BANCO CENTRAL DE THE REPUBLIC OF ARGENTINA

COMMUNICATION "A" 3216 I 16/01/01

TO FINANCIAL ENTITIES:

Ref.: Circular
LISOL 1 - 325
Minimum Liquidity Requirements, Pledging of Assets as Collateral and Ratio for Immobilized Assets and Other Concepts. Update

We address you to deliver to you attached the sheets that, in replacement of those previously provided, must be incorporated into the consolidated texts referenced herein.

This update is carried out due to the provisions set forth in the resolution disseminated via Communication "A" 3201, regarding the regulation of canceling checks (Law 25.345).

We salute you very respectfully.

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Alfredo A. Besio
Manager of Issuance of Regulatory Standards

Alejandro Henke
Deputy General Manager of Regulation and Information Regime

ANNEX: 8 sheets

---

B.C.R.A. CONSOLIDATED UPDATED TEXT OF THE NORMS ON MINIMUM LIQUIDITY REQUIREMENTS

-Index
Section 1. Requirement.
1.1. Obligations included.
1.2. Application base.
1.3. Minimum requirements.
1.4. Residual term.
1.5. Failure to apply foreign currency resources.
1.6. Alternative increase in requirement to debt placement.
1.7. Transfers.

Section 2. Integration.
2.1. Admitted concepts.
2.2. Calculation.
2.3. Maximum calculation limits.
2.4. Guarantees in favor of electronic clearing chambers.
2.5. Guarantees for canceling check operations.

Section 3. Non-compliance.
3.1. Charge.
3.2. Classification programs.
3.3. Regularization and sanitation plans.

Section 4. Basis for observance of the norms.
4.1. Individual basis.

Section 5. Responsible parties and sanctions.
5.1. Responsible for liquidity policy.
5.2. Liabilities.
5.3. Sanctions.

Version: 4th. Communication "A" 3216 Validity: 16.01.01

---

MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 2. Integration.

2.4. Guarantees in favor of electronic clearing chambers.

The concepts admitted for the integration of the minimum liquidity requirements may be considered for this purpose, even when they are pledged as guarantee for the electronic clearing chambers and deposited in their name, on behalf of the respective entity, in unavailable accounts at the Central Bank of the Argentine Republic.

2.5. Guarantees for canceling check operations.

The concepts admitted for the integration of the minimum liquidity requirements may be considered for this purpose, even when they are pledged as guarantee for the canceling check operations and deposited in special accounts at the Central Bank of the Argentine Republic.

Version: 2nd. Communication "A" 3216 Validity: 16.01.01

---

CONSOLIDATED TEXT ORIGIN OF THE NORM

Section	Point	Paragraph	Com.	Annex	Point	Paragraph	Observations
1.	1.4.	1.4.	"A" 3126
1.	1.4.	2.	"A" 2422	Único	2. 2º		According to Com. "A" 2511. Modifies applicable criterion.
1.	1.4.	3.	"A" 2422	Único	2. 4º and 5º		According to Com. "A" 2648. Modifies applicable criterion.
1.	1.5.		"A" 2422	Único	2. last		According to Com. "A" 2569. Includes interpretative clarification.
1.	1.6.	1º	"A" 2494	5.1.1. 1º 5.1.2.			According to Com. "A" 2653. Modified by Com. "A" 2886 and "A" 2931.
1.	1.6.	2º	"A" 2494	5.1. last
1.	1.6.	last	"A" 2494	5.3.
1.	1.7.		"A" 2833	1.			Includes clarification.
2.	2.1.1.		"A" 2422	Único	3.1.1.		According to Com. "A" 2663.
2.	2.1.1.1.		"A" 2380	3.
2.	2.1.1.2.		"B" 6374 "B" 6378
2.	2.1.2.		"A" 2422	Único	3.1.4.		According to Com. "A" 2663.
2.	2.1.3.		"A" 2817	2.			According to Com. "A" 3112
2.1.4.			"A" 2422	Único	3.1.12.		According to Com. "A" 2705. "A" 2695 "B" 6324 2. "B" 6342
2.	2.1.5.		"A" 2422	Único	3.1.2.		According to Com. "A" 2663.
2.	2.1.6.		"A" 2422	Único	3.1.10.		According to Com. "A" 2648.
2.	2.1.7.		"A" 2422	Único	3.1.3.		According to Com. "A" 2663.
2.	2.1.8.		"A" 2422	Único	3.1.8.		According to Com. "A" 2648.
2.	2.1.9.		"A" 2422	Único	3.1.11.		According to Com. "A" 2648 and 2705.
2.	2.1.10.		"A" 2422	Único	3.1.9.		According to Com. "A" 2648.
2.	2.1.11.		"A" 2422	Único	3.1.5.		According to Com. "A" 2663 and 2648.
2.	2.1.12.		"A" 2422	Único	3.1.7.		According to Com. "A" 2648.
2.	2.2.		"A" 2422	Único	3. 1º and 2º		According to Com. "A" 2663, 2833, 2915 and 3195.
2.	2.3.		"A" 2422	Único	3.2.		According to Com. "A" 2705. except ii) "A" 2817 3.
2.	2.4.		"A" 2610	I	I.1. 3º
2.	2.5.		"A" 3216				According to Com. "A" 3201, point 5.1. of the annex to the regulation
3.	3.1.1.		"A" 2422	Único	5.		According to Com. "A" 2490, modified by Com. "A" 2833 and 2915.
3.	3.1.2.		"A" 2422	Único	5.		According to Com. "A" 2490.
3.	3.1.3.		"A" 2422	Único	5.		According to Com. "A" 2490 and "A" 3100.
3.	3.1.4.		"A" 2422	Único	5.		According to Com. "A" 2490. "B" 5159
3.	3.2.		"A" 2895				According to Com. "A" 2991.
3.	3.3.		"A" 2833	2.			According to Com. "A" 2895.
4.	4.1.						Explicits criterion.

---

B.C.R.A. CONSOLIDATED TEXT OF THE NORMS ON PLEDGING OF ASSETS AS COLLATERAL

-Index
Section 1. Prohibitions.
1.1. Legal limitation.
1.2. Operations with portfolio of credits as collateral.
1.3. Uncovered operations.

Section 2. General authorizations.
2.1. For credit lines from abroad.
2.2. For futures, options and other derivative products.
2.3. For reverse repos (pases pasivos).
2.4. For "stand-by" letters of credit.
2.5. For obligations related to electronic clearing chambers.
2.6. For canceling check operations.

Section 3. Maximum limits.
3.1. For pledges for credit lines and operations with derivatives.
3.2. For pledges for reverse repos.

Version: 2nd. Communication "A" 3216 Validity: 16.01.01

---

B.C.R.A. PLEDGING OF ASSETS AS COLLATERAL

Section 2. General authorizations.
In the case of the high-value chamber, the amount of the guarantee cannot be less than the net debtor balance of the day.

2.6. For canceling check operations.

2.6.1. Guaranteeable operations.

Net balance of the guarantee accounts computable as integration of the minimum liquidity requirements.

2.6.2. Authorized entities.

Those that have rating 3, 4 or 5 assigned by the Superintendence of Financial Entities and Currency Exchange and whose liabilities are not guaranteed by the National Government, the provincial governments or the government of the Autonomous City of Buenos Aires.

Version: 2nd. Communication "A" 3216 Validity: 16.01.01

---

B.C.R.A. ORIGIN OF THE PROVISIONS INCLUDED IN THE CONSOLIDATED TEXT OF THE NORMS ON PLEDGING OF ASSETS AS COLLATERAL

CONSOLIDATED TEXT ORIGIN OF THE NORM

Section	Point	Paragraph	Com.	Annex	Point	Paragraph	Observations
1.	1.1.		According to art. 28, inc. b), of Law 21.526
1.	1.2.		"A" 2774	I	6.		Includes interpretative clarification
1	1.3.						Incorporates criteria not previously disclosed in general
2.	2.1.		"A" 2281				Modified by Com. "A" 2753 and 2832. In point 2.1.3. includes interpretative clarification
2.	2.2.		"A" 2774	II			In points 2.2.2.2. and 2.2.3. includes interpretative clarifications
2.	2.3.		"A" 2774	I	1., 2., 3. and 5.
2.	2.4.		"A" 2422	único	3.1.6. 3º		According to Com. "A" 2648
2.	2.5.		"A" 2610	I	I.1.		Complemented by Com. "A" 2683
			"A" 2610	I	II.1.
2.	2.6.		"A" 3216
3.	3.1.		"A" 2774	II	2. last		Modified by Com. "A" 2832
3.	3.2.		"A" 2774	I	2.a) 1º

---

RATIO FOR IMMobilized ASSETS AND OTHER CONCEPTS

B.C.R.A.

Section 1. Immobilized assets.
1.1.2.4. Other diverse credits.
1.1.3. Assets for own use.
1.1.4. Diverse assets.
1.1.5. Organization and development expenses not deductible for the determination of computable patrimonial responsibility.
1.1.6. Goodwill (registrations incorporated prior to 30.5.97).

1.2. Exclusions.
1.2.1. Assets pledged as collateral.
1.2.1.1. Related to compliance with obligations related to electronic clearing chambers and with canceling checks when they are computable for the integration of the minimum liquidity requirements.
1.2.1.2. For the following operations, provided that the pertinent provisions are observed:
i) Reverse repos of securities and foreign currency. ii) Reverse repos of credits. iii) Futures, options and other derivative products. iv) Credit lines from abroad for the settlement of operations processed through Euroclear and Cedel. v) "Stand-by" letters of credit used for the integration of the minimum liquidity requirements.

Version: 4th. Communication "A" 3216 Validity: 16.01.01

---

B.C.R.A.

ORIGIN OF THE PROVISIONS INCLUDED IN THE CONSOLIDATED TEXT OF THE NORMS ON THE RATIO FOR IMMobilized ASSETS AND OTHER CONCEPTS

CONSOLIDATED TEXT ORIGIN OF THE NORM

Section	Point	Paragraph	Com.	Cap./ Annex	Point	Paragraph	Observations
1.	1.1.1.		"A" 2736	único	1.6.
1.	1.1.2.		"A" 2736	único	1.5.		According to Com. "A" 3131
1.	1.1.3. a 1.1.6.		"A" 2736	único	1.1. a 1.4.		According to Com. "A" 2753
1.	1.2.1.1.		"A" 2736	único	1.5.3.		According to Com. "A" 2753 and "A" 3216
1.	1.2.1.2.		"A" 2753	1.			Includes interpretative clarification and modification by Com. "A" 2832
2.	2.1.		"A" 2736	1.	1º
3.	3.1.1.		"A" 2736	único	1. last		According to Com. "A" 2966
3.	3.1.2.1. and 3.1.2.2.		"A" 2736	único	3.
			"A" 414 LISOL-1	VII	5.2.2.
3.	3.1.2.3.		"A" 2736	único	3.
3.	3.2.		"A" 2736	1.	3º		According to Com. "A" 2966. Includes interpretative clarification
3.	3.3.		"A" 2736	1.	2º
4.	4.1.		"A" 2736	1.	1º
5.	5.1.1.		"A" 2736	1.	last
5.	5.1.2. a 5.1.4.		"A" 414 LISOL-1	V	3.2.2. a 3.2.4.		According to Com. "A" 2019
5.	5.1.5.		"B" 5159
5.	5.2.1.		"A" 2241 CREFI-2	I	3.2.3.
5.	5.2.2.		"A" 2241 CREFI-2	II	1.2.
5.	5.2.3.		"A" 2241 CREFI-2	III	1.1.
5.	5.2.4.		"A" 2241 CREFI-2	IV	1.3.
5.	5.3.		"A" 414 LISOL-1	V	4.		Modified by Com. "A" 817
6.	6.1.		"A" 2227	único	5.2.1. last		According to Com. "A" 2649
6.	6.2.		"A" 2227	único	5.1.8.		According to Com. "A" 2736 "A" 2227 único 5.2.2.