BANCO CENTRAL DE LA REPUBLICA ARGENTINA

COMUNICACIÓN “A” 4016 19/09/2003

TO FINANCIAL ENTITIES:

Ref.: Circular
REMON 1 - 780
Minimum Cash. Treatment of funds transferred by the National Social Security Administration (ANSeS).

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

1. Replace, with effect from 1.9.03, points 2.1.2. and 2.3. of Section 2. of the rules on “Minimum Cash” with the following:

“2.1.2. Current accounts of financial entities opened at the Central Bank in pesos.
The balance recorded at the close of each business day in these accounts will accrue interest for the period until the next business day, at the rate fixed daily and which will be transmitted through the Foreign Exchange and Open Market Operations Desk. The corresponding settlement will be made available to the entities at the opening of operations of the next business day through the STAF communications system; the accrued amounts will be automatically credited to the corresponding current accounts.”

“2.3. Minimum daily integration.
On no day of the month shall the sum of the balances of the concepts admitted as integration referred to in points 2.1.2. to 2.1.5., 2.1.7. and 2.1.8., recorded at the close of each day, be less than 50% of the total minimum cash requirement, determined for the immediate preceding month, recalculated based on the requirements and concepts in force in the month to which the reserves correspond, without considering the effects of the application of what is provided in point 1.5.1. of Section 1. This daily requirement shall be 70% when in the previous computation period a deficiency in integration in monthly average greater than the allowed transfer margin has been recorded.”

2. Incorporate, with effect from 1.9.03, in Section 2. of the rules on “Minimum cash”, the following point:

“2.1.8. Special current accounts opened at the Central Bank linked to the attention of pension benefits under the responsibility of the National Social Security Administration.”

Consequently, we send you in the Annex the sheets that, in replacement of those previously provided, correspond to incorporate in the ordered text of the reference.

We greet you very attentively

BANCO CENTRAL DE LA REPUBLICA ARGENTINA

Alfredo A. Besio
Manager of Emission

José Rutman
Principal Manager of Rules

ANNEX

MINIMUM CASH B.C.R.A.

Section 2: Integration.
Version: 5th
COMMUNICATION “A” 4016
Validity:
01/09/2003

2.1. Admitted concepts.
Integration must be carried out in the same currency that corresponds to the requirement.

2.1.1. Cash.
It includes banknotes and coins maintained in the entity's offices and in custody at other financial entities.

2.1.2. Current accounts of financial entities opened at the Central Bank in pesos. The balance recorded at the close of each business day in these accounts will accrue interest for the period until the next business day, at the rate fixed daily and which will be transmitted through the Foreign Exchange and Open Market Operations Desk. The corresponding settlement will be made available to the entities at the opening of operations of the next business day through the STAF communications system; the accrued amounts will be automatically credited to the corresponding current accounts.

2.1.3. Minimum Cash accounts of financial entities opened at the Central Bank in US dollars or in other foreign currencies. The balance recorded at the close of each business day in these accounts will accrue interest for the period until the next business day, at the rate fixed daily and which will be transmitted through the Foreign Exchange and Open Market Operations Desk. The corresponding settlement will be made available to the entities at the opening of operations of the next business day through the STAF communications system; the accrued amounts will be automatically credited to the corresponding current accounts.

2.1.4. Special guarantee accounts in favor of electronic clearing chambers and for the coverage of settlement of operations with credit cards and in automated teller machines.

MINIMUM CASH B.C.R.A.

Section 2: Integration.
Version: 5th
COMMUNICATION “A” 4016
Validity:
01/09/2003

They will be considered, even when the balances are affected as guarantee of the electronic clearing and settlement chambers and deposited in their name, on behalf of the respective entity, in special accounts in pesos at the Central Bank of the Republic of Argentina. The balance recorded at the close of each business day in these accounts will accrue interest for the period until the next business day, at the rate fixed daily and which will be transmitted through the Foreign Exchange and Open Market Operations Desk. The corresponding settlement will be made available to the entities at the opening of operations of the next business day through the STAF communications system; the accrued amounts will be automatically credited to the corresponding special accounts.

2.1.5. Current accounts of non-banking financial entities. Opened at commercial banks for the integration of the minimum cash requirement.

2.1.6. Cash in transit and in cash-in-transit companies. Includes banknotes and coins in transit within the country from or to another financial entity or between offices of the same entity or in the possession of transport companies located in the country.

2.1.7. Special guarantee accounts for operations with canceling checks, at the Central Bank. They will be considered, even when the balances are affected as guarantee of the operations with canceling checks.

2.1.8. Special current accounts opened at the Central Bank linked to the attention of pension benefits under the responsibility of the National Social Security Administration.”

2.2. Computation.
The compliance with the integration of the minimum cash will be measured on the basis of the monthly average of daily balances of the concepts admitted for such effect, recorded during the same month to which the minimum cash corresponds, dividing the sum of said balances by the total number of days of the period. The days on which no movement is recorded shall repeat the balance corresponding to the immediate previous business day. In the case of current accounts opened at commercial banks by non-banking entities, the balances reflected in the account summaries will be taken into account.

MINIMUM CASH B.C.R.A.

Section 2: Integration.
Version: 13th
COMMUNICATION “A” 4016
Validity:
01/09/2003

2.3. Minimum daily integration.
On no day of the month shall the sum of the balances of the concepts admitted as integration referred to in points 2.1.2. to 2.1.5., 2.1.7. and 2.1.8., recorded at the close of each day, be less than 50% of the total minimum cash requirement, determined for the immediate preceding month, recalculated based on the requirements and concepts in force in the month to which the reserves correspond, without considering the effects of the application of what is provided in point 1.5.1. of Section 1. This daily requirement shall be 70% when in the previous computation period a deficiency in integration in monthly average greater than the allowed transfer margin has been recorded.

MINIMUM CASH	ORDERED TEXT	ORIGIN NORM	OBSERVATIONS
Sec.	Punto	Párr.	Com.	Anexo	Sec.	Punto	Párr.
2.1.	“A” 3274	II	2.	2.1.	According to Comm. “A” 3498 and “A” 3597.
2.1.1.	“A” 3274	II	2.	2.1.1.	According to Comm.