2016 – Year of the Bicentennial of the Declaration of National Independence

COMMUNICATION “A” 5943 07/04/2016

TO FINANCIAL INSTITUTIONS:

Reference: Circular OPASI 2‑490 – Application of the Deposit Guarantee Insurance System. Term deposits and investments. Savings deposits, payroll accounts and special accounts. Regulation of the current bank account. Sight‑account deposits opened in cooperative credit unions. Adjustments.

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We address you to inform that this Institution has adopted the resolution whose pertinent part is transcribed below:

1. Replace, effective from the contribution due on 7 April 2016, point 2 of the rules on “Application of the Deposit Guarantee Insurance System” with the following:

   “Entities covered by the Financial Entities Law must monthly allocate to the Deposit Guarantee Fund (FGD) a normal contribution equal to 0.015 % of their monthly average of daily balances of the items enumerated in point 5.1, recorded in the second immediately preceding month. For this purpose the Bank of the Nation Argentina will comply with the provisions of 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) normal minimum contributions, with a notice of no less than thirty calendar days, to cover resource needs of the Fund.

2. Establish, effective 1 May 2016, a guarantee amount of $450,000 for the deposits referred to in points 5.3.1, 5.3.2, 5.3.3 and 6 of the rules on “Application of the Deposit Guarantee Insurance System”, point 3.5.1 of the rules on “Term Deposits and Investments”, point 4.4.1 of the rules on “Savings Deposits, Payroll Accounts and Special Accounts” (according to Communication “A” 5928), point 12.2.1 of the rules on “Regulation of the Current Bank Account” and point 10.2.1 of the rules on “Sight‑account deposits opened in cooperative credit unions”.

   In addition, we send you the sheets that, in replacement of those previously provided, must be incorporated into the rules on “Application of the Deposit Guarantee Insurance System”, “Term Deposits and Investments”, “Regulation of the Current Bank Account” and “Sight‑account deposits opened in cooperative credit unions”.

   -2-

   In due course, the sheets that must be incorporated into the rules on “Savings Deposits, Payroll Accounts and Special Accounts” will be disseminated.

   It is also reminded that on the Institution’s website www.bcra.gob.ar, under “Legal and Regulatory Framework – Ordered Texts – Normative Orders”, the modifications made will be found with the changes highlighted in special characters (strikethrough and bold).

   We greet you attentively.

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CENTRAL BANK OF THE ARGENTINE REPUBLIC

Darío C. Stefanelli – Senior Manager of Issuance and Normative Applications

Agustín Torcassi – Deputy General Manager of Norms

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ANNEX

1. Shareholder Trust of SEDESA

The participation in the trust that acts as shareholder of the company Seguro de Depósitos S.A. (SEDESA) arises from providing the contribution effected by each entity with respect to 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 of the participation of the other entities.

2. Normal Contribution

Entities covered by the Financial Entities Law must monthly allocate to the Deposit Guarantee Fund (FGD) a normal contribution equal to 0.015 % of their monthly average of daily balances of the items enumerated in point 5.1, recorded in the second month immediately preceding. For this purpose the Bank of the Nation Argentina will comply with the provisions of 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) normal minimum contributions, with a notice of no less than thirty 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 an additional differentiated contribution according to 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 Superintendency of Financial and Currency Entities.
• 3.2. The excess integration ratio of computable patrimonial responsibility with respect to the minimum capital requirement. For this purpose, to the computable patrimonial responsibility will be added the provisions for uncollectibility risk constituted in excess of the minima established in the pertinent norms.
• 3.3. The quality of the active portfolio measured by:
  • 3.3.1. Minimum provisions required for uncollectibility risk with respect to financings.

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

Version: 9a. COMMUNICATION “A” 5943

Effective: 07/04/2016

5.2.3. Deposits with agreed interest rates higher than the reference rates

The reference rates 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 business days of the passive rates for term‑fixed deposits and sight‑account balances (savings box and payroll/social security account) up to $100,000 (or equivalent in other currencies) obtained from the survey carried out by the Central Bank of the Argentine Republic.

5.2.4. Deposits of financial entities in other intermediaries, including fixed‑term certificates acquired through secondary market 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 the rules on “Credit Risk Segmentation”.

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

5.2.7. Immobilised balances arising from deposits and other excluded operations.

5.3. Coverage – Amount and Formalities

5.3.1. Guarantee

The guarantee will cover the return of the deposited capital, interest, updates –by the Reference Stabilisation Coefficient (CER)– and quotation differences, as applicable, accrued up to the date of revocation of the authorization to operate or up to the date of suspension of the entity pursuant to article 49 of the Organic Charter of the Central Bank of the Argentine Republic, if that measure had been adopted prior to the former, without exceeding –for those concepts– $450,000.

That date will be considered for the determination of the Reference Stabilisation Coefficient for the purposes set out in point 1.9 of the rules on “Term Deposits and Investments” for instruments with that clause and of the “Reference Exchange Rate” for conversion to pesos of foreign‑currency deposits, in order to establish the amount reached by the coverage.

5.3.2. Joint Accounts

In accounts and instruments held in the name of two or more persons, the guarantee limit will be $450,000, regardless of the number of account holders, with the guarantee amount proportionally distributed among the holders.

5.3.3. Accumulated Guarantees per Person

The total guaranteed for a given person, by accumulation of accounts and deposits covered, may not exceed the limit of $450,000.

5.3.4. SEDESA’s Refusal or Postponement

SEDESA will reject or postpone, until judicial recognition, a request for coverage under this guarantee regime when the deposits do not meet the requirements established in the applicable rules or when depositors do not present material and formally valid titles.

5.3.5. Verification of Funds Origin

SEDESA may require, prior to the liquidation of the guarantee, that depositors justify the origin and availability of the deposited funds through certificates demonstrating their plausibility and/or that the effective receipt of the funds by the entity for each operation covered by the regime has been verified. Moreover, the aforementioned company must file the pertinent complaint when it detects irregularities or a criminal offence aimed at obtaining undue collection of the guarantee.

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6. Instrumentation

All representative documents of passive operations (certificates, deposit slips, receipts issued by ATMs, account statements, etc.) must visibly and printedly display on the front or back the following legend:

“Deposits in pesos and in foreign currency are guaranteed up to $450,000. In operations in the name of two or more persons, the guarantee will be prorated among the holders. In no case may the total guarantee per person and per deposit exceed $450,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree 540/95 and Communication “A” 2337 and its amendments and complements. Excluded are those attracted at rates higher than the reference rate, those that have received special incentives or remunerations different from the interest rate, those acquired by endorsement and those made by persons linked to the financial entity.”

If any of the situations cited in the last sentence occurs, the following legend must be placed 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 operational interconnection of financial entities.

Entities must keep the full texts of Law 24.485, Decree 540/95 (updated text) and the present rules available to their clientele.

In addition, any advertising carried out by financial entities related to the deposits they attract must state the existence of a limited guarantee for their return.

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

While documents containing the printed legends are not yet available, the requirement may be fulfilled by placing stamps with the following expressions:

• “Deposits are covered by a limited guarantee for their return. Law 24.485, Decree 540/95 and the rules on ‘Application of the Deposit Guarantee Insurance System’ issued by the Central Bank of the Argentine Republic.”
• “Deposit without guarantee”, as appropriate.

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B.C.R.A. – ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM”

Point	Paragraph	Comm.	Annex	Point	Paragraph	Observations
1	“A” 2337	I	1.	1°y 2°
1°	“A” 2337	I	2.	1°	S/Dec. No 1292/96, Comm. “A” 2807, 3358, 4206, 4271, 5641 and 5943.
2
2°	“A” 2337	I	2.	2°	S/Dec. No 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°
1°	“A” 2337	I	4.	2°y 3°	S/Comm. “B” 5806 (8° paragraph), “A” 3068, 5710 and 5720.
4
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”	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)	S/Comm. “A” 5091, 5108, 5164 and 5234.
5.1.6.	“A” 2482	1.	2°
5.1.7.	“B” 5806	3°	S/Comm. “A” 2807.
5.2.	“A” 2337	I	6.4.
5.2.1.	“A” 2337	I	6.4.1.	S/Comm. “A” 2399.
5.2.2.	“A” 2337	I	6.4.2.	S/Comm. “A” 2399, 4681 and 4874.
5.2.3.	“A” 2337	I	6.3.	S/Comm. “A” 2777, 3358, 5108, 5234, 5640, 5654 and 5891. Includes interpretative clarification.
5.2.4.	“A” 2337	IV	S/Dec. No 540/95, art. 12, inc. c).
5.2.5.	“A” 2337	I	6.2.	S/ Comm. “A” 5520.
5.2.6.	“A” 2337	IV	S/Dec. No 540/95, art. 12, inc. c).
5.2.7.	“A” 2807	5.2.7.
5.3.	“A” 2337	I	6.	S/Dec. No 540/95.
5.3.1.	“A” 2337	I	6.5.	S/Comm. “A” 4681, 5170, 5641 and 5943.
5.3.2.	“A” 2337	I	6.7.	1°	S/Dec. No 540/95 and Comm. “A” 5170, 5641 and 5943.
5.3.3.	“A” 2337	I	6.7.	2°	S/Dec. No 540/95 and Comm. “A” 5170, 5641 and 5943.
5.3.4.	“A” 2337	I	6.8.	S/Dec. No 540/95.
5.3.5.	“A” 2337	I	6.9.

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APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM (CONTINUED)

Point	Paragraph	Comm.	Annex	Point	Paragraph	Observations
6	“A” 2337	I	7.	S/Comm. “A” 2399, 3270, 4874, 5170, 5641, 5659, 5891 and 5943. Includes interpretative clarification. Dec. No 1292/96.
7	1° “A” 2337	II	1.	S/Comm. “A” 2561.
7.1.	“A” 2337	II	1.	S/Comm. “A” 2561, 4040, 5369 and 5417.
7.2.	“A” 2337	II	2.	S/Comm. “A” 2561.
8	“A” 2807	II and III
8.1.	“A” 2807	II	S/Law 25.089.
8.2.	“A” 2807	III	S/Dec. No 1292/99 and No 1653/15. S/Comm. “A” 4206 and 5816.
9	“A” 5710	2.

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TERM DEPOSITS AND INVESTMENTS

Version: 4a. COMMUNICATION “A” 5943

Effective: 01/05/2016

Section	Point	Paragraph	Comm.	Annex	Chapter	Section	Point	Paragraph	Observations
3.3.5.	“A” 2252	1.5.	S/Comm. “A” 2482 (pt. 3.), 3043, 5034 and 5841.
3.3.6.	“A” 2252	1.6.
1°	“A” 2530	1°
2°	“A” 2530	3° and 4°
3.4.1.
3°	“A” 2530	5°
3.4.2.	“A” 2530	2°
3.5.1.	“A” 1199	“A” 1820 I	I 6.3. 2.6.	S/Comm. “A” 2807 (pt. 6. – 1° and 2° paragraphs), 3270, 4874, 5170, 5641, 5659, 5891 and 5943. Includes interpretative clarification.
3.5.2.	“A” 2807	6.	3°
3.5.3.1.	“A” 2807	6.	5°
3.5.3.2.	“A” 2807	6.	4°
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.	S/Comm. “A” 3043.
3.8.2.	“A” 1199	I	5.2.2.	S/Comm. “A” 3043, 4809 and 5482.
3.9.	“B” 6572	S/Comm. “A” 5388.
3.10.	“A” 5588
3.10.1.	“A” 5588
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.
4.9.	“A” 4360	1.	S/Comm. “A” 4874.

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REGULATION OF THE CURRENT BANK ACCOUNT

Version: 5a. COMMUNICATION “A” 5943

Effective: 01/05/2016

Section	Point	Paragraph	Comm.	Annex	Chapter	Section	Point	Paragraph	Observations
9.3.	“A” 2514	unique	1.5.
9.3.1.	1	“A” 2514	unique	1.5.3.3.	1 and 2	S/Comm. “A” 3244.
2	“A” 2514	unique	1.5.2.	2 and 5	S/Comm. “A” 3244.
9.3.2.	“A” 2514	unique	1.5.3.3.	3	S/Comm. “A” 3075 and 3244.
9.
9.4.	“A” 2514	unique	1.7.
“A” 3075
10.1.	1	“A” 2514	unique	1.6.3.	3	S/Comm. “A” 3075.
2	“A” 2514	unique	1.6.3.	4	S/Comm. “A” 3075, 3244 and 4063 (pt. 1.).
10.2.	“A” 3075
10.2.1.	a
10.2.4.	“A” 2514	unique	1.9.4.	Texts that replace formula models of notices.	S/Comm. “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
1	“A” 2530	1	S/Comm. “A” 3075.
2	“A” 2530	3 and 4
12.1.1.
3	“A” 2530	5
12.1.2.	“A” 2530	2
12.2.	“A” 3075
12.2.1.	“A” 1199 I	6.3.	S/Comm. “A” 3068 (pt. 7. – 1° and 2° paragraphs), 3235, 5170, 5641, 5659, 5891 and 5943. Includes interpretative clarification.
12.2.2.	“A” 2807	6.	3
12.2.3.	1	“A” 2807	6.	5	S/Comm. “A” 3075.
2	“A” 2807	6.	4	S/Comm. “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/Comm. “A” 3075.
12.5.	“B” 6572	S/Comm. “A” 5388.
12.6.	“A” 3235
12.7.	1	“A” 5212
12.7.1.	“A” 5127	3.	S/Comm. “B” 9961 and “A” 5164, 5212, 5473 and 5718.
12.7.2.	“A” 5212	S/Comm. “A” 5718.
12.7.3.	“A” 5137	S/Comm. “A” 5164.
12.8.	“A” 5588
12.8.1.	“A” 5588
12.8.2.	“A” 5588

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End of Document

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, immediately report the situation to the cooperative credit union with which you operate and to the entity that administers the ATM.

10.1.2.10. In case of loss or theft of your card, immediately report the situation to the cooperative credit union that issued it.

10.1.2.11. In case of withdrawals, when there are differences between the receipt issued by the ATM and the amount actually withdrawn, immediately report the circumstance to the entity where the operation was performed and to the system administrator, in order to resolve the problem.

10.2. Deposit Guarantee.

10.2.1. Legend.

On deposit slips, account summaries, 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 $450,000. In operations in the name of two or more persons, the guarantee will be prorated among the holders. In no case may the total guarantee per person and per deposit exceed $450,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree 540/95 and Comm. “A” 2337 and its amendments and complements. Excluded are those attracted at rates higher than the reference rate, those that have received special incentives or remuneration different from the interest rate, those acquired by endorsement and those made by persons linked to the financial entity."

If any of the situations mentioned in the last sentence occur, a visible legend must be placed on the front of the documents stating:

"Deposit without guarantee"

This last requirement will not apply when operations are carried out through ATMs belonging to networks that enable 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 regulations on the "Application of the Deposit Guarantee System".

CURRENT ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS

B.C.R.A.

Section 10. General Provisions.

Version: 5a. COMMUNICATION “A” 5943

Effective: 01/05/2016

OBSERVATIONS

Sec.  Punto  Pár.  Com.   Anexo   Sec.   Punto  Pár.
7.    7.9.   “A”   4713   Unique  7.     7.9.
8.1.  “A”   4713   Unique  8.1.   “A”   8.1.
8.2.  “A”   4713   Unique  8.2.   “A”   8.2.
8.3.  “A”   4713   Unique  8.3.   “A”   8.3.
8.    (blank)               8.4.   “A”   4713   Unique
9.    9.1.   “A”   4713   Unique  9.     9.1.
9.2.  “A”   4713   Unique  9.2.   “A”   4713   Unique
10.1. “A”   4713   Unique 10.1.  “A”   4713   Unique
10.2. “A”   4713   Unique 10.2.  “A”   5170, 5641, 5659, 5891 and 5943. Includes interpretative clarification.
10.3. “A”   4713   Unique 10.3.  “A”   4713   Unique
10.4. “A”   4713   Unique 10.4.  “A”   4713   Unique
10.5. “A”   4713   Unique 10.5.  S/Com. “A”   5388.
10.6. “A”   4713   Unique 10.6.  “A”   4713   Unique
10.7. 1      “A”   5212
10.7.1. “A”   5127   3.   S/Com. “B”   9961 and “A”   5164, 5212, 5473 and 5718.
10.7.2. “A”   5212   S/Com. “A”   5718.
10.7.3. “A”   5137   S/Com. “A”   5164.
10.8. “A”   5588
10.8.1. “A”   5588
10.    (blank)
10.8.2. “A”   5588