The National Monetary Council (CMN) approved this Thursday (22) changes to the statute and regulations of the Credit Guarantee Fund (FGC), amid the start of payments to investors affected by the liquidation of Banco Master, which occurred in November 2025. 
In a note, the fund informed that the changes do not affect recent settlements.
Since last Monday (19), the FGC has been reimbursing investors who invested resources in covered Banco Master products. The fund will also have to honor guarantees related to the liquidation of other companies in the group and Will Bank, which took place on Wednesday (21), in an estimated volume of around R$47 billion.
One of the main changes approved by the CMN is in article 7 of the regulation, which now allows the FGC board of directors to propose an increase or reduction in contributions from associated institutions whenever it deems necessary. The proposal must be evaluated by the Central Bank and decided by the CMN. According to the fund, there is currently no discussion about increasing tax rates.
To mitigate the impact on liquidity, the FGC may advance contributions from associated institutions by up to five years and institute extraordinary charges. These mechanisms were already provided for in current regulations.
Another relevant point is the establishment of a maximum period of three days for the payment of guarantees to begin, counting from the receipt of formal information sent by the liquidators.
International standards
In a statement, the FGC stated that the approved changes aim to align with best international practices. Among the points highlighted are the expansion of support for the transfer of control or assets and liabilities of associated institutions that are in an “adverse economic situation”, upon recognition by the Central Bank.
The changes also include the coverage of expenses and responsibilities arising from regular management acts carried out in good faith by the fund’s administration, in addition to increasing transparency, with the disclosure of information on the balance of instruments covered by each associated institution.
According to the FGC, “the changes make it possible to make the guarantee payment process faster, more predictable and in line with best international practices” and contribute to “greater stability and solidity of the National Financial System”, with no impact on settlements already in progress.
