Circular Monetary Regulations - REMON 1 - 148. Loan for the Refinancing of Mortgage Debts (Communication A 437). Procedure Rules.

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 460 07/03/84
TO FINANCIAL ENTITIES:
Ref.: Circular MONETARY REGULATIONS - REMON - 1 - 148. Loan for the refinancing of mortgage debts (Communication "A" 437). Procedure rules.

We address you to deliver to you the models of forms 3946, 3947, and 3948, and the instructions for their completion, to be used to determine the amount of the loan for the refinancing of mortgage debts incorporated into the regime disseminated by Communication "A" 437, to report the schedule of their cancellation, and the corresponding monthly movement of funds, respectively.

Likewise, we will send you the models of the guarantee letter, which must be accompanied in original and one copy to Form 3946, and of notification to the debtors.

Entities that have included, in the information related to other resource assignments from this Central Bank, operations that must be affected from 1.2.84 to the aforementioned loan, will have to proceed to make the pertinent corrections.

Form 3948 must be completed starting from February 1984, due to the cancellations made by borrowers adhering to the aforementioned regime during the period of payment exemption. The deadline for the submission of the information corresponding to said month has been set at 16.4.84.

The amounts corresponding to the cancellations - by capital and adjustment - of operations imputed to the loan for the refinancing of mortgage debts (Communication "A" 437) must be deducted from the integration of the minimum cash from the day that their enforceability or early recovery is operated until the day prior to the date on which their debit is made in the entity's current account at the Central Bank. These situations will be recorded in lines 4.23 (capitals) and 4.24 (adjustments) of Form 3000, separately from the amounts that must be reported there due to other provisions.

Finally, we point out to you that Forms 3946, 3947, and 3948 are subject to the current regime on the submission of information (Circular RUNOR - 1, Chapter II, point 1.).

We greet you very attentively.

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Ernesto V. Feldman
Manager of Financing and
Studies of the Financial System
Daniel E. de Pablo
Deputy General Manager

ANNEXES

MODEL
BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Rediscount Department
LOAN FOR THE REFINANCING OF MORTGAGE DEBTS (COMMUNICATION "A" 437) DETERMINATION AND MOVEMENT OF FUNDS CODE Entity: March 1984 CONCEPT AMOUNT IN THOUSANDS OF ARGENTINE PESOS
1. Operations imputed to the Consolidated Loan
(line 1.1. + line 1.2.)
1.1. Capitals
1.2. Adjustments
2. Operations imputed to the special loan limit (line 2.1. + line 2.2.)
2.1. Capitals
2.2. Adjustments
3. Operations imputed to the loan intended for the refinancing of mortgage credits for housing
(line 3.1. + line 3.2.)
3.1. Capitals
3.2. Adjustments
4. Operations imputed to other sources of resources
AMOUNT IN ARGENTINE PESOS 5. Loan determined at 1.2.84 [ (line 1 + line 2 + line 3 + line 4) x 1.000] AMOUNT IN THOUSANDS OF ARGENTINE PESOS
6. Amortizations received during February and March 1984
7. Accrued adjustments during February and March 1984
AMOUNT IN ARGENTINE PESOS 8. Gross intermediation margin accrued during February and March 1984
9. Credits intended for the reacquisition of housing
10. Loan determined at 31.3.84 AMOUNT IN THOUSANDS OF ARGENTINE PESOS
[ (line 5 + line 8 + line 9) ÷ 1.000 - line 6 + line 7] Observations:
Place and date:
Accounting Area (1) General Manager
Signature and clarification Signature and clarification Form. 3946 (III - 84) (1) - To be signed by the highest-ranking responsible person. The provision of this form must be requested via Form. 337

B.C.R.A.
"LOAN FOR THE REFINANCING OF MORTGAGE
DEBTS (COMMUNICATION "A" 437)
DETERMINATION AND MOVEMENT OF FUNDS"
Annex I to
Com. "A" 460
INSTRUCTIONS FOR THE COMPLETION OF FORMULA 3946

1. General Instructions
   In order to determine the loan for the refinancing of mortgage debts (Communication "A"
   437) and the corresponding movement of funds, entities will use Form 3946, which
   must be submitted no later than 16.4.84.
   Its completion will be done in triplicate. The original and the duplicate will be sent to the Department of Rediscount and the triplicate will be archived in the entity's headquarters. Amounts will be recorded in thousands of Argentine pesos (except those that must be included in lines 5, 8 and 9) without decimals, discarding fractions less than 500 and increasing to 1.000 those of 500 or more.
2. Line 1.1.
   The balances as of 1.2.84, for original capitals, imputed to the Consolidated Loan (after deducting the amortization installment and early cancellations that should have been paid on 1.2.84), of refinanced mortgage operations will be reported. The de-assignment of the Consolidated Loan of such balances must be carried out, with the character of an early cancellation, in Form 3760 of January 1984.
3. Line 1.2.
   The amount of the adjustment that corresponds to be entered on 1.2.84 due to the de-assignment of the Consolidated Loan of the balances referred to in the preceding line will be recorded.
4. Line 2.1.
   The balances as of 1.2.84, for original capitals, imputed to the special loan limit (Communication "A" 146 and complementary), of refinanced mortgage credits will be noted.
5. Line 2.2.
   The amount of the adjustment that must be entered on 1.2.84 as a result of the de-assignment of the mentioned special loan limit of the balances included in the previous line will be recorded.
6. Line 3.1.
   The balances as of 1.2.84, for original capitals, affected to the

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  loan intended for the refinancing of mortgage credits for housing (Communication "A" 265 and complementary), of operations included in the present regime, will be reported.

7. Line 3.2.
   The amount of the adjustment that must be entered on 1.2.84 due to the de-assignment of the loan intended for the refinancing of mortgage credits for housing (Communication "A" 265 and complementary) of the balances considered in the preceding line will be recorded.
8. Line 4.
   The balances as of 1.2.84 of credits not affected to the assignments of this Institution referred to in the preceding lines and that were incorporated into the aforementioned refinancing regime will be noted. It is clarified that in this line will also be included the amounts corresponding to the operations recorded in lines 1., 2. and 3. that were not included in the values that, according to the respective instructions, must be reported there (for example: interest, gross intermediation margin contained in the adjustments, installments in arrears, punitive charges, etc.).
9. Line 5.
   For the amount determined in this line, entities must accompany a credit note (Form 3030) for their current account at this Institution. This movement will be effected with value on 1.2.84.
10. Line 6.
    The amounts corresponding to cancellations in concept of capital (determined at 1.2.84) received during February and March 1984, referred to refinanced mortgage credits, will be declared.
11. Line 7.
    The total of adjustments accrued during February and March 1984 pending collection at 1.2.84, corresponding to operations included in this refinancing regime, will be recorded. Such updates will be calculated based on the variations of the Loan Update Index of the Central Bank.
12. Line 8.
    The amount accrued during February and March 1984 in concept of gross intermediation margin pending collection at 1.2.84, corresponding to the operations included, will be recorded. The sum of the figures reported in lines 7. and 8. must be equivalent to the total of adjustments accrued by refinanced credits in the indicated months - calculated based on the increase of the Loan Update Index, Communication "A" 185 - pending collection at 1.2.84.

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  B.C.R.A.
  "LOAN FOR THE REFINANCING OF MORTGAGE
  DEBTS (COMMUNICATION "A" 437)
  DETERMINATION AND MOVEMENT OF FUNDS"
  Annex I to
  Com. "A" 460

13. Line 9.
    The total of mortgage credits granted for the reacquisition of housing will be reported.
    The amounts recorded in lines 8. and 9. will be effected with values as of 1.4.84, for which entities will attach a single credit note (Form 3030) for their current account at this Institution.
14. Line 10.
    The amount obtained in this line must coincide with that recorded in the "Total" of Form 3947.
15. Observations
    In this table, the amounts included in line 4., corresponding to services in arrears and punitive interest included in the refinanced balances, must be detailed. Likewise, entities will formulate the clarifications they deem pertinent.

MODEL
BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Rediscount Department
LOAN FOR THE REFINANCING OF MORTGAGE DEBTS
(COMMUNICATION "A" 437)
CANCELLATION SCHEDULE
CODE
Entity: Month of of 19
INSTALLMENT INSTALLMENT
No. Month Year
AMOUNTS IN THOUSANDS OF
ARGENTINE PESOS No. Month Year
AMOUNTS IN THOUSANDS OF
ARGENTINE PESOS
Transport
Form. 3947 (III - 84)
Transport Transport
The provision of this form must be requested via Form. 337

INSTALLMENT INSTALLMENT
No. Month Year
AMOUNTS IN THOUSANDS OF
ARGENTINE PESOS No. Month Year
AMOUNTS IN THOUSANDS OF
ARGENTINE PESOS
Transport TOTAL
Observations:
Place and date:
Accounting Area (1) General Manager
Signature and clarification Signature and clarification (1) - To be signed by the highest-ranking responsible person.

B.C.R.A.
"LOAN FOR THE REFINANCING OF MORTGAGE
DEBTS (COMMUNICATION "A" 437)
CANCELLATION SCHEDULE"
Annex II to
Com. "A" 460
INSTRUCTIONS FOR THE COMPLETION OF FORMULA 3947

1. General Instructions
   To communicate the cancellation schedule of the loan for the refinancing of mortgage debts (Communication "A" 437), entities will use Form 3947, whose presentation will expire on 16.4.84. The updates of that payment plan will be effected at the times determined by this Institution. The completion of said form will be done in triplicate. The original and the duplicate will be sent to the Department of Rediscount and the triplicate will be archived in the entity's headquarters. The information to be provided must be disaggregated monthly for the first two years and for the remaining term annually. Amounts will be recorded in thousands of Argentine pesos without decimals, discarding fractions less than 500 and increasing to 1.000 those of 500 or more.
2. Installment - No.
   The loan cancellation installments will be numbered consecutively starting from 1. When reporting a full year in a line, the numbers of the first and last installment of the period will be noted (example: 25/36, 37/48, etc.).
3. Installment - Month
   The month to which each of the installments corresponds will be indicated, starting from April 1984.
   When the information must be provided annually, the last month of each period will be mentioned.
4. Amounts
   The amortization installments of the balances as of 1.2.84 of the refinanced credits will be recorded.
5. Total
   The amount recorded in this table must coincide with the value of the loan for the refinancing of mortgage debts (Communication "A" 437) determined at 1.2.84 (line 10. of Form 3946) and also with the sum of the debt balances at that date, refinanced according to the regime of the cited rules.

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6. Observations
   In this table, entities will formulate the clarifications they deem pertinent and all additional information required by the Central Bank.

MODEL
BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Rediscount Department
LOAN FOR THE REFINANCING OF MORTGAGE DEBTS (COMMUNICATION "A" 437) MOVEMENT OF FUNDS CODE Entity:
Month of of 19
CONCEPT
TABLE A Cancellation of the loan
AMOUNTS
IN THOUSANDS OF ARGENTINE PESOS
1. Installment of amortization of the month
2. Early amortizations received in the month
3. Early amortizations received in previous months
4. Amount to debit AMOUNT IN ARGENTINE PESOS
[ (line 1 + line 2 - line 3) x 1.000]
(1)
TABLE B Cost for the use of the loan
1. Total adjustments due in the month (1)
Observations:
Place and date:
Accounting Area (1) General Manager
Signature and clarification Signature and clarification Form. 3948 (III - 84) (1) - Amount for which Form 3030 is attached, (2) - To be signed by the highest-ranking responsible person. The provision of this form must be requested via Form. 337

B.C.R.A.
"LOAN FOR THE REFINANCING OF MORTGAGE
DEBTS (COMMUNICATION "A" 437)
MOVEMENT OF FUNDS"
Annex III to
Com. "A" 460
INSTRUCTIONS FOR THE COMPLETION OF FORMULA 3948

1. General Instructions
   To determine the movement of funds derived from the cancellation of the loan for the refinancing of mortgage debts (Communication "A" 437) and settle the cost for the use of said line, entities will use Form 3948, which must be submitted to the Central Bank no later than the 16th of the month following the one corresponding. Its completion will be done in triplicate. The original and the duplicate will be sent to the Department of Rediscount and the triplicate will be archived in the entity's headquarters. Amounts will be recorded in thousands of Argentine pesos (except those that must be included in lines 4. of Table A and 1. of Table B, which will be expressed in Argentine pesos) without decimals, discarding fractions less than 500 and increasing to 1.000 those of 500 or more.
2. Table A

• Line 1.
  The amortization installments of the balances as of 1.2.84 of the refinanced operations, whose enforceability operates in the month being reported, will be recorded. This line will be integrated starting from April 1984.
• Line 2.
  The nominal values as of 1.2.84 of the early amortizations received in the month under report will be noted.
  For the months of February and March 1984, the nominal values as of 1.2.84 of the cancellations received during the period of payment exemption will be reported. The total of these amounts must coincide with the amount recorded in line 6 of Form 3946.
• Line 3.
  Early collections of the amortization installments corresponding to the month being reported, duly declared in line 2., will be deducted, with the exception of those referred to February and March 1984.

3. Table B

• Line 1
  The total of adjustments of credits affected to this line whose

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  due dates have operated in the period corresponding to the information, as well as those received due to early cancellations that are received in the same period, will be recorded. Such updates will be calculated based on the variations of the Loan Update Index of the Central Bank.

4. Observations
   In this table, entities will formulate the clarifications they deem pertinent and all additional information required by the Central Bank.

B.C.R.A. MODEL Annex IV to
Com. "A" 460
To the President of the
Central Bank of the Republic Argentina
HEREBY
Ref.: Guarantee letter for loans granted by the Central Bank We address you in order to expressly record that we commit and accept the following:

1. That as guarantee for the loan granted to us by the Central Bank of the Republic Argentina, within the regime of Circular REMON - 1 - 143 (Communication "A" 437), a pledge guarantee will be constituted in favor of the Central Bank of the Republic Argentina on the mortgage deeds of our liquid portfolio for a value that reaches or exceeds one hundred percent (100%) of the sums owed to the Central Bank of the Republic Argentina.
2. That we commit to keep the mortgage deeds separate from the rest of the portfolio and at the disposal of the Central Bank of the Republic Argentina in a specific and individualized area of the treasury of this entity that we provide free of charge and to which the officials and inspectors of the Central Bank of the Republic Argentina will have pertinent access.
3. That simultaneously with the constitution of the guarantee on the mortgage deeds referred to in point 1. of this guarantee letter, we will notify in a reliable manner of such circumstance to the debtors of the corresponding credits.
4. That we accept the mission of depositaries of the mortgage deeds offered as guarantee, which we will perform free of charge.
5. That we make it perfectly understood that any subsequent management of collection of the mortgage deeds offered as guarantee will be at the exclusive charge and cost of this entity, whether judicial or extrajudicial.
6. That the list of mortgage deeds offered as guarantee will be detailed in Form
   3055, numbered consecutively, which will form an integral part of this guarantee, and will be kept at this entity at the disposal of the Central Bank of the Republic Argentina.
7. That the Central Bank of the Republic Argentina reserves the right to reject or demand the replacement of any of the mortgage deeds that guarantee the corresponding loan.
8. That for the purposes of establishing the date of the transfer of the values given as guarantee,
   we commit to record in the Minutes Book of this……………… the quantity of mortgage deeds, the total amount of the balances owed, order number of said instruments and the date and numbering of the sheets in which they are individuated -

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  ated. The aforementioned sheets will be kept in custody of this entity at the disposal of the Central Bank of the Republic Argentina, which we obligate to send to that Institution at the time when they are requested.

9. That we commit to satisfy the additional guarantees that the Central
   Bank of the Republic Argentina may require for the debt resulting from the loan.
   Place and date
   NOTE: This guarantee letter must be signed by those authorized to legally commit the entity.

B.C.R.A. MODEL OF LETTER OF NOTIFICATION TO DEBTORS Annex V to Com. "A" 460 (To communicate the constitution of pledge guarantee in favor of the Central Bank of the Republic Argentina on the instrument representing the mortgage encumbrance). To HEREBY Ref.: Mortgage Credit No. We address you regarding the debt you hold with this Entity, originated in the credit cited in the reference, which we granted you with mortgage encumbrance in our favor. On this matter, we bring to your knowledge that on the instrument representing the cited mortgage encumbrance, a pledge guarantee has been constituted in favor of the CENTRAL BANK OF THE REPUBLIC ARGENTINA, as guarantee for loans granted by that Institution. Consequently, this implies the assignment to the aforementioned Central Bank of all rights that it guarantees. Furthermore, we comply in informing you that this Entity, in its capacity as depositary of the pledged titles, is authorized to collect the agreed installments, as long as said procedure is not revoked by the Central Bank of the Republic Argentina, a circumstance that will be communicated to you expressly. By requesting you to kindly notify yourself of the foregoing, we greet you very attentively. Authorized Signature I acknowledge receipt of this and notify myself of its content. Signature and clarification of signature Place and date