BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

COMUNICACIÓN "A" 461 08/03/84

TO FINANCIAL ENTITIES, HOUSES, AGENCIES AND OFFICES AUTHORIZED TO OPERATE IN EXCHANGES AND EXCHANGE BROKERS:

Ref.: Circular EXCHANGE OPERATIONS INFORMATION REGIME AND OBLIGATIONS WITH THE EXTERIOR - REFEX 1 - 18. Permanent survey of the external debt of the Public Sector

We address you to inform you that it has been decided that foreign currency obligations with the exterior contracted from 1.1.84 by entities of the Public Sector must be declared in accordance with the norms of this communication, which replaces, with respect to the Public Sector, the text of Circular REFEX 1, Chapter II (Communication "A" 21 of 22.4.81).

The obligations with the exterior covered by this norm, their modifications and cancellations, regardless of the form in which these are carried out, and the modifications and cancellations of the obligations declared as of 31.12.83 in accordance with the norms of Communication "A" 455, must be brought to the knowledge of the Central Bank in accordance with the provisions contained in this communication.

The submission of the duly certified external debt declarations will be a necessary condition to authorize debtors to cancel the obligations covered by this norm.

I. Entities and obligations covered

The organisms and dependencies of the national, provincial and municipal public administration, national public banks, provincial and municipal banks, and entities detailed in Communication "A" 275, that were holders of such debts, must declare their obligations with the exterior. All companies or societies with majority state ownership or administered by the state that present their declarations to the External Debt Survey as of 31.12.83, established by Communication "A" 455, must also do so.

The following are covered by this regime:

a) Deferred payment obligations in foreign currency of the Public Sector, whose original amount is greater than USD 5,000 or its equivalent in other currencies, even if the original currency of the obligations were Argentine pesos, contracted from 1.1.84 directly with creditors resident in the exterior, or indirectly through local financial entities against their credit lines.

The debts that must be declared comprise obligations primarily originated in:
a) imported loans, that is, those whose foreign exchange was negotiated in the exchange market; b) imports of goods; c) services provided by residents in the exterior; and d) rents generated by the obligations mentioned above and by direct capital investments. Likewise, obligations contracted to cancel or renew primary obligations, those arising from the capitalization of the mentioned services and rents, and those guaranteed with "Obligations in dollars of the National Government" or "Bearer Bonds in US dollars", which have been declared in the Survey as of 31.12.83 as matured obligations with exchange insurance, due to the corresponding titles not having been received by that date, must also be declared.

b) Modifications of the Public Sector obligation declarations presented to the Central Bank in accordance with what is established in the previous point and in the debt survey as of 31.12.83 established by Communication "A" 455.

Authorized public financial entities must declare their own obligations covered in the preceding points and the credit lines received from their correspondents in the exterior, informing the amounts used from them, the conditions agreed with their correspondents, and the global application of said lines.

To determine if a debt in a currency other than the dollar exceeds the limit of USD 5,000, the exchange rate arising from the quotations of the Bank of the Argentine Nation on the date from which the periods indicated in point II of this communication are calculated must be taken.

The following must not be declared:

a) Commitments contracted by exporters for advance payment before shipment or for export prefinancing and their interests, whether imputed or not to credit lines of authorized financial entities, as long as these obligations do not transform into financial loans in accordance with what is established by Communication "A" 12 (COPEX -1). b) Foreign currency deposits in authorized financial entities and loans received by the Public Sector exclusively from them.

II. Declaration of new obligations and replacements affecting declared obligations

New obligations and replacements affecting declared obligations will be reported by submitting to the Central Bank form 5015 (Annex I), and if necessary, complementary forms 5015A and 5015B (Annex I), integrated in accordance with the attached instructions (Annex II). Public entities declaring obligations for the first time in the Permanent External Debt Survey must register in the Registry of Debtors with the Exterior, using form 5010 (Annex I, II and III of Communication "A" 455).

New commitments must be reported to the Central Bank within the following deadlines:

a) Commercial Debt: within thirty (30) calendar days from the date of shipment.

B.C.R.A. COMMUNICATION "A" 461 8.3.84

b) Financial Debt - Loans and Swap Operations: operations with fund entry, within twenty-four (24) hours from the date the foreign exchange was negotiated in the exchange market; unentered loans, within seven (7) calendar days from the date the funds were applied. c) Financial Debt - Credit Line: financial entities will present a quarterly declaration, within thirty (30) calendar days from the date of completion of the calendar quarter. d) Other debts: within seven (7) calendar days from the date the deferred payment obligation was contracted.

All obligations that substitute previously declared obligations must be reported as "total replacement". Financial entities are exempt from the requirement to present declarations replacing the information registered in the Central Bank regarding the balances and applications of external credit lines, outside the dates established in point c) above.

Replacements affecting declared obligations must be reported within seven (7) calendar days following their effective date.

In all cases of replacement, the declaring entity will proceed to return to the Central Bank the duplicate of the replaced forms, at the time of making the new declaration.

The presentations must be signed by the official or officials who, by general or particular norms, or internal norms of the declaring entity, interpreted by this, have authorization for this effect.

Prior to their submission to the Central Bank, debtors must have their corresponding declarations certified by authorized financial entities to operate in exchange, regarding the coincidence of the declared information with that appearing in the supporting documentation, for their deferred payment commercial obligations, for loans entered in foreign exchange, and for any other financial operation in which said entities intervene, as well as those that guarantee, secure, or have been charged to their credit lines.

Debtors of obligations that must be certified by an authorized entity in accordance with the above are obliged to exhibit to the intervening authorized entity the duplicate of form 5015 (and its complements if applicable) duly intervened by the Central Bank, within five (5) calendar days following the date the declaration was made.

Likewise, the submission of the corresponding duplicate, intervened by the Central Bank, will be a necessary condition for the withdrawal of the shipment documentation of imports with deferred payment.

Forms 5015 and complements must be machine-integrated and presented in triplicate. All copies must be clearly legible. The original signature of the declarant must appear on all three copies. The certifications must appear, at minimum, on the original copy and on the duplicate, which will be returned to the declarant, with assigned number and date, as proof of compliance with this norm. The original and the triplicate will remain in the possession of the Central Bank.

The receipt of external debt declarations does not imply approval of the data reported by the declarant.

In case of loss of the mentioned duplicate, the declarant must manage, through a note addressed to the External Debt Department, an authenticated photocopy by the Central Bank which will replace it in all its effects, the requester being obliged to return said photocopy in case the lost duplicate is found.

The Central Bank will not receive forms with integration errors or omissions, even if they meet the certification requirements stated.

III. Cancellation of obligations

It is a necessary condition for the cancellation of obligations covered by Communication "A" 455 and by this communication, that the data declared in forms 5013 or 5015 (and complements, if applicable) are totally coincident with the data of the operation whose cancellation is being processed. In case of disagreement, in accordance with norms, the debtor must previously present a replacement form updating the declaration. This last requirement is exempted for the cancellation of interest agreed at floating rate, when the difference between the declared amount and the amount to be cancelled is due to changes in the interest rate.

At the time of requesting the cancellation of the obligation, the debtor must present to the authorized entity to operate in exchange intervening, the duplicate of the external debt declaration duly updated.

For the total or partial cancellation of deferred payment obligations not registered because their original amount was less than USD 5,000 or its equivalent in other currencies, the debtor must present to the intervening authorized entity the supporting documentation of the obligation.

Partial or total cancellations carried out with new loans without the intervention of local financial entities must be reported by debtors to the entities that certified the operation being cancelled, in order to record the cancellation in the debt declaration form.

When the declaration of the obligation being cancelled has not been certified by an authorized entity, the debtor must present the duplicate of the corresponding form directly to the External Debt Department of the Central Bank for its intervention. In cases of cancellations without foreign exchange use, the debtor must notify such situation to the Central Bank through a note, specifying the obligation, the installments being cancelled, and the form of cancellation, attaching the duplicate of the corresponding sworn declaration for its intervention by the External Debt Department.

B.C.R.A. COMMUNICATION "A" 461 8.3.84

The cancellation through a new loan of installments or balance of registered obligations must be communicated to the Central Bank in the declaration of the new loan in the space reserved for this effect in form 5015. If the latter does not correspond to be declared because its amount is less than USD 5,000 or its equivalent in other currencies, the installments being cancelled must be reported to the Central Bank through a note addressed to the External Debt Department accompanying the duplicate of the declaration of the operation being cancelled, for its intervention.

IV. Intervention of authorized entities to operate in exchanges

From 12.3.84, authorized entities to operate in exchanges must intervene in the following stages linked to the regime of declarations of Public Sector obligations with the exterior:

1. Submission of their own declarations by authorized public entities

Authorized entities to operate in exchanges of the Public Sector must present the external debt declarations corresponding to their own obligations with creditors resident in the exterior. Likewise, they must present a quarterly statement of the balances used of their credit lines and of the applications given to them. All their presentations will be made through the integration of form 5015 and complementary forms 5015 A, 5015 B or 5018, as applicable.

2. Intervention of authorized public and private entities to operate in exchanges regarding declarations that public debtors must present.

Entities must certify the declarations of debtors as provided in point II of this norm in accordance with the scopes determined therein.

Authorized entities to operate in exchange must require the presentation of the duplicate of form 5010 of registration in the Registry of Debtors with the Exterior, duly intervened by the Central Bank, as a requirement for the negotiation of the foreign exchange corresponding to the loans that must be declared in the Permanent External Debt Survey.

Authorized entities to operate in exchanges intervening must not deliver the documentation that enables the delayed dispatch of imported goods, until the obligated parties present to them the duplicate of form 5015 (and complements, if necessary) intervened by the Central Bank.

With respect to obligations that must be certified, authorized entities are obliged to inform the Central Bank about debtors who, ten (10) calendar days after the date of certification by the entity, have not presented for its knowledge the evidentiary element of compliance with this norm. This information will consist of a list addressed to the External Debt Department, under envelope and by statistical week, indicating for each operation the denomination of the debtor, its jurisdiction, its registration number in the Registry of Debtors, the name of the creditor, the date and concept of the operation, and the currency and amount of the obligation, in that order.

3. Cancellation of obligations

It will be the responsibility of authorized entities to verify that requests for cancellation of obligations with the exterior and payments of interest and other obligations carried out in accordance with current exchange norms, adjust to contractual conditions. Likewise, they must verify the total coincidence of the data declared in forms 5013 and 5015 (and their complements, if applicable) with the operation whose cancellation is being processed, requiring previously, in case of disagreement, the update of the debt declaration, which must be presented in accordance with norms. Payments in concept of interest agreed at floating rate are exempt from this requirement, when the difference between the declared amount and the amount to be cancelled is due to a change in the interest rate. In all cases, intervening entities must verify that the calculation of the amount of interest to be transferred adjusts to the conditions agreed and reported in forms 5013 or 5015. Authorized entities must record the cancellations in the payment plan of the duplicate of the debt declaration forms. Such record will correspond even if the cancellation is through a new loan, as long as the entity has certified the debtor's declaration.

Authorized entities to operate in exchanges must indicate the data of the debtor and the operation, including the debtor's registration number and the declaration number, as well as the capital or interest installments they cancel, in the space destined for this effect in exchange sale forms (4002 A, 4002 B, and 4004 B). Likewise, they must record their intervention in the cancellation in the duplicate of forms 5013 or 5015 (or complements, if applicable), by integrating the space reserved for this effect in the payment plans for capital and interest.

When debtors totally cancel their obligations, the intervening authorized entities must retain the duplicate elements of the debt declaration and send them to the Central Bank under envelope and statistical week, with the detail of the numbers of the forms attached.

When deferred payment obligations not registered because their original amount was less than USD 5,000 or its equivalent in other currencies are cancelled in total or partial, the intervening authorized entities must verify the supporting documentation of the obligation.

Likewise, it is the responsibility of authorized entities, when processing forms 4008 related to obligations covered by these provisions, to verify that the petitioner has the corresponding debt declaration duly updated and that the pertinent data are correctly transcribed in said forms.

B.C.R.A. COMMUNICATION "A" 461 8.3.84

V. Transitional provisions

1. New obligations and modifications agreed between 1.1.84 and 11.3.84, must be declared in forms 5015 prior to the next due date and at the latest by 30.3.84. In all cases, the form being replaced (3189, 3191 or 5013) will be attached.

When form 5013 which is replaced by a declaration in form 5015 has not yet been presented, the sequential order number (item 2.) that the debtor assigned to the obligation in the survey as of 31.12.83 must be reported at the bottom of item 49. of form 5015.

Item 41. must inform the installments effectively cancelled between 1.1.84 and the date of submission of form 5015, unless such information already appears in the corresponding form 5013 for the information being modified.

From 12.3.84, forms 2360/2, 3189 and 3191 will cease to be valid to cancel Public Sector debts, with the exception of those corresponding to obligations contracted and declared until 31.12.83, in which case they will maintain value, at most, until the due date established for the submission of forms 5013. Debtors making cancellations using forms 2360/2, 3189 or 3191 must be previously registered in the Registry of Debtors with the Exterior established by Communication "A" 455.

2. The delivery and receipt of forms 5015 and complements will take place at the premises on Bartolomé Mitre Street 300, Federal Capital.

We salute you very attentively.

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Juan F. Sommer
Manager of Studies and Statistics
Elías Salama
Deputy General Manager of the External Sector

ANNEXES

ANNEX I

B.C.R.A.
FORMS NO 5015, 5015 A AND 5015 B:
PERMANENT SURVEY OF EXTERNAL DEBT

• DEBT DECLARATION -
  Annex II to
  Comm. "A" 461

Public sector debtor entities must present one copy of form 5015 and, if necessary, complements 5015 A and 5015 B, for each of the obligations covered by this norm in accordance with the scope of the definitions included in these instructions.

With respect to commercial debt, the integration of a form 5015 corresponds for each documentary credit (letter of credit, collection, etc.). Declarations of commercial obligations may be made, alternatively, for each shipment. In case that a set of shipments corresponding to the same documentary credit has been declared globally, new shipments imputed to said documentary credit may be reported through a replacement form of the previous declaration, indicating in it the updated amount of the obligation or, alternatively, through the declaration of each additional shipment as a new obligation.

With respect to financial debt, the integration of a form 5015 corresponds for each disbursement, with the exception of cases of multiple disbursements, where the loan contract determines a common interest rate for all disbursements, the same currency and a consolidated payment plan, and there is a single intervening authorized entity. In that case, the disbursements must be reported jointly in a single form 5015. New disbursements corresponding to the same obligation must be reported through a replacement form of the previous declaration, indicating in it the updated amount of the obligation.

The credit lines that must be reported by financial entities constitute a financial debt with multiple disbursements. Financial entities may present their declarations integrating a single form 5015 for credit line obligations with the same creditor correspondent, the same creditor domicile country, the same payment currency and the same interest rate (with the exception mentioned in item 45.) When these conditions are not met, different forms must be used.

Financial obligations by titles and securities issued by the Public Sector in foreign currency will be declared quarterly, reporting the balances corresponding to the end of each calendar quarter, using a form for the set of disbursements that have a consolidated payment plan and a common interest rate.

If the debt falls within the concept "Other Debts" (see item 16.), a declaration is completed for each obligation.

In forms 5015 and complements, all operations that replace obligations declared previously in forms 5013 or 5015 and complements must also be reported, whatever the reason for such replacement. Any modification of information declared to the Central Bank must be reported within the period provided in point II of the text of the Communication. Only the requirement to update by replacement is exempted for the information corresponding to item 38b., when the interest amount is modified by changes in the floating interest rate. When an obligation is partially cancelled through a new loan, in the form corresponding to the latter, a record must be left of the obligation being partially cancelled (item 49).

Forms 5015 A and 5015 B are intended to complete the information provided in form 5015, when the space assigned to the payment plan (principal or interest) is insufficient to cover all the installments that must be clarified.

These forms (5015 and complementary) must be completed by machine and submitted in triplicate. The original and the duplicate must be prepared on forms provided by the Central Bank, and a photocopy of the original may be presented as the triplicate. The three copies must be clearly legible. Erasures or amendments, if any, must be saved in the space of item 50. The original signature of the authorized official must appear on each form and on the copies.

All declared amounts must be written without cents. Numerical information must be completed aligned to the right margin of the corresponding boxes without using periods or commas. Dates are indicated with numbers, using two digits for the day, two for the month, and two for the last two digits of each year.

(The instructions contained in items 1 to 5 and 14 apply to forms 5015 and complementary. The instructions contained in items 6 to 13 and 15 to 35 apply only to form 5015).

1. Reserved for the BCRA.

2. Indicate 1 if the obligation partially cancels one or more installments of one or more obligations declared previously to the Central Bank, or if it totally replaces one or several declarations made to the Central Bank. Indicate 2 if the declaration corresponds to a new operation that does not replace or cancel another obligation declared previously to the Central Bank. The numbers of the replaced obligations and of the installments corresponding to the obligations being cancelled must be reported in item 49.

3. Page the sheets that make up the presentation (in the left space) and indicate the total number of sheets that make up the declaration (in the right space). The total number of sheets is given by the sheet corresponding to form 5015 plus the number of forms 5015 A and 5015 B used, if any, to report payment plans that exceed the information capacity of form 5015. If the declaration corresponds to a credit line reported by a financial entity and a complementary form 5018 is used for the determination of the interest rate (item 45), the total number of sheets must include those submitted in this latter form.

4. Report the name of the debtor entity and its jurisdiction, consistent with what was reported in form 5010 "Register of Debtors".

5. Report the debtor's registration number assigned by the BCRA through the submission of form 5010 "Register of Debtors".

6. Declare in full the surname and name or corporate name of the foreign creditor. If the space is not sufficient, continue in item 50.

Debtors for imports financed by the exporter or a foreign financial entity must report the name of the creditor that financed the operation. When the import is financed by a local bank against a foreign credit line, the name of the exporter must be reported in this space, followed by the legend "Credit Line".

BCRA
FORMS NO 5015, 5015 A AND 5015 B:
PERMANENT SURVEY OF EXTERNAL DEBT

• DEBT DECLARATION -
  Annex II to
  Comm. "A" 461

In financial debts contracted with banks or firms from abroad, the name of these is indicated as the creditor. If the financial debt was contracted with a local financial entity through the application of a foreign credit line, the legend "Credit Line" is written in this space.

When a financial entity declares its own debt due to the use of a credit line with a foreign correspondent bank, the correspondent's name is reported.

In the case of a syndicated loan, the name of the foreign bank leading the operation is reported. According to the instructions. According to the instructions of item 50. (Observations) the list of banks financing the syndicated loan and their percentage of participation is reported on an additional sheet.

7. Reserved for the BCRA.

8. Report the full address of the natural or legal person indicated in item 6. When an exporter from abroad, a foreign bank, or any other natural or legal person not resident in the country has been declared as the creditor in this item, the respective address abroad is reported. When only "Credit Line" has been reported in item 6, the space must be crossed out with a line.

9. Report the country code of the address of the natural or legal person declared in item 8, according to the corresponding table added as Annex X of this communication. When the creditor is an international organization (e.g., IBRD, IDB, CAF), the code "200" is assigned according to what is established in the respective table of Annex X. When only "Credit Line" has been reported in item 6, write "999".

10. Assign number according to the following table:
    1 - International organizations (e.g., IBRD, IDB, CAF).
    2 - Governmental financial institutions of other countries (e.g., EXIMBANK) 3 - Foreign commercial banks.
    4 - Syndicated credits.
    5 - Holders of bonds and securities issued by the Public Sector in foreign currency.
    6 - Foreign suppliers.
    7 - Other private foreign creditors.
    8 - Other public foreign creditors.
    9 - Foreign credit lines of local banks.
    The number is assigned according to what is declared in item 6. Number 9 is assigned when the legend "Credit Line" or the name of the exporter followed by the legend "Credit Line" has been written.

11. Reserved for BCRA.

12. Report the name of the local financial entity that intervened in the instruction of the commercial operation being declared or in the currency negotiation of a loan. In the case of operations financed by a local bank through a foreign credit line, the financial entity reported in this item is also the creditor. It is crossed out with a line in the case that there was no intervention of a local entity or that the declarant was an authorized financial entity.

13. Reserved for the BCRA.

14. Report the currency in which the obligation was contracted and its code according to the corresponding table added as Annex III of this communication.

15. Report the currency in which payment of the obligation was agreed and its code according to the corresponding table added as Annex III of this communication.

16. Mark with "X" the concept of the obligation, according to the indicated classification. It corresponds to mark a single concept.

Any obligation originating directly from imports must be considered "Commercial Debt" even if a local financial entity has intermediated in the operation using a credit line. Likewise, "Commercial Debt" is that which responds to a contract by which a debt for imports is renewed, through direct agreement with suppliers.

Current interests originating in "Commercial Debt", as long as the obligation to pay the principal subsists, must be reported jointly with the principal obligation in the part corresponding to interests of the payment plan. The obligation of commercial debts must be carried out by completing items 17 to 20 inclusive, crossing out with a line the spaces corresponding to items 21 to 35.

"Financial Debt (Credit Line)" must be considered the obligations contracted by entities authorized to operate in exchanges with their correspondents abroad, according to their own modality (e.g., special accounts, advances, acceptances, "call", etc.). In the case of these obligations, financial entities must complete item 21, crossing out with a line the spaces corresponding to items 17 to 20 and 22 to 35. Financial authorities must report the conditions agreed with their foreign creditor and not the conditions governing the applications of those credit lines with their clients.

"Financial Debt (Loans and Swap Operations)" must be considered all credit received in foreign exchange, whether settled by the declarant in the local exchange market (entered loans) or applied by the declarant for the operations mentioned in items 28 to 33 (non-entered loans). This concept includes debts contracted with local financial entities through the use of their credit lines. Obligations originating from imports that were renewed with exchange insurance must be classified as financial. Loans from international organizations in all cases must be declared as "Financial Debt". Swap operations, including those of financial entities, constitute a particular case of financial debt, even if they have been used to cancel imports. Current interests, originating in "Financial Debt (Credit Line,

BCRA
FORMS NO 5015, 5015 A AND 5015 B:
PERMANENT SURVEY OF EXTERNAL DEBT

• DEBT DECLARATION -
  Annex II to
  Comm. "A" 461

Loans and Swap Operations", as long as the obligation to pay the principal subsists, must be reported jointly with the principal obligation in the part corresponding to interests of the payment plan. Declarants of this type of obligation must complete items 22 to 33, crossing out with a line each of the spaces corresponding to items 17 to 21, 34, and 35.

"Other Debts" must be declared as obligations originating from the deferred payment abroad of services or rents, penalty interests, and default interests. Interest owed for commercial or financial obligations is included in these categories only in the case that the obligation to pay the principal no longer subsists. Freight (when it does not correspond to its declaration by the importer according to what is established in item 20), profits and dividends, royalties, and in general, all concepts included in the respective table of Annex III, whose payments have been deferred, are part of this group of obligations. In the following space "Specify" the relevant concept is indicated and the code is assigned according to the table of concepts added as Annex III to this communication. If the concept "Other obligations without discrimination" from the concepts table of that annex is reported, its nature must be explained according to the instructions given in item 50. (Observations). When these obligations are declared, items 34 and 35 must be completed, crossing out with a line the spaces corresponding to items 17 to 33.

17. Report the shipment date according to the corresponding documentation. In the case of documentary credit with multiple shipments, the shipment date of the first one performed must be mentioned. This date must continue to be reported in the updates corresponding to new shipments.

18. Mark with "X" the class of instrumentation used in the import according to the indicated groups. "Letters" will be reported when this document is used and there is no Letter of Credit or Collection.

19. Mark with "X" whether it is an import of current or capital goods. "Capital" goods are those included in the list of Annex I of Circular COPEX - 1 (Communication "A" 12 and its update by communication "A" 60); the remaining goods are considered "current". In the case that the operation comprises goods of both types, the one with the greater participation in the value of the obligation being declared must be reported.

20. Report the breakdown of the original amount of the debt expressed in the currency of origin, without cents. It is emphasized that the original amount of the debt must be understood as only the deferred part of the value of the import. In the case of multiple shipments, which are reported jointly according to the conditions of the documentary credit, the original amount of the debt must be declared as the accumulated value of the deferred payment amounts of said shipments. The concepts "freight", "insurance", etc., must only be reported if they are part of the total amount of the debt originally contracted with the creditor and must be included in "Others". The interest on these obligations must not be reported in this item; for their declaration, one must proceed according to what is indicated in items 36b to 42b.

21. Entities authorized to operate in exchanges must report globally the destination given to each line obtained from their correspondents abroad, using a form 5015 for each credit line. Credit lines in foreign currency under agreement must also be included. In "Export Financing" (item 21a.) loans or advances granted to local exporters against future export collections are included. In "Import Financing" (item 21b) applications to letters of credit or other financing instruments for importers for shipments already made are registered. In "Financial Loans with Term Coverage" (item 21c) and "Other Financial Loans" (item 21d.) the amounts of the credit line applied to local loans are indicated, whether or not there is term coverage through insurance or swap operations in favor of local borrowers. In "Other Applications" (item 21e.) other destinations not specified previously are reported. In "Unapplied Amount" (item 21f.) the amount of the credit line not lent to residents in the country is reported.

All amounts must be expressed in the currency of origin of the debt with the foreign creditor (item 14), without cents. The date of granting the credit line is reported in 21g.

For the purpose of declaring the applications of each credit line, the information from the financial entity's accounting records may be used.

Regarding foreign currency credit lines received from abroad by a local financial entity and granted partially or totally to another local financial entity, the following procedure must be followed: the entity that received the line directly from abroad must report the total owed, including amounts transferred to other financial entities. For the purposes of the disaggregation of item 21, it corresponds to indicate the applications made by the local financial entity to which the credit line was transferred. For this, the latter entity must provide the first entity with information on the applications made. The information on the entity or entities to which the line was transferred and the corresponding amounts must be added by item 50. (Observations) of the granting entity's declaration. Local financial entities receiving foreign currency credit lines from other local financial entities must not integrate form 5015 for the obligations corresponding to said operations.

22. Report the date on which the first disbursement of the current contract was made, whether or not it resulted in a foreign exchange entry. This date must continue to be reported in the updates corresponding to new disbursements.

23. Report the amount of foreign exchange negotiated in the exchange market, corresponding to the contract being declared, expressed in the currency of origin of the obligation (item 14) without cents. This amount is equal to the sum of the amounts negotiated in the exchange market, in the case of loans with multiple disbursements.

BCRA
FORMS NO 5015, 5015 A AND 5015 B:
PERMANENT SURVEY OF EXTERNAL DEBT

• DEBT DECLARATION -
  Annex II to
  Comm. "A" 461

24. Report the date on which the foreign exchange corresponding to the last or only disbursement was settled in the exchange market.

25. Mark with "X" the class of form used to declare the sale of the foreign exchange, by the debtor, corresponding to the last or only disbursement and indicate its letter and number.

26. Report the unentered amount of the obligation, without cents, which must be equal to the sum of the concepts stated in items 28 to 33.

27. Report the original amount of the loan by adding the concepts "entering" and "not entered" (item 23 and 26).

28. Report the amount of the loan, without cents, used to cancel, partially or totally, debts for imports corresponding to the declarations reported as cancelled or replaced in item 49.

29. Report the amount of the loan, without cents, used to cancel, partially or totally, other loans corresponding to the declarations reported as cancelled or replaced in item 49.

30. Report the amount of the loan, without cents, by which a contract with the same creditor was renewed corresponding to the declaration reported as replaced in item 49.

31. Report the amount of the loan, without cents, used to cancel accrued interest on other obligations or on the obligation that was renewed, corresponding to the declarations reported as cancelled in item 49.

32. Report the interest, without cents, discounted by advance collection on the loan being declared.

33. Report any other situation not included in items 28 to 32 and specify the corresponding concept.

34. Report the date on which the obligation with the foreign entity was contracted.

35. Report the original amount of the debt, without cents, expressed in the currency of origin (item 14).

Payment plan of the pending debt - CAPITAL
(The instructions contained in items 36a to 42a are applicable to forms 5015 and 5015 A).

Installments must be reported in the order of their maturity date, starting from the first pending payment installment, overdue or due. In the case that an installment is partially covered by one (or more) term coverage contracts, it must be divided as if it were two or more different installments, reporting separately the part(s) of the installment(s) covered by term coverage from the uncovered part. When the maturity dates (Item 37a.) declared in the payment plan are of an estimated nature, this must be noted in item 50. (Observations). Amounts owed for default interest, penalty interest, and current interest must be included in this section when the principal obligation subsists.

36a. Number each row consecutively starting from 001, ordering the installments according to their maturity date, using complementary sheets (form 5015 A) in case the number of installments exceeds the space provided in this form. In the case of declaring an obligation that replaces another declared obligation, the installments of the payment plan of the new obligation must also be numbered starting from 001.

37a. Report the date from which the obligation is due. In the case of credit lines, authorized entities may report the maturity dates aggregated at the calendar month level. For this purpose, in the first two positions (day of maturity) "00" must be written.

38a. Report the amount, without cents, of each principal installment expressed in the currency of origin.

39a. Report the contract number assigned by the BCRA, in the case of a swap operation or obligation with exchange insurance. In the remaining cases, cross out the space with a line.

40a. Reserved for the BCRA.

41a. Reserved for use by authorized intervening entities, who must report in the duplicate of the form the data indicated. In the "Class of form" column, the number and letter of the form used for cancellation (4002 A, 4004 B, 3688 or other) must be reported in the row, and in the lower row the number assigned by the authorized intervening institution. In the case of cancellation through a new loan, the intervening entity must note the date and method of cancellation by indicating in the "Class of form" column: "New Loan".

The payment currency code will be taken from the corresponding table added as Annex III of this communication and must be consistent with that reported in item 15.
The amount must be expressed without cents. The name of the authorized intervening entity must be reported in the last column.

42a. Report the total owed for "Capital" corresponding only to the installments declared on this sheet of form 5015 (or 5015A).

(The instructions for items 42c and 42e are applicable only to form 5015).

42c. Report the general total owed for "Capital" corresponding to all installments declared on this sheet of form 5015 and on all sheets of complementary forms 5015 A.

B.C.R.A.
FORMULARIOS NO 5015, 5015 A Y 5015 B:
PERMANENT SURVEY OF EXTERNAL DEBT

• DEBT DECLARATION -
  Annex II to
  Com. "A" 461

In the case of "Financial Debt (Credit Line)", this general total must match the sum of items 21a to 21f. In other cases, the amount to be reported must be the original amount of the debt (item 20, 27, or 35) minus the amortizations made up to the date of the declaration.

42e. Report the maturity date of the first amortization installment only if it was cancelled prior to the date of the declaration and, therefore, does not appear in the payment plan (items 36a to 42a.).

Payment Plan of Pending Debt - INTERESTS
(The instructions contained in items 36b to 42b are applicable to forms 5015 and 5015 B. The instructions on items 42d and 42f are applicable to form 5015)

36b. to 42d. The indications given for items 36a to 42c of the "Payment Plan of Pending Debt - CAPITAL" correspond. In the case of current interest due, when the obligation to pay the principal remains, amounts for interest pending payment are reported in 38b. The amounts of interest to mature must be calculated according to the clauses of the contract. If the interest rate is floating and unknown at the time of the declaration, the interest amount must be estimated using the rate in effect on the date of the declaration. This interest rate, including the agreed surcharge, must be reported in item 42f.

(The instructions contained in items 43 to 50 are applicable to form 5015)

43. Reserved for the B.C.R.A.

44. Mark with "X" in 1 if it does not correspond to the payment of interest. If affirmative, mark with "X" in 2 if interest is paid in advance or in 3 if it is paid upon maturity.

45. Report the type of interest rate that the debtor must pay, the surcharge, the term, and the currency. When the contract provides for changes in the determination of interest, the validity periods of the different conditions must be reported using one line for each period, indicating its start and end dates in column (1). When the conditions remain unchanged throughout the contract period, the first line must be completed and the remaining lines cancelled. In column (2), the type of rate must be indicated according to the numbering indicated in that same column. In column (3), which is integrated only if the rate is "fixed", the annual percentage must be expressed with up to three decimals. If the rate is floating "prime" or "LIBOR/Eurodeposit", the agreed surcharge expressed in annual terms with up to three decimals must be indicated in column (4). If it is a "LIBOR/Eurodeposit" (floating) rate, the term in days (e.g., 90) and the currency code must also be reported in column (5), according to the corresponding table added as Annex III to this communication. If it is a floating rate other than the aforementioned, marked as "Other" in column (2), the calculation method must be reported in item 50. (Observations).

In the case of credit lines declared by authorized entities, only the interest rate paid on debt balances at the date of declaration must be reported, integrating a single line of the table in item 45. Likewise, when utilizations corresponding to the same creditor and country and the same currency have different interest rates of the same type, entities may report the average rate or surcharge in this item. In this case, they must additionally integrate form 5018 (communication "A" 455, Annex IV) indicating the basic data with which the average was determined. This form must be added as part of the declaration.

46. Mark with "X" in 1 if the contract includes default clauses and in 2 in the opposite case. These clauses, if they exist, will be briefly specified in the following space.

47. Indicate the name and address of the guarantor or surety of the debtor. In the case that it is from the Public Sector, report the name of the body or institution and its jurisdiction (e.g., State Secretariat of Finance; Government of the Province of ...; National Development Bank; Provincial Bank of ...). In "Guarantee" report the percentage guaranteed or secured, without decimals, of the original debt. The space enabled for "Code" is reserved for the B.C.R.A. If any other guarantee granted by the declarant to the foreign creditor exists, report it in item 50 (Observations).

48. Report the name of the entity that granted the creditor guarantees, sureties, or export credit insurance (e.g., HERMES, COFACE, EXIMBANK). Indicate the percentage guaranteed or secured, without decimals, of the original debt. When the declarant does not know whether these sureties or guarantees exist or not, report only "Unknown". The space enabled for "Code" is reserved for the B.C.R.A.

49. Report the declarations that are replaced or cancelled by this form 5015. Mark with "X" in column (1) if the loan being declared replaces another declaration or cancels it entirely, in both cases reporting columns (3) to (5) inclusive and returning the duplicate corresponding to the Central Bank. Mark with "X" in column (2) if the loan being declared partially cancels other obligation(s), indicating the obligations and cancelled installments in columns (3) to (8). Columns (3), (4), and (5) must be integrated for declarations replaced or cancelled entirely. Columns (6), (7), and (8) should only be integrated for obligations cancelled partially. In the case that the enabled space proves insufficient, report according to the instructions given in item 50. (Observations.)

49a. Mark with "X" if B.C.R.A. authorization is required or not for the arrangement of the operation. If affirmative, indicate the type and number of form and the date on which the operation was authorized and the date on which the declared operation was authorized. If no authorization exists, cancel this space with a line.

B.C.R.A.
FORMULARIOS NO 5015, 5015 A Y 5015 B:
PERMANENT SURVEY OF EXTERNAL DEBT

• DEBT DECLARATION -
  Annex II to
  Com. "A" 461

50. Report the data that the debtor considers relevant, as well as complete the information for items for which the space assigned in the form proved insufficient. If necessary, report the number of additional sheets added to complete this item. The order of the items for which information is completed must be preserved and identified. Correspondence sheets from the debtor must be used, leaving a record on these that they form part of the main declaration. The supplementary sheets must comply with the signature requirements indicated in item 51.

(The instruction contained in item 51 is applicable to forms 5015, 5015 A and 5015 B. Item 52 is only applicable to form 5015).

51. This declaration must be signed by authorized officials of the declaring department.

52. The intervening entity must certify the data of the operation recorded in the form, when it corresponds to an importation or a loan with foreign currency income through the exchange market, and in addition, the operation is charged to its foreign credit lines. The same entity must also certify the sureties or guarantees granted and reported in this form (item 47.). The following criteria must be applied:

a) Declarations of obligations for imports instrumented through confirmed letters of credit must be certified by marking in this item "charged to credit line". The same criterion may be followed regarding unconfirmed letters of credit that directly or indirectly affect the available borrowing capacity with the correspondent.

Declarations certified as "charged to credit line" must be part of the obligations for credit lines that entities declare globally, except for the lag between the shipment date and the accounting date by the entities.

For guaranteed or secured letters and unconfirmed letters of credit not certified according to the previous paragraph, "granted surety or guarantee" must be marked. Such surety or guarantee must be reported by the declarant, additionally, in item 47.

Imports with instrumentation other than those mentioned above, provided they do not entail payment responsibility or surety or guarantee on the part of the intervening banking institution, shall not be certified by said institutions.

b) Local financial entities receiving credit lines from other local financial entities must certify the presentations of Public Sector debtors referring to obligations.

c) In the case of an obligation charged to a credit line of an entity having been guaranteed or secured by another authorized entity, the certification will be extended by the authorized entity that granted the loan.

d) Regarding loans granted by entities and partially financed with lending capacity originating from foreign currency deposits, the certifying entity will write the legend "PARTIAL" followed by the percentage indicating the proportion in which said loan is financed from its credit lines.

B.C.R.A. COUNTRY, CURRENCY AND CONCEPT TABLES
Annex III
to
Com. "A" 461

COUNTRY CODES
Code Name
065 Afghanistan, Democratic Republic of
052 Albania, People's Socialist Republic of
003 Germany, Federal Republic of
025 Democratic Germany (German Democratic Republic) 100 Upper Volta, Republic of 101 Andorra, Principality of 164 Angola, People's Republic of 035 Arab Syrian Republic 053 Saudi Arabia, Kingdom of 102 Algeria (Algerian People's Democratic Republic) 080 Argentina (Argentine Republic) 021 Australia, Commonwealth of 013 Austria, Republic of 048 Bahamas, Commonwealth of the 149 Bahrain, State of 165 Bangladesh 150 Barbados 006 Belgium, Kingdom of 113 Benin, People's Republic of 073 Bhutan 089 Burma, Socialist Union of 041 Bolivia, Republic of 151 Botswana, Republic of 012 Brazil, Federative Republic of 174 Brunei 045 Bulgaria, People's Republic of 104 Burundi, Republic of 172 Cape Verde, Republic of 106 Cameroon, United Republic of 017 Canada 107 Central African Republic 054 Colombia, Republic of 184 Comoros 152 Congo, People's Republic of 044 Korea, Republic of 110 Ivory Coast 055 Costa Rica, Republic of 051 Cuba, Republic of 111 Chad, Republic of 014 Czechoslovakia, Socialist Republic of 011 Chile, Republic of 083 China, People's Republic 112 Cyprus, Republic of

Code Name
015 Denmark, Kingdom of
185 Djibouti, Republic of
163 Dominica
076 Dominican Republic
047 Ecuador, Republic of
057 Egypt, Arab Republic of
058 El Salvador, Republic of
153 United Arab Emirates
009 Spain
002 United States of America
059 Socialist Ethiopia
186 Fiji
085 Philippines, Republic of
037 Finland
004 France (French Republic)
114 Gabon (Gabonese Republic)
154 Gambia
115 Ghana,
038 Greece (Hellenic Republic)
162 Grenada
061 Guatemala, Republic of
097 Guyana, Cooperative Republic of
092 Guinea-Bissau
155 Equatorial Guinea, Republic of
116 Guinea, Republic of
062 Haiti, Republic of
063 Honduras, Republic of
183 Hong Kong
034 Hungary, People's Republic of
020 India, Republic of
090 Indonesia, Republic of
086 Iraq, Republic of
036 Iran, Islamic Republic of
024 Ireland
018 Iceland, Republic of
039 Israel, State of
007 Italy (Italian Republic)
117 Jamaica
019 Japan
118 Jordan, Hashemite Kingdom of
105 Democratic Kampuchea
119 Kenya, Republic of
120 Kuwait, State of
166 Lesotho, Kingdom of
032 Lebanon (Lebanese Republic)
064 Liberia, Republic of
122 Libya (Jamahiriya Arab Libyan Socialist People's) 123 Liechtenstein, Principality of 043 Luxembourg, Grand Duchy of 124 Madagascar, Democratic Republic of 156 Malaysia, Federal of 157 Malawi, Republic of 167 Maldives, Republic of

B.C.R.A. COUNTRY, CURRENCY AND CONCEPT TABLES
Annex III
to
Com. "A" 461
Code Name
125 Mali, Republic of
168 Malta, Republic of
171 Malta, Sovereign Military Order of
126 Morocco, Kingdom of
158 Mauritius, Independent State of
127 Mauritania, Islamic Republic of
033 Mexico (United Mexican States)
129 Monaco, Principality of
128 Mongolia, People's Republic of
187 Mozambique, Republic of
177 Nauru
130 Nepal, Kingdom of
067 Nicaragua, Republic of
131 Niger, Republic of
132 Nigeria, Federal Republic of
028 Norway, Kingdom of
175 New Caledonia
022 New Zealand, Commonwealth of
096 New Hebrides
159 Oman, Sultanate of
008 Netherlands, Kingdom of the
042 Pakistan, Islamic Republic of
068 Panama, Republic of
169 Papua, New Guinea
069 Paraguay, Republic of
026 Peru, Republic of
030 Poland, People's Republic of
016 Portugal (Portuguese Republic)
066 Puerto Rico
160 Qatar, State of
001 United Kingdom of Great Britain and Northern Ireland 133 Rwanda (Rwandese Republic) 031 Romania, Socialist Republic of 173 Solomon Islands 135 San Marino, Most Serene Republic of 178 Saint Lucia, Republic of 078 Holy See 179 Sao Tome and Principe, Democratic Republic of 170 Saint Vincent and the Grenadines 136 Senegal 188 Seychelles 137 Sierra Leone, Republic of 182 Singapore, Republic of

Code Name
094 Somalia, Democratic Republic of
088 Sri Lanka, Democratic Socialist Republic of 023 South Africa, Republic of 138 Sudan, Democratic Republic of 027 Sweden, Kingdom of 005 Switzerland 199 Suriname, Republic of 180 Swaziland, Kingdom of 056 Taiwan 161 Tanzania, United Republic of 140 Thailand, Kingdom of 141 Togo, Republic of 181 Tonga 142 Trinidad and Tobago 143 Tunisia, Republic of 046 Turkey, Republic of 144 Uganda 040 Union of Soviet Socialist Republics 010 Uruguay, Oriental Republic of 079 Venezuela, Republic of 145 Vietnam, Socialist Republic of 147 Yemen, Arab Republic of 148 Yemen, Democratic and Popular Republic of 029 Yugoslavia, Socialist Federal Republic of 108 Zaire, Republic of 109 Zambia, Republic of 176 Zimbabwe, Republic of 198 Various Countries 200 International Organizations

CURRENCY CODES
Code Denomination
01 British Pounds
02 US Dollars
03 German Marks
04 French Francs
05 Swiss Francs
06 Belgian Francs
07 Lira
08 Guilders
09 Pesetas
10 Uruguayan Pesos
11 Chilean Pesos
12 Cruzeiros

B.C.R.A. COUNTRY, CURRENCY AND CONCEPT TABLES
Annex III
to
Com. "A" 461
Code Denomination
13 Austrian Schillings
14 Czech Crowns
15 Danish Crowns
16 Portuguese Escudos
17 Canadian Dollars
19 Yens
20 Indian Rupees
21 Australian Dollars
23 South African Rands
24 Irish Pounds
26 Peruvian Soles
27 Swedish Crowns
28 Norwegian Crowns
29 Yugoslav Dinars
30 Polish Zlotys
31 Romanian Lei
32 Fine Gold Grains
33 Mexican Pesos
37 Finnish Marks
38 Greek Drachmas
39 Israeli Shekels
41 Bolivian Pesos
46 Financial Belgian Francs
47 Ecuadorian Sucres
53 Saudi Riyals
54 Colombian Pesos
57 Egyptian Pounds
60 Moroccan Dirhams
61 Guatemalan Quetzals
63 Honduran Lempiras
67 Nicaraguan Córdobas
68 Panamanian Balboas
69 Guaraníes
76 Dominican Pesos
79 Bolívares
80 Argentine Pesos
98 Special Drawing Rights
00 Other currencies

CONCEPT CODES
OTHER DEBTS
Code Concepts
51 Import Freight
52 Export Freight
53 Insurance (premiums, claims, reinsurance and recoveries) 54 Ship and aircraft expenses 56 Leasing of spaces or warehouses in ports or airports (includes containers) 57 Royalties 58 Technical assistance 59 Trademarks and patents 60 Copyrights 61 Commercial commissions 62 Bank commissions and expenses 63 Commercial advertising 64 Commercial representation expenses 65 Subscription to newspapers and magazines 66 Rentals (excluding 55 and 56) 67 Salaries and expenses of foreign personnel in the country and of Argentines abroad 68 Services provided in the country 69 Other unspecified real services 70 Dividends 71 Profits 72 Current interest (when the principal obligation no longer exists) 73 Default interest 74 Punitive interest 99 Other obligations without discrimination