Circular CAMEX 1 - 286: Regularization of Exchange Position Cessions

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 1971 19/06/92
TO ENTITIES AUTHORIZED TO OPERATE IN EXCHANGE, EXCHANGE HOUSES, AGENCIES AND EXCHANGE OFFICES:
Ref.: Circular EXCHANGE OPERATIONS AND MOVEMENTS OF FUNDS AND SECURITIES WITH THE EXTERIOR. CAMEX-1-286.
We address you regarding the cessions of exchange positions pending regularization with this Central Bank, detailed in Annex 1.
In this sense, for those who comply with the terms of this Communication, the interest calculation procedure, made known by Communication "A" 1792 of 09.01.91, is hereby declared void.

1. All financial entities authorized to operate in exchange, exchange houses, agencies and exchange offices, including those covered by Decree No. 1167/87 of the National Executive Power, during the period of revocation, are obligated to submit the model attached as Annex II.
   This obligation also extends to those who, in their view, complied with the cession of all positions taken and/or responded to the Central Bank in the terms of Communication "A" 1792 of 09.01.91. In such case, it will be sufficient for those obligated to inform in the body of the form attached as Annex II, the following text: "This entity, in the capacity of a sworn declaration, informs that it has regularized in due time and form all the position cessions detailed in this form." In the case of partial situations, they may inform in the corresponding segments for each regularized cession: "We declare in the capacity of a sworn declaration that this cession was fulfilled under the conditions and deadlines provided by the applicable regulation." The information - whose model is added as an annex - must be presented within 30 calendar days counted from the date of issuance of this Communication before the Entry Desk (San Martín 275), under the order of the Open Market Management. The failure to present will lead to the initiation of corresponding proceedings by the Financial Entities Superintendence, and the temporary disqualification of the Entity from continuing to operate in the Free Exchange Market may be resolved, in addition to what is provided in point 5, regarding interest calculation.

2. Regarding positions or partial positions not ceded, for any of the causes determined below, their disaggregation will correspond according to the following opening:
   2.1. Compulsory debits carried out by correspondents abroad during the validity of controlled Exchange Markets, whose counterparty operation was carried out with the Private Sector and was not insured in the terms of Com. "A" 137 and complementary.
   2.2. Compulsory debits carried out by correspondents abroad during the validity of controlled Exchange Markets, whose counterparty operation had exchange insurance, which has expired and liquidated.
   2.3. Compulsory debits carried out by correspondents abroad during the validity of controlled Exchange Markets, whose regularization is pending awaiting the approval of a form 4008 by the Central Bank (Public Sector).
   2.4. Items pending discharge of the exchange position, which were used during periods when some type of controlled Exchange Market was in force and which maintain form 4008 presented to the Central Bank, pending resolution.
   The regularization of the partial positions referred to previously must remain suspended until the Central Bank issues a ruling on the treatment to be given to them. The amounts not included in the previous detail must be regularized in accordance with what is provided in the following points.

3. Regarding positions not ceded for reasons unrelated to those referred to in point 2, previously, their Liquidation and "conversion to United States dollars on the date of each maturity, by applying the selling exchange rate applied in each Liquidation.

The resulting amount in United States dollars will accrue interest in favor of the Central Bank at the LIBOR rate for 120 days corresponding to the start of each period, plus a surcharge of 5.25 points, capitalizable per expired period. The periods will begin on the first day following the maturity date stipulated in each Communication, until reaching 27.3.91. In the case of positions that should have been ceded during the period covered by the revocation established by Decree 1187/87 of the National Executive Power, the first interest period will begin on the date that the exchange houses, agencies or exchange offices resume their activities, whether by judicial order or by this Central Bank. The total amount of interest calculated in United States dollars will be converted into pesos by applying the selling exchange rate reported by the Bank of the Argentine Nation at the close of operations on 27.3.91, i.e. $ 0.9635 per dollar. From 01.04.91 until the day of payment, an interest rate of 12% per year capitalizable quarterly will be applied.

4. The amount resulting from applying the provisions of point 3 above will be debited in the accounts of the entities on the first business day following 45 calendar days counted from the date of issuance of this Communication.
   Exchange Houses, Agencies and Exchange Offices that do not have a current account in this Central Bank must deposit the corresponding amount on the same day, by using a deposit slip that will be provided and integrated by the Open Market Management.

5. For those obligated who do not comply with what is provided in this Communication, the provisions of the fourth and fifth paragraphs of Com. "A" 1792 will continue to remain in force, the last of which will be in force from the payment date established in point 4, previously.
   To the entities, Exchange Houses, Agencies and Exchange Offices included in this point, corresponding proceedings will be initiated by the Financial Entities Superintendence, and temporary disqualification or permanent deregistration from the records of those authorized to operate in exchange under this Central Bank may be ordered.

6. To entities that regularize their delay situations in accordance with this Communication, all proceedings initiated by the Financial Entities Superintendence arising from such non-compliance will be considered concluded.
   We salute you very attentively.
   BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
   Raúl O. Planes Eduardo G. Castro
   Open Market Management General Supervisor of the Area of Liquidation

ANNEX I
Com “B” From T.C.C Payment Method to T.C.V
378 2.7.82 0.000000157 70% on 30.07.82.
30% on 16.08.82
30.07.82
16.08.82
0.000000269
0.000000376
1329 29.10.84 0.0011061
40 % within 15 business days.
30% on 03.12.84
30% on 03.01.85
05.11.84
03.12.84
03.01.85
0.0012300
0.0012300
0.0018100
1645 11.6.85 0.0000659
40 % within 15 business days.
30% on 05.8.85
30% on 4.9.85
02.07.85
05.08.85
04.09.85
0.0000801
2036 7.4.86 0.0000800
50 % within 15 business days.
50% within 15 days later
25.04.86
20.05.86 0.0000841
0.0000851
2059 24.4.86 0.0000830 At the latest on 30.05.86 30.05.86 0.0000861 2457 26.2.87 0.0001435 50 % within 10 business days.
50% on 26.03.87
11.03.87
26.03.87 0.0001541
0.0001541
2645 16.6.87 0.0001674 Within 10 business days. 30.06.87 0.0001788 2693 14.7.87 0.0001844 Within 10 business days. 28.07.87 0.0001942 2732 4.8.87 0.0001970 Within 10 business days. 18.08.87 0.0002131 2756 13.8.87 0.0002050 Within 10 business days. 27.08.87 0.0002235 2811 8.9.87 0.0002319 Within 10 business days. 21.09.87 0.0002465 2870 2.10.87 0.0002625 Within 10 bus. days. M.OF.. 16.10.87 0.0004070 2889 9.10.87 0.0002758 50% on 16.10.87 T.C.V. Modified by Com. “B” 2896 50 % on 23.10.87 16.10.87 23.10.87 0.0003130 2897 14.10.87 0.0003115 From 16.10.87, in 4 equal installments due on 2 and 16.11.87 and 1 and 15.12.87. T.C.V To the day before the payment. 30.10.87 13.11.87 30.11.87 14.12.87 0.0004070 0.0004000 0.0004350 0.0004450 3915 9.7.89 0.0189900 0.0300000 In 6 equal installments due on days 14 and 28.7.89, 11 and 25.8.89 and 8 and 15.9.89, in all cases the type of Exchange. Seller was 655 australes per dollar . T.C.V To the day before the payment. 0.0177000 0.0655000 4112 11.12.89 0.0650000 Until 20.12.89 T.C.V To the day before the payment.
14.12.89 0.1555000

COM. POSITION POSITIONS NOT CEEDED – COMMUNICATION “ A” FORM TO BE CEEDED POSITIONS 11 or 4033 (in percentage) POINT 2.1 POINT 2.2 POINT 2.3 POINT 2.4 NOT INCLUDED IN PREVIOUS “B” DATE U$S (without cents) % DATE U$S (without cents) U$S (without cents) U$ 376 02.07.82 70 30.07.82 30 16.08.82 40 05.11.84 1329 29.10.84 30 03.12.84 30 03.01.85 40 02.07.85 1645 11.06.85 30 05.08.85 30 04.09.85 2036 07.04.86 50 25.04.86 50 20.05.86 2059 24.04.86 100 30.05.86 2457 26.02.07 50 11.03.87 50 26.03.87 2645 16.06.87 100 30.06.87 2693 14.07.87 100 28.07.87 2732 04.08.87 100 18.08.87 2756 13.08.87 100 21.09.87 2811 08.09.87 100 16.10.87 2870 02.10.87 100 16.10.87 50 16.10.87 2889 09.10.87 50 23.10.87 25 30.10.87 2897 14.10.87 25 13.11.87 25 30.11.87 25 14.12.87 16,6 14.07.89 16,6 28.07.89 3915 09.07.89 16,6 11.08.89 16,6 25.08.89 16,6 08.09.89 16,6 15.09.89 4112 11.12.89 100 14.12.89 ENTITY :
DATE :
Authorized Signatures
ANNEX II