Circular LISOL 1-1079 OPRAC 1-1262 REMON 1-1122 RUNOR 1-1859 OPASI 2-728: Minimum Cash. Deposits and Term Investments. Financing to the Non-Financial Public Sector. Spot and Forward Operations, Repos, Guarantees, Other Derivatives and with Mutual Funds. Credit Policy. Update.

"YEAR OF THE DEFENSE OF LIFE, LIBERTY AND PROPERTY"COMMUNICATION “A” 8124 11/01/2024TO FINANCIAL ENTITIES:Ref.: CircularLISOL 1-1079,OPRAC 1-1262,REMON 1-1122,RUNOR 1-1859,OPASI 2-728:Minimum Cash. Deposits and Term Investments.Financing to the Non-Financial Public Sector.Spot and Forward Operations, Repos, Guarantees,Other Derivatives and with Mutual Funds. Credit Policy. Update.___________________________________________________________________________We address you to send you the pages that, replacing those previously provided, should be incorporated into the consolidated texts (TO) on Minimum Cash andCredit Policy, based on the clarification contained in Communication A 7430 and point 2.of the provisions disseminated through Communication A 8062.Additionally, we inform you that points 1.3.8. and 1.9. of the Minimum Cash TO and Sections 4. and 5. of the Deposits and Term Investments TO are eliminated as they are no longer in force, and the corresponding pages for the TOs on Financing to the Non-Financial Public Sector and Spot and Forward Operations, Repos, Guarantees, Other Derivatives and with Mutual Funds are attached.Finally, it is reminded that on this Institution's website www.bcra.gob.ar, by accessing “Financial System – LEGAL AND REGULATORY FRAMEWORK – Ordering and summaries –Consolidated texts of general regulations”, the modifications made with texts highlighted in special characters (strikethrough and bold) will be found.Sincerely,CENTRAL BANK OF THE ARGENTINE REPUBLICEnrique C. Martin Darío C. StefanelliManager of Issuanceof RegulationsPrincipal Manager of Issuance andRegulatory ApplicationsANNEX-IndexSection 1. Requirement.1.1. Obligations included.1.2. Application basis.1.3. Minimum cash.1.4. Residual term.1.5. Decrease in the average peso requirement.1.6. Specific increases in requirement due to liability concentration.1.7. Transfers.1.8. Failure to apply foreign currency resources.Section 2. Integration.2.1. Admitted concepts.2.2. Calculation.2.3. Minimum daily integration.2.4. Remuneration of peso account balances opened at the Central Bank.2.5. Remuneration of foreign currency account balances opened at the Central Bank.Section 3. Non-compliance.3.1. Charge.3.2. Compliance programs.3.3. Regularization and sanitation plans.Section 4. Basis for compliance with regulations.4.1. Individual basis.Section 5. Responsible parties and sanctions.5.1. Responsible parties for liquidity policy.5.2. Responsibilities.5.3. Sanctions.Section 6. Minimum MiPyME Quota.Section 7. Transitory provisions.Correlation table.B.C.R.A. CONSOLIDATED TEXT OF THE REGULATIONS ONMINIMUM CASHVersion:36a. COMMUNICATION “A” 8124 Effective:11/02/2024 Page 11.1. Obligations included.1.1.1. Included concepts.1.1.1.1. Demand and term deposits and other financial intermediation obligations (in pesos, foreign currency, and public and private securities).Obligations not participating in the concept of financial intermediation are not included, among them the
following:i) Price balances for the purchase of movable and immovable property intended forown use.ii) Obligations related to the entity's own operation, such as:a) Undistributed profits or surpluses –including cash dividends, returns, fees, and other participations pending payment or crediting– until they are made available to the holders.b) Amounts received from third parties and made available by the entity to professionals or managers, to cover the payment for accessory services, such as title searches, background checks, powers of attorney, or appraisals.c) Social charges, taxes, and personnel withholdings, pending payment.d) Expenses, salaries, severance payments, fees, pending payment.iii) Collections on account of overdue loans or for the sale of movable and immovable property, as long as they are not applied to reduce the corresponding asset items.1.1.1.2. Unused balances of formalized current account advances that do not contain clauses enabling the entity to discretionally and unilaterally cancel the possibility of using such margins.1.1.2. Exclusions.1.1.2.1. Obligations with the Central Bank of the Argentine Republic (BCRA).1.1.2.2. Obligations with local financial entities.1.1.2.3. Obligations with foreign banks –including parent companies and controlling entities of local entities and their branches– for lines intended for financing foreign trade operations and with Multilateral Development Banks (MDBs).B.C.R.A. MINIMUM CASHSection 1. Requirement.Version:8a. COMMUNICATION “A” 8124 Effective:11/02/2024 Page 11.1.2.4. Obligations for spot and forward purchases to be settled.1.1.2.5. Spot and forward sales to be settled, whether or not linked to active repos.1.1.2.6. Correspondent operations abroad.1.1.2.7. Demand obligations for foreign transfers pending settlement, as long as they do not exceed 3 business days from the date of their crediting.1.1.2.8. Obligations with businesses for sales made using debit, prepaid, credit, and/or store cards.1.1.3. Calculation.The included obligations will be calculated based on the capital balances actually traded, including, where applicable, quotation differences (positive or negative).Therefore, accrued interest and premiums –due or to become due– for the included obligations are excluded –as long as they have not been credited to an account or made available to third parties– and, in the case of fixed-term deposits in Units of Acquisitive Value (UVA) and Housing Units (UVI), the amount accrued from the increase in the value of these units.1.2. Application basis.The minimum cash requirement will be determined based on the average of the daily balances of the included obligations:− recorded at the close of each day during the period prior to their integration, when it concerns the peso requirement, except for peso deposits in accounts of payment service providers offering payment accounts (PSPOCP) in which their clients' funds are deposited (point 1.3.14.);− recorded at the close of each day
during each calendar month, for foreign currency requirements, securities, and peso deposits in PSPOCP accounts where their clients' funds are deposited (point 1.3.14.).Averages will be obtained by dividing the sum of daily balances by the total number of days in each period.On days when no movement is recorded, the balance corresponding to the immediately preceding business day must be repeated.The requirement will be observed separately for each of the currencies and/or securities and monetary regulation instruments in which the obligations are denominated.B.C.R.A. MINIMUM CASHSection 1. Requirement.Version: 26a. COMMUNICATION “A” 8124 Effective:11/02/2024 Page 2In the case of fixed-term deposits in national public securities or BCRA monetary regulation instruments, including their immobilized balances, it must be determined in the same species captured, according to its market value. National public securities in pesos with dual currency yield receive the same treatment as species issued in pesos. The requirement will be maintained even if, after the constitution of the imposition, the respective national public security or monetary regulation instrument ceases to have normal and usual quotation for significant amounts in domestic markets.In the case of fixed-term deposits in other securities, including their immobilized balances, the requirement must be determined –considering the market value of the species captured– in:a) pesos or in national public securities in that currency that have normal and usual quotation for significant amounts in domestic markets, when the species captured is denominated in that currency; orb) US dollars or in national public securities in that currency, that have normal and usual quotation for significant amounts in domestic markets, when the species captured is denominated in foreign currency.The requirement for demand obligations for foreign transfers in foreign currencies other than the US dollar must be imputed to this currency, to the extent that they exceed the maximum term provided in point 1.1.2.7.When information from periods prior to the calculation period is required (e.g., residual term structure, minimum daily integration, etc.) and the financial entity lacks it because it did not operate in those periods (as is the case for newly authorized entities), the information from the calculation period must be used.1.3. Minimum cash.The minimum cash amounts resulting from applying the following rates must be integrated, depending on whether they are: i) entities included in Group A –as provided in Section 4. of the TO on Authorities of Financial Entities, for which the indicator provided in point 4.1. of that TO must be calculated, for all financial entities, only individually– and branches or subsidiaries of foreign banks classified as systemically important (G-SIB) not included in that group or ii) the remaining financial entities:B.C.R.A. MINIMUM CASHSection 1. Requirement.Version: 57a. COMMUNICATION “A”
8124 Effective:11/02/2024 Page 3ConceptRates in %Group AandG-SIB notincluded inthat groupRemainingentities1.3.1. Current account deposits and demand accountsopened in cooperative credit unions.45201.3.2. Savings account deposits, salary/social securityaccounts and special accounts –with the exception ofdeposits included in points 1.3.7., 1.3.10. and1.3.15.–, other demand deposits and obligations,pension benefits credited by ANSES pendingrealization, and immobilized balances correspondingto obligations included in these regulations.1.3.2.1. In pesos.45201.3.2.2. In foreign currency.25251.3.3. Unused balances of formalized current accountadvances.45201.3.4. Deposits in current accounts of non-bank financialentities, computable for the integration of theirminimum cash.1001001.3.5. Fixed-term deposits, obligations for “acceptances”–including liabilities for the sale or assignment ofcredits to

1.4.2. Fixed-term deposits.
In the case of fixed-term deposits in pesos, the established rates – according to the breakdown by terms set – will be applied to the daily balances of the aforementioned obligations determined according to point 1.2. In the case of fixed-term deposits in foreign currency, the established rates – according to the breakdown by terms set – will be applied to the amounts resulting from multiplying the total daily balance of these obligations – recorded in the corresponding month – by the percentages resulting from the residual term structure of the previous month, considering the number of days remaining in that period until the maturity of each obligation, counted from each day of said period.
1.4.3. Remaining term operations.
In these cases – included term investments and computable obligations with banks and foreign correspondents – the residual terms will be equivalent to the number of days remaining until the maturity of each obligation, counted from each day of the period prior to the one corresponding to the integration of the minimum cash, when dealing with peso deposits, or of the same period when dealing with foreign currency operations or securities. The requirement will arise from applying the established rates to the daily balances of the aforementioned obligations based on the different fixed residual term tranches. In the particular case of capital installment payment obligations, the amounts of amortization services maturing within one year, counted from each day of the period prior to the one corresponding to the minimum cash in pesos or of the same period when dealing with foreign currency obligations, will be considered independently for the purpose of applying to them the rate that is appropriate

Financial entities obligated within the framework of the due diligence process that they must comply with according to the OECD Standard for Automatic Exchange of Information on financial accounts –and the provisions of the ARCA on the matter–, must request their clients who are holders of reportable accounts and are reportable persons to submit the sworn declaration provided for in point 3.9.1.1., regarding new accounts opened from 04/18/22 and, for accounts pre-existing as of 03/31/22, from 06/30/22. B.C.R.A. DEPOSITS AND TERM INVESTMENTS
Section 4. Transitory provisions.
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DEPOSITS AND TERM INVESTMENTS
ORDERED TEXT ORIGINATING REGULATION OBSERVATIONS Sec. Point Para. Com. Annex Chap.
.
Sec
.
Point Para
.
3.
3.10. “A” 6069 2. According to Com. “A” 6266 and 6494.
3.11. “A” 6667
3.12. “A” 7260
3.13. “A” 7819 2.
4. “A” 7484 2.

9.1.3.4. Margin calculation.
For the purpose of determining the status of credit risk fractionation ratios and the consequent observance of admitted excesses, the amount of the declared margin –whether used or not– will be taken into account along with other computable assets.
9.1.3.5. Non-observance of the margin.
Non-observance of the margin will be treated as provided in Section 2. of the Ordered Text on Minimum Capital Non-compliance and Technical Ratios. Applicable Criteria. For this purpose, the excess over the 25% limit of the RPC or the lower limit chosen by the entity will be considered.
9.1.4. Debt instruments issued by financial trusts or trust funds for the financing of construction, in which the participation of the National State as settlor exceeded 50% as referred to in point 3.2.4., which for this reason became subject to the maximum limits established in point 6.1.1.1., without prejudice to the calculation referred to in point 6.1.2.3.
9.1.5. Financing to public trusts or trust funds.
For entities that register admitted excesses, the expanded individual maximum limits referred to in point 6.1.1.2. will be equivalent to the positive difference between 15% of the entity's RPC and the respective admitted excess. This is without prejudice to the application of collected amortizations admitted in point 9.1.2.
9.2. All national public bonds and securities in pesos that are applied to the integration of minimum cash in that currency (in accordance with the provisions of points 1.3.16. and 1.3.17. of the Ordered Text on Minimum Cash) will be excluded from the limits provided in these regulations.
9.3. Excluded from the limits provided in Section 6. are the “National Treasury Capitalizable Bills in pesos” (LECAP), primarily subscribed for own portfolio from 05/16/24 up to an amount equivalent to the accumulated decrease in the balance of passive repos with the BCRA registered at the close of operations on 05/15/24 (updated according to the interest rate paid by the BCRA for these operations) and until the integration date of such LECAP; it also includes those acquired in the secondary market from 07/05/24.
9.4. National public securities included in point 6.2.10. whose liquidity options agreed with the BCRA are rescinded will be excluded from the limits provided in Section 6.
The exclusion, which will be determined as a percentage based on the accounting valuation of the securities –from the day prior to the rescission date of the liquidity options agreed with the BCRA– over the computable equity –latest available data–, and will be valid for up to 12 months after the amortization of the securities that originated it –recalculating the aforementioned exclusion percentage–, without prejudice to their negotiation. B.C.R.A. FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR
Section 9. Transitory provisions.
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FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR
ORDERED TEXT ORIGINATING REGULATION OBSERVATIONS Section Point Paragraph Com. Chap. Point Paragraph 6.
6.3.1. “A” 4230 2. According to Com. “A” 5472, 6091, 6327 and 6635.
Includes interpretive clarifications.
6.3.2. “A” 4937 According to Com. “A” 4996, 5015, 5472 and 6635.
6.3.3. “A” 6635
6.3.3.1. “A” 4725
According to Com. “A” 5472, 6635, 6978, 7443,
“C” 50385 and 50828. Includes interpretive clarification.
6.3.3.2. “A” 4725 According to Com. “A” 5472, 6091, 6327, 6635 and
“B” 10185.
6.3.4. “B” 5902 10. According to Com. “A” 5013, 5472 and 6635.
6.3.5. “A” 414
LISOL-1
According to Com. “A” 5472 and 6635. Includes interpretive clarification.
7.
1st “A” 6635
7.1. “A” 2019 According to Com. “A” 2140, 5472 and 6635.
7.2. “A” 6635
7.2.1. “A” 4817 4. According to Com. “A” 4876, 5472 and 6635.
7.2.2. “A” 5472 According to Com. “A” 6635.
7.3. “A” 414
LISOL-1
According to Com. “A” 817, 4093, 5472, 6167,
6635 and 7944. Includes interpretive clarifications.
8. 8.1. “A” 6635
8.2. “A” 6635
9.
9.1. “A” 3911
According to Com. “A” 4155, 4230, 4343, 4455,
4546, 4676, 4825, 4898, 4932, 4937, 4996,
5015, 5472, 6091, 6327, 6526, 6635 and “B”
9627.
9.2. “A” 6526 4. According to Com. “A” 6635, 7016, 7290, 7295,
7511, 7545, 7573, 7614, 7616, 7637, 7727 and 8124.
9.3. “A” 8020 According to Com. “A” 8058.
9.4. “A” 8063

8.1. Net position of shorter-term LELIQ.
The net position that financial entities may maintain in BCRA Liquidity Bills (LELIQ) of shorter issuance term –including those effectively allocated to integrate the minimum cash requirement in pesos in accordance with the provisions of point 1.3.17. of the Ordered Text on Minimum Cash– will be up to an amount equivalent to the average of daily balances of fixed-term deposits in pesos from the previous period.
8.2. Net position of longer-term LELIQ and NOTALIQ.
Financial entities that have a percentage of fixed-term deposits in pesos relative to total deposits in pesos –measured as a monthly average of daily balances from the previous period, considering only principal without interest or adjustments– equal to or greater than 20%, may maintain a joint positive net position of longer-term LELIQ and variable rate Liquidity Notes (NOTALIQ).
8.3. Non-compliance.
Excesses registered against the limits provided in this section will be subject to a charge, which will be calculated in accordance with the provisions of point 3.1. of the Ordered Text on Minimum Cash, without prejudice to the application of Article 41 of the Financial Entities Law. B.C.R.A. SPOT TO BE SETTLED AND FORWARD OPERATIONS, REPOS, GUARANTEES, OTHER DERIVATIVES AND WITH MUTUAL FUNDS
Section 8. Net position of LELIQ and NOTALIQ.
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“SPOT TO BE SETTLED AND FORWARD OPERATIONS, REPOS, GUARANTEES, OTHER DERIVATIVES AND WITH MUTUAL FUNDS” ORDERED TEXT ORIGINATING REGULATION OBSERVATIONS Sec. Point Para. Com. Annex Chap. Sec. Point Para. 7.
7.2.2.2. “A” 2996 sole 2. 2nd According to Com. “A” 6472.
Includes interpretive clarification.
7.2.3. 1st “B” 6566 1. According to Com. “A” 2996
(Annex, point 3.).
2nd “B” 6609
7.3.1. “A” 3027
7.3.1.1. “A” 2996 sole 4.1. 1st
7.3.1.2. “A” 2996 sole 4.1. 2nd According to Com. “A” 3027.
7.3.2. “A” 2996 sole 4.2. According to Com. “A” 3027.
7.3.2.1. 1st “A” 2953 1. 3rd According to Com. “A” 2996
(point 4.2., para. 1st).
2nd “A” 2996 sole 4.2. 3rd
7.3.2.2. “A” 2953 1. 4th According to Com. “A” 2996
(point 4.2., para. 2nd).
7.4.1. “A” 3323 According to Com. “A” 5728.
7.4.2. “A” 3323 According to Com. “A” 4875
and 6472.
8.
8.1. “A” 7432 4. According to Com. “A” 7573,
7616, 7717 and 8124.
8.2. “A” 7432 5. According to Com. “A” 7473
and 7717. Includes interpretive clarification.
8.3. “A” 6647 3.

-Index
Section 7. Financing to “Large exporting companies”.
7.1. Clients included.
7.2. Financing to “Large exporting companies”.
Section 8. Loan contracts in pesos with variable remuneration based on the variation of the US dollar quotation.
Section 9. Observance bases.
9.1. Individual basis.
9.2. Consolidated basis.
Section 10. Transitory provisions.
Correlation table.
B.C.R.A. ORDERED TEXT OF THE REGULATIONS ON
“CREDIT POLICY”
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Deposits in the “Special Asset Regularization Account” –point 3.16. of the Ordered Text on Savings, Payroll and Special Deposits– made in foreign currencies other than the US dollar will be considered in that currency for the purpose of applying the lending capacity of Section 2. B.C.R.A. CREDIT POLICY
Section 10. Transitory provisions.
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CREDIT POLICY
ORDERED TEXT ORIGINATING REGULATION OBSERVATIONS Sec. Point Para. Com. Annex Chap. Sec. Point Para. 2.
2.2. “A” 4015 1. 2nd According to Com. “A” 4311,
4453, 4577, 5908, 6105,
6162 and 6305 (includes interpretive clarification).
2.3. “A” 4311
2.4. “A” 4311 According to Com. “A” 6327 and
7443.
2.5. 1st “A” 3528 1. 2nd According to Com. “A” 4015 and
4147.
2nd and last
“A” 4159 3.1. 5th and last
Section 3. of the reporting regime
on minimum cash and application of resources. Includes interpretive clarification.
2.6. “A” 3528 1. 3rd According to Com. “A” 4015,
4140, 4549, 4716, 5299,
6241, 7003 and 7570.
3.
3.1. “A” 4140 II 1. 2nd
3.2. “A” 4311 Includes concept according to
points 6. and 7.5. of Com.
“A” 2736.
4. 4.1. “A” 4311
5.
5.1. “A” 4311 According to Com. “A” 6572.
5.2. “A” 4311 According to Com. “A” 5093 and
6244.
5.3. 1st “A” 2736 6. According to Com. “A” 6244.
Includes interpretive clarification. last “A” 4311
5.4. “A” 6231
5.5. “A” 6572 2.
6.
6.1. “A” 3987 1. According to Com. “A” 5560,
5945, 6069, 6715 and 8024.
6.2. “A” 6069 6.
6.3. “A” 5945 5. According to Com. “A” 6069.
7.
7.1. “A” 6765 1. According to Com. “A” 6819,
6839, 6981, 7104, 7129,
7531, 7648 and 8043. Includes interpretive clarification.
7.2. “A” 6765 1. According to Com. “A” 6981,
7104 and 8043.
8. “A” 6846 1.
9.
9.1. “A” 4311 According to Com. “A” 5493 and
5892.
9.2. “A” 4311 According to Com. “A” 5493 and
5892. last “A” 6662 According to Com. “A” 7393.
10. “A” 8062 2. According to Com. “A” 8124.