Circular Monetary Regulations - REMON 1 - 28. Application of resources from the "Basic" and "Additional" loans

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 154 12/07/82
TO FINANCIAL ENTITIES:
Ref.: Circular MONETARY REGULATIONS -
REMON - 1 - 28. Application of resources from the loan "Basic" and "Additional"

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

"1 - Beneficiaries of refinancing with funds from the "Basic" and "Additional" loans referred to in Circular MONETARY REGULATIONS - REMON - 1 - 22, may only be those clients who register debts with the entities as of 22.7.82, for the amount of the balance registered on that date, its adjustments and interests, even if during the period 6.7.82/30.9.82, that debt decreases compared to the one in force on that base date.

In current account advances and self-liquidating credits such as, discounts of third-party promissory notes, advances on work certificates, the maximum amount (instead of the balance on the indicated day) may be considered as an amount equivalent to the simple average of the debts corresponding to the aforementioned concepts during the period from 1.6.82 to 2.7.82.

2 - The refinancing of assistance to debtors who operate through the discount of pledges, will only be chargeable to Central Bank loans in the sublimit of the general clientele (Point 1. of Circular MONETARY REGULATIONS - REMON - 1 - 27), when the effective monthly rate, implicit in the pledge contract does not exceed by more than 0.50% monthly the maximum rate established for the credits that are charged to those sublimits, at the time of formalizing the discount and also, in the case that on the pledged goods there are price agreements, when the contracts are adjusted to these.

3 - The amounts pending disbursement corresponding to mortgage credits formalized or in the process of formalization as of 2.7.82, may also be attended to with allocation to these loans from the Central Bank.

4 - The following operations will be charged to the sublimit provided for in Point 2. of Circular MONETARY REGULATIONS REMON - 1 - 27 and cannot be refinanced:

4.1. - Credits formalized with guarantee of public titles, certificates of deposits in pesos
or in foreign currency, stocks quoted on the stock exchange, gold, fine pearls, diamonds, platinum and their raw alloys and palladium.

4.2. - The investments in public titles that the entities maintain affected to the loan
"Basic", and

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4.3. - The operations that do not meet the requirement indicated in Point 2. above, within the
limitation fixed in Title I - Point 8., item b) of Circular MONETARY REGULATIONS - REMON - 1 - 22."

We greet you very respectfully.

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