2014 – Year of Tribute to Admiral Guillermo Brown, on the Bicentennial of the Naval Battle of Montevideo

Communication “A” 5640 07/10/2014

To Financial Entities:

Reference: Circular OPASI 2‑462

Deposits and Term Investments. Adjustments.

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

1. Replace, with effect for deposits captured from 08/10/14 inclusive, point 1.11.1 of the rules on “Deposits and Term Investments” with the following:

1.11.1. Fixed‑Rate Deposits.

According to the rate freely agreed.

When the deposits are in pesos in the name of holders who are natural persons and whose amount does not exceed the value referred to in point 5.3.1 of the rules on “Application of the Deposit Guarantee System”, the rate may not be lower than the product of the latest reference passive interest rate and the coefficient that corresponds according to the original term of the deposit, as follows:

• 30 to 44 days: 0.87
• 45 to 59 days: 0.89
• 60 days or more: 0.93

The reference passive interest rate will be published by the Central Bank based on the simple average of the predetermined cut‑off rates of the Central Bank of the Argentine Republic’s Internal Letters in pesos, with the maturity closest to 90 days, of the second month immediately preceding the month of capture of the deposits.

For this purpose, renewals of these deposits will be considered as new operations.

The minimum limit provided in the preceding paragraphs will apply insofar as the total of fixed‑term deposits per natural person in the financial entity does not exceed, on the date of each deposit, the limit established in point 5.3.1 cited.

When the fixed‑term deposits are made in the name of two or more natural persons, the amount of the fixed‑term deposit will be distributed proportionally among the holders.

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Non‑compliance with the minimum rate level will result in an increase of the minimum cash reserve requirement in pesos by the amount of the deposits concerned, applicable in the month following the month in which the non‑compliance is recorded, without allowing compensation between deposits. Additionally, without prejudice to the foregoing, summary enforcement actions will be initiated in accordance with the guidelines defined by the Superintendency of Financial and Currency Entities.

2. Order that the minimum interest rates applicable to the deposits referred to in the preceding point shall be as follows:

• 30 to 44 days: 22.89 %
• 45 to 59 days: 23.41 %
• 60 days or more: 24.46 %.

The nominal annual reference passive interest rate applicable in the month of October 2014 shall be 26.31 %.

3. Establish that, until financial entities can verify what is set out in the penultimate paragraph of point 1.11.1 of the rules on “Deposits and Term Investments”, the limit referred to in the second paragraph of that point shall operate per each fixed‑term deposit certificate held by the owners.

4. Order that fixed‑term deposits in pesos contracted at the minimum interest rates of the regime referred to in point 1 of this Communication shall not be subject to the exclusion from the deposit guarantee provided for in point 5.2.3 of the rules on “Application of the Deposit Guarantee System”.

We also inform you that we will subsequently send the pages that, in replacement of those previously provided, must be incorporated into the respective ordered texts as a consequence of the adopted measure.

Sincerely,

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Matías A. Gutiérrez Girault Darío C. Stefanelli

Manager of Norms Emission Deputy General Manager of Norms (acting)