Apresenta

1
II CONFERENCE ON FINANCING MUNICIPALITIES
SUB-NATIONAL GOVERNMENTS INSTITUTIONAL MODELS IN
ADVANCED ECONOMIES AND THEIR APPLICABILITY TO
DEVELOPING COUNTRIES WILSON RISOLIA WASHINGTON,
DC. SEPTEMBER 30.
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CAIXA ECONÔMICA FEDERAL

• Public financial institution with 143 years of
  existence.
• 29 million clients
• Present in the 5,560 Municipalities
• US 55 bi in Assets
• US 30 bi in Third-Party Assets
• US 28 bi in Deposits
• US 9 bi in Credit Porftolio

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CAIXA Credit Grants
Values in US billion
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WORKING ALL OVER BRAZIL
14.727 Service Units Agencies, Electronic
Services Units, Lottery and Banking Corresponding
Facilities
Goal over 6,500 Units as of 2005
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URBAN DEVELOPMENT
Sanitation
Housing

• US 1,8 billion committed
• Beneficiary Population
• 1,3 million Brazilian citizens
• Job generation
• 450 thousand job units.

• US 567 million committed
• Beneficiary population
• 9,4 million
• Job generation
• 842 thousand vacancies.

Investment in 2004 US 3,7 Billion
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Brazil - deficit in water, sewage and waste
2002 permanent private homes 40.7
million
80
deficit
water sewage waste
4,3 million 18,9 million 1,7 million
10.7 46.4 4.1
68
55
water supply
sewage systems
waste collection
19
Source IBGE, PNAD 2002.
16
16
12
10
9
5
5
2
1
1
1
more than 10 ms
undeclared
more than 5 - 10 ms
up to 3 ms
more than 3 - 5 ms
7
Consolidated Primary Surplus for the Public Sector
6
jun 04 4,54
5
4
3
2
of GDP
1
0
-1
-2
jul
apr
jan
oct
jul
apr
jan
oct
jul
apr
jan
oct
jul
apr
94
95
96
96
97
98
99
99
00
01
02
02
03
04
Fonte Bacen
8
Taxa de Desemprego
Trends of the Ratio Net Debt / GDP
60
60
55
55
50
50
45
45
do PIB
40
40
35
35
Median line to Market Expectations
30
30
1994
1996
1998
2000
2002
2004
2006
2008
1994
1996
1998
2000
2002
2004
2006
2008
Fonte IBGE
9
Current Account x Trade Balance
7
30
25
0
20
-7
15
Current Account left scale
US Billion
-14
10
US Billion
5
-21
Trade Balance right scale
0
-28
-5
-35
-10
jan
jan
jan
jan
jan
jan
jan
jan
jan
96
97
98
99
00
01
02
03
04
10
Current Account Surplus 1994/2004
2
1,6
0,8
1
0
-0,3
-1
-2
of GDP
-3
-4
-5
- 4,7
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
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Unemployment Rate
13,5
12,5

11,5
11,2
10,5
out
jan
abr
jul
out
jan
abr
jul
out
jan
abr
jun
01
02
02
02
02
03
03
03
03
04
04
04
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PARTNERSHIPS
FINANCIAL INSTITUTIONS
Federal Gov.
MULTILATERAL ORGANIZATIONS
STATES
MUNICIPALITIES
DEVELOPMENT AGENCIES
ENVIRONMENTAL SANITATION HOUSING
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Operation Structure
ABS (IPCA indexed) are sell to Mutual Fund
ABS (IPCA indexed)
Fund issues shares to Investors
SPV/ABS Mutual Fund
ABS (TR indexed)
IFC FMP
SWAP TR x IPCA
Treasure offer swap from TR index to IPCA index
before monetization process
IFC can offer credit risk guarantee ABS
underlying tariff income and FMP
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