EL SABER ANTROPOLÓGICO DE LA RELIGIÓN SEGÚN LA TEORÍA MIMÉTICA
4.3. EL DESVELAMIENTO DEL MECANISMO VICTIMARIO
4.3.2. Los sacrificios en los textos brahmánicos indios
Prior to March 14, 2005, there were two legal foreign exchange markets in Brazil in which rates were freely negotiated but could be strongly influenced by Central Bank intervention:
• the commercial rate exchange market, which was primarily dedicated to foreign trade loans and transactions that generally required prior approval from Brazilian monetary authorities, such as the buying and selling of registered investments by foreign entities, the purchase or sale of shares and the payment of dividends or interest on shareholders' equity with respect to such shares; the payment of principal of and interest on loans, notes, bonds and other debt instruments denominated in foreign currency and duly registered with the Central Bank; and
• the floating rate exchange market, which was generally applied to specific transactions that required prior Central Bank approval and were not conducted through the commercial rate exchange market.
On March 4, 2005, the CMN enacted Resolution No. 3,265 (superseded by CMN Resolution No. 3,568, dated as of May 29, 2008), pursuant to which the commercial rate exchange market and the floating rate exchange market were unified in a sole exchange market, effective as of March 14, 2005. The new regulation allows, subject to certain procedures and specific regulatory provisions, the purchase and sale of foreign currency and the international transfer of reais by a foreign person or company, without limitation as to amount. Foreign currencies may only be purchased through financial institutions domiciled in Brazil and authorized to operate in the exchange market.
The real depreciated against the U.S. dollar by 53.2% in 2002 and 31.9% in 2008. The real appreciated 18.0%, 8.0%, 12.3%, 8.5%, 17.0%, 25.3% and 3.4% against the U.S. dollar in 2003, 2004, 2005, 2006, 2007, 2009 and 2010. In 2011, the real depreciated 13.6% against the U.S. dollar. On December 31, 2011, the real/U.S. dollar exchange rate was R$1.8758 per U.S.$1.00.
In the past, the Brazilian Government has implemented various economic plans and utilized a number of exchange rate policies, including sudden devaluation, periodic mini-devaluation during which the frequency of adjustments ranged from a daily to a monthly basis, floating exchange rate systems, exchange controls and dual exchange rate markets. We cannot predict whether the Central Bank or the Brazilian Government will continue to let the real float freely or intervene in the exchange rate market by returning to a currency band system or otherwise.
The real may depreciate or appreciate substantially against the U.S. dollar. Exchange rate fluctuations may adversely affect us and the market price of our Notes. We are subject to foreign exchange rate instability, including devaluation of the real, which may adversely affect us.
The following tables provide information on the selling exchange rate, expressed in reais per U.S. dollar (R$/U.S.$) for the periods indicated, as reported by the Central Bank.
Average for
For the year Ended December 31, Period-end Period(1) Low High
(reais per U.S. dollar)
2007 ... 1.7713 1.9483 1.7325 2.1556 2008 ... 2.3370 1.8375 1.5593 2.5004 2009 ... 1.7412 1.9935 1.7024 2.4218 2010 ... 1.6662 1.7593 1.6554 1.8811 2011 ... 1.8758 1.6746 1.5345 1.9016
2012 (through May 2, 2012) ... 1.9149 1.7920 1.7024 1.9149 (1) Daily rate calculated as the accumulated monthly average up to the date of calculation.
Source: Central Bank
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Average for
Month Period-end Period(1) Low High
(reais per U.S. dollar)
October 2011 ... 1.6885 1.7726 1.6885 1.8856 November 2011 ... 1.8109 1.7905 1.7270 1.8937 December 2011 ... 1.8758 1.8369 1.7830 1.8758 January 2012 ... 1.7391 1.7897 1.7389 1.8683 February 2012 ... 1.7092 1.7209 1.7024 1.7509 March 2012...
April 2012 ...
May 2012 (through May 2, 2012) ...
1.8221 1.8918 1.9149
1.7953 1.8577 1.9149
1.7152 1.8256 1.9149
1.8334 1.9149 1.9149
(1) Daily rate calculated as the accumulated monthly average up to the date of calculation.
Source: Central Bank
Brazilian law provides that, whenever there is a serious imbalance in Brazil's balance of payments or there are serious reasons to foresee a serious imbalance, temporary restrictions may be imposed on remittances of foreign capital abroad. We cannot assure you that such measures will not be taken by the Brazilian Government in the future, which could prevent us from making payments under the Notes. See "Risk Factors—Risks Relating to the Notes—We will not have guaranteed access to U.S. dollars for repayment of the Notes."
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CAPITALIZATION
The following table sets forth our capitalization under Brazilian GAAP as of December 31, 2011 and is derived from the 2011 Financial Statements and as adjusted to give effect to the offering of the Notes and intended uses of proceeds thereof. There has been no material change to our capitalization since December 31, 2011.
As of
December 31, 2011 Adjusted(1) (R$ thousands) (R$ thousands) Current liabilities (including current portion of non-current liabilities):
Real-denominated:
Deposits ... 5,115,979 5,115,979
Open market funding, interbank account and interbranch account and derivatives 652,573 652,573
Domestic borrowing and onlendings ... 189,938 189,938 Financial and development funds ... 1,102,922 1,102,922 Hybrid instrument of equity and debt ... 70,164 70,164 Total real-denominated interest-bearing liabilities ... 7,131,576 7,131,576
Tax and social security ... 525,820 525,820 Others ... 975,290 975,290 Total real-denominated non-interest bearing-liabilities ... 1,501,110 1,501,110 Total current real-denominated liabilities ... 8,632,686 8,632,686
Foreign currency-denominated:
Foreign borrowings and onlendings ... 914,548 914,548 Foreign exchange portfolio ... 1,188 1,188
Payables for securities issued abroad(2) ... 199,732 199,732 Total current foreign currency-denominated liabilities ... 1,115,468 1,115,468
Total current liabilities ... 9,748,154 9,748,154 Non-current liabilities (excluding current portion):
Real-denominated:
Deposits ... 3,848,520 3,848,520 Open market funding and derivatives ... 80,074 80,074
Domestic borrowing and onlendings ... 1,146,279 1,146,279 Financial and development funds ... 3,617,155 3,617,155 Subordinated debt eligible for capital ... 1,216,319 1,216,319 Hybrid instrument of equity and debt ... 1,067,708 1,067,708 Total real-denominated interest-bearing liabilities ... 10,976,055 10,976,055
Other ... 2,058,887 2,058,887 Total real-denominated non-interest bearing-liabilities ... 2,058,887 2,058,887 Total non-current real-denominated ... 13,034,943 13,034,943
Foreign currency-denominated:
Foreign onlendings ... 759,101 759,101
Foreign borrowings ... 0 555,619 Payable for securities issued abroad(3) ... 563,876 563,876
Total non-current foreign currency-denominated liabilities ... 1,322,977 1,878,596 Total non-current liabilities ... 14,357,919 14,913,538
Deferred income ... 16 16 Total liabilities ... 24,106,089 24,661,708
Shareholder's equity ... 2,329,499 2,329,499 Total capitalization(4) ... 26,435,588 26,991,207
(1) As adjusted by the issuance of the Notes and assuming proceeds of U.S.$296,203,750 after deductions of fees, commissions and certain other expenses, converted from U.S. dollars to reais using the selling exchange rate of R$1.8758 to U.S.$1.00, as published by the Central Bank on December 31, 2011.
(2) Interest payments on the U.S.$300 million five-year notes issued in November 2010.
(3) Principal payment on the U.S.$300 million five-year notes issued in November 2010.
(4) Total capitalization equals total liabilities plus shareholder's equity.