{"id":1611,"date":"2017-05-30T15:48:58","date_gmt":"2017-05-30T15:48:58","guid":{"rendered":"http:\/\/acaopolitica.com\/?p=1611"},"modified":"2017-05-30T17:30:08","modified_gmt":"2017-05-30T17:30:08","slug":"fontes-de-recursos-do-bndes-03","status":"publish","type":"post","link":"http:\/\/acaopolitica.com\/index.php\/2017\/05\/30\/fontes-de-recursos-do-bndes-03\/","title":{"rendered":"Fontes de Recursos do BNDES &#8211; 03"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\">O que me torna triste, quando se aproximam as sombras da velhice, n\u00e3o \u00e9 apenas assistir ao \u201cempobrecimento\u201d do Brasil. \u00c9 o castigo imerecido que o Senhor Deus me imp\u00f5e de assistir ao \u201cemburrecimento\u201d do Brasil (Roberto Campos).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\">O problema do empres\u00e1rio brasileiro \u00e9 que, quando o Estado n\u00e3o est\u00e1 interferindo, ele vai l\u00e1 e pede que o Estado interfira (Roberto Campos).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\">Prezados Senhores<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\">Na tentativa de impedir que a estupidez coletiva brasileira continue o linchamento aos propriet\u00e1rios da JBS como sendo os \u00fanicos respons\u00e1veis pela trag\u00e9dia brasileira \u00e9 do meu dever apresentar o trabalho abaixo abordando o manic\u00f4mio do cr\u00e9dito subsidiado no Brasil. Uma vergonha e uma imoralidade.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\">Estudem para n\u00e3o ficarem repetindo bobagens na tentativa de salvarem pol\u00edticos corruptos, j\u00e1 que na trag\u00e9dia brasileira n\u00e3o existem inocentes. Somos todos c\u00famplices por omiss\u00e3o, covardia ou coniv\u00eancia.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\">Cabe lembrar que nesse estudo est\u00e3o todas as informa\u00e7\u00f5es cont\u00e1beis e financeiras sobre a referida institui\u00e7\u00e3o, assim sendo n\u00e3o cabe mais me enviarem informa\u00e7\u00f5es falsas (\u00fanica habilidade da maioria dos brasileiros).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\">Estudar \u00e9 muito cansativo. D\u00e1 trabalho.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Fontes de Recursos do BNDES \u2013 Fonte BNDES<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">O BNDES conta com diversas fontes de recursos para financiar investimentos de longo prazo na economia brasileira.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">As fontes governamentais como os fundos\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?1dmy&amp;urile=wcm%3apath%3a%2Fbndes_institucional%2Fhome%2Ftransparencia%2Ffontes_de_recursos%2Ffundos%2Ffat%2Ffundo-amparo-trabalhador-fat\" target=\"_blank\" rel=\"noopener noreferrer\">FAT<\/a>\u00a0e\u00a0\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?1dmy&amp;urile=wcm%3apath%3a%2Fbndes_institucional%2Fhome%2Ftransparencia%2Ffontes_de_recursos%2Ffundos%2Fpispasep%2Ffundo-pis-pasep\" target=\"_blank\" rel=\"noopener noreferrer\">PIS-PASEP<\/a>\u00a0e o\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?1dmy&amp;urile=wcm%3apath%3a%2Fbndes_institucional%2Fhome%2Ftransparencia%2Ffontes_de_recursos%2Faplicacao_dos_recursos_financeiros%2Frecursos-financeiros-captados-junto-ao-tesouro-nacional\" target=\"_blank\" rel=\"noopener noreferrer\">Tesouro Nacional<\/a>\u00a0representam parcela significativa da estrutura de financiamento do BNDES, respondendo por 84,3% dos recursos em 31\/12\/16.<\/span><\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/acaopolitica.com\/wp-content\/uploads\/2017\/05\/tab1.jpg\"><img loading=\"lazy\" class=\"size-full wp-image-1612 aligncenter\" src=\"http:\/\/acaopolitica.com\/wp-content\/uploads\/2017\/05\/tab1.jpg\" alt=\"\" width=\"506\" height=\"240\" srcset=\"http:\/\/acaopolitica.com\/wp-content\/uploads\/2017\/05\/tab1.jpg 506w, http:\/\/acaopolitica.com\/wp-content\/uploads\/2017\/05\/tab1-300x142.jpg 300w\" sizes=\"(max-width: 506px) 100vw, 506px\" \/><\/a><span style=\"color: #0000ff;\">Recursos de outros fundos governamentais como o\u00a0Fundo da Marinha Mercante (FMM)\u00a0e o\u00a0Fundo de Investimento do Fundo de Garantia do Tempo de Servi\u00e7o (FI-FGTS),\u00a0capta\u00e7\u00f5es no exterior, via organismos multilaterais ou emiss\u00e3o de\u00a0bonds,\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?1dmy&amp;urile=wcm%3apath%3a%2Fbndes_institucional%2Fhome%2Frelacao-com-investidores%2Fdebentures-bndespar%2Fcomunicados_debentures_bndespar\" target=\"_blank\" rel=\"noopener noreferrer\">emiss\u00e3o p\u00fablica de deb\u00eantures da BNDESPAR<\/a>\u00a0e\u00a0Letras de Cr\u00e9dito do Agroneg\u00f3cio (LCA)\u00a0complementam a estrutura de financiamento do BNDES.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Leia\u00a0mais informa\u00e7\u00f5es sobre as fontes de recursos do BNDES:<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 30px;\"><span style=\"color: #0000ff;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/#tesouro\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0 Tesouro Nacional<\/a><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 30px;\"><span style=\"color: #0000ff;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/#fat\" target=\"_blank\" rel=\"noopener noreferrer\">FAT e PIS-PASEP<\/a><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 30px;\"><span style=\"color: #0000ff;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/#captacoes\" target=\"_blank\" rel=\"noopener noreferrer\">Capta\u00e7\u00f5es externas<\/a><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 30px;\"><span style=\"color: #0000ff;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/#outrasfontes\" target=\"_blank\" rel=\"noopener noreferrer\">Outras fontes governamentais<\/a><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 30px;\"><span style=\"color: #0000ff;\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/#outrasobrigacoes\" target=\"_blank\" rel=\"noopener noreferrer\">Outras obriga\u00e7\u00f5es<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Tesouro Nacional<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Desde 2010, com o crescimento dos repasses de recursos, o Tesouro Nacional se tornou a principal fonte de recursos do BNDES, respons\u00e1vel por 50,2% do passivo total em 31\/12\/16, participa\u00e7\u00e3o inferior aos 56,3% observados em 31\/12\/15 devido a pagamento antecipado de R$ 113,2 bilh\u00f5es de d\u00edvida em 2016.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">O saldo das obriga\u00e7\u00f5es com o Tesouro Nacional em\u00a031 de dezembro de 2016\u00a0\u00e9 de\u00a0R$ 439,8 bilh\u00f5es. Desse total, R$ 36,3 bilh\u00f5es (8,3%) correspondem a instrumentos eleg\u00edveis a capital principal, que comp\u00f5e o Patrim\u00f4nio de Refer\u00eancia e cuja remunera\u00e7\u00e3o est\u00e1 atrelada a fatores como a exist\u00eancia de lucro cont\u00e1bil e o montante de dividendos pago ao acionista, e R$ 403,5 bilh\u00f5es (91,7%) correspondem a opera\u00e7\u00f5es de repasses, sendo 98,8% dessas opera\u00e7\u00f5es atreladas \u00e0 TJLP.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">N\u00e3o houve capta\u00e7\u00f5es de recursos do Tesouro Nacional em 2016.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Conhe\u00e7a detalhes sobre as\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?1dmy&amp;urile=wcm%3apath%3a%2Fbndes_institucional%2Fhome%2Ftransparencia%2Ffontes_de_recursos%2Faplicacao_dos_recursos_financeiros%2Frecursos-financeiros-captados-junto-ao-tesouro-nacional\" target=\"_blank\" rel=\"noopener noreferrer\">capta\u00e7\u00f5es e aplica\u00e7\u00f5es dos recursos do Tesouro Nacional.<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Notas Explicativas 14 e 20.2 &#8211;\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/wcm\/connect\/site\/06ed4931-bf7a-4cac-b696-4484e3201ec6\/BNDES_Demonstra%C3%A7%C3%B5es+Financeiras_31.12.16.pdf?MOD=AJPERES&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lsUvppC&amp;CVID=lsUvppC&amp;CVID=lsUvppC\" target=\"_blank\" rel=\"noopener noreferrer\">DFS BNDES DEZ\/16\u00a0(PDF &#8211; 1,2 MB)<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Fundo de Amparo ao Trabalhador (FAT) e Fundo PIS-PASEP<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">At\u00e9 2009, parcela significativa da estrutura de financiamento do Banco esteve concentrada em dois fundos governamentais: PIS-PASEP e FAT.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Em 1988, a Constitui\u00e7\u00e3o Federal determinou que 40% da arrecada\u00e7\u00e3o do PIS-PASEP devem ser destinados ao financiamento de programas de desenvolvimento econ\u00f4mico atrav\u00e9s do BNDES, para n\u00e3o apenas proteger o trabalhador desempregado, mas gerar oportunidades de emprego. Em 1990, com a extin\u00e7\u00e3o do Fundo PIS-PASEP e a cria\u00e7\u00e3o do FAT, a arrecada\u00e7\u00e3o das contribui\u00e7\u00f5es para o PIS-PASEP foi destinada ao FAT, que passou a constituir uma das principais fontes de recursos do BNDES.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Os recursos captados atrav\u00e9s dessa determina\u00e7\u00e3o constitucional s\u00e3o chamados \u201cFAT Constitucional\u201d e s\u00e3o remunerados pela\u00a0TJLP, no caso de financiamentos em reais, ou pela Libor mais varia\u00e7\u00e3o do d\u00f3lar, no caso de financiamentos \u00e0 exporta\u00e7\u00e3o. Como n\u00e3o h\u00e1 previs\u00e3o de devolu\u00e7\u00e3o do principal \u2013 salvo em caso de insufici\u00eancia de caixa do Fundo para custear os programas de seguro-desemprego e abono salarial \u2013, mas apenas o pagamento peri\u00f3dico de juros (semestral), o saldo do FAT Constitucional \u00e9 considerado d\u00edvida subordinada e parte dele \u00e9 computada no c\u00e1lculo do Patrim\u00f4nio de Refer\u00eancia do BNDES. Trata-se de fonte permanente e segura, com custos compat\u00edveis com o financiamento de longo prazo de investimentos em atividades produtivas.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Outra caracter\u00edstica dos recursos do FAT Constitucional \u00e9 o fato do BNDES ter livre decis\u00e3o sobre a aplica\u00e7\u00e3o dos seus recursos, desde que seja em programas de desenvolvimento econ\u00f4mico, conforme determina a Constitui\u00e7\u00e3o Federal.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Al\u00e9m das transfer\u00eancias constitucionais, o BNDES capta recursos do FAT na forma denominada \u201cFAT Dep\u00f3sitos Especiais\u201d, que s\u00e3o remunerados pela TJLP a partir da libera\u00e7\u00e3o dos empr\u00e9stimos aos benefici\u00e1rios finais e pelos mesmos crit\u00e9rios aplicados \u00e0s disponibilidades de caixa do Tesouro Nacional, atualmente a taxa Selic, no caso de recursos ainda n\u00e3o liberados aos benefici\u00e1rios finais. Al\u00e9m da remunera\u00e7\u00e3o, \u00e9 pago mensalmente um percentual de amortiza\u00e7\u00e3o.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Os recursos captados como \u201cFAT Dep\u00f3sitos Especiais\u201d s\u00e3o aplicados em programas e setores espec\u00edficos, previamente determinados e aprovados pela Secretaria Executiva do Conselho Deliberativo do FAT.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">O saldo de recursos do\u00a0FAT\u00a0em\u00a031 de dezembro de 2016\u00a0\u00e9 de\u00a0R$ 232,7 bilh\u00f5es. Desse total, R$ 219,6 bilh\u00f5es constitu\u00edam o saldo do FAT Constitucional e R$ 13,1 bilh\u00f5es, o saldo do FAT Dep\u00f3sitos Especiais.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Em 2016, ingressaram\u00a0R$ 16,2 bilh\u00f5es\u00a0de recursos do FAT, dos quais, R$ 15,3 bilh\u00f5es referentes ao FAT Constitucional.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">O saldo de recursos do\u00a0Fundo PIS-PASEP\u00a0em\u00a031 de dezembro de 2016\u00a0\u00e9 de\u00a0R$ 35,0 bilh\u00f5es. N\u00e3o s\u00e3o realizadas capta\u00e7\u00f5es do PIS-PASEP desde a extin\u00e7\u00e3o do fundo em 1990.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Saiba mais sobre o\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?1dmy&amp;urile=wcm%3apath%3a%2Fbndes_institucional%2Fhome%2Ftransparencia%2Ffontes_de_recursos%2Ffundos%2Ffat%2Ffundo-amparo-trabalhador-fat\" target=\"_blank\" rel=\"noopener noreferrer\">FAT<\/a>\u00a0e sobre\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?1dmy&amp;urile=wcm%3apath%3a%2Fbndes_institucional%2Fhome%2Ftransparencia%2Ffontes_de_recursos%2Ffundos%2Fpispasep%2Ffundo-pis-pasep\" target=\"_blank\" rel=\"noopener noreferrer\">PIS-PASEP<\/a>.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Notas Explicativas 11 e 13 &#8211;\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/wcm\/connect\/site\/06ed4931-bf7a-4cac-b696-4484e3201ec6\/BNDES_Demonstra%C3%A7%C3%B5es+Financeiras_31.12.16.pdf?MOD=AJPERES&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lsUvppC&amp;CVID=lsUvppC&amp;CVID=lsUvppC\" target=\"_blank\" rel=\"noopener noreferrer\">DFS BNDES DEZ\/16<\/a>\u00a0(PDF &#8211; 1,2 MB)<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Outras fontes governamentais<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Historicamente, o BNDES capta recursos atrav\u00e9s de fundos governamentais, na busca por fontes alternativas de recursos para apoio a projetos de investimento de longo prazo.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Em 31 de dezembro de 2016, o saldo total de outras fontes governamentais \u00e9 de\u00a0R$ 30,5 bilh\u00f5es, cujos valores mais representativos referem-se aos seguintes fundos:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Fundo de Marinha Mercante (FMM)<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Destinado a prover recursos para o desenvolvimento da Marinha Mercante Nacional, bem como, complementarmente, para a constru\u00e7\u00e3o de navios auxiliares e hidrogr\u00e1ficos ou oceanogr\u00e1ficos para a Marinha do Brasil, objetivando o atendimento das necessidades e seguran\u00e7a do transporte hidrovi\u00e1rio.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Em 31 de dezembro de 2016, o total de recursos do FMM no BNDES \u00e9 de\u00a0R$\u00a021,4\u00a0bilh\u00f5es.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Veja mais informa\u00e7\u00f5es sobre a origem e a aplica\u00e7\u00e3o dos recursos financeiros oriundos do\u00a0Fundo de Marinha Mercante.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Nota Explicativa 10.1.e &#8211;\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/wcm\/connect\/site\/06ed4931-bf7a-4cac-b696-4484e3201ec6\/BNDES_Demonstra%C3%A7%C3%B5es+Financeiras_31.12.16.pdf?MOD=AJPERES&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lsUvppC&amp;CVID=lsUvppC&amp;CVID=lsUvppC\" target=\"_blank\" rel=\"noopener noreferrer\">DFS BNDES DEZ\/16<\/a>\u00a0(PDF &#8211; 1,2 MB)<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">FI-FGTS<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">O FI-FGTS n\u00e3o representa fonte regular de recursos. Em dezembro de 2008, foram captados R$ 7,0 bilh\u00f5es para aplica\u00e7\u00e3o em projetos de constru\u00e7\u00e3o, reforma, amplia\u00e7\u00e3o ou implanta\u00e7\u00e3o de empreendimentos de infraestrutura em rodovias, portos, hidrovias, ferrovias, energia, saneamento e aeroportos.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">N\u00e3o houve capta\u00e7\u00e3o do FI-FGTS em 2016.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Em 31 de dezembro de 2016, o saldo dos recursos do FI-FGTS \u00e9 de\u00a0R$ 3,7 bilh\u00f5es.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Nota Explicativa 15.1.1 &#8211;\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/wcm\/connect\/site\/06ed4931-bf7a-4cac-b696-4484e3201ec6\/BNDES_Demonstra%C3%A7%C3%B5es+Financeiras_31.12.16.pdf?MOD=AJPERES&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lsUvppC&amp;CVID=lsUvppC&amp;CVID=lsUvppC\" target=\"_blank\" rel=\"noopener noreferrer\">DFS BNDES DEZ\/16<\/a>\u00a0(PDF &#8211; 1,2 MB)<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Veja mais informa\u00e7\u00f5es sobre a origem e a aplica\u00e7\u00e3o dos recursos financeiros oriundos de\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?1dmy&amp;urile=wcm%3apath%3a%2Fbndes_institucional%2Fhome%2Ftransparencia%2Ffontes_de_recursos%2Ffundos\" target=\"_blank\" rel=\"noopener noreferrer\">Fundos Governamentais<\/a>.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Capta\u00e7\u00f5es externas<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Al\u00e9m de diversificar e complementar as fontes de recursos, as capta\u00e7\u00f5es externas permitem diluir riscos, incentivar outros emissores brasileiros e estreitar o relacionamento com a comunidade financeira internacional.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Desde 1953, o BNDES capta recursos no mercado internacional por meio de opera\u00e7\u00f5es de emiss\u00e3o de\u00a0bonds\u00a0e, desde 1972, atrav\u00e9s de empr\u00e9stimos junto a organismos multilaterais, ag\u00eancias governamentais e outras institui\u00e7\u00f5es.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Emiss\u00e3o de t\u00edtulos externos &#8211;\u00a0bonds<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Os\u00a0bonds\u00a0emitidos pelo BNDES t\u00eam juros pr\u00e9-fixados determinados em processo de\u00a0bookbuilding\u00a0e amortiza\u00e7\u00e3o de principal em parcela \u00fanica. Sua principal vantagem \u00e9 n\u00e3o determinar a destina\u00e7\u00e3o dos recursos, permitindo a amplia\u00e7\u00e3o no escopo de atua\u00e7\u00e3o do BNDES.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">A obriga\u00e7\u00e3o com emiss\u00f5es de\u00a0bonds\u00a0em 31 de dezembro de 2016 \u00e9 de\u00a0R$\u00a018,7 bilh\u00f5es. N\u00e3o houve emiss\u00e3o de\u00a0bonds\u00a0em 2016.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Entre dezembro de 2015 e janeiro de 2016, foram cancelados USD 356,2 milh\u00f5es do t\u00edtulo com vencimento em 14\/04\/2019, USD 161,6 milh\u00f5es do t\u00edtulo com vencimento em 10\/06\/2019, USD 305,1 milh\u00f5es do t\u00edtulo com vencimento em 12\/07\/2020 e USD 655,9 milh\u00f5es do t\u00edtulo com vencimento em 26\/09\/2023. Em outubro de 2016, foram cancelados USD 33,2 milh\u00f5es do t\u00edtulo com vencimento em 10\/06\/2019 e USD 56,6 milh\u00f5es do t\u00edtulo com vencimento em 12\/07\/2020.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Veja mais informa\u00e7\u00f5es sobre os\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?1dmy&amp;urile=wcm%3apath%3a%2Fbndes_institucional%2Fhome%2Ftransparencia%2Ffontes_de_recursos%2Ftitulos-externos\" target=\"_blank\" rel=\"noopener noreferrer\">t\u00edtulos externos emitidos pelo BNDES<\/a>.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Nota Explicativa 10.1.b.1 &#8211;\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/wcm\/connect\/site\/06ed4931-bf7a-4cac-b696-4484e3201ec6\/BNDES_Demonstra%C3%A7%C3%B5es+Financeiras_31.12.16.pdf?MOD=AJPERES&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lsUvppC&amp;CVID=lsUvppC&amp;CVID=lsUvppC\" target=\"_blank\" rel=\"noopener noreferrer\">DFS BNDES DEZ\/16<\/a>\u00a0(PDF &#8211; 1,2 MB)<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Opera\u00e7\u00f5es com institui\u00e7\u00f5es multilaterais<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">As capta\u00e7\u00f5es junto a organismos multilaterais e ag\u00eancias governamentais s\u00e3o realizadas com institui\u00e7\u00f5es parceiras como Banco Interamericano de Desenvolvimento (BID), Japan Bank for International Cooperation (JBIC), Kreditanstalt f\u00fcr Wiederaufbau (KfW), Nordic Investment Bank (NIB), China Development Bank (CDB), Agence Fran\u00e7aise de D\u00e9veloppement (AFD), Swedish Export Credit Corporation (SEK) e Instituto de Cr\u00e9dito Oficial (ICO).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Diferentemente das emiss\u00f5es de bonds, os recursos captados junto a essas institui\u00e7\u00f5es t\u00eam, geralmente, destina\u00e7\u00e3o espec\u00edfica a setores ou segmentos empresariais e devem atender \u00e0s condi\u00e7\u00f5es da institui\u00e7\u00e3o credora.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">As principais vantagens dessas fontes s\u00e3o custo est\u00e1vel e prazo de financiamento mais longo em rela\u00e7\u00e3o \u00e0s demais capta\u00e7\u00f5es de mercado, al\u00e9m de seu car\u00e1ter antic\u00edclico. Em momentos de escassez de recursos, marcados por crises internacionais ou por crises cambiais, os organismos mantiveram o n\u00edvel de concess\u00e3o de seus empr\u00e9stimos.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Em 2016, destacam-se os ingressos de R$ 471 milh\u00f5es do KfW referentes a contrato assinado em 2015 e R$\u00a0180\u00a0milh\u00f5es da Agence Francaise de Developpement (AFD) relativos ao contrato assinado em 2014.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Os empr\u00e9stimos com institui\u00e7\u00f5es multilaterais e ag\u00eancias governamentais totalizam\u00a0R$ 19,6 bilh\u00f5es\u00a0em 31 de dezembro de 2016.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Nota Explicativa 10.1.d &#8211;\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/wcm\/connect\/site\/06ed4931-bf7a-4cac-b696-4484e3201ec6\/BNDES_Demonstra%C3%A7%C3%B5es+Financeiras_31.12.16.pdf?MOD=AJPERES&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lsUvppC&amp;CVID=lsUvppC&amp;CVID=lsUvppC\" target=\"_blank\" rel=\"noopener noreferrer\">DFS BNDES DEZ\/16\u00a0<\/a>(PDF &#8211; 1,2 MB)<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Outros empr\u00e9stimos no exterior<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">S\u00e3o opera\u00e7\u00f5es realizadas com institui\u00e7\u00f5es no exterior outras que n\u00e3o organismos multilaterais e ag\u00eancias governamentais, geralmente bancos comerciais ou grupo de bancos comerciais e\/ou outras institui\u00e7\u00f5es.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">N\u00e3o houve capta\u00e7\u00e3o dessa natureza em 2016.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">O saldo dos outros empr\u00e9stimos no exterior totaliza\u00a0R$ 1,3 bilh\u00e3o\u00a0em 31 de dezembro de 2016 e se refere a contratos com o Bank of Tokyo-Mitsubishi UFJ.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Nota Explicativa 10.1.b.2-\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/wcm\/connect\/site\/06ed4931-bf7a-4cac-b696-4484e3201ec6\/BNDES_Demonstra%C3%A7%C3%B5es+Financeiras_31.12.16.pdf?MOD=AJPERES&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lsUvppC&amp;CVID=lsUvppC&amp;CVID=lsUvppC\" target=\"_blank\" rel=\"noopener noreferrer\">DFS BNDES DEZ\/16<\/a>\u00a0(PDF &#8211; 1,2 MB)<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Outras obriga\u00e7\u00f5es<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Deb\u00eantures BNDESPAR<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Por meio de emiss\u00f5es p\u00fablicas de deb\u00eantures da BNDESPAR, o Sistema BNDES contribui para o desenvolvimento do mercado brasileiro de renda fixa e se mant\u00e9m alinhado \u00e0 estrat\u00e9gia de diversifica\u00e7\u00e3o de fontes de recursos.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Em 31 de dezembro de 2016, o saldo das deb\u00eantures emitidas pela BNDESPAR \u00e9 de\u00a0R$ 2,7 bilh\u00f5es. Houve, em 2016, a liquida\u00e7\u00e3o, no vencimento, de 711.000 deb\u00eantures simples (1\u00aa e 2\u00aa s\u00e9ries) da Segunda Oferta no \u00e2mbito do Terceiro Programa (2012), no total de R$ 1.108 milh\u00f5es.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">A \u00faltima emiss\u00e3o de deb\u00eantures ocorreu em 2012, quando foram captados R$ 2,0 bilh\u00f5es.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Veja informa\u00e7\u00f5es sobre as emiss\u00f5es de\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?1dmy&amp;urile=wcm%3apath%3a%2Fbndes_institucional%2Fhome%2Frelacao-com-investidores%2Fdebentures-bndespar%2Fcomunicados_debentures_bndespar\" target=\"_blank\" rel=\"noopener noreferrer\">deb\u00eantures pela BNDESPAR<\/a>.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Nota Explicativa 15.1.2 &#8211;\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/wcm\/connect\/site\/06ed4931-bf7a-4cac-b696-4484e3201ec6\/BNDES_Demonstra%C3%A7%C3%B5es+Financeiras_31.12.16.pdf?MOD=AJPERES&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lsUvppC&amp;CVID=lsUvppC&amp;CVID=lsUvppC\" target=\"_blank\" rel=\"noopener noreferrer\">DFS BNDES DEZ\/16<\/a>\u00a0(PDF &#8211; 1,2 MB)<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Letras de Cr\u00e9dito do Agroneg\u00f3cio (LCA)<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">O BNDES realiza leil\u00f5es de Letras de Cr\u00e9dito do Agroneg\u00f3cio (LCA) perante institui\u00e7\u00f5es habilitadas em plataformas eletr\u00f4nicas de negocia\u00e7\u00e3o.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">O saldo de LCA em 31 de dezembro de 2016 \u00e9 de\u00a0R$ 7,5 bilh\u00f5es.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Veja informa\u00e7\u00f5es sobre as\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?1dmy&amp;urile=wcm%3apath%3a%2Fbndes_institucional%2Fhome%2Ftransparencia%2Ffontes_de_recursos%2Fletras-credito-agronegocio-bndes%2Fletras_de_credito_do_agronegocio_do_bndes\" target=\"_blank\" rel=\"noopener noreferrer\">Letras de Cr\u00e9dito do Agroneg\u00f3cio do BNDES.<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Nota Explicativa 15.2 &#8211;\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/wcm\/connect\/site\/06ed4931-bf7a-4cac-b696-4484e3201ec6\/BNDES_Demonstra%C3%A7%C3%B5es+Financeiras_31.12.16.pdf?MOD=AJPERES&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lsUvppC&amp;CVID=lsUvppC&amp;CVID=lsUvppC\" target=\"_blank\" rel=\"noopener noreferrer\">DFS BNDES DEZ\/16<\/a>\u00a0(PDF &#8211; 1,2 MB)<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Fundo Amaz\u00f4nia (FA)<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Em 31 de dezembro de 2016, o total de recursos do Fundo Amaz\u00f4nia \u00e9 de\u00a0R$ 2,9 bilh\u00f5es, destinados ao financiamento de projetos para preven\u00e7\u00e3o, monitoramento e combate ao desmatamento e de promo\u00e7\u00e3o da conserva\u00e7\u00e3o e do uso sustent\u00e1vel das florestas no Bioma Amaz\u00f4nia.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Veja mais informa\u00e7\u00f5es sobre os recursos financeiros oriundos do\u00a0<a href=\"http:\/\/www.fundoamazonia.gov.br\/FundoAmazonia\/fam\/site_pt\/Esquerdo\/Doacoes\/\" target=\"_blank\" rel=\"noopener noreferrer\">Fundo Amaz\u00f4nia <\/a>.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Nota Explicativa 23.2 &#8211;\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/wcm\/connect\/site\/06ed4931-bf7a-4cac-b696-4484e3201ec6\/BNDES_Demonstra%C3%A7%C3%B5es+Financeiras_31.12.16.pdf?MOD=AJPERES&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lICa1Y9&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lynP3uv&amp;CVID=lsUvppC&amp;CVID=lsUvppC&amp;CVID=lsUvppC\" target=\"_blank\" rel=\"noopener noreferrer\">DFS BNDES DEZ\/16<\/a>\u00a0(PDF &#8211; 1,2 MB)<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">As Notas Explicativas do Sistema BNDES complementam essas informa\u00e7\u00f5es e est\u00e3o dispon\u00edveis\u00a0<a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?1dmy&amp;urile=wcm%3apath%3a%2Fbndes_institucional%2Fhome%2Frelacao-com-investidores%2Fdemonstracoes-financeiras%2Fdemonstracoes-financeiras-bndes\" target=\"_blank\" rel=\"noopener noreferrer\">aqui<\/a>.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Veja tamb\u00e9m<\/span><\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/transparencia\/fontes-de-recursos\/fontes-recursos\/!ut\/p\/z1\/tZNRU-IwEMc_TR9Ltk0q5d6KVtAW9c4p0LwwaUlp7iSpaYDTT3-BwxnUE8fRy0sn281v__9kF1E0RVSytVgwI5Rkd3af05NZ2kviIbmGdPADPIiC5DwanyUYfIImuwR4Y0WA6OF5wDfnEA1TLyOjPvgJQWNEES2laUyN8kLOeTsTsjXCrMqdAgdqteQOGM1k2zDNZSmYA5WSxqbO-UzzcqVb1T7F3KfAFtyUYo5yQkqAoMfcinR9l5AwcHsEl263COYVDysImb83csQpPe5zsq13SLi-wLH1epoGJE68QQ_vE44wcquhe6Dh5sreVvC9D4OYeCTuosla8A3KpNJL-zi3H7Q4fF1h3D-DKL24TQcZ4DDzP1nhHbz3xfjn95OR_4s_-ST-8nl_vO4wO2y-Hp2OFhbLTO0KWSk0fdnWNkv8vL-nkZ2b7a_fBk2_dnCs0MWdKv6OfyQLHFpFmldcc91ZaRuujWm-OeDAZrPp7Ip3FmrdKbSNNJbYKG22Elph-BtC_sWuVWvNvGSiZpktQ_zg_qpGMSb55fqxf-XuP7R4wI8pn_wBVwhbiA!!\/dz\/d5\/L2dBISEvZ0FBIS9nQSEh\/?1dmy&amp;urile=wcm%3apath%3a%2Fbndes_institucional%2Fhome%2Frelacao-com-investidores%2Finformacoes-gerenciais%2Fseries-historicas\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\">S\u00e9ries hist\u00f3ricas<\/span><\/a><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Ricardo Bergamini<\/span><br \/>\n<span style=\"color: #0000ff;\">(48) 99636-7322<\/span><br \/>\n<span style=\"color: #0000ff;\">(48) 99976-6974<\/span><br \/>\n<span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"mailto:ricardobergamini@ricardobergamini.com.br\" target=\"_blank\" rel=\"noopener noreferrer\">ricardobergamini@ ricardobergamini.com.br<\/a><\/span><br \/>\n<span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www.ricardobergamini.com.br\" target=\"_blank\" rel=\"noopener noreferrer\">www.ricardobergamini.com.br<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>O que me torna triste, quando se aproximam as sombras da velhice, n\u00e3o \u00e9 apenas assistir ao \u201cempobrecimento\u201d do Brasil. \u00c9 o castigo imerecido que&#8230;<\/p>\n","protected":false},"author":18,"featured_media":1130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"http:\/\/acaopolitica.com\/index.php\/wp-json\/wp\/v2\/posts\/1611"}],"collection":[{"href":"http:\/\/acaopolitica.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/acaopolitica.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/acaopolitica.com\/index.php\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"http:\/\/acaopolitica.com\/index.php\/wp-json\/wp\/v2\/comments?post=1611"}],"version-history":[{"count":1,"href":"http:\/\/acaopolitica.com\/index.php\/wp-json\/wp\/v2\/posts\/1611\/revisions"}],"predecessor-version":[{"id":1613,"href":"http:\/\/acaopolitica.com\/index.php\/wp-json\/wp\/v2\/posts\/1611\/revisions\/1613"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/acaopolitica.com\/index.php\/wp-json\/wp\/v2\/media\/1130"}],"wp:attachment":[{"href":"http:\/\/acaopolitica.com\/index.php\/wp-json\/wp\/v2\/media?parent=1611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/acaopolitica.com\/index.php\/wp-json\/wp\/v2\/categories?post=1611"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/acaopolitica.com\/index.php\/wp-json\/wp\/v2\/tags?post=1611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}