The Deputy Public Prosecutor of the Federal Court of Auditors (TCU), Lucas Furtado, made an offer on Monday for the Court of Accounts to adopt the necessary measures to monitor and supervise a R$20 billion loan to Correios, in the final stage of negotiations by the government. The document highlights the cost of the process, which amounts to approximately 136% of the bank certificate of deposit (CDI), and the interest charged on interbank loans. This percentage exceeds 120% of the daily income index, which the National Treasury considers a standard in the credit operations guaranteed by the Union.
“I understand that the interest rate set, approximately 136% of the CDI, appears to disproportionately benefit the financial institutions involved, which already have a sovereign guarantee. This situation raises questions about the reasonableness and fairness of the process, as lower risk should lead to more favorable conditions for the state-owned company,” says Furtado.
The state-owned company’s board of directors on Saturday approved the loan after analyzing proposals submitted by a group of banks formed by Banco do Brasil (BB), Citibank, BTG Pactual, ABC Brasil and Safra. For the contracting process to be effective, it must be approved by the National Treasury.
In the presentation, Furtado asks TCU to evaluate the negotiated interest rate, taking into account the sovereign guarantee offered by the Union, the impact of the operation on the public deficit, the financial sustainability of Correios and to adopt measures “to ensure the legitimacy, economics and transparency of the operation.”
He also believes that the government is considering changing Decree 12500/2025, to allow the granting of a union guarantee, even in operations where interest rates exceed the 120% ceiling of CDI, “in light of indications that the different legal treatment to enable the operation is not consistent with the principles of transparency and efficiency.”