BANCO CENTRAL DE LA REPUBLICA ARGENTINA

COMUNICACION "A" 3246 I 30/03/01

TO FINANCIAL ENTITIES:

Ref.: Circular
LISOL 1 - 332
Minimum liquidity requirements. Temporary reduction of requirements in April 2001

We address you to inform you that this Institution adopted, on the subject referenced, the following resolution:

"1. Substitute, for April 2001, point 1.3. of Section 1. of the norms on "Minimum liquidity requirements" with the following:

"1.3. Minimum requirements.
As a minimum, the requirements arising from applying the following rates must be integrated:

Concept	Rate in %
1.3.1. Checking account deposits.	18
1.3.2. Savings account deposits.	18
1.3.3. Usura pupilare, special accounts for closed circles, "Unemployment Fund for Construction Industry Workers" and "Payment of Remuneration".	18
1.3.4. Other demand deposits and obligations, including with banks and foreign correspondents, pension benefits credited by ANSES pending cashing, and immobilized balances.	18
1.3.5. Demand deposits -savings accounts, checking accounts, etc., except for accounts "Unemployment Fund for Construction Industry Workers" and "Payment of Remuneration"-, whose remuneration exceeds by more than one point the nominal annual interest rate for savings account deposits resulting from the daily survey of the B.C.R.A. of the second day prior to the one corresponding to the deposit.	80
1.3.6. Unused balances of formalized checking account advances.	18
1.3.7. Time deposits, obligations for "acceptances", passive repos, cautions and passive stock repos, time obligations with banks and foreign correspondents, debentures, constant-term investments, with option for early cancellation or renewal for a determined term and with variable remuneration, obligations with the fiduciary funds of Assistance to Financial Entities and Insurance and for Provincial Development and other time obligations, according to their residual term:
i) Up to 59 days.	18
ii) From 60 to 89 days.	18
iii) From 90 to 179 days.	13
iv) From 180 to 365 days.	8
v) More than 365 days.	0
1.3.8. Demand placements -whatever the form of deposit and its remuneration- that, as a minimum, must constitute the credit of common investment funds (in accordance with what is provided in the Norms of the National Securities Commission).	50"

2. Substitute, with effect from 1.4.01, point 2.2. of Section 2. of the norms on "Minimum liquidity requirements", with the following:

"2.2. Computation.
The compliance with the integration of minimum liquidity requirements will be measured based on the monthly average of daily balances of the concepts admitted for such effect, registered during the same month to which the requirements correspond, dividing the sum of said balances by the total number of days of the period. On days where no movement is registered, the balance corresponding to the immediate preceding business day must be repeated.
On no day of the month, the sum of the balances of the admitted concepts, registered at the close of each day, may be less than 75% of the total requirement determined for the immediately preceding month, recalculated based on the requirements in force in the month to which the requirements correspond, without considering the effects of the application of what is provided in point 1.7.1. of Section 1.
This daily requirement will be 80% when in the previous computation period a deficiency of integration in monthly average higher than the admitted transfer margin has been registered."

We send you attached the sheets that, in replacement of those previously provided, correspond to be incorporated into the ordered text of the reference.

We salute you very attentively.

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Alfredo A. Besio
Gerente de Emisión
Alejandro Henke
Subgerente General de Regulación de Normas y Régimen Informativo

ANEXO: 5 sheets

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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 1. Exigencia.

1.3. Minimum requirements.
As a minimum, the requirements arising from applying the following rates must be integrated:

Concept	Rate in %
1.3.1. Checking account deposits.	18
1.3.2. Savings account deposits.	18
1.3.3. Usura pupilare, special accounts for closed circles, "Unemployment Fund for Construction Industry Workers" and "Payment of Remuneration".	18
1.3.4. Other demand deposits and obligations, including with banks and foreign correspondents, pension benefits credited by ANSES pending cashing, and immobilized balances.	18
1.3.5. Demand deposits -savings accounts, checking accounts, etc., except for accounts "Unemployment Fund for Construction Industry Workers" and "Payment of Remuneration"-, whose remuneration exceeds by more than one point the nominal annual interest rate for savings account deposits resulting from the daily survey of the B.C.R.A. of the second day prior to the one corresponding to the deposit.	80
1.3.6. Unused balances of formalized checking account advances.	18
1.3.7. Time deposits, obligations for "acceptances", passive repos, cautions and passive stock repos, time obligations with banks and foreign correspondents, debentures, constant-term investments, with option for early cancellation or renewal for a determined term and with variable remuneration, obligations with the fiduciary funds of Assistance to Financial Entities and Insurance and for Provincial Development and other time obligations, according to their residual term:
i) Up to 59 days.	18
ii) From 60 to 89 days.	18
iii) From 90 to 179 days.	13
iv) From 180 to 365 days.	8
v) More than 365 days.	0
1.3.8. Demand placements -whatever the form of deposit and its remuneration- that, as a minimum, must constitute the credit of common investment funds (in accordance with what is provided in the Norms of the National Securities Commission).	50

Versión: 6a. Comunicación “A” 3246 Vigencia: 01.04.01

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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 1. Exigencia.

Versión: 18a. Comunicación “A” 3246 Vigencia: 01.04.01

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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 2. Integración.

2.2. Computation.
The compliance with the integration of minimum liquidity requirements will be measured based on the monthly average of daily balances of the concepts admitted for such effect, registered during the same month to which the requirements correspond, dividing the sum of said balances by the total number of days of the period. On days where no movement is registered, the balance corresponding to the immediate preceding business day must be repeated.

On no day of the month, the sum of the balances of the admitted concepts, registered at the close of each day, may be less than 75% of the total requirement determined for the immediately preceding month, recalculated based on the requirements in force in the month to which the requirements correspond, without considering the effects of the application of what is provided in point 1.7.1. of Section 1.

This daily requirement will be 80% when in the previous computation period a deficiency of integration in monthly average higher than the admitted transfer margin has been registered.

2.3. Maximum computation limits.
The integration in the admitted concepts will only be computable up to the following maximum limits, measured with respect to the minimum requirement of each period:

Concept	Maximum computable in %
i) Points 2.1.1. and 2.1.2. (together)	100
ii) Point 2.1.3.	20
iii) Points 2.1.4. to 2.1.12. (together)	80
a) Points 2.1.9. and 2.1.10. (within the 80% margin)	30
b) Point 2.1.11. (within the 80% margin)	10
c) Point 2.1.12. (within the 80% margin)	5

Versión: 6a. Comunicación “A” 3246 Vigencia: 01.04.01

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B.C.R.A. ORIGEN DE LAS DISPOSICIONES INCLUIDAS EN EL TEXTO ORDENADO DE LAS NORMAS SOBRE REQUISITOS MINIMOS DE LIQUIDEZ

TEXTO ORDENADO			NORMA DE ORIGEN					Observaciones
Sección	Punto	Párrafo	Com.	Anexo	Punto	Párrafo
1.	1.1.1.	1.	“A” 2422	único	1.	1º
1.	1.1.1.	2.	“A” 2422	único	1.	1º
1.	1.1.1.	3.	“A” 2422	único	1.	último		Según Com. “A” 2569.
1.	1.1.2.	1.	“A” 2422	único	1.	2°
1.	1.1.2.	2.	“A” 2422	único	1.	2°
1.	1.1.2.	3.	“A” 2422	único	1.	2°		Incluye aclaración interpretativa.
1.	1.1.2.	4.	1.1.2.8.	“A” 2422	único	1.	2º
1.	1.1.3.	1.	“A” 2422	único	1.	1º		Incluye aclaración interpretativa.
1.	1.1.3.	último	“A” 2422	único	1.	2º		Incluye aclaración interpretativa.
1.	1.2.	1.	“A” 2422	único	2.	1º		Según Com. “A” 2511.
			“A” 2422	único	2.	7º		Según Com. “A” 2648.
1.	1.2.	2.	“A” 2422	único	2.	8º		Según Com. “A” 2648.
1.	1.2.	último	“A” 2422	único	2.	9º		Según Com. “A” 2569.
1.	1.3.1. a 1.3.3. y 1.3.6.		“A” 2422	único	4.			Según Com. “A” 2663, 2669 y 3246, con aclaración interpretativa.
1.	1.3.4.		“A” 2422	único	4.			Según Com. “A” 2338, 2663, 2669 y 3246, con aclaración interpretativa.
1.	1.3.5.		“A” 2422	único	4.			Según Com. “A” 2338, 2663, 2669 y 3026, con aclaración interpretativa.
1.	1.3.7.		“A” 2422	único	4.			Según Com. “A” 2663, 2669, 2825 y 3246, con aclaración interpretativa. Decreto N° 342/00.
1.	1.3.8.		“A” 2953	3.				Según Com. “A” 3015, 3023, 3180 y 3239.
1.	1.4.1.	1.						Explicita criterio.
1.	1.4.1.	2.	“A” 2422	único	2.	3º		Según Com. “A” 2511.
1.	1.4.1.	3.	“A” 2422	único	2.	6º		Según Com. “A” 2648.

TEXTO ORDENADO			NORMA DE ORIGEN					Observaciones
Sección	Punto	Párrafo	Com.	Anexo	Punto	Párrafo
1.	1.4.1.	4.	“A” 3126
1.	1.4.2.		“A” 2422	único	2.	2º		Según Com. “A” 2511. Modifica criterio aplicable.
1.	1.4.3.		“A” 2422	único	2.	4º y 5º		Según Com. “A” 2648. Modifica criterio aplicable.
1.	1.5.		“A” 2422	único	2.	último		Según Com. “A” 2569. Incluye aclaración interpretativa
1.	1.6.	1.	“A” 2494	5.1.1. 5.1.2.	1º			Según Com. “A” 2653. Modificado por la Com. “A” 2886 y “A” 2931.
1.	1.6.	2.	“A” 2494	5.1. último				Según Com. “A” 2653.
1.	1.6.	último	“A” 2494	5.3.
1.	1.7.		“A” 3229
1.	1.8.		“A” 2833	1.				Incluye aclaración.
2.	2.1.1.		“A” 2422	único	3.1.1.			Según 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.			Según Com. “A” 2663.
2.	2.1.3.		“A” 2817	2.				Según Com. “A” 3112
			“A” 2422	único	3.1.12.			Según Com. “A” 2705.
			“A” 2695 “B” 6324
2.	2.1.4.		“B” 6342
2.	2.1.5.		“A” 2422	único	3.1.2.			Según Com. “A” 2663.
2.	2.1.6.		“A” 2422	único	3.1.10.			Según Com. “A” 2648 y “A” 3231.
2.	2.1.7.		“A” 2422	único	3.1.3.			Según Com. “A” 2663.
2.	2.1.8.		“A” 2422	único	3.1.8.			Según Com. “A” 2648.
2.	2.1.9.		“A” 2422	único	3.1.11.			Según Com. “A” 2648 y 2705.
2.	2.1.10.		“A” 2422	único	3.1.9.			Según Com. “A” 2648.
2.	2.1.11.		“A” 2422	único	3.1.5.			Según Com. “A” 2663 y 2648.
2.	2.1.12.		“A” 2422	único	3.1.7.			Según Com. “A” 2648.
2.	2.2.		“A” 2422	único	3.	1º y 2º		Según Com. “A” 2663, 2833, 2915, 3195 y 3246.
2.	2.3.		“A” 2422	único	3.2.			Según Com. “A” 2705. excepto ii) “A” 2817 3.
2.	2.4.		“A” 2610	I	I.1.	3º
2.	2.5.		“A” 3216					Según Com. “A” 3201, punto 5.1. del anexo a la reglamentación.
3.	3.1.1.		“A” 2422	único	5.			Según Com. “A” 2490, modificado por las Com. “A” 2833 y 2915.
3.	3.1.2.		“A” 2422	único	5.			Según Com. “A” 2490.
3.	3.1.3.		“A” 2422	único	5.			Según Com. “A” 2490 y “A” 3100.
3.	3.1.4.		“A” 2422	único	5.			Según Com. “A” 2490. “B” 5159
3.	3.2.		“A” 2895					Según Com. “A” 2991.
3.	3.3.		“A” 2833	2.				Según Com. “A” 2895.