BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

COMUNICACIÓN “A” 4040 30/10/2003

A LAS ENTIDADES FINANCIERAS:

Ref.: Circular OPASI 2 - 346
Sistema de seguro de garantía de los depósitos. Determinación del aporte adicional. Adecuación transitoria.

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

“Establish that, with effect from the contribution corresponding to September 2003 until the contribution corresponding to March 2004, for the purposes of determining the additional contribution provided for in point 7.1 of the regulations on “Application of the Deposit Guarantee Insurance System”, the value of the index to be used corresponding to the RPC/minimum capital requirement relationship -indicator Irpc/Kmin- for the calculation of the correction index -“Ic”- will be equal to 0.

Likewise, with effect from the contribution corresponding to September 2003 until the contribution corresponding to August 2004, the correction index “Ic” will be calculated in accordance with what is provided in point 7.2 of the aforementioned regulations, applying from September 2004 the expression provided for in point 7.1 for entities with “CAMELS” rating and the corresponding value of the index of the “Icamels” indicator, to the extent that the entities have ratings subsequent to June 2003.

Any differences that arise with respect to the contributions already made effective will be compensated in the next monthly settlement of the contribution and subsequent ones until total absorption; this latter criterion will be applied when the resulting readjustments yield a balance in favor of the entities.”

We send you attached the sheets that in replacement of those previously provided correspond to be incorporated into the ordered text of the regulations on “Application of the Deposit Guarantee Insurance System”.

We salute you very attentively.

BANCO CENTRAL DE LA REPUBLICA ARGENTINA

Alfredo A. Besio
Gerente de Emisión de Normas

José Rutman
Gerente Principal de Normas

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ANEXO

B.C.R.A.

TEXTO ORDENADO DE LAS NORMAS SOBRE

APLICACIÓN DEL SISTEMA DE SEGURO DE GARANTÍA DE LOS DEPÓSITOS

Versión: 4a. COMUNICACIÓN “A” 4040
Vigencia: 30/10/2003

• Índice -

1. Fideicomiso accionista de SEDESA.
2. Aporte normal.
3. Aporte adicional.
4. Integración de los aportes.
5. Alcances de la garantía.
   5.1. Depósitos comprendidos.
   5.2. Exclusiones.
   5.3. Cobertura. Monto y formalidades.
6. Instrumentación.
7. Determinación del aporte adicional.
   7.1. Entidades con calificación "CAMELS".
   7.2. Entidades sin calificación "CAMELS".
   7.3. Disposiciones transitorias.
8. Legislación aplicable.
   8.1. Ley 24.485.
   8.2. Decreto 540/95 y sus modificatorios.

Tabla de correlaciones

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B.C.R.A. APLICACIÓN DEL SISTEMA DE SEGURO DE GARANTÍA DE LOS DEPÓSITOS

Versión: 5a. COMUNICACIÓN “A” 4040
Vigencia: 30/10/2003

7. Determinación del aporte adicional.

The normal contribution will be corrected according to the result yielded for each entity by an index that, constructed based on the factors indicated in point 3., will fluctuate between 1 and 2.

7.1. Entidades con calificación "CAMELS".

It will arise from the following expression:

Ic = {(Ipr/f + Iar/a + 2 * Icamels)/4} - Irpc/Kmin

where:

Ipr/f: indicator referred to in point 3.3.1. which will take the value resulting from the following expression:

Ipr/f = (Vi/0,04) ^ 1,20

where

Vi: relationship between the minimum provisions required according to point 2.1. of Section 2. of the regulations on “Minimum provisions for uncollectible risk” and the total financings included (Section 2. of the regulations on “Classification of debtors”). This concept includes the balances of guarantees granted for obligations assumed on behalf of third parties, registered on the last day of the month in question, according to the classification reported in the debtor status statement.

The value of the index will be bounded between 1 and 2.5. That is, in cases where the result of the expression is, respectively, lower or higher than those lower and upper limits, 1 or 2.5 will be taken, as appropriate.

Iar/a: indicator referred to in point 3.3.2. which will take the value resulting from the following expression:

Iar/a = (Vi/0,70) ^ 1,30

where

Vi: relationship between the entity's risk assets and total assets. Risk assets are defined as the sum of the concepts "Ais", "Vrf" and "Vrani" -in these last two cases computed by their weighted value- in the terms referred to in point 3.1. of Section 3. of the regulations on “Minimum capital of financial entities” and total assets as the sum of the concepts "Ais", "f" and other non-immobilized assets.

7.2. Entidades sin calificación "CAMELS".

Until the rating of the Superintendencia de Entidades Financieras y Cambiarias ("CAMELS") is available, the calculation of the correction index will arise from the following expression:

Ic = {(Ipr/f + Iar/a)/2} - Irpc/Kmin

For its application, the definitions of the terms according to point 7.1. will be taken into account.

7.3. Disposiciones transitorias.

For the purposes of determining the additional contribution -calculation of the correction index “Ic”-, the value of the index to be used from the contribution corresponding to September 2003 until the contribution corresponding to March 2004 with respect to the RPC/minimum capital requirement relationship -indicator Irpc/Kmin- will be equal to 0.

Likewise, from the contribution corresponding to September 2003 until the contribution corresponding to August 2004, the correction index “Ic” will be calculated in accordance with what is provided in point 7.2., applying from September 2004 the expression provided for in point 7.1. for entities with “CAMELS” rating and the corresponding value of the index of the “Icamels” indicator, to the extent that the entities have ratings subsequent to June 2003.

Any differences that arise with respect to the contributions already made effective will be compensated in the settlement of the contribution due on 12.11.03 and subsequent ones until total absorption; this latter criterion will be applied when the resulting readjustments yield a balance in favor of the entities.

8. Legislación aplicable.

8.1. Ley 24.485 (*).

Article 1º: The Deposit Guarantee Insurance System is created, which shall be limited, mandatory, and onerous, with the object of covering the risks of bank deposits, in a subsidiary and complementary manner to the system of privileges and protection of deposits established by the Financial Entities Law, without compromising the resources of the Central Bank of the Republic Argentina nor of the National Treasury. The Central Bank of the Republic Argentina is authorized to organize and put into operation the system created by this article.

When the Central Bank of the Republic Argentina were to order the total or partial suspension of operations or the revocation of the authorization to function of a financial entity, the Deposit Guarantee Insurance System shall order the reimbursement to their holders of the sums deposited in the special accounts for the crediting of remuneration, enabled by virtue of the provisions contained in article 124 of Law 20.744 (consolidated text in 1976), within a period not greater than five (5) business days from the date of the suspension or revocation of the authorization to function.

8.2. Decreto 540/95 ().

Article 1º: The "DEPOSIT GUARANTEE FUND" (FGD) is created with the purpose of covering bank deposits with the scope provided for in this Decree.

The society "DEPOSIT INSURANCE ANONYMOUS COMPANY" (SEDESA) is constituted with the exclusive object of exercising the functions of trustee of the trust contract to be celebrated between SEDESA and the NATIONAL STATE, through the CENTRAL BANK OF THE REPUBLIC ARGENTINA to administer the FGD.

(*) Published in the Official Bulletin of 18.4.95. With the modification of Law 25.089 (O.B. 14.05.99) () With the modifications of Decrees 1292/96, 1127/98 and 1292/99

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B.C.R.A.

ORIGEN DE LAS DISPOSICIONES INCLUIDAS

EN EL TEXTO ORDENADO DE LAS NORMAS SOBRE

APLICACIÓN DEL SISTEMA DE SEGURO DE GARANTÍA DE LOS DEPÓSITOS

TEXTO ORDENADO			NORMA DE ORIGEN				Observaciones
Punto	Párrafo.	Com.	Anexo	Punto	Párrafo
1.		"A" 2337	I	1.	1° y 2°
		1°	"A" 2337	I	2.	1°	S/Dec. 1292/96, Com. "A" 2807 y “A” 3358
2.		2°	"A" 2337	I	2.	2°	S/Dec. 1292/96
3.		1°	"A" 2337	I	3.	1°
3.1.		"A" 2337	I	3.1.
3.2.		"A" 2337	I	3.2.
3.3.		"A" 2337	I	3.3.
3.3.1.		"A" 2337	I	3.3.1.
3.3.2.		"A" 2337	I	3.3.2.
3.		2°	"A" 2337	I	3.	2°
4.		1º	"A" 2337	I	4.	3 y 2	S/Com. "B" 5806, 8º párrafo y “A” 3068
		2°	"A" 2337	I	4.	4°
5.		"A" 2337	I	6.
5.1.		1°	"A" 2337	I	6.1.	1°
5.1.1.		"A" 2337	I	6.1.	i)
5.1.2.		"A" 2337	I	6.1.	ii)
5.1.3.		"A" 2337	I	6.1.	iii)
5.1.4.		"A" 2337	I	6.1.	iv)
5.1.5.		"A" 2482	1.	2°
5.1.6.		"B" 5806	3°	S/Com. "A" 2807
5.2.		"A" 2337	I	6.4.		S/Com. "A" 2399
5.2.1.		"A" 2337	I	6.4.1.		S/Com. "A" 2399
5.2.2.		"A" 2337	I	6.4.2.		S/Com. "A" 2399
5.2.3.		"A" 2337	I	6.3.		S/Com. "A" 2777 y “A” 3358
5.2.4.		"A" 2337	IV	S/Dec. 540/95, art. 12, inc. c)
5.2.5.		"A" 2337	I	6.2.
5.2.6.		"A" 2337	IV	S/Dec. 540/95, art. 12, inc. c)
5.2.7.		"A" 2807		5.2.7.
5.3.		"A" 2337	I	6.		S/Dec. 540/95
5.3.1.		"A" 2337	I	6.5.
5.3.2.		"A" 2337	I	6.7.	1°	S/Dec. 540/95
5.3.3.		"A" 2337	I	6.7.	2°	S/Dec. 540/95
5.3.4.		"A" 2337	I	6.8.		S/Dec. 540/95
5.3.5.		"A" 2337	I	6.9.
6.		"A" 2337	I	7.		S/Com. "A" 2399 y 3270, y Decreto 1292/96
7.		1°	"A" 2337	II	1.		S/Com. "A" 2561
7.1.		"A" 2337	II	1.		S/Com. "A" 2561 y “A” 4040
7.2.		"A" 2337	II	2.		S/Com. "A" 2561
7.3.		“A” 4040
8.		"A" 2807	II y III
8.1.		"A" 2807	II	S/Ley 25.089
8.2.		"A" 2807	III	S/Dec. 1292/99