Circular A 4360: Special Deposit Linked to Inflow of Funds from Abroad - Decree 616/05

"2005 - Year of Tribute to Antonio Berni" BANCO CENTRAL DE LA REPÚBLICA ARGENTINA COMMUNICATION "A" 4360 10/06/2005 TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 368
REMON 1 - 794
"Special deposit linked to the inflow of funds from abroad - Decree 616/05". ______ We address you to inform you that this Institution adopted the following resolution:

"1. Incorporate, with effect from the date of dissemination of this resolution, as Section 4. of the regulations on "Term Deposits and Investments" the regulation whose text is attached as an annex and which forms part of this resolution.
2. Incorporate as point 1.3.16. of Section 1. of the regulations on "Minimum Cash", the following:
"1.3.16. Special deposits linked to the inflow of funds from abroad - Decree 616/05. 100"
3. Replace point 1.3.8. of Section 1. of the regulations on "Minimum Cash" with the following:
"1.3.8. Time deposits, obligations for "acceptances" -including liabilities from the sale or assignment of credits to parties other than financial entities-, passive repos, guarantees and passive stock market repos, investments with constant term, with option for early cancellation or renewal for a determined term and with variable remuneration, and other term obligations except for deposits included in points 1.3.12., 1.3.15. and 1.3.16., according to their residual term:"

We send you the sheets that, in replacement of those previously provided, correspond to be incorporated into the ordered texts of the regulations on "Term Deposits and Investments" and "Minimum Cash".

-2-
We greet you very attentively.
BANCO CENTRAL DE LA REPUBLICA ARGENTINA Alfredo A. Besio José I. Rutman Manager of Emission of Norms Principal Manager of Research and Regulatory Emission

ANNEX

B.C.R.A. TERM DEPOSITS AND INVESTMENTS Version: 2nd COMMUNICATION "A" 4360 Validity:
10/06/2005

• Index -
  2.3. With option for early cancellation.
  2.4. With option for renewal for a determined term.
  2.5. Term with variable remuneration.
  Section 3. General provisions.
  3.1. Identification.
  3.2. Fiscal situation.
  3.3. Qualified investors.
  3.4. Recommendations for the use of automatic teller machines.
  3.5. Deposit guarantee.
  3.6. Interest rates.
  3.7. Return of deposits.
  3.8. Immobilized balances.
  3.9. Discriminatory acts.
  Section 4. Specials linked to the inflow of funds from abroad - Decree 616/05.
  4.1. Intervening entities.
  4.2. Holders.
  4.3. Currency.
  4.4. Term.
  4.5. Amount.
  4.6. Remuneration.
  4.7. Issuance of deposit certificates.
  4.8. Restrictions.
  4.9. Other provisions.

TERM DEPOSITS AND INVESTMENTS
B.C.R.A.
Section 4. Specials linked to the inflow of funds from abroad - Decree 616/05.
Version: 1st COMMUNICATION "A" 4360
Validity:
10/06/2005
4.1. Intervening entities.
Banks and financial companies.
4.2. Holders.
Natural and legal persons in whose name the exchange operation included in the provisions of article 3rd of Decree 616/05 and its regulations is carried out.
4.3. Currency.
United States dollar.
4.4. Term.
365 days.
4.5. Amount.
30% of the equivalent in United States dollars of the total foreign exchange settlement operation for the concepts detailed in article 3rd of Decree 616/05 and its regulations.
4.6. Remuneration.
No remuneration shall be recognized on these deposits.
4.7. Issuance of deposit certificates.
The deposits shall be instrumented through non-transferable registered certificates that, in addition, shall contain the legend "Special deposit for inflow of funds from abroad - Decree 616/05".
4.8. Restrictions.
Financial entities shall not receive these certificates as collateral for financing operations.
4.9. Other provisions.
As long as they are not expressly contemplated in the preceding points, the provisions established in points 1.3, 1.4., 1.5., 1.6. (except 1.6.2.), 1.7.1., 1.12 and 1.16. (except point 1.16.1.1.) of Section

1. and 3.5. and 3.7. of Section 3. shall apply -to the extent applicable.

TERM DEPOSITS AND INVESTMENTS
ORDERED TEXT SOURCE NORM OBSERVATIONS Sec. Point Para. Com. Annex Ch. Sec. Point Para.
3.5.1. "A" 1199
"A" 1820 I
I 6.3.
2.6.
S/Com. "A" 2807, pt 6 - 1st and 2nd para. and Com. “A” 3270.
3.5.2. "A" 2807 6. 3rd
3.5.3.1. "A" 2807 6. 5th
3.5.3.2. "A" 2807 6. 4th
3.6.1. "A" 1199 I 5.3.1.
3.6.2. "A" 1199 I 5.3.2.
3.6.3. "A" 1199 I 5.3.3.
3.6.4 "A" 3043
3.6.5 "A" 1199 I 5.3.4.
3.6.6. "A" 1199 I 5.3.4.1.
3.6.7. "A" 627 1.
3.7. "A" 1199 I 5.1.
3.7.1. "A" 1199 I 5.1.1.
3.7.2. "A" 1199 I 5.1.2
3.7.3. "A" 1199 I 5.1.3.
3.8.1. "A" 1199 I 5.2.1. S/Com. ”A” 3043.
3.8.2. "A" 1199 I 5.2.2. S/Com. ”A” 3043.
3.
3.9. "B" 6572
4.1. “A“ 4360 1.
4.2. “A“ 4360 1.
4.3. “A“ 4360 1.
4.4. “A“ 4360 1.
4.5. “A“ 4360 1.
4.6. “A“ 4360 1.
4.7. “A“ 4360 1.
4.8. “A“ 4360 1.
4.
4.9. “A“ 4360 1.

MINIMUM CASH B.C.R.A.
Section 1. Requirement.
Version: 21st COMMUNICATION "A" 4360 Validity:
10/06/2005
1.3. Minimum cash.
The minimum cash amounts resulting from applying the following rates shall be integrated:
Concept Rate in %
1.3.1. Checking account deposits. 16
1.3.2. Savings account deposits.
1.3.2.1. In pesos. 16
1.3.2.2. In foreign currency. 30
1.3.3. Usury accounts, special accounts for closed circles, "Unemployment Fund for Construction Industry Workers",
"Payment of Remuneration", special checking accounts for legal entities and pension savings account.
1.3.3.1. In pesos. 16
1.3.3.2. In foreign currency. 30
1.3.4. Other demand deposits and obligations, pension benefits credited by ANSES pending cashing and immobilized balances
corresponding to obligations included in these regulations.
1.3.4.1. In pesos. 16
1.3.4.2. In foreign currency. 30
1.3.5. Unused balances of formalized checking account advances. 16
1.3.6. Demand placements -regardless of the deposit form- that,
as a minimum, must constitute the credit of common investment funds (in accordance with what is provided in the Norms of the National Securities Commission). 100
1.3.7. Deposits in checking accounts of non-bank financial entities,
computable for the integration of their minimum cash. 100
1.3.8. Time deposits, obligations for "acceptances" -including the
liabilities from the sale or assignment of credits to parties other than financial entities-, passive repos, guarantees and passive stock market repos, investments with constant term, with option for early cancellation or renewal for a determined term and with variable remuneration, and other term obligations except for deposits included in points 1.3.12., 1.3.15. and 1.3.16., according to their residual term:

MINIMUM CASH B.C.R.A.
Section 1. Requirement.
Version: 12th COMMUNICATION "A" 4360 Validity:
10/06/2005
In foreign currency. i) Up to 29 days. 35 ii) From 30 to 59 days. 28 iii) From 60 to 89 days. 20 iv) From 90 to 179 days. 10 v) From 180 to 365 days. 6 vi) More than 365 days. 0 b) Others. 0
1.3.11. Obligations with the Fiduciary Fund for Assistance to Financial and Insurance Entities. 0
1.3.12. Demand and time deposits made by order of the Judiciary
with funds originated in the cases in which it intervenes, and their immobilized balances.
1.3.12.1. In pesos. 10
1.3.12.2. In foreign currency. 15
1.3.13. Special accounts in United States dollars intended for the deposit of guarantees required in futures and options operations carried out in self-regulated markets subject to the control of the National Securities Commission. 100
1.3.14. Special demand accounts in foreign currency. 100
1.3.15. Deposits -regardless of their modality- that constitute the credit of
common investment funds (except those included in point 1.3.6.).
1.3.15.1. In pesos. 25
1.3.15.2. In foreign currency. 40
1.3.16. Special deposits linked to the inflow of funds from abroad

• Decree 616/05. 100
  1.4. Residual term.
  1.4.1. Determination.
  1.4.1.1. General case.
  The residual term of each term obligation is equivalent to the number of days remaining until its maturity.

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE REGULATIONS ON "MINIMUM CASH" ORDERED TEXT SOURCE NORM Sec. Point Para. Com. Annex Sec. Point Para. OBSERVATIONS
1.1. “A” 3274 II 1. 1.1.
1.1.1. “A” 3274 II 1. 1.1.1. According to Com. “A” 3498.
1.1.2. “A” 3274 II 1. 1.1.2. According to Com. “A” 3597.
1.1.3. “A” 3274 II 1. 1.1.3. According to Com. “A” 3498 and “A”
3905.
1.2. “A” 3274 II 1. 1.2. According to Com. “A” 3304, “A”
3498 and “A” 3597.
1.3. “A” 3274 II 1. 1.3.
1.3.1. “A” 3274 II 1. 1.3.1. According to Com. “A” 3338, “A”
3417, “A” 3498, “A” 3597, “A”
3917, “A” 3967, “A” 4032, “A”
4051, “A” 4147 and ”A” 4276.
1.3.2. “A” 3274 II 1. 1.3.2. According to Com. “A” 3338, “A”
3417, “A” 3498, “A” 3597, “A”
3917, “A” 3967, “A” 4032, “A”
4051, “A” 4147, “A” 4179 and
”A” 4276.
1.3.3. “A” 3274 II 1. 1.3.3. According to Com. “A” 3338, “A”
3399, “A” 3417, “A” 3498, “A”
3597, “A” 3824, “A” 3917, “A”
3967, “A” 4032, “A” 4051, “A”
4147, “A” 4179 and ”A” 4276.
1.3.4. “A” 3274 II 1. 1.3.4. According to Com. “A” 3338, “A”
3417, “A” 3498, “A” 3597, “A”
3917, “A” 3967, “A” 4032, “A”
4051, “A” 4147, “A” 4179 and
”A” 4276.
1.3.5. “A” 3274 II 1. 1.3.5. According to Com. “A” 3338, “A”
3417, “A” 3498, “A” 3597, “A”
3917, “A” 3967, “A” 4032, “A”
4051, “A” 4147 and ”A” 4276.
1.3.6. “A” 3274 II 1. 1.3.6. According to Com. “A” 3365, “A”
3498, “A” 3967 and “A” 4179.
1.3.7. “A” 3274 II 1. 1.3.7.
1.3.8. “A” 3498 unique 1. 1.3.8. According to Com. “A” 3506 - pt.
2.-, “A” 3549, “A” 3732, “A”
3824, “A” 3905, “A” 3917, “A”
3925, “A” 3967, “A” 4032, “A”
4140, “A” 4179, ”A” 4276 and
“A” 4360, pt. 3.
1.3.9. “A” 3498 unique 1. 1.3.11. According to Com. “A” 3597, “A”
3732 and “A” 4032.
1.3.10. “A” 3498 unique 1. 1.3.12. According to Com. “A” 3905, “A”
3917, “A” 3967, “A” 4032, “A”
4179 and ”A” 4276.
1.3.11. “A” 3549 1.
1.3.12. “A” 3549 1. According to Com. “A” 4179.
1.3.13. “A” 3566 5.
1.
1.3.14. “A” 3583 3.

MINIMUM CASH
ORDERED TEXT SOURCE NORM
Sec. Point Para. Com. Annex Sec. Point Para.
OBSERVATIONS
1.3.15. “A” 4179 2.
1.3.16. “A” 4360 2.
1.4. “A” 3905 3. According to Com. “A” 4179.
1.5. “A” 3274 II 1. 1.5. According to Com. “A” 3498.
1.6. “A” 3274 II 1. 1.6.
1.6.1. “A” 3274 II 1. 1.6.1.
1.6.2. “A” 3274 II 1. 1.6.2. According to Com. “A” 3304.
1.
1.7. “A” 3498 unique 1. 1.8. According to Com. “A” 4147.
2.1. “A” 3274 II 2. 2.1. According to Com. “A” 3498 and
“A” 3597.
2.1.1. “A” 3274 II 2. 2.1.1. According to Com. "A" 3304.
2.1.2. “A” 3274 II 2. 2.1.2. According to Com. “A” 3304, “A”
3498, “A” 4016 and “A” 4147.
2.1.3. “A” 3498 unique 2. 2.1.3. According to Com. “A” 4147.
2.1.4. “A” 3274 II 2. 2.1.3. According to Com. “A” 3498, “A”
4147 and ”A” 4276.
2.1.5. “A” 3274 II 2. 2.1.4.
2.1.6. “A” 3311
2.1.7. “A” 3498 unique 2. 2.1.7.
2.1.8. “A” 4016 1.
2.2. “A” 3274 II 2. 2.2. According to Com. “A” 3498
2.3. “A” 3365 2. According to Com. “A” 3387,
3470, “A” 3498, “A” 3549,
“A” 3597, “A” 3732, “A”
3824 and “A” 4016.
2.4. “A” 4147 3. According to Com. ”A” 4276.
2.
2.5. “A” 4147 3.
3.1. “A” 3274 II 3. 3.1.
3.1.1. “A” 3274 II 3. 3.1.1. According to Com. “A” 3326,
3365, “A” 3498, “A” 3549,
“A” 3905 and ”A” 4276.
3.1.2. “A” 3274 II 3. 3.1.2.
3.1.3. “A” 3274 II 3. 3.1.3. According to 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.
3.2.2. “A” 3274 II 3. 3.2.2.2.
3.3. “A” 3274 II 3. 3.3. According to Com. “A” 3498.
3.3.1. “A” 3274 II 3. 3.3.1.
3.
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. According to Com. “A” 3498.
5.2 “A” 3905 5.
5.
5.3 “A” 3905 5.
6. 6.1. “A” 3824 According to Com. “A” 4032.