Circular OPASI 2-466 / OPRAC 1-746: Application of the Deposit Guarantee Insurance System, Time Deposits, Savings Accounts, and Banking Regulations

2014 - YEAR OF TRIBUTE TO ADMIRAL GUILLERMO BROWN, ON THE BICENTENNIAL OF THE NAVAL BATTLE OF MONTEVIDEO

COMMUNICATION “A” 5659 31/10/2014

TO FINANCIAL ENTITIES:

Ref.: Circular
OPASI 2 - 466
OPRAC 1 - 746
Application of the deposit guarantee insurance system. Time deposits and investments. Savings deposits, salary accounts, universal free accounts, and special accounts. Regulation of the bank current account. Demand accounts opened in Cooperative Credit Unions. Interest rates in credit operations. Update. ______

We address you to deliver to you attached the sheets that, in replacement of those previously provided, must be incorporated into the codified texts of the referenced norms, for the purpose of updating them in accordance with the provisions set forth in the resolutions made known through Communications “A” 5641 and 5651.

Likewise, we inform you that interpretative clarifications have been incorporated into the referenced norms to facilitate their application.

Furthermore, we remind you that on this Institution's website www.bcra.gob.ar, by accessing “regulations” (“codified texts”), you will find the modifications made with texts highlighted in special characters (strikethrough and bold).

We salute you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC
Matías A. Gutiérrez Girault Darío C. Stefanelli Manager of Emission of Regulations General Manager of Regulations

TO THE ATTENTION OF

ANNEX

B.C.R.A. APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM

1. Shareholder Trust of SEDESA.
   The participation in the trust that acts as shareholder of the society Seguro de Depósitos S.A. (SEDESA) arises from providing the effective contribution made by each entity regarding the contributions collected from the entire system, corresponding to each calendar year. The non-exercise of the option to participate by an entity will determine the proportional increase in the participation of the other entities.

2. Normal Contribution.
   The entities covered by the Financial Entities Law must monthly allocate to the Deposit Guarantee Fund (FGD) a normal contribution equivalent to 0.06% of their monthly average of daily balances of the items listed in point 5.1., recorded in the second month immediately preceding. For these purposes, the Bank of the Argentine Nation will adhere to what is provided in the second paragraph of article 6 of Decree No. 540/95 (text according to Decree No. 1292/96 - article 3).

The Central Bank of the Argentine Republic may require the integration, as an advance, of the equivalent of up to twenty-four (24) minimum normal contributions, with an advance of no less than thirty (30) calendar days, to cover resource needs of the Fund.

3. Additional Contribution.
   In addition to the normal contribution referred to in point 2., entities must make a differentiated additional contribution depending on the result obtained from the weighting of the following factors, based on the methodology contained in point 7.

3.1. The rating assigned to the entity according to the evaluation carried out by the Superintendence of Financial and Exchange Entities.

3.2. The ratio of excess integration of computable patrimonial responsibility regarding the minimum capital requirement. For this effect, the computable patrimonial responsibility will be added with provisions for uncollectibility risk constituted in excess of the minimums established in the pertinent norms.

3.3. The quality of the active portfolio measured by:

3.3.1. Minimum provisions required for uncollectibility risk regarding financings.

3.3.2. Computable assets to determine the required minimum capital, weighted as established in the norms on “Minimum capitals of financial entities”, regarding total assets.

Version: 7th COMMUNICATION “A” 5659
Validity:
01/11/2014

5.2.3. Deposits in which interest rates higher than the reference rates are agreed, which are periodically disseminated by the Central Bank of the Argentine Republic through Communications “B”, determined by adding two percentage points annually to the moving average of the last five banking days of the passive rates that, for fixed-term deposits and demand account balances (savings accounts and social security salary accounts) up to $ 100,000 (or its equivalent in other currencies) arise from the survey carried out by the Central Bank of the Argentine Republic, except when it concerns fixed-term deposits in pesos contracted at the minimum fixed interest rate referred to in point 1.11.1. of the norms on “Time deposits and investments”.

5.2.4. Deposits of financial entities in other intermediaries, including fixed-term certificates acquired through secondary negotiation.

5.2.5. Deposits made by persons linked, directly or indirectly, to the entity according to the guidelines defined in point 2.2. of Section 2. of the norms on “Fractionation of credit risk”.

5.2.6. Fixed-term deposits of securities, acceptances, or guarantees.

5.2.7. Immobilized balances originating from excluded deposits and other operations.

5.3. Coverage. Amount and Formalities.

5.3.1. The guarantee will cover the return of the deposited capital, interest, updates -by the Reference Stabilization Coefficient “CER”- and quotation differences, as applicable, accrued until the date of revocation of the authorization to function or until the date of suspension of the entity by application of article 49 of the Organic Charter of the Central Bank of the Argentine Republic, if this measure had been adopted prior to the former, without exceeding -for these concepts- $ 350,000.

That date will be considered for the determination of the Reference Stabilization Coefficient for the purposes of what is provided in point 1.9. of Section 1. of the norms on “Time deposits and investments” for deposits with that clause and of the “Reference exchange rate” for the conversion to pesos of deposits in foreign currency, for the purpose of establishing the amount reached by the coverage.

5.3.2. In accounts and deposits constituted in the name of two or more persons, the guarantee limit will be $ 350,000, regardless of the number of titular holders, distributing proportionally the amount of the guarantee that corresponds among the holders.

5.3.3. The total guaranteed to a specific person, by accumulation of accounts and deposits covered, as provided previously, cannot exceed the limit of $ 350,000.

5.3.4. SEDESA will reject or postpone until its judicial recognition the coverage request by application of this guarantee regime when the deposits do not meet the requirements established in the applicable norms or when the depositors do not exhibit titles materially and formally valid.

B.C.R.A. APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM Version: 12th COMMUNICATION “A” 5659 Validity:
01/11/2014

5.3.5. SEDESA may require, prior to the settlement of the guarantee, that depositors justify the origin and availability of the deposited funds through records that demonstrate the verisimilitude thereof and/or that the effective entry of funds to the entity has been verified regarding each operation covered by the regime.

In addition, the said society must file the pertinent complaint when it detects irregularities or a criminal offense aimed at obtaining the undue payment of the guarantee.

6. Instrumentation.
   In all documents representing passive operations (certificates, deposit slips, receipts issued by ATMs, account statements, etc.), the following legend must appear, visibly and printed on the front or back of them:

“The deposits in pesos and in foreign currency are covered by a guarantee of up to $ 350,000. In operations in the name of two or more persons, the guarantee will be prorated among their holders. In no case, the total guarantee per person and per deposit may exceed $ 350,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree 540/95 and Comm. “A” 2337 and its modifications and complements. Excluded are those captured at rates higher than the reference rate -except fixed-term deposits in pesos contracted at the minimum fixed interest rate-, those that have had incentives or special remuneration different from the interest rate, those acquired by endorsement and those made by persons linked to the financial entity.”

In case any of the situations cited last occurs, it will be necessary to place visibly on the front of the documents the following legend:

“Deposit without guarantee”

This last requirement will not apply when operations are carried out through ATMs belonging to networks that enable the operational interconnection of financial entities.

Entities must keep the complete texts of Law 24.485, Decree No. 540/95 (updated text) and these norms available to their clientele.

In addition, in the advertising carried out by financial entities, related to the deposits they capture, the existence of a limited guarantee for their return must be stated.

On boards where rates offered to the clientele are informed, the scope of the guarantee (type of deposits included, percentage and amount guaranteed, exceptions, etc.) must be transcribed visibly.

While documents containing the legends in printed form are not available, the requirement may be complied with by placing stamps with the following expressions: “Deposits are covered by a limited guarantee for their return. Law 24.485, Decree No. 540/95 and norms on “Application of the deposit guarantee insurance system” issued by the Central Bank of the Argentine Republic” or “Deposit without guarantee”, as applicable.

B.C.R.A. APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM Version: 8th COMMUNICATION “A“ 5659 Validity:
01/11/2014

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED
IN THE CODED TEXT OF THE NORMS ON
“APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM”

Point Paragraph Comm. Annex Point Paragraph
OBSERVATIONS
1. “A” 2337 I 1. 1st and 2nd
1st “A” 2337 I 2. 1st w/Dec. 1292/96, Comm. “A” 2807, 3358, 4206, 4271 and 5641.
2.
2nd “A” 2337 I 2. 2nd w/Dec. 1292/96.
3. 1st “A” 2337 I 3. 1st
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. 2nd “A” 2337 I 3. 2nd
1st “A” 2337 I 4. 2nd and 3rd w/Comm. “B” 5806 (8th paragraph) and “A” 3068.
4.
2nd “A” 2337 I 4. 4th
5. “A” 2337 I 6.
5.1. 1st “A” 2337 I 6.1. 1st
5.1.1. “A” 2337 I 6.1. i)
5.1.2. “A” 5108
5.1.3. “A” 2337 I 6.1. ii)
5.1.4. “A” 2337 I 6.1. iii)
5.1.5. “A” 2337 I 6.1. iv) w/Comm. “A” 5091, 5108, 5164
and 5234.
5.1.6. “A” 2482 1. 2nd
5.1.7. “B” 5806 3rd w/Comm. “A” 2807.
5.2. “A” 2337 I 6.4. w/Comm. “A” 2399.
5.2.1. “A” 2337 I 6.4.1. w/Comm. “A” 2399.
5.2.2. “A” 2337 I 6.4.2. w/Comm. “A” 2399, 4681 and
4874.
5.2.3. “A” 2337 I 6.3. w/Comm. “A” 2777, 3358, 5108
5234, 5640 and 5654. Includes interpretative clarification.
5.2.4. “A” 2337 IV w/Dec. 540/95, art. 12, item c)
5.2.5. “A” 2337 I 6.2. w/ Comm. “A” 5520.
5.2.6. “A” 2337 IV w/Dec. 540/95, art. 12, item c)
5.2.7. “A” 2807 5.2.7.
5.3. “A” 2337 I 6. w/Dec. 540/95.
5.3.1. “A” 2337 I 6.5. w/Comm. “A” 4681, 5170 and
5641.
5.3.2. “A” 2337 I 6.7. 1st w/Dec. 540/95 and Comm. “A”
5170 and 5641.
5.3.3. “A” 2337 I 6.7. 2nd w/Dec. 540/95 and Comm. “A”
5170 and 5641.
5.3.4. “A” 2337 I 6.8. w/Dec. 540/95.
5.3.5. “A” 2337 I 6.9.

APLICACIÓN DEL SISTEMA DE SEGURO DE GARANTÍA DE LOS DEPÓSITOS Point Paragraph. Comm. Annex Point Paragraph OBSERVATIONS
6. “A” 2337 I 7. w/Comm. “A” 2399, 3270,
4874, 5170, 5641 and 5659.
Includes interpretative clarification. Dec. 1292/96.
7. 1st “A” 2337 II 1. w/Comm. “A” 2561.
7.1. “A” 2337 II 1. w/Comm. “A” 2561, 4040, 5369
and 5417.
7.2. “A” 2337 II 2. w/Comm. “A” 2561.
8. “A” 2807 II and III
8.1. “A” 2807 II w/Law 25.089.
8.2. “A” 2807 III w/Dec. 1292/99 and Comm. “A”
4206.

1.10. Deposits with incentives or remuneration -total or partial- in goods or services.
Titulars must be advised about the nature of the remuneration for tax purposes.
In the body of the document that instruments the deposit, it must be recorded that this requirement has been complied with. These deposits can only be made in pesos.

1.11. Remuneration.

1.11.1. Fixed rate deposits.
According to the rate freely agreed upon.
When it concerns deposits in pesos in the name of titulars who are natural persons and whose amount does not exceed the value referred to in point 5.3.1. of the norms on “Application of the deposit guarantee insurance system”, the rate cannot be lower than that resulting from the product between the last “reference interest rate” and the coefficient that corresponds according to the original term of the deposit, as follows:

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

The “reference interest rate” will be published by the Central Bank based on 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, from the second month immediately preceding the month of capture of the deposits.

For these purposes, the renewals of these deposits will be considered as new operations.

The minimum limit provided in the preceding paragraphs will apply to the extent that the total of fixed-term deposits in pesos per natural person in the financial entity does not exceed, on the date of constitution of each deposit, the limit established in point 5.3.1. cited. When it concerns fixed-term deposits in pesos constituted in the name of two or more natural persons, the deposit amount will be distributed proportionally among their holders.

Non-compliance with the minimum rate level will result in an increase in the minimum cash requirement in pesos by the amount of the deposits in question, corresponding to the month following the one in which the non-compliance is registered, without admitting compensation between deposits. Additionally, and without prejudice to what is stated, summary proceedings will be initiated according to the guidelines defined by the Superintendence of Financial and Exchange Entities.

TIME DEPOSITS AND INVESTMENTS B.C.R.A.
Section 1. Fixed-term.
Version: 9th COMMUNICATION “A” 5659
Validity:
01/11/2014

issued by the ATM during the process of that transaction, in the specific slot for that function, and withdraw the receipt that the machine delivers at the end of the operation, which will serve for a eventual subsequent claim.

3.4.2.8. Do not forget to withdraw the magnetic card at the end of operations.

3.4.2.9. If the ATM retains the card or does not issue the corresponding receipt, immediately communicate that situation to the bank with which one operates and to the bank administering the ATM.

3.4.2.10. In case of loss or theft of your card, immediately report this situation to the bank that issued it.

3.4.2.11. In case of withdrawals when there are differences between the receipt issued by the ATM and the amount actually withdrawn, communicate that circumstance to the banks in which the operation was carried out and the administrator of the system, in order to solve the problem.

3.5. Guarantee of deposits.

3.5.1. Legend.
In all documents representing passive operations (certificates, deposit slips, receipts issued by ATMs, account statements, etc.), the following legend must appear, visibly and printed on the front or back of them:

“The deposits in pesos and in foreign currency are covered by a guarantee of up to $ 350,000. In operations in the name of two or more persons, the guarantee will be prorated among their holders. In no case, the total guarantee per person and per deposit may exceed $ 350,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree 540/95 and Comm. “A” 2337 and its modifications and complements. Excluded are those captured at rates higher than the reference rate -except fixed-term deposits in pesos contracted at the minimum fixed interest rate-, those that have had incentives or special remuneration different from the interest rate, those acquired by endorsement and those made by persons linked to the financial entity.”

In case any of the situations cited last occurs or it concerns a deposit of securities, it will be necessary to place visibly on the front of the documents the following legend:

“Deposit without guarantee”

This last requirement will not apply when operations are carried out through ATMs belonging to networks that enable the operational interconnection of financial entities.

3.5.2. Information to the client.
Entities must keep the complete texts and

TIME DEPOSITS AND INVESTMENTS B.C.R.A.
Section 3. General provisions.
Version: 5th COMMUNICATION “A” 5659
Validity:
01/11/2014

TIME DEPOSITS AND INVESTMENTS
Sec. Point Para. Comm. Annex Ch. Sec. Point Para.
OBSERVATIONS
1.7. “A” 1653 I 3.4.1.
1.7.1. “A” 1653
“A” 1913
I 3.4.2.
2. 2nd
1.7.2. “A” 3043
1.8.1. “A” 1199 I 3.
1.8.2. “A” 1820 I 3.2. 2nd w/Comm. “A” 3293,
3527, 3682 (pt. 10.),
3827 (pt. 9.) and 4140.
1.8.3. “A” 1820 I 3.2. 1st
“A” 1465 I 2. w/Comm. “A” 4716 and “B”
9186. i) “A” 2275 2. 1st ii) “A” 2275 2.1. iii) “A” 2275 2.1.
1.8.4. iv) “A” 4716 8.
1.9. “A” 3660 w/Comm. “A” 3827, (pt.
9.).
1.10. “A” 4874 2.
1.11.1. “A” 1465
“A” 1653
“A” 1820
I
2.1.2.
3.1.1.2.
3.3.1.2.
3.4. w/Comm. “A” 3660, 5640,
5651, 5654 and 5659.
Includes interpretative clarification.
1.11.2.1. “A” 2188 2.1. 1st w/Comm. “A” 2962 (pt.
2.1.), 3660, 4543,
4654 and 5257.
1.11.2.2. “A” 2188 2.1. 2nd w/Comm. “A” 2962 (pt.
2.2.), 3660 and 4543.
1.11.2.3. “A” 2188 2.3. w/Comm. “A” 2962 (pt.
2.2.), 3660, 4543 and
4654.
1.11.3. “A” 3660
1.11.4. “A” 4874 3.
1.11.5. 1st “A” 1199 I 5.3.2. w/Comm. “A” 3660.
1.11.5.1. “A” 1465 I 2.1.2. 2nd w/Comm. “A” 3660.
1.11.5.2. “A” 3660
1.11.6.1. “A” 1199 I 5.3.2. w/Comm. “A” 3660.
1.11.6.2. “A” 2482 2. w/Comm. “A” 3660.
1.11.6.3. “A” 4874 4.
1.12.1.1. “A” 1653
“A” 1820
“A” 2061
I 3.1.1.1.
3.3.
1.1.1. w/Comm. “A” 3485,
3527, 3660, 3682 (pt.
11.), 3827 (pt. 9.) and
4032.
1.12.1.2. “A” 1465
“A” 1603
“A” 2275
I 2.1.1.
5.
2. w/Comm. “A” 3660.
1.12.2. “A” 2188 1. w/Comm. “A” 3660 and
4543.
1.12.3. “A” 3660 w/Comm. “A” 4298 and
4331.
1.12.4. “A” 4874 5.
1st “A” 1653 I 3.4.13.2.
1.
1.13.1.
2nd “A” 3043 w/Comm. “A” 3660.

TIME DEPOSITS AND INVESTMENTS
Sec. Point Para. Comm. Annex Ch. Sec. Point Para.
OBSERVATIONS
3rd “A” 2530 5th
3.4.2. “A” 2530 2nd
3.5.1. “A” 1199
“A” 1820 I
I 6.3.
2.6. w/Comm. “A” 2807 (pt.
6. - 1st and 2nd paragraph),
3270, 4874, 5170,
5641 and 5659. Includes interpretative clarification.
3.5.2. “A” 2807 6. 3rd
3.5.3.1. “A” 2807 6. 5th
3.5.3.2. “A” 2807 6. 4th
3.6.1. “A” 1199 I 5.3.1.
3.6.2. “A” 1199 I 5.3.2.
3.6.3. “A” 1199 I 5.3.3.
3.6.4. “A” 3043
3.6.5. “A” 1199 I 5.3.4.
3.6.6. “A” 1199 I 5.3.4.1.
3.6.7. “A” 627 1.
3.7. “A” 1199 I 5.1.
3.7.1. “A” 1199 I 5.1.1.
3.7.2. “A” 1199 I 5.1.2.
3.7.3. “A” 1199 I 5.1.3.
3.8.1. “A” 1199 I 5.2.1. w/Comm. “A” 3043.
3.8.2. “A” 1199 I 5.2.2. w/Comm. “A” 3043, 4809
and 5482.
3.9. “B” 6572 w/Comm. “A” 5388.
3.10. “A” 5588
3.10.1. “A” 5588
3.
3.10.2. “A” 5588
4.1. “A” 4360 1.
4.2. “A” 4360 1.
4.3. “A” 4360 1.
4.4. “A” 4360 1.
4.5. “A” 4360 1.
4.6. “A” 4360 1.
4.7. “A” 4360 1.
4.8. “A” 4360 1.
4.
4.9. “A” 4360 1. w/Comm. “A” 4874.
5.1. “A” 4916 1.
5.2. “A” 4916 1.
5.3. “A” 4916 1.
5.4. “A” 4916 1.
5.5. “A” 4916 1.
5.6. “A” 4916 1.
5.7. “A” 4916 1.
5.8. “A” 4916 1.
5.9. “A” 4916 1.
5.
5.10. “A” 4916 1.

6.4. Guarantee of deposits.

6.4.1. Legend.
In all documents representing passive operations (deposit slips, receipts issued by ATMs, account statements, etc.) the following legend must appear, visibly and printed on the front or back of them:

“The deposits in pesos and in foreign currency are covered by a guarantee of up to $ 350,000. In operations in the name of two or more persons, the guarantee will be prorated among their holders. In no case, the total guarantee per person and per deposit may exceed $ 350,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree 540/95 and Comm. “A” 2337 and its modifications and complements. Excluded are those captured at rates higher than the reference rate -except fixed-term deposits in pesos contracted at the minimum fixed interest rate-, those that have had incentives or special remuneration different from the interest rate, those acquired by endorsement and those made by persons linked to the financial entity.”

In case any of the situations cited last occurs or it concerns a deposit of securities, it will be necessary to place visibly on the front of the documents the following legend:

“Deposit without guarantee”

This last requirement will not apply when operations are carried out through ATMs belonging to networks that enable the operational interconnection of financial entities.

6.4.2. Information to the client.
Entities must keep the complete texts and updated of Law 24.485, Decree No. 540/95 (updated text) and the norms on “Deposit guarantee insurance system” available to their clientele.

6.4.3. Advertising.

6.4.3.1. In financial entity premises.
On boards where rates offered to the clientele are informed, the scope of the guarantee (type of operation, its condition of being included or not in the regime, percentage and amount guaranteed, exceptions, etc.) must be transcribed visibly.

6.4.3.2. In other media.
In the advertising carried out by financial entities, related to the deposits they capture, the existence of a limited guarantee for their return or its absence must be stated, as the case may be.

SAVINGS DEPOSITS, SALARY ACCOUNT,
B.C.R.A. UNIVERSAL FREE ACCOUNT AND SPECIALS
Section 6. General provisions.
Version: 3rd COMMUNICATION “A” 5659
Validity:
01/11/2014

SAVINGS ACCOUNTS, SALARY ACCOUNTS, UNIVERSAL FREE ACCOUNTS AND SPECIAL ACCOUNTS Sec. Point Para. Com. Annex Ch. Sec. Point Para. OBSERVATIONS
6.3.1. 1° “A” 2530 1°
2° “A” 2530
3° and
4°
3° “A” 2530 5°
6.3.2. “A” 2530 2°
6.4.1.
“A” 1199
“A” 1820 I
I
6.3.
2.6.
S/Com. “A” 2807 (pt. 6.
-1° and 2°-), 3270, 5170,
5641 and 5659. Includes interpretative clarification.
6.4.2. “A” 2807 6. 3°
6.4.3.1. “A” 2807 6. 5°
6.4.3.2. “A” 2807 6. 4°
6.5.1. “A” 1199 I 5.3.1.
6.5.2. “A” 1199 I 5.3.2.
6.5.3. “A” 1199 I 5.3.3.
6.5.4. “A” 3042
6.5.5. “A” 1199 I 5.3.4.
6.5.6. “A” 1199 I
5.3.4.1. and
5.3.4.3.
6.5.7. “A” 627 1.
6.6. “A” 1199 I 5.1.
6.6.1. “A” 1199 I 5.1.1.
6.6.2. “A” 1199 I 5.1.2.
6.6.3. “A” 1199 I 5.1.3.
6.7.1. “A” 1199 I 5.2.1. S/Com. “A” 3042.
6.7.2. “A” 1199 I 5.2.2.
S/Com. “A” 3042, 4809 and
5482.
6.8. “B” 6572 S/Com. “A” 5388.
6.9. “A” 4809 6.
6.10. “A” 4809 7. S/Com. “A” 5164 and 5520.
6.11. 1° “A” 5212
6.11.1. “A” 5127 3.
S/Com. “B” 9961 and “A”
5164, 5212 and 5473.
6.11.2. “A” 5212
6.11.3. “A” 5137 S/Com. “A” 5164.
6.12. “A” 5137 S/Com. “A” 5164.
6.12.1. “A” 5137 S/Com. “A” 5164.
6.12.2. “A” 5137 S/Com. “A” 5164 and 5517.
6.13. “A” 5482
6.14. “A” 5482
6.15. “A” 5531 S/Com. “A” 5547.
6.16. “A” 5588
6.16.1. “A” 5588
6.
6.16.2. “A” 5588
7.1. “A” 1199 I 4.2.6.
S/Com. “B” 9516 and
10025 and “A” 5410 and
5565.
7.
7.2. “B” 10567

12.1.2.10. In the event of loss or theft of your card, immediately report this situation to the bank that issued it.
12.1.2.11. In the event of withdrawals where there are differences between the receipt
issued by the ATM and the amount actually withdrawn, communicate this circumstance to the banks where the operation was carried out and the system administrator, in order to solve the problem.
12.2. Guarantee of deposits.
12.2.1. Legend.
On deposit slips, account statements, receipts issued by ATMs in relation to operations linked to the current account, the following legend must appear, visibly and printed on the front or back of them:
“Deposits in pesos and foreign currency are guaranteed up to $ 350,000. In operations in the name of two or more persons, the guarantee will be prorated among their holders. In no case, the total guarantee per person and per deposit may exceed $ 350,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree 540/95 and Com. “A” 2337 and its amendments and complements. Excluded are those captured at rates higher than the reference rate -except for fixed-term deposits in pesos contracted at the minimum fixed interest rate-, those that have had special incentives or remuneration different from the interest rate, those acquired by endorsement and those made by persons linked to the financial entity.” In the event that any of the situations mentioned last occur, it will be necessary to place the following legend visibly on the front of the documents:
“Deposit without guarantee”
This last requirement will not apply when operations are carried out through ATMs belonging to networks that enable the operational interconnection of financial entities.
12.2.2. Information to the client.
Entities must keep available to their clientele the complete and updated texts of Law 24.485, Decree No. 540/95 (updated text) and the rules on “Application of the deposit guarantee insurance system”.
12.2.3. Advertising.
On the boards where the rates offered to the clientele on credit balances in current accounts are informed, the scope of the guarantee (its condition of being included or not in the regime, percentage and amount guaranteed, exceptions, etc.) must be transcribed visibly. In the advertising carried out by banks in other media, related to these deposits, the existence of a limited guarantee for their return or its absence must be stated, as the case may be.

REGULATION OF THE BANK CURRENT ACCOUNT
B.C.R.A.
Section 12. General provisions.
Version: 3rd COMMUNICATION “A” 5659
Validity:
01/11/2014

REGULATION OF THE BANK CURRENT ACCOUNT
Sec. Point Para. Com. Annex Ch. Sec. Point Para.
OBSERVATIONS
9.3. “A” 2514 unique 1.5.
9.3.1. 1º “A” 2514 unique 1.5.3.3. 1º and 2º S/Com. “A” 3244.
2º “A” 2514 unique 1.5.2. 2º and 5º S/Com. “A” 3244.
9.
9.4. “A” 2514 unique 1.7.
“A” 3075
10.1. 1º “A” 2514 unique 1.6.3. 3º S/Com. “A” 3075.
2º “A” 2514 unique 1.6.3. 4º S/Com. “A” 3075, 3244 and 4063 (pt. 1.).
10.2. “A” 3075
10.
10.2.1. a
10.2.4.
“A” 2514 unique 1.9.4. Texts that replace model formula notices.
S/Com. “A” 3075, 3235,
3244, 3831 and 4063 (pt. 1.).
11.1. “A” 4063 4.
11.2. “A” 4063 4.
11.
11.3. “A” 4063 4.
“A” 3075
12.1. “A” 2530
1º “A” 2530 1º S/Com. “A” 3075.
2º “A” 2530 3º and 4º
12.1.1.
3º “A” 2530 5º
12.1.2. “A” 2530 2º
12.2. “A” 3075
12.2.1. “A” 1199 I 6.3. S/Com. “A” 3068 (pt. 7. - 1º
and 2nd para.-), 3235, 5170,
5641 and 5659. Includes interpretative clarification.
12.2.2. “A” 2807 6. 3º
12.2.3. 1º “A” 2807 6. 5º S/Com. “A” 3075.
2º “A” 2807 6. 4º S/Com. “A” 3075.
12.3. “A” 1199 I 5.1.
12.3.1. “A” 1199 I 5.1.1.
12.3.2. “A” 1199 I 5.1.2.
12.3.3. “A” 1199 I 5.1.3.
12.4. “A” 2514 unique 1.13.2. S/Com. “A” 3075.
12.5. “B” 6572 S/Com. “A” 5388.
12.6. “A” 3235
12.7. 1º “A” 5212
12.7.1. “A” 5127 3. S/Com. “B” 9961 and “A” 5164,
5212 and 5473.
12.7.2. “A” 5212
12.7.3. “A” 5137 S/Com. “A” 5164.
12.8. “A” 5588
12.8.1. “A” 5588
12.
12.8.2. “A” 5588

10.1.2.8. Do not forget to remove the magnetic card at the end of the operations.
10.1.2.9. If the ATM retains the card or does not issue the corresponding receipt,
communicate this situation immediately to the cooperative credit union with which you are operating and to the entity administering the ATM.
10.1.2.10. In the event of loss or theft of your card, immediately report this situation to the cooperative credit union that issued it.
10.1.2.11. In the event of withdrawals, where there are differences between the receipt
issued by the ATM and the amount actually withdrawn, immediately communicate this circumstance to the entity where the operation was carried out and to the system administrator, in order to solve the problem.
10.2. Guarantee of deposits.
10.2.1. Legend.
On deposit slips, account statements, receipts issued by ATMs in relation to operations linked to the demand account, the following legend must appear, visibly and printed on the front or back of them:
“Deposits in pesos and foreign currency are guaranteed up to $ 350,000. In operations in the name of two or more persons, the guarantee will be prorated among their holders. In no case, the total guarantee per person and per deposit may exceed $ 350,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree 540/95 and Com. “A” 2337 and its amendments and complements. Excluded are those captured at rates higher than the reference rate -except for fixed-term deposits in pesos contracted at the minimum fixed interest rate-, those that have had special incentives or remuneration different from the interest rate, those acquired by endorsement and those made by persons linked to the financial entity.” In the event that any of the situations mentioned last occur, it will be necessary to place the following legend visibly on the front of the documents:
“Deposit without guarantee”
This last requirement will not apply when operations are carried out through ATMs belonging to networks that enable the operational interconnection of cooperative credit unions.
10.2.2. Information to the client.
Cooperative credit unions must keep available to their clientele the complete and updated texts of Law 24.485, Decree No. 540/95 (updated text) and the rules on “Application of the deposit guarantee insurance system”.

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 10. General provisions.
Version: 3rd COMMUNICATION “A” 5659
Validity:
01/11/2014

DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS Sec. Point Para. Com. Annex Sec. Point Para.
OBSERVATIONS
7. 7.9. “A” 4713 Unique 7. 7.9.
8.1. “A” 4713 Unique 8. 8.1.
8.2. “A” 4713 Unique 8. 8.2.
8.3. “A” 4713 Unique 8. 8.3.
8.
8.4. “A” 4713 Unique 8. 8.4.
9. 9.1. “A” 4713 Unique 9. 9.1.
9.2. “A” 4713 Unique 9. 9.2.
10.1. “A” 4713 Unique 10. 10.1.
10.2. “A” 4713 Unique 10. 10.2. S/Com. “A” 5170, 5641 and 5659. Includes interpretative clarification.
10.3. “A” 4713 Unique 10. 10.3.
10.4. “A” 4713 Unique 10. 10.4.
10.5. “A” 4713 Unique 10. 10.5. S/Com. “A” 5388.
10.6. “A” 4713 Unique 10. 10.6.
10.7. 1° “A” 5212
10.7.1. “A” 5127 3. S/Com. “B” 9961 and “A” 5164, 5212 and
5473.
10.7.2. “A” 5212
10.7.3. “A” 5137 S/Com. “A” 5164.
10.8. “A” 5588
10.8.1. “A” 5588
10.
10.8.2. “A” 5588

INTEREST RATES IN CREDIT OPERATIONS
B.C.R.A. Section 6. Financings subject to interest rate regulation by the B.C.R.A.
This indicator will be considered individually, except for controlling financial entities subject to consolidated supervision, in which case it will be calculated on a monthly consolidated basis.
6.4.1.1. Pledge loans on motor vehicles (including financial leases thereof): 1.25.
6.4.1.2. Financings included incorporated pursuant to point 6.3.2.: 2.00.
6.4.1.3. Rest of the financings included in point 6.3.1.: 1.45.
6.4.2. Group II.
Remaining financial entities.
6.4.2.1. Pledge loans on motor vehicles (including financial leases thereof): 1.40.
6.4.2.2. Financings included incorporated pursuant to point 6.3.2.: 2.00.
6.4.2.3. Rest of the financings included in point 6.3.1.: 1.80.
6.4.3. Applicable criteria.

• The “reference interest rate” will be published by the Central Bank based on 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, from the second month immediately preceding the month of disbursement of the financings and each date foreseen for the recalculation of the rate -in the case of variable rate operations, according to the frequency of change-.
• The interest rate of each included financing to be considered for compliance with the maximum interest rate level will be the rate that the financial entity applies -on the financings it disburses- and/or renegotiates -in the case of financings granted at variable rate- in each month of calculation.
• The interest rates of “stepped” rate financings must be evaluated in each month of rate adjustment.
• For the purposes of observing maximum interest rates, financings with a clause for the application of the Reference Stabilization Coefficient (“CER”) will be calculated by the contractual interest rate corrected multiplicatively by the variation of the CER recorded in the previous 12 months (considering end-of-month values) to the month immediately preceding the disbursement date.
• Only financings that are disbursed or incorporated
  (point 6.3.2.) from 11.06.14 will be included. The incorporated financings will be covered to the extent that they have been granted from that date, considering the maximum interest rate in effect at the time of disbursement of each included financing. Version: 2nd COMMUNICATION “A” 5659 Validity:
  01/11/2014

INTEREST RATES IN CREDIT OPERATIONS
Sec. Point Para. Com. Annex Ch. Sec. Point Para.
OBSERVATIONS
5.4. “A” 1828 4. S/Com. “A” 3052.
5.5. Communication 14290.
5.
5.6. “A” 1864 Last. S/Com. “A” 3052.
6.1 “A” 5590 2.
6.2 “A” 5590 2.
6.3. “A” 5590 2.
6.3.1 “A” 5590 2.
6.3.2 “A” 5590 2.
6.4 “A” 5590 2.
6.4.1 “A” 5590 2.
6.4.2. “A” 5590 2.
6.4.3. “A” 5590 2. S/Com. “A” 5615, 5651 and
5659. Includes interpretative
clarification.
6.5 “A” 5590 2.
6.6 “A” 5590 2.
6.6.1. “A” 5590 2. S/Com. “A” 5615.
6.6.2. “A” 5590 2.
6.7 “A” 5590 2.
6.
6.8. “A” 5615