BANCO CENTRAL DE LA REPUBLICA ARGENTINA
__________________________________________________________________ COMUNICACION " A " 3365 I 22/11/01 __________________________________________________________________ TO FINANCIAL ENTITIES:

Ref.: Circular
LISOL 1 - 364
Modification of the minimum cash and of the minimum liquidity requirements

We address you to inform you that this
Institution adopted the following resolution:

"1. Substitute, effective as of 26.11.01, point 1.3.6. of
Section 1. and the first paragraph of point 3.1.1. of Section
3. of the regulations on "Minimum cash" with the following:
"1.3.6. Demand placements -regardless of the form of imposition- that, as a minimum, must constitute the credit balance of the common investment funds (in accordance with what is provided in the Regulations of the National Securities Commission). 50" "3.1.1. Deficiencies in the integration of the minimum cash and the minimum daily integration will be subject to a charge equivalent to the highest interest rate that the Central Bank of the Argentine Republic establishes for active pass operations in pesos during the relevant period, increased by 20%, with no other effect except that provided in point 3.2. only with respect to the monthly minimum cash position.

When deficiencies are verified concurrently in the average position and in the minimum daily integration in the same month, the charge will be determined by the greater of the two."

2. Incorporate, effective as of 26.11.01, in Sections
1. and 2. of the regulations on "Minimum cash", the
following points:
"1.3.8. Demand deposits -savings accounts, checking accounts, special checking accounts, placements of common investment funds, etc.-, whose remuneration exceeds 50% of the annual nominal interest rate for fixed-term deposits of 30 to 59 days, in pesos or in US dollars, as applicable, for amounts up to $100,000. This rate, which the B.C.R.A. will disseminate on Fridays, or on the next business day if it is a holiday, through Communication "B" and which will be applicable for the following calendar week, will reflect the average of rates from the daily survey of the five business days preceding the second business day prior to the dissemination date. 100" "2.4. Minimum daily integration.

The greater requirement resulting from the application of the rate of 100%, established in point 1.3.8. of
Section 1., with respect to the requirement that would arise from the
use of the rates provided for in points 1.3.1. to 1.3.6. of Section 1., must be integrated, exclusively and on the day to which it corresponds, into the checking account in pesos opened at the Central Bank of the Argentine Republic.

In the case of balances included in accounts in foreign currencies, the greater requirement resulting will be integrated, under the same conditions, into the checking account in US dollars opened at this Institution."

3. Incorporate, effective as of 26.11.01, in Sections
1. and 2. of the regulations on "Minimum liquidity
requirements", the following points:

"1.3... Deposits and other concepts included in point 1.3.1. captured from 26.11.01, whose remuneration exceeds by more than one percentage point the annual nominal interest rate for fixed-term deposits of 30 to 59 days, in pesos or in US dollars -as applicable-, for amounts up to $100,000. This rate, which the B.C.R.A. will disseminate on Fridays, or on the day next business day if it is a holiday, through Communication "B" and which will be of application for the following calendar week, will reflect the average of rates from the daily survey of the five business days preceding the second business day prior to the dissemination date. 100"

"2.1.13. Checking accounts of financial entities in pesos opened at the Central Bank of the Argentine Republic.

Only to integrate the greater requirement resulting from the application of the rate of 100%, established in the point 1.3... of Section 1., with respect to the requirement that would arise from the use of the rates -according to the different residual maturities- provided for in the point 1.3.1. of Section 1, when it comes to operations in pesos, unless the integration option provided for in point 2.1.14. is used, admitted for operations whose remuneration exceeds by one point but does not exceed 3 percentage points the base rate fixed."

"2.1.14. Guaranteed loans.

The balance of Guaranteed Loans
(net of the amount of the asset regularization account) received in exchange for instruments of the public debt of the Nation and provinces (Decree 1387/01) will be admitted to count for up to 10% of the total net exposure (book value) registered by the entity on 31.10.01 with the non-financial public sector, to integrate the greater requirement that results from the application of the rate of 100%, established in point 1.3.... of Section 1., with respect to the requirement that would arise from the use of the rates -according to the different residual maturities- provided for in point 1.3.1. of the
Section 1., on the concepts covered and to
the extent that the remuneration does not exceed 3 points percentage points the base rate fixed.

The total net exposure will be calculated considering the loans granted to the aforementioned sector and its net position of titles, determined according to the procedure contained in point 7.5.3. of the
Section 7. of the regulations on "Minimum capital of
financial entities".

To this effect, the Guaranteed Loans must be deposited in a specific account of the "Central Registration and Settlement of Public Debt Instruments" -CRYL-."

4. Incorporate, effective as of 26.11.01, to point
   1.4.1.1. of Section 1. of the regulations on "Minimum
   liquidity requirements" the following paragraph:

"This criterion does not extend to the concepts included in the point 1.3...., for which the established requirement will be applied regardless of the residual term, since only the agreed remuneration is taken into account."

5. Substitute, effective as of 26.11.01, point 2.2.
   of Section 2. of the regulations on "Minimum liquidity requirements" with the following:

"2.2. Calculation and minimum daily integration.

Compliance with the integration of the minimum liquidity requirements will be measured based on the average monthly balance of daily balances of the concepts admitted to such effect, registered during the same month to which the requirements correspond, dividing the sum of said balances by the total number of days in the period. The days on which no movement is registered must repeat the balance corresponding to the immediate previous business day.

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 60% of the total requirement determined for the immediate previous month, recalculated

based on the requirements and concepts 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. For the purpose of the recalculation,
modifications of the requirements by application of point 1.3.... of Section 1. will not be considered.

This daily requirement will be 80% when in the period previous calculation period a deficiency in average monthly integration above the margin of transfer admitted was registered.

Furthermore, the greater requirement resulting from the application of the rate of 100%, established in point 1.3... of
Section 1., with respect to the requirement that would arise from
the use of the rates -according to the different residual maturities- provided for in point 1.3.1. of Section 1., must be integrated, exclusively and on the day to which it corresponds, into the checking account in pesos opened at the Central Bank of the Argentine Republic, when it comes to operations in pesos, unless the integration option provided for in point 2.1.14. is used, admitted for operations whose remuneration exceeds by one point but does not exceed 3 percentage points the base rate fixed."

6. Incorporate, effective as of 26.11.01, to point 2.3.
   of Section 2. of the regulations on "Minimum liquidity requirements" the following paragraph:

"The concepts corresponding to points 2.1.13. and 2.1.14. will observe the specific limits contemplated in those points."

We send you attached the justifications for the measure adopted and the sheets that, in replacement of those previously provided, should be incorporated into the regulations on "Minimum cash" and "Minimum liquidity requirements".

We salute you very attentively.

BANCO CENTRAL DE LA REPUBLICA ARGENTINA

Alfredo A. Besio José Rutman
Manager Manager Principal of
Issuance of Regulations Regulations and Authorizations

ANNEX

+----------+----------------------------------------+------------+ I I JUSTIFICATION OF THE RESOLUTION ON I Annex I I B.C.R.A. I MODIFICATION OF THE MINIMUM CASH AND I to I DE OF THE MINIMUM LIQUIDITY REQUIREMENTS I "A" 3365 I +----------+----------------------------------------+------------+

1. The minimum cash requirements and minimum
   liquidity requirements have as their objective to constitute a reserve of liquidity that, on one hand, discourages the withdrawal of deposits and, on the other hand, proves sufficient if such withdrawal occurs.

This is a requirement whose primary purpose is to maximize the stability of the financial system. In the event of deposit withdrawals, however, these reserves must serve to attend to them with the minimum possible impact on the capacity of the system to assist credit-wise to the economy.

2. The deposits (deposits and other obligations)
   that require an excessively high interest rate for their constitution, implicitly carry a greater liquidity risk. In light of this, it is prudent that such obligations have relatively greater liquidity requirements (both of minimum cash and of minimum liquidity requirements).

Consequently, it is estimated that a measure should be adopted that contributes to greater stability in the local financial variables, for which it is considered necessary to establish that financial entities must observe a minimum cash requirement of 100% on deposits and other obligations for financial intermediation on demand, whose remuneration exceeds a certain parameter.

Similar treatment is provided for fixed-term deposits in matters of minimum liquidity requirements.

The parameter to be considered will be the annual nominal interest rate for fixed-term deposits of 30 to 59 days, in pesos or in US dollars, as applicable, for amounts up to $100,000. This rate, which the B.C.R.A. will disseminate on Fridays, or on the next business day if it is a holiday, through Communication "B" and will be applicable for the following calendar week, will reflect the average of rates from the daily survey of the five business days preceding the second business day prior to the dissemination date.

These measures will take effect as of 26.11.01, that is, the Monday following the publication of the weekly rate (Friday); therefore, in demand operations it covers the balances that are registered daily from that date and in the term transactions it will cover the captures made from that date.

B.C.R.A. ORDERED TEXT OF THE REGULATIONS ON
MINIMUM CASH
-IndexSection 1. Requirement.
1.1. Obligations included.
1.2. Application base.
1.3. Minimum cash.
1.4. Alternative increase in requirement to debt placement.
1.5. Point increases in requirement due to liability concentration.
1.6. Transfers.
Section 2. Integration.
2.1. Admitted concepts.
2.2. Calculation.
2.3. Maximum calculation limits.
2.4. Minimum daily integration.
Section 3. Non-compliance.
3.1. Charge.
3.2. Framing programs.
3.3. Regularization and sanitation plans.
Section 4. Basis for observance of the regulations.
4.1. Individual base.
Section 5. Responsible parties and sanctions.
5.1. Responsible for liquidity policy.
Section 6. Transitional provisions.
6.1. Integration with the balances of the checking account in US dollars opened at the Central Bank of the Argentine Republic.
Version: 2nd. Communication “A” 3365 Validity:
22.11.01

MINIMUM CASH B.C.R.A. Section 1. Requirement.
The requirement will be observed separately for each of the currencies in which the obligations are denominated. At the option of the entities, the requirement on demand obligations for pending payments by giro and transfer and for correspondent operations abroad in currencies other than the euro or the US dollar, may be imputed to the requirement in the latter currency. This alternative may be applied only if the requirement in currencies other than the US dollar or the euro does not exceed the equivalent to US$ 100,000 or 1% of the minimum cash requirement of all foreign currencies, whichever is greater of the two.
1.3. Minimum cash.
The minimum cash amounts resulting from applying the following rates must be integrated:
Concept Rate in %
1.3.1. Checking account deposits. 18,5
1.3.2. Savings account deposits. 18,5
1.3.3. Pupilar usuries, special accounts for closed circles,
“Unemployment fund for construction industry workers”, “Payment of remuneration”, special checking accounts for legal entities and savings pension account. 18,5
1.3.4. Other demand deposits and obligations, including with banks and foreign correspondents, pension benefits
credited by ANSES pending cashing and immobilized balances corresponding to obligations included in these regulations. 18,5
1.3.5. Unused balances of formalized checking account advances. 18,5
1.3.6. Demand placements -regardless of the
form of imposition- that, as a minimum, must constitute the credit balance of the common investment funds (in accordance with what is provided in the Regulations of the National Securities Commission). 50 Version: 4th. Communication “A” 3365 Validity:
26.11.01

MINIMUM CASH B.C.R.A. Section 1. Requirement.
1.3.7. Deposits in checking accounts of non-bank financial entities,
calculable for the integration of their minimum cash. 100
1.3.8. Demand deposits -savings accounts,
checking accounts, special checking accounts, placements of common investment funds, etc.-, whose remuneration exceeds 50% of the annual nominal interest rate for fixed-term deposits of 30 to 59 days, in pesos or in US dollars, US dollars, as applicable, for amounts up to $100,000. This rate, which the B.C.R.A. will disseminate on Fridays, or on the next business day if it is a holiday, through Communication “B” and which will be applicable for the following calendar week, will reflect the average of rates from the daily survey of the five business days preceding the second business day prior to the dissemination date. 100
1.4. Alternative increase in requirement to debt placement.
The exercise of the option not to issue debt, as provided for in the regulations on “Mandatory issuance and placement of debt”, will determine an increase of one percentage point in the minimum cash rates of all concepts, from the month following that in which the expiration of the maximum term that may intervene between each issuance and placement operates. This greater requirement will automatically expire the month following that in which the entity effectively carries out a placement as provided for in the regulations on “Mandatory issuance and placement of debt”, prior to demonstrating this circumstance to the Superintendence of Financial and Exchange Entities. In the event of carrying out fraud or action that in the judgment of the Superintendence of Financial and Exchange Entities implies, directly or indirectly, circumventing compliance with the mandatory placement of debt, the minimum cash rates will be increased by three additional percentage points.
1.5. Point increases in requirement due to liability concentration.
When excessive concentration of liabilities (in holders and/or terms) is verified, which implies a significant risk with respect to the individual liquidity of the financial entity and/or has a significant negative effect on systemic liquidity, additional minimum cash requirements may be set on the liabilities included in the financial entity and/or those complementary measures that are deemed pertinent. It will be considered that this situation is configured when, among others, any of the following factors are present:
Version: 4th. Communication “A” 3365 Validity:
26.11.01

MINIMUM CASH B.C.R.A. Section 1. Requirement.

• A high percentage of liabilities is concentrated in the same holder or
  holders.
• In term obligations, the residual term is short.
• The aforementioned liabilities represent a significant percentage with respect to the
  integration of the minimum cash and the minimum liquidity requirements and/or the total deposits of the private sector in the entity.
  1.6. Transfers.
  1.6.1. Admitted margin.
  The integration of the minimum cash of the average monthly positions daily balances of the included obligations cannot be less than the 90% of the requirement resulting from the following expression:
  EEMA (n) = EEF (n) + ENI (n-1) where
  EEMA (n): adjusted minimum cash requirement corresponding to month “n”.
  EEF (n): minimum cash requirement according to current regulations corresponding to month “n”. ENI (n-1): requirement not integrated in month “n-1”.
  1.6.2. Utilization period.
  The admitted transfer of the requirement not integrated in each month to the position next may be carried out for a maximum of six months, counted from the first month -inclusive- in which the option to use it is chosen as provided for above or from the first position immediately subsequent to that in which the transferred defects are compensated or charge is paid on them. Version: 3rd. Communication “A” 3365 Validity:
  22.11.01

MINIMUM CASH B.C.R.A. Section 2. Integration.
2.3. Maximum calculation limits.
The integration in the admitted concepts will only be calculable up to the following maximum limits, measured with respect to the minimum cash of each period:
Concept Maximum calculable
-in %- i) Points 2.1.1. to 2.1.4. and 2.1.6. (together) 100 ii) Point 2.1.5. 20
2.4. Minimum daily integration.
The greater requirement resulting from the application of the rate of 100%, established in point 1.3.8. of
Section 1., with respect to the requirement that would arise from the use
of the rates provided for in points 1.3.1. to 1.3.6. of Section 1., must be integrated, exclusively and on the day to which it corresponds, into the checking account in pesos opened at the Central Bank of the Argentine Republic. In the case of balances included in accounts in foreign currencies, the greater requirement resulting will be integrated, under the same conditions, into the checking account in US dollars opened at this Institution. Version: 4th. Communication “A” 3365 Validity:
26.11.01

MINIMUM CASH B.C.R.A. Section 3. Non-compliance.
3.1. Charge.
3.1.1. Deficiencies in the integration of the minimum cash
and the minimum daily integration will be subject to a charge equivalent to the highest interest rate that the Central Bank of the Argentine Republic establishes for the active pass operations in pesos during the relevant period, increased by 20%, with no other effect except that provided in point 3.2. only with respect to the monthly minimum cash position. When deficiencies are verified concurrently in the average position and in the minimum daily integration in the same month, the charge will be determined by the greater of the two. The charge will be applied to the total resulting from the sum of the deficiencies by currency, calculated at the exchange rate established by the Central Bank. To this effect, to determine the deficiencies of the average position, the following will be considered:
i) those for which the option of their transfer is not used. ii) those that are not susceptible to be transferred to the next month for exceeding the admitted margin.
3.1.2. Charges may be reduced in exceptional cases, when mitigating circumstances are given and weighing the causes that originated the non-compliance.
3.1.3. Charges not paid in time and form will be subject during the period of non-compliance to an interest equivalent to the rate resulting from adding 50% to the rate applicable to the deficiency, as provided for in point
3.1.1.
3.1.4. The charge will be calculated with the following expression:
c = D *
TNA / 36500 where c : amount of the charge.
D: deficiency subject to charge, expressed in numerals.
TNA: annual nominal rate applicable to the non-compliance, as a percentage.
To determine the interest for charges not paid in time and form, the following expression will be applied:
i = [(1 + EAR) n/365 - 1] *
100
Version: 3rd. Communication “A” 3365 Validity:
26.11.01

B.C.R.A. ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE REGULATIONS ON MINIMUM CASH ORDERED TEXT ORIGINATING REGULATION OBSERVATIONS Sec. Point Para. Com. Annex Sec. Point Para.
1.1. “A” 3274 II 1. 1.1.
1.1.1. “A” 3274 II 1. 1.1.1.
1.1.2. “A” 3274 II 1. 1.1.2.
1.1.3. “A” 3274 II 1. 1.1.3.
1.2. “A” 3274 II 1. 1.2. According to Com. “A” 3304.
1.3. “A” 3274 II 1. 1.3.
1.3.1. “A” 3274 II 1. 1.3.1. According to Com. “A” 3338.
1.3.2. “A” 3274 II 1. 1.3.2. According to Com. “A” 3338.
1.3.3. “A” 3274 II 1. 1.3.3. According to Com. “A” 3338.
1.3.4. “A” 3274 II 1. 1.3.4. According to Com. “A” 3338.
1.3.5. “A” 3274 II 1. 1.3.5. According to Com. “A” 3338.
1.3.6. “A” 3274 II 1. 1.3.6. According to Com. “A” 3365.
1.3.7. “A” 3274 II 1. 1.3.7.
1.3.8. “A” 3365 2.
1.4. “A” 3274 II 1. 1.4.
1.5. “A” 3274 II 1. 1.5.
1.6. “A” 3274 II 1. 1.6.
1.6.1. “A” 3274 II 1. 1.6.1.
1.
1.6.2. “A” 3274 II 1. 1.6.2. According to Com. “A” 3304.
2.1. “A” 3274 II 2. 2.1.
2.1.1. “A” 3274 II 2. 2.1.1. According to Com. "A" 3304.
2.1.2. “A” 3274 II 2. 2.1.2. According to Com. “A” 3304.
2.1.3. “A” 3274 II 2. 2.1.3.
2.1.4. “A” 3274 II 2. 2.1.4.
2.1.5. “A” 3274 II 2. 2.1.5. According to Com. “A” 3338.
2.1.6. “A” 3311
2.2. “A” 3274 II 2. 2.2.
2.3. “A” 3274 II 2. 2.3. According to Com. “A” 3311
and 3338.
2.
2.4. “A” 3365 2.
3.1. “A” 3274 II 3. 3.1.
3.1.1. “A” 3274 II 3. 3.1.1. According to Com. “A” 3326
and 3365.
3.1.2. “A” 3274 II 3. 3.1.2.
3.1.3. “A” 3274 II 3. 3.1.3. According to Com. “A” 3326.
3.1.4. “A” 3274 II 3. 3.1.4.
3.2. “A” 3274 II 3. 3.2.
3.2.1. “A” 3274 II 3. 3.2.1.
3.2.2. “A” 3274 II 3. 3.2.2.
3.3. “A” 3274 II 3. 3.3.
3.3.1. “A” 3274 II 3. 3.3.1.
3.
3.3.2. “A” 3274 II 3. 3.3.2.
4. 4.1. “A” 3274 II 4. 4.1.
5. 5.1. “A” 3274 II 5. 5.1.
6. 6.1. “A” 3274 II 6. 6.1.

---

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

-Index

Section 1. Requirement.
1.1. Obligations included.
1.2. Basis of application.
1.3. Minimum requirements.
1.4. Residual term.
1.5. Alternative increase in requirement to debt placement.
1.6. Point increases in requirement due to liability concentration.
1.7. Transfers.

Section 2. Integration.
2.1. Accepted concepts.
2.2. Calculation and minimum daily integration.
2.3. Maximum computation limits.

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

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

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

Section 6. Models.
6.1. Model of consent for the disposal of assets by the Central Bank of the Argentine Republic, to be presented by financial entities or investment fund administrators for the purpose of proving the degree of liquidity of holdings.
6.2. Model of notification of put option contract.
6.3. Model of "standby" letter of credit.

Version: 9th. Communication “A” 3365 Validity: 26.11.01

MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 1. Requirement.

1.3. Minimum requirements.

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

Concept	Rate in %
1.3.1. Fixed-term deposits -except those included in point 1.3.4.-, obligations for “acceptances” -including liabilities from the sale or assignment of credits to subjects other than financial entities-, passive swaps, sureties and passive stock market swaps, term 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 for Assistance to Financial Entities and Insurance and for Provincial Development and other term obligations, according to their residual term (with the exception of what is provided in point i)1.3.2.):
i) Up to 59 days.	21
ii) From 60 to 89 days.	21
iii) From 90 to 179 days.	14
iv) From 180 to 365 days.	9
v) More than 365 days.	0

1.3.2. Deposits and other concepts included in point 1.3.1. captured from 26.11.01, whose remuneration exceeds by more than one percentage point the annual nominal interest rate for fixed-term deposits of 30 to 59 days, in pesos or in United States dollars -as applicable-, for amounts up to $100,000. This rate, which the B.C.R.A. will disseminate on Fridays, or the next business day if it is a holiday, through Communication “B” and which will be applicable for the following calendar week, will reflect the average rates of the daily survey of the five preceding business days prior to the second business day prior to the dissemination date.

| | 100 |

1.3.3. Immobilized balances of the concepts included in these rules with the exception of those corresponding to point 1.3.4. | 21 |

1.3.4. Fixed-term deposits made by the Judiciary with funds originated in the cases in which it intervenes, according to their residual term:

Version: 11th. Communication “A” 3365 Validity: 26.11.01

MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 1. Requirement.

		Rate in %
i) Up to 179 days.		14
ii) From 180 to 365 days.		9
iii) More than 365 days.		0
Immobilized balances for this concept.		14

1.4. Residual term.

1.4.1. Determination.

1.4.1.1. General case.

The residual term of each term obligation is equivalent to the number of days remaining until its maturity.

This criterion does not apply to the concepts included in point 1.3.2., for which the established requirement will apply regardless of the residual term, since only the agreed remuneration is taken into account.

1.4.1.2. Term investments.

In the case of term investments, the following criteria will apply:

i) Constant term.
The remaining term until maturity will be considered, taking into account the automatic extension or, if applicable, the term resulting from the exercise of the option to revoke it.

ii) With option for early cancellation.
The remaining term until the date on which the investor can exercise the option for early cancellation will be taken into account, to the extent that they are the holder of the right, or the originally agreed term, in case the entity is the holder of that right.

iii) With option for renewal for a determined term.
The remaining term until maturity will be considered, taking into account for this purpose the term that would result from the eventual exercise of the extension option by the entity, to the extent that it is the holder of the right.

Version: 21st. Communication “A” 3365 Validity: 26.11.01

MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 1. Requirement.

When the investor is the holder of that right, the originally agreed term or, if applicable, the term resulting from the renewal if the option had been exercised will be taken into account.

1.4.1.3. Refinanciable term obligations.

When the financial entity enters into conventions or option contracts that ensure the total or partial refinancing of term obligations, for the purpose of establishing the residual term until the maturity of the obligations, the term resulting from making use of those facilities will be considered, for the part of the liability included in the agreement.

This criterion is applicable in case the convention is carried out with Backstop Fund S.A. (created by the National Government within the framework of the Program for the Development of the Capital Market agreed with the World Bank) or when the counterparty is a foreign bank that has at least one international risk rating of “A” or higher granted by one of the rating agencies admitted by the rules on “Evaluation of financial entities”, provided that in the latter case the convention is kept in custody at Deutsche Bank, New York or at the custodian agents designated by it.

1.4.1.4. Obligations from foreign financial lines (not linked to the financing of foreign trade operations).

i) With early cancellation clauses.
For the determination of the residual term, the remaining term until the date on which the foreign entity is contractually expected to request early cancellation or the originally agreed term, when it is subject to a decision of the local entity, will be taken into account.

ii) Without early cancellation clauses.
The term remaining until maturity will be taken into account to the extent that early cancellation is explicitly excluded by either party. Otherwise, they will have the treatment of demand obligations.

1.4.2. Fixed-term deposits.

Version: 4th. Communication “A” 3365 Validity: 22.11.01

MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 1. Requirement.

In the case of fixed-term deposits in pesos and foreign currency, the established rates -according to the maturity structure set forth- will apply to the amounts resulting from multiplying the total daily balance of those obligations -which is registered in the month to which they correspond- by the percentages resulting from the residual maturity structure of the previous month, considering the number of days remaining in that period until the maturity of the obligation, counted from each of the days of said period.

1.4.3. Other term operations.

In these cases -including term investments and obligations with banks and foreign correspondents computable-, the residual terms will be equivalent to the number of days remaining until the maturity of each obligation, counted from each of the days of the same month to which the minimum liquidity requirements correspond.

The requirements will arise from applying the established rates to the daily balances of the aforementioned obligations based on the different residual maturity tranches set forth.

In the particular case of installment payment obligations for capital, the amounts of the amortization services that mature within the year, counted from each of the days of the month to which the minimum liquidity requirement corresponds, will be considered independently for the purpose of applying the appropriate rate to them based on the number of days remaining until the maturity of each of them.

1.5. Alternative increase in requirement to debt placement.

The exercise of the option not to issue debt, as provided for in the rules on “Mandatory issuance and placement of debt”, will determine an increase of one percentage point in the minimum liquidity requirements of all concepts, except for obligations with residual terms greater than 365 days, from the month following that in which the maximum term that may intervene between each issuance and placement expires.

This higher requirement will automatically expire the month following that in which the entity effectively carries out a placement as provided for in the rules on “Mandatory issuance and placement of debt”, prior to demonstrating this circumstance to the Superintendence of Financial and Exchange Entities.

In the case of the use of trickery or action that, in the judgment of the Superintendence of Financial and Exchange Entities, implies, directly or indirectly, circumventing the compliance with the mandatory placement of debt, the minimum liquidity requirements will be increased by three additional percentage points.

Version: 6th. Communication “A” 3365 Validity: 22.11.01

MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A.

Section 1. Requirement.

1.6. Point increases in requirement due to liability concentration.

When an excessive concentration of liabilities (in titleholders and/or terms) is verified that implies a significant risk regarding the individual liquidity of a financial entity and/or has an important negative effect on systemic liquidity, additional minimum liquidity requirements may be set on the liabilities included in the financial entity and/or those complementary measures that are deemed pertinent.

It will be considered that this situation is configured when, among others, any of the following factors are present:

• A high percentage of liabilities is concentrated in the same titleholder or titleholders.
• In term obligations, the residual term is short.
• The aforementioned liabilities represent a significant percentage with respect to the integration of the minimum cash and minimum liquidity requirements and/or the total of private sector deposits in the entity.

1.7. Transfers.

1.7.1. Admitted margin.

The integration of the minimum liquidity requirements of the positions in average monthly daily balances of the obligations included cannot be less than 90% of the requirement resulting from the following expression:

EMLA (n) = EML (n) + ENI (n-1)

where

EMLA (n): adjusted minimum liquidity requirement corresponding to month “n”.
EML (n): minimum liquidity requirement according to current rules corresponding to month “n”. ENI (n-1): requirement not integrated in month “n-1”.

1.7.2. Period of use.

The admitted transfer of the unmet requirement from each month to the next position can be carried out for a maximum of six months, counted from the first month -inclusive- in which the option to use it is chosen as provided for previously or from the first immediate position subsequent to that in which the defects transferred are compensated or a charge is paid on them.

Version: 8th. Communication “A” 3365 Validity: 22.11.01

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

They will be considered, even when the balances are affected as guarantee for the electronic clearing and settlement chambers and deposited in the name of them, on behalf of the respective entity, in special accounts in United States dollars at the Central Bank of the Argentine Republic.

The balance registered at the close of each business day in these accounts will accrue interest for the period that elapses until the next business day, at the rate set daily and which will be transmitted through the Foreign Exchange and Open Market Operations Desk.

The corresponding settlement will be made available to the entities at the opening of operations of the next business day through the STAF communications system; the accrued amounts will be automatically credited to the corresponding special accounts.

In the case of accounts also used for the integration of minimum cash, the appropriation for these or for the minimum liquidity requirement will be carried out by the entity after the computation period has concluded in accordance with the procedure established by the informational regime.

2.1.12. Guarantees for the operation with canceling checks.

The concepts admitted for the integration of the minimum liquidity requirements can be considered for this purpose, even when they are affected as guarantee for the operation with canceling checks and deposited in special accounts at the Central Bank of the Argentine Republic.

2.1.13. Current accounts of financial entities in pesos opened at the Central Bank of the Argentine Republic.

Only to integrate the higher requirement resulting from the application of the 100% rate, established in point 1.3.2. of Section 1., with respect to the requirement that would arise from the use of the rates -according to the different residual terms- provided in point 1.3.1. of Section 1., when it comes to operations in pesos, unless the integration option provided for in point 2.1.14. is used, admitted for operations whose remuneration exceeds by one point but does not exceed 3 percentage points the base rate set.

Version: 6th. Communication “A” 3365 Validity: 26.11.01

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

2.1.14. Guaranteed loans.

The balance of Guaranteed Loans (net of the amount of the asset regularization account) received in exchange for instruments of the public debt of the Nation and provinces (Decree 1387/01) will be admitted to be computed for up to 10% of the total net exposure (book value) registered by the entity on 31.10.01 with the non-financial public sector, to integrate the higher requirement resulting from the application of the 100% rate, established in point 1.3.2. of Section 1., with respect to the requirement that would arise from the use of the rates -according to the different residual terms- provided in point 1.3.1. of Section 1., on the concepts reached and to the extent that the remuneration does not exceed 3 percentage points the base rate set.

The total net exposure will be calculated considering the loans granted to the aforementioned sector and its net position of titles, determined according to the procedure contained in point 7.5.3. of Section 7. of the rules on “Minimum capital of financial entities”.

For this effect, the Guaranteed Loans must be deposited in a specific account of the “Central Registration and Settlement of Public Debt Instruments” -CRYL-.

2.2. Calculation and minimum daily integration.

The compliance with the integration of the minimum liquidity requirements will be measured based on the average monthly daily balances of the concepts admitted for this purpose, 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. The days on which no movement is registered must repeat the balance corresponding to the immediate previous business day.

On no day of the month can the sum of the balances of the admitted concepts, registered at the close of each day, be less than 60% of the total requirement determined for the immediate previous month, recalculated based on the requirements and concepts 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. For the purpose of the recalculation, the modifications of the requirements by application of point 1.3.2. of Section 1. will not be considered.

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

Version: 3rd. Communication “A” 3365 Validity: 26.11.01

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

In addition, the higher requirement resulting from the application of the 100% rate, established in point 1.3.2. of Section 1., with respect to the requirement that would arise from the use of the rates -according to the different residual terms- provided in point 1.3.1. of Section 1., must be integrated, exclusively and on the day to which it corresponds, in the current account in pesos opened at the Central Bank of the Argentine Republic, when it comes to operations in pesos, unless the integration option provided for in point 2.1.14. is used, admitted for operations whose remuneration exceeds by one point but does not exceed 3 percentage points the base rate set.

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, 2.1.11. and 2.1.12. (together).	100
ii) Point 2.1.2.	20
iii) Points 2.1.3. to 2.1.10. (together).	10
a) Points 2.1.7. and 2.1.8. (within the 10% margin)	5
b) Point 2.1.9. (within the 10% margin)	2
c) Point 2.1.10. (within the 10% margin)	0

The concepts corresponding to points 2.1.13. and 2.1.14. will observe the specific limits contemplated in those points.

Version: 1st. Communication “A” 3365 Validity: 26.11.01

B.C.R.A. ORIGIN OF THE PROVISIONS INCLUDED IN THE CONSOLIDATED TEXT OF THE RULES ON MINIMUM LIQUIDITY REQUIREMENTS

CONSOLIDATED TEXT			ORIGIN RULE				OBSERVATIONS
Section	Point	Paragraph	Comm.	Annex	Point	Paragraph
1.	1.1.1.	“A” 2422	único	1.	1º		According to Com “A” 3274.
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°		Includes interpretative clarification.
1.	1.1.2.4. a 1.1.2.5.	“A” 2422	único	1.	2º
1.	1.1.3.	1º	“A” 2422	único	1.	1º	Includes interpretative clarification.
1.	1.1.3. último	“A” 2422	único	1.	2º		Includes interpretative clarification.
1.	1.2.	1º	“A” 2422	único	2.	1º	According to Com. “A” 2511.
			“A” 2422	único	2.	7º	According to Com. “A” 2648.
1.	1.2.	2º	“A” 2422	único	2.	8º	According to Com. “A” 2648.
1.	1.2. último	“A” 2422	único	2.	9º		According to Com. “A” 2569.
1.	1.3.1.	“A” 2422	único	4.			According to Com. “A” 2663, 2669, 2825, 3261, 3274, 3305, 3311, 3337 and 3338 with interpretative clarification. Decree N° 342/00.
1.	1.3.2.	“A” 3365	3.
1.	1.3.3.	“A” 3274					According to Com. “A” 3305, 3311 and 3338.
1.	1.3.4.	“A” 3305					According to Com. “A” 3311 and 3338.
1.	1.4.1.1.						Explicit criterion. According to Com. “A” 3365.
1.	1.4.1.2.	“A” 2422	único	2.	3º		According to Com. “A” 2511.
1.	1.4.1.3.	“A” 2422	único	2.	6º		According to Com. “A” 2648 and 3274.
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.	1º	“A” 2494	5.1.1.	1º		According to Com. “A” 2653. Modified by Com. “A” 2886, 2931 and “A” 3274.
					5.1.2.
1.	1.5.	2º	“A” 2494	5.1.	último		According to Com. “A” 2653.
1.	1.5. último	“A” 2494	5.3.
1.	1.6.	“A” 3229					According to Com. “A” 3274.
1.	1.7.	“A” 2833	1.				Includes clarification.
2.	2.1.1.	“A” 3274					According to Com. “A" 3304.
2.	2.1.2.	“A” 2817					According to Com. “A” 3112 and “A” 3274.
2.	2.1.3.	“A” 2422	único	3.1.2.			According to Com. “A” 2663 and 3274.

MINIMUM LIQUIDITY REQUIREMENTS

CONSOLIDATED TEXT			ORIGIN RULE				OBSERVATIONS
Section	Point	Paragraph	Comm.	Annex	Point	Paragraph
2.	2.1.4.	“A” 2422	único	3.1.10.			According to Com. “A” 2648, “A” 3231, 3274 and “A” 3290.
2.	2.1.5.	“A” 2422	único	3.1.3.			According to Com. “A” 2663, “A” 3274 and “A” 3290.
2.	2.1.6.	“A” 2422	único	3.1.8.			According to Com. “A” 2648, “A” 3274 and “A” 3290.
2.	2.1.7.	“A” 2422	único	3.1.11.			According to Com. “A” 2648, 2705, “A” 3274 and “A” 3290.
2.	2.1.8.	“A” 2422	único	3.1.9.			According to Com. “A” 2648, “A” 3274 and “A” 3290.
2.	2.1.9.	“A” 2422	único	3.1.5.			According to Com. “A” 2663, 2648, “A” 3274 and “A” 3290.
2.	2.1.10.	“A” 2422	único	3.1.7.			According to Com. “A” 2648 and “A” 3274.
2.	2.1.11	“A” 3274					According to Com. “A” 3304.
2.	2.1.12.	“A” 3274
2.	2.1.13.	“A” 3365	3.
2.	2.1.14.	“A” 3365	3.
2.	2.2.	“A” 2422	único	3.	1º and 2º		According to Com. “A” 2663, 2833, 2915, 3195, 3246, 3274, 3302 and 3365.
2.	2.3.	“A” 2422	único	3.2.			According to Com. “A” 2705, 2817, 3274, 3357 and 3365.
3.	3.1.1.	“A” 2422	único	5.			According to Com. “A” 2490, modified by the Com. “A” 2833, 2915 and 3326.
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, 3100 and 3326.
3.	3.1.4.	“A” 2422	único	5.			According to Com. “A” 2490 and “A” 3274.
		“B” 5159
3.	3.2.1.	“A”3274
3.	3.2.2.	“A” 2895					According to Com. “A” 2991 and “A” 3274.
3.	3.3.	“A” 2833	2.				According to Com. “A” 2895 and “A” 3274.
3.	3.3.2.	“A” 2833					According to “A” 3274.
4.	4.1.						Explicit criterion.
5.		“A” 2422	único	6.			According to Com. “A” 2490, with interpretative clarification.
6.	6.1.	“A” 2422	único	3.3.			According to Com. “A” 2705, 2694 and “A” 3274.
6.	6.2.	“A” 2422	único	8.			According to Com. “A” 3274.
6.	6.3.	“A” 2422	único	9.			According to Com. “A” 2648 and “A” 3112.
6.	6.4.	“A” 3132	único
6.	6.5.	“A” 3290
7.	7.1.	“A” 3251					According to Com. “A” 3274.

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