Circular Monetary Regulations REMON 1 - 23. Authorization of a Special Loan Limit and Its Application

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 146 05/07/82
TO FINANCIAL ENTITIES:
Ref: Circular MONETARY REGULATIONS REMON - 1 - 23. Authorization of a special loan limit and its application

We address you to inform you that this Institution has decided to implement a credit assistance limit with the following guidelines:

I - Special loan regime.

1. Entities will have a loan line equivalent to the monthly average of daily balances of non-transferable, adjustable-term fixed deposits, to effect the credits granted under the conditions established in section II.

2. The aforementioned line will be integrated with six sub-limits, whose utilization will be adjusted according to variations in the following indices, prepared by the National Institute of Statistics and Censuses:

2.1. Consumer prices.
2.2. Wholesale prices, general level.
2.3. National non-agricultural wholesale prices.
2.4. National agricultural wholesale prices - subgroup "Animal Production".
2.5. National agricultural wholesale prices - subgroup "Vegetable Production".
2.6. Total average monthly salary.

Each of the sub-limits will be charged with placements formalized with the respective correction clauses.

II - Destination of resources.

The funds authorized according to what is established in section I will be destined for granting credits under the following conditions:

1. Loans to natural persons holding the deposits mentioned in point 1 of the previous section, to meet unforeseen family needs.

1.1. Term: up to the maturity of the deposit.

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1.2. Adjustment clause: debt balances will be adjusted according to the variations experienced by the consumer price index, prepared by the National Institute of Statistics and Censuses, between the second month prior to the date of credit execution - at the latest - and the month of equal antecedence to the loan's maturity.

1.3. Maximum interest rate: communicated separately, to be applied to the adjusted capital.

1.4. Guarantees: bond of the deposit certificate.

2. Credits to meet general needs.

2.1. Term: not less than two years.

2.2. Adjustment clause: debt balances will be adjusted according to the variations experienced by any of the indices mentioned in point 2 of the previous section, at the applicant's choice. To this effect, the indices corresponding to the second month prior to the date of loan execution, at the latest, and the month of equal antecedence to the operation's maturity will be compared.

2.3. Maximum interest rate: communicated separately and applied to the adjusted capital.

2.4. Guarantees: at the entity's satisfaction.

We salute you very attentively.

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Néstor J. Taró Daniel E. de Pablo
Manager of Standards for
Financial Entities
Deputy General Manager