Circular OPASI 2 - 214. Fixed-term deposits with variable interest clauses. Modification

"1999 - Year of the Exportation"

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
__________________________________________________________________ COMMUNICATION "A" 2962 27/07/99 __________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 214.
Fixed-term deposits with variable interest clauses.
Modification

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

"- Substitute, with effect from 1.8.99, point 2. of the resolution disseminated by Communication "A" 2188, with the following:

"2. Establish that the deposits referred to in the previous point shall be subject to the following conditions:

2.1. Basic remuneration.
It shall be equivalent to:

2.1.1. The interest rate arising from any of the following surveys conducted (in pesos or United States dollars) by the Central Bank of the Republic Argentina:

2.1.1.1. Fixed-term deposits of 30 days or more (average).

2.1.1.2. Loans to holders of the non-financial or financial sector.

Regarding the average rate of this option, depositary entities may apply the discount percentage they freely agree upon with the depositor, which must remain invariable for the total pact term.

2.1.1.3. Obligations contracted with banks abroad (linked or not) (average).

2.1.1.4. Offered between banks - Buenos Aires.

2.1.2. LIBOR for segments of 30 days or more.
For these purposes, each entity may consider the level prevailing on one of the days within the period comprising the 2 to 5 immediate banking business days prior to the start date of each computation sub-period, which may not be less than 30 days. This option shall remain fixed for the entire validity term of the deposit.

Once the level is determined, the rate shall remain invariable for a term of no less than 30 days.

2.2. Additional remuneration.
The number of points freely agreed upon by the depositary entities with the depositors, which must remain invariable for the total pact term.

2.3. Record in the certificate.
In the body of the document instrumenting the deposit, it must be clearly determined the basic parameter used, including the fixed days opted for in each operation, the additional points or discount percentage that will govern it, as well as the duration of the agreed sub-periods.""

We salute you very attentively.

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Juan Carlos Isi Alfredo A. Besio
Deputy Manager of Regulatory Regime Manager of Rules for Financial Entities