Circular OPASI 2 - 193. Deposit Guarantee. Determination of the Reference Rate

1998 - Year of the Municipalities

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
__________________________________________________________________ COMMUNICATION "A" 2777 17/09/98 __________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 193.
Deposit Guarantee. Determination of the Reference Rate

We address you to inform you that this Institution has resolved to modify the reference rate used to determine deposits covered by the guarantee system offered by the deposit guarantee system.

For this reason, point 6.3 of Annex I to Communication "A" 2337 has been drafted as follows:

"6.3. The Central Bank will periodically disseminate, through the "STAF", the reference rates for fixed-term deposits and balances for current accounts (checking and savings accounts), in order to determine the eventual exclusion of the guarantee for operations in which interest rates higher than the reference rates are agreed upon.

The reference rates will be determined by adding two percentage points annually to the moving average of the last five business days' passive rates resulting from the survey conducted by the Central Bank."

We salute you attentively.

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Daniel Oks Alfredo A. Besio
Manager of Economic Analysis and Information Manager of Regulations for Financial Entities