Unroll can clear 2.5 million names if all banks join, says Haddad – 07/17/2023 – Market

The number of Brazilians with debts of up to R$100 that can keep their names clean could reach 2.5 million if all banks adhere to the Desenrola Brasil program, estimated Minister Fernando Haddad (Finance) this Monday (17) .

“There was only one bank that was in doubt whether to adhere or not, because it saw little advantage in presumed credit, and it has 1 million negative CPFs”, said the minister in reference to Nubank. “If all the big banks join, that’s 2.5 million CPFs.”

The program, which was a campaign promise of the Lula government (PT) to reduce the number of debtors in the country, went into operation this Monday with the adhesion of the five largest banks – Bradesco, Banco do Brasil, Itaú Unibanco, Caixa Econômica and Santander . See here how to negotiate debts with financial institutions.

Initially, the Treasury projected that 1.5 million people would have a “clear name” as of this Monday so that they could, for example, negotiate other loans and sign rent contracts.

In practice, banks will have until July 28 to remove the debt from the list of defaulters. Those who have debts from sources other than banking, such as water and electricity debts, for example, will continue with the dirty name.

Despite not having the guarantee of the FGO (Operations Guarantee Fund) at this stage of Desenrola, the banks had a regulatory incentive already used on other occasions, such as in the Covid-19 pandemic.

Financial institutions that negotiate bank debts on Desenrola are entitled to a presumed credit that, in practice, improves the bank’s capital position and opens up space to boost new financing. The government estimates that around BRL 50 billion could be traded in this context, benefiting around 30 million people.

Removing the negatives for these debtors is a counterpart required by the government for financial institutions to participate in the next phase of the program, which will open to the public in September.

It is aimed at those who receive up to R$ 2,640 per month or are enrolled in the Single Registry of social programs and entered the negative list as of January 1, 2019, remaining with active debt until December 31, 2022. to be traded will have a limit of R$ 5,000.

In the next stage, the FGO will have R$ 7.5 billion to guarantee financing contracted by people in the so-called tier 1. The amount can be complemented, according to the Treasury holder, “if the success of the program is greater” than imagined by the government.

With that, the economic team expects to negotiate R$ 30 billion in government-guaranteed debts in Desenrola. In June, when the program’s rules were announced, the government said that the potential debt to be negotiated in track 1 was more than R$ 50 billion.

“We are estimating around R$ 7.5 billion in guarantees alone, which could mean the cancellation of a debt four times greater than that, this is the preliminary estimate of the program”, said Haddad.

“We may be talking about canceling debts of around R$30 billion for the lowest-income population,” he added.

Although all the rules for Desenrola are already known, the minister wanted to give an interview to journalists to “clear up doubts” about the program.