COMMUNICATION “A” 5693 08/01/2015

TO FINANCIAL ENTITIES:

Ref.: Circular

REMON 1 – 894

LISOL 1 – 621

Liquidity Coverage Ratio. Consolidated Supervision. Minimum Cash.

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We address you to inform that this Institution has adopted the following resolution:

1. Revoke the provisions contained in the rules on “Liquidity Position”.

2. Approve the rules on “Liquidity Coverage Ratio” attached in the Annex to this communication, which will be effective as of 30 Jan 2015.

3. Establish that the provisions referred to in point 2 of this communication shall apply to financial entities that, on 30 September of the year preceding the one in which the ratio is calculated, belong to Group “A” as provided in point 7.1 of Section 7 “Separation of Executive and Management Functions”, Chapter I of Circular CREFI‑2 (text according to point 1 of Communication “A” 5106). These financial entities shall be considered, for the purposes of these provisions, as “internationally active banks.”

4. Incorporate, effective 30 Jan 2015, in point 5.2.1 of the rules on “Consolidated Supervision”, the following:

   5.2.1.10. Liquidity Coverage Ratio, when it concerns financial entities covered by those rules.

5. Replace, effective 30 Jan 2015, point 5.1 of the rules on “Consolidated Supervision” with the following:

   5.1. Individual basis.
   Unless otherwise provided, financial entities (including their branches in the country and abroad) shall individually observe the rules applicable to them.

   In the case of minimum cash and the liquidity coverage ratio, for the latter when it concerns entities covered by the “Liquidity Coverage Ratio” rules, the individual basis shall not include foreign branches.

6. Replace, effective 30 Jan 2015, the first paragraph of points 5.1 and 5.2 of the rules on “Minimum Cash” with the following:

   5.1. Persons responsible for the liquidity policy.
   The financial entity shall inform the Superintendency of Financial and Currency Entities of the names of the persons responsible for handling the liquidity policy – which includes the adoption of the safeguards for meeting the integration of minimum cash and, where applicable, the monitoring of the liquidity coverage ratio – (officials and/or area manager), the General Manager and the director or counselor or highest authority in the country in the case of foreign entities, to whom the function must be reported.

   5.2. Responsibilities.
   The designated officials shall be responsible in case of improper calculations that cause reductions in the minimum cash requirement or, where applicable, in the liquidity coverage ratio referred to in the “Liquidity Coverage Ratio” rules.

Finally, we forward the pages that, in replacement of those previously provided, must be incorporated into the rules on “Consolidated Supervision” and “Minimum Cash”.

It is also reminded that on the Institution’s website www.bcra.gob.ar, under “normativa” (“ordered texts”), the modifications will be found with text highlighted in special characters (strikethrough and bold).

Sincerely,

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

Matías A. Gutiérrez Girault – Manager of Rules Issuance

Jorge L. Rodríguez – General Manager

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ANNEX

• Index
  • Section 1. General considerations.
    • 1.1. Objective.
    • 1.2. Minimum value of the liquidity coverage ratio.
    • 1.3. Stress scenario.
    • 1.4. Determination of the liquidity coverage ratio.
    • 1.5. Calculation frequency and reporting.
    • 1.6. Currencies.
  • Section 2. High‑quality liquid assets fund.
    • 2.1. Operational requirements.
    • 2.2. Included assets.
  • Section 3. Total net cash outflows.
    • 3.1. Definition.
    • 3.2. Computation.
    • 3.3. Applicable criteria.
  • Section 4. Total cash outflows.
    • 4.1. Retail deposit withdrawals.
    • 4.2. Loss of unsecured wholesale funding.
    • 4.3. Guaranteed funding outflow.
    • 4.4. Judicial deposits.
    • 4.5. Additional requirements.
  • Section 5. Total cash inflows.
    • 5.1. Maximum limit to total inflows.
    • 5.2. Computable inflows.
  • Section 6. Factors.
    • 6.1. Cash outflows.
    • 6.2. Cash inflows.
  • Section 7. Policies and responsible persons.
    • 7.1. Liquidity policies.
    • 7.2. Responsible persons.
  • Section 8. Observation basis.
    • 8.1. Individual basis.
    • 8.2. Consolidated basis.
  • Section 9. Transitional provisions.

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SECTION 1. GENERAL CONSIDERATIONS.

1.1. Objective.

Financial entities must maintain an adequate High‑Quality Liquid Assets Fund (FALAC or “stock of high‑quality liquid assets – HQLA –”) that is “free of restrictions” (as defined in point 2.1.2), composed of cash or assets that can be converted into cash – monetised – immediately with little or no loss of market value, in order to meet their liquidity needs over a 30‑day period in the stress scenario described in point 1.3. The fund must allow entities, at a minimum, to meet liquidity problems up to the thirtieth day of that period.

Financial entities must anticipate possible mismatches in cash flows that may arise within that period and guarantee the availability of sufficient high‑quality liquid assets to cover them, taking into account that the timing of cash inflows and outflows may be uncertain. They must also actively monitor and control liquidity‑risk exposures and financing needs of each of their foreign branches and subsidiaries, as well as of the overall economic group, considering legal, regulatory and operational limitations on the ability to transfer liquidity.

Without prejudice, financial entities must conduct their own stress tests to determine the level of liquidity they must maintain – above the regulatory minimum set out in these provisions – using other scenarios (capable of generating difficulties in their activities) that consider a period longer than 30 days.

1.2. Minimum value of the liquidity coverage ratio.

1.2.1. In the absence of a financial stress scenario.

The Liquidity Coverage Ratio (LCR) must at all times be greater than or equal to 1; that is, the high‑quality liquid assets fund must not be lower than total net cash outflows.

1.2.2. During periods of financial stress.

Financial entities may use this high‑quality liquid assets fund during those periods, whereby the LCR may fall below 1, without prejudice to the provisions set out in point 1.5.2. The Superintendency of Financial and Currency Entities will evaluate the situation and adjust its actions to the circumstances of the case.

1.3. Stress scenario.

For the purposes of these provisions, a stress scenario includes idiosyncratic and systemic risk factors that may cause:

• partial loss of retail deposits;
• partial loss of the ability to obtain unsecured wholesale funding, as defined in point 4.2;
• partial loss of guaranteed funding, as defined in point 4.3;
• additional cash outflows arising from contractually foreseen situations – including the constitution and replenishment of guarantee margins – as a consequence of a significant deterioration in the financial entity’s credit quality;
• increases in market volatilities that affect the quality of guarantees or the potential future exposure of derivative positions and therefore require additional guarantees or the provision of extra collateral, or that lead to other liquidity needs;
• unexpected use of credit and liquidity facilities that have been committed and are available but not utilized by the entity for its clients; and
• the need for the financial entity to repurchase debt or meet extracontractual obligations to mitigate reputational risk.

1.4. Determination of the liquidity coverage ratio.

It must be observed that:

LCR ≥ 1
``` where:

- **LCR = FALAC / SENT**
- **FALAC**: value of the high‑quality liquid assets fund in a stress scenario, calculated as provided in Section 2.
- **SENT**: total net cash outflows expected over a **30‑day** period in a stress scenario, calculated as provided in Section 3.

The 30‑day period referred to in these provisions shall be counted in calendar days.

### 1.5. Calculation frequency and reporting.
#### 1.5.1.
Financial entities must ensure that – except for the situation provided in point 1.5.2 – the LCR value is never below 1. To that effect, they must calculate it continuously and report it **monthly** (together with their liquidity profile) to the Superintendency of Financial and Currency Entities through the reporting regime established for that purpose. In stress situations, the Superintendency may require such information with greater frequency.

#### 1.5.2.
Financial entities shall use the LCR continuously to contribute to the monitoring and control of liquidity risk, and must **immediately inform** the Superintendency if their LCR falls – or is expected to fall – below 1. In such cases the entities must submit, at a minimum:
- an assessment of their liquidity position, including the factors that contributed to the decrease;
- the measures that have been adopted and those that will be adopted; and
- expectations regarding the possible duration of the situation.

The Superintendency will evaluate each situation and may require the entities to adopt – among other measures – actions aimed at reducing their liquidity‑risk exposure, strengthening their overall liquidity‑risk‑management framework and/or improving their contingency financing plan.

The mere fact that the LCR is below 1 does **not necessarily** trigger the application of the provisions of article 41 of the Financial Entities Law.

#### 1.5.3.
Without prejudice to the reporting obligations described above, the Superintendency may require the adoption of such actions in cases where, based on the information provided through the monitoring tools, it detects a negative trend that could indicate liquidity difficulties in the financial entity or deterioration of its liquidity position, or when the value of those tools identifies a real or potential liquidity problem. The monitoring tools are:
- contractual‑date mismatches;
- funding concentration;
- assets available free of restrictions;
- LCR by significant currency; and
- monitoring tools related to the markets.

### 1.6. Currencies.
The LCR must be observed and reported **in national currency**, including all foreign‑currency concepts expressed in that currency (pesos).

Without prejudice, financial entities must meet liquidity needs in each **significant currency** in which they operate – when liabilities and other obligations in that currency represent at least **5 %** of the entity’s total liabilities and other obligations – regardless of compliance with point 2.1.12. Moreover, the composition of the FALAC by currency must be similar to that of the entity’s operational needs. The FALAC composition by currency shall therefore mirror the entity’s operational liquidity needs in each currency.

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## SECTION 2. HIGH‑QUALITY LIQUID ASSETS FUND.
Financial entities must maintain a fund composed of high‑quality liquid assets that meet the requirements set out in point 2.1.

An asset is considered high‑quality liquid if it can be turned into cash **immediately** with little or no loss of market value over a **30‑day** period in the stress scenario described in point 1.3.

### 2.1. Operational requirements.
All assets that make up the FALAC must satisfy the following operational requirements. Their purpose is to ensure that the FALAC can be managed so that, throughout the 30‑day period, the entities can use those assets **immediately** as a source of contingent funds – available to generate cash through spot sales or passive repurchase agreements (“REPOs”) – without any restriction on the use of the liquidity generated, in order to cover mismatches between cash inflows and outflows.

To that end, financial entities must:

- **2.1.1.** Periodically monetise a proportion of the assets that constitute the FALAC through repo or spot‑sale operations in order to verify market access, asset availability and the effectiveness of their monetisation processes, as well as to minimise the risk of generating negative signals during an actual stress period.
- **2.1.2.** Ensure that the fund’s assets are **free of any legal, regulatory, contractual or other restriction** that would limit the entity’s ability to liquidate, sell, transfer or use them as collateral (“unencumbered assets”). The assets included in the FALAC must not be pledged – explicitly or implicitly – to any credit operation nor assigned to cover specific operating costs such as salaries and rents.

  Assets received under **active repos (“reverse REPOs”)** and other securities‑financing transactions that remain on the entity’s balance sheet, have not been pledged to another operation and are legally and contractually available for the entity’s use, may be considered part of the FALAC.
- **2.1.3.** Exclude from the FALAC those assets that, even though they are “free of restrictions”, cannot be monetised within the normal liquidation period for that type of asset because the entity lacks the operational capacity to do so. The entity will have operational capacity if it possesses adequate procedures and systems, including access to the necessary information, to monetise the assets at all times.
- **2.1.4.** Ensure that control of the FALAC is assigned to a **specific unit or individual** responsible for liquidity management, who must always have the legal and operational authority and capacity to monetise the fund’s assets.

  Control may be verified either by maintaining the assets in a separately administered fund whose sole purpose is to be used as a source of contingent liquidity, or by demonstrating that the unit or individual can monetise the assets at all times during the 30‑day period and that the resulting cash will be available to them throughout that period, without creating a direct conflict with any business or risk‑management strategy of the financial entity.
- **2.1.5.** When valuing an asset that is part of the FALAC and for which the entity has taken market‑risk hedging, take into account the cash outflow that would occur if the hedge had to be terminated early by selling the asset.
- **2.1.6.** Have a policy that identifies the legal entities, geographic locations, currencies and custodial accounts or financial institutions where the high‑quality liquid assets are held.
- **2.1.7.** Ensure that, when computing the FALAC on a consolidated basis, only the admissible high‑quality liquid assets held to meet the LCR of each foreign branch or subsidiary (as applicable) are included, to the extent that the risks reflected – measured by the net cash outflows in the LCR of the respective foreign branch or subsidiary – are also reflected in the consolidated LCR.

  The excess of high‑quality liquid assets held at the individual level may be included in the consolidated FALAC **only** when the corresponding assets are freely available to the controlling financial entity, even in stress situations.
- **2.1.8.** Exclude from the FALAC assets held in foreign branches and subsidiaries **without market access** when they cannot be freely transferred to other entities of the economic group capable of monetising them.
- **2.1.9.** Exclude from the FALAC assets for which there are no deep, broad and active spot or repo markets, or where impediments exist to spot sale, such as a significant price drop in a stress scenario.
- **2.1.10.** Exclude from the FALAC those assets, or the liquidity they generate, when they were received with the right to be re‑assigned and the assignor has the right to reclaim them during the 30‑day period.
- **2.1.11.** Include in the FALAC assets received as collateral in derivative transactions that have **not** been segregated (i.e., kept separate from the entity’s own securities) and that can be re‑assigned, provided the financial entity recognises the corresponding cash outflow for the associated risks, as set out in point 4.5.1.
- **2.1.12.** Observe and report to the Superintendency the LCR calculated from computations expressed in a **single currency – pesos**.

  Without prejudice, financial entities must be able to satisfy their liquidity needs in each **significant currency** in which they operate (as established in point 1.6) and maintain high‑quality liquid assets according to the currency distribution of their liquidity needs. In particular, they must be able to use the FALAC to generate liquidity in the currency and country where the net cash outflows occur.

  To that effect, they must monitor the LCR for each of the main currencies in which they operate and report it to the Superintendency.
- **2.1.13.** Actively manage their intraday liquidity positions and risk, both in normal and stress situations, taking into account that the stress scenario defined in point 1.3 does not contemplate expected or unexpected intraday liquidity needs.

If any asset in the FALAC ceases to be admissible, the financial entity may retain it in its FALAC for an **additional 30‑day** period.

### 2.2. Included assets.
The FALAC may only be composed of the following **Level 1 (An1)** assets on the day of the LCR computation, regardless of their residual maturity:

- **2.2.1.** Cash on hand, in transit, in cash‑transport companies and in ATMs.
- **2.2.2.** Deposits with the Central Bank of the Argentine Republic – including those required by the “Minimum Cash” rules – **excluding** amounts in special guarantee accounts.
- **2.2.3.** National public securities denominated in pesos whose trading is authorised in the secondary repo market of the Electronic Open Market (MAE) – such as in the REPO Wheel – or in other secondary repo markets that are broad, deep, active and not concentrated, and monetary‑regulation instruments of the Central Bank of the Argentine Republic denominated in pesos.
- **2.2.4.** National public securities denominated in foreign currency whose trading is authorised in the secondary repo market of the Electronic Open Market (MAE) – such as in the REPD and READ Wheels – or in other secondary repo markets that are broad, deep, active and not concentrated, and monetary‑regulation instruments of the Central Bank of the Argentine Republic denominated in foreign currency; in both cases, up to the amount of net cash outflows in Argentina in that foreign currency.
- **2.2.5.** Securities issued or guaranteed by the Bank for International Settlements, the International Monetary Fund, the European Central Bank, the European Union or Multilateral Development Banks (BMD) that meet **all** of the following conditions:
  1. Receive a **0 % risk weighting** under the Basel II Standardised Approach for computing credit‑risk capital requirements;
  2. Trade in repo or spot markets that are broad, deep, active and not concentrated;
  3. Have a proven history as a reliable source of liquidity in the markets (repo or spot), even during market stress situations; and
  4. Do **not** represent a liability of any financial entity – nor of any branch or subsidiary of a financial entity.
- **2.2.6.** Debt securities issued by other sovereigns (or their central banks) in their respective currencies when the entity, through its subsidiaries or branches, assumes liquidity risk in those jurisdictions and currencies and the securities meet the conditions set out in points ii) to iv) of item 2.2.5. They will be counted up to the amount of net cash outflows in those currencies and jurisdictions.

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*End of extracted document.*

2.2.7. Debt securities issued by other sovereigns (or their central banks) in a foreign currency – i.e., different from the sovereign’s own currency – when the entity, through its subsidiaries or branches, assumes liquidity risk in those jurisdictions and foreign currencies and the securities meet the conditions set out in sub‑paragraphs ii) to iv) of point 2.2.5. They will be counted up to the amount of net cash outflows in the respective foreign currency and jurisdiction.

The assets provided for in points 2.2.3 to 2.2.7 will be counted at their market value – in accordance with the regulations on “Valuation of public‑sector non‑financial debt instruments and monetary regulation of the Central Bank of the Argentine Republic” – after deducting the following haircuts:

| Asset | Haircut |
|---|---|
| National public bonds in pesos and foreign currency (points 2.2.3 and 2.2.4.) | 20% |
| Monetary regulation instruments of the Central Bank of the Argentine Republic, in pesos and foreign currency (points 2.2.3 and 2.2.4.) | 20% |
| Securities issued by the Bank for International Settlements, IMF, ECB, EU or MDB (point 2.2.5.) | 0% |
| Debt securities issued by other sovereigns or their central banks (points 2.2.6 and 2.2.7.) | 20% |

**Section 3. Total Net Cash Outflows**

**3.1. Definition.**
"Total Net Cash Outflows" (SENT) are considered the difference between total cash outflow flows – from each of the categories established in Section 4 – and total cash inflow flows – from the categories contemplated in Section 5 – subject to the 75% limit of total cash outflows, projected over a 30‑day period under the stress scenario referred to in point 1.3.

**3.2. Computation.**
Total net cash outflows are determined by applying the following expression:

SENT = SET – Min{EET; 75% × SET}

where:

- **SET**: total cash outflows projected over the next 30 days. They are calculated by multiplying the balances of the various categories or types of liabilities that contractually mature in that period and the amounts of off‑balance‑sheet commitments computable, by the rates expected to be withdrawn or used in the stress scenario – the “factors” set out in Section 6.
- **EET**: total cash inflows projected over the next 30 days. They are calculated by multiplying the contractually due balances in that period of the various categories of computable receivable accounts by the rates expected to be received in the stress scenario – the “factors” set out in Section 6 – subject to a maximum limit of 75% of the projected total cash outflows.

**3.3. Applicable Criteria.**

- **3.3.1.** Financial entities may not double‑count the same position; i.e., if an asset is included as part of the FALAC, the cash inflows associated with that concept may not also be counted as cash inflows.
- **3.3.2.** When a concept could be counted in several cash‑outflow categories, the financial entity will only consider the maximum contractual cash‑outflow of the product concerned.
- **3.3.3.** Cash inflows and outflows must include the interest that is expected to be received and paid during the 30‑day period.

**Section 4. Total Cash Outflows**

The cash‑outflow flows projected within the 30‑day period under the stress scenario referred to in point 1.3 will be computed according to the criteria established in this Section.

**4.1. Retail Deposit Withdrawals**
Deposits in sight and term deposits made by natural persons, except those classified as micro, small or medium enterprises (MiPyMEs) – according to the regulations on “Determination of the micro, small and medium enterprise condition” – will be included in this category and will be placed in the category provided for in point 4.2.1.

It must be considered that cash‑outflows related to term retail deposits with a contractual residual maturity beyond the 30‑day horizon will be included if they allow early withdrawal by the holder within the 30 days (considered for the LCR calculation) or, in the case of early cancellation, are not subject to a penalty substantially higher than the interest that would be foregone.

If the financial entity allows term deposits with a residual maturity greater than 30 days to be pre‑canceled without applying the corresponding penalty, or despite a clause that prevents the depositor from withdrawing, the entire category of those deposits will be treated as sight deposits – regardless of their residual term.

When only a portion of a term deposit can be withdrawn without incurring a penalty, that portion must be treated as a sight deposit and the remainder as a term deposit.

Deposits that are contractually pledged as collateral for financing granted by the financial entity may be excluded provided that **all** of the following conditions are met:

- the financing will not mature nor be cancelled in the next 30 days;
- the collateral contract does not allow early withdrawal of the deposit prior to full payment or cancellation of the financing;
- the amount of the deposit to be excluded will not exceed the financing balance or the utilized balance, if it is a credit facility.

When deposits are pledged as collateral for an unused credit facility, the higher of the factors applicable to the unused facility and to the pledged deposit must be applied.

**4.1.1. Stable Deposits**
This includes sight and term deposits in pesos – the latter when the holder maintains other relationships with the financial entity that make it unlikely that the deposits will be withdrawn within the 30‑day period – that are covered by the deposit guarantee system, provided that the total balance for the same holder does not exceed one‑third of the amount foreseen in point 4.2.1. (If the accounts or deposits are held in the name of two or more holders, the entity must distribute the balance proportionally among them.) The balance will be computed by aggregating accounts and deposits at the financial entity, unless the entity is a controlling financial entity subject to consolidated supervision, in which case aggregation will be on a consolidated basis.

These deposits will be included up to the limit established in the regulations on “Application of the deposit guarantee system” (adjusted to the conditions therein). The financial entity must apply the “Other retail deposits” treatment set out in point 4.1.2 to any amount exceeding that limit.

The factor provided for in point 6.1.1.1 will apply.

**4.1.2. Other Retail Deposits**
This category covers retail deposits not included in point 4.1.1 or that the financial entity cannot identify as stable according to that point.
The following will apply:

i) Sight deposits in pesos: factor set out in sub‑paragraph i) of point 6.1.1.2.

ii) Term deposits in pesos (including those with residual maturity greater than 30 days that the entity allows to be pre‑canceled within 30 days without penalty): factor set out in sub‑paragraph ii) of point 6.1.1.2.

iii) Sight and term deposits in foreign currency: factor set out in sub‑paragraph iii) of point 6.1.1.2.

**4.2. Unsecured Wholesale Funding Loss**
"Unsecured wholesale funding" is understood as liabilities and other obligations with counterparties that are legal persons, or, if natural persons, are considered MiPyMEs, or constitute Special Purpose Entities ("SPEs" – for the purposes of these provisions, referring to investment vehicles such as trusts and mutual funds), and that are not guaranteed by specific assets of the financial entity that could be exercised against it in bankruptcy, liquidation or restructuring due to liquidity and/or solvency problems (article 35 bis of the Financial Entities Law).

The wholesale funding computable for LCR determination is defined as any funding that is due within the 30‑day horizon or whose next contractual maturity falls within that horizon – such as term deposits and debt securities – as well as funding with an indefinite maturity.

All sources of funding that give the fund provider the option to request early redemption so that the funds are returned within the 30‑day horizon, or give the financial entity the option to redeem early within that period when it is feasible for reputational reasons, must be included.

Excluded are:

i) Wholesale funding that can be cancelled early by the fund provider, but subject to a notice period in the contract that exceeds the 30‑day horizon;

ii) Obligations related to derivative contracts; and

iii) Deposits contractually pledged as collateral for financing granted by the financial entity if **all** of the following conditions are met:
   - the financing will not mature nor be cancelled in the next 30 days;
   - the collateral contract does not allow early withdrawal of the deposit prior to full payment or cancellation of the financing;
   - the amount to be excluded will not exceed the financing balance or the utilized balance, if it is a credit facility.

When the deposit is pledged as collateral for an unused credit facility, the higher of the factors applicable to the unused facility and to the pledged deposit must be applied.

Unsecured wholesale funding comprises the categories listed below.

**4.2.1. Unsecured Wholesale Funding Provided by MiPyMEs**
This funding will receive the treatment provided in point 4.1 applicable to retail deposits, distinguishing between “Stable funding provided by MiPyMEs” and “Other funding provided by MiPyMEs”. It includes deposits and other funding sources obtained from MiPyMEs that the financial entities manage with the criteria applied to the retail sector and whose liquidity risk is generally considered similar to retail funding sources, provided that the total aggregated funding obtained from MiPyMEs is less than six million pesos (ARS 6,000,000) – jointly for the economic group when applicable, taking into account the criterion established in point 1.2 of the regulations on “Determination of the micro, small and medium enterprise condition”.

"Aggregated funding" is understood as the sum of the gross amount – without offsetting any financing granted to the MiPyME – of all funding forms. Moreover, the joint‑group application means that when one or more MiPyMEs belong to the same economic group they shall be considered a single creditor, so that the limit applies to the total funding received from that client group.

The factors set out in point 6.1.2.1 will apply.

**4.2.2. Operational Deposits Generated by Clearing, Custody and Treasury Management Activities**
Deposits of clients that show substantial dependence on the financial entity due to their operational needs and that are necessary to carry out clearing, custody or treasury‑management activities will receive the treatment provided in this point.

When the Superintendency of Financial and Currency Entities deems that there is a liquidity concentration risk, it may require the application of the factor corresponding to the relevant counter‑party.

Only the portion of the deposit that satisfies the client’s operational needs may be admitted as operational; the excess must be assigned to the appropriate non‑operational deposit category. If the financial entity cannot determine the excess amount, the entire deposit will be considered non‑operational.

To that effect, financial entities must have a methodology to identify balances that exceed the definition of an operational deposit, in order to properly assess the withdrawal risk of those balances under idiosyncratic stress conditions.

The methodology must consider relevant factors, such as the probability that clients will maintain balances above the average in anticipation of concrete payment needs, and must consider appropriate indicators (e.g., the ratio of deposited funds to payment volumes) to identify clients who are not managing their account balances efficiently.

When the financial entity makes an operational deposit, it will apply a 0% inflow assumption – as set out in sub‑paragraph iv) of point 5.2.3.2 – because these deposits are needed for operational reasons and therefore are not available to the depositing entity to cover other outflows.

Deposits arising from the provision of:

i) Services to large institutional investors (“prime brokerage services”) – which include, among others, clearing, settlement and custody services linked to financing operations with securities –;

ii) Correspondent services;

will **not** be considered operational.

**4.2.2.1. Applicable Criteria**

*i) Admissible Activities.*
Clearing, custody and treasury‑management activities that meet the following criteria:

a) The client depends on the financial entity to access clearing, custody and treasury‑management services that allow it to carry out its normal banking activities during the next 30 days. This condition would not be met, for example, if the financial entity knows that the client has alternative agreements that would allow it to replace the service provider;

b) The services are provided under a legally enforceable agreement or obligation; and

c) Cancellation of those agreements is subject to a notice period of at least 30 days or entails significant costs for the client if the operational deposits are transferred before 30 days.

ii) Operational Deposits.
Deposits will be considered operational when, having been generated in admissible activities, they satisfy the following conditions:

a) They result from services rendered by the financial entity, not having been attracted in the wholesale segment through offered interest; and

b) They are held in accounts specifically designated for that purpose and their return does not offer an economic incentive to the client – such as market‑rate interest or other incentives – to keep excess funds in those accounts.

**4.2.2.2. Activities Related to Operational Deposits**

i) Clearing Service.
Refers to a service‑provision agreement that allows clients to transfer funds (or securities) indirectly to final recipients through direct participants in national settlement systems. The service is limited to the following activities: transmission; reconciliation and confirmation of payment orders; intraday credit; one‑day financing; and maintenance of balances arising from the settlement of operations; as well as determination of intraday and daily settlement positions.

ii) Custody Service.
Encompasses the provision of safekeeping, information and processing of assets or other operational and administrative services related to the activities, on behalf of its clients. The service is limited to the following activities: settlement of securities transactions; transfer of contractual payments; processing of guarantees; custody related to treasury‑management services; receipt of dividends and other income; subscriptions and redemptions on behalf of clients; and provision of fiduciary, treasury‑management, fund‑transfer, share‑transfer and agency services, including payment and settlement services (excluding correspondent services).

iii) Treasury‑Management Service.
Includes services that allow the client to manage its cash flow, assets and liabilities and to carry out financial transactions necessary for its ordinary operations. The service is limited to the following activities: remittances; collection and reporting of fund inflows; payroll administration; and control of fund disbursements.

Financial entities must assess whether these activities truly generate an operational deposit based on the criteria set out in sub‑paragraphs i) and ii) of point 4.2.2.1.

The factor provided for in point 6.1.2.2 will apply.

**4.2.3. Unsecured Wholesale Funding Provided by Non‑Financial Private‑Sector Companies, Governments, Central Banks and Multilateral Development Banks**
Includes all deposits and other unfunded sources without guarantee obtained from private‑sector non‑financial clients – except for exchange houses, insurers, agents regulated by the National Securities Commission (C.N.V.) and trustees of non‑financial trusts, whose treatment is provided in point 4.2.4, or MiPyMEs – from the National Government, the Central Bank of the Argentine Republic, other sovereign states and their central banks, and multilateral development banks, whose maintenance is not specifically for operational reasons (as set out in point 4.2.2).

The factor provided for in point 6.1.2.3 will apply.

**4.2.4. Unsecured Wholesale Funding Provided by Other Legal Persons, Non‑Financial Public Sector and SPEs**
This category includes all deposits and other funding sources originating from other legal persons – such as financial entities and exchange houses, insurers and agents regulated by the C.N.V., trustees of non‑financial trusts and members of the economic group to which the financial entity belongs – from the non‑financial public sector as defined in point 1.1 of the regulations on “Financing of the non‑financial public sector” (excluding the National Government) and SPEs, whose maintenance is not specifically for operational reasons (as set out in point 4.2.2) and that are not covered by the categories in points 4.2.1 and 4.2.3, including funding arising from correspondent services and securities representing debt issued by the financial entity regardless of the holder.

Cash positions of clients arising from services provided to large institutional investors (“prime brokerage services”) – such as cash arising from the services described in sub‑paragraph i) of point 4.2.2 – must be considered separate from any segregated position that would be required by current investor‑protection regulations and must not be netted with other client positions covered by those regulations.

The factor provided for in point 6.1.2.4 will apply.

**4.3. Guaranteed Funding Outflow**
"Guaranteed funding" is understood as funding that originates from liabilities and other non‑balance‑sheet obligations that are guaranteed by rights over assets specifically designated by the financial entity that could be exercised against it in bankruptcy, liquidation or restructuring due to liquidity and/or solvency problems (article 35 bis of the Financial Entities Law); such as active and passive repurchase agreements, “swap” transactions of collateral assets and other financing operations in which financial assets are transferred as pledged collateral. Loans of collateral assets to the financial entity’s clients for the purpose of closing their short positions must also be treated as a form of guaranteed funding.

**4.3.1.** The financial entity must apply to all guaranteed‑funding operations that are due within the 30‑day period, including client short‑position positions without a specified contractual maturity, the factors set out in point 6.1.3 as follows:

i) Operations with the Central Bank of the Argentine Republic or other counterparties, to the extent that these are guaranteed with assets computable in the FALAC: factor set out in point 6.1.3.1.

ii) Operations with the National Government or multilateral development banks that are not guaranteed by assets computable in the FALAC: factor set out in point 6.1.3.2.

iii) Remaining operations – include those in which the entity has covered customers' sold positions with its own purchased positions –: factor provided in point 6.1.3.3.

**4.3.2.** Cash outflows are calculated from the amount of funds raised through the operation and not from the value of assets given as collateral.

**4.4. Judicial deposits.**
Includes sight and term deposits ordered by the Justice system with funds originating from the cases in which it intervenes, with residual maturity within 30 days. The factor provided in point 6.1.4 shall apply.

**4.5. Additional requirements.**

**4.5.1. Cash outflows from derivative transactions.**
Financial entities must calculate, according to their valuation methodologies, the cash inflows and outflows contractually foreseen from derivative transactions.

Cash flows may only be calculated on a net‑by‑counterparty basis – i.e., inflows may offset outflows – when a valid master netting agreement enforceable against third parties exists under the applicable legislation.

Financial entities must exclude from such calculations the outflows that arise from the replenishment of collateral resulting from market‑value fluctuations of the transactions or from declines in the market value of the collateral provided, which will receive the treatment indicated in points 4.5.2.6. and 4.5.2.2., respectively. It shall be assumed that options will be exercised when a positive result is generated for the option buyer – “in the money”.

When cash outflows from derivative transactions are secured by assets that qualify for the FALAC, those outflows may be calculated net of the cash inflows or collateral that could arise from contractual rights to receive such cash or collateral, to the extent that the financial entity is authorized and has operational capacity to use it in new fund‑raising operations.

In the case of options settled by physical delivery within a 30‑day horizon, the underlying asset shall be measured – to the extent it is eligible for the FALAC – at market value, net of the haircuts that would apply if it were pledged as collateral for transactions. If the contractual agreements allow both physical delivery and cash settlement, the latter may be assumed.

If delivery can be satisfied with different classes of assets, the delivery of the asset with the lowest value (“cheapest to deliver”) – computed according to the preceding paragraph – may be assumed.

For foreign‑exchange derivatives that involve the simultaneous exchange of principal – or, failing that, on the same day – cash flows may be computed on a net basis even if they are not covered by a master netting agreement. The factor provided in point 6.1.5.1 shall apply to the sum of all net cash outflows.

**4.5.2. Greater liquidity needs related to:**

**4.5.2.1. Clauses triggered by a significant deterioration in the financial entity’s credit quality.**
In contracts that contain clauses giving rise to higher collateral requirements or cash outflows upon a significant decline in credit quality, the financial entity shall assume that it must provide 100 % of those additional collaterals or that 100 % of those outflows will occur. The impact of the credit‑quality deterioration shall consider effects on all types of collateral requirements and on the trigger events foreseen in contracts that modify the rights to re‑allocate non‑segregated collateral.

The cited factor shall be applied to the amount of collateral that would have to be provided, or to the contractual cash outflows that would arise as a consequence of the credit‑quality deterioration – point 6.1.5.2.

**4.5.2.2. Possibility of changes in the market value of collateral assets.**
When financial entities provide as collateral for their market‑valued positions liquid assets that qualify for the FALAC, no additional amount of FALAC will be required to cover possible market‑value changes of the pledged assets.

In cases where financial entities secure those positions with other types of assets, and to cover the possible loss in market value of those assets, the entity providing the collateral shall compute as an outflow 20 % of the value of those pledged assets, net of collateral received from the counter‑party – provided that its reuse or re‑allocation is not subject to restrictions. Assets included in a segregated margin‑collateral account may only be used to offset outflows for payments that meet the criteria to be compensated from that same account.

The cited factor shall be applied to the notional amount of the asset – which does not qualify for the FALAC – required as collateral, after any other haircut applicable according to the type of collateral – point 6.1.5.3.

**4.5.2.3. Non‑segregated collateral held in excess by the financial entity – relative to the collateral requirement – that could, according to the contract, be demanded at any time by the counter‑party.**
The factor provided in point 6.1.5.4 shall apply to the excess of non‑segregated collateral.

**4.5.2.4. Collateral linked to transactions whose integration could – according to the contract – be demanded at any time by the counter‑party.**
The factor provided in point 6.1.5.5 shall apply to the value of the collateral that has not yet been demanded by the counter‑party.

**4.5.2.5. Contracts that allow the substitution of collateral with assets that do not meet the eligibility conditions of the FALAC.**
The amount of assets covered by the FALAC received to collateralise transactions that have not been segregated and that, without the entity’s consent, could be substituted by non‑FALAC assets shall be computed.

The factor provided in point 6.1.5.6 shall apply to the computable amount of those assets – market value net of the applicable haircut.

**4.5.2.6. Changes in the market value of transactions – such as derivatives – that require the integration of collateral.**
Cash inflows and outflows from transactions executed under the same master netting agreement may be computed on a net basis (by differences). The outflows generated for this reason shall be computed as the amount of the greatest cumulative net collateral flow, in absolute value, observed over a 30‑day period recorded during the preceding 24 months.

The factor provided in point 6.1.5.7 shall apply.

**4.5.3. Loss of funding in securities and other structured financing facilities through financial trusts or other types of SPEs.**
When the financial entity carries out structured financing activities through these mechanisms, it must take into account the maturity dates of the issued debt instruments, the need to provide liquidity, and any implicit option in the financing agreements that could induce the return of assets to the financial entity.

The factor provided in point 6.1.5.8 shall apply to the amounts that mature and to the assets that must be repurchased or the liquidity that must be provided, in all cases within 30 days.

**4.5.4. Use of committed credit and liquidity facilities.**
For the purposes of these provisions, committed credit and liquidity facilities are understood as explicit contractual agreements or obligations to provide funds at a future date to retail or wholesale counterparties that are contractually irrevocable – i.e., cannot be unilaterally cancelled by the financial entity – or that are conditionally revocable.

Revocable facilities – i.e., those that can be unconditionally cancelled by the financial entity, in particular those that do not impose a prior condition of borrower solvency deterioration – are excluded and will be included in “Other contingent financing obligations” set out in point 4.5.6.

**4.5.4.1. Criteria to be observed.**
1. It shall be considered that facilities expected to be used will remain drawn for the amounts assigned during the 30‑day period, regardless of their maturity.
2. The unused portion of these facilities shall be calculated net of high‑quality liquid assets admissible in the FALAC, if:
   a) those liquid assets have already been provided by the counter‑party as collateral to support the facilities or there is a contractual obligation to provide them when the counter‑party draws on the facility – for example, in a structured facility in the form of a repo line;
   b) the financial entity is authorized and has operational capacity to reuse the collateral assets in new fund‑raising operations once the facility has been drawn; and
   c) there is no excessive correlation between the probability of drawing on the facility and the market value of the pledged assets.

To avoid double counting, the current amount of the facility may be calculated net of the collateral assets, to the extent that they are not already counted in the FALAC.

**4.5.4.2. Liquidity facility. Definition.**
It is a committed and unused facility that a client – or the proportional part in a syndicated facility – has to refinance obligations that mature within a 30‑day period arising from its outstanding debt, when it is unable to roll them over in the financial markets.

Financial entities may exclude from this definition the part of a liquidity facility that is supporting debt that does not mature within the 30‑day period.

Any additional capacity of the facility – i.e., the remaining commitment – will be treated as a committed credit facility, and the factor provided in point 6.1.5.9 shall apply.

Working‑capital lines granted to companies shall not be considered liquidity facilities, but credit facilities.

Without prejudice to the foregoing, a liquidity facility committed to other legal persons shall be considered as such when granted to hedge funds and to any vehicle used to finance the financial entity’s assets, such as SPEs.

For the tranche of financing programmes set out in point 4.5.3 that mature within a 30‑day horizon, or that may require the provision of liquidity or the return of assets to the financial entity during that period, liquidity‑facility providers shall not compute the financing that matures and the associated liquidity facility.

The contractually foreseen use of committed facilities and the estimated use during the 30‑day period of revocable facilities shall be fully reflected as cash outflows.

**4.5.4.3. Credit and liquidity facilities covered.**
Facilities granted to:
1. Retail clients and micro‑, small‑ and medium‑sized enterprises (MiPyMEs).
2. Private‑sector non‑financial companies – excluding those listed in items i) and v).
3. National Government, other sovereign states and their central banks, and multilateral development banks.
4. Domestic financial entities.
5. Exchange houses, insurers, agents regulated by the C.N.V., and trustees of non‑financial trusts.
6. Other legal persons, non‑financial public sector – except the National Government – and entities not included in the previous items, such as SPEs.

Financial entities shall assume a utilization equivalent to the amount resulting from the product of the factors set out in point 6.1.5.9 and the unused portion of each facility.

**4.5.5. Contractual obligations to grant funds within the 30‑day period.**
Any contractual obligation to grant credit to financial entities, exchange houses, insurers and agents regulated by the C.N.V., as well as to trustees of non‑financial trusts – in all cases, domestic and foreign – not covered in the preceding points shall be included in this category.

If the total of contractual fund‑granting obligations to MiPyMEs and private‑sector non‑financial companies – excluding exchange houses, insurers, agents regulated by the C.N.V. and trustees of non‑financial trusts – not foreseen in the previous points exceeds, over the next 30 days, 50 % of the total contractual inflows of those clients expected in the same period, the excess shall be included in this category.

The factor provided in point 6.1.5.10 shall apply.

**4.5.6. Other contingent financing obligations.**
These contingent obligations are not credit commitments and may be contractual or non‑contractual – e.g., arising from reputational reasons.

Non‑contractual contingent funding obligations include linkage with – or sponsorship of – products sold or services provided by the financial entity that could require disbursements in stress situations for reputational‑risk reasons. Such obligations may arise from products and instruments on which the client or holder has liquidity and marketability expectations that, if not met in commercially reasonable terms, would likely damage substantially the reputation or viability of the financial entity. They may also depend explicitly on credit or other events that, although unrelated to the liquidity events contemplated in the stress scenario, give rise to additional funding needs in stress periods.

Entities shall consider whether such obligations could materialise in the stress scenario covered by these rules and shall report to the Superintendencia de Entidades Financieras y Cambiarias the identified contingent contractual and non‑contractual liabilities and their trigger events, as well as the assumptions used. In particular, the following shall be considered:

**4.5.6.1.** Non‑contractual contingent financing obligations related to transitional joint ventures (U.T.E.) or minority investments that are not consolidated: they shall be included whenever there is an expectation that the financial entity will be the main liquidity provider. The factor set out in sub‑item i) of point 6.1.5.11 shall apply.

**4.5.6.2.** Contingent financing obligations arising from foreign‑trade financing instruments – such as commercial letters of credit, documentary collections, import and export invoices and guarantees directly related to commercial financing, e.g., shipment guarantees. The factor set out in sub‑item ii) of point 6.1.5.11 shall apply.

Direct financing commitments for imports and exports of private‑sector non‑financial companies are excluded from this treatment; in that case the factors provided in point 6.1.5.9 shall apply.

**4.5.6.3.** Other contingent funding obligations, such as:
   i) “Uncommitted” credit and liquidity facilities, i.e., those that can be cancelled unilaterally by the financial entities (unconditionally revocable);
   ii) Guarantees and letters of credit not related to foreign‑trade financing;
   iii) Other non‑contractual items, including:
       a) Requests to repurchase debt issued by the financial entity itself or by linked investment vehicles or other similar financial facilities. The risk generated by issuers placing their securities through dealers and market makers linked to the financial entity must also be analysed.
       b) Structured products, to preserve their marketability.
       c) Managed funds marketed with the aim of maintaining a stable value, such as money‑market funds and other stable‑value collective investment schemes.

The factors set out in sub‑item iii) of point 6.1.5.11 shall apply.

**4.5.6.4.** Non‑contractual obligations in which a client’s sold positions are covered with collateral assets belonging to other clients.
Financial entities shall apply the factor set out in sub‑item iv) of point 6.1.5.11 to contingent obligations arising from having internally matched client assets not admissible in the FALAC with sold positions of other clients, when they may be required to cover those positions if the assets are withdrawn by the clients.

**4.5.7.** Other contractual cash outflows.
Includes any other contractual cash outflow within 30 days, such as those arising to cover unsecured debt in securities, uncovered short positions, and the payment of dividends or interest, and excludes cash outflows related to operating costs.

The factor provided in point 6.1.5.12 shall apply.

**Section 5. Total cash inflows.**
Financial entities shall include only contractual inflows – including interest payments – arising from current exposures that are not overdue and for which there are no reasons to expect a default situation within the 30‑day horizon. Contingent inflows – such as pre‑payments – shall not be considered in the LCR calculation.

Financial entities shall monitor the concentration of expected inflows from wholesale counterparties as part of their risk‑management framework, to ensure that the liquidity position does not depend excessively on a limited number of counterparties.

**5.1. Maximum limit to total inflows.**
For the purpose of calculating the LCR, cash inflows – weighted with the factors set out in Section 6 – shall be computed up to 75 % of the total weighted cash outflows forecast, calculated according to the criteria and factors established in Section 4. Consequently, the minimum FALAC amount for the financial entity shall be 25 % of its total weighted cash outflows.

**5.2. Computable inflows.**

**5.2.1. Secured credit, including active repo operations and securities‑borrowing transactions.**

**5.2.1.1.** The renewal of active repo operations and securities‑borrowing transactions that mature and are secured by assets qualifying for the FALAC shall be assumed, and no cash inflow shall be computed. The factor provided in point 6.2.1.1 shall apply.

**5.2.1.2.** It shall be assumed that active repo operations and securities‑borrowing transactions that mature will not be renewed if they are secured by assets that do not qualify for the FALAC, and the full cash related to those operations shall be received. The factors provided in point 6.2.1.2 shall apply.

**5.2.1.3.** Loans secured by collateral assets granted to clients for the purpose of taking leveraged trading positions (margin loans) shall be considered a form of secured credit; however, only up to 50 % of the contractual inflows from loans that mature in the next 30 days and that have been granted with collateral assets that do not qualify for the FALAC may be recognised. The factors provided in point 6.2.2 shall apply.

**5.2.1.4.** If collateral assets obtained through active repo operations, securities‑borrowing or collateral‑swap transactions that mature within the 30‑day horizon are used – i.e., re‑allocated – to cover sold positions that could extend beyond 30 days, it shall be assumed that those operations will be renewed without any cash inflow being computed, given the need to continue covering the sold positions or to repurchase the relevant securities. Sold positions include both cases where the financial entity has sold the asset short as part of a trading or hedging strategy and cases where it has borrowed the asset for a given period and lent it for a longer period.

The factor provided in point 6.2.3 shall apply.

5.2.1.5. It shall be assumed that loans of securities taken to cover the financial entity's sold positions will not be renewed when these operations are not guaranteed. Therefore, the financial entity must assume a 100% cash or high‑quality liquid asset outflow to guarantee the borrowing, or cash to close the sold position by repurchasing the security. This shall be recorded as another contractual cash outflow and receive the treatment provided in point 4.5.7.

If the sold position is covered with securities borrowed through a guaranteed operation, the entity shall assume that the sold position will be maintained for the entire 30‑day period and will receive a 0% outflow rate.

Without prejudice to the renewal assumptions set forth previously, financial entities shall manage their collateral assets so that they can meet the obligation to return the collateral when the counter‑party decides not to renew the guaranteed credit operation, especially when the collateral is not constituted with high‑quality liquid assets. This is because cash outflows due to assets that do not qualify for the FALAC are not captured by the LCR. The Superintendency of Financial and Currency Entities will evaluate the management of collateral assets of financial entities.

5.2.2. Committed facilities with financial entities.
Financial entities shall assume that they will not be able to draw on credit, liquidity or other contingent financing facilities agreed with other financial entities.
The factor provided in point 6.2.4 shall apply.

5.2.3. Other inflows based on the counter‑party.
All other types of operations, guaranteed or not, shall be computed based on the counter‑party.
When considering financing payments, financial entities shall include only inflows from credits that have no payment arrears, attributing them to the latest possible date according to the contractual rights of the counterparties. In the case of revolving financings ("revolving" – understood as those in which borrowers are authorized to make draws and repayments within agreed limits on a credit line, and which include credit cards and overdrafts), this implies assuming the renewal of existing credits and that the remaining balances receive the same treatment as a committed facility, provided in point 4.5.4.
Inflows from loans without a specific maturity shall not be included, except for minimum principal amortisation payments, fees or interest associated with those loans that have a contractual maturity within the 30‑day period, in which case the following assumptions and factors shall apply.

5.2.3.1. Inflows from retail customers and SMEs.
Financial entities shall assume that they will receive all payments – including interest and principal – with contractual maturity within the 30‑day horizon that arise from credits granted to retail customers and SMEs that have no payment arrears. At the same time, they shall assume that they continue granting them credits at a rate of 50% of their contractual inflows.
The factor provided in point 6.2.5.1 shall apply.

5.2.3.2. Wholesale inflows.
Financial entities shall assume that they will receive all payments – including interest and principal – with contractual maturity within the 30‑day horizon that arise from credits granted to wholesale customers that have no payment arrears.
Furthermore, with respect to inflows of funds originating from financial entities, currency exchange houses, insurers and agents regulated by the C.N.V., trustees of non‑financial trusts and central banks, they shall assume that these will not be used to grant new financings to those counterparties. When it comes to other wholesale inflows, including those from private non‑financial sector clients – except where they are currency exchange houses, insurers, agents regulated by the C.N.V., trustees of non‑financial trusts or SMEs covered in point 5.2.3.1 – from the National Government, other sovereign states and multilateral development banks, they shall assume that they will continue extending financings equivalent to 50% of the inflows from those counterparties.
The following factors shall apply:

i) Non‑financial wholesale counterparties. Includes private non‑financial sector – except currency exchange houses, insurers, agents regulated by the C.N.V., trustees of non‑financial trusts or SMEs covered in point 5.2.3.1 – other sovereign states, multilateral development banks and the National Government: the factor provided in point 6.2.5.2 shall apply.

ii) Financial entities, currency exchange houses, insurers, agents regulated by the C.N.V., trustees of non‑financial trusts and central banks: the factor provided in point 6.2.5.3 shall apply.

iii) Inflows from securities maturing within the 30‑day period, not included in the FALAC, and inflows resulting from the release of positions held in segregated accounts pursuant to regulatory requirements on the protection of investors' trading assets, provided those segregated positions are held in high‑quality liquid assets: the factor provided in point 6.2.5.4 shall apply.

Inflows from securities computable in the FALAC that mature within the 30‑day period are excluded, as they must be included in that Fund to the extent they meet the operational requirements set out in point 2.1.

iv) Deposits held in other financial entities, insurers, agents regulated by the C.N.V. and trustees of non‑financial trusts for operational purposes – as provided in point 4.2.2 – shall be assumed to remain in those entities, therefore they cannot be counted as inflows from those deposits: the factor provided in point 6.2.5.5 shall apply.

5.2.4. Other cash inflows.

5.2.4.1. Cash inflows from derivative transactions.
Amounts of cash inflows from derivative transactions shall be calculated according to the methodology described in point 4.5.1.
When derivatives are guaranteed by high‑quality liquid assets, cash inflows shall be calculated net of any contractual obligation to provide cash or other assets as collateral by the financial entity, because those contractual obligations would reduce the FALAC.
To the sum of all net cash inflows from derivative transactions the factor provided in point 6.2.6 shall be applied.

5.2.4.2. Other contractual cash inflows.
The concepts included in this category shall be detailed.
Without prejudice to this, for the purposes of these provisions, cash inflows related to non‑financial income shall not be taken into account.
The factor provided in point 6.2.7 shall apply.

Section 6. Factors.

6.1. Cash outflows.

6.1.1. Retail deposit withdrawals (point 4.1.).

6.1.1.1. Stable deposits (point 4.1.1.). 5%

6.1.1.2. Other retail deposits (point 4.1.2.).

i) Sight‑deposit in pesos (sub‑paragraph i) of point 4.1.2). 10%

ii) Time‑deposit in pesos (sub‑paragraph ii) of point 4.1.2). – includes those with residual maturity greater than 30 days in which the entity allows pre‑cancellation within 30 days without penalty –. 15%

iii) Sight and time deposits in foreign currency (sub‑paragraph iii) of point 4.1.2). 20%

6.1.2. Loss of unsecured wholesale funding (point 4.2.).

6.1.2.1. Funding provided by SMEs (point 4.2.1.):

i) Stable funding. 5%

ii) Other funding.

a) Sight‑deposit in pesos not covered by point 4.1.1. 10%

b) Time‑deposit in pesos not covered by point 4.1.1. (includes those with residual maturity greater than 30 days in which the entity allows pre‑cancellation within 30 days without penalty). 15%

c) Sight and time deposits in foreign currency. 20%

6.1.2.2. Operational deposits generated by clearing, custody and treasury‑management activities (point 4.2.2.). 25%

6.1.2.3. Unsecured wholesale funding provided by private non‑financial sector companies, governments (National Government and other sovereign states), central banks and multilateral development banks (point 4.2.3.). 40%

6.1.2.4. Unsecured wholesale funding provided by other legal persons, non‑financial public sector – except the National Government – and SPEs (point 4.2.4.). 100%

6.1.3. Outflow of secured funding (point 4.3.):

6.1.3.1. Operations with the BCRA or with other counterparties insofar as the latter are secured with assets computable in the FALAC (sub‑paragraph i) of point 4.3.1). 0%

6.1.3.2. Operations with the National Government or with multilateral development banks that are not secured by assets computable in the FALAC (sub‑paragraph ii) of point 4.3.1). 25%

6.1.3.3. Remaining operations – including those in which the entity has covered client‑sold positions with its own purchased positions – (sub‑paragraph iii) of point 4.3.1). 100%

6.1.4. Judicial deposits (point 4.4.). 3%

6.1.5. Additional requirements (point 4.5.).

6.1.5.1. Cash outflows from derivative transactions (point 4.5.1.). 100%

6.1.5.2. Clauses triggered by a significant deterioration in the credit quality of the financial entity (point 4.5.2.1.). 100%

6.1.5.3. Changes in the market value of collateral assets that do not qualify for the FALAC (point 4.5.2.2.). 20%

6.1.5.4. Non‑segregated guarantees held in excess by the financial entity – with respect to the guarantee requirement – that could, according to the contract, be demanded at any time by the counter‑party (point 4.5.2.3.). 100%

6.1.5.5. Guarantees linked to operations whose integration could – according to the contract – be required at any time by the counter‑party (point 4.5.2.4.). 100%

6.1.5.6. Contracts that allow the substitution of guarantees with assets that do not meet the eligibility conditions of the FALAC (point 4.5.2.5.). 100%

6.1.5.7. Changes in the market value of operations – such as derivatives – that require integration of guarantee (greater net accumulated flow of guarantees, in absolute value, observed over a 30‑day period recorded during the previous 24 months) (point 4.5.2.6.). 100%

6.1.5.8. Loss of funding in securities and other financing facilities structured through financial trusts and other types of SPEs (point 4.5.3.). 100%

6.1.5.9. Unused portion of committed credit and liquidity facilities – irrevocable – (point 4.5.4.) with:

i) Retail customers and SMEs. 5%

ii) Private non‑financial sector companies – excluding those mentioned in sub‑paragraph i) and v) –

a) liquidity facilities. 30%

b) credit facilities. 10%

iii) National Government, other sovereign states and their central banks and multilateral development banks.

a) liquidity facilities. 30%

b) credit facilities. 10%

iv) Domestic financial entities. 40%

v) Currency exchange houses, insurers, agents regulated by the C.N.V. and trustees of non‑financial trusts.

a) liquidity facilities. 100%

b) credit facilities. 40%

vi) Other legal persons, non‑financial public sector – except the National Government – and entities not covered in the previous sub‑paragraphs, such as SPEs. 100%

6.1.5.10. Contractual obligations to provide funds within the 30‑day period (point 4.5.5.). 100%

6.1.5.11. Other contingent financing obligations (point 4.5.6.).

i) Non‑contractual related to joint ventures or minority investments that are not consolidated (point 4.5.6.1.). 50%

ii) Arising from financing instruments for foreign‑trade operations (point 4.5.6.2.). 5%

iii) Other contingent funding obligations (point 4.5.6.3.).

a) "Uncommitted" credit and liquidity facilities – discretionary and unilateral cancellation by the financial entity (sub‑paragraph i) of point 4.5.6.3.). 0%

b) Guarantees and letters of credit not related to foreign‑trade financing operations (sub‑paragraph ii) of point 4.5.6.3.). 10%

c) Other non‑contractual – request to repurchase debt issued by the entity itself, structured products to maintain their marketability, managed funds marketed to keep their value stable – (sub‑paragraph iii) of point 4.5.6.3.). 10%

iv) Non‑contractual obligations in which client‑sold positions are covered with guarantee assets of other clients (point 4.5.6.4.). 50%

6.1.5.12. Other contractual cash outflows (point 4.5.7.). 100%

6.2. Cash inflows.

6.2.1. Secured credit – includes active repo operations and securities borrowing – for the following assets (point 5.2.1.):

6.2.1.1. Assets that qualify in the FALAC – regardless of whether they cover sold positions – (point 5.2.1.1.). 0%

6.2.1.2. Assets that do not qualify in the FALAC (point 5.2.1.2.).

i) Do not cover sold positions. 100%

ii) Cover sold positions. 0%

6.2.2. Margin loans backed by guarantee assets that do not qualify in the FALAC (point 5.2.1.3.).

6.2.2.1. If the guarantees are not used to cover sold positions. 50%

6.2.2.2. If the guarantees are used to cover sold positions. 0%

6.2.3. Guarantees obtained through active repo operations or securities borrowing or through "swaps" of guarantee assets with maturity within the 30‑day horizon, which are reused to cover sold positions that could be extended beyond 30 days (point 5.2.1.4.). 0%

6.2.4. Credit, liquidity or other contingent financing facilities committed that the entity maintains with other financial entities (point 5.2.2.). 0%

6.2.5. Other inflows based on the counter‑party (point 5.2.3.).

6.2.5.1. Inflows from retail customers and SMEs (point 5.2.3.1.). 50%

6.2.5.2. Inflows to be received from non‑financial wholesale counterparties – includes private non‑financial sector (except SMEs covered in point 5.2.3.1 and currency exchange houses, insurers and agents regulated by the C.N.V., trustees of non‑financial trusts) and other sovereign states, multilateral development banks and the National Government (sub‑paragraph i) of point 5.2.3.2.). 50%

6.2.5.3. Amounts to be received from financial entities, currency exchange houses, insurers and agents regulated by the C.N.V., trustees of non‑financial trusts and central banks (sub‑paragraph ii) of point 5.2.3.2.). 100%

6.2.5.4. Inflows from securities that mature within the 30‑day period – not included in the FALAC – and inflows resulting from the release of positions held in segregated accounts (sub‑paragraph iii) of point 5.2.3.2.). 100%

6.2.5.5. Operational deposits held in other financial entities, insurers and agents regulated by the C.N.V. and trustees of non‑financial trusts (sub‑paragraph iv) of point 5.2.3.2.). 0%

6.2.6. Cash inflows from derivative transactions (point 5.2.4.1.). 100%

6.2.7. Other contractual cash inflows (point 5.2.4.2.). 50%

Section 7. Policies and responsible parties.

7.1. Liquidity policies.
Financial entities shall adopt direction and control policies that ensure the availability of reasonable liquidity levels to efficiently meet their deposits and other financial‑nature commitments under various alternative scenarios. Such policies shall provide for the procedures to be used to assess liquidity conditions of the entity in the market context with sufficient advance, including the revision of estimates and their adjustment to new scenarios, arbitrating measures aimed at eliminating liquidity mismatches or adopting safeguards to obtain market‑cost resources – similar to those paid by competitors – and sufficient to prudently support longer‑term assets.

In this regard, the degree to which its liabilities or assets are concentrated with certain clients, the general economic and market situation and its probable evolution, its impact on the availability of credit lines and the ability to obtain resources by selling public securities and/or active portfolios, etc., shall be taken into account.

7.2. Responsible parties.
The organizational structure of the entity shall include a specific unit – or individual – responsible for liquidity management and the levels of responsibility of those in charge of managing the LCR, which will require daily monitoring.
Participation and coordination of the entity’s top managerial authority (for example: general manager) shall necessarily correspond.
In addition, a director or counselor shall be designated to whom information shall be provided at least weekly, or more frequently if circumstances require, especially when changes in liquidity conditions oblige the definition of new courses of action to safeguard the entity. In the case of branches of foreign entities, the maximum authority in the country shall be informed.
The designated officials and executives shall be responsible for handling the liquidity policy which, besides monitoring the LCR, includes adopting safeguards for compliance with the integration of the minimum cash.
The list of such officials and executives, as well as any subsequent changes, shall be reported to the Superintendency of Financial and Currency Entities within ten calendar days of occurrence.

Section 8. Observation basis.

8.1. Individual basis.
Financial entities (including their domestic branches) shall observe the rules relating to the liquidity coverage ratio on an individual basis.

8.2. Consolidated basis.
Without prejudice to individual compliance, controlling financial entities subject to consolidated supervision shall observe these provisions on a monthly consolidated basis.
In addition, they shall assess whether participations that are not consolidated in financial entities, currency exchange houses, insurers, agents regulated by the National Securities Commission (C.N.V.) and trustees of non‑financial trusts could produce a significant impact on their liquidity, measured according to these provisions. For this purpose, any investment in an entity that is not under control shall be considered significant if the financial entity or its economic group would be the main liquidity provider in stress situations; for example, because the remaining shareholders are not financial entities or because the entity participates in the daily management and control of the investment entity’s liquidity.

Financial entities shall develop a methodology to identify and quantify potential liquidity demands, particularly those that could arise from the need to support non‑consolidated investments for reputational reasons. If such cash outflows are not contemplated in other concepts, they shall be computed as indicated in point 4.5.6.1.
Financial entities shall continue to monitor and control liquidity risk and funding needs of each of their branches and subsidiaries abroad, paying special attention to legal and operational restrictions on fund transfers.

8.2.1. Differences in liquidity requirements between these provisions and the liquidity requirements in the countries where the entity operates.
For the purpose of calculating the LCR on a consolidated level, when differences exist between these provisions and the treatment of liquidity in the countries where the entity operates – for example, due to national discretion on cancellation rates, contingent financing obligations, changes in market value of derivative operations, etc. – financial entities shall use the factors provided in this rule in all consolidated branches and/or subsidiaries, except for the treatment of retail and SME deposits, for which the provisions of the respective country shall apply, unless:

i) in that country there are no requirements for those deposits;

ii) in that country an LCR has not been implemented; or

iii) the Superintendency of Financial and Currency Entities considers that the requirements set out in these provisions should be used because they are stricter than those of the country where the branch or subsidiary operates.

8.2.2. Treatment of restrictions on liquidity transfer.
Liquidity surplus – relative to the level corresponding to an LCR of 1 – shall only be counted in the consolidated LCR to the extent that there are no doubts about its availability.
Restrictions on liquidity transfer in the countries where financial entities operate shall affect liquidity availability by preventing the transfer of FALAC assets and cash flow within the economic group. These restrictions shall be reflected in the consolidated LCR, as provided in point 2.1.7.
Financial entities shall have procedures to record, as far as possible, all liquidity‑transfer restrictions established in laws and applicable regulations, as well as to monitor that regulatory framework and assess its impact on the liquidity of the economic group.

Section 9. Transitional provisions.
For the implementation of the provisions set out in Section 1, financial entities shall observe the liquidity coverage ratio – calculated according to the expression provided in point 1.4 – according to the following schedule:

| Period | Ratio |
|--------|-------|
| From 30‑Jan‑2015 / December 2015 | 0.60 |
| January 2016 / December 2016 | 0.70 |
| January 2017 / December 2017 | 0.80 |
| January 2018 / December 2018 | 0.90 |
| From January 2019 onward | 1.00 |

# 5.1. Individual basis

Unless otherwise provided, financial entities (including their branches in the country and abroad) shall observe individually the rules applicable to them.

In the case of minimum cash and the liquidity coverage ratio, in the latter case when it concerns entities covered by the rules on “Liquidity Coverage Ratio”, the individual basis shall not include foreign branches.

# 5.2. Consolidated basis

Without prejudice to individual compliance, controlling financial entities subject to consolidated supervision shall observe on a consolidated basis the following rules:

## 5.2.1. Monthly consolidated basis

### 5.2.1.1. Minimum capital

### 5.2.1.2. Classification of debtors and minimum provisions for uncollectibility risk

### 5.2.1.3. Segmentation of credit risk

### 5.2.1.4. Credit grading

1. Maximum limit for holding participations in companies that do not provide complementary services to the financial activity.
2. Maximum limit of 2.5 % of the computable equity liability of the entity of the second month preceding the granting of the corresponding financing, which reaches the complementary margin of 200 % of the computable equity liability of the client.

### 5.2.1.5. Maximum limit applicable to financings, except those destined to other financial entities, for which the granting does not require the intervention of credit‑area officials and the general manager and the approval of the lending entity’s directors, set at 2.5 % of the computable equity liability of the second month preceding the granting.

### 5.2.1.6. Global maximum limits, in accordance with the rules on “Credit Management” for:

- a) Small‑amount loans.
- b) Loans for micro‑entrepreneurs.
- c) Loans for micro, small and medium enterprises – as per sub‑paragraph iii) of clause b) of point 1.1.3.3.

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**SUPERVISION CONSOLIDATED**

B.C.R.A.

Section 5. Observance of rules.

Version: 6a. COMMUNICATION “A” 5693

Effective: 30/01/2015
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### 5.2.1.7. Position and minimum liquidity coefficients

### 5.2.1.8. Ratio for fixed assets and other concepts

### 5.2.1.9. Valuation of debt instruments of the non‑financial public sector and monetary regulation of the Central Bank of the Argentine Republic

### 5.2.1.10. Liquidity coverage ratio, when it concerns financial entities covered by those rules

## 5.2.2. Quarterly consolidated basis

Without prejudice to individual compliance, and additionally and independently of the monthly consolidated basis compliance, controlling financial entities subject to consolidated supervision shall observe on a quarterly consolidated basis the following rules:

### 5.2.2.1. Minimum capital

### 5.2.2.2. Classification of debtors and minimum provisions for uncollectibility risk

### 5.2.2.3. Segmentation of credit risk

### 5.2.2.4. Maximum limit for holding participations in companies that do not provide complementary services to the financial activity

### 5.2.2.5. Ratio for fixed assets and other concepts

### 5.2.2.6. Valuation of debt instruments of the non‑financial public sector and monetary regulation of the Central Bank of the Argentine Republic

## 5.2.3. Observance of the rules on “Prevention of money laundering, terrorist financing and other illicit activities”

Financial entities must ensure that the branches and subsidiaries covered by this regime consider within the internal control framework the following:

### 5.2.3.1. Existence of written policies and procedures for the prevention of money laundering and terrorist financing framed within international standards, consistent with the specific characteristics of the various activities and aligned with those of the parent and/or controlling company.

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**SUPERVISION CONSOLIDATED**

B.C.R.A.

Section 5. Observance of rules.

Version: 8a. COMMUNICATION “A” 5693

Effective: 30/01/2015
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# B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “CONSOLIDATED SUPERVISION”

**Ordered Text – Source Norm**

| Section | Point | Paragraph | Comm. | Annex | Point2 | Paragraph2 | Observations |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1.1. | “A” | 2227 | 1. | 1º |  |  |  |  |  |  |
| 1.2. | “A” | 2227 | 1. | último |  |  |  |  |  |  |
| 1ºy 2º | “A” | 2227 | 5. |  |  |  |  |  |  |  |
| 1. |  |  |  |  |  |  |  |  |  |  |
| 1.3. | 3ºy último | “A” | 2227 | 6. |  |  |  |  |  |  |
| 2.1. | “A” | 2227 | único | 1. | Modificado por las Com. “A” 2649 y 2988. |  |  |  |  |  |
| 2.2. | “A” | 2227 | único | 1. |  |  |  |  |  |  |
| 2.3. | “A” | 2619 | 1ºy último |  | Según Com. “A” 2988. | 2. |  |  |  |  |
| 2. |  |  |  |  |  |  |  |  |  |  |
| 2.4. | “A” | 2227 | único | 3. |  |  |  |  |  |  |
| 3.1. | “A” | 2227 | único | 2.2. |  | Modificado por la Com. “A” 2988. |  |  |  |  |
| 3.2. | “A” | 2227 | único | 2.3. |  |  |  |  |  |  |
| 3.3. | “A” | 2227 | único | 2.4. |  |  |  |  |  |  |
| 3.4. | “A” | 2227 | 10. | 1º | 3. |  |  |  |  |  |
| “A” | 2732 | 2ºy 4º |  | Según Com. “A” 5115. |  |  |  |  |  |  |
| 4.1. | “A” | 2227 | único | 4.1. |  |  |  |  |  |  |
| 4.2. | “A” | 2227 | único | 4.2. |  |  |  |  |  |  |
| 1º | “A” | 2227 | único | 4.3. | 1º |  |  |  |  |  |
| 4.3. | 2º | “A” | 2227 | 11. |  | último | “A” 2227 | único | 4.3. | último |
| 4.4. | “A” | 2227 | único | 4.4. |  |  |  |  |  |  |
| 4. |  |  |  |  |  |  |  |  |  |  |
| 4.5. | “A” | 2227 | único | 5.4. |  |  |  |  |  |  |
| 5.1. | “A” | 2227 | único | 5.2.1. | último | Según Com. “A” 2649, 3274, 3558 y 5693. |  |  |  |  |
| 5.2. | “A” | 2227 | único | 5.1. y | 5.2.1. | último | Según Com. “A” 2649. |  |  |  |
| 5.2.1.1. | “A” | 2227 | único | 5.1.1. y | 5.1.7. |  | Según Com. “A” 2649. |  |  |  |
| 5.2.1.2. | “A” | 2227 | único | 5.1.5. |  | Según Com. “A” 2649. |  |  |  |  |
| 5.2.1.3. | “A” | 2227 | único | 5.1.2. y | 5.1.3. |  | Según Com. “A” 2649. |  |  |  |
| 1° | “A” | 2227 | único | 5.1.4. |  | Según Com. “A” 2649 y 3558. |  |  |  |  |
| 5.2.1.4. i) | “A” | 2227 | 13. |  |  |  |  |  |  |  |
| 5.2.1.4. ii) | “B” | 5902 | 5. | Modificado por la Com. “A” 2649. |  |  |  |  |  |  |
| 5.2.1.5. | “B” | 5902 | 5. | Modificado por la Com. “A” 2649. |  |  |  |  |  |  |
| 5.2.1.4. ii) | “B” | 5902 | 5. | Modificado por la Com. “A” 2649. |  |  |  |  |  |  |
| 5. |  |  |  |  |  |  |  |  |  |  |
| 5.2.1.5. | “B” | 5902 | 5. | Modificado por la Com. “A” 2649. |  |  |  |  |  |  |
| 5.2.1.5. | “B” | 5902 | 5. | Modificado por la Com. “A” 2649. |  |  |  |  |  |  |
| 5.2.1.6. | “A” | 4891 | 8. | Según Com. “A” 5557. |  |  |  |  |  |  |
| 5.2.1.7. | “A” | 2690 | único | 6. |  |  |  |  |  |  |
| 5.2.1.8. | “A” | 2227 | único | 5.1.8. | Según Com. “A” 2736. |  |  |  |  |  |
| 5.2.1.9. | “A” | 5180 | 8. |  |  |  |  |  |  |  |
| 5.2.1.10. | “A” |  |  |  |  |  |  |  |  |  |
| 5.2.2. | “A” | 2227 | único | 5.1. | Según Com. “A” 2649. Complementado por Com. “A” 2461, 2736, 2839, 5180, 5272, 5369 y “B” 5902. |  |  |  |  |  |
| 5.2.3. | “A” | 4835 | 4. | Según Com. “A” 5223. |  |  |  |  |  |  |
| 5.2.4. | “A” | 5093 |  |  |  |  |  |  |  |  |
| 5.3.1. | “A” | 2227 | único | 5.2.1. | Según Com. “A” 2649 y 5520. |  |  |  |  |  |
| 5.3.2. | “A” | 2227 | único | 5.2.2. | Según Com. “A” 5520. |  |  |  |  |  |
| 5.4.1. | “B” | 6115 | 3° |  |  |  |  |  |  |  |
| 5.4.2. | “B” | 6566 | 1. |  |  |  |  |  |  |  |
| 5. |  |  |  |  |  |  |  |  |  |  |
| 5.5. | “A” | 2227 | único | 5.3. | Según Com. “A” 2649. |  |  |  |  |  |

# 5.1. Liquidity policy officers

The financial entity shall inform the Superintendency of Financial and Currency Entities of the names of those responsible for managing the liquidity policy — which includes the adoption of measures to comply with the integration of minimum cash and, where applicable, the monitoring of the liquidity coverage ratio — (officials and/or area manager), the General Manager and the director or counselor or highest authority in the country in the case of foreign entities, to whom the function must be reported.

When changes occur in that list, the information must be updated within **10 calendar days** of the modification being effected.

# 5.2. Responsibilities

The designated officials shall be liable in case of improper calculations that result in reductions in the minimum cash requirement or, where applicable, in the liquidity coverage ratio referred to in the rules on “Liquidity Coverage Ratio”.

The mechanisms or modalities that, in the view of the Superintendency of Financial and Currency Entities, suggest the existence of such calculations shall determine the obligation for the financial entity to provide explanations on the matter within a period of **5 business days** from the notification of the request.

The Superintendency shall issue a decision within **30 business days** following receipt of the responses.

# 5.3. Sanctions

The verification of infringements shall determine the application of the following sanctions:

## 5.3.1. Fine of 5 % to 10 % of the improperly calculated amounts, aggregating the sums of the last 12 periods.

The financial entity and the aforementioned persons shall be jointly liable for the fines imposed.

## 5.3.2. Disqualification of 5 % to 20 % years from performing functions in the financial activity for the persons responsible for the liquidity area.

The sanctions shall be enforced immediately, without prejudice to the right of appeal provided by the Financial Entities Law.

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**MINIMUM CASH B.C.R.A.**

Section 5. Officers and sanctions.

Version: 6a. COMMUNICATION “A” 5693

Effective: 30/01/2015
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# MINIMUM CASH – ORDERED TEXT – SOURCE NORM

**Ordered Text – Source Norm**

| Sec. | Point | Paragraph | Comm. | Annex | Sec. | Point | Paragraph | Observations |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2.3. | “A” | 3365 | 2. | Según Com. “A” 3387, 3470, 3498, 3549, 3597, 3732, 3824, 4016, 4449, 4716, 5152, 5299, 5373 y “B” 9186. |  |  |  |  |
| 2.4. | “A” | 4147 | 3. | Según Com. “A” 4276, 4449, 4509, 5152 y 5299. |  |  |  |  |
| 2.5. | “A” | 4147 | 3. | Según Com. “A” 4393, 4509, 4716 y 5299. |  |  |  |  |
| 3.1. | “A” | 3274 II | 3. | 3.1. |  |  |  |  |
| 3.1.1. | “A” | 3274 II | 3. | 3.1.1. | Según Com. “A” 3326, 3365, 3498, 3549, 3905, 4276, 4449, 4473, 4707, 4716, 4862, 5356 y “B” 9186. |  |  |  |
| 3.1.2. | “A” | 3274 II | 3. | 3.1.2. |  |  |  |  |
| 3.1.3. | “A” | 3274 II | 3. | 3.1.3. | Según Com. “A” 3326. |  |  |  |
| 3.1.4. | “A” | 3274 II | 3. | 3.1.4. |  |  |  |  |
| 3.2. | “A” | 3274 II | 3. | 3.2. |  |  |  |  |
| 3.2.1. | “A” | 3274 II | 3. | 3.2.2.1. | Según Com. “A” 4449. |  |  |  |
| 3.2.2. | “A” | 3274 II | 3. | 3.2.2.2. | Según Com. “A” 4449. |  |  |  |
| 3.3. | “A” | 3274 II | 3. | 3.3. | Según Com. “A” 3498. |  |  |  |
| 3.3.1. | “A” | 3274 II | 3. | 3.3.1. | Según Com. “A” 4771. |  |  |  |
| 3.3.2. | “A” | 3274 II | 3. | 3.3.2. |  |  |  |  |
| 4. | 4.1. | “A” | 3274 II | 4. | 4.1. |  |  |  |
| 5.1. | “A” | 3274 II | 5. | 5.1. | Según Com. “A” 3498 y 5693. |  |  |  |
| 5.2. | “A” | 3905 | 5. | Según Com. “A” 5356 y 5693. |  |  |  |  |
| 5.3. | “A” | 3905 | 5. | Según Com. “A” 4449. |  |  |  |  |
| 6.1.1. | “A” | 5246 | 3. |  |  |  |  |  |
| 6.1.2. | “A” | 5312 |  | Según Com. “A” 5333. |  |  |  |  |