Circular CAMCO 1 - 130. National Payments System. Transfer of clients or third parties

"1999 - Year of Export"

CENTRAL BANK OF THE ARGENTINE REPUBLIC
__________________________________________________________________ COMMUNICATION "A" 2956 22/07/99 __________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular
CAMCO 1 - 130.
National Payments System.
Transfer of clients or third parties.

We address you to inform you that financial entities must, starting from 10/1/99, provide the service, in an open manner, of crediting remunerations through account deposit, at the request of paying companies.

From the aforementioned date, employees of companies that have adhered or will adhere to the salary payment system via bank account will have the possibility of free choice of the entity and branch where their salaries will be credited. Beneficiaries will not pay any additional charges or commissions.

Financial entities will settle these movements through electronic clearing chambers, according to the electronic clearing procedure established for this purpose.

For the purposes of the provisions of Article 41 of the Financial Entities Law, financial entities that are not homologated by the electronic clearing chambers to process these operations or that do not have this payment modality implemented, will be subject to a daily fine of $ 5,000.- (five thousand pesos), from the aforementioned start date.

We salute you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Hector O. Biondo
General Manager of
Operations

Alejandro L. Saravia
General Manager of
Informatics and Organization