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The Government Wants to Use R$ 8 Billion Forgotten in Bank Accounts to Compensate for Fiscal Losses. With Urgency Approved, the Dispute Intensifies Between the Government and the Supreme Court About the Destination of This Money.
Did you know that billions of reais may be sitting in bank accounts without their owners even realizing it?
The federal government has found an apparently simple solution to cover the fiscal deficit: to use about R$ 8 billion forgotten in banks.
But, as always, nothing is as simple as it seems. The plan, which seeks to compensate for the payroll tax exemption, faces strong objections.
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And the protagonist of this dispute is none other than the Central Bank, which opposes the proposal in a surprising turnaround.
At the center of the controversy is Bill 1.847/2024, which would allow the government to use funds set aside by Brazilians in bank accounts.
These resources, totaling around R$ 8 billion, would be earmarked to cover the costs of payroll tax exemption for 17 economic sectors.
According to the Central Bank (BC), the measure is inconsistent with the official methodology for calculating fiscal results and may even be unconstitutional.
The Clash Between the Government and the Central Bank
The BC was clear: it does not agree with the use of these forgotten resources as a form of fiscal compensation. For the monetary authority, these amounts should be considered a “patrimonial adjustment,” which would reduce the Net Public Sector Debt (DLSP), but could not be counted as primary revenue.
The methodology suggested by the government, according to the BC, would conflict with international standards for macroeconomic statistics, recognized by the International Monetary Fund (IMF).
According to Finance Minister Fernando Haddad, the Central Bank will have the final word on whether the forgotten resources can be counted for the calculation of primary results.
However, Haddad has already indicated that, in the past, a similar operation was carried out with resources from PIS/Pasep, generating a divergence situation between the National Treasury and the BC.
The Proposal in Question
The urgency for the bill’s vote was approved by the Chamber on September 9, 2024. According to the Ministry of Finance, the proposal could generate up to R$ 26 billion in compensatory revenue, although this amount covers less than half of the estimated fiscal exemption between 2024 and 2027.
The forgotten resources in banks represent a significant portion of this proposal, with R$ 8 billion already identified by the BC.
However, according to the bank itself, the accounting of these values would not directly impact the primary result, and its use could still be questioned in the Supreme Court (STF).
Judicial Deposits and Patrimonial Adjustments
In addition to the forgotten bank resources, the government’s proposal also covers the appropriation of judicial deposits that have not been claimed or returned after the conclusion of legal proceedings. These deposits could inject up to R$ 12 billion into public coffers.
However, the BC also questions this measure, stating that it involves “private resources,” making its incorporation a form of patrimonial adjustment, without a direct effect on the primary result.
The Central Bank emphasized that the appropriation of these deposits does not resemble a traditional economic transaction between the public and private sectors, which further complicates its use as public revenue.
Past Operations and the PIS/Pasep Case
To reinforce its point, the government cited a previous operation carried out during the administration of Luiz Inácio Lula da Silva in 2023.
At that time, R$ 26 billion in resources from PIS/Pasep were used, generating similar discussions between the Central Bank and the National Treasury about how these amounts should be accounted for.
According to Haddad, the BC has been consistent in its position, arguing that these resources cannot be considered primary revenue.
The discussion now revolves around the adequacy of the proposal to what was decided by the STF, as the bill depends on how the Senate chooses to structure the compensation for the exemption.
An Uncertain Future
Despite the disagreements, the government seems determined to move forward with the proposal, while the Central Bank insists that the operation must follow international fiscal accounting standards.
It remains to be seen whether the project, once approved, will be accepted by the STF and whether the forgotten resources can be fully utilized to cover the fiscal deficit.
With an estimated R$ 8 billion available in banks, the government could be close to a solution for its fiscal difficulties.
However, the clash with the BC and the legal questions surrounding the proposal make the future of this measure uncertain. Will this bold maneuver succeed, or will the STF ultimately block the use of these resources?
And you, did you know that billions of reais forgotten can be used this way by the government? How do you think Brazil should deal with this situation?
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