The state becomes the buyer of an old claim

Lula announced Desenrola 3.0 on Friday. In the earlier phase each person went to the bank. This time the government buys the portfolio from the financial institution. Moretti set the auction for November, after the October elections. The scope is debts overdue from 2 years to 4.5 years; after 5 years prescription applies.[1]

The first two phases reached 25 million people and renegotiated 53 billion reais and then another 22 billion reais. Moretti describes today's purchases as about 50 billion reais a year. The new phase wants to turn that into a face stock near three times as large, 150 billion reais. The government counts up to 15 million people.[1]

Who books the discount

Moretti describes buying half of a 300 billion reais portfolio at 10 per cent of face value or less, for about 15 billion reais. The discount target is 90 per cent, and that discount passes to the families. I read this as a move of a stale claim from the bank's book onto the public account. If the bank had already marked the recovery as low, 15 billion reais is not a fresh expansion of credit; it changes who carries an old loss.[1]

The text names Caixa Econômica Federal and Banco do Brasil, and FIDC funds in which the Union is a quota holder, as possible carriers. The credit is still the old loan the bank made. The state is not creating a new deposit here; it is offering to take a stopped claim onto its own account. Spending moves only if the installment left with the family actually falls.[1]

The February timetable leaves collection open

The announcement does not say whether the purchased debt is collected or forgiven. The later timetable places the acquisition in February and settles the remainder in cash or in installments. Forgiveness and installment collection do not free the same amount of income the family can spend. I do not assume the whole discount is simply written off. Whether the November auction lands near 90 per cent, and whether the remainder in February stays with the family, separates a plan that adds demand from one that only relocates the claim.[1]