Brazilian banks are set to begin an advance payment of R$ 32.5 billion to the Fund Guaranteeing Credits (FGC) from March 25, 2024, to replenish funds after the liquidation of Banco Master.
The board of the Fund Guaranteeing Credits (FGC) announced on Thursday, March 5, that banks will start to advance their ordinary contributions to the fund beginning on March 25, 2024. This advance involves a total of R$ 32.5 billion that will span 60 months, aimed at replenishing the fund after the disbursements related to the liquidation of Banco Master. Banks will have two options for payment: a single payment this month or three installments, with the last two due on April 25 and May 25.