Circular OPASI 2 - 213. Term Investments with Variable Remuneration. Eligible Indicators. Incorporation

1999 - Year of Export

CENTRAL BANK OF THE ARGENTINE REPUBLIC
____________________________________________________________________ COMMUNICATION "A" 2961 27/07/99 ____________________________________________________________________

TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 213.
Term Investments with Variable Remuneration.
Eligible Indicators.
Incorporation

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

"- Replace points 5. and 6. of the Annex to Communication "A" 2617 with the following:

"5. Currencies.
United States dollar, Canadian dollar, Swedish krona, Swiss franc, British pound, yen, real, euro, and those included in the European Monetary Union convertible into euros.

6. Interest Rates.
   6.1. LIBOR for operations conducted in some of the currencies admitted according to the preceding point 5.
   6.2. Those prepared and published by the Central Bank of the Argentine Republic, according to the daily survey it conducts, for operations in pesos and United States dollars, included in the following list:
   6.2.1.: Time deposits, including those with a term of 30 to 35 days and of more than one million pesos or dollars ("BADLAR"). 6.2.2.: Accepted between private banks ("BAIBAR"). 6.2.3.: Offered between banks ("BAIBOR").""

We remind you of the validity of the obligation to submit the particular characteristics of operations in this matter for prior approval by this Institution and that, for this purpose, hedging contracts for the risks assumed by the variable remuneration offered must be conducted with entities that hold the minimum required international rating (point 5. of Communication "A" 2482, text according to Communication "A" 2617).

Attached, we provide you with the organized text of the list of assets and other eligible indicators to determine the variable remuneration of the aforementioned operations.

We greet you very attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC
Juan Carlos Isi Alfredo A. Besio
Submanager of Regulatory Regime Manager of Standards for Financial Entities

ANNEX

+--------+-----------------------------------------+-------------+

I	ACTIVES AND OTHER ACCEPTED INDICATORS TO	Annex I
B.C.R.A.	DETERMINE THE YIELD OF TERM INVESTMENTS	to I
	WITH VARIABLE REMUNERATION (Comm. "A"	Com. "A" 2961
	2482, pt. 1., ap. D)
+--------+-----------------------------------------+-------------+

1. National public bonds.
   1.1. Guaranteed Fixed Rate Bonds of the Argentine Republic ("Par").
   1.2. Guaranteed Floating Rate Bonds of the Argentine Republic in US$ ("Discount").
   1.3. Floating Rate Bonds in US$ ("FRB").
   1.4. External Bonds 1989 and 1992.
   1.5. Bonds for the Consolidation of Pension Debts (both series, in pesos and in dollars).
   1.6. Consolidation Bonds (in pesos and in dollars).
   1.7. Global External Bonds of the Argentine Republic 1999, 2001, 2003, 2006, 2017 and 2027.
   1.8. External Letters of the Argentine Republic 2002 and 2007.

2. Foreign public bonds.
   2.1. "Brady" Series issued by Brazil ("C Bond"; "IDU"), Venezuela ("Par"; "D.C.B.") and Mexico ("Par"; "Discount").
   2.2. Bonds issued by the treasuries of the central governments of Germany, United States of America, France, England and Italy.

3. Stock indices.
   3.1. Merval (Buenos Aires).
   3.2. Burcap (Buenos Aires).
   3.3. Dow Jones (New York).
   3.4. Standard & Poor's (New York).
   3.5. Bovespa (Sao Paulo).
   3.6. Ipsa (Santiago de Chile).
   3.7. FTSE (London).
   3.8. CAC (Paris).
   3.9. DAX (Frankfurt).
   3.10. Nikkei (Tokyo).
   3.11. IPC (Mexico).

4. Commodities.
   4.1. Gold (London).
   4.2. "Brent North Sea" Oil (London) and WTI (New York).
   4.3. Wheat (local markets and Chicago).
   4.4. Corn (local markets and Chicago).
   4.5. Soybeans (local markets and Chicago).
   4.6. Sunflower oil (Rotterdam).

5. Currencies.
   United States dollar, Canadian dollar, Swedish krona, Swiss franc, British pound, yen, real, euro, and those included in the European Monetary Union convertible into euros.

6. Rates.
   6. Interest Rates.
   6.1. LIBOR for operations conducted in some of the currencies admitted according to the preceding point 5.
   6.2. Those prepared and published by the Central Bank of the Argentine Republic, according to the daily survey it conducts, for operations in pesos and United States dollars, included in the following list:
   6.2.1.: Time deposits, including those with a term of 30 to 35 days and of more than one million pesos or dollars ("BADLAR"). 6.2.2.: Accepted between private banks ("BAIBAR"). 6.2.3.: Offered between banks ("BAIBOR").