Circular LISOL 1 - 497, OPASI 2 - 396, OPRAC 1 - 622: Tax Regularization, Promotion and Protection of Registered Employment, and Asset Disclosure and Repatriation Regime. Term Deposits and Investments. Minimum Cash. Credit Policy

"2009 - Year of Homage to Raúl SCALABRINI ORTIZ" COMMUNICATION "A" 4916 02/26/2009 TO FINANCIAL INSTITUTIONS:
Ref.: Circular
LISOL 1 - 497
OPASI 2 - 396
OPRAC 1 - 622
Tax regularization regime, promotion and protection of registered employment and disclosure and repatriation of capital. Term deposits and investments. Minimum cash. Credit policy . ______ We address you to inform you that this Institution adopted the following resolution:
"1. Incorporate, for the purposes of compliance with the deposit referred to in the first paragraph of Article 29 of Law No. 26,476, effective from 3/1/09, into the rules on "Term deposits and investments", the following section:
"Section 5. Transitional provisions.
Special non-transferable deposits linked to the disclosure and repatriation of capital - Law 26,476.
5.1. Participating entities.
Banks and finance companies.
5.2. Holders.
Natural and legal persons.
5.3. Identification and tax situation.
It will be verified on the basis of the documents that the holders must exhibit, in accordance with the provisions of points 3.1. and 3.2. of Section 3.
5.4. Currency.
Pesos or foreign currency.
5.5. Minimum term.

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2 (two) years.
5.6. Early cancellation.
Early cancellation, total or partial, will be allowed at any time, if the holder applies the funds to the destinations provided for in subsections c), d) or e) of Article 27 of Law No. 26,476, and such information must be sent by the financial institution to the Federal Administration of Public Revenue through the procedure that said agency establishes.
5.7. Remuneration.
The interest rate will be freely agreed, and payment of interest may be provided for starting 30 days after the constitution of the deposit.
5.8. Issuance of the deposit certificate.
It must state: a) first and last name, b) address of the holder, c) identification of the entity, d) amount and e) place and date of the constitution of the deposit. The certificates must contain the legend "Special non-transferable deposit for disclosure and repatriation of capital - Law 26,476".
5.9. Restrictions.
Financial institutions may not receive these certificates as collateral for financing operations, except in the case of the financings referred to in the second paragraph of Article 29 of the aforementioned law.
5.10. Other provisions.
Insofar as they are not expressly contemplated in the preceding points, the provisions established in points 1.3. to 1.7. (except 1.5.2.),
1.13. and 1.17.1.3. of Section 1. and 3.5. to 3.9. of Section 3 shall apply."
2. Incorporate into the rules on "Credit policy" the following section:
"Section 7. Transitional provisions.
For all those placements that are constituted by reason of Law 26,476 on disclosure and repatriation of capital, the following must be observed:
7.1. Application of lending capacity.
Financial institutions receiving the deposits made by application of the provisions of Law No. 26,476 must allocate the resources to special lines of credit to the productive sector in accordance with the regulations of the National Executive Branch, and additionally, in the case of funds raised in foreign currency, the provisions set forth in point 2.1. of Section 2 shall apply.
7.2. Application shortfall.

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The application shortfall in pesos will be subject to an equivalent increase in the minimum cash requirement in pesos, while in foreign currency it will be subject to the provisions of point 2.7. of Section 2."
3. Establish, on a transitional basis, that the application shortfall of resources corresponding to
deposits in pesos -special deposits linked to the disclosure and repatriation of capital by reason of Law 26,476- determined in a month will be computed for an equivalent amount in the calculation of the minimum cash requirement in pesos for that period. Likewise, until the National Executive Branch regulates the destination of the lending capacity, both in pesos and in foreign currency, they will be considered admitted application shortfalls and will be remunerated by this Institution. To that end, they must be considered in the calculations of the remuneration of the balances of the accounts opened at the Central Bank -points 2.4. and
2.5. of Section 2. of the rules on "Minimum cash", respectively-."
We clarify that until the enactment of the regulations of the National Executive Branch, provided for in Article 29 of Law 26,476 -referring to the destinations of the productive sector to which the funds will be applied-, the lending capacity of such deposits may not be applied. Finally, we send you the pages that, in replacement of those previously provided, must be incorporated into the rules on "Term deposits and investments", "Credit policy" and "Minimum cash". Likewise, we remind you that on the page of this Institution www.bcra.gov.ar, accessing "regulations" ("ordered texts"), you will find the modifications made with texts highlighted in special characters (strikethrough and bold). We greet you very attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC Darío C. Stefanelli José I. Rutman Manager of Issuance of Rules Deputy General Manager of Rules ANNEXES

• Index -
  2.3. With early cancellation option.
  2.4. With renewal option for a determined term.
  2.5. Term with variable remuneration.
  Section 3. General provisions.
  3.1. Identification.
  3.2. Tax situation.
  3.3. Qualified investors.
  3.4. Recommendations for the use of automatic teller machines.
  3.5. Guarantee of deposits.
  3.6. Interest rates.
  3.7. Return of deposits.
  3.8. Immobilized balances.
  3.9. Discriminatory acts.
  Section 4. Special deposits linked to the entry of funds from abroad - Decree 616/05.
  4.1. Participating entities.
  4.2. Holders.
  4.3. Currency.
  4.4. Term.
  4.5. Amount.
  4.6. Remuneration.
  4.7. Issuance of deposit certificates.
  4.8. Restrictions.
  4.9. Other provisions.
  Section 5. Transitional provisions.
  Correlation table.
  B.C.R.A. TERM DEPOSITS AND INVESTMENTS
  Version: 3rd. COMMUNICATION "A" 4916
  Effective:
  03/01/2009

Special non-transferable deposits linked to the disclosure and repatriation of capital - Law 26,476.
5.1. Participating entities.
Banks and finance companies.
5.2. Holders.
Natural and legal persons.
5.3. Identification and tax situation.
It will be verified on the basis of the documents that the holders must exhibit, in accordance with the provisions of points 3.1. and 3.2. of Section 3.
5.4. Currency.
Pesos or foreign currency.
5.5. Minimum term.
2 (two) years.
5.6. Early cancellation.
Early cancellation, total or partial, will be allowed at any time, if the holder applies the funds to the destinations provided for in subsections c), d) or e) of Article 27 of Law No. 26,476, and such information must be sent by the financial institution to the Federal Administration of Public Revenue through the procedure that said agency establishes.
5.7. Remuneration.
The interest rate will be freely agreed, and payment of interest may be provided for starting 30 days after the constitution of the deposit.
5.8. Issuance of the deposit certificate.
It must state: a) first and last name, b) address of the holder, c) identification of the entity, d) amount and e) place and date of the constitution of the deposit. The certificates must contain the legend "Special non-transferable deposit for disclosure and repatriation of capital - Law 26,476". TERM DEPOSITS AND INVESTMENTS B.C.R.A.
Section 5. Transitional provisions.
Version: 1st. COMMUNICATION "A" 4916
Effective:
03/01/2009

5.9. Restrictions.
Financial institutions may not receive these certificates as collateral for financing operations, except in the case of the financings referred to in the second paragraph of Article 29 of the aforementioned law.
5.10. Other provisions.
Insofar as they are not expressly contemplated in the preceding points, the provisions established in points 1.3. to 1.7. (except 1.5.2.), 1.13. and
1.17.1.3. of Section 1. and 3.5. to 3.9. of Section 3 shall apply.
TERM DEPOSITS AND INVESTMENTS B.C.R.A.
Section 5. Transitional provisions.
Version: 1st. COMMUNICATION "A" 4916
Effective:
03/01/2009

TERM DEPOSITS AND INVESTMENTS
ORDERED TEXT SOURCE RULE OBSERVATIONS
Sec. Point Para. Com. Annex Chap. Sec. Point Para.
3.5.1. "A" 1199
"A" 1820 I
I 6.3.
2.6.
According to Com. "A" 2807, point 6 - 1st and 2nd para., "A" 3270 and "A" 4874.
3.5.2. "A" 2807 6. 3rd
3.5.3.1. "A" 2807 6. 5th
3.5.3.2. "A" 2807 6. 4th
3.6.1. "A" 1199 I 5.3.1.
3.6.2. "A" 1199 I 5.3.2.
3.6.3. "A" 1199 I 5.3.3.
3.6.4. "A" 3043
3.6.5. "A" 1199 I 5.3.4.
3.6.6. "A" 1199 I 5.3.4.1.
3.6.7. "A" 627 1.
3.7. "A" 1199 I 5.1.
3.7.1. "A" 1199 I 5.1.1.
3.7.2. "A" 1199 I 5.1.2
3.7.3. "A" 1199 I 5.1.3.
3.8.1. "A" 1199 I 5.2.1. According to Com. "A" 3043.
3.8.2. "A" 1199 I 5.2.2. According to Com. "A" 3043
and "A" 4809.
3.
3.9. "B" 6572
4.1. "A" 4360 1.
4.2. "A" 4360 1.
4.3. "A" 4360 1.
4.4. "A" 4360 1.
4.5. "A" 4360 1.
4.6. "A" 4360 1.
4.7. "A" 4360 1.
4.8. "A" 4360 1.
4.
4.9. "A" 4360 1. According to Com. "A" 4874.
5.1. "A" 4916 1.
5.2. "A" 4916 1.
5.3. "A" 4916 1.
5.4. "A" 4916 1.
5.5. "A" 4916 1.
5.6. "A" 4916 1.
5.7. "A" 4916 1.
5.8. "A" 4916 1.
5.9. "A" 4916 1.
5.
5.10. "A" 4916 1.

B.C.R.A. CREDIT POLICY
-IndexSection 1. General credit policy.
1.1. General criterion.
1.2. Financings covered.
1.3. Credit management.
Section 2. Application of the lending capacity of deposits in foreign currency.
2.1. Destinations.
2.2. Conditions.
2.3. Effectuation.
2.4. Allocation of incorporated financings.
2.5. Financings recorded in memorandum accounts.
2.6. Lending capacity.
2.7. Application shortfalls.
Section 3. Application of net liquid own resources.
3.1. Net liquid own resources.
3.2. Application.
Section 4. Financing to the non-financial public sector of the country.
4.1. Applicable rules.
Section 5. Financing to residents abroad.
5.1. General criterion.
5.2. Placements in banks abroad.
5.3. Holding of foreign securities.
Section 6. Bases of observance.
6.1. Individual basis.
6.2. Consolidated basis.
Section 7. Transitional provisions.
Correlation table.
Version: 5th. COMMUNICATION "A" 4916
Effective:
02/26/2009

For all those placements that are constituted by reason of Law 26,476 on disclosure and repatriation of capital, the following must be observed:
7.1. Application of lending capacity.
Financial institutions receiving the deposits made by application of the provisions of Law No. 26,476 must allocate the resources to special lines of credit to the productive sector in accordance with the regulations of the National Executive Branch, and additionally, in the case of funds raised in foreign currency, the provisions set forth in point 2.1. of Section 2 shall apply.
7.2. Application shortfall.
The application shortfall in pesos will be subject to an equivalent increase in the minimum cash requirement in pesos, while in foreign currency it will be subject to the provisions of point 2.7. of Section 2. Version: 1st. COMMUNICATION "A" 4916 Effective:
02/26/2009
CREDIT POLICY B.C.R.A.
Section 7. Transitional provisions.

CREDIT POLICY
ORDERED TEXT SOURCE RULE OBSERVATIONS
Sec. Point Para. Com. Annex Chap. Sec. Point Para.
1st "A" 2736 6. Includes interpretive clarification.
5. 5.3.
last "A" 4311
6. 6.1. "A" 4311
6.2. "A" 4311
7. 7.1. "A" 4916 2.
7.2. "A" 4916 2.

6.1. Integration in average of minimum cash.
As of 12/1/08, for the purposes of the integration of minimum cash in pesos and in foreign currency, the total cash maintained in financial institutions, in transit and in cash transport companies referred to in points 2.1.1. and 2.1.6. of Section 2 may be computed.
6.2. Treatment of special deposits linked to the disclosure and repatriation of capital by reason of Law 26,476.
The application shortfall of resources corresponding to deposits in pesos determined in a month will be computed for an equivalent amount in the calculation of the minimum cash requirement in pesos for that period. Likewise, until the National Executive Branch regulates the destination of the lending capacity, both in pesos and in foreign currency, the application shortfalls will be remunerated by this Institution. To that end, they must be considered in the calculations of the remuneration of the balances of the accounts opened at the Central Bank -points 2.4. and 2.5., respectively-. MINIMUM CASH B.C.R.A.
Section 6. Transitional provisions.
Version: 6th. COMMUNICATION "A" 4916
Effective:
02/26/2009

MINIMUM CASH
ORDERED TEXT SOURCE RULE OBSERVATIONS
Sec. Point Para. Com. Annex Sec. Point Para.
3.2. "A" 3274 II 3. 3.2.
3.2.1. "A" 3274 II 3. 3.2.2.1. According to Com. "A" 4449.
3.2.2. "A" 3274 II 3. 3.2.2.2. According to Com. "A" 4449.
3.3. "A" 3274 II 3. 3.3. According to Com. "A" 3498.
3.3.1. "A" 3274 II 3. 3.3.1. According to Com. "A" 4771.
3.
3.3.2. "A" 3274 II 3. 3.3.2.
4. 4.1. "A" 3274 II 4. 4.1.
5.1. "A" 3274 II 5. 5.1. According to Com. "A" 3498.
5.2. "A" 3905 5.
5.
5.3. "A" 3905 5. According to Com. "A" 4449.
6. 6.1. "A" 4872
6.2. "A" 4916 3.