Circular Active Operations - OPRAC 1 - 12. Adjustment of the Adjustment Index for the Portfolio with Monetary Correction Clause

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
COMMUNICATION "A" 268 06/01/83
TO SOCIETIES OF SAVINGS AND LOANS FOR HOUSING OR OTHER REAL ESTATE:
Ref.: Circular ACTIVE OPERATIONS - OPRAC - 1

• 12. Adjustment of the adjustment index for the
  portfolio with monetary correction clause

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

“1º - Housing savings and loan societies must replace in loans active as of July 2, 1982, the capital update clause provided for in point 3.2. of Chapter II of Circular OPRAC - 1, with the “loan update index” referred to in Circular OPRAC - 1 - 8.

2º - The substitution of the correction clause referred to in the preceding point will apply from the dates and for the cases indicated below:
a) borrowers of credits intended for housing real estate: July 1, 1982, and b) remaining debtors: September 1, 1982.

3º - The Central Bank will consider the situation of entities whose “Consolidated Loan” proves insufficient to impute, in a priority manner, the operations that result refinanciable based on Circulars REMON - 1 - 22 and 1 - 53 and the loans adjustable according to the system of point 3.2. of Chapter 11 of Circular OPRAC - 1.”

We salute you very attentively.

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Germán R. Pampillo
Deputy Manager of Standards for
Financial Entities

Elías Salama
General Deputy Manager