Circular LISOL 1-304. Communications A 2350 and complementary. Agreements for Custody Services for Integration of Minimum Liquidity Requirements

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
__________________________________________________________________ COMUNICACION " A " 3132 I 12/07/00 __________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular
LISOL 1 - 304.
Communications "A" 2350 and comple- mentary.
Agreements for Custody Services for Integration of Minimum Liquidity Requirements.

We address you to inform you that it has been arranged to authorize entities to issue instructions to effect or receive fund transfers from the accounts registered at Deutsche Bank AG, New York (DBAG), referred to the Minimum Liquidity Requirements, and from the account that Interbanking S.A. maintains open at DBAG, in accordance with the agreement between DBAG and the Central Bank of the Republic Argentina and subject to the signing of an addendum to the current contract, previously executed between each Bank and DBAG, in accordance with the English text, with its corresponding Spanish translation, attached as an annex.

The fund transfers cited in the first paragraph are only authorized for operations whose object is the settlement of transactions of public and private fixed-income securities that are carried out in Mercado Abierto Electrónico S.A. through the Delivery vs. Payment system, which are operated through the Interbanking S.A. account.

It should be noted that the funds deposited in the Interbanking S.A. account will not be considered as integration of minimum liquidity requirements.

With respect to clause 4 of the current contract with DBAG regarding the prohibition of making offsets - "Setoff", we remind you that it remains fully in force for the integrations that entities have deposited in DBAG and especially that in its last paragraph it establishes the prohibition that the depositor may use as guarantee - "collateral" - for itself or for the benefit of third parties of cash deposits or titles constituted in DBAG.

We salute you very attentively.
BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Daniel Merino Alberto R. Karlen
Submanager of External Reserve Administration Manager of Reserve Administration

ANNEX
Addendum Number One to the Custody Agreement

(DATE) , 2000
[Insert Argentine Commercial Bank name here]
"Depositor"
Dear Sirs,
This is to amend the Custody Agreement signed in .............., 1995, between the Depositor and Deutsche Bank A.G. N.Y. Branch.

1. Exception to the Set-Off prohibition for transfers to and from
   Interbanking S.A. Account
   Transfers to Interbanking S.A. account at DBNY will not fall under the scope of Clause 4 Set-Off Prohibition on the Custody Agreement signed by this Depositor and DBNY. Therefore, for the purposes of compliance with the Custody Agreement signed by Deutsche Bank and the Depositor, DBNY shall deem any transfer instructions to Interbanking account given by the Depositor as an instruction not affected by the set-off prohibition as stated in Clause 4 of the mentioned Agreement. Deutsche Bank A.G. will not be liable for direct or indirect losses or consequential damages to the BCRA or to any Commercial Bank, or to third parties if any set-off occurs because of the INTERBANKING S.A. ACCOUNT or its operations, or because of this addendum. Any cash withdrawal from the CBA account with outflows going outside of the CBA account to the Interbanking S.A. account, will be solely the responsibility of the Commercial Bank. Deutsche Bank will not be liable for the reduction in the balances to the CBA account, and its consequential damages. The above mentioned exception is to be applied only to these transfers. Signed by Deutsche Bank A.G., N.Y. Branch. Agreed, acknowledged and received by Depositor

Translation into Spanish.
Addendum Number One to the Custody Contract
.. of ...... of 2000
[Insert here the name of the Argentine commercial bank] "Depositor" From our consideration:
By means of this, the Custody Contract signed on ....... of ... of 1995 between the Depositor and Deutsche Bank AG, New York, is modified.

1. Exception to the offset prohibition for transfers to and from Interbanking S.A. Account
   Transfers to the Interbanking S.A. Account at DBAG will not fall under the scope of Clause 4. - Offset Prohibition in the Custody Contract signed by this Depositor and DBAG. Therefore, for the purposes of compliance with the Custody Contract signed by Deutsche Bank and the Depositor, DBAG will consider transfer instructions to the Interbanking S.A. Account made by the Depositor as an instruction not affected by the offset prohibition as indicated in Clause 4. of the aforementioned Contract. Deutsche Bank A.G. will not be liable to the BCRA or any Commercial Bank or to third parties for direct or indirect losses or consequential damages if any offset occurs due to the INTERBANKING S.A. ACCOUNT or its operations, or due to this addendum. Cash withdrawals from the BCA account with funds coming from the same will be the sole responsibility of the Commercial Bank. Deutsche Bank will not be responsible for the reduction in the balances of the BCA account, and its consequential damages. The aforementioned exception will apply only to these transfers. Signed by Deutsche Bank AG, New York. Agreed, accepted and received by Depositor