Circular OPASI 2 - 284. Conversion of entity checks. Foreign exchange operations. Unfreezing of reprogrammed deposits

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
__________________________________________________________________ COMUNICACIÓN " A " 3443 I 22/01/02 __________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 284
Conversion of entity checks.
Foreign exchange operations. Unfreezing of reprogrammed deposits.

We address you to inform you that, in accordance with what is established in Resolution 23/02 of the Ministry of Economy, this Institution has adopted the following resolution:

"1. It is ordered that counter checks and financial payment checks in United States dollars, which correspond to fund movements against customer accounts carried out until 4.1.02, even if not yet finalized, must be redeemed by the issuing entities for similar documents issued in pesos, applying for the conversion of the foreign currency an exchange rate of $ 1.40 for each United States dollar.

The same criterion will be used regarding cancellation checks in United States dollars sold until 4.1.02, inclusive.
In both cases, the holder of the document will have the option to reprogram it, assimilating its treatment to a fixed-term deposit in foreign currency of equal amount.

2. Incorporate into the Annex to Communication "A" 3381 (text according to Communications "A" 3426, 3437 and 3442), the following point:

"... Debits in current or savings accounts will not be admitted for the sale, by financial entities, of foreign currency -in cash, traveler's checks, checks, transfers, etc.- in the free foreign exchange market and of gold and other precious metals, minted and in bars of good delivery, unless they imply the use of the cash withdrawal margins referred to in point 6.

Financial entities also cannot carry out those transactions against the delivery of drawn checks or debit orders via transfer over accounts of the same or another entity.

There are no restrictions for carrying out that operation with counterpart in cash."

3. Incorporate into point 2.1. of the "Regime for the reprogramming of deposits" (point 4. of the resolution made known through Communication "A" 3426), the following subsection:

"g) Holders may opt, at any time, to transfer to current accounts or savings boxes up to $ 7,000 of the total reprogrammed, without modifying the application of the schedule referred to in subsection a) for the remaining balance. The unfreezing will be carried out by using, first, the certificates representing the reprogramming with maturities closest, considering for this purpose the capital plus the accrued interest -at a nominal annual rate of 7%- up to the day before the transfer."

4. Replace point 2.2. of the "Regime for the reprogramming of deposits" (point 4. of the resolution made known through Communication "A" 3426 -text according to Communications "A" 3437 and 3442-), with the following text:

"2.2. Reprogramming in foreign currencies.

Included are:

a) matured fixed-term deposits (including those registered in immobilized balances for expired operations, not withdrawn nor credited to checking accounts) and those due.
Holders may opt -until 15.2.02-, to transfer to current accounts or savings boxes in pesos up to the equivalent of US$ 5,000 of the total reprogrammed under this concept, at an exchange rate of $ 1.40 per United States dollar, without modifying the application of the schedule referred to in subsection a) "Schedule" for the remaining balance. The unfreezing will be carried out by using, first, the certificates representing the reprogramming with maturities closest, considering for this purpose the capital plus the accrued interest -at a nominal annual rate of 2%- up to the day before the transfer.

b) the balances of current accounts, including those special for legal persons, except that:

• the holder is a legal person who -until 25.1.02- opts to transfer partially or totally the balance to a current account in pesos in the same entity converted at the official market exchange rate (if applicable, $ 1.40 per United States dollar).
  In the event of not exercising this option, or exercising it partially, the total or partial unconverted balance will remain included in the reprogramming.

• it concerns an account of a natural person, regarding whose balance the holder may opt -until 15.2.02- for its conversion to pesos for
  up to an amount equivalent to US$ 10,000 at the official market exchange rate (if applicable, $ 1.40 per United States dollar) and transfer it to an account in pesos that they have at the same financial entity.

In the event of not making use of that option, and for the part that the holder decides not to affect to the reprogramming alternative, the unconverted amount will remain available according to the general conditions contained in point 6. of the Annex to Communication "A" 3381 (text according to Communication "A" 3442).

Current accounts in foreign currencies opened in the name of natural persons who develop a sole proprietorship of any nature -industrial, commercial, agricultural, professional or services-, provided that the movements carried out in them are related to the normal and habitual course of their activity, for the purposes of exercising the option to transform their balances into national currency will have the treatment assigned to current accounts opened in the name of legal persons. c) the balances of savings boxes.

The holder may opt, with a deadline until 15.2.02, to convert to pesos at the official market exchange rate (if applicable, $ 1.40 per United States dollar) the balances up to the equivalent of US$ 5,000 and transfer the resulting amount to any account in the same or another entity. In the event of not making use of that option and for the part that the holder decides not to affect it to the alternative of reprogramming, the unconverted amount will remain available according to the general conditions contained in point 6. of the Annex to Communication "A" 3381 (text according to Communication "A" 3442). Accounts in foreign currency savings boxes opened in the name of natural persons who develop a sole proprietorship of any nature -industrial, commercial, agricultural, professional or services-, provided that the movements carried out in them are related to the normal and habitual course of their activity, for the purposes of exercising the option to transform their balances into national currency will have the treatment assigned to current accounts opened in the name of legal persons."

5. Incorporate into the "Regime for the reprogramming of deposits"
   (point 4. of the resolution made known through Communication "A" 3426), the following point:

"1.4. Natural and legal persons may request the unfreezing of amounts included in the reprogrammed deposits, provided that they are applied to the following destinations:
a) payment of remuneration of employees in dependent employment corresponding to the payroll of January 2002 or earlier whose finalization was pending. The unfreezing will only operate through transfers -carried out directly by the depositary entity- to the remuneration crediting accounts of employees, opened in the same or another entity. The use of reprogrammed balances in pesos or in United States dollars, whose holders are the parties obliged to pay the remuneration, will be admitted.

The entity must verify, as a prior condition to the unfreezing, that the holders have paid the social security contributions and payments corresponding to the last accrued period due. b) payment of obligations of any nature with the State (National, provincial or municipal) denominated in pesos and those corresponding to social security -including pension contributions, for health insurance and for work risks-. The unfreezing will only operate through transfers to the accounts of the collection agency in question. The use of reprogrammed balances in pesos or in United States dollars whose holders are the parties obliged to pay those concepts will be admitted.

c) total or partial cancellation -including periodic installments- of foreign currency financings only with reprogrammed balances in United States dollars, within the same entity, although the clients are not the holders of the reprogrammed deposits. Balances arising from credit card settlements, whether minimum, total or financed, are not included. d) total or partial cancellation -including periodic installments- of peso financings only with reprogrammed balances in pesos in the same or another entity, although the clients are not the holders of the reprogrammed deposits. When it comes to loan cancellations in entities different from the depositaries, these will transfer directly the funds that are unfrozen to apply them to that destination. Balances arising from credit card settlements, whether minimum, total or financed, are not included.

The amounts in United States dollars, when applied to the destinations provided for in paragraphs a) and b), will be converted to pesos at the official market exchange rate.

The unfreezing will be carried out by using, first, the certificates representing the reprogramming with maturities closest, considering for this purpose the capital plus the accrued interest -at a nominal annual rate of 2% or 7%, as appropriate- up to the day before the transfer."

6. Admit the constitution of fixed-term deposits in pesos with funds coming from current and savings accounts in pesos, with a minimum term of 30 days and at the interest rate freely agreed upon.

They will be instrumented through non-transferable certificates that, at maturity, can only be renewed or deposited in those accounts, aspect that must be recorded in the document."

We salute you very attentively.
BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Alfredo A. Besio José Rutman
Manager of Emission Manager Principal of of Norms Norms and Authorizations