 1 198 940 751.37

International Bank for Reconstruction and Development

IBRD - - 185 142 153.56 223 633 207.29

International Development Association

IDA - - 154 484 051.93 186 601 286.33

Financial Fund for the Development of the River Plate Basin

Fonplata - - 89 338 097.00 107 911 487.37

International Financial Corporation

IFC - - 39 479 000.00 47 686 684.10

Bank for International Settlements

BIS 35 877 696.37 64 156 496.65 35 877 696.37 43 336 669.45

International Funf for Agricultural Development

IFAD - - 28 299 651.89 34 183 149.52

Interamerican Investment Corporation

IIC - - 23 270 000.00 28 107 833.00

Andean Development Corporation

CAF - - 24 840 000.00 30 004 236.00

African Development Fund

ADF - - 21 110 934.91 25 499 898.28

African Development Bank

ADB - - 3 509 893.21 4 239 600.01

Multilateral Agency for Investment Guaranty

Miga - - 3 200 556.00 3 865 951.59

TOTAL 4 189 894 776.67 7 492 369 839.65 4 648 845 290.41 5 615 340 226.31

1999 1998

Appendix / 229

The liabilities recorded in the name of the Bank of Japan (BoJ), BIS and IMF refer to theshare of international loans formalized by Banco Central in the framework of the programof financial assistance granted to Brazil as of December 1998.

Note 14 - FINANCIAL INSTITUTION DEPOSITS - TIME DEPOSITS/RESERVES INSECURITIES

The reduction under the heading Compulsory Reserves on Time Deposits (composedentirely of federal public securities) came about as a consequence of the provision inCircular no. 2,939, dated 10.14.1999, which reduced the percentage of this reserve to zero.

Note 15 - DEPOSITS AT THE ORDER OF THE FEDERAL GOVERNMENT

Based on the provision in paragraph 3 of article 164 of the Federal Constitution, federalgovernment cash resources are deposited at Banco Central and, until to 1.18.1999earned interest at the Selic rate, as determined by Law no. 9,027/1995. From that pointforward, earnings on the Single Account have, according to the terms of article 1 ofProvisional Measure no 1,980, been calculated on the basis of the weighted arithmeticaverage rates of the intrinsic profitability levels of Treasury-issued securities held byBanco Central.

TYPE OF LIABILITIES

US$ R$ US$ R$

Equivalent Equivalent

Brazilian Financing Plan 1 036 348 038.75 1 854 026 641.32 1 235 135 145.56 1 492 907 850.44

Paris Club/Exchange

Centralization Res. no. 1,564 94 306 968.92 168 715 167.40 137 098 874.01 165 711 409.01

Bank of Japan (BoJ) 300 669 054.70 537 896 938.86 391 223 628.69 472 872 000.00

BIS 3 194 764 975.31 5 715 434 540.83 4 170 690 225.94 5 041 113 276.09

IMF 8 908 064 660.73 15 936 527 678.05 4 840 060 145.13 5 850 180 697.42

Reciprocal Credits Agreement 121 853 363.64 217 995 667.56 334 809 222.12 404 683 906.78

Deposits of international

financial organizations 4 477 413 712.50 8 010 093 131.67 3 774 958 261.43 4 562 792 050.59

Deposits earmarked to the

exchange market 118 019 698.68 211 137 240.93 4 666 768.99 5 640 723.68

Resources earmarked to loans

and financing in foreign currencies 26 332 063.70 47 108 061.96 25 103 532.77 30 342 640.06

SDR allocations - IMF 494 376 685.96 884 439 891.18 507 391 537.46 613 284 151.33

Contracted operations, to be

liquidated 261 348 100.00 467 551 750.90 1 515 227 987.00 1 831 456 067.89

Other liabilities 25 484 088.70 45 591 034.69 128 286 017.00 155 059 308.75

TOTAL 19 058 981 411.59 34 096 517 745.35 17 064 651 346.10 20 626 044 082.04

1999 1998


As determined by article 2 of Provisional Measure no. 1,980, as of 5.31.1999, theNational Treasury has invested part of its cash resources in federal internal publicsecurity debt papers held by Banco Central, with a mutual reverse repurchasecommitment.

In 1999 and 1998, expenditures related to earnings on National Treasury credits wereas follows:

Note 16 - BANCO CENTRAL�S OWN SECURITIES

Securities issued by the Banco Central for monetary policy purposes are registered attheir issue value and adjusted pro rate die from the accrued interest until the balancesheet date.

Securities in the portfolio stock are those held by the Banco Central, and are registeredas deductions (rectificative accounts) from the corresponding headings.

On December 31, these securities were distributed as follows:

R$

1999 1998

Single Account 10 106 744 730.94 9 869 580 196.91

Investments with reverse repurchase agreement 7 034 012 999.33 -

1998 positive result 813 495.97 -

Compulsory Loans (DL no. 2,288) - 1 294 860 001.67

Difference related to reconciliation of accounts (MP no. 1,980) 1 891 802.51 -

Total expenditures 17 143 463 028.75 11 164 440 198.58

1999 R$

SECURITIES

QUANTITY VALUE QUANTITY VALUE QUANTITY VALUE

BBC 5 000 000 4 785 586 433.55 5 000 000 4 785 586 433.55 - -

BBC-A 15 000 000 17 343 818 065.71 15 000 000 17 343 818 065.71 - -

LBC 4 630 928 6 204 781 274.96 3 660 000 5 082 449 344.11 970 928 1 122 331 930.85

NBC-A 4 000 000 5 211 424 010.44 4 000 000 5 211 424 010.44 - -

NBC-E 145 200 000 141 911 444 772.68 86 766 250 82 202 457 079.84 58 433 750 59 708 987 692.84

NBC-F 3 200 000 4 089 200 744.14 1 900 000 2 452 471 881.31 1 300 000 1 636 728 862.83

TOTAL 177 030 928 179 546 255 301.48 116 326 250 117 078 206 814.96 60 704 678 62 468 048 486.52

ISSUED IN PORTFOLIO ON MARKET

Appendix / 231

Note 17 - RESULT TO BE TRANSFERRED TO THE NATIONAL TREASURY

Refers to the result calculated by Banco Central in 1998, registered under liabilities andindexed by the same criteria applied to federal government cash resources (Note 15)which was transferred to the National Treasury on 1.10.2000. The value of the resultindexed up to the transfer date was R$ 4,059,676.49.

Note 18 - CURRENCY

The 23.5% growth that occurred under this heading was consequent upon increasein market demand for currency. For the most part, this was determined by nominalincome growth in the year, currently assessed by Depec as 12.5%, and by uncertaintiesconcerning restrictions to financial transactions caused by so-called �MilleniumBug�.

Note 19 - RESULT OF FISCAL YEAR

Banco Central calculated the negative result at R$ 13,041,763,377.44 in the 1999 fiscalyear, stressing that:

a) during the entire year, the Bank�s equity structure indicated differences between thebalance of asset and liability operations updated by exchange indexing. The finalfigure was a negative result of R$ 5,812,870,670.05, including outlays on exchangerate futures market operations (R$ 7,647,831,615.50);

b) utilizing the criterion instituted by CMN Vote no. 12/2000, adjustments in provisionsand assets with adequate liquidity at market prices came to a negative result ofR$ 4,465,583,499.73;

1998 R$

SECURITIES

QUANTITY VALUE QUANTITY VALUE QUANTITY VALUE

BBC-A 111 300 000 114 108 862 211.49 64 500 000 65 736 383 620.75 46 800 000 48 372 478 590.74

LBC 21 492 019 22 739 462 134.38 8 660 000 9 478 706 669.19 12 832 019 13 260 755 465.19

LBC - Forward sale 9 181 919 9 276 076 755.71 - - 9 181 919 9 276 076 755.71

NBC-A 300 000 297 119 041.17 - - 300 000 297 119 041.17

NBC-E 46 900 000 46 855 820 184.25 16 500 000 15 830 799 349.47 30 400 000 31 025 020 834.78

NBC-F 4 700 000 4 001 138 512.81 1 900 000 1 523 519 678.87 2 800 000 2 477 618 833.94

TOTAL 193 873 938 197 278 478 839.81 91 560 000 92 569 409 318.28 102 313 938 104 709 069 521.53

ISSUED IN PORTFOLIO ON MARKET


c) the remainder of the result was mostly a consequence of the composition of theBank�s other asset and liability operations, particularly the differential betweeninflow and investment rates.

In keeping with the terms of Provisional Measure no. 1,980, this result is considered acredit with the National Treasury to be covered up to the 10th day of the fiscal yearsubsequent to that in which the Bank�s financial statements were duly approved. In thisway, the amount in question is entered under the heading of the asset �1999 NegativeResult, to be paid by National Treasury� and is indexed according to the same criteriaapplied to the Single Account (Note 15), up to the date of effective payment.

Note 20 - CONTINGENCY RESERVES

Contingency Reserves were constituted according to the criteria defined in BCB Votesno. 1,058/1989, 753/1993 and 18/1998. As of issue of Provisional Measure no. 1,980, theyare limited to 25% of the positive result registered in the balance sheet.

The balance on December 31 refers to contingencies generated by ongoing labor courtdisputes.

Note 21 - FINANCIAL RELATIONSHIP WITH THE NATIONAL TREASURY

The accounts showing financial relationship with the National Treasury registered thefollowing positions:

R$FINANCIAL RELATIONSHIP WITH THE NATIONAL TREASURY 12.31.1999 12.31.1998

DEBT BALANCES 130 944 313 306.26 129 034 969 566.06

National Treasury Notes (NTN) (see Note 6) 13 814 926 644.50 2 234 369 703.53National Treasury Financing Bills (LFT) (see Note 6) 42 449 971 543.65 110 945 690 056.88National Treasury Bills (LTN) (see Note 6) 9 866 433 946.23 15 845 716 583.01Agrarian Debt Securities (TDA) - 4 789.14Operations with reverse repurchase agreement with National Treasury (see Note 6) 51 759 393 042.34 - Banco Central 1999 result (Note 19) 13 041 763 377.44 - Judicial deposit in name of National Treasury 3 701 084.67 3 701 028.35External debt - MYDFA - bonds issued in excess 8 123 667.43 5 487 405.15

CREDIT BALANCES 76 157 366 282.63 50 935 595 124.57

National Treasury resources 24 025 059 280.10 50 402 341 303.06Operations with reverse repurchase commitment with National Treasury 51 754 157 599.02 - Earnings on federal government cash availabilities - to be deposited 203 005 629.43 398 261 593.34Social Security Plan, to be deposited 9 682 713.79 4 070 015.90Banco Central’s result, to be transferred (Note 17) 4 040 998.06 3 227 502.09Agricultural Activity Guaranty Program (Proagro) 6 412.25 12 719 975.44Foreign currency deposits - Paris Club and Resolution no. 1,564/1989 65 023 062.76 43 808 328.19Resources earmarked to foreign debt administration 87 609 761.98 59 191 682.12Finex/Proex credits written off with "Zero Coupon Bonds" - 3 965 481.00Deposits consequent upon judicial decision 8 775 960.26 8 008 935.40Available Monetary Reserve resources 4 864.98 308.03

Appendix / 233

In light of the provision in articles 5 and 7 of Provisional Measure no. 1,980, which dealswith the financial relationship between Banco Central and the National Treasury, acontract was signed on December 30, 1998 resulting in a full reconciliation of accountsbetween the two institutions. This contract included projected indices since some dataonly became available at a later date.

Following calculation of the difference between projected and effective values, whichcame to a total of R$ 7,214,055.79, a contractual amendment was signed between the Bankand the National Treasury calling for cancellation of National Treasury Financing Billsin the corresponding amount and review of the values related to the Compulsory Loan- DL no. 2,288 by May 2000.

One should also cite that, in light of article 11 of Provisional Measure no. 1,980, theFederal Secretariat of Control verified the amounts transacted between Banco Centraland the National Treasury.

Note 22 - FINANCIAL FLOW WITH NATIONAL TREASURY

In the fiscal year, the financial flow with the National Treasury was:

Note 23 - FUNDS AND PROGRAMS MANAGED BY BANCO CENTRAL

Based on legal and regulatory provisions, Banco Central is responsible formanaging:

a) Reserve for Maintenance of Currency Stability and Check Utilization (Recheque);

b) Deposit and Real Estate Bond Guaranty Fund (FGDLI);

c) Agricultural Activity Guaranty Program (Proagro);

R$

1999 1998

FEDERAL PUBLIC SECURITIES 51 915 393 870.51 4 290 289 364.18

Acquisitions - 39 239 058 708.20 - 44 446 597 495.60Redemptions 87 641 636 534.64 48 654 623 976.32Interest 3 512 816 044.07 82 262 883.46

SUNDRY DEPOSITS - 17 336 013 694.18 - 10 146 916 490.03

Earnings on available resources - 10 302 000 694.85 - 9 821 430 858.55Earnings on investments with reverse repurchase commitments - 7 034 012 999.33 - Transfer of part of the foreign debt - -325 485 631.48

NET FINANCIAL FLOW 34 579 380 176.33 - 5 856 627 125.85


d) Monetary Reserve.

The reserves, funds and programs managed by Banco Central comply with basicaccounting norms and the accounting guidelines applied to the institution,including:

a) fiscal year accrual basis distributed into monthly periods;

b) yearly elaboration of the balance sheets and calculation of results.

With adoption of CMN Vote no. 12/2000, which sets down regulations on theaccounting of credits with adequate liquidity and constitution of provisions at BancoCentral, accounting of the Funds will be adjusted to the new regulations.

Available resources are invested in federal public securities in order to preserve theirpurchasing power.

A fee is paid to Banco Central to refund its administrative costs, as authorized by VotesCMN no. 376/1981, BCB no. 375/1992 and no. 266/1993.

On November 16, 1995, Resolution no. 2,211 regulated the Credit Guaranty Fund(FGC), a private nonprofit institution charged with managing credit security protectionmechanisms against financial institutions. According to Resolution no. 2,197/1995,which authorized creation of this Fund, Recheque and FGDLI assets would betransferred to FGC.

However, the transfer was suspended as a result of an injunction granted by theFederal Supreme Court (STF) in response to a request for a declaration ofunconstitutionality no. 1,398/1996, until such time as the case comes to a finaldecision.

Effective since January 1996, the responsibility of the guaranties embodied in theexisting regulations, as well as the fund raising and administration of the financial flowsgenerated by the contributions of the financial institutions, were transferred to the FGC.Therefore Recheque and the FGDLI are responsible only for the administration of theoperations contracted before the aforementioned judicial injunction.

The Assets Balance Sheet and Statements of Income (Revenues minus Expenditures)of Recheque, FGDLI, Proagro and the Monetary Reserve are presented below withtheir respective comments.

Regulated by BCB Circular no. 1,590/1990 with alterations introduced by CMN Resolutionno. 2,155/1995, Recheque had the following objectives, up to the creation of the FGC:

Appendix / 235

a) to promote and support the defense of the stability of national currency;

b) to stimulate a greater use of the check as a payment instrument;

c) to contribute to the improvement of banking operations as information and instructionsare announced with respect to adequate use of checks, in such a way as to give thisinstrument greater credibility;

d) to finance expenditures for the elaboration and dissemination of the file of issuersof checks with insufficient funds.

STATEMENT OF INCOME R$

1999 1998

REVENUES 86 051 787.22 115 918 691.34

- Interest/monetary updating 28 727 915.83 64 584 664.74

- Earnings on investments in federal public securities 57 323 871.39 49 979 721.29

- Revenues on debts in execution - 755 628.18

- Reversion of provisions - 598 677.13

EXPENDITURES 65 401 352.46 2 015 579.33

- Administration fee 587 756.26 745 818.75

- Variations consequent upon provisions 2.20 608 854.09

- Offsetting of credits - 608 851.34

- Cancellation of previous periods’ expenditures 64 813 010.02 -

- Other expenditures 583.98 52 055.15

RESULT 20 650 434.76 113 903 112.01

RESERVE FOR FOSTERING CURRENCY STABILITY AND CHECK UTILIZATION (RECHEQUE)

BALANCE SHEET - 12.31.1999 R$1999 1998

ASSETS

LONG-TERM CURRENT ASSETS AND RECEIVABLES 830 014 026.95 809 363 592.19

- Available at Banco Central 1 188.05 734.01

- Investments in federal public securities 327 478 057.37 270 663 391.27

- Federal public securities 665 155.93 727 758.08

- Refinancing program of credits granted to the federal governme 211 465.93 186 553.72

- Service fee debtors (CCF) 40.08 37.88

- Credits registered under debts in execution 608 851.34 608 851.34

- Credits with institutions under intervention or in liquidation 501 658 159.67 537 785 155.11

- (Provision for hard-to-recover credits) ( 608 891.42) ( 608 889.22)

T O T A L 830 014 026.95 809 363 592.19

LIABILITIES

NET WORTH 830 014 026.95 809 363 592.19

- Accumulated results 830 014 026.95 809 363 592.19

T O T A L 830 014 026.95 809 363 592.19


With respect to the 1999 balance sheet, the reduction in revenues with monetary updating/interest and the balance of the Cancellation of Previous Years� Revenues refers to thecross-entry of interest unduly recorded on credits with institutions in liquidation.

FGDLI was created by Resolution no. 3/1967, issued by the Council of Administrationof the now extinct National Housing Bank (BNH). Its administration was transferred toBanco Central by Executive Act no. 2,291/1986 and CMN Resolution no. 1,219/1986.

Until the creation of the FGC, the FGDLI had the objective of guarantying savingsdeposits (with the exception of rural savings accounts) and mortgage bonds in those

DEPOSIT AND REAL ESTATE BOND GUARANTY FUND (FGDLI)BALANCE SHEET - 12.31.1999 R$

1999 1998ASSETS

LONG-TERM CURRENT ASSETS AND RECEIVABLES 1 313 332 875.21 1 152 626 864.48 - Available at Banco Central 151.31 221.73 - Investments in federal public securities 182 810 609.32 147 246 512.11 - Credits with on-lending institutions 943 245 691.43 852 459 090.39 - Credits with institutions in liquidation 567 393 635.49 511 649 964.91 - Mortgage bonds 169 574 953.08 168 191 446.73 - Credits with FCVS 746 821 206.43 647 664 510.61 - Other credits 440 657.50 388 126.29 - Credits registered under debts in execution 1 037 740 932.34 1 023 193 369.15 - (Provision for hard-to-recover credits) - 2 334 694 961.69 - 2 198 166 377.44

T O T A L 1 313 332 875.21 1 152 626 864.48

LIABILITIES

LONG-TERM CURRENT AND CALLABLE LIABILITIES 16 617 597.33 15 059 037.96 - Liabilities with institutions receiving savings and real estate bonds 12 139 434.84 10 814 839.19 - Liabilities for real estate bonds - earmarked to foreign loans 3 152 357.85 2 991 576.88 - Liabilities with savers 1 228 800.11 1 160 893.05 - Other liabilities 97 004.53 91 728.84

NET WORTH 1 296 715 277.88 1 137 567 826.52 - Accumulated results 1 296 715 277.88 1 137 567 826.52

T O T A L 1 313 332 875.21 1 152 626 864.48

STATEMENT OF INCOME R$1999 1998

REVENUES 333 110 091.11 353 904 226.66 - Interest 89 102 104.94 67 768 830.99 - Monetary updating 180 472 744.60 209 771 394.79 - Earnings on investments in federal public securities 31 503 255.39 26 900 193.45 - Revenues on debts in execution 14 547 563.19 - - Reversion of provisions 14 548 451.64 - - Previous years’ revenues - 48 371 611.79 - Other revenues 2 935 971.35 1 092 195.64

EXPENDITURES 173 962 639.75 190 618 464.62 - Interest/monetary updating 1 558 559.37 1 680 116.98 - Administration fee 503 791.06 911 838.67 - Constitution and adjustment of provisions 152 649 893.22 185 892 683.41 - Offsetting of credits 14 547 563.19 - - Cancellation of previous years’ revenues 4 079 921.04 - - Other expenditures 622 911.87 2 133 825.56

RESULT 159 147 451.36 163 285 762.04

Appendix / 237

modalities, conditions and amounts defined by the National Monetary Council againstrisks of insolvency of the contributing institutions that received such savings depositsand mortgage bonds.

The rights and obligations of the fund are subject to updating based on the ReferenceRate, in full compliance with the terms of such contracts and the legal and normativeprecepts to which they are subordinated.

Approximately 70% of the fund�s assets - including the provision above - are composedof mortgage bonds received from already liquidated institutions as payment-in-kind andof credits with FCVS generated by anticipated liquidations or termination of the contractsto which they are tied. At the present time, management of such credits is the responsibilityof grantor institutions and accounting records reflect projections based on such data.

Proagro - Decree no. 175/1991 was instituted by Law no. 5,969/1973 and regulated byDecree no. 175/1991 and CMN Resolution no. 1,855/1991 and has the following objectives:

STATEMENT OF INCOME R$

1999 1998

REVENUES 79 057 563.41 823 909 470.87

- Additional 11 080 911.52 13 644 238.58


- Cancellation of previous years’ expenditures 8 530 017.87 175 782 867.19

- Transfers of the federal government budgetary allocations 48 500 000.00 -

- Securitized debts assumed by National Treasury - 630 933 528.44

- Other revenues 8 363 479.36 -

EXPENDITURES 66 596 221.89 247 934 938.01

- Loss corroboration service 2 664 632.75 6 759 067.26

- Coverage 62 342 884.09 229 899 970.40

- Administration fee 1 511 373.23 11 275 900.35

- Previous years’ expenditures 77 331.82 -

RESULT 12 461 341.52 575 974 532.86

AGRICULTURAL ACTIVITY GUARANTY PROGRAM (PROAGRO) - DECREE NO. 175/1991BALANCE SHEET - 12.31.1999 R$

1999 1998ASSETS

LONG-TERM CURRENT ASSETS AND RECEIVABLES 74 137.57 16 955 960.09 - Available at Banco Central 74 137.57 4 361.38 - Investment in federal public securities - 16 951 598.71

UNCOVERED LIABILITIES 110 927 355.91 123 388 697.43 - Accumulated losses 110 927 355.91 123 388 697.43

T O T A L 111 001 493.48 140 344 657.52

LIABILITIES

LONG-TERM CURRENT AND CALLABLE LIABILITIES 111 001 493.48 140 344 657.52 - Loss corroboration service, to be paid 1 540 083.37 2 373 855.49 - Coverages to be paid 46 211 815.07 76 232 580.22 - Other liabilities to be paid 57 206 039.37 55 694 666.14 - Values in the securitization process 6 043 555.67 6 043 555.67

T O T A L 111 001 493.48 140 344 657.52


a) to release rural producers from financial liabilities consequent upon rural credit currentexpenditure operations when settlement of such is made difficult as a consequenceof natural phenomena, plague and disease in their plantations and herds;

b) to compensate resources utilized by producers in rural current expenditure operations,when losses occur as a result of the aforementioned events.

With regard to the Balance Sheet, it should be pointed out that:

a) reclassification of Accumulated Losses to Assets, under the heading of UncoveredLiabilities, was effected as a result of CFC Resolution no. 847, dated 6.16.1999;

b) during the course of the year, 9 payments were effected with funding from theProgram and National Treasury transfers totaling R$ 90,255,497.24 for liquidation of48,116 installments of coverage;

c) the account Other Liabilities Payable includes the Banco Central Administration Fee,payment of which was suspended by BCB Vote no. 100/1994;

d) the negative net worth originated in liabilities with coverage payable andcorroboration of losses in a total amount larger than collections of additionalrevenues and other revenues of the Program.

MONETARY RESERVEBALANCE SHEET - 12.31.1999 R$

1999 1998ASSETS

LONG-TERM CURRENT ASSETS AND RECEIVABLES 2 073 537 118.06 1 763 644 896.96 - Available at Banco Central 4 864.98 308.03 - Investments in federal public securities 487 221 474.07 304 536 404.02 - Federal public securities - 565 680 787.26 - Credits and rights granted by third parties 165 242 501.35 58 754 458.92 - Refinancing program of credits granted to federal government 247 621 443.16 218 635 917.62 - Anticipation to institutions in liquidation 148 657 587.54 132 766 352.50 - Securities received through debt composition 1 521 584 120.98 1 160 811 976.26 - Credits registered under debts in execution 1 648 259 302.49 1 632 546 802.00 - Retrocession of unprofitable securities 832 128 617.52 - - Discounts on assets 306 205 046.80 - - Asset administration fees 45 916 935.15 - - Debentures - 603 956 739.04 - Other values and assets 47 166 945.46 67 551 180.19 - (Provision for hard-to-recover credits) -3 376 471 721.44 -2 981 596 028.88

T O T A L 2 073 537 118.06 1 763 644 896.96

LIABILITIES

LONG-TERM CURRENT AND CALLABLE LIABILITIES 0.01 0.01 - Remaining credits of institutions in liquidation 0.01 0.01

NET WORTH 2 073 537 118.05 1 763 644 896.95 - Accumulated results 2 073 537 118.05 1 763 644 896.95

T O T A L 2 073 537 118.06 1 763 644 896.96

Appendix / 239

The Monetary Reserve was created by Law no. 5,143/1966 and altered by Executive Actno. 1,342/1974 and has the role of ensuring the normality of financial and capital markets.

Monetary Reserve resources are invested by Banco Central in financial and capitalmarket interventions with authorization of the CMN and are used to safeguard thelegitimate interests of creditors of the institutions subjected to intervention or extrajudicialliquidation.

President: ARMÍNIO FRAGA NETO

Directors: CARLOS EDUARDO DE FREITAS, DANIEL LUIZ GLEIZER, EDISONBERNARDES DOS SANTOS, LUIZ FERNANDO FIGUEIREDO,SÉRGIO DARCY DA SILVA ALVES, SÉRGIO RIBEIRO DA COSTAWERLANG

Head of the Financial Administration Department: JEFFERSON MOREIRAAccountant - CRC-DF 7,333 - CPF 119.361.931-91

STATEMENT OF INCOME R$1999 1998

REVENUES 927 062 440.11 1 265 472 898.46

- Interest 253 552 720.23 190 117 743.21

- Monetary/exchange updating 329 034 907.57 258 894 844.50

- Earnings on debt composition 24 059 574.49 2 334 431.78

- Earnings on credits in execution 15 712 500.49 -


- Reversion of provisions 15 712 500.49 784 582 246.54

- Previous years’ revenues 67 682 195.70 -

- Cancellation of previous years’ expenditures 1 630 348.45 -

- Other revenues - 109 659.82

EXPENDITURES 617 170 219.15 431 946 228.86

- Administration fee 1 007 582.17 1 641 967.03

- Monetary/exchange updating 105 047 278.62 -

- Asset reductions generated by unfounded assets 80 560 744.43 -

- Variations consequent upon provisions 412 218 541.50 404 858 384.58

- Assets desincorporation - 25 445 630.71

- Offsetting of credits 15 712 500.49 -

- Previous years’ expenditures 706 668.07 -

- Cancellation of previous years’ revenues 1 916 903.87 -

- Other expenditures - 246.54

RESULT 309 892 220.96 833 526 669.60

Appendix / 241

Members of the Conselho Monetário Nacional (December 31, 1999)

Pedro Sampaio MalanMinister of Finance - President

Martus Antonio Rodrigues TavaresMinister of Planning and Budget

Armínio Fraga NetoPresident of the Banco Central do Brasil

Banco Central do Brasil Management (December 31, 1999)

Board of Directors

Armínio Fraga NetoPresident

Carlos Eduardo de FreitasDirector

Daniel Luiz GleizerDirector

Edison Bernardes dos SantosDirector

Luiz Fernando FigueiredoDirector

Sérgio Darcy da Silva AlvesDirector

Sérgio Ribeiro da Costa WerlangDirector

Board of Directors Executive Secretariat

Executive Secretary: Antônio Carlos Monteiro

Secretary for the Board of Directors andfor the Conselho Monetário Nacional: José Antonio de Castro

Secretary for Institutional Relations: Gerson Bonani

Secretary for Projects: Hélio José Ferreira

Board of Director Consultants

Alexandre Pundek Rocha

Alvir Alberto Hoffmann

Clarence Joseph Hillerman Junior

Dalmir Sérgio Louzada

Emílio Garófalo Filho

João Antonio Fleury Teixeira

Luiz Sampaio Malan

Luiz do Couto Neto

Mônica Cysne Soares


Central units of the Banco Central do Brasil (December 31, 1999)

Financial Administration Department (Deafi)Edifício-Sede - 2º subsoloSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Jefferson Moreira

Department of Human Resources Administration (Depes)Edifício-Sede - 18º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Mardônio Walter Sarmento Pereira Silva

Department of Material Resources Administration (Demap)Edifício-Sede - 9º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Belmivam Borges Borba

Internal Auditing Department (Deaud)Edifício-Sede - 15º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Luiz Pereira Leite

Department of Records and Information (Decad)Edifício-Sede - 14º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Sérgio Almeida de Souza Lima

Exchange Department (Decam)Edifício-Sede - 3º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: José Maria Ferreira de Carvalho

Special Administrative Measures Department (Deres)Edifício-Sede - 13º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: José Irenaldo Leite de Ataíde

Domestic Public Debt Department (Dedip)Edifício-Sede - 14º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Cláudio Jaloretto

Department of Economics (Depec)Edifício-Sede - 10º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Altamir Lopes

Appendix / 243

Department of Supervision and Inspection (Defis)Edifício-Sede - 12º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Tereza Cristina Grossi Togni

Foreign Capital Department (Firce)Edifício-Sede - 7º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Fernando Antônio Gomes

Department of Information Systems Management (Deinf)Edifício-Sede - 2º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Roberto Ozu

Legal Department (Dejur)Edifício-Sede - 11º andarSBS Quadra 3 Zona Central700074-900 Brasília (DF)General Attorney: José Coelho Ferreira

Currency Management Department (Mecir)Av. Rio Branco, 3020071-001 Rio de Janeiro (RJ)Head: José dos Santos Barbosa

Department of Financial System Regulation (Denor)Edifício-Sede - 15º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Carlos Eduardo Sampaio Lofrano

Banking Operations Department (Deban)Edifício-Sede - 18º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Luis Gustavo da Matta Machado

Department of Open Market Operations (Demab)Av. Pres. Vargas, 730 - 6º andar20071-001 Rio de Janeiro (RJ)Head: Eduardo Hitiro Nakao

Department of International Reserves Operations (Depin)Edifício-Sede - 5º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Daso Maranhão Coimbra

Department of External Debt and International Relations (Derin)Edifício-Sede - 4º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: José Linaldo Gomes de Aguiar


Department of Financial System Organization (Deorf)Edifício-Sede - 16º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Luiz Edson Feltrim

Department of Planning and Organization (Depla)Edifício-Sede - 13º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Paulo dos Santos

Research Department (Depep)Ed.-Sede - 9º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Alexandre Antônio Tombini

Enforcement Against Illegal Foreign Exchange and Financial Activities Department(Decif)Ed.-Sede - 18º andarSBS Quadra 3 Zona Central70074-900 Brasília (DF)Head: Ricardo Liao

Appendix / 245

Regional offices of the Banco Central do Brasil (December 31, 1999)

1st Region - Regional Office in Belém (ADBEL)Boulevard Castilhos França, 708 - ComércioCaixa Postal 65166010-020 Belém (PA)Regional Delegate: Maria de Fátima L. V. dos Santos

Jurisdiction: Acre, Amapá, Amazonas, Pará,Rondônia and Roraima

2nd Region -Regional Office in Fortaleza (ADFOR)Av. Heráclito Graça, 273 - CentroCaixa Postal 89160140-061 Fortaleza (CE)Regional Delegate: Luiz Edivam Carvalho

Jurisdiction: Ceará, Maranhão and Piauí

3rd Region - Regional Office in Recife (ADREC)Rua Siqueira Campos, 368 - Santo AntônioCaixa Postal 144550010-010 Recife (PE)Regional Delegate: Pedro Rafael Lapa

Jurisdiction: Alagoas, Paraíba,Pernambuco and Rio Grande do Norte

4th Region - Regional Office in Salvador (ADSAL)Av. Anita Garibaldi, 1211 - OndinaCaixa Postal 4440176-900 Salvador (BA)Regional Delegate: Godofredo Massarra dos Santos

Jurisdiction: Bahia and Sergipe

5th Region - Regional Office in Belo Horizonte (ADBHO)Av. Álvares Cabral, 1605 - Santo AgostinhoCaixa Postal 88730170-001 Belo Horizonte (MG)Regional Delegate: José Roberto de Oliveira

Jurisdiction: Minas Gerais, Goiás and Tocantins

6th Region - Regional Office in Rio de Janeiro (ADRJA)Av. Presidente Vargas, 730 - CentroCaixa Postal 49520071-001 Rio de Janeiro (RJ)Regional Delegate: Márcio Teixeira Silva

Jurisdiction: Espírito Santo and Rio de Janeiro

7th Region - Regional Office in São Paulo (ADSPA)Av. Paulista, 1804 - Cerqueira CésarCaixa Postal 898401310-922 São Paulo (SP)Regional Delegate: Fernando Roberto Medeiros

Jurisdiction: São Paulo


8th Region - Regional Office in Curitiba (ADCUR)Rua Marechal Deodoro, 568 - CentroCaixa Postal 140880010-010 Curitiba (PR)Regional Delegate: Salim Cafruni Sobrinho

Jurisdiction: Paraná, Mato Grosso andMato Grosso do Sul

9th Region - Regional Office in Porto Alegre (ADPAL)Travessa Araújo Ribeiro, 305 - CentroCaixa Postal 91990010-010 Porto Alegre (RS)Regional Delegate: José Afonso Nedel

Jurisdiction: Rio Grande do Sul and Santa Catarina

Appendix / 247

ACRONYMS

Abad Brazilian Association of Wholesalers and DistributorsAbef Brazilian Association of Chicken ExportersAbic Brazilian Association of the Coffee IndustryAbimaq Brazilian Association of Machinery and Equipment IndustryAbras Brazilian Association of SupermarketsACC Advances on Exchange ContractsADB African Development BankADF African Development FundADR American Depositary ReceiptsAGF Federal Government AcquisitionsAgregar Investment Credit Line for Aggregation of Income to Rural ActivityAnatel National Telecommunications AgencyAneel National Electric Energy AgencyAnefac National Association of Finance, Administration and Accounting

ExecutivesAnfavea National Association of Automotive Vehicles ManufacturersANP National Petroleum AgencyAPE Savings and Loan AssociationApex Export Promotion AgencyARO Anticipated Budgetary RevenuesAsean Association of Southeast Asian NationsBanerj Rio de Janeiro State BankBanespa São Paulo State BankBanrisul Rio Grande do Sul State BankBB Banco do BrasilBBC Banco Central BondBBC-A Banco Central Bond - Series ABCB Banco Central do BrasilBCN National Credit BankBemge Minas Gerais State BankBIS Bank for International SettlementsBM&F Commodities & Futures ExchangeBNDES National Bank of Economic and Social DevelopmentBNDESpar BNDES ParticipationBNH National Housing BankBoJ Bank of JapanBovespa São Paulo Stock ExchangeBTN National Treasury BondBTN-E National Treasury Bond - Special SeriesBTNF Fiscal National Treasury BondBUA Unit of Account of the African Development BankBVRJ Rio de Janeiro Stock ExchangeCadin Federal Government File of Debtors in DefaultCadip Registration System of Credit Operations with the Public SectorCAF Andean Development CorporationCaged Ministry of Labor�s General File of Persons Employed and UnemployedCcex Export Credit CommitteeCCF Fiscal Control and Management CommissionCCL Contingent Credit LineCCR Reciprocal Payment and Credit AgreementCDB Caribbean Development BankCDI Interfinancial Deposit CertificateCEEE State Electricity Company (Rio Grande do Sul State)CEF Federal Savings Bank


CEG Gas State Company (Rio de Janeiro State)CEI Community of Independent States (Former Soviet Union)Celg Goiás State Power StationsCemat Mato Grosso State Power StationsCemig Minas Gerais State Power StationsCepal Economic Commission for Latin America and the CaribbeanCerj Rio de Janeiro State Electricity CompanyCesp São Paulo State Electricity CompanyCetip Center of Custody and Financial Liquidation of SecuritiesCFT-A Treasury Financing Certificate - Series ACFT-D Treasury Financing Certificate - Series DChesf São Francisco River Electricity Power CompanyCIF Cost, Insurance and FreightCLT Consolidated Labor LegislationCMC Mercosul Common Market CouncilCMN National Monetary CouncilCNI National Confederation of IndustryCoelba Bahia State Electricity CompanyCofins Social Security Financing ContributionConab National Supply CompanyCopesul South Petrochemical CompanyCopom Monetary Policy CommitteeCosif Accounting Plan of National Financial System InstitutionsCosipa São Paulo State Steel-worksCPFL São Paulo State Electricity CompanyCPMF Provisional Contribution on Financial TransactionsCPR Rural Producer NoteCPSS Contribution to the Civil Service Social Security PlanCredireal Minas Gerais State Royal Credit BankCRI Certficates of Real State ReceivablesCRT Telecommunications Company of the State of Rio Grande do SulCSLL Social Contribution on the Profits of Legal EntitiesCSN National Steel-works CompanyCST Tubarão Steel-works CompanyCTN National Treasury CertificateCVM Securities and Exchange CommissionCVRD Vale do Rio Doce CompanyDCB Debt Conversion BondDepec Department of EconomicsDER Special Earnings DepositsDI Import StatementDieese Interunion Department of Statistics and Socio-economic StudiesDLSP Net Public Sector DebtDR Depositary ReceiptsDR Rural BillECU European Currency UnitEEC European Economic CommunityEFF Extended Fund FacilityEFTA European Free Trade AssociationEGF Federal Government LoansEGF-COV Federal Government Loans with Sale OptionEGF-SOV Federal Government Loans without Sale OptionEI Elegible Interest BondsEletrobrás Brazilian Power StationsEletropaulo São Paulo State Electricity CompanyEletrosul Southern Brazil Power Stations

Appendix / 249

Embraer Air Force Brazilian CompanyEmbratel Telecommunications Brazilian CompanyEnersul Mato Grosso do Sul State Energy CompanyEPU Federal Government�s Social Security ChargesERM European Exchange Rate MechanismEsaf Enhanced Structural Adjustment Facility (IMF)EU European UnionEximbank Export Import BankFAF Financial Investment FundFapi Individually Programmed Retirement FundsFAT Worker Support FundFBC Gross Capital FormationFBCF Gross Fixed Capital FormationFCESP Trade Federation of the State of São PauloFCVS Wage Variation Compensation FundFEF Fiscal Stabilization FundFerroeste Paraná West RailroadFGC Credit Guaranty FundFGDLI Deposit and Real Estate Bond Guaranty FundFGPC Guarantee Fund for the Fostering of CompetitivenessFGTS Severance Fund ContributionFGV Getúlio Vargas FoundationFiesp Federation of Industries of the State of São PauloFiex Foreign Investment FundsFIF Financial Investment FundsFIF-CP Short-term Financial Investment FundsFinam Amazon Region Investment FundFiname Special Industrial Financing AgencyFinor Northeastern Region Investment FundFinsocial Social Investment FundFipe Institute of Economic Research FoundationFlirb Front-loaded Interest Reduction BondsFMM Merchant Marine FundFND National Development FundFNDE National Fund for the Development of EducationFOB Free on BoardFOMC Federal Open Market CommitteeFonplata Financial Fund for the Development of the River Plate BasinFPE State Revenue Sharing FundFPM Municipal Revenue Sharing FundFRF Fixed Income FundFRF-CE Foreign Capital Fixed Income FundFRF-CP Short-term Fixed Income FundFSE Emergency Social FundFTAA Free Trade Area of the AmericasFUA Fund Unit of Account (ADB)Funcafé Coffee Economy Defense FundFuncex Foreign Trade Study Center FoundationFuncheque Fund for Enhancing Bank Operations and the Appropriate Use of ChecksFundef Primary Education Maintenance and Development FundGats General Agreement on Trade in ServicesGatt General Agreement on Tariffs and TradeGTI Working Group on Investments (Nafta)GTS Working Group on Services (Nafta)HIPC Highly Indebted Poor CountriesIBGE Brazilian Institute of Geography and Statistics


Ibovespa Quotation Index of the São Paulo Stock ExchangeIBRD International Bank for Reconstruction and DevelopmentIBV Quotation Index of the Rio de Janeiro Stock ExchangeIBVRJ Index of the Rio de Janeiro Stock ExchangeICMS Tax on the Circulation of Merchandise and ServicesICSID International Center for Settlement of Investment DisputesIDA International Development AssociationIDB Interamerican Development BankIDU Interest Due and Unpaid BondsIEA International Energy AgencyIFAD International Fund for Agricultural DevelopmentIFC International Financial CorporationIGP-DI General Price Index-Domestic SupplyIGP-DI (C) General Price Index-Domestic Supply (centered)IGP-M General Price Index-MarketIIC Inter-American Investment CorporationIMF International Monetary FundINA Activity Level Indicator for the State of São PauloINCC National Cost of Construction IndexInmetro Brazilian Institute of Metrology, Normalization and QualityINPC National Consumer Price IndexINSS National Institute of Social SecurityIOF Financial Operations TaxIPA Wholesale Price IndexIPA-DI Wholesale Price Index - Internal SupplyIPC Consumer Price IndexIPCA Broad National Consumer Price IndexIPC-Br Consumer Price Index-BrazilIPC-R Consumer Price Index-RestrictIpea Institute of Applied Economic ResearchIPI Industrialized Products TaxIR Income TaxIRB Reinsurance Institute of BrazilIRPJ Income Tax on Legal EntitiesITA Information Technology AgreementITR Rural Land TaxLaia Latin American Integration AssociationLBC Banco Central BillLBC-E Banco Central Bill � Series ELFT National Treasury Financing BillLFT-A National Treasury Financing Bill - Series ALFT-B National Treasury Financing Bill - Series BLFTE Special National Treasury Financing BillLoas Social Assistance Organic LawLTN National Treasury BillLTN-E Special National Treasury BillM1 Money Supply (Restricted Concept)M4 Money Supply (Extended Concept)Mercosul Common Market of the SouthMF Ministry of FinanceMICT Ministry of Industry, Trade and TourismMIF Multilateral Investment FundMiga Multilateral Investment Guaranty AgencyMP Provisional MeasureMPO Ministry of Planning and BudgetMYDFA Multiyear Deposit Facility Agreement

Appendix / 251

NAB New Arrangements to Borrow (IMF)Nafta North American Free Trade AgreementNBC Banco Central NoteNBC-A Banco Central Note - Series ANBC-E Banco Central Note - Special SeriesNBC-F Banco Central Note - Floating SeriesNBM Brazilian Products NomenclatureNBR Brazilian Registered RuleNCM Mercosul Common NomenclatureNDA Net Domestic AssetsNFSP Public Sector Borrowing RequirementsNMB New Money BonusNPR Rural Promissory NoteNTF Nigerian Trust FundNTN National Treasury NoteNTN-A National Treasury Note - Series ANTN-A3 National Treasury Note - Series A3NTN-C National Treasury Note - Series CNTN-D National Treasury Note - Series DNTN-E National Treasury Note - Series ENTN-H National Treasury Note - Series HNTN-I National Treasury Note - Series INTN-J National Treasury Note - Series JNTN-L National Treasury Note - Series LNTN-M National Treasury Note - Series MNTN-P National Treasury Note - Series PNTN-S National Treasury Note - Series SOECD Organization for Economic Cooperation and DevelopmentOpec Organization of Petroleum Exporter CountriesOpic Overseas Private Investment CorporationOTN National Treasury ObligationParafe Program of Support to the Restructuring and Fiscal Adjustment of the StatesPasep Program of Asset Formation of Public EmployeesPAT Worker Food ProgramPDV Voluntary Dismissal ProgramPEA Active Working PopulationPED Electronic Data ProcessingPetrobras Brazilian Petroleum CompanyPIS Social Integration PlanPLA Adjusted Net WorthPND National Privatization ProgramPOF Family Budget SurveyProagro Agricultural Activity Guaranty ProgramProcera Special Credit Program for Agrarian ReformProdecer Japanese-Brazilian Program of Cooperation for Development of the

SavannahsProer Program of Incentives to the Restructuring and Strengthening of the

National Financial SystemProes Program of Incentives to the Reduction of the State Public Sector in

Banking ActivitiesProex Export Financing ProgramProger Program of Rural Employment and Income GenerationPronaf National Program for Strengthening Family AgricultureProsolo Program of Incentives to the Use of Soil Correction ProductsProvarzeas National Program for Utilization of Irrigable Flood PlainsRDB Bank Deposit Receipt


RDE Electronic Declaratory RecordRecheque Reserve for Fostering Currency Stability and Checks UtilizationRecof Special System for Industrial Deposit with Unified ControlRecoop Agribusiness Cooperatives Revitalization ProgramRefis Fiscal Recovery ProgramRFFSA Federal Railway CompanyRGPS Social Security General RegimeSAF Structural Adjustment Facility (IMF)SBPE Brazilian System of Savings and LoansSDDS Special Data Dissemination StandardSDR Special Drawing RightsSeade State System of Data Analysis FoundationSebrae Supporting Service for Small-scale Companies and MicrobusinessesSelic Special System of Liquidation and CustodySFH Housing Financing SystemSFI Real Estate Financing SystemSFN National Financial SystemSGT Working SubgroupsSiderbrás Brazilian Steel-worksSimples Integrated System of Micro and Small Business Tax and Contributions

PaymentsSindmaq Machinery Industry National UnionSisbacen Central Bank Information SystemSiscomex Integrated Foreign Trade SystemSOE Agency for the Securitization of ReceivableSOF Special Operations FundSRF Secretariat of Federal RevenueSRF Supplemental Reserve FacilitySTF Federal Supreme CourtSTN Secretariat of the National TreasurySudene Superintendency for the Development of the Northeast RegionSunab National Superintendency of SupplyTban Banco Central Financial Assistance RateTBC Banco Central Base RateTBF Basic Financing RateTEC Common External TariffTelebrás Brazilian Telecommunications CompanyTJLP Long-Term Interest RateTR Reference RateUfir Fiscal Reference UnitUR Uruguay RoundUSAID US Agency for International DevelopmentUSDA US Department of AgricultureUsiminas Minas Gerais State Steel-worksVBC Basic Cost ValueVOB Amounts at Order of the Banco CentralWCSO West Caribbean States OrganizationWTO World Trade OrganizationZPE Export Processing Zones

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Appendix / APPENDIX · 216 / Boletim do Banco Central do Brasil - Annual Report 1999 Balance Sheet...

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