Circular LISOL 1-1083 OPRAC 1-1267 OPASI 2-730: Time Deposits and Investments. Financing to the Non-Financial Public Sector. Adjustments

"YEAR OF THE DEFENSE OF LIFE, LIBERTY, AND PROPERTY" COMMUNICATION “A” 8136 21/11/2024 TO FINANCIAL ENTITIES:
Ref.: Circular
LISOL 1-1083,
OPRAC 1-1267,
OPASI 2-730:
Time Deposits and Investments. Financing to the Non-Financial Public Sector. Adjustments.
___________________________________________________________________________ We address you to inform you that this Institution has adopted the resolution that, in its pertinent part, establishes:

“1. Substitute, with effect from 02/12/24, points 1.11.2.1.i) and 2.5.6.5.ii) of the consolidated text on Time Deposits and Investments with the following:

“i) The interest rate resulting from any of the surveys conducted and published daily by the BCRA (BADLAR, TAMAR, etc.).”
…

“ii) Those conducted and published by the BCRA, according to the daily survey it conducts, for operations in pesos and US dollars (BADLAR, TAMAR, etc.).”

2. Substitute, with effect from 02/12/24, in the consolidated text on Financing to the Non-Financial Public Sector, items ii), iii) and iv) of point 6.3.3.2. with the following:

“ii) Forward and futures operations of BADLAR/TAMAR (private banks), other rates published by the BCRA, Secured Overnight Financing Rate (SOFR), Sterling Overnight Index Average (SONIA), Tokyo Overnight Average Rate (TONAR), Swiss Average Rate Overnight (SARON), Euro Short-Term Rate (ESTER) and CER:
VaR = max [3%; A x (T2 - T1) x t]
Where
A: weight depending on the daily volatility of the reference indicator, according to the following table Rates or index A (in %) BADLAR/TAMAR (private banks) 0.0035 Other rates published by the BCRA 0.0060 SOFR, SONIA, TONAR, SARON or ESTER 0.0010 CER 0.0005

Must correspond to a period of 30 days, minimum.
T1: waiting period, in business days.
T2: period until the contract maturity, in business days. t: number of business days between the calculation date and the valuation date based on the market prices of the derivative contract and settlement of differences in favor of one or the other counterparty, in order to restore the value of the contract to zero. If this mechanism is not provided, it coincides with T1.

iii) Interest rate, currency and CER swap operations:
VaR = max [5%; B x t] where
B: weight depending on the daily volatility of the underlying asset, according to the following table:
Currencies, rates and index B (in %)
US Dollar - peso, with principal exchange 0.60 US Dollar - peso, without principal exchange 0.20 Fixed rate - BADLAR/TAMAR (private banks) 0.40 Fixed rate - SOFR, SONIA, TONAR, SARON or ESTER 0.07 Fixed rate - CER 0.01 Others 0.80 “Others” includes only the combination of rates published by the BCRA (for time deposits, BADLAR, TAMAR and BAIBAR) or the combination of any of them with one of those included in the preceding table, and US dollars, euros, British pounds, yen and reais. The rates must correspond to a period of 30 days, minimum. t: number of business days between the calculation date and the valuation date based on the market prices of the derivative contract and settlement of differences in favor of one or the other counterparty, in order to restore the value of the contract to zero. If this mechanism is not provided, it coincides with the period until the contract maturity.

iv) Other derivatives on assets that have normal and habitual quotation for significant amounts in domestic markets, rates published by said Institution (for time deposits, BADLAR, TAMAR and BAIBAR) and US dollars, euros, British pounds, yen and reais:
VaR = 7% + C x t where
C: 3%

t: number of business days between the calculation date and the valuation date based on the market prices of the derivative contract and settlement of differences in favor of one or the other counterparty, in order to restore the value of the contract to zero. If this mechanism is not provided, it coincides with the period until the contract maturity.”

Regarding this, we send you the sheets that, in replacement of those previously provided, must be incorporated into the consolidated texts of reference. In this sense, it is recalled that on this Institution’s website www.bcra.gob.ar, accessing “Financial System - LEGAL AND REGULATORY FRAMEWORK - Consolidated texts and summaries - Consolidated texts of general regulations”, the modifications made with text highlighted in special characters (strikethrough and bold) will be found.

We salute you attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Darío C. Stefanelli Marina Ongaro
Principal Manager of Issuance and
Normative Applications
Deputy General Manager of Financial Regulation

ANNEX

“CAICC” t0: adjustment coefficient for the construction cost index for Greater Buenos Aires (“ICC”) published by INDEC for single-family housing model 6, dated 31.3.16. “CAICC” tc-1: adjustment coefficient for the “ICC”, of the banking business day prior to the date of constitution of the deposit. The BCRA will periodically publish the daily value in pesos of the “UVA” and “UVI”. The capital amount to be received at the maturity date will be the equivalent in pesos of the quantity of “UVA” or “UVI” deposited, calculated according to the value of the “UVA” or “UVI”, as applicable, on that date. These deposits may only be collected and settled in pesos.

1.10. Deposits with incentives or remuneration –total or partial– in goods or services.
Depositors must be advised regarding the nature of the remuneration for tax purposes.
The body of the document instrumenting the deposit must state that this requirement has been fulfilled.
These deposits may only be effected in pesos.

1.11. Remuneration.
1.11.1. Fixed rate deposits.
According to the rate freely agreed upon.

1.11.2. Deposits with variable interest clauses.
1.11.2.1. Basic remuneration.
It shall be equivalent to:
i) The interest rate resulting from any of the surveys conducted and published daily by the BCRA (BADLAR, TAMAR, etc.). ii) Secured Overnight Financing Rate (SOFR), Sterling Overnight Index Average (SONIA), Tokyo Overnight Average Rate (TONAR), Swiss Average Rate Overnight (SARON) or Euro Short-Term Rate (ESTER), for deposits in US dollars, British pounds, yen, Swiss francs or euros, respectively. iii) Any of the rates mentioned in items i) and ii), plus the additional remuneration that may be agreed –point 1.11.2.2.–, or the fixed rate freely agreed upon, whichever is greater.

B.C.R.A. TIME DEPOSITS AND INVESTMENTS
Section 1. Time deposits.
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For these purposes, each entity may consider the average of the daily specified measurements from the period comprising 2 to 5 immediate preceding banking business days prior to the start date of each computation sub-period, which may not be less than 30 days. This option shall remain fixed for the entire validity term of the deposit. Once the level is determined, the rate shall remain unchanged for a term of no less than 30 days.

1.11.2.2. Additional remuneration.
The number of points –positive and negative– that depositary entities may freely agree with depositors, which must remain unchanged for the total agreed term.

1.11.2.3. Record.
The body of the document instrumenting the deposit must clearly determine the basic parameter used (indicating, if applicable, whether it is a general average or corresponds to a specific type of financial entity –private banks, public entities or non-banking financial entities–, currency –pesos or US dollars– as well as the term of the chosen survey), the days prior to each computation sub-period chosen for the calculation of the average of the rates in each operation, the additional points governing it, as well as the duration of the agreed sub-periods.

1.11.3. Deposits of Acquisitive Value Units “UVA” and Housing Units “UVI”.
According to the rate freely agreed upon.

1.11.4. Deposits with incentives or remuneration –total or partial– in goods or services.
When the incentives or remuneration in goods or services is partial, an additional incentive or remuneration may be freely agreed upon, which must remain unchanged for the total agreed term.

1.11.5. Settlement.
It must be effected from the date of receipt of the deposit (or the maturity of the previously agreed payment sub-period) until the maturity date of the deposit (or each sub-period).

1.11.5.1. Regarding deposits of securities, interest shall be calculated on nominal values, paid in the currency agreed upon when making the deposit, at the maturity of the operation, converted according to the last closing quotation in pesos (spot) in the securities market where they are quoted.

1.11.5.2. In the case of “UVA” and “UVI” deposits, interest shall be calculated on the equivalent in pesos of the quantity of “UVA” and “UVI” deposited, as applicable, determined in accordance with the provisions in the penultimate paragraph of point 1.9.

B.C.R.A. TIME DEPOSITS AND INVESTMENTS
Section 1. Time deposits.
Version: 47a. COMMUNICATION “A” 8136 Validity:
02/12/2024 Page 8

1.11.6. Payment.
1.11.6.1. At maturity.
1.11.6.2. Periodic payment of accrued interest, prior to the maturity of the deposit, provided it is paid in arrears, with a frequency of no less than 30 days.
1.11.6.3. Incentives or remuneration in advance in goods or services are admitted –point 1.11.4.–.

1.12. Term.
1.12.1. Fixed interest rate deposits.
1.12.1.1. In pesos or foreign currency.
Minimum: 30 days.
1.12.1.2. Of public and private securities.
Freely agreed upon.
1.12.2. Deposits with variable interest clauses.
Minimum: i) For deposits whose basic remuneration is contemplated in items i) and ii) of point 1.11.2.1.: 120 days. ii) For deposits whose basic remuneration is contemplated in item iii) of point 1.11.2.1.: 180 days. Longer terms must be multiples of the computation sub-period chosen to determine the applicable rate, in accordance with point 1.11.2.1.
1.12.3. Deposits of Acquisitive Value Units “UVA” and Housing Units “UVI”.
Minimum: 90 days for “UVA” deposits and 180 days for “UVI” deposits.
1.12.4. Deposits with incentives or remuneration –total or partial– in goods or services.
Minimum: 180 days.

1.13. Cancellation of the operation.
1.13.1. The documents used to effect the cancellation of an operation must meet the characteristics of a receipt, which, in the case of paper certificates, may be inserted in the same form. At the request of the interested party, a duplicate of the document will be delivered.
When deposits are formalized by account credit or in a non-personal manner, the credit in the account indicated by the client shall constitute satisfactory proof.

B.C.R.A. TIME DEPOSITS AND INVESTMENTS
Section 1. Time deposits.
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1.13.2. Non-transferable deposits may not be withdrawn, totally or partially, before their maturity.
1.13.3. “UVA” deposits constituted within the framework of prior savings for obtaining “UVA” loans –point 6.1 of the “Credit Policy” rules– destined for the acquisition, construction or renovation of housing, may be cancelled in advance, on the date of granting the aforementioned assistance to be applied to that destination or in case the user desists from the savings plan.

1.14. Automatic renewal.
1.14.1. Holders of non-transferable named time deposits and original holders of CEDIP may authorize the reinvestment of the deposited capital for successive predetermined periods, equal or not, subject to the regulations in force at the time of renewal.
1.14.2. The reinvestment may include accrued interest that will be capitalized. If not included, interest must be credited, at the end of each period, to the account indicated by the client.
1.14.3. The authorization for automatic renewal must be issued in writing at the time of the deposit constitution.
When the paper certificate remains in custody with the entity, renewal may be ordered by other means (telephone, Internet, electronic, etc.). Entities must have implemented information security mechanisms to guarantee the genuineness of operations.
1.14.4. The authorization shall remain valid until new notice, in writing or by other agreed means, or until the holder presents themselves for collection, at the corresponding maturity.
1.14.5. The entity shall adequately preserve records related to orders issued by the client.
1.14.6. Deposit certificates shall not be issued, nor new fund entries registered, for renewals.
1.14.7. If it concerns CEDIP, the automatic renewal condition shall be cancelled when its transfer is effected.

1.15. Transmission.
Transferable named certificates issued in accordance with the provisions of Law 20.663 and these rules shall be transferable by endorsement specifying the beneficiary and the date on which the transmission takes place. Endorsements to bearer or in blank shall not be valid. CEDIP shall be transmitted through the Electronic Circulation System (SCE).

B.C.R.A. TIME DEPOSITS AND INVESTMENTS
Section 1. Time deposits.
Version: 20a. COMMUNICATION “A” 8136 Validity:
02/12/2024 Page 10

1.16. Secondary negotiation.
1.16.1. Financial entities may intermediate or purchase transferable paper certificates and CEDIP, provided that, from the date of issuance or last negotiation or transfer, regardless of the reason originating them, a period –as derived from the document itself– of no less than 30 days has elapsed, except when it concerns operations between entities.
1.16.2. Certificates acquired by the issuing entities themselves –as provided in point 1.16.1.– shall be charged to the respective deposit, which must be cancelled.
1.16.3. Financial entities that make use of rediscounts or advances from the BCRA for temporary illiquidity situations may not acquire time fixed deposit certificates or time investment certificates –in pesos, foreign currency or securities– issued by them, even if the minimum period of 30 days has elapsed from the date of issuance or last negotiation or transfer, while those facilities remain in force.

1.17. Prohibitions.
1.17.1. The following deposits shall not be admitted:
1.17.1.1. Constituted in the name of other financial entities included in the Financial Entities Law.
1.17.1.2. With automatic renewal (except that provided in point 1.14.) with indefinite term or with the obligation to return them before their maturity.
1.17.1.3. With maturities that fall on non-business days. When the maturity date is declared non-business after the date of deposit, it may be renewed with value to that date, or extend its maturity and correlative interest settlement at the agreed rate, until the first subsequent business day.
1.17.1.4. From residents or non-residents in the country, under any negotiation modality and through associated agreements –formalized or not–, implying that the return of deposited funds is guaranteed by another financial entity, except in cases specifically admitted by the BCRA.
1.17.2. Participations.
Financial entities may not issue participations –whatever their concept– on one or more deposit certificates.

1.18. Publication of rules.
Financial entities shall display, for public knowledge and in places visible to them, the current rules on time deposits.

B.C.R.A. TIME DEPOSITS AND INVESTMENTS
Section 1. Time deposits.
Version: 13a. COMMUNICATION “A” 8136 Validity:
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1.19. Deposits in time deposit certificates resulting from credits in savings accounts – fund repatriation - Personal Assets Law 27.541.
Amounts resulting from credits in these savings accounts may be applied to the constitution of time deposits, in the foreign currency of which such credit was made, and the holder must be the holder of the aforementioned savings account. For the purpose of complying with the duty to inform the ARCA, financial entities must maintain control of the permanence of the deposits –according to the procedure and guidelines established by said body– from the dates and by the amounts originally deposited at the time of fund repatriation, without interrupting the calculation of terms in cases of constitution of time deposits with funds credited in “Savings Account – Fund Repatriation – Personal Assets Law 27.541”, renewals of these time deposits at their maturity or deposits in these accounts resulting from the collection of said time deposits.

B.C.R.A. TIME DEPOSITS AND INVESTMENTS
Section 1. Time deposits.
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ix) DAX (Frankfurt). x) Nikkei (Tokyo). xi) MEXBOL (Mexico). xii) Dow Jones Euro 50 (STOXX 50). xiii) Dow Jones Euro (STOXX). xiv) Nasdaq (New York). xv) FTSE Eurotop 100 (London). xvi) IBEX 35 (Madrid).

2.5.6.4. Basic products.
i) Gold (London). ii) “North Sea Brent” Oil (London) and WTI (New York). iii) Wheat (local markets and Chicago). iv) Corn (local markets and Chicago). v) Soybeans (local markets and Chicago). vi) Sunflower oil (Rotterdam).

2.5.6.5. Rates.
i) Secured Overnight Financing Rate (SOFR), Sterling Overnight Index Average (SONIA), Tokyo Overnight Average Rate (TONAR), Swiss Average Rate Overnight (SARON) or Euro Short-Term Rate (ESTER), in US dollars, British pounds, yen, Swiss francs, or euros, respectively. ii) Those conducted and published by the BCRA, according to the daily survey it conducts, for operations in pesos and US dollars (BADLAR, TAMAR, etc.).

2.5.6.6. Currencies.
US Dollar, British Pound, Yen, Real and Euro.

2.5.6.7. Acquisitive Value Units adjustable by “CER” - Law 25.827 (“UVA”).
These deposits may only be collected in pesos.

B.C.R.A. TIME DEPOSITS AND INVESTMENTS
Section 2. Time investments.
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2.6. Savings Account in Acquisitive Value Units adjustable by “CER” - Law 25.827 (“UVA”): “Alcancía UVA”.
Financial entities may collect and maintain deposits in pesos expressed in Acquisitive Value Units adjustable by “CER” - Law 25.827 (“UVA”) –according to the calculation methodology provided in point 1.9.1.–.

2.6.1. Fund availability.
Withdrawal of each deposit is not admitted for 90 consecutive days from its realization, after which it will be available to the account holder, remaining expressed in “UVA” until the moment of withdrawal. For the purpose of verifying compliance with the minimum term, financial entities must maintain control of the permanence of each deposit and by the amounts originally deposited expressed in “UVA” on the date of each deposit. This term is exempted for deposits made within the framework of prior savings for obtaining loans of Acquisitive Value Units adjustable by “CER” - Law 25.827 (“UVA”) –point 6.1 of the “Credit Policy” rules– destined for the acquisition, construction or renovation of housing, on the date of granting the aforementioned assistance to be applied to that destination or in case the user desists from the savings plan.

2.6.2. Remuneration.
According to the rate freely agreed upon.

2.6.3. Interest settlement.
The interest amount shall be credited in “UVA” and shall not be subject to the minimum term for availability provided in point 2.6.1.

2.6.4. Other provisions.
2.6.4.1. These accounts may not be subject to any commission (opening, maintenance, fund movements, balance inquiries, etc.).
2.6.4.2. The amount to be received on the date of each withdrawal shall be the equivalent in pesos of the quantity of “UVA”, calculated on that date.

2.7. Savings Account in Housing Units adjustable by “ICC” - Law 27.271 (“UVI”).
Financial entities may collect and maintain deposits in pesos expressed in Housing Units adjustable by “ICC” - Law 27.271 (“UVI”) –according to the calculation methodology provided in point 1.9.2.–.

2.7.1. Periodicity.

B.C.R.A. TIME DEPOSITS AND INVESTMENTS
Section 2. Time investments.
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Each time deposit shall have an availability period ranging from 90 to 180 calendar days from the date of the deposit, as agreed upon by the parties, at the end of which it will be available to the account holder, remaining expressed in "UVI" until the moment of withdrawal. For the purpose of verifying compliance with the minimum term, financial entities must maintain control of the permanence of each deposit and the amounts originally deposited expressed in "UVI" on the date of each deposit.

2.7.2. Remuneration.
According to the fixed or variable rate freely agreed upon.

2.7.3. Interest Settlement.
The interest amount shall be settled in pesos, calculated on the "UVI" representing the capital on the date of payment.

2.7.4. Other Provisions.

2.7.4.1. These accounts may not be subject to any commission charges (opening, maintenance, fund movements, balance inquiries, etc.).

2.7.4.2. The amount to be received on the maturity date of each deposit shall be the peso equivalent of the quantity of "UVI", calculated on that date.

2.8. Deposits with early cancellation option in Acquisitive Value Units adjustable by "CER" - Law 25.827 ("UVA").
Financial entities that collect time deposits must offer direct contracting – regardless of the collection term and through all channels mentioned in point 2.8.4 – of deposits to natural persons, in pesos, expressed in Acquisitive Value Units adjustable by "CER" - Law 25.827 ("UVA") – in accordance with the calculation methodology provided in point 1.9.1 – with an early cancellation option of up to $ 5 million per customer, and may accept amounts exceeding this limit (when the deposits are constituted in the name of two or more natural persons, the deposit amount will be distributed proportionally among their holders), under the following conditions:

2.8.1. Minimum Term.
180 days, with an early cancellation option by the investor starting from 30 days, which must be communicated to the entity 5 (five) business days in advance, through the use of electronic communication mechanisms (such as email, telephony, Internet banking – home banking – automated teller machines and self-service terminals) or in person when so constituted.

2.8.2. Fixed Pre-cancellation Rate.
If the early cancellation option is exercised, the deposit will accrue a fixed pre-cancellation rate for the effectively elapsed term, which shall be freely agreed upon.

B.C.R.A. TIME DEPOSITS AND INVESTMENTS
Section 2. Time Investments.
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This rate must be informed to the depositor and included in the deposit confirmation.

2.8.3. Remuneration.
According to the rate freely agreed upon, not less than 1% nominal annual.

2.8.4. Advertising.
They must offer this type of deposit through all means available to the entity, both in-person and electronic – including web time placements provided for in point 3.11. – in accordance with the provisions on "Communication by electronic means for environmental protection".

B.C.R.A. TIME DEPOSITS AND INVESTMENTS
Section 2. Time Investments.
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TIME DEPOSITS AND INVESTMENTS
ORDERED TEXT ORIGIN RULE OBSERVATIONS Sec. Point Para. Com. Annex Chap. Sec. Point Para.
1.
1.6.2.2. 1st "A" 1913 2nd S/Com. "A" 4809.
2nd to
4th "A" 3323
1.7. 1st "A" 1653 I 3.4.1. S/Com. "A" 7819.
1.7.1. "A" 1653
"A" 1913
I 3.4.2.
2. 2nd
1.7.2. "A" 3043 S/Com. "A" 7819, 7989 and 7995.
1.8.1. "A" 1199 I 3.
1.8.2. "A" 1820 I 3.2. 2nd S/Com. "A" 3293, 3527, 3682
(pto. 10.), 3827 (pto. 9.) and 4140.
1.8.3. "A" 1820 I 3.2. 1st
1.8.4. "A" 1465 I 2. S/Com. "A" 4716 and "B" 9186.
i) "A" 2275 2. 1st ii) "A" 2275 2.1. S/Com. "A" 6327. iii) "A" 2275 2.1. S/Com. "A" 6327.
1.9. "A" 3660 S/Com. "A" 3827 (pto. 9.), 5945
and 6069.
1.9.1. "A" 3660 S/Com. "A" 3827 (pto. 9.), 5945
and 6069.
1.9.2. "A" 6069 1.
1.9. ult. "A" 5945 1. S/Com. "A" 6069.
1.10. "A" 4874 2.
1.11.1. "A" 1465
"A" 1653
"A" 1820
I
2.1.2.
3.1.1.2.
3.3.1.2.
3.4.
S/Com. "A" 3660, 5640, 5651,
5654, 5659, 5781, 5786, 5849,
5853, 6980, 7000, 7018, 7027,
7078, 7082, 7091, 7131, 7139,
7160, 7398, 7432, 7459, 7474,
7491, 7512, 7527, 7561, 7577,
7585, 7605, 7616, 7726, 7745,
7751, 7767, 7795, 7822, 7862,
7922, 7929, 7949, 7978 and "C"
93502.
1.11.2.1. "A" 2188 2.1. 1st S/Com. "A" 2962 (pto. 2.1.),
3660, 4543, 4654, 5257, 7278 and
8136.
1.11.2.2. "A" 2188 2.1. 2nd S/Com. "A" 2962 (pto. 2.2.),
3660 and 4543.
1.11.2.3. "A" 2188 2.3. S/Com. "A" 2962 (pto. 2.2.),
3660, 4543 and 4654.
1.11.3. "A" 3660 S/Com. "A" 5945 and 6069.
1.11.4. "A" 4874 3.
1.11.5. 1st "A" 1199 I 5.3.2. S/Com. "A" 3660.
1.11.5.1. "A" 1465 I 2.1.2. 2nd S/Com. "A" 3660.
1.11.5.2. "A" 3660 S/Com. "A" 5945 and 6069.
1.11.6. "A" 3043 S/Com. "A" 6575 and 6587. Includes interpretative clarification.
1.11.6.1. "A" 1199 I 5.3.2. S/Com. "A" 3660 and 6575.
1.11.6.2. "A" 2482 2. S/Com. "A" 3660 and 6575.
1.11.6.3. "A" 4874 4.
1.12.1.1. "A" 1653
"A" 1820
"A" 2061
I 3.1.1.1.
3.3.
1.1.1.
S/Com. "A" 3485, 3527, 3660,
3682 (pto. 11.), 3827 (pto. 9.) and
4032.

TIME DEPOSITS AND INVESTMENTS
ORDERED TEXT ORIGIN RULE OBSERVATIONS Sec. Point Para. Com. Annex Chap. Sec. Point Para.
2.
2.1.8.2. "A" 1653 I 3.4.13.1.
2.1.9. "A" 2482 1. 3rd
2.1.10. "A" 2482 1. 2nd S/ Com. "A" 4874.
2.2.1. "A" 2482 1.A)1.
2.2.2. "A" 2482 1.A)2. 4th
2.2.3. "A" 2482 1.A)5.
2.3.1. "A" 2482 1.B)1. 1st S/Com. "A" 4754 and 6579.
2.3.2. "A" 2482 1.B)1. 2nd S/Com. "A" 4754, 5149, 5945,
6125 and 6494.
2.3.3.1. "A" 2482
"A" 2482
1.B)2. 1st
4th
2.3.3.2. "A" 2482 1.B)2. 2nd S/Com. "A" 4754.
2.3.4. "A" 2482 1.B)5.
2.3.5.1. "A" 2482 1.B)7. a)
2.3.5.2. "A" 2482 1.B)7. b)
2.4.1. "A" 2482 1.C)1.
2.4.2.1. "A" 2482
"A" 2482
1.C)2. 1st
4th
2.4.2.2. "A" 2482 1.C)2. 2nd S/Com. "A" 4754.
2.4.3. "A" 2482 1.C)5.
2.4.4. "A" 2482 1.C)7.
2.5.1. "A" 2482 1.D)1. S/Com. "A" 3043, 4234, 4612,
5945, 6874 and "C" 40024.
2.5.2. "A" 7018 3. S/Com. "A" 7029 and 7530.
2.5.3.1. "A" 2482 1.D)4.2. S/Com. "A" 2617 and 4612.
2.5.3.2. "A" 2482 1.D)4.1.
2.5.4. "A" 2482 1.D)5. S/Com. "A" 2617, 4234, 4612,
4742, 5671, 5740, 6232, 6846 and 7029.
2.5.5. "A" 2617 2. S/Com. "A" 4612.
2.5.6.1. "A" 2617 unique 1. S/Com. "A" 3043, 3185, 4234,
4612, 6091 and 6327.
2.5.6.2. "A" 2617 unique 2. S/Com. "A" 4234.
2.5.6.3. "A" 2617 unique 3. S/Com. "A" 3090, 3185 and
4234.
2.5.6.4. "A" 2617 unique 4.
2.5.6.5. "A" 2617 unique 6. S/Com. "A" 2961 (Annex),
4234, 4612, 5257, 7278 and
8136.
2.5.6.6. "A" 4612
2.5.6.7. "A" 4612 S/Com. "A" 5945 and 6069.
2.6. "A" 6069 2. S/Com. "A" 6170, 6494 and
6645.
2.7. "A" 6069 2.
2.8. "A" 6871 1. S/Com. "A" 7078, 7131, 7139,
7160, 7432, 7459, 7474,
7491, 7512, 7561, 7577,
7585, 7605, 7726, 7745,
7751, 7767, 7822, 7862, 7922 and 7929.

t: number of business days between the calculation date and the valuation date based on the market prices of the derivative contract and settlement of differences in favor of one or the other counterparty, in order to restore the value of the contract to zero. If this mechanism is not provided, it coincides with the term until the maturity of the contract. delta: coefficient that expresses the change in the option price for a change of one peso in the price of the underlying asset. gamma: coefficient that expresses the change in the delta coefficient of the option for a change of one peso in the price of the underlying asset. ii) Forward and futures operations of BADLAR/TAMAR (private banks), other rates published by the BCRA, Secured Overnight Financing Rate (SOFR), Sterling Overnight Index Average (SONIA), Tokyo Overnight Average Rate (TONAR), Swiss Average Rate Overnight (SARON), Euro Short-Term Rate (ESTER) and CER:
VaR = max [3%; A x (T2 - T1) x t
]
Where
A: weighter that depends on the daily volatility of the reference indicator, according to the following table Rates or index A (in %) BADLAR/TAMAR (private banks) 0.0035 Other rates published by the BCRA 0.0060 SOFR, SONIA, TONAR, SARON or ESTER 0.0010 CER 0.0005 They must correspond to a period of 30 days, minimum. T1: waiting period, in business days. T2: period until the maturity of the contract, in business days. t: number of business days between the calculation date and the valuation date based on the market prices of the derivative contract and settlement of differences in favor of one or the other counterparty, in order to restore the value of the contract to zero. If this mechanism is not provided, it coincides with T1. iii) Interest rate, currency and CER swap operations:
VaR = max [5%; B x t
]
B.C.R.A. FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR
Section 6. Credit Limits.
Version: 4a. COMMUNICATION "A" 8136 Validity:
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where
B: weighter that depends on the daily volatility of the underlying asset, according to the following table:
Currencies, rates and index B (in %)
US Dollar - peso, with exchange of principal
0.60
US Dollar - peso, without exchange of principal 0.20 Fixed rate - BADLAR/TAMAR (private banks) 0.40 Fixed rate - SOFR, SONIA, TONAR, SARON or ESTER 0.07 Fixed rate - CER 0.01 Others 0.80 "Others" includes only the combination of rates published by the BCRA (for time deposits, BADLAR, TAMAR and BAIBAR) or the combination of any of them with one of those included in the preceding table, and US dollars, euros, British pounds, yen and reais. The rates must correspond to a period of 30 days, minimum. t: number of business days between the calculation date and the valuation date based on the market prices of the derivative contract and settlement of differences in favor of one or the other counterparty, in order to restore the value of the contract to zero. If this mechanism is not provided, it coincides with the term until the maturity of the contract. iv) Other derivatives on assets that have normal and habitual quotation for significant amounts in the country's markets, rates published by said Institution (for time deposits, BADLAR, TAMAR and BAIBAR) and US dollars, euros, British pounds, yen and reais:
VaR = 7% + C x t where
C: 3% t: number of business days between the calculation date and the valuation date based on the market prices of the derivative contract and settlement of differences in favor of one or the other counterparty, in order to restore the value of the contract to zero. If this mechanism is not provided, it coincides with the term until the maturity of the contract. v) Other derivatives (including credit derivatives and options on swaps):
VaR = 100 %
B.C.R.A. FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR
Section 6. Credit Limits.
Version: 4a. COMMUNICATION "A" 8136 Validity:
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FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR
ORDERED TEXT ORIGIN RULE OBSERVATIONS Section Point Paragraph Com. Chapter Point Paragraph 6.
6.3.1. "A" 4230 2. According to Com. "A" 5472, 6091, 6327 and 6635.
Includes interpretative 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 interpretative clarification.
6.3.3.2. "A" 4725 According to Com. "A" 5472, 6091, 6327, 6635,
8136 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 interpretative 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 interpretative 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