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Post Office Target of Action at TCU Over Loan from Post Office; National Treasury Warns of Fiscal Impact of Union Guarantee
The state-owned Post Office has returned to the center of fiscal debate after Senator Jorge Seif (PL) triggered the Federal Court of Accounts (TCU) to try to block a loan of up to R$ 20 billion approved by the company’s Board of Directors. In the representation, he points out that the operation would have a cost of 136% of the CDI, above the limit of 120% of the CDI adopted as a reference by the National Treasury for granting guarantees, and requests the immediate suspension of all acts related to the credit.
According to the senator, the financing request occurs amidst a “critical economic-financial framework” for the Post Office, which has accumulated about R$ 6.05 billion in losses until the third quarter of 2025.
For Seif, the combination of the state-owned company’s debt level, the cost of the new debt, and the fact that the Treasury is the guarantor justifies careful analysis by the TCU before the operation proceeds.
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Representation at TCU Questions Cost of Credit to Post Office
In the document filed with the TCU, Jorge Seif states that the structure of the approved loan for the Post Office contradicts the parameter of 120% of the CDI used by the National Treasury as a limit for operations with Union guarantee.
The proposals received from a bank union to finance the Post Office would have reached 136% of the CDI, an index that the senator classifies as “exceeding the reference ceiling” set in the federal guarantee policy.
The senator argues that, in this configuration, the Post Office assumes an expensive debt, while the final risk of default falls on the Union, since the Treasury is the formal guarantor of the operation.
For him, this demands a preventive action from the TCU to verify whether the credit format respects the criteria of cost, risk, and public interest in the contracting of new sovereign guarantees.
Interest of 136% of the CDI and Fiscal Risk of R$ 3 Billion Per Year
Another central point of the representation is the estimate of fiscal impact. According to the document presented to the TCU, the annual interest of the operation of the Post Office could reach R$ 3 billion, considering the volume of up to R$ 20 billion and the rate of 136% of the CDI.
In the senator’s assessment, this level of financial burden significantly increases the risk to public accounts, since the financial arrangement shifts the credit risk from the Post Office to the Union, which would have to honor the commitment if the state-owned company could not meet the debt service.
He states that assuming new risks by the Union, under conditions more expensive than the reference limit itself, would require “maximum prudence” from the oversight bodies.
Post Office in Loss and Debate on Changing Rules
The representation also highlights the operational context of the Post Office. According to the senator, the state-owned company records an accumulated loss of approximately R$ 6.05 billion until the third quarter of 2025, which reinforces the need to examine whether the new debt is compatible with the company’s ability to pay and with the public interest in preserving postal services.
Furthermore, Seif mentions that the federal government is studying changing the decree that defines the conditions for granting Union guarantees. The change would allow for guarantees even in operations above 120% of the CDI, a range that is currently used as the limit for cost eligibility.
In the legislator’s view, this possibility makes it even more necessary for the TCU to carefully analyze the Post Office operation, just because it could open space for more expensive credits with sovereign risk embedded.
Senator Requests Injunction to Halt Operation and Audit of Post Office Debt
Based on these arguments, the senator requests that the TCU adopt precautionary measures to immediately suspend all acts of contracting, formalization, disbursement, or execution of the loan to the Post Office until there is a substantive decision on the case.
He also requests that the court open a specific audit to assess the public interest in the operation, the actual necessity of the Post Office’s new debt, and the compliance of the loan with the maximum cost rules of 120% of the CDI.
The idea is for the TCU to verify whether the contracting, in the proposed format, respects the risk limits that the National Treasury considers adequate for operations with Union guarantee.
In the end, the debate over the loan puts the Post Office at the center of a discussion involving state-owned governance, public debt costs, and the role of the TCU in reviewing multi-billion operations with significant fiscal risk.
And you, do you think this loan to the Post Office should be approved under current terms or that the TCU should block the operation until a review of the cost and guarantee conditions?
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