Circular Monetary Regulations - REMON 1 - 210, Active Operations - OPRAC 1 - 63, Passive Operations - OPASI 1 - 59: Reorganization of the Financial System - Complementary Rules

CENTRAL BANK OF THE ARGENTINE REPUBLIC

COMMUNICATION "A" 630
19/04/85

TO THE FINANCIAL INSTITUTIONS:

Ref.: Circular MONETARY REGULATIONS - RE-
MON - 1 - 210; ACTIVE OPERATIONS -
OPRAC - 1 - 63; PASSIVE OPERATIONS -
OPASI - 1 - 59. Reorganization of the financial system. Complementary rules

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

1. Extend to 120 days the period established in point 6. of Annex I to Communication "A" 613, during which the use of stamps to insert the legend referring to the scope of the Central Bank guarantee shall be allowed on the certificates of non-transferable fixed-term nominative deposit at an interest rate not regulated by this Institution.

2. Establish that when delays occur in the effectuation of the movements of funds provided for in the rules established regarding operations not adjustable to a rate regulated by the Central Bank (Communications "A" 617 and 625), due to the late submission of Form 4023, a charge calculated at a rate equivalent to the maximum rediscount rate in force in the same period shall be applied during the period of default, on the amount of the net debit arising from the aforementioned form and that of the increases deriving from subsequent rectifications.

3. Allow financial institutions to apply to the cancellation of the Consolidated loans and to the extension of terms of credit operations (Communication "A" 22) the funds of the unavailable deposit constituted by reason of the provisions disseminated by Communication "A" 617, provided that the contractual conditions agreed with the clients are not modified.

4. Provide that interfinancial loans must be made, exclusively, between entities of the same character, taking into account the groupings provided for in point 1.2. of Annex II to Communication "A" 613."

Furthermore, we remind you that as a consequence of the provisions disseminated through Communication "A" 617, the conditional release of the minimum cash reserve of the regulated deposits of the non-financial public sector, provided for in Communication "A" 600, has been rendered without effect - as from 1.4.85 -.

We greet you very attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Eduardo G. Castro
Departmental Submanager
Manager of Financing and Studies of the Financial System a/c

Néstor J. Taró
Departmental Manager c/f General Submanager