Circular Foreign Exchange Operations and Movements of Funds and Securities with the Abroad - CAMEX - 1 - 276

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 1900 29/11/91
TO FINANCIAL ENTITIES:
Ref.: Circular FOREIGN EXCHANGE OPERATIONS AND MOVEMENTS OF FUNDS AND SECURITIES WITH THE ABROAD - CAMEX - 1 - 276.

We address you to inform you that this Central Bank has established, through Board Resolution No. 571 of November 22, 1991, the following:

1. Consider December 6, 1991, as the final deadline for the repayment of principal and payment of accrued interest on the rediscounted amounts granted under the terms of Communication "A" 764, of September 3, 1985, - guaranteed according to point 6.d.2. of the same.

2. Entities that have made interest payments out of term, by the date specified in 1., may regularize such situation through the payment of compensatory interest calculated based on the 120-day LIBOR rate corresponding to the start of each delay period, plus a surcharge of 3.5 points.

3. The Central Bank will proceed to carry out the corresponding verifications and, in cases of non-compliance with the regularization referred to in the preceding points 1. and 2., it will apply the 120-day LIBOR rate corresponding to each period, taken at the start of the same, plus a surcharge of 7 points.

4. The punitive interest calculated according to the preceding point 3. will be converted to local currency taking the transfer exchange rate, seller closing, of the previous business day of the Banco de la Nación Argentina; the resulting amount will be debited from the current account that the entities maintain open at this Central Bank on each occasion when the aforementioned non-compliances are detected.

We salute you very attentively.

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Raúl O. Planes José A. Uriarte
Exchange Manager General Sub-manager