Caixa Econômica Federal and BNDES must comply with the Federal Government’s request and expand the transfer of profits this year. At least that’s what some members of the Companies and Executives estimate. The request was made in an attempt to close this year’s accounts in the dark and cover expenses with the Benefits PEC.
In addition, the Federal Government sent a letter to the 04 main state-owned companies requesting the expansion of the payment of dividends. In addition to Caixa and BNDES, the document was delivered to Petrobras and Banco do Brasil (BB). Next, learn more about.
Caixa and BNDES should expand TRANSFERS
Currently, Caixa transfers 25% of its dividend to the Federal Government. The expectation is that this percentage will increase to 50% — a slice that is already provided for by the bank’s statute. The Institution must still pay dividends retroactively (from 2019, 2020 and 2021) to comply with the controller’s request and reinforce the Government’s cash.
In the case of BNDES, the tendency is to anticipate the transfer of dividends, making it quarterly, instead of half-yearly. Thus, the two companies must transfer part of the revenue to the Government within 60 days, as they are close to disclosing their results for the 2nd quarter of this year. Decisions must be made official by the companies’ Boards of Directors, whose members have been appointed by the Government. Furthermore, the exact amounts of the transfers have not yet been defined.
Caixa, in turn, continues to analyze compliance with the Basel requirement before defining the exact size of the dividend transferred. This rule, which applies to all banks, determines the minimum amounts of capital, in order to maintain the soundness of the system. Namely, in the 1st quarter of this year, Caixa had a profit of R$ 3 billion. On the other hand, BNDES recorded a positive result of R$ 12.9 billion.
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Understand what the dividend
In short, dividends are part of the profits of companies distributed to their shareholders. In the case of SOEs listed on the Stock Exchange (Petrobras and Banco do Brasil), the main shareholder is the Federal Government. Caixa and BNDES, for example, have the Federal Government as their sole shareholder.
Finally, the objective is to have resources to cover the extra expenses that arose from the amendment that opened up a space of R$ 41.2 billion in this year’s Budget for the payment of the new Auxílio Brasil of R$ 600. The amount collected also will serve to support the benefits for taxi drivers and truck drivers. The reduction of federal taxes on gasoline will still have a cost of R$ 16.5 billion. It is, therefore, an impact of R$ 57.7 billion that the Government wants to “cover” with extra revenues.
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