Circular REMON 1-1123: Minimum Cash Requirements. Adjustments.

"AÑO DE LA DEFENSA DE LA VIDA, LA LIBERTAD Y LA PROPIEDAD" COMUNICACIÓN “A” 8134 21/11/2024

TO FINANCIAL ENTITIES:

Ref.: Circular
REMON 1-1123:
Minimum Cash Requirements. Adjustments.

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We address you to inform you that this Institution has adopted the resolution that, in its pertinent part, establishes:

“- To provide that the minimum cash requirement that –in accordance with what is established in point 1.3.16 of the consolidated text on Minimum Cash Requirements– financial entities may integrate with “National Treasury Bonds in pesos”, may also integrate it, under the same conditions and with the same current effects, with the national public securities in pesos provided for in point 1.3.17 of that regulation.”

In this regard, we send you the sheets that, in replacement of those previously provided, must be incorporated into the consolidated texts referenced. In this sense, we remind you that on this Institution’s website www.bcra.gob.ar, by accessing “Financial System - LEGAL AND REGULATORY FRAMEWORK - Regulations and summaries - Consolidated texts of general regulations”, the modifications made with text highlighted in special characters (strikethrough and bold) will be found.

We salute you attentively.

BANCO CENTRAL DE LA REPUBLICA ARGENTINA

Darío C. Stefanelli
Principal Manager of Issuance and Regulatory Applications

Marina Ongaro
Deputy General Manager of Financial Regulation

ANEXO

Concept	Rates in %
Group A and G-SIB not included in that group	Remaining entities
1.3.13. Stock market pledges taken –passive– in pesos, according to their remaining term.
i) Up to 29 days.	20	20
ii) 30 days or more.	15	15
1.3.14. Deposits in pesos in accounts of payment service providers that offer payment accounts (PSPOCP) in which the funds of their clients are deposited.	100	100
1.3.15. Deposits in special accounts:
1.3.15.1. In pesos (“Special accounts for holders with agricultural activity” and “Special accounts for exporters”).	0	0
1.3.15.2. In US dollars (“Special accounts to credit export financing”).	0	0
1.3.16. Financial entities may integrate the requirement in pesos –for the period and daily– with “National Treasury Bonds in pesos maturing May 23, 2027”, “National Treasury Bonds in pesos maturing November 23, 2027”, “National Treasury Bonds in pesos maturing August 23, 2025” and with the national public securities in pesos provided for in point 1.3.17. up to:
a) 5 percentage points of the rates provided for in point 1.3.8. and in paragraphs i) and ii) of points 1.3.5.1. and 1.3.7.1.
b) 2 percentage points of the rates provided for in paragraph iii) of points 1.3.5.1. and 1.3.7.1.
c) 45 percentage points of the rate provided for in point 1.3.14.
d) Entities included in Group A and branches or subsidiaries of G-SIB not included in that group: 5 percentage points of the rates provided for in points 1.3.1., 1.3.2.1. and 1.3.3.
1.3.17. Financial entities may integrate the requirement in pesos –for the period and daily– with Liquidity Letters of the BCRA (LELIQ) –those of the shortest issuance term– and/or BCRA Notes (NOBAC) and/or national public securities in pesos –including those adjustable by the CER and with dual currency yield (BONO DUAL) and excluding those linked to the evolution of the US dollar and the Fiscal Liquidity Letters (LeFi)– with a remaining term (at the time of subscription):
a) not less than 180 days nor more than 450 calendar days acquired by primary subscription from 01/06/21,
b) not less than 120 days nor more than 450 calendar days acquired by primary subscription from 01/11/21,
c) not less than 90 days nor more than 450 calendar days acquired by primary subscription from 13/07/22,
d) not less than 90 days nor more than 630 calendar days acquired by primary subscription from 27/09/22,
e) not less than 90 days nor more than 730 calendar days acquired by primary subscription from 09/03/23,
f) not less than 90 days nor more than 760 calendar days acquired by primary subscription from 29/05/23 and
g) no more than 760 calendar days acquired by primary subscription from 20/12/23 –which will continue to be counted until their maturity, while their integration is maintained– in accordance with the following:

B.C.R.A. MINIMUM CASH
Section 1. Requirement.
Version: 40a. COMMUNICATION “A” 8134 Validity:
22/11/2024 Page 7

1.3.17.1. Demand deposits provided for in points 1.3.1., 1.3.2.1. and 1.3.3.

i. Entities included in Group A and branches or subsidiaries of G-SIB not included in that group: up to 4 percentage points of the rate provided.
ii. Entities not included in the preceding paragraph: up to 10 percentage points of the rate provided.

1.3.17.2. Time deposits and term investments made by holders of the non-financial private and non-financial public sectors, and those provided for in points 1.3.7.1. and 1.3.10.: the entire requirement.

1.3.17.3. Term investments with variable remuneration made by clients with agricultural activity –in accordance with point 2.5.2.2. of the TO on Time Deposits and Term Investments–: the entire requirement.

1.3.17.4. Other placements.

i. Entities included in Group A and branches or subsidiaries of G-SIB not included in that group:
a) up to 9 percentage points of the rate provided in paragraph i) of point 1.3.5.1.; b) up to 7 percentage points of the rate provided in paragraph ii) of point 1.3.5.1.; c) up to 3 percentage points of the rates provided in paragraphs i) to iii) of point 1.3.9.; and d) up to 2 percentage points of the rate provided in paragraph iii) of point 1.3.5.1.
ii. Entities not included in the preceding paragraph:
a) up to 3 percentage points of the rates provided in paragraph i) of point 1.3.5.1., and in paragraphs i) to iii) of point 1.3.9.; and b) up to 2 percentage points of the rate provided in paragraph ii) of point 1.3.5.1.

B.C.R.A. MINIMUM CASH
Section 1. Requirement.
Version: 42a. COMMUNICATION “A” 8134 Validity:
22/11/2024 Page 8

MINIMUM CASH	CONSOLIDATED TEXT	ORIGIN RULE	OBSERVATIONS
Sec.	Point	Para.	Com.	Annex	Sec.	Point	Para.
1.	1.3.7.	“A” 3549	According to Com. “A” 4179, 4388, 4549, 4851, 5356, 5534, 5555, 5569, 5873, 5893, 5980, 6195, 6526, 6532, 6616, 6706, 6728, 6740, 6817, 7016, 7290, 7295, 7383, 7432, 7511, 7536, 7545, 7614, 7637, 7717, 7767, 7775, 7923, 8061 and 8124.
1.3.8.	“A” 4754	6.	According to Com. “A” 5356, 5980, 6195, 6526, 6532, 6616, 6728 and 7536.
1.3.9.	“A” 5945	4.	According to Com. “A” 6069, 6204 and 6616.
1.3.10.	“A” 6341		According to Com. “A” 6616.
1.3.11.	“A” 6069	4.	According to Com. “A” 6616.
1.3.12.	“A” 6992		According to Com. “A” 7988, 8000 and 8119.
1.3.13.	“A” 8000	1.	According to Com. “A” 8119.
1.3.14.	“A” 7429
1.3.15.	“A” 7556	4.	According to Com. “A” 7570 and 7571.
1.3.16.	“A” 6526		According to Com. “A” 6532, 6550, 6587, 6616, 6706, 7016, 7290, 7511, 7536, 7611, 7637, 7767 and 8134.
1.3.17.	“A” 6550		According to Com. “A” 6556, 6559, 6575, 6587, 6616, 6706, 6738, 6740, 6817, 7018, 7029, 7047, 7092, 7290, 7295, 7383, 7432, 7511, 7536, 7545, 7573, 7614, 7717, 7775, 7923, 8061, 8124 and 8134.
1.3. Penultimate	“A” 7717	1.	According to Com. “A” 8061.
Antepenultimate	“A” 6526		According to Com. “A” 6532, 6556, 6569, 6575, 6587, 6616, 6628, 6740, 7016, 7290, 7295, 7511, 7536, 7573, 7637, 7767 and 8061.
Last	“A” 7742		Includes regulatory clarification.
1.4.	“A” 3905	3.	According to Com. “A” 4179, 4449, 4473, 5671, 5740, 6232, 6349, 6719, 6871 and 7046.
1.5.	“A” 5356	2.	According to Com. “A” 5471.
1.5.1.	“A” 5356	2.	According to Com. “A” 5471, 5623, 6531, 6703, 6705, 7430, 7432, 7758 and 7983, 8021 and 8124.
1.5.2.	“A” 7161	5.	According to Com. “A” 7432, 7459, 7474, 7491, 7536, 7561 and 7983.
1.5.3.	“A” 7254	1.	According to Com. “A” 7287, 7536, 7970 and 8057. Includes regulatory clarification.