Circular OPASI 2 - 464, OPRAC 1 - 745: Term deposits and investments. Interest rates on credit operations. Benchmark interest rate. Amendments

"2014 - YEAR OF TRIBUTE TO ADMIRAL GUILLERMO BROWN, ON THE BICENTENARY OF THE NAVAL BATTLE OF MONTEVIDEO" COMMUNICATION "A" 5651 10/17/2014 TO FINANCIAL INSTITUTIONS:
Ref.: Circular
OPASI 2 - 464
OPRAC 1 - 745
Term deposits and investments. Interest rates on credit operations. Benchmark interest rate. Amendments.
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We are writing to inform you that this Institution adopted the following resolution:
"1. Replace, effective 11.1.14, the third paragraph of point 1.11.1. of the rules on "Term deposits and investments" with the following:
"The "benchmark interest rate" shall be published by the Central Bank on the basis of the simple average of the predetermined cut-off rates of the Internal Letters of the Central Bank of the Argentine Republic in pesos, with a term closest to 90 days, of the second month immediately preceding the month of receipt of the deposits."
2. Replace, effective 11.1.14, the first paragraph of point 6.4.3. of the rules on "Interest rates on credit operations" with the following:
"- The "benchmark interest rate" shall be published by the Central Bank on the basis of the simple average of the predetermined cut-off rates of the Letters of the Central Bank of the Argentine Republic in pesos, with a term closest to 90 days, of the second month immediately preceding the month of disbursement of the financings and at each date scheduled for the recalculation of the rate - in the case of variable-rate operations, in accordance with the change periodicity -."" Likewise, we inform you that we will subsequently send you the pages that, in replacement of those previously provided, should be incorporated into the respective ordered texts as a consequence of the measure adopted. -2- We greet you attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC Matías A. Gutiérrez Girault Darío C. Stefanelli Manager of Issuance of Rules Deputy General Manager of Rules a/c