O modelo indireto do BNDES: benefícios, diagnóstico e perspectivas

Abstract

This article aims to present an overview of the importance of wholesale lending business model of Brazilian Development Bank (BNDES) under three perspectives: (i) the financial support to small- and middle-sized enterprises (SME) known as a credit constrained group; (ii) its relevance for mitigating Brazilian credit market bank concentration; and (iii) its institutional role in allocating federal public resources over domestic credit market. Furthermore, we also point out the impact on the wholesale model by the change in the remuneration rate of the historic resource of BNDES for loan, the Workers’ Assistance Fund (FAT), remunerated at Long-Term Interest Rate (TJLP) until 2018 and, after that, at Long-Term Rate (TLP). The TLP is based on a five-year federal treasury yield that has approximated BNDES interest rates to the overall market. Therefore, BNDES wholesale products, such as BNDES Finame (machinery and equipment financial support), observed a relevant reduction in its credit operations. Traditional financial institutional, as the large retail banks and industrial loan companies, have reduced BNDES resources utilization. However, other financial institutions as cooperatives and small retail banks maintain or even increase the application of BNDES loans.