BRASILIA (Reuters) – The government this Thursday launched a package of measures to facilitate the use of guarantees and lower the cost of credit, paving the way for the same property to be used as collateral in more than one operation.
At an event at the Palácio do Planalto, the secretary of Economic Policy, Adolfo Sachsida, defended that this market should, with the onslaught, be worth ten times more than that of fiduciary alienation.
In a video on the subject shown during the ceremony, the Ministry of Economy estimated that in the urban real estate segment alone, the potential is to reach 10 trillion reais. Currently, the urban residential real estate market has around 800 billion reais in guarantees for credit and financing operations.
Sachsida exemplified that today, when taking a loan of 100,000 reais with a house of 1 million reais as collateral, the assets are blocked by the financial institution until the financing is fully paid off. With the new framework, only part of the asset is blocked, corresponding to the amount of debt that has not yet been paid.
With that, the rest of the equity can be used in new operations.
The bill on the subject, signed this Thursday by President Jair Bolsonaro, creates the so-called specialized guarantee management service.
In practice, borrowers will be able to provide their guarantees to Guarantee Management Institutions (IGGs), private companies whose operation will be authorized by the Central Bank based on criteria defined by the National Monetary Committee (CMN).
These companies will evaluate and manage the guarantees, defining the limit to which the borrower may have access in various institutions in the financial system.
The idea is that, as the financing payments are being honored, space for new operations will be opened up to the limit established by the IGGs.
“With IGG managing the guarantee, banks are freed up to focus only on their loan banking activity,” the ministry said.
Present at the event, the president of the Central Bank, Roberto Campos Neto, stated that Brazil has a “huge” inventory of real estate, with a large percentage already paid, but these assets are not used by people to contract credit.
“This is an instrument that can be used and that generates credit, generates money in the economy without having a fiscal counterpart. So it is very important to move forward in this direction,” he said.
The package launched this Thursday also brings improvements for the fiduciary sale and for the mortgage institute, also providing for the execution of guarantees with a competition from creditors and the institution of a guarantee agent.
On another front, the PL permanently extinguishes the Caixa Econômica Federal’s monopoly on civil pledge operations.
Another innovation is related to the Financial Bill (LF), which, according to the Ministry of Economy, can now be used as an instrument to clean up the market for linked asset operations (OAVs).
According to the BC, the new framework also provides for measures that will give more agility and efficiency to notary offices in real estate registration, which will imply a reduction in terms and costs for borrowers of loans guaranteed by these assets.
Finally, the PL makes it clear that States and municipalities can use any financial institution to pay teachers and other professionals in the field of education, even if the resources come from the Fund for the Maintenance and Development of Basic Education and the Valorization of Professionals from Education (Fundeb).
According to Sachsida, the government will provide that 4 billion reais are directed to states and municipalities over the next four years by giving back to entities the right to bid on their payroll.
“Tax cost is zero”, he stressed.
(By Marcela Ayres)
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