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EMGEA (Empresa Gestora de Ativos) Asset Management Company of Brazil is a non-financial federal public enterprise bound to the Ministry of Finance and established by the Law “Decreto nº 3.848/2001”, which is based on the authorisation of “Medida Provisória nº 2.155/2001” (current MP nº 2.196-3/2001).

It was created based on PROEF (Programa de Fortalecimento das Instituições Financeiras Federais) Federal Financial Institutions Strenghthening Programme with the purpose of acquiring goods and rights of the Federal government and from other branches of the Federal Public Administration. Its initial capital was rendered by the Federal government in terms of titles to receive from Itaipu totalising R$ 5,8 billions. Later, the Federal government provided influx of R$ 4,2 billions consisted by real estate credit operations contracts acquired from bank CAIXA (Caixa Econômica Federal). Other capital influxes were provided aiming to balance Emgea’s deficit, especially those resulting from credits hard to retrieve. Nowadays EMGEA joint-stocks sum about R$ 20,1 billion.

In the process of separating credits and debts of CAIXA so as to create EMGEA, it was transfered credits representing 1.300.000 real estate contracts of persons and legal persons and other financial actors credit portfólio. On the other hand, EMGEA took CAIXA’s responsability regarding FGTS (Fundo de Garantia por Tempo de Serviço) Guarantee Fund for Length of Service and FDS (Fundo de Desenvolvimento Social) Social Development Fund and also those related to.

In contrast, Emgea obligations assumed responsibility for the CAIXA with the FGTS and FDS and the creditors of the FAHBRE (Fundo de Apoio à Produção de Habitações para a População de Baixa Renda) Production Support Fund Habitat for Low-Income Families in an amount corresponding to the value of claims received.

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