Circular Active Operations - OPRAC 1 — BCRA — AR

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 49 24/07/81
TO FINANCIAL ENTITIES:
Ref.: Circular ACTIVE OPERATIONS -OPRAC-1.
We address you to accompany you with the text ordered to date of the provisions issued by this Institution, which are applicable to the subject of reference. We greet you very attentively. BANCO CENTRAL DE LA REPÚBLICA ARGENTINA Daniel E. de Pablo Evaristo H. Evangelista General Manager General Manager
ANNEX: 49 sheets

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
CONTENTS
Circular ACTIVE OPERATIONS OPRAC-1
I- Credit Provisions.
II- Interest Rates and Adjustment Clauses.
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CONTENTS
I- Credit Provisions OPRAC-1

Credit Policies.
Special credit regimes.
2.1. Pre-financing of promoted exports.
2.2. Credit benefits established by Law 20.852.
2.2.1.Financing of the production of goods whose supply is awarded to the local industry in international tenders that have financing from the I.B.D. or the I.B.R.F. 2.2.2.Application of the regimes cited in points 2.1. and 2.3. to international tenders called by the Binational Entity Yacyretá.
2.3. Financing of promoted exports.
2.4. Application of the regimes cited in points 2.1. and 2.3. to the production and sale, in the
local market, of units for international land transport.
Rules on credit management.
3.1. Minimum requirements for the consideration of Credit requests.
3.2. Temporary advances in current account.
3.3. Secondary negotiation of transferable Credit titles.
Operations with natural and legal persons linked to financial entities.
Loans to the staff of financial entities.
Statistics.
6.1. On balances of financial entity financings by activities.
Operations of investment banks.
Loans to Central Bank staff
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BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
CONTENTS
II - Interest Rates and Adjustment Clauses. OPRAC-1

Basic conditions.
Advertising.
Adjustment Clauses.
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BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
ORDERED TEXT
Circular ACTIVE OPERATIONS OPRAC-1
I - Credit Provisions.

Credit Policy
1.1. The Credit granted by financial entities included in Law 21.526 must be
oriented to finance the investment, production, marketing and consumption of goods and services required by both internal demand and export, thus contributing to achieve and maintain high levels of production and employment.
1.2. Financial entities are empowered to implement credit management that
leads to the achievement of the mentioned goals.
1.3. The existence of free financial markets means the determination, according to the
supply and demand for Credit, of an interest rate structure that reflects the diversity of risk, liquidity and cost that characterizes different financial operations.
1.4. Financial entities will ensure to maintain an adequate distribution of their loans so that no
imbalances occur in the allocation of Credit to different sectors of economic activity. The Central Bank will follow the evolution of Credit in order to determine if it shows deviations that signify the favoring of some sectors to the detriment of others.
1.5. Financing to natural and legal persons linked to financial entities must
be carried out at a level of equality with the rest of the clientele. Without prejudice to this, the global quantitative limitations established in point 4. of this circular seek to prevent that financing is directed primarily to this sector of users, with the consequent risk of portfolio concentrations that can affect the solidity and stability of financial institutions
1.6. In order to avoid the appearance of forms and modalities of financing contrary to the objective
of generality and equity enshrined in the provisions of the Financial Entities Law, entities must pay maximum attention to the analysis of risks derived from operations with companies or persons linked. Basic principles for the administration of financial operations must be taken into account, both with regard to the indicated sector of users, as well as to the clientele in general.
1.7. For this, institutions must prudently decide the sums to commit in financial operations, in accordance with the equity or income of the applicants and the
profitability of the projects. In each case, the resolution of requests must be preceded by a balanced analysis of the economic and financial situation of the client, with special emphasis on the determination of the repayment capacity of the borrowed funds against the expected evolution of the activity developed.
1.8. The lending capacity from foreign currency deposits can be applied to the granting of Credits under similar conditions of breadth of destinations as determined for assistance in pesos and, temporarily, in Argentine values issued in
foreign currency.
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2. Special credit regimes.
2.1. Pre-financing of promoted exports.
Banks authorized to operate in foreign exchange (Categories B and C) may participate in this regime, intended to finance the production of promoted export goods.
2.1.1 Scope.
Operations that must be presented to banks with due advance notice before the start of the respective process, and that are linked to the:
2.1.1.1. Production of goods included in Lists 1 (with the exception of chapter 01),
2, 3 and 4, which are attached to the rules established for the financing of promoted exports (points 2.3.15 to 2.3.19 of this Chapter).
2.1.1.2. Transformation, modernization, repair and adjustment of transport elements, equipment and machinery temporarily introduced into the country for that
purpose.
2.1.2. Beneficiaries.
The following may participate in this regime:
2.1.2.1. Manufacturers and producers of the goods to be exported.
2.1.2.2. Borrowers of the services included in point 2.1.1.2.
2.1.2.3 Exporters, provided that the respective loan is granted jointly with the manufacturer of the goods included in the operation and that the
crediting of funds is made directly to the producer.
2.1.3. Requirements.
Applicant companies, in addition to the general documentation that the intervening bank considers necessary to require, must present an irrevocable foreign Credit letter opened in their favor or a firm contract or purchase order, which specifies the conditions of the operation. In the latter case, they must attach background and references of the purchasing firm and certification - in each case - of the firms that sign the contract or purchase order. Likewise, as a sworn declaration, they must present:
2.1.3.1. Information on the details necessary for the consideration of the operation,
which do not include the documents mentioned.
2.1.3.2. Production plan and resource calculation for the manufacture of products to
export.
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2.1.3.3. Detail of the Participation in the cost of the product to be exported, of national labor and
raw materials.
2.1.3.4.Information regarding whether the export is carried out under the regime instituted for the financing of promoted exports.
2.1.3.5.Commitment not to resort to other financial sources to obtain the pre-financing linked to the operation that originates their request.
2.1.4. Financial Regime.
2.1.4.1. Financial support for the destinations provided for in point 2.1.1. can reach up to the maximum ceilings that in relation to the FOB value of each of the
shipments corresponding to the operations agreed upon, are listed below:
2.1.4.1.1. The production of capital goods List-1- and the transformation modernization, repair and adjustment of transport elements, equipment and
machinery temporarily introduced into the country for that purpose, can be financed up to 80%.
2.1.4.1.2. The production of "durable and semi-durable" goods - List 2-, up to
70%.
2.1.4.1.3. The production of "other products" included in List 3, up to 60%.
2.1.4.1.4. The production of "other products" included in List 4 (Point
2.3.18 and 2.3.19) up to 60%.
For the case of ships classified as "capital goods", and of platforms for underwater drilling, financing can reach up to 80% of the real value of the construction, provided that it is not higher than the sum of the FOB amount and reimbursements or refunds. Inputs - regardless of their origin - that local shipyards enter under the temporary admission regimes and are paid abroad at the time of the ship's export, must not be taken into account for the calculation of the pre-financing amount. For all goods included in this regime, when the FOB value is adjusted based on contractual clauses, pre-financing can be raised exclusively for the installments remaining to be realized at the time of documenting the percentage increase in foreign currency price. The Credit corresponding to the installments to be realized can be increased by the same percentage by which the FOB value increases.
2.1.4.2. The proportions referred to in point 2.1.4.1. only apply when
the total of raw materials and foreign origin materials of direct use, commissions of representatives abroad, royalties, promotion expenses abroad and profits - according to the exporter's sworn declaration - does not exceed 40% of the FOB value. Complementarily, it must be taken into account that the sum of the mentioned concepts, excluding profit, does not exceed 30% of the FOB value.
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Information related to the total of raw materials and foreign materials of direct use, commissions of representatives abroad, promotion expenses abroad and royalties, can be provided by the applicant in a global manner.
2.1.4.3. In the event that the ceilings of the previous point are exceeded, the maximum amount that can be financed is reduced to the extent of the excess determined against what is established in said point.
2.1.4.4. The amount of operations agreed upon may exceed the limitations
existing regarding the bank's patrimonial responsibility. Nevertheless, the bank must monitor the degree of indebtedness of the beneficiary and require Guarantees commensurate with the amount of the authorized operation.
2.1.4.5. For the purpose of determining the amount to be financed in pesos according to
what is established in point 2.3.1., the FOB value of the merchandise to be exported must be converted with adjustment to the rules provided for the Settlement of foreign exchange of promoted exports, taking into consideration the exchange rates, as applicable, of the business day prior to the day of the Credit agreement by the bank to the client. If the amount thus calculated is higher than the financial needs denounced by the applicant, the Credit must not exceed this last figure. The amount to be financed of each of the stages of the production process can be adjusted by the intervening bank, calculating the pesos to be credited at the exchange rates, as applicable, of the business day prior to the date on which the bank resolves to adjust the respective stage. If the amount thus calculated is higher than the real fund needs of the respective stage, the Credit must not exceed them. In no case can the amount of the Credit corresponding to stages already realized be adjusted.
2.1.5. Deadlines.
2.1.5.1. For capital goods - List 1 and vehicles for the transport of people, except those intended for collective transport (NADE Position 87.02.01.00- up
to one year, not exceeding 60 days from the effective date of the export For the case of ships classified as "capital goods", and of platforms for underwater drilling, pre-financing can reach up to three years, not exceeding 60 days from the effective date of the export.
2.1.5.2. For durable and semi-durable goods - List 2 - and other products included in
List 3, up to 180 days, not exceeding 60 days from the effective date of the export.
2.1.5.3. For the "other products" included in List 4 (points 2.3.18 and 2.3.19) - with
exception of the products detailed in point 2.1.15.3- up to 120 days, not exceeding 60 days from the effective date of the export.
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2.1.5.4. For the transformation, modernization, repair and adjustment of elements of
transport, equipment and machinery temporarily introduced into the country, for that purpose, up to one year not exceeding 60 days from the effective date of the export.
2.1.5.5. In the case of financing the production of goods, or of services for subsequent export according to the terms of the rules established for
the financing of promoted exports, the credit must be cancelled by the granting bank, no later than 90 days after the respective shipment, even if the maximum validity period has not expired.
2.1.5.6. The 60 or 90 day waiting period to cancel loans - counted from
the effective date of the export and not exceeding the maximum periods established -, only serves to admit the indispensable time that the beneficiary may need to make effective the foreign exchange coming from the respective shipment or to discount the letters through the regime of financing of promoted exports. In no case can the term of the pre-financing exceed the date of Settlement of the corresponding foreign exchange or the discount of the letters.
2.1.6. Agreement of funds.
2.1.6.1. It must be graduated based on financial needs, within the required time, of the different stages of the production process.
The percentages established by the preceding point 2.1.4.1. must be distributed among all stages of the production process and proportionally to the requirement of each of them, in order to ensure that the funds lent are only delivered in the proportion established in the different stages of manufacture. Entities must adopt the necessary precautions so that users of this Credit line notify them of the eventual existence of factors that signify delays in the production process of the goods to be exported which, consequently, may delay the shipment of them beyond the periods allowed by the rule. Such communication must be made effective in opportunity when the previously mentioned circumstance is noticed and banks must immediately elevate it to this Institution. The existence of such notice in time and form is an indispensable requirement for the Central Bank to consider eventual departures from the rule, which may subsequently be requested for the respective operations. If problems such as those previously provided for arise and for the purpose of determining the existence of the same, the authorized intervening entities must carry out the technical and accounting inspections provided for in point 2.1.7.3. If it is proven that there are inconveniences that lead to the fulfillment of shipments beyond the periods provided for in point 2.1.5., the crediting of funds applicable to attend the production process that is affected must be suspended.
2.1.6.2. Between the completion of the goods and their shipment, a period of 60 days must not be exceeded.
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I. Credit Provisions (Continuation) OPRAC-1
2.1.7. Obligations of beneficiaries.
2.1.7.1. Present shipping documentation to the Bank.
2.1.7.2. Carry out through the Bank all foreign exchange operations related to
the export to be pre-financed.
2.1.7.3. Allow the technical and accounting inspections that the Bank deems necessary
to carry out to verify compliance with the provisions established in this regulation or in the respective agreements and facilitate all evidence and elements of judgment that are requested of them for this purpose.
2.1.8. Adjustment Clause.
The amount of these loans will be adjusted based on the variations of the exchange rate of the US dollar during the period of use of the funds. To this effect, to determine the amount to be returned by the beneficiaries, the exchange rates of the US dollar will be applied to the foreign currency value on the basis of which the loan was granted, as applicable, of the penultimate business day prior to the cancellation of the loan.
2.1.9. Interest.
Banks must charge a rate of 1% per year on the adjusted amount of the loan, payable by calendar quarter expired. For its settlement, they must use numerals expressed in US dollars based on daily balances, computing a year of 365 days, converting to pesos according to the quote - exchange rates, as applicable - of the last business day of each quarter.
2.1.10. Resources.
To attend operations that adjust to the preceding rules, banks can obtain funds from the Central Bank. To the respective advances, whose use yields no interest, the same Adjustment Clause that governs the beneficiaries of the Credit is applied. For the use of such funds, entities must strictly adhere to the procedure rules that are attached.
2.1.11. Remuneration to banks.
For the intervention of entities in this regime, the Central Bank recognizes a commission of 2.5% per year, payable by calendar quarter expired, applicable on the adjusted amount of the loans. For its Settlement, numerals expressed in dollars are used based on daily balances, computing a year of 365 days, converting to pesos according to the quote - exchange rates, as applicable - of the last business day of each quarter.
2.1.12. Queries.
The intervening banks may raise before this Central Bank the queries
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related to any exception to these rules, with due advance notice and their founded opinion. In these cases, it is indispensable to provide a complete development of the operation in question and the reasons that justify the request. exception to the present rules, with due advance notice and their founded opinion. In these cases, it is indispensable to provide a complete development of the operation in question and the reasons that justify the request.
2.1.13. Delays in export.
If at the expiration of the maximum period admitted for pre-financing, the export is not carried out totally or partially, entities may, under their exclusive responsibility, and after determining that the reasons invoked by the beneficiaries justify it, grant an extension for 60 days. For this period, banks must charge an interest rate of 10% per year on the adjusted amount of the loan and for the use of the respective advance, the Central Bank will receive an interest rate of 9% per year on the respective adjusted amount. Both rates will be received at the expiration of the extension or at the moment of early cancellation.
2.1.14. Defaults.
If after the period resulting from the extension admitted by point 2.1.13, the export of the merchandise is not carried out, the intervening Bank must demand from the beneficiary the immediate cancellation of the Credit balance, for which it must adopt all measures that are necessary, among others, the execution of the Guarantees that the debtor had constituted, applying a charge calculated on the balance of the loan adjusted at maturity. Same procedure must be adopted when the export of the merchandise is not carried out at the deadlines established in point 2.1.5. preceding, if the entities judge it inconvenient to grant the extension admitted in point 2.1.13. The following charges must be applied:
2.1.14.1. For the periods established in point 2.1.5. preceding, 18% per year, and
2.1.14.2. For the period of the extension, 9% per year.
The amount resulting from this rate adjustment must be transferred in its entirety to the Central Bank.
Without prejudice to the above, if the export of the merchandise is not carried out due to cause imputable to the beneficiary of the Credit, or it is proven that the funds have been applied to another purpose, the Central Bank may suspend from this regime the offending firm during the period that is determined, making the measure known to the banking system and to the Ministry of Commerce and Maritime Interests. If the export is not carried out, the intervening banks must inform such circumstance to the Central Bank, indicating whether the default is the responsibility or not of the exporter. Entities must gather and keep available to the Central Bank, at all times, all documents related to the operations that allow determining the responsibility of the beneficiary of the Credit in cases of defaults.
2.1.15. Other provisions.
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2.1.15.2. Banks must maintain a special register recording the following data corresponding to the operations conducted:
Name of the beneficiary firms; class of merchandise whose production was financed; client rating; agreements and debts in force, excluding operations in progress corresponding to this regime and the promoted export financing regime, and the amount and conditions of the loan agreed upon under this regime. This register must be duly updated, permanently, and available to the Central Bank for its control.

2.1.15.3. The goods listed below, included in List 4 (point 2.3.18 of this Chapter), may be financed up to the terms indicated in each case, not exceeding 60 days from the effective date of export.

Tariff Items	Products	Pre-financing Term
04.04.00.02	Semi-hard cheese	Up to one year (*)
04.04.00.03	Hard cheese	Up to one year (*)
16.04.00.02	Only anchovy fillets in oil	Up to one year (*)
20.01.00.00 to 20.07.00.00	Legume preparations, Vegetables, fruits and other plants or parts of plants	Up to one year (*)
22.05.00.01	Bottled wine	Up to one year (*)
22.05.00.02	Wine in bulk	Up to one year (*)
22.05.00.03	Champagne-type wine	Up to one year (*)
22.05.00.09	Others	Up to one year (*)
29.39.00.04	Equine Gonadotrophic Hormone	Up to one year
03.02.00.04	Anchovies	Up to 180 days
08.03.02.01	Dried figs	Up to 180 days
08.04.02.01	Raisins	Up to 180 days
08.12.00.00	Dried fruits	Up to 180 days
43.02.00.00	Tanned skins	Up to 180 days (*)

(*) For these products, the provisions established in point 2.1.6.2 of this Chapter do not apply.

2.1.16. Procedural Rules.
Entities that require funds from the Central Bank to attend to prefinancing operations in accordance with the regime established by this Circular, must proceed as follows:

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2.1.16.1. For the amount of each of the stages in which a loan is structured, they must present to the Central Bank (General Secretariat Department) on the business day prior to the date of crediting to the client - until 13:00 - the Formula 2408 in triplicate of the operation - agreed with adjustment to these norms - which at that moment enters the regime from the first stage.
These fund requests - Formula 2408 (point 2.1.17 of this Chapter) - must be made for the maximum term that the norm admits for the good being prefinanced (1) and must be signed by two authorized signatories who bind the entity. Such documents must be credited to the current account that entities hold at the Central Bank on the business day following their presentation. In those cases where errors or omissions are verified in the integration of Formula 2408, it is appropriate to return it immediately, with written record of the reasons for rejection. The eventual rectifications of the document do not have retroactive effect.

2.1.16.2. Formulas 2408 must be numbered consecutively - for each operation (2) - starting from number 1, not being able to use the denomination "bis", "A", or any other similar.

2.1.16.3. When exports of the prefinanced goods are concluded that imply a partial or total early cancellation of the funds enabled by the Central Bank, in order to carry out said amortization, banks must present on the day those cancellations are effected by the client - until 13:00 - a Formula 2408 A (point 2.1.18 of this Chapter) in triplicate.
The mentioned Formula must be delivered to the Central Bank (General Secretariat Department) for its accounting on the day of its presentation. When it concerns Recovered Credits at moments that prevent the correct correspondence between the receipt of funds and the sending of Formula 2408 A, it is admitted that it may enter the Central Bank before 13:00 on the next business day. Early partial cancellations are imputed proportionally to each of the effective crediting for the respective operation.

2.1.16.4. In the case that banks make use of the extension provided in point 2.1.13, they must, for the amount equivalent to the adjusted balance pending cancellation, present to the

(1) Fund requests corresponding to all stages of the same operation must have the same maturity, which is the maximum admitted by the current provisions. (2) An operation is understood as the set of stages in which the loan is credited.

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Central Bank (General Secretariat Department) on the business day prior to the date of the last maximum agreed maturity - until 13:00 - a Formula 2408 in triplicate of the extended operation, for the new maximum agreed term, signed by two authorized signatories who bind the entity. This document is credited to the current account that entities hold at the Central Bank, on the business day following its presentation. The Formula 2408 mentioned in the preceding paragraph must maintain the original operation number and the legend "extension" in the observations field.

2.1.16.5. If at the maximum maturity admitted by the norm for an operation - or agreed upon based on what is provided in point 2.1.13 - it has not been cancelled according to the procedure established in point 2.1.16.3, the corresponding Credits are automatically debited from the current accounts of entities at the Central Bank.

2.1.16.6. Entities cannot request the return of interests received from the Central Bank, alleging shipments not reported in due time, as established in point 2.1.16.3.
Furthermore, for the delays in which entities incur between the dates of loan recovery and the corresponding amortization of the advance, they must pay a punitive interest determined by applying the following scale to the amount of the loan adjusted to its maturity.

Period of Non-compliance

In days -
Number of times the maximum rediscount rate in force during non-compliance Up to 30 | 1.40 From 31 to 60 | 1.45 From 61 to 90 | 1.50 From 91 to 180 | 1.60 From 181 to 270 | 1.80 From 271 to 360 | 2.00 From 361 to 450 | 2.25 From 451 to 540 | 2.55 From 541 to 630 | 2.85 From 631 to 720 | 3.25 From 721 to 810 | 3.65 From 811 to 900 | 4.10 From 901 to 990 | 4.65 More than 990 | 5.00

In the case of non-compliances that have their origin before May 1, 1980 and that are regularized after that date, the punitive interest is determined by the sum of:

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a) The amount of the charge for the period elapsed until May 1, 1980 and calculated according to the norms in force until that date, plus b) The amount of the charge corresponding to the time elapsed between that date and the moment of regularization resulting from applying for that period and to the proportional rediscount rate, the punitive coefficient that establishes the scale for the total period of non-compliance.

2.1.16.6.1. For the purposes of determining the punitive interests referred to in point 2.1.16.6, the rediscount rate in force during the period of non-compliance results from the sum of the maximum daily rediscount rates established by this Institution.

2.1.16.6.2. For non-compliances incurred until April 30, 1980, the regime of charges and interests fixed at that time is maintained without prejudice to what is provided in point 2.1.16.6, regarding non-compliances that have their origin before May 1, 1980 and that are regularized subsequently.
The mentioned charge is applied when the delay exceeds one day and for its calculation, the calendar days comprised from the date on which the debit should have been made until the day prior to its effectuation are taken.

2.1.16.7. In the case of the non-compliances provided for in point 2.1.14 of this Chapter within 30 days from the maturity of the operations, banks must send a note authorizing the Central Bank to debit in their current account the amount corresponding to the respective charge, developing the procedure used for its calculation.

2.1.16.8. When the Central Bank returns to entities the Formulas 2408 that suffer from deficiencies, they must comply with the requirement made within 5 business days of its formulation.

2.1.16.8.1. With respect to returns:

2.1.16.8.1.1. If the deficiencies are limited to the formal integration of Formula 2408, it must be modified and directed to the Special Credit Department for Export accompanied by a transmittal note, reintegrating the copy of the Formula 2408 sent in due time.

2.1.16.8.1.2. If additionally - or on the contrary - the amount of the Credit must be modified, it must be sent on the business day prior to its accounting - until 13:00 - a compensatory or substitute Formula 2408 - indicating such circumstance in the observations field - for the corresponding amount, to the General Secretariat Department, accompanied by a transmittal note, reintegrating the copy of the Formula 2408 sent in due time.

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2.1.16.8.2. When deficiencies persist in the replacement forms, the process of returning formulas is repeated up to 2 times, at the end of which the crediting indicated in the respective Formula 2408 is cancelled.

2.1.16.9. In all cases, the Central Bank must credit the commission in the current account of entities and debit, when appropriate, the respective interests.

2.1.16.10. Banks must send to the Special Credit Department for Export and keep updated, a register of signatures of officials duly authorized to sign all documentation related to the fund movements referred to in these norms.

2.1.16.11. To all information that banks must send according to these norms, the general regime of application of sanctions in cases of non-compliance applies.

2.1.16.12. For the purposes of operating within this regime, banks must send the Guarantee Letter whose model is in point 2.1.19 of this Chapter (in original and two copies). This document is sent only once on the occasion when Formula 2408 linked to the first operation to be processed through this regime is brought to the Central Bank.

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2.1.17. Model of Formula 2408.

Central Bank of the Republic Argentina
Reserved for the B.C.R.A.
Department of Special Credit for Export

OPERATIONS
OF PREFINANCING OF
PROMOTED EXPORTS

AUTHORIZED ENTITY: Code
Beneficiary Operation No.
Importer National Industrial Registry No.

MERCHANDISE TO EXPORT
Quantity Description N.C.C.A. (2) Country Code

VALUE FOB OF FINANCED GOODS Date
Amount in US Dollars Agreement Maximum Maturity

Availability
Stage Amount Rate (4)
No. (3)
Agreement Date (3)
Crediting Date (3)
US Dollars (3)
Parity (4)(5)
In pesos (*) (4)

TOTAL:

For the funds requested, we constitute a pledge on documents from our liquid portfolio by endorsement in guarantee in favor of the Central Bank of the Republic Argentina in full accordance with the terms of the guarantee letter signed by this entity in favor of that institution on date / / .

OBSERVATIONS: (4)We ask you to kindly credit the amount in pesos indicated

/ / Authorized Signatures and Clarification

RESERVED FOR THE CENTRAL BANK OF THE REPUBLIC ARGENTINA DEBIT BANKS DEPARTMENTS COMPENSATION ACCOUNTS - Financial Entities Dept. of Special Credit for Export Accounting Department Data Processing Center

(1) Consecutive presentation numbering. Rectifications: present nine formulas with the original operation number (2) Reserved for the Central Bank of the Republic Argentina (3) The entire crediting plan must be developed (4) Only those corresponding to the stage requested in this presentation will be recorded (5) Buyer exchange rate registered at the National Bank of Argentina at the close of its operations on the business day prior to the presentation of this formula. The provision of this form must be requested via formula 1794.

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2.1.18. Model of Formula 2408 "A".

Reserved for the B.C.R.A. CENTRAL BANK OF THE REPUBLIC ARGENTINA Department of Special Credit for Export

OPERATIONS
OF PREFINANCING OF
PROMOTED EXPORTS

AUTHORIZED ENTITY: Code
Beneficiary Signature Operation (1) Circular R.F.
No. (2)
Importer National Industrial Registry No.

EXPORTED MERCHANDISE (3)
Date Quantity Description

CANCELLATION (3)
Date
Amount in pesos (*)
Shipping Permits Nos.
MCCA
FOB Amount

in US Dollars Parity (4)
Maximum Maturity Date

Observations:
(.)We authorize the Bank of the Republic Argentina to debit the indicated amount in pesos.

/ / Authorized Signatures and Clarification

Reserved for the Central Bank of the Republic Argentina CREDIT BANKS DEPARTMENTS COMPENSATION ACCOUNTS Financial Entities Department of Special Export Credit Accounting Department Data Processing Center

(1) Numbering coincident with that of the corresponding formula 2408. If rectifications are suffered, these must be communicated via formula 2408 A, indicating the number of the original operation, noting such circumstance in "Observations" (2) Indicate: R.F. 19, 20, 99, to 153 as appropriate. (3) Record only the data referring to the shipment being reported (4) Buyer exchange rate registered at the National Bank of Argentina at the close of its operations on the penultimate business day prior to the loan cancellation The provision of this form must be requested via formula 1794

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I. Credit Provisions (Continuation) OPRAC-1

2.1.19. Model Guarantee Letter.
To the President of the Central Bank of the Republic Argentina, S/D.
Ref.: Guarantee Letter for the use of advances in account, agreed by the Central Bank of the Republic Argentina.

We have the pleasure of addressing you, with reference to the use of funds that that Institution grants us through advances in account intended to attend the operations of prefinancing of promoted exports, as well as other loans that normatively are channeled through the same regime.

Regarding this and by the present, we expressly state that we commit and accept the following:

1º- That as Guarantee of advances in account for the aforementioned regime, granted to us by the Central Bank of the Republic Argentina, a pledge will be constituted in favor of the Central Bank of the Republic Argentina on the documents of our liquid portfolio by a value that reaches or exceeds at all times one hundred percent (100%) of the sums that are owed to the Central Bank of the Republic Argentina.

2º- That the documents offered as Guarantee, will be endorsed with the legend "Value in Guarantee in favor of the Central Bank of the Republic Argentina" and we commit to keep them separate from the rest of the portfolio and at the disposal of the Central Bank of the Republic Argentina in a specific and individualized area of the treasury of this Entity that we provide free of charge and to which the officials and inspectors of the Central Bank of the Republic Argentina will have pertinent access.

3º- That we accept the mission of depositaries of the documents offered as Guarantee which we will perform free of charge.

4º- That we leave perfectly understood that any subsequent management of collection of the documents offered as Guarantee will run exclusively at the charge and cost of this entity, whether judicial or extrajudicial

5º- That when by maturity of the documents or by other circumstances (early cancellation, signatories or endorsers entering civil bankruptcy, creditor summons, bankruptcies, successions, etc.) the minimum Guarantee established in Clause 1 may decrease, we commit to replenish with other documents from our liquid portfolio, with an advance of 5 (five) calendar days, up to cover the minimum Guarantee indicated. With that same advance and if we do not have documents to replace, we obligate ourselves to communicate the amount we authorize that Central Bank to debit in the current account we maintain at that Institution, in order to correspond to the debt balance with the amount of the documents that guarantee it.

6º- That the list of documents offered as Guarantee will be detailed in formula No.
2894, numbered consecutively, which will form an integral part of this Guarantee, and will be kept at this entity at the disposal of the Central Bank of the Republic Argentina.

7º- We leave record of our conformity for the Central Bank of the Republic Argentina at the maturity of each utilization of the advance corresponding to debit the respective amount in the current account that this......maintains at that Institution.

8º- That the Central Bank of the Republic Argentina reserves the right to reject or demand the replacement of any of the documents that guarantee the utilizations of the advances corresponding.

9º- That we commit that the maturity of the documents offered as Guarantee does not exceed 30 days from the date of cancellation of each utilization of the advances agreed.

10º- That for the purposes of establishing the date of the transfer of the values given as Guarantee, we commit to record in the Minutes Book of this......
……………, the quantity of documents, the total amount, order numbers of the same and the date and numbering of the sheets in which they are individualized. The cited sheets will remain in custody at this entity at the disposal of the Central Bank of the Republic Argentina, which we obligate ourselves to send to that Institution on the occasion that they are requested.

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B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1

CENTRAL BANK OF THE REPUBLIC ARGENTINA Template No.
Credit Management

LIST OF DOCUMENTS OFFERED TO THE CENTRAL BANK OF THE REPUBLIC ARGENTINA AS GUARANTEE FOR THE ADVANCE FOR ……….……

Bank: Transfer to the B.C.R.A. :of__ of___ 19__

Discounts on which, as guarantee for the aforementioned advance, we have constituted a pledge in favor of that institution in full accordance with the Guarantee Letter signed on that date / / .

Document Registry Document No.
(1) No. doc Folio Book
Signatory or Endorser Amount Maturity Observations Transport is $ ______ Total ______

24.07.81
I Credit Provisions. (Continuation)
19
General Manager President
Form. 2894 (x-71)
(1) – Number them consecutively.
The provision of this form must be requested via formula 1794

2.1.20. Model of Formula 2894

OPERAC – I

I. Credit Provisions (Continuation) OPRAC-1

2.2. Credit benefits established by Law 20.852.

2.2.1. Financing of the production of goods whose provision is awarded to the local industry in international tenders that have financing from the I.A.D.B. or the I.B.R.D.

2.2.1.1. Local companies awarded international tenders that have financing from the Inter-American Development Bank or the International Bank for Reconstruction and Development, may obtain credit support under the conditions provided in the promoted export prefinancing regime,
for the production of goods included in the referred tenders, provided that they are included in any of the four lists detailed in points 2.3.15 to 2.3.18 of this Circular, or those established on the particular matter in the future.

2.2.1.2. In each case, this Central Bank determines the amount to which the credit assistance to be dispensed by banks may amount and the promoted export prefinancing regime applicable. These aspects must be consulted with this Institution in due time.

2.2.1.3. The operations processed in accordance with these provisions must adjust in full to the norms of the promoted export prefinancing regime applicable in each case (including the percentage integration of the value of the goods: imported inputs, royalties, profits and expenses in the country),
with the formal adjustments derived from the fact that the goods will be destined to the domestic market and not to export.

2.2.1.4. Banks, in addition to the requirements provided in the respective norms, must require the presentation of the original of the certification issued by the current Ministry of Industry and Mining, referred to in Resolution No. 580 of the former Ministry of Economy. In this document, the Intervening Entity must leave record of the Credit agreed.

2.2.1.5. Entities must take into account especially, when integrating Formulas
2408 - to obtain the respective funds from the Central Bank - and 2408 A - intended to cancel the advance -, the following aspects:

2.2.1.6. In the OBSERVATIONS field, they must record the number of the chapter of this circular and the number and date of the respective tender call.

2.2.1.7. The numbering must continue the consecutive order that each bank has been assigning to these formulas.

2.2.2. Application of prefinancing and promoted export financing regimes to international tenders called by the Binational Yacyretá Entity.

2.2.2.1. Local companies that are awarded direct, associated subcontractors or suppliers, of international tenders called by the Binational Yacyretá Entity, for the provision of the goods determined by Resolution No. 857/80 of the former Ministry of Economy (point 2.2.2.7.) may make use of
the prefinancing and promoted export financing regimes stated in points 2.1. and 2.3. of this Chapter, respectively.

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I. Credit Provisions (Continuation) OPRAC-1
2.2.2.2. The operations carried out in accordance with these provisions must comply with the respective norms mentioned above, with the exception of goods - which are exclusively those detailed in Article 2 of Resolution No. 857/80 of the former Ministry of Economy - with the formal adjustments derived from the fact that the various equipment and elements are destined for the work under the charge of said Binational Entity and not for export, and complying with the aspects indicated below.

2.2.2.3. Banks must require, in addition to the requirements provided for in the respective norms, the presentation of the original of the certification issued by the current Ministry of Industry and Mining (point 2.2.2.8.), referred to in Resolution No. 857 of the former Ministry of Economy. In said document, the intervening entity must record the Credit agreed upon.

2.2.2.4. To use the promoted export financing regime, the local supplier, against delivery of goods, must issue bills in US dollars - for the peso equivalent of the basic value plus price readjustment according to Contractual Clause - which must be accepted by the Yacyretá Binational Entity. These documents may be discounted by authorized banks through point 2.3. and - at their request - rediscounted by the Central Bank.
In substitution of the Guarantees required by point 2.3.5. of this Chapter, the respective operations must be guaranteed by the current Undersecretariat of the Treasury, in accordance with the provisions of Decree No. 2,572/77.

2.2.2.5. When the Yacyretá Binational Entity requires, for the supply of goods included in a specific international tender, some type of special financing from the bidders, the local company must address itself in each case to this Central Bank, consulting the financial conditions it can offer. To this end, it must make a presentation in Form 2097 - through a bank authorized to operate in foreign exchange - providing a list of the goods, with the estimation of the individualized values and the national and foreign integration of the products.

2.2.2.6. To make use of the promoted export pre-financing regime, the entities must especially take into account when integrating Forms 2408 and 2408 A - related to the movement of funds of the respective advance - the following aspects:

In the OBSERVATIONS field, they must record the number of the respective call for tenders.
The numbering must continue the correlational order that each bank has been assigning to these forms.

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I. Credit Provisions (Continuation) OPRAC-1
2.2.2.7. Text of Resolution No. 857.
MINISTRY OF ECONOMY
BUENOS AIRES, June 30, 1980.
HAVING VIEWED Decree No. 311/79, which declares included in the regime of Law No. 20,852 the open international tenders issued by the Yacyretá Binational Entity for the execution of the works comprised in Law No. 20,646, and CONSIDERING:
That article 14 of Decree No. 2099/76, regulatory of Law No. 20,852, confers upon this Ministry the faculty to fix the procedures to be followed by interested parties for the perception of the benefits established by the cited provisions; That by Resolution No. 1170/77 of the Ministry of Economy, which partially modified Resolution No. 580, the procedure for granting credit benefits to local companies awarded international tenders financed by the Inter-American Development Bank or by the International Bank for Reconstruction and Development was established. That as a consequence of Decree No. 311/79, it corresponds to fix the procedures to grant said benefits to local companies awarded international tenders issued by the Yacyretá Binational Entity, regardless of the origin of the funds. Therefore, THE MINISTRY OF ECONOMY RESOLVES:
ARTICLE 1º- For the purposes of what is provided in subsection e) of article 2 of Decree No. 311/79, it shall be understood that the benefits in matters of export promotion grantable by virtue of that norm are the pre-financing and promoted export financing regimes, under the conditions established by Circulars R.C. 693/R.F. 21 and R.C. 704/R.F. 98 of the Central Bank of the Argentine Republic, or those that said Institution establishes in the future.
In substitution of the Guarantees required by point 5 of the Annex to Circular R.C. 693/R.F. 21, the State Secretariat of the Treasury will guarantee the respective operations, at the request of the Yacyretá Binational Entity, in accordance with the provisions of Decree 2572/77.

ARTICLE 2º- For the sole effect of the benefit provided in subsection e) of article 2 of Decree No. 311/79, the following shall be considered goods:
a) Electromechanical equipment and its parts: Central cranes, valves and pumps for fish transfer installation, gates and equipment for fish transfer, spillway and central gates, main transformers, insulated busbars, installations for sulfur hexafluoride (SF6), auxiliary panels, control panels, computer system, and navigation lock. b) Generation equipment and its parts: Turbines and regulators, generators and exciters. c) Internal transmission lines: towers and conductors. d) Construction equipment: Trucks, tractors, road machinery, backhoes, and similar.

ARTICLE 3º- When the conditions of an international tender issued by the Yacyretá Binational Entity require, for the supply of the goods comprised, some type of special financing from the bidding company, this must address itself in consultation in each specific case to the Central Bank of the Argentine Republic, sending a copy of said conditions and requesting the corresponding financing.
The Central Bank of the Argentine Republic will respond to such consultations, indicating the financing conditions (amount, term, interest, and others) that must be included in its offer. In such cases, the Central Bank of the Argentine Republic will take into consideration the financing conditions that export credit agencies have offered to foreign competitors of similar products. If local companies are awarded, the State Secretariat of the Treasury may grant, at the request of the Yacyretá Binational Entity, the necessary Guarantees to finance the operations through Circular R.C. 693/R.F. 21 of the Central Bank of the Argentine Republic.

ARTICLE 4º- Companies wishing to avail themselves of the benefit indicated in article 1 must present before the State Secretariat of Industrial Development (National Directorate of Industry) in duplicate and within THIRTY (30) business days of receiving the award or of signing the contract or purchase order by the bidder, a request for certification of the offer presented together with the communication of award of the Bidder or of the contract or purchase order between Beneficiary and Bidder, attaching copies of said documents certified by the Bidder according to the Annex model.
The State Secretariat of Industrial Development (National Directorate of Industry) will process said request within the THIRTY (30) subsequent days after its presentation, delivering to the Beneficiary a certified copy and stating that the contracted goods are affected by Law number 20,852. The Beneficiary will present the documentation formed by the State Secretariat of Industrial Development (National Directorate of Industry), at the Commercial Bank to which it requests the respective financing.

ARTICLE 5º- Communicate, publish, give to the National Directorate of the Official Registry and archive.
RESOLUTION No. 857
Signed: Dr. José A. Martínez de Hoz
MINISTER OF ECONOMY
It is a copy.

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I. Credit Provisions (Continuation) OPRAC-1
2.2.2.8. Annex to M.E. Resolution No. 857/80.
CERTIFICATION OF THE BIDDING COMPANY
TO BE DELIVERED TO THE BENEFICIARY
BIDDER:
IT IS CERTIFIED:
1) That in Tender No. carried out with application of the conditions regarding the Work, it resulted as Beneficiary in its capacity as the firm with legal domicile at
2) That said Tender has assumed the characteristics of "International Tender" in the terms of article 1, second paragraph of Decree number 2099/76, attaching to the present evidence of the diffusion of the respective call.
3) That said International Tender has been declared included in the regime of Law 20,852 by Decree number
4) That the object of said International Tender is the realization of the work indicated above, approved by the State Secretariat of , to whose effects the aforementioned firm through Contract/purchase order No. has committed to supply the goods referred to in the invoices of dates
This Certificate is issued at the request of the firm to be presented for the purposes of what is provided in article 2 of Law 20,852, of Decree No. 2099/76 and of M.E. Resolution No. before the State Secretariat of Industrial Development (National Directorate of Industry) in on the day of the month of nineteen eighty BIDDER - SIGNATURE CLARIFICATION:
CERTIFICATION OF THE STATE SECRETARIAT
OF INDUSTRIAL DEVELOPMENT
(NATIONAL DIRECTORATE OF INDUSTRY)
SIGNATURE:
CLARIFICATION:
IT IS A COPY.

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B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
2.3. Promotional Export Financing.
Operations carried out through this regime must be instrumented through the issuance of bills in dollars, which once discounted by the Authorized Entities intervening, at their request, will be rediscounted in the same currency by this Bank, applying the rates indicated in each case. Said rates will be paid in dollars, for the expired calendar semester. This regime does not exclude the application - as an alternative - of other forms of financing that, within the framework of current provisions, are agreed directly by the intervening entities with the exporting firms. For exports to countries members of ALADI and to the Dominican Republic, financing may also be instrumented through promissory notes derived from those commercial operations, issued or guaranteed by authorized institutions, channelable through the Reciprocal Credit Agreements. The use of the aforementioned documents, to which the automatic reimbursement regime applies, must strictly observe the norms established by Circular COPEX 1.

2.3.1. Scope.
The following are included in this regime:
2.3.1.1. Exports of merchandise, unused, of Argentine origin, included in the lists of points 2.3.15. to 2.3.18.
2.3.1.2. Technical services, research, and studies sold abroad, carried out by scientists, technicians, or by companies, institutions, or teams directed or under the responsibility of technicians or scientists residing in the country, subject to prior consultation.
2.3.1.3. Freight corresponding to the transport of goods comprised in this regime, including those of point 2.3.1.5., carried out in Argentine means or leased by Argentine carriers.
2.3.1.4. Insurance on goods comprised in this regime, including those of point 2.3.1.5., contracted in companies authorized to function in the country and subject to the provisions of Law 12,988, Art. 4º.
2.3.1.5. Transformation, modernization, repair, and adjustment of transport elements, equipment, and machinery temporarily introduced into the country for that object, subject to prior consultation.
2.3.1.6. Merchandise that presents the modality that in the manufacture of the goods to be exported, inputs entered into the country under the temporary admission regime intervene.
In these cases, it must be proven that the entry of said inputs - which will not be computed for the purposes of financing the operations when not paid abroad - occurred in accordance with the current provisions in the matter.

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I. Credit Provisions (Continuation) OPRAC-1
2.3.1.7. Industrial plants or other works, conceptualized as a whole as a "capital good", contracted on the condition of being delivered "turnkey", subject to prior consultation.

2.3.2. Financial Regime.
2.3.2.1. The exports of capital goods (List 1 - point 2.3.15. of this Circular) and up to an additional 10% of their FOB value in concept of spare parts and accessories, to be used in the equipment to be exported, and the transformation, modernization, repair, and adjustment of transport elements and equipment and machinery temporarily introduced into the country for that object, may be financed up to 85% of the FOB value.
2.3.2.2. The exports of the other goods comprised in lists 2, 3, and 4 (points 2.3.16 to 2.3.18 of this Circular) may be financed up to 80% of the FOB value.
2.3.2.3. The sale abroad of technical services, research, and studies is financed up to 90% of their value.
2.3.2.4. Freight and insurance can be financed up to 100% of their value.
2.3.2.5. The proportions referred to in points 2.3.2.1., 2.3.2.2. and 2.3.2.3. are applicable when the total of raw materials and materials of foreign origin for direct use, commissions of representatives abroad, royalties, expenses for promotion abroad, and profits - according to the Exporter's Sworn Declaration - does not exceed 40% of the FOB value. Complementarily, it will be taken into account that the sum of the mentioned concepts, excluding profit, does not exceed 30% of the FOB value.
2.3.2.6. When the limits of the previous point are exceeded, the maximum amount that can be financed is reduced to the extent of the excess determined against what is provided in said point.
2.3.2.7. The non-financed part of the operation must enter with adjustment to what is established by the current general norms in the matter.
2.3.2.8. The bills must be issued for amounts not less than US$ 500.- each, with the exception of those originating from the payment of freight and insurance. When the total of the export does not exceed that amount, a single bill must be issued.
2.3.2.9. The amounts of the bills intended to be financed by this regime must not include financing interest.
2.3.2.10. The intervening entities may receive for the discount an interest of up to 7 1/2 % annual on debtor balances, which includes the normal expenses and commissions of the operation.
2.3.2.11. The amount of the operations carried out through this regime may exceed the credit limitations existing in relation to the patrimonial responsibility of the authorized intervening entity.

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I. Credit Provisions (Continuation) OPRAC-1
2.3.3. General Requirements.
2.3.3.1. For the eligibility of the operations, it is indispensable the documented proof of the export and of having assumed the commitment to pay the corresponding foreign exchange in the terms agreed.
2.3.3.2. The financing request may be filed up to thirty days after shipment.
2.3.3.3. In the cases of merchandise exhibited in exhibitions or shows carried out abroad, financing is viable in the case that the sale is finalized before the year, counted from the day of closure of the exhibition or show.
2.3.3.4. If it concerns products sent on consignment, according to the terms of Decree No. 637 of 6.3.79, financing is viable in the case that the sale is finalized within 360 days of the shipment being made.
2.3.3.5. When it concerns financings relative to the situations provided in points 2.3.3.3. and 2.3.3.4., the respective requests may be filed up to 30 days after the formalization of the firm sale.

2.3.4. Terms.
2.3.4.1. For capital goods included in List 1, and up to an additional 10% of their FOB value in concept of spare parts and accessories, to be used in the equipment to be exported, up to eight and a half years with equal amortizations, of constant periodicity, as maximum annual. For ships classified as "capital good", and platforms for underwater drilling up to 10 years, with equal amortizations, of constant periodicity, as maximum annual.
2.3.4.2. For durable and semi-durable goods included in List 2, up to three years with equal and periodic amortizations, as maximum semi-annual.
2.3.4.3. For products included in List 3, up to one year with equal amortizations of constant periodicity, as maximum semi-annual except for the material comprised in N.A.D.E. positions 49.01.00.01 .01.00.04., 49.01.00.09 and 49.04.00.00 which can be financed up to 18 months.
2.3.4.4. For products included in List 4 (point 2.3.18) up to one year with equal amortizations of constant periodicity, as maximum semi-annual.
2.3.4.5. For technical services, research, and studies sold abroad and transformation, modernization, repair, and adjustment of transport elements, equipment, and machinery temporarily introduced into the country for that object, those agreed by the Central Bank as a result of prior consultation.
2.3.4.6. For freight and insurance, the same as for the merchandise to which those services correspond.

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I. Credit Provisions (Continuation) OPRAC-1
2.3.5. Guarantee
The operations comprised in this regime must be:
2.3.5.1. Covered by export credit insurance against ordinary commercial risks, or
2.3.5.2. Guaranteed by
2.3.5.2.1. A foreign bank of recognized solvency, or by
2.3.5.2.2. A non-banking financial entity from abroad or of production development of the importing country, provided that its statutes, approved by the competent authority, expressly determine that they are authorized to guarantee imports financed by the exporting country.
The authorized intervening entities must analyze their solvency exhaustively.
2.3.5.3. Operations covered by this regime up to US$ 200,000 per firm, in the set of authorized entities, may be exempted from said Guarantees, an aspect on which the exporter's Sworn Declaration must be requested.
2.3.5.4. The operations must also be covered by export credit insurance against extraordinary risks.
2.3.5.5. At the maturity of the bills and in the eventuality of collection difficulties abroad, the exporters and the Authorized Entities intervening have access to the foreign exchange market to comply with the obligations contracted with the Discounting Authorized Entity and, in its case, by the latter with the Central Bank.

2.3.6. Currency of payment.
2.3.6.1. The bills must be issued and collected in US dollars, unless prior express authorization of the Central Bank.
2.3.6.2. When the payment is carried out through Reciprocal Credit Agreements, it must be adjusted to the provisions that govern them.

2.3.7. Conditions for rediscount of bills with the Central Bank.
2.3.7.1. The authorized entities that request the rediscount of bills to the Central Bank must integrate Form 2897 accompanying the corresponding forms 2096 and photocopies (half sheet) of each of the bills offered.
2.3.7.2. The Central Bank rediscounts the bills on the day that Form 2897 is presented to it; these must be numbered correlatively. In turn, the bills must be numbered by the authorized entity starting from the unit and without duplicating the numbers of each of them even if they correspond to the same operation.

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B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
2.3.7.3. The letters must be endorsed "in blank" in favor of the Central Bank and kept in free custody, separate from the rest of the portfolio.
2.3.7.4. The foreign currency resulting from the discounting of the letters must be acquired by the intervening entities from the exporters as part of the financing for promoted exports and simultaneously sold to the Central Bank.
2.3.7.5. The Central Bank may attend to requests for the cancellation of rediscounts before the maturity of the letters, established at the time the operation was agreed upon, and when these correspond to advance payments from abroad. These requests must be submitted in Form 4008 A, with the records justifying the modification of the original financing. When they refer to rediscounts concluded in accordance with the procedure established in point 2.3.7.8., it is not necessary to present them in Form 4008 A, and the following procedure must be observed:
2.3.7.5.1. Five business days in advance of the date on which the obligation is to be cancelled, Form 2897 must be sent to this Bank, which must be visibly identified with the text "Modifications". Its integration - in red - must contain the data of the original operation (including the assigned order number) excluding the maturity of the letter being replaced, replaced with the date on which the cancellation is carried out.
2.3.7.5.2. Upon operating the new maturity, authorized entities must proceed in the manner practiced, both with respect to the cancellation of the obligation and regarding the information regime.
2.3.7.6. Upon the maturity of the letters, authorized entities must send to the Central Bank Form 2898 duly integrated.
2.3.7.7. The interest accrued by the letters must be paid in the currency in which the obligation was issued, for each calendar semester expired, with the exception of the Final Settlement, which are paid upon the cancellation of the corresponding letter. To this effect, Form 2899 must be integrated.
2.3.7.8. For the purpose of facilitating the financing of exporting firms in cases where the procedure exposed in point 2.3.5.5. must be applied and the operation is covered with the corresponding Export Credit Insurance against ordinary and extraordinary commercial risks, the Central Bank is willing to rediscount another letter issued by the exporter for the amount covered by the insurance, for a maximum term of 195 days and previously discounted by the intervening entity, proceeding to this effect in accordance with what is indicated in the preceding points.
If the loss is covered by Export Credit Insurance against extraordinary risks, the aforementioned franchise may be applied provided that there are no records indicating that the non-payment is attributable exclusively to the foreign firm, and a Sworn Declaration to this effect must be required from the exporting firm. Likewise, upon expiration of the referred term, a new rediscount may be made for forty-five additional days, when the loss has not been settled, and there are records granted by the Ministry of Commerce and Maritime Interests stating that payment has been authorized.
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I. Credit Provisions (Continuation) OPRAC-1
2.3.7.9. In cases of delay in the crediting of foreign currency, the Central Bank charges an interest of 7 1/2% per annum.
2.3.7.10. For the use of the funds authorized for the attention of these operations, entities must pay the Central Bank the following interest rates.
2.3.7.10.1. For operations referring to capital goods (list 1) and technical services, research, and studies, 4.5% per annum.
2.3.7.10.2. For operations referring to other goods (lists 2, 3 and 4 - point 2.3.18.) 5% per annum.
2.3.8. Operations imputable to Credit lines agreed directly by the Central Bank to central banks or state organisms of other countries.
2.3.8.1. The operations of reference must adjust to the conditions established in the respective agreements and must be submitted for prior consultation to the Central Bank in order to determine their eligibility.
2.3.9. Information Regime.
2.3.9.1. Upon the purchase of foreign currency from the client, Form 4001 A must be prepared, consigning as concept "Financing of Promoted Exports, Circular OPRAC - Chapter I, point 2.3.", using code 122. Such foreign currency must be ceded simultaneously to the Central Bank, with the denunciation made in Form 116.
2.3.9.2. When the foreign currency is deposited for the value of the rediscounted letter, for statistical purposes, Form 4001 A or B must also be prepared, depending on the case, with the usual data and code -071 or 081- and at the same time Form 4002 A must be integrated indicating as concept "Return of Financing of Promoted Exports, Circular OPRAC, Chapter I, point 2.3.", consigning code 626. These forms must be numbered following the correlational order of the others and must be accompanied as usual to the summary sheet 4009 of the operations.
2.3.9.3. In cases of deposits of foreign currency coming from countries with which Reciprocal Credit Agreements are maintained, the respective counterparts must be contracted separately from the other operations, mentioning in each case that it is an operation carried out with adjustment to the norms of this Circular and must also be denounced, that is, separately, in Form 116 B of practice, consigning in the observations column the legend "Circular OPRAC, Chapter I, point 2.3.".
2.3.9.4. In Forms 1989 B or C, explicit records of the operations linked to the rediscounted letters under this regime must be left.
2.3.9.5. To reflect the balance of the rediscounted letters with the Central Bank, Form 2900 must be used.
2.3.10. Queries.
2.3.10.1. The authorized intervening entities may raise before the Central Bank, through Form 2097, the queries referred to in points 2.3.1.2., 2.3.1.5., 2.3.1.7. and 2.3.4.5., as well as any exception to these provisions. Indispensable conditions for formulating such queries are:
2.3.10.1.1. To make the request with due advance notice.
2.3.10.1.2. To issue a founded opinion on the departures required from the conditions requested.
2.3.10.1.3. Any resolution of the Central Bank regarding the referred queries has a validity of 180 days counted from the date of its communication. Within that period, the shipments must have begun execution or the respective contract must be formalized.
2.3.10.2. The authorized intervening entities must instruct the exporting trade not to offer abroad financing conditions that exceed those instituted by these provisions, without the prior approval of the Central Bank.
2.3.10.3. Those queries linked to financings already authorized by the Central Bank or to modification of conditions of operations carried out through this regime, must be presented through Form 2100, with the following information:
2.3.10.3.1. Copy of the respective Form 2096.
2.3.10.3.2. If the foreign currency corresponding to the non-financed part and to any matured letters, entered on time.
2.3.10.4. The queries linked with industrial plants or other works, conceptualized as a whole as a "capital good" contracted with the condition of being delivered "turnkey", must observe the following requirements:
2.3.10.4.1. The financial conditions of the referred operations must be consulted in each case through authorized banks, which must proceed to analyze them and send them to this Institution with their founded opinion. Exports of this type carried out by state or mixed companies must be channeled through the National Development Bank.
2.3.10.4.2. To this effect, banks must weigh, in addition to the aspects common to all financing of promoted exports, the following elements:
2.3.10.4.2.1. Background and technical capacity of the petitioning firms, to carry out the work efficiently, particularly the accredited experience in the assembly and commissioning of plants, in the specialty in question. When two or more firms intervene in the presentation, the one heading the request must be taken into consideration, especially.
2.3.10.4.2.2. Previous studies of technical, economic, and financial feasibility of the projects, which support the profitability and efficiency of the plant.
2.3.10.4.2.3. Determination of the character of the purchasing company or organism (official, private, mixed, etc.) and bases or financial conditions of the call for bids, price contest and/or background.
2.3.10.4.2.4. Detail and value - discriminated according to whether they are expenses in pesos or in foreign currency - of the goods, technical services and expenses to be carried out in the destination country, included in the proposed operation.
2.3.10.4.2.5. Detail of the goods and services to be imported, their origin, value and financing to be obtained from abroad.
2.3.10.4.2.6. Schedule of inflow and outflow of foreign currency that originates the operation in the period comprised between the entry into force of the contract and the inflow of the first installment for the financed part.
2.3.10.4.2.7. Guarantees offered for the financing.
2.3.10.4.3. Queries linked with "turnkey" operations that do not include the founded opinion of the intervening bank will not be considered, to which effect this must take into account the aspects indicated previously.
24.07.81 34

BANCO CENTRAL DE LA REPÚBLICA
ARGENTINA
Dept. of Export and Import
INTERESTS ON REDISCOUNTS
OF EXPORT LETTERS
No: (1)
AUTHORIZED ENTITY: No
We communicate to that Central Bank that we have transferred for the Credit of your account the amount indicated Semiannual Settlement by (2) of interest derived from the regime of Circular OPRAC 1, Ch. I, point 2.3. Final Settlement Currency Amount
2.3.1.1. Model of Form 2899
Presenting Entity Reserved for the B.C.R.A.
Authorized Signatures Authorized Signatures
24.07.81
Form. 2899-I (VII-81) ORIGINAL: For the Dept. of Export and Import.
(1) Reserved for the B.C.R.A. - (2) Mark with "X" the corresponding box.
I. Credit Provisions (Continuation)
35
The provision of this form must be requested through formula 337.
OPRAC - 1

BANCO CENTRAL DE LA
REPÚBLICA ARGENTINA
Export Department and Import
FOREIGN EXCHANGE MARKET
Financing of promoted exports- Circular OPRAC 1, Ch.I, point 2.3.- Position / / AUTHORIZED ENTITY: No Cod. currency.
FOREIGN CURRENCIES PREVIOUS BALANCE REDISCOUNTS CANCELLATIONS CURRENT BALANCE 02 DOLLARS (1)
I. Credit Provisions (Continuation)
24.07.81
OBSERVATIONS:
Authorized Signatures
37
(1) - Includes those corresponding to operations of Reciprocal Credit Agreements (A.L.A.D.I.)
Form.2900 (VI-81)
2.3.1.2. Model of Form 2900
OPRAC-1

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA Date Reserved for the B.C.R.A Export Department and Import EXPORT LETTERS

RediscountAuthorized entity: No
We request that Central Bank the rediscount – according to the terms of Cir. Oprac I Cap 1 point 2.3 of the values that are listed below No. of Maturity Codes Form 2096 order Day Month Year Country Currency Foreign Currency Amount Rediscount Rate No. Term (1) Exporter No. H.A.D.E. (2) We request the foreign currency amount resulting to proceed with the respective negotiation – according to the terms of Circ. OPRA I Cap 1 Point 2. 3 which will be delivered simultaneously to that Central Bank, requiring the credit of its equivalent in pesos in our current account Total amount in foreign currency Exchange Rate Equivalent in pesos Debit Credit Debit Credit ORIGINAL: For the B.C.R.A. – Dept. of Export and Import Other assets in foreign currency Export Letters Circ. OPRAC I Ch 1 point 1 Foreign Currency Department of the Bank Compensation Accounts. Department of Exchange Operations - Dollars Deposits – From Financial Entities 24.07.81 Presenting Entities RESERVED FOR THE CENTRAL BANK OF THE ARGENTINE REPUBLIC Liquidated 1-Credit Provisions. (Continuation) Authorized Signatures Authorized Signatures 39 (1) Total term in months of the Financing from the date of shipment. (2) – When the operation includes several items, only the code will be consigned Form. 2897-1 (vII-81) 2.3.1.3.Model of Form 2897. OPRAC -1

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA Date Reserved for the B.C.R.A Export Department and Import EXPORT LETTERS Cancellation Authorized entity: No The total amount in foreign currency indicated COMPENSATED will be TRANSFERRED (1) for the cancellation of the rediscounted values – according to the regime of the Circular OPRAC 1, Chapter 1, point 2.3.- whose detail is listed:
Maturity Code Maturity Code No. of order
D M A Country Currency
Foreign Currency Amount No. of order
D M A Country Currency
Foreign Currency Amount
RESERVED FOR THE B.C.R.A. TOTAL IN FOREIGN CURRENCY Average Rate Equivalent in pesos DEBIT CREDIT FOREIGN CURRENCY (2) OTHER ASSETS IN FOREIGN CURRENCY – Export Letters – Circ.OPRAC1, Chapter1, point2.3 OPERATIONS RELATED TO RECIPROCAL CREDIT AGREEMENTS (A.L.A.D.I.) We request that you sell us the quantity of dollars indicated to be compensated in the manner practiced Country Code Amount in dollars Form 1989 No. ica TOTAL IN DOLLARS Exchange Rate Equivalent in pesos Debit Credit 24.7.81 100 DEPOSITS Financial Entities Bank Depts – Accounts OF COMPENSATION – Dept of Exchange Oper. - Dollars 1 – Credit Provisions. (Continuation) Presenting Entity CENTRAL BANK OF THE ARGENTINE REPUBLIC Liquidated 41 Authorized Signatures (1) – Mark with x what corresponds. (2) – In case of transfer indicate the name of the B.C.R.A. correspondent that will receive the funds. Authorized Signatures Form. 2898 – I ORIGINAL: For the Dept. of Export and Import
2.3.1.4. Model of Form 2898.
OPRAC-1

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
2.3.15. Tariff Positions (N.A.D.E.) - List 1.
CAPITAL GOODS
01.01.00.11 84.18.02.03 84.27.00.01
(1) 01.02.00.01 (2)84.18.02.09 84.28.00.01
(1) 01.02.00.02 84.19.00.01 84.28.00.02
(1) 01.02.00.04 84.19.00.02 84.28.00.03
(1) 01.02.00.05 84.19.00.03 84.28.00.09
(1) 01.03.00.01 (8)84.19.00.09 84.29.00.01
(1) 01.04.00.01 (3)84.20.00.01 84.29.00.02
(1) 01.04.00.02 (3)84.20.00.09 84.29.00.03
01.04.00.05 84.21.00.02 84.29.00.09
73.22.00.00 84.21.00.03 84.30.00.01
74.09.00.00 84.21.00.04 a 84.30.00.05
76.09.00.00 84.21.00.09 84.30.00.09
84.01.00.01 84.22.00.01 84.31.00.01
84.01.00.09 84.22.00.02 84.31.00.02
84.02.00.01 84.22.00.03 84.31.00.09
84.03.00.01 84.22.00.04 84.32.00.01
84.04.00.01 84.22.00.09 84.33.00.01
84.05.00.01 84.23.00.01 84.34.00.01
84.05.00.02 84.23.00.02 84.34.00.09
84.06.01.01 84.23.00.03 84.35.00.01
84.06.02.01 84.23.00.04 84.35.00.02
84.06.02.02 84.23.00.05 84.35.00.03
84.06.02.03 84.23.00.09 84.35.00.09
84.06.02.09 84.24.00.01 84.36.00.00
84.07.00.01 84.24.00.02 84.37.00.01
84.08.01.01 84.24.00.03 84.37.00.02
84.08.02.01 84.24.00.09 84.37.00.03
84.08.03.01 84.25.00.01 (4) 84.37.00.09
84.08.03.09 84.25.00.02 84.39.00.01
84.09.00.01 84.25.00.03 84.39.00.09
84.10.00.01 84.25.00.04 84.40.01.01
84.10.00.09 84.25.00.05 84.40.01.02
84.11.00.01 84.25.00.06 84.40.01.03
84.11.00.09 84.25.00.07 84.40.01.04
84.12.00.00 84.25.00.08 84.40.01.05
84.13.00.01 84.25.00.11 (2) 84.40.01.09
84.14.00.01 84.25.00.12 84.41.00.02
84.15.01.01 84.25.00.19 84.41.00.03
84.16.00.01 84.26.00.01 84.41.00.09
84.17.01.01 84.26.00.02 84.42.00.01
84.18.01.01 84.26.00.03 84.42.00.02
84.18.02.01 84.26.00.04 84.43.00.01
24.07.81 43

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
84.44.00.01 85.01.00.09 87.03.00.00
84.45.00.00 85.05.00.01 87.04.02.00
84.46.00.00 85.11.00.01 87.07.00.01
84.47.00.00 85.11.00.03 (5)87.09.00.00
84.49.00.01 85.11.00.09 87.14.00.01
84.50.00.01 85.13.00.01 87.14.00.02
84.50.00.09 85.13.00.02 87.14.00.09
84.56.00.01 85.13.00.09 88.01.00.00
84.56.00.02 85.15.03.01 88.02.00.00
84.56.00.03 85.15.03.02 89.01.02.01
84.56.00.04 85.15.03.03 89.01.02.09
84.57.00.01 85.15.03.04 89.02.00.00
84.57.00.02 85.15.03.05 89.03.00.00
84.57.00.03 85.15.03.09 90.10.00.00
84.59.01.01 85.16.00.01 (6)90.16.00.02
84.59.02.01 85.17.00.01 90.17.01.01
84.59.02.02 85.19.00.05 90.17.02.03
84.59.02.03 85.22.01.01 90.17.02.04
84.59.02.04 85.22.02.01 90.17.02.05
84.59.02.09 86.01.00.00 90.17.02.09
85.01.00.01 86.08.00.00 90.20.00.01
85.01.00.02 87.01.00.00 90.20.00.02
85.01.00.03 87.02.02.00 90.20.00.09
85.01.00.04 87.02.03.01 (9)90.28.00.09
85.01.00.05 87.02.03.02 (7)94.02.00.00
(1)- The financing must adjust to the current legal provisions for this class of good (2) - Excluded household dryers.
(3)- Only scales for weighing livestock; platform scales and equipment for continuous weighing of liquids and bulk solids.
(4)- Excluded domestic and semi-industrial knitting machines.
(5)- Only cargo transport vehicles, with a capacity of 300 kilograms or more (6)- Test benches for injector pumps and steering aligners for motor vehicles, exclusively. (7)- When they refer to spare parts and parts, they must be considered included in list 2. (8)- Excluded household dishwashers. (9)- Test benches for injector pumps, exclusively.
24.07.81 44

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
2.3.16. Tariff Positions (N.A.D.E.) - List 2.
DURABLE AND SEMI-DURABLE GOODS
(2) 73.21.00.01 84.15.03.02 84.44.00.02
(2) 73.21.00.03 84.15.03.03 84.44.00.03
(2) 73.21.00.09 84.16.00.02 84.48.00.00
(1) 73.24.00.00 84.16.00.03 84.49.00.02
(3) 73.29.00.00 84.17.01.02 84.50.00.02
73.36.00.00 84.17.02.01 84.51.00.00
73.37.00.00 84.17.02.02 84.52.00.00
(1) 73.40.04.01 84.18.01.02 84.53.00.00
74.17.00.00 84.18.02.04 84.54.00.00
(2) 76.08.00.00 (4) 84.18.02.09 84.55.00.00
76.10.00.00 84.19.00.04 84.56.00.05
(1) 76.11.00.00 (10) 84.19.00.09 84.57.00.04
82.01.00.00 (5) 84.20.00.01 84.58.00.00
a 82.04.00.05 84.20.00.02 84.59.01.02
82.04.00.09 (5) 84.20.00.09 84.59.02.05
82.05.00.00 84.21.00.01 84.60.00.00
82.06.00.00 84.21.00.05 84.61.00.01
82.08.00.00 84.22.00.05 (1) 84.61.00.02
82.12.00.00 84.23.00.06 84.61.00.03
82.13.00.00 84.24.00.04 84.61.00.04
83.01.00.00 84.25.00.13 84.61.00.09
83.02.00.00 84.26.00.05 84.62.00.00
83.03.00.00 84.27.00.02 84.63.00.00
83.04.00.00 84.28.00.04 84.64.00.00
84.01.00.02 84.29.00.04 84.65.00.00
84.02.00.02 84.30.00.06 85.01.00.06
84.03.00.02 84.31.00.03 85.02.00.01
84.05.00.03 84.32.00.02 85.02.00.02
84.06.01.02 84.33.00.02 (1) 85.03.00.02
84.06.02.04 84.34.00.02 85.04.00.01
84.07.00.02 84.34.00.03 85.05.00.02
84.08.01.02 84.35.00.04 85.06.00.00
84.08.02.02 (6) 84.37.00.09 85.07.00.01
84.08.03.02 84.38.00.00 85.07.00.02
84.09.00.02 84.39.00.02 85.07.00.03
84.10.00.02 84.39.00.03 85.08.00.00
84.11.00.02 84.40.01.06 85.09.00.00
84.13.00.02 (4) 84.40.01.09 85.10.00.00
84.14.00.02 84.40.02.01 85.11.00.02
84.15.01.02 84.40.02.02 85.11.00.04
84.15.02.01 84.41.00.01 85.12.00.00
84.15.02.02 84.41.00.04 (1) 85.13.00.03
84.15.02.09 84.42.00.03 85.14.00.00
84.15.03.01 84.43.00.02 85.15.01.01
24.07.81 45

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
85.15.01.02 (11) 87.05.00.00 90.21.00.00
85.15.02.01 87.06.00.00 90.22.00.00
85.15.02.02 87.07.00.02 90.23.00.00
85.15.03.06 (7) 87.09.00.00 90.24.00.00
85.16.00.02 87.11.00.00 90.25.00.00
85.17.00.02 87.12.01.00 (1) (9) 90.26.00.00
85.18.00.00 87.14.00.03 90.27.00.00
85.19.00.01 88.03.00.00 (12) 90.28.00.00
85.19.00.02 88.04.00.00 90.29.00.00
85.19.00.03 88.05.00.00 91.03.00.00
85.19.00.04 89.01.02.02 91.05.00.00
85.19.00.06 89.05.00.00 91.06.00.00
85.19.00.09 90.02.00.00 92.01.00.00
85.20.00.00 90.06.00.00 92.02.00.00
85.21.00.00 90.07.00.00 92.03.00.00
85.22.01.02 90.08.00.00 92.04.00.00
85.22.02.02 90.09.00.00 92.05.00.00
(1) 85.23.00.00 90.11.00.00 92.06.00.00
85.24.00.00 90.12.00.00 92.07.00.00
85.25.00.00 90.13.00.00 92.08.00.00
85.26.00.00 90.14.00.00 92.11.00.00
85.27.00.00 90.15.00.00 92.12.00.04
85.28.00.00 90.16.00.01 92.13.00.00
(1) 86.09.00.00 (8) 90.16.00.02 93.02.00.00
(1) 86.10.00.00 90.16.00.03 93.04.00.00
87.02.01.00 90.18.00.00 93.05.00.00
87.02.03.09 90.20.00.03 97.04.00.00
87.04.01.00 90.20.00.04 97.08.00.00
(1)- When acquired by foreign public service companies, for their incorporation into infrastructure works, the external financing is that which corresponds to list 1. (2)- When they refer to parts that constitute a set intended for a defined construction, the external financing is that which corresponds to list 1. (3)- Only steel roller chains. (4)- Household dryers, exclusively. (5)- Except scales for weighing livestock; platform scales and equipment for continuous weighing of liquids and bulk solids. (6)- Only domestic and semi-industrial knitting machines. (7)- Excluded cargo transport vehicles, with a capacity of 300 kgs. or more. (8)- Except test benches for injector pumps and steering aligners for motor vehicles. (9)- Electricity and gas consumption meters, exclusively. (10)- Household dishwashers, exclusively.
24.07.81 46

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
(11)- The Central Bank is willing to consider the elements dispatched under this heading, as capital goods (List 1), as long as it is demonstrated that they are destined for the assembly of units with chassis originating from our country even in the case that they are not transported together nor belong to the same exporter. To this effect, the operations must be consulted, previously, through formula 2097 with the corresponding records. (12)- Excluded test benches for injector pumps. Note: The call (9) indicates, taxatively, the products that enjoy the facilities in external financing, when the requirements indicated in (1) are met. Not being such the destination, the cited products as the others that include the respective NADE position remain subject to the regime of this list.
24.07.81 47

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
2.3.17. Tariff positions (N.A.D.E.) - List 3.
OTHER PRODUCTS
30.02.00.00 to 42.06.00.00 a 68.11.00.00
(5) 30.03.00.00 43.03.00.00 (1) (2)68.12.00.00
30.04.00.00 43.04.00.00 68.13.00.01
30.05.00.00 (1) 44.07.00.00 68.13.00.09
32.09.00.01 44.20.00.00 68.14.00.00
32.09.00.02 44.21.00.00 69.01.00.00
32.10.00.00 44.22.00.00 69.02.00.00
32.13.01.01 44.23.00.00 69.03.00.00
32.13.02.01 44.24.00.00 69.04.00.00
32.13.02.09 44.25.00.01 a 69.08.00.00
33.06.00.00 44.27.00.00 69.09.00.00
34.01.00.00 44.28.00.09 69.10.00.00
34.02.00.02 48.01.00.00 a 69.14.00.00
34.04.00.00 a 48.21.00.00 70.04.00.00
34.05.00.00 49.01.00.00 a 70.10.00.00
34.06.00.00 a 49.11.00.00 70.12.00.00
34.07.00.00 58.01.00.00 a 70.17.00.00
35.06.00.00 a 58.03.00.00 70.18.00.00
36.05.00.00 59.05.00.00 70.21.00.00
36.06.00.00 59.06.00.00 71.16.00.00
36.07.00.00 59.14.00.00 (1) 73.16.00.00
36.08.00.00 a 59.17.00.00 (1) 73.17.00.00
37.01.00.00 60.02.00.00 (1) 73.18.02.00
37.02.00.00 a 60.06.00.00 (1) 73.18.03.00
37.03.00.00 61.01.00.00 (1) 73.19.00.00
37.04.00.00 a 61.11.00.00 (1) 73.20.00.00
37.05.00.00 62.01.00.00 73.21.00.02
37.06.00.00 62.02.00.00 73.23.00.01
37.07.00.00 (6) 62.03.00.09 73.23.00.02
38.11.00.00 62.04.00.00 73.23.00.03
38.17.00.00 62.05.00.00 73.23.00.09
38.18.00.00 64.01.00.00 (1) (8) 73.25.00.00
38.19.01.01 a 64.04.00.00 73.26.00.00
39.07.00.00 64.06.00.00 73.27.00.00
40.07.00.00 65.03.00.00 (7) 73.29.00.00
40.08.00.00 a 65.06.00.00 73.30.00.00
40.09.00.00 66.01.00.00 73.31.00.00
40.10.00.00 66.02.00.00 73.32.00.00
40.11.00.00 67.01.00.00 73.33.00.00
40.12.00.00 a 67.05.00.00 a 73.35.00.00
40.13.00.00 68.04.00.00 73.38.00.00
40.14.00.00 68.05.00.00 73.39.00.00
40.16.00.00 68.06.00.00 73.40.04.02
42.01.00.00 68.08.00.00
24.07.81 49

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
73.40.04.09 a 82.11.00.00 92.12.00.01
(1) 74.07.00.00 82.14.00.00 92.12.00.02
(1) 74.08.00.00 82.15.00.00 92.12.00.03
(1) (3) 74.10.00.00 83.06.00.00 92.12.00.09
74.11.00.00 a 83.12.00.00 93.01.00.00
74.13.00.00 83.13.00.00 (9) 93.06.00.00
74.14.00.00 83.14.00.00 93.07.00.00
74.15.00.00 83.15.00.00 94.01.00.00
74.16.00.00 85.03.00.01 94.03.00.00
74.18.00.00 85.03.00.03 94.04.00.00
74.19.00.00 85.04.00.02 95.01.00.00
(1) 75.04.00.00 85.07.00.04 a 95.08.00.00
75.05.00.00 87.10.00.00 96.01.00.00
75.06.00.00 87.12.02.00 a 96.06.00.00
(1) 76.06.00.00 87.13.00.00 97.01.00.00
(1) 76.07.00.00 90.01.00.00 a 97.03.00.00
(1) (4) 76.12.00.00 90.03.00.00 97.05.00.00
76.13.00.00 90.04.00.00 97.06.00.00
76.15.00.00 90.05.00.00 97.07.00.00
76.16.00.00 90.17.02.01 98.01.00.00
(1) 78.05.00.00 90.17.02.02 98.02.00.01
78.06.00.00 90.19.00.00 98.03.00.01
(1) 79.04.00.00 91.01.00.00 98.03.00.09
79.05.00.00 91.02.00.00 98.04.00.00
79.06.00.00 91.04.00.00 a 98.08.00.00
(1) 80.05.00.00 91.07.00.00 98.10.00.01
80.06.00.01 91.08.00.00 98.11.00.01
80.06.00.09 91.09.00.00 98.12.00.00
82.04.00.06 91.10.00.00 a 98.14.00.00
82.04.00.07 91.11.00.00 98.15.00.01
82.07.00.00 92.09.00.00 98.16.00.00
82.09.00.00 92.10.00.00
(1)- When acquired by public service companies for incorporation into infrastructure works, the external financing corresponds to that of list 1. (2)- Pipes and accessories, only. (3)- Only bare copper conductors, for overhead lines, of sections of 10 mm2 and above. (4)- Only bare aluminum alloy conductors, of sections of 10 mm2 and above, and bare aluminum cables with steel core, of sections of 18.5 mm2 and above. (5)- Excluded: human blood and other human blood fractions. (6)- Sacks and bags for packaging, only polypropylene ones. (7)- Except roller chains, of steel. (8)- Galvanized steel cables, only.
24.07.81 50

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
(9)- Excluded: parts and pieces for those of position 93.03.00.00.
NOTE: The references (2); (3); (4) and (8) indicate, taxatively, the products that enjoy the facilities in external financing, when the requirements indicated in (1) are met. If such is not the destination, the cited products as well as the others included in the respective NADE position are subject to the regime of this list.
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I. Credit Provisions (Continuation) OPRAC-1
2.3.18. Tariff positions (N.A.D.E.) - List 4.
OTHER PRODUCTS
02.02.00.01 - Frozen birds.
02.04.03.01
03.01.03.00 - Chilled or frozen fish.
03.02.00.00
03.03.00.00
04.02.00.00
04.03.00.00
04.04.00.01
04.04.00.02
04.04.00.03
04.04.00.04
04.04.00.09
04.05.00.02
04.05.00.04
04.05.00.09
07.03.01.01
07.04.00.00
08.03.02.01
08.04.02.01
08.12.00.00
08.13.00.00
09.02.00.00
09.03.00.00
09.09.00.00
09.10.00.00
11.03.00.00 a 11.09.00.00
12.06.00.00
12.07.00.00
12.10.00.01 - Only dehydrated and compressed alfalfa and
13.01.00.00 a 13.03.00.00
15.04.00.00
15.07.04.01 - Only cans up to 5 kgs that carry
15.08.00.09 - Only sulfonated avocado oil and oil
15.10.01.04 - Distilled and deodorized fatty acids,
15.11.00.03 - Only refined glycerin.
15.12.00.01
15.12.00.02
15.13.00.00 - Only margarine and margarine substitutes
15.16.00.00
16.04.00.00
16.05.00.00
17.02.00.00 a 17.05.00.00
18.06.00.00
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B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
19.01.00.00 40.01.00.00 59.07.00.00
a 19.08.00.00 a 40.06.00.00 a 59.13.00.00
20.01.00.00 40.15.00.00 60.01.00.00
a 20.07.00.00 41.02.00.00 64.05.00.00
21.01.00.00 a 41.08.00.00 65.01.00.00
a 21.07.00.00 41.10.00.00 65.02.00.00
22.01.00.00 43.02.00.00 65.07.00.00
a 22.10.00.00 44.06.00.00 66.03.00.00
23.01.00.04 44.08.00.00 68.01.00.00
23.05.00.02 44.10.00.00 a 68.03.00.00
23.06.00.00 a 44.12.00.00 68.07.00.00
23.07.00.00 44.13.02.01 68.13.00.02
24.02.00.00 a 44.19.00.00 68.15.00.00
25.01.00.00 44.25.00.09 68.16.00.00
a 25.32.00.00 44.26.00.00 70.01.00.00
26.01.00.00 44.28.00.01 a 70.03.00.00
a 26.04.00.00 45.03.00.00 70.11.00.00
28.01.00.00 45.04.00.00 70.19.00.00
a 28.58.00.00 46.01.00.00 70.20.00.00
29.01.00.00 a 46.03.00.00 (2) 73.02.00.00
a 29.45.00.00 47.01.00.00 73.06.02.00
30.01.00.00 50.01.00.00 73.07.00.00
31.01.00.00 50.02.00.00 a 73.15.00.00
a 31.05.00.00 50.04.00.00 73.18.01.00
32.02.00.00 a 50.10.00.00 (3) 73.28.00.00
a 32.08.00.00 51.01.00.00 73.40.01.00
32.09.00.09 a 51.04.00.00 a 73.40.03.00
32.11.00.00 52.01.00.00 74.02.00.00
32.12.00.00 52.02.00.00 a 74.06.00.00
33.01.00.00 53.05.00.00 74.12.00.00
a 33.05.00.00 a 53.13.00.00 75.02.00.00
34.02.00.01 54.03.00.00 75.03.00.00
34.02.00.09 a 54.05.00.00 76.01.02.00
34.03.00.00 55.04.00.00 76.02.00.00
35.01.00.00 a 55.09.00.00 a 76.05.00.00
a 35.05.00.00 56.01.00.00 76.14.00.00
36.01.00.00 56.02.00.00 77.02.00.00
a 36.04.00.00 56.04.00.00 a 77.04.00.00
37.08.00.00 a 56.07.00.00 78.01.02.01
38.01.00.00 (1) 57.04.02.09 78.02.00.00
a 38.10.00.00 57.07.00.00 a 78.04.00.00
38.12.00.00 a 57.09.00.00 79.01.02.01
a 38.16.00.00 57.11.00.00 79.02.00.00
38.19.01.09 57.12.00.00 79.03.00.00
38.19.02.00 58.04.00.00 80.02.00.00
39.01.00.00 a 58.10.00.00 a 80.04.00.00
a 39.06.00.00 59.01.00.00 81.01.00.00 a 59.04.00.00 (4) a 81.04.00.00 83.05.00.00
24.07.81 54

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
98.02.00.02 98.09.00.00 98.11.00.02
98.03.00.02 98.10.00.02 98.15.00.02
_
(1)- The other vegetable fibers in raw or worked but unspun (excluding waste) (2)- Ferroalloys.
(3)- Except roller chains, of steel.
(4)- Excluded uranium.
24.07.81 55

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
2.3.19. Tariff positions (N.A.D.E.) - List 4.
Exclusively point 2.1. - Prefinancing of Promoted Exports.
16.01.00.00 - Sausages of edible offal meats or of
16.01.00.01 - Sausages.
16.01.00.02 - Salamis.
16.01.00.03 - Chorizos.
16.01.00.04 - Mortadellas.
16.01.00.05 - Liver sausages.
16.01.00.09 - The others.
16.02.00.00 - Other preparations and canned meats or offal co-
16.02.00.01 - Cured and cooked beef
16.02.00.02 - Roast Beef.
16.02.00.03 - Beef Brisket.
16.02.00.04 - Preserved beef tongues.
16.02.00.05 - Cooked and frozen beef
16.02.00.09 - The other meats or offal
16.02.00.11 - Cured and cooked mutton
16.02.00.12 - Stew or puchero of mutton
16.02.00.13 - Preserved mutton tongues.
16.02.00.19 - The other meats or offal
16.02.00.21 - Cured and cooked pork
16.02.00.22 - Cooked hams.
16.02.00.23 - Preserved pork tongues.
16.02.00.29 - The other meats or offal
16.02.00.31 - Preserved horse meat.
16.02.00.32 - Canned birds in general.
16.02.00.33 - Dehydrated meats.
16.02.00.34 - Prepared meats with
16.02.00.35 - Liver pastes.
16.02.00.36 - Prepared meat pastes
16.02.00.37 - Food preparations
16.02.00.38 - Canned hare meat,
16.02.00.39 - The others.

With the exception of :
bovine origin manufacture, seasoned with salt and pepper,
simply peppered and/or seasoned with other spices
half-carcasses and bovine quarters, with bones, seasoned with
salt and pepper, simply peppered and/or seasoned with other spices.
half-carcasses and bovine quarters, boneless, seasoned with
salt and pepper, simply peppered and/or seasoned with other spices
16.03.00.00 - Meat extracts and juices.
16.03.00.01 - Concentrated broth.
24.07.81 57

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
16.03.00.02 - Meat extract.
16.03.00.03 - Liver juice.
16.03.00.04 - Meat powder.
16.03.00.09 - The others.
24.07.81 58

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
2.4. Application of the prefinancing and financing regimes of promoted exports to the production and sale, in the local market, of units for international land transport.
2.4.1. Local companies for the provision of the goods determined by Article 4º of
Decree Nº 133/81, modified by Decree Nº 538/81, may make use, until December 31 of 1983, of the prefinancing and financing regimes of promoted exports stated in points 2.1. and 2.3. of this Chapter, respectively.
2.4.2. The operations carried out in accordance with the provisions of this
circular, must comply with the respective norms, communicated by the circulars cited previously, with the exception of the goods - which are exclusively those detailed below -, with the formal adjustments derived from the fact that the referred units will be destined to local licensed companies for international transport and not to export, and complying with the aspects indicated below. The goods, unused, of Argentine origin, are the following:
a) Tractors for semi-trailers with four or more wheels, with an engine of more than 250 HP (according to DIN 70020 standard or equivalent). b) Semi-trailers with two or more axles, with or without bodywork. c) Buses for passenger transport service with an engine of more than 250 HP (according to DIN 70020 standard or equivalent).
2.4.3. Banks, in addition to the requirements provided in the respective norms, must require
the presentation of the original of the contract, which must state: a) the certification of the status of licensed company for international transport of the buyer, issued by the Ministry of Public Works and Services; b) the current market price, certified by the Association of Automobile Manufacturers, for tractor equipment; by the Permanent Commission of the Argentine Coachbuilding Industry, for buses and by the Argentine Chamber of Trailer and Semi-trailer Manufacturers for semi-trailers, and c) the incidence of each of the benefits applied to the contractual price, certified by National Public Accountant. In said document, the intervening entity must record the Credit granted.
2.4.4. To use the financing regime of promoted exports, the local supplier, upon delivery of goods, must issue letters in US dollars - for the equivalent in pesos of the value of the provision- which must be accepted by the purchasing company. These documents may be discounted by authorized banks,
through the regime of Circular R.C. 693/R.F. 21 and at their request, rediscounted by this Central Bank.
2.4.5. To make use of the prefinancing regime of promoted exports, the
entities must especially keep in mind when integrating formulas 2408 and 2408A - related to the movement of funds of the respective advance- the following aspects:

In the OBSERVATIONS field they must state the number of this circular.
The numbering must continue the correlational order that each bank has been assigning to
these formulas.
24.07.81 59

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
3. Norms on credit management.
3.1. Minimum requirements for the consideration of Credit applications.
A file must be opened for each Credit applicant, containing the minimum indispensable elements that enable correct evaluations regarding the patrimony, income, business profitability or the project to be financed.
3.2. Temporary advances in current account.
3.2.1. Temporary advances are considered Credits without term or limits determined in
advance, or fixed in an "internal" manner, which are only used occasionally and whose cancellation is carried out in brief periods, never exceeding 30 days. In case of exceeding in these operations the maximum term of 30 days, it is necessary to demand their cancellation or document it as a discount or formalize the respective agreement in current account, with express determination of amount and term or, otherwise, to dispose of their transfer as Credit in management and default.
3.2.2. Advances in current account must not exceed 30% of the total of advances and discounted documents. For these purposes, special accounts for prefinancing of promoted exports are not counted.
3.3. Secondary negotiation of transferable Credit titles.
3.3.1. With the object of ensuring a more appropriate use of the different means of channeling
financial flows, entities may only intermediate or buy certificates of fixed-term deposits, nominally transferable, documents of the third-party financial transactions market, Treasury Letters and public securities, when from the date of issuance or last negotiation or transfer, whatever the reason that originated them, a period of not less than 30 days has elapsed.
3.3.2. The negotiation or transfer of the pertinent documents must be carried out in all cases through the effective assignment of the same and the operations must be
recorded in a stamped register that each entity must enable for that purpose, in which the following minimum data must be recorded:
3.3.2.1. Name of the issuing entity or guarantor of the Credit title.
3.3.2.2. Original amount of the negotiated values, clarifying whether it includes or not interest, and
amount of these.
3.3.2.3. Date of issuance and term of the document.
3.3.2.4. Amount and date of reinvestment.
3.3.2.5. Term remaining to run until its maturity.
3.3.2.6. Detail of the endorsements corresponding to entities included in Law
21.526 and date of each of them.
3.3.3. These provisions are not applicable to the negotiation of Credit titles
24.07.81 1

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
transferable that financial entities carry out among themselves on their own account. Nor do they govern the financing operations that they usually carry out with their clientele, such as the purchase of letters, drafts and transfers and the discount of documents of third parties.
3.3.4. In the secondary negotiation operations of Treasury Letters of the Nation through the purchase or intermediation of financial entities, the requirement of the effective
assignment of the values is supplemented by the change of ownership of the respective subscription receipt, without prejudice to the adoption of the demonstrative safeguards of compliance with the requirement that a period of not less than 30 days has elapsed since the date of issuance of the titles or of the last transfer carried out with the intervention of the entity in the aforementioned capacity and of the observance of the other preceding provisions.
3.3.4.1. The same change of ownership must be carried out by financial institutions
in those cases where the renegotiation of such values is carried out without their intervention.
3.3.4.2. Likewise, the possibility of reselling to third parties, in a fractional or full
amount, Treasury Letters taken by entities on their own account, is covered by the aforementioned minimum holding period of 30 days, except in the case of operations between financial entities.
3.3.4.3. The ownership replacements carried out solely to facilitate direct transfers between third parties of Treasury Letters of the Nation, will be noted
in a special register, stamped by the Public Registry of Commerce which, as minimum, must contain the following data:
3.3.4.3.1. Date of sale and negotiation of the respective quota - part;
3.3.4.3.2. amount of the operation;
3.3.4.3.3. name of the investor and the buyer, and
3.3.4.3.4. identification of the Letter to which the negotiation corresponds.
24.07.81 2

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
4. Operations with natural and legal persons linked to financial entities.
Concept.
4.1. Economic linkage.
4.1.1. Direct linkage.
Natural and legal persons linked economically to the financial entity are considered to be companies and persons that exercise over it or over which the financial entity exercises total control or significant influence in decisions.
4.1.1.1. Total control.
Total control exists when, in fact or by law, the decision unit, the patrimonial control or other modalities of the organizational and corporate structure of the group or group reveal the existence of a relationship of natural person or controlling society - controlled. The economic decision unit must result from the analysis of the structure of the group of natural persons or linked societies, and can vary from total control to the systematic alignment of the corporate policy of some of them based on that established by the dominant one. Patrimonial control is at once the result of the decision unit and a means to ensure its solidity and constancy. Guidelines that denote the possible existence of a controlling-controlled relationship, among others, are the following:
a) the controlling entity owns all or most of the capital of the controlled; b) the controlling and controlled entities have common directors, officials or administrators; c) the controlling entity significantly finances the controlled, or vice versa; d) the patrimony of the controlled is manifestly inadequate for its economic activity or the fulfillment of its purposes; e) the controlling entity assumes the expenses or losses of the controlled or vice versa; f) the controlling entity has no activities of importance except with its controlled, or vice versa; g) in the documentation of the controlled, it is described as a department or division of the controlling, or its activity or responsibility is referred to that of the controlling, and h) the directors, officials or administrators of the controlled receive instructions from the controlling and act in the interest of the latter.
24.07.81 1

I. Credit Provisions (Continuation) OPRAC-1
4.1.1.2. Significant influence.
Guidelines that denote the possible existence of significant influence in the decisions, among others, are the following:
a) the possession of such a percentage of the capital of the linked entity that grants the votes necessary to influence the approval of its financial statements and in the distribution of profits, for which the way in which this is distributed must be taken into account the rest of the capital; b) representation on the board of directors or higher administrative bodies of the linked, for which the existence of agreements, circumstances or situations that could grant direction to any minority group must also be taken into account; c) Participation in the setting of corporate policies; d) the existence of important operations with the linked entity; e) the exchange of executive personnel, and f) the technical-administrative dependence of the linked entity.
4.1.2. Indirect linkage.
4.1.2.1. With societies and/or one-person companies.
Societies or one-person companies with indirect economic linkage are considered to be those that have economic linkage with others of the same character or with natural persons that exercise over the financial entity or over which the latter exercises total control or significant influence in decisions. This concept is comprehensive of societies or one-person companies over which total control or significant influence in decisions is exercised by the natural persons linked economically in an indirect manner.
4.1.2.2. With natural persons.
Natural persons with indirect economic linkage are considered to be spouses and relatives, up to the second degree of consanguinity and/or first of affinity, of those who exercise total control or significant influence in decisions of the financial entity, directly or through a society.
4.2. Directors, administrators and members of the control bodies of financial entities.
4.2.1. Direct linkage.
It is understood that they hold the status of directors, administrators and members of the control bodies of the financial entity, persons who hold the following positions, as long as they are in the effective performance of their functions; full members of the board of directors, of the boards of administration and of the supervisory councils; senior personnel who have the power to adopt significant decisions in the management of the business (this concept includes those officials with authority to resolve on Credit matters, up to the category of departmental manager or equivalent, inclusive, and the other persons who, in the judgment of the entity itself, adopt relevant decisions in said matter) and full auditors.
24.07.81 1

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
When a person meets jointly the conditions indicated in point 4.1. and in the present section, they are understood to be included in the first.

4.2.2. Indirect Linkage.
4.2.2.1. With societies or one-person companies.
Linked societies or one-person companies are understood to be those under the total control or significant influence in their decisions by the directors, administrators, and members of the control bodies of the financial entity. This concept includes societies that have common directors or administrators with those of the financial entity, as well as societies and/or one-person companies over which persons linked to directors, administrators, and members of the control bodies exercise total control or significant influence in decisions.

4.2.2.2. With natural persons.
Natural persons linked to the directors, administrators, and members of the control bodies of the financial entity are considered to be their spouses and relatives up to the second degree of consanguinity or first degree of affinity.

4.3. Regulations.
4.3.1. Maximum technical ratios.
4.3.1.1. Assets included in accounting, in accordance with the standards established in the matter for financial entities.
The operations registered in the name of natural and legal persons linked to the entity, in the following categories:

Loans.
Other Credits by financial intermediation.
Goods in financial leasing.
Participations in other societies.
Diverse Credits.
Subsidiaries abroad.
Off-Balance Sheet Accounts - Debtors.
Beneficiaries of Agreed Credits.
Beneficiaries of Granted Guarantees.
Financial Entities - Rediscounted Documents.

I. Credit Provisions (Continuation) OPRAC-1
4.3.1.2. Ratio with respect to the total of the computed categories.
The sum of included assets cannot exceed 10% of the total resulting from the categories indicated in point 4.3.1.1., calculated on the balances at the end of each monthly period.

4.3.1.3. Ratio with respect to computable equity.
The sum of included assets cannot exceed 100% of the computable equity responsibility of the entity according to the definition established in the current standards in the matter, calculated on the balances at the end of each monthly period.

4.3.1.4. It is admissible to deduct Credits granted to persons directly or indirectly linked to the financial entity to attend personal consumption needs of a personal nature or of their family group and for housing of permanent use, provided they are granted under the same conditions as those ordinarily applied for the rest of the clientele.

4.4. Minimum internal control requirements.
4.4.1. At least once a month, the General Manager (or whoever exercises analogous functions) must present a written report to the directors and auditors of the entity, indicating the amounts of financing agreed in the period to each of the natural or legal persons linked to the entity and the contracting conditions regarding rates, terms, and Guarantees received, and informing if they are the common ones for the rest of the entity's clients under similar circumstances. The report must also contain a list regarding the amounts to which the entity's total assistance reaches each of the natural or legal persons linked to it, indicating the percentage that such financing represents with respect to the entity's computable equity.
This report must have a written opinion from the auditors regarding the reasonableness of the included financings, as well as that they are the entirety of those agreed upon with natural or legal persons linked to the entity. Both writings must be known to the Board of Directors or Administrative Council and be transcribed in the minutes book of these bodies, at the first meeting following their date of issuance.

4.4.2. Those responsible for the analysis of the operations and the resolution of the corresponding agreements must leave express record, at the time of their intervention, regarding whether the client is linked or not to the entity within the scope of this regulation.

4.5. Other precautions.
Entities must adhere to this regulatory body when preparing accounting statements and other information that the Central Bank requires regarding this matter.

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
5. Loans to the staff of financial entities.
The credit assistance that financial entities agree upon with staff must be carried out in accordance with the conditions established for the general clientele. Departures from these provisions, with the exception of those related to the interest rate, must be attended to with the allocation to special reserves constituted for this effect.

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
6. Balance of financial entity financings by activities.
6.1. Information for the Central Bank.
6.1.1. The information has a quarterly frequency and is integrated with the data corresponding to the last day of each calendar quarter and must be sent together with Formula 3826 (Balance of balances) on that date.
To this end, Formula 3212 "Balance of financial entity financings by activities" is used, in original, both for the consolidated data of the entity and in the case of the data of each political division. The duplicate of both situations remains in the possession of the entity.

6.2. Instructions for the integration of the formula.
6.2.1. Generalities:
6.2.1.1. The sheets are integrated by machine in millions of pesos without decimals, discarding fractions less than $ 500,000 and increasing by one million fractions of $ 500,000 or more.
6.2.1.2. For each political division in which the entity operates (Federal Capital, Provinces, or National Territory of Tierra del Fuego, Antarctica, and South Atlantic Islands), a single sheet must be integrated.
Likewise, said data must be consolidated subsequently in another formula, verifying that the balance recorded in the "Total Debt" column, in the row corresponding to code 99, coincides with the sum of the balances declared by the entity in the categories "Loans" (cod. 130.000), "Other Credits by financial intermediation" (cod. 140.000), and "Goods in financial leasing" (cod. 150.000) of the Balance of balances, with the exceptions indicated below:

In the case of the category "Loans", only the entirety of the accounts corresponding to the attribute "Residents in the country" (in pesos and in foreign currency) is included, without deducting the account "Provision for risk of uncollectibility".
In the case of the category "Other Credits by financial intermediation", only the accounts corresponding to the attribute "Residents in the country" (in pesos and in foreign currency) detailed below are included:
. "Liability of third parties for acceptances" (cod. 141.103 and 145.103).
. "Rents for financial leasing accrued to be collected" (cod. 141.106 and 145.106).
. "Adjustments and accrued interest to be collected" (cod. 141.201 and 145.201).

I. Credit Provisions (Continuation) OPRAC-1
The deduction of the account "Provision for risk of uncollectibility" must not be made.

In the case of the category "Goods in financial leasing", its entirety is included.

6.2.1.3. In order to achieve correct coding of each of the items, the basic coding principles appearing in the Code of activities must be observed and the alphabetical guide of economic activities consulted, submitting to the consideration of the Central Bank of the Republic of Argentina the doubtful cases that do not offer sufficient security in the assignment of the code number.

6.2.2. Entity:
The name of the financial entity must be recorded.

6.2.3. Quarter:
The calendar quarter to which the information corresponds is indicated: 1st (data as of March 31); 2nd (data as of June 30); 3rd (data as of September 30) and 4th (data as of December 31).

6.2.4. Year:
The year to which the information corresponds must be indicated in full.

6.2.5. Entity Code:
It is the identifying code of the financial entity. It must be integrated as follows:
6.2.5.1. The first five digits of the code number assigned for the sending of all types of information to the Central Bank of the Republic of Argentina are placed.
6.2.5.2. The self-verifying digit corresponding to each financial entity, which has been communicated by Circular R.F. 1274 of 1.12.80, must be placed.
6.2.5.3. The geographic distribution digits are indicated according to the code table detailed below:

Code Political Division
01 Federal Capital
02 Province of Buenos Aires
03 Province of Cajamarca
04 Province of Córdoba
05 Province of Corrientes
06 Province of Chaco
07 Province of Chubut
08 Province of Entre Ríos
09 Province of Formosa
10 Province of Jujuy

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
Code Political Division
11 Province of La Pampa
12 Province of La Rioja
13 Province of Mendoza
14 Province of Misiones
15 Province of Neuquén
16 Province of Río Negro
17 Province of Salta
18 Province of San Juan
19 Province of San Luis
20 Province of Santa Cruz
21 Province of Santa Fe
22 Province of Santiago del Estero
23 Province of Tucumán
40 National Territory of Tierra del Fuego, Antarctica, and South Atlantic Islands.
00 Consolidated formula of the financial entity.
In the special case of entities that operate in a single political division, the geographic distribution digits corresponding to the jurisdiction in which they develop their activity must be placed, and not the code provided for the consolidated formula.

6.2.5.4. The total number of formulas sent to the Central Bank of the Republic of Argentina is indicated. That is, one for each political division, including the consolidated one of the entity. For example, an entity that operates in the Federal Capital and the provinces of Buenos Aires, Córdoba, and Santa Fe, must record the number five in the corresponding box.
A number must be placed in each box, starting from the right. The box that might remain empty will be completed with a zero.
Below, and merely for illustrative purposes, two examples of application of the entity identifying code are developed:

Entity (for example: Bank of the Province of Córdoba) that develops its activity in two political divisions (Province of Córdoba and Federal Capital):
0 2 0 2 5
6.2.5.1
5
6.2.5.2
00
. 6.2.5.3
03
6.2.5.4
Consolidated formula of the entity.
0 2 0 2 5
6.2.5.1
5
. 6.2.5.2
01
. 6.2.5.3
03
. 6.2.5.4
Formula corresponding to the Federal Capital

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
0 2 0 2 5
6.2.5.1
5
6.2.5.2
0 4
. 6.2.5.3
0 3
6.2.5.4
Formula corresponding to the Province of Córdoba

Entity (for example: Municipal Bank of Rosario) that develops its activity in a single
political division (Province of Santa Fe):
0 6 5 5 7
6.2.5.1
3
. 6.2.5.2
2 1
. 6.2.5.3
0 1
. 6.2.5.4
Formula corresponding to the Federal
Capital

6.2.6. Reserved for use by the Central Bank of the Republic of Argentina.

6.2.7. Financing Balances:
6.2.7.1. For the grouping of clients that are recorded in this column, the guidelines defined in the Accounting Standards for Financial Entities (Instructions of the "Statement of Position of Debtors" Table) must be followed.
6.2.7.2. The balances of "Debtors with delays", "With risk of insolvency", "In judicial management", "In bankruptcy or Liquidation" classified by activities according to the debtor categories defined in the table cited in the previous point are included.
6.2.7.3. From the financing balances classified by activities, recorded in the rows corresponding to codes 00 to 90 inclusive, the amounts of the accounts "Purchased Documents" and "Other loans" (only Public and Private Non-financial Sector of the "Loans" category) are excluded, which are reported, without discriminating by activities, in rows 91 and 92 following the total corresponding to the eight divisions.
6.2.7.4. In each row, the sum of the balances of the other two columns must appear; if one of them has no balance, the one recorded in the other is repeated.

6.2.8. Primary Production:
In the row corresponding to code 00 in each of the columns, the sum of the figures declared in the rows of codes 01 to 19 inclusive is recorded.

6.2.9. Manufacturing Industries:
In the row corresponding to code 20 in each of the columns, the sum of the figures declared in the rows of codes 21 to 40 inclusive is recorded.

6.2.10. Construction, electricity, gas, water, and sanitary services, wholesale and retail trade:
In these divisions, the total of the loans corresponding to each of the divisions is detailed directly, without any breakdown of them.

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
6.2.11. Services and Finance:
In the row corresponding to code 70 in each of the columns, the sum of the figures declared in the rows of codes 71 to 74 inclusive is recorded. In the row corresponding to code 73, the balance corresponding to the attribute Financial Sector (in pesos and in foreign currency) without the deduction of the "Provision for risk of uncollectibility" must be included.

6.2.12. Diverse:
In the row corresponding to code 80 in each of the columns, the sum of the figures declared in the rows of codes 81 and 82 is recorded.

6.2.13. Total of the eight divisions:
It is the sum of the totals of the eight divisions (rows in which codes 00, 20, 50, 55, 60, 65, 70, and 80 appear). The amount recorded in the "Total Debt" column must be equal to the sum of those indicated in the other two columns.

6.2.14. Balance of balances accounts not discriminated by activities:
Only the Public and Private Non-financial Sector of the "Loans" category is included.

6.2.15. Total general of financings:
In the sum of the amounts declared in the rows where codes 90, 91, and 92 appear.
The amount recorded in the "Total Debt" column must be equal to the sum of those indicated in the other two columns.

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
7. Operations of investment banks.
7.1. Medium and long-term loans.
To agree upon them, entities must value the technical, economic, and financial feasibility of the projects.

7.2. Short-term loans (less than one year).
7.2.1. They can be granted to attend to the evolution needs of companies, in a complementary manner to the operations destined to the financing of investments granted by the bank.
7.2.2. The sum of evolution loans and Guarantees for financial transactions between third parties must not exceed 40% of the global amount agreed upon with the applicant destined for investment.

7.3. Guarantees (Eventual risks for concepts other than intermediation in financial transactions between third parties).
7.3.1. Guarantees in pesos or in foreign currency, linked to operations in which the bank intervenes, that make up its specific object, can be granted. They are only extended over operations firmly concluded, and entities must examine the different factors that concur in the valuation of the risk implicit in each financial provision.

B.C.R.A.
I. Credit Provisions (Continuation) OPRAC-1
8. Loans to the staff of the Central Bank
8.1. As a general principle, the staff of the Central Bank of the Republic of Argentina must abstain from incurring debts with financial entities supervised by this Institution, both as principal debtor and as guarantor.
8.2. Notwithstanding what is provided in the previous point, the following are excepted from said Prohibition:
8.2.1. loans for the acquisition, renovation, or modification of their own housing, to the extent that such causes cannot be attended through the regime current in the Central Bank;
8.2.2. those destined for the purchase of the automobile for the agent's personal use;
8.2.3. personal ones that are managed before national, provincial, or municipal official entities, and
8.2.4. the obtaining of Credit cards for the acquisition of consumer goods or the use of services.
8.3. The exemptions provided in the previous point will be extensive to the cases in which the agent guarantees credit operations, of the same nature as those mentioned in points 8.2.1. to 8.2.3., that are carried out by members of their direct family nucleus, understood to be such their spouse, children, parents, and siblings, exclusively.
8.4. For any other type of exception, authorization from the Central Bank must intervene.

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
ORDERED TEXT
Circular ACTIVE OPERATIONS OPRAC-1
II - Interest Rates and Adjustment Clauses.

Basic Conditions.
1.1. Rates.
Financial entities may freely agree upon them with clients.

1.2. Amounts and terms on which interest may be charged.
Interest may only be charged on the balances of capitals effectively loaned and for the times in which they have been at the disposal of the clients.

1.3. Perception Modalities.
1.3.1. Operations of more than 180 days, amortizable or single payment: the perception of interest must be due.
1.3.2. Amortizable operations of up to 180 days: the perception of interest must be due.
1.3.3. Single payment operations of up to 180 days: the perception of interest May be due or advanced.

1.4. Fixed Divisor.
365 days.

1.5. Commissions or other additional charges to interest.
Their collection is prohibited in Credit operations, with respect to the amounts effectively disbursed. Their application is circumscribed, under the conditions contractually agreed with clients, to the services that entities provide with or without contingent credit risk.

1.6. Punitive charges on obligations in default.
Financial entities may freely agree upon charges for said concept. The pertinent clauses and the conditions of their application must be agreed upon in clear and precise terms when concluding the respective credit operations.

B.C.R.A.
II - Interest Rates and Adjustment Clauses. (Continuation) OPRAC-1
2. Advertising.
With the purpose of concretizing a homogeneous and comparable expression of interest rates within the financial market, the following norms must be observed:

2.1. Form of declaring rates.
In all operations, regardless of their instrumentation, it corresponds that in contracts, receipts, debit notes, or other documents related to clients, where rates or interest amounts are explicit, express mention must be made of the contractual annual interest or discount rate applied and of the effective annual interest rate, equivalent to the calculation of interest in the form due on balances. For the purposes of calculating the effective annual interest rate, the following formulas must be used:

2.1.1. For operations where contractual interest is perceived in the form due periodically or in full, determined proportionally from an annual rate:

i = 1 + (is * s / 36,500)^(365/m) - 1

2.1.2. For operations where contractual interest is perceived in the form advanced in full, determined proportionally from an annual rate:

i = 1 / (1 - (d * s / 36,500)^(m/365)) - 1

2.1.3. In the previous formulas, it is understood that:
i = effective annual interest rate, equivalent to the calculation of interest in the form due on balances, in percent. is = contractual annual interest rate applied, in percent. d = Contractual annual discount rate applied, in percent. m = quantity of days corresponding to each of the sub-periods of interest perception when they are charged in a regular form, or of the operation when they are charged in a single opportunity. When said sub-periods are in fixed days for monthly, bimonthly, etc. lapses, they are considered for these effects as 30 days, 60 days, etc., respectively.

B.C.R.A.
II - Interest Rates and Adjustment Clauses. (Continuation) OPRAC-1
2.2. Advertising of rates.
In all advertising, regardless of the means of diffusion used, destined to offer Credit lines, it is obligatory to insert the effective annual interest rate, equivalent to the calculation of interest in the form due on balances, in percent.

24.07.81 2

B.C.R.A.
II - Interest Rates and Adjustment Clauses. (Continuation) OPRAC-1
3. Adjustment Clauses.
3.1. Common rules for all financial entities.
Entities may grant loans with the following capital correction clauses:
3.1.1. Wholesale price index - general level -.
The adjustment of debt balances must be made based on the correction factor arising from the comparison of the wholesale price index - general level - prepared by the National Institute of Statistics and Censuses, communicated by the Central Bank, corresponding to the second month prior to the date of loan effectiveness, at the latest, and that of equal antecedence to the maturity of each amortization service.
3.1.2. Financial index.
3.1.2.1. This index, prepared by the Central Bank, reflects daily a variation equal to the value of the daily rate equivalent to the weighted average monthly interest rate on 30-day fixed-term deposits corresponding to the second business day prior to the date of the index, according to the survey carried out with said periodicity.
The indices for non-business days are determined by taking for the calculation of the variation, the rate of the last daily survey disseminated by the Central Bank.
3.1.2.2. The adjustment of debt balances is carried out using the correction factor that arises from comparing the index corresponding to any of the last fifteen consecutive days prior to the date of loan effectiveness with that of equal antecedence to the date of its maturity.
3.1.2.3. These indices are disseminated by the Central Bank together with the usual communication of the results of the daily survey of interest rates paid on fixed-term deposits and compiled monthly in a "B" communication.
3.1.2.4. The Central Bank may modify the calculation base of this indicator taking into consideration the interest rates recognized by deposits for terms different from the currently established one, if the conditions make it advisable.
3.2. Rules for savings and loan societies for housing or other real estate.
3.2.1. Savings and loan societies for housing or other real estate, in addition to the adjustment clauses referred to in point 3.1., are authorized to apply in adjustable capital loans a monthly correction index equal to the weighted average of the financial costs per unit of lending capacity reported by each entity of that class.
3.2.2. For these purposes, each society must communicate to the Central Bank the financial cost per unit of lending capacity in per one with no less than six decimals and the average of the total of deposits subject to minimum cash reserve in thousands of pesos, determined for each calendar month, based on the data corresponding to that same period.
24.07.81 1

B.C.R.A.
II - Interest Rates and Adjustment Clauses. (Continuation) OPRAC-1 and according to the mathematical procedure indicated in point 3.2.8 within the 12 consecutive days of the following month. The respective calculations must remain orderly filed by the societies to be exhibited before the Central Bank at any time it requires.
3.2.3. The failure to send this information in the established terms may give rise to the application of the provisions of article 41 of Law 21.526.
3.2.4. In said communication, the certification of a public accountant must appear stating that the elements taken for the determination of said financial cost respond to the accounting records and that the calculation made adjusts to these provisions. The certifier must not be in an employment relationship with the reporting entity.
3.2.5. The Central Bank publishes the financial cost of each society (point 3.2.2.) and the resulting correction index (point 3.2.1.). The latter must be included in the informational board on interest rates.
3.2.6. In Credit operations subject to Adjustment Clause, the contractually established interest rate in each operation cannot be increased during the entire validity of the loan.
3.2.7. For the purposes of applying these rules, in the communication referred to in points 3.2.2. and 3.2.4., the average of the total of deposits subject to reserve must also be reported using for the calculations corresponding to each calendar month.
3.2.8. The mathematical procedure for the determination of the financial cost per unit of lending capacity to be reported to this Central Bank, - with the modifications arising from regulatory adjustments communicated - is the following:

( )
( )
( )
+
−






− • + −

•






−
−
− −
= • e i f e c c P e e s i P d f f d v c
1

30.417
30.417
( ) ( )
+
−






− + −

•
−






− + −
•
−
•
e t e c
P e i e c
P e
P
P d f fa d e i
P
1
30.417 30.417
( ) e t e c
P d fa fa
−






− + −
•
1

1 1
30.417
(1)

where:
i *= Financial cost per unit of lending capacity of month x, expressed in per one.
Pv = Proportion of demand deposits reached by the charge v on the total of deposits subject to reserve, calculated on the basis of the simple monthly average of daily balances registered at the close of operations on business days of each calendar month, expressed in per one, of month x. e = Minimum cash requirement, expressed in per one, of month x.
24.07.81 3

B.C.R.A.
II - Interest Rates and Adjustment Clauses. (Continuation) OPRAC-1 s = Exempt investment corresponding expressed in per one, of month x. cc = Charge to apply on the use of the lending capacity c taxable of demand deposits subject to reserve, expressed in per one, of month x. d = Number of days of month x. Pf = Proportion of non-adjustable, transferable and non-transferable fixed-term nominal deposits, on the total of deposits subject to reserve, calculated on the basis of the simple monthly average of daily balances registered at the close of operations on business days of each calendar month, expressed in per one, of month x. fi = Weighted average effective monthly interest rate of non-adjustable, transferable and non-transferable fixed-term nominal deposits, expressed in per one, of month x, which arises from the following formula:

fjk t
K n j fjk m k jk t
K n j f s s m i i k
∑ ∑
∑ ∑
= =
= = 


















 −





+
=
0 1
30.417
0 1
1
365
1 (2)

where:
i jk = Contractually applied annual nominal interest rate to non-adjustable, transferable or non-transferable fixed-term nominal deposits, valid at the end of month x, of rate j and term k, expressed in per one. Sfjk = Balance at the end of month x, of non-adjustable, transferable or non-transferable fixed-term nominal deposits, of interest rate j and term k. m = Number of days corresponding to the term of the deposits or of interest capitalization. j = Varies from 0 to n; corresponds to interest rate. k = Varies from 1 to t; corresponds to term. cf = Compensation rate for minimum cash reserves, of non-adjustable, transferable and non-transferable fixed-term nominal deposits, expressed in per one, of month x. Pp = Proportion of deposits in the free savings system with notice on the total of deposits subject to reserve, calculated on the basis of the simple monthly average of daily balances registered at the close of operations on business days of each calendar month, expressed in per one, of month x.
24.07.81 3

II - Interest Rates and Adjustment Clauses. (Continuation) OPRAC-1 pi = Weighted average effective monthly interest rate of deposits in the free savings system with notice, non-adjustable, expressed in per one, of month x which arises from the following formula:

Pjk t
K n
J
Pjk m k jk t k n j
P
M
M m i i k
∑ ∑
∑ ∑
= =
= = 

















 −





+
=
0 1
30.417
0 1
1
365
1

where:
i jk = Contractually applied annual nominal interest rate to free savings deposits with notice, non-adjustable, valid during month x, of rate j and capitalization k, expressed in per one. If the contractually applied annual nominal interest rate varied within month x, it must be replaced by the weighted average annual nominal interest rate. Mpjk = Monthly average of deposits in the free notice system, non-adjustable, of interest rate j and capitalization k, of month x. m = Number of days of the capitalization period. The total number of days of the month, quarter, semester, etc. will be taken. j = Varies from 0 to n; corresponds to interest rate. k = Varies from 1 to t; corresponds to capitalization term. Pe = Proportion of deposits in savings accounts, special savings system, on the total of deposits subject to reserve, calculated on the basis of the simple monthly average of daily balances registered at the close of operations on business days of each calendar month, expressed in per one, of month x. ei = Weighted average effective monthly interest rate of deposits in savings accounts (special savings system), expressed in per one, which arises from (3) in which the expressions "free savings with notice" must be replaced by "special savings system", of month x. ce = Compensation rate for minimum cash reserves of deposits in savings accounts (special savings system), expressed in per one, of month x. Pfa = Proportion of adjustable, transferable and non-transferable fixed-term nominal deposits, whose minimum cash reserves are compensated within the "Monetary Regulation" account with the monthly rate of non-adjustable fixed-term deposits, on the total of deposits subject to reserve, calculated on the basis of the simple monthly average of daily balances registered at the close of operations, on business days of each calendar month, expressed in per one of month x.
24.07.81 4

II - Interest Rates and Adjustment Clauses. (Continuation) OPRAC-1

t = Weighted average monthly variation rate of prices and interest of adjustable, transferable and non-transferable fixed-term nominal deposits, whose minimum cash reserves are compensated within the "Monetary Regulation" account with the monthly rate of non-adjustable fixed-term deposits, expressed in per one, which arises from the following formula, of month x.

( ) fajkh
ñ h t k n j fajkh m k h h fajkh
ñ h t k n j s
S m t t i t k
∑ ∑ ∑
∑ ∑ ∑
= = =
= = = 





























 −






- +
  =
  0 1 1
  30.417
  1 1
  0 1
  365
  1 1 (4)

where:
1 h t = Monthly variation rate of index h of prices, expressed in per one, of month x. i fajkh = Contractually applied annual interest rate to deposits (valid at the end of month x) adjustable, transferable and non-transferable fixed-term nominal deposits, whose minimum cash reserves are compensated within the "Monetary Regulation" account with the monthly rate of non-adjustable fixed-term deposits, of interest rate j, term k and index h of prices, in per one. S fajkh = Balances at the end of month of adjustable, transferable and non-transferable fixed-term nominal deposits, whose minimum cash reserves are compensated within the "Monetary Regulation" account with the monthly rate of non-adjustable fixed-term deposits, of interest rate j, of term k and index of price adjustment h, of month x. m = Number of days corresponding to the term of the deposits or of interest capitalization. j = Varies from 0 to n; corresponds to interest rate. k = Varies from l to t; corresponds to term. H = Varies from 1 to n; corresponds to price index. Pfa* = Proportion of non-transferable adjustable fixed-term nominal deposits, whose minimum cash reserves are compensated according to Circular "REMON-1" and complementary "B" Communications, on deposits subject to reserve calculated on the basis of the simple monthly average of daily balances registered at the close of operations on business days of each calendar month expressed in per one, of month x. t* = Weighted average monthly variation rate of prices and interest of non-transferable adjustable fixed-term nominal deposits, whose minimum cash reserves are compensated according to Circular "REMON-1" and complementary "B" Communications, expressed in per one, of month x. Said rate arises from formula (4), in which the terms "transferable and non24.07.81 5

II - Interest Rates and Adjustment Clauses. (Continuation) OPRAC-1 transferable whose minimum cash reserves are compensated within the "Monetary Regulation" account with the monthly rate of non-adjustable fixed-term deposits" must be replaced by "non-transferable whose minimum cash reserves are compensated according to Circular "REMON-1" and complementary "B" Communications. c fa = Compensation rate for minimum cash reserves, of non-transferable fixed-term nominal deposits whose minimum cash reserves are compensated according to Circular "REMON-1" and complementary "B" Communications, expressed in per one, of month x.
3.2.9. Credit relationship documents with the clientele.
3.2.9.1. Without prejudice to what is indicated in point 2 of Chapter II, savings and loan societies for housing or other real estate must record in all documents with the public the financial conditions of the operation being carried out, with highlighted indication of the Adjustment Clause and the interest rate to be applied.
3.2.9.2. Entities must maintain reliable evidence of the delivery to interested parties, together with each Credit application, of a retrospective numerical example showing the monthly evolution that the demanded loan would have experienced in the respective entity, by application of the Correction Clause plus interest, over the previous six months, with disaggregation of its incidence on the debt and on the corresponding mortgage services.
The receipts and/or settlements of periodic services of Credits must contain, in addition to the interest rate expressed in the manner established in point 2 of Chapter II, the following minimum data:
3.2.9.2.1. Debt status at the end of the immediate previous period.
3.2.9.2.2. Adjustment coefficient of the period.
3.2.9.2.3. Updated debt.
3.2.9.2.4. Amount of the installment to be paid, with detail of:
3.2.9.2.4.1. Amortization.
3.2.9.2.4.2. Interest
3.2.9.2.5. New debt status after paying the service.
3.2.9.2.6. Late charges, if any, with clarification of the respective rate.
3.2.9.3. In operations formalized by savings and loan societies for housing or other real estate, indemnity charges cannot be collected or advance notice requirements higher than 60 days demanded for the early cancellation of loans to final housing users.
3.2.9.4. The amount of Credits of the free system that savings and loan societies for housing or other real estate make effective cannot be affected by withholdings under the concept of "pledged savings".
24.07.81 6

II - Interest Rates and Adjustment Clauses. (Continuation) OPRAC-1
3.2.9.5. The sums that savings and loan societies for housing or other real estate collect for "loan right" or other equivalent concepts must be limited to the amounts strictly necessary to compensate initial appraisal, report and other analogous expenses that the consideration of applications requires.
3.3. Transitional provisions.
3.3.1. Exceptionally, for the agreements that financial entities grant until December 31, 1981 to the agricultural activity, in addition to the other options usable according to the general provisions in force, they may agree for the destinations provided for in points 3.3.1.1. and 3.3.1.2., the debt balance adjustment clauses by capital indicated in each case, observing the methodology determined in point 3.1.1.
3.3.1.1. Loans for the retention and purchase of beef cows in pure breeding zones: Variations of the "Animal Production" Subgroup Price Index, corresponding to the Wholesale Price Index, National Agricultural (published by the National Institute of Statistics and Censuses), and
3.3.1.2. Credits for the expansion of the sown area with fine and coarse grains (cultural expenses): Variations of the Price Index of the "Vegetable Production" Subgroup corresponding to the Wholesale Price Index, National Agricultural (published by the National Institute of Statistics and Censuses).
24.07.81 7