Circular REMON 1 - 805: Minimum Cash. Modification of the Requirement

“2006 - Year of Tribute to Dr. Ramón CARRILLO”

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

COMMUNICATION “A” 4473 09/01/2006

TO FINANCIAL ENTITIES:

Ref.: Circular
REMON 1 - 805
Minimum Cash. Modification of the Requirement.

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

“1. Incorporate, with effect from 1.2.06, as point 1.3.16. of Section 1. of the norms on “Minimum Cash” the following:

“1.3.16. Deposits and other demand obligations in pesos, whose remuneration exceeds 75% of the average BADLAR rate of private banks of the month prior to the one in question. 100”

2. Add, with effect from 1.2.06, in points 1.3.1., 1.3.2.1., 1.3.3.1. and 1.3.4.1. of Section 1. of the norms on “Minimum Cash” the following legend “(except those included in point 1.3.16.)”. ”

We send you attached the sheets that, in replacement of those previously provided, correspond to be incorporated into the ordered text of the norms on “Minimum Cash”, in which the modifications introduced by the resolution disseminated through Communication “A” 4449 are also contemplated. Likewise, it is recalled that on this Institution's website www.bcra.gov.ar, accessing “regulations” (“ordered texts”), the modifications made with texts highlighted in special characters (strikethrough and bold) will be found.

We greet you very attentively.

Cristina A. Pailhé Juan Carlos Isi
Manager of Research and
Regulatory Planning a/c
Main Manager of
Research and Regulatory Issuance a/c

ANNEX

-Index
Section 1. Requirement.
1.1. Obligations included.
1.2. Application base.
1.3. Minimum cash.
1.4. Residual term.
1.5. Point increases in requirement due to liability concentration.
1.6. Transfers.
1.7. Defect in the application of foreign currency resources.

Section 2. Integration.
2.1. Admitted concepts.
2.2. Computation.
2.3. Minimum daily integration.
2.4. Remuneration of balances in peso accounts opened at the Central Bank.
2.5. Remuneration of balances in foreign currency accounts opened at the Central Bank.

Section 3. Non-compliance.
3.1. Charge.
3.2. Classification programs.
3.3. Regularization and sanitation plans.

Section 4. Base for observance of the norms.
4.1. Individual base.

Section 5. Responsible parties and sanctions.
5.1. Responsible for liquidity policy.
5.2. Responsibilities.
5.3. Sanctions.

Section 6. Transitional provisions.
6.1. Minimum daily integration of minimum cash in foreign currency.
6.2. Minimum daily integration of minimum cash in pesos.

Correlation Table.

B.C.R.A. ORDERED TEXT OF THE NORMS ON “MINIMUM CASH” Version: 16th COMMUNICATION “A” 4473 Validity:
01/12/2005

1.1.2.3. Obligations with banks abroad -including parent companies and controlling entities of local entities and their branches- for lines that have as their destination the financing of foreign trade operations.
1.1.2.4. Obligations for cash purchases to be settled and forward.
1.1.2.5. Cash sales to be settled and forward, linked or not to active repos.
1.1.2.6. Demand obligations for drafts and transfers from abroad pending payment and for correspondent operations abroad.

1.1.3. Computation.
The included obligations will be computed based on the balances of capital effectively transacted, including, where applicable, quotation differences (positive or negative). Therefore, accrued, matured, or to-be-accrued interest and premiums on the included obligations are excluded, as long as they have not been credited to the account or made available to third parties, and the amount accrued from the application of the “CER”, in the case of time deposits with that clause.

1.2. Application Base.
The minimum cash requirement will be applied to the monthly average of the daily balances of the included obligations, recorded at the close of each day during each calendar month, except for the minimum cash requirement in pesos for the period December of one year/February of the following year, in which the average to be used will be quarterly. Averages are obtained by dividing the sum of the daily balances by the total number of days of each period -month or quarter, as applicable-. The days on which no movement is recorded must repeat the balance corresponding to the immediately preceding business day. The requirement will be observed separately for each of the currencies in which the obligations are denominated.

MINIMUM CASH B.C.R.A.
Section 1. Requirement.
Version: 9th COMMUNICATION “A” 4473
Validity:
01/12/2005

1.3. Minimum Cash.
The minimum cash amounts resulting from applying the following rates shall be integrated:

Concept	Rate in %
1.3.1. Checking accounts (except those included in point 1.3.16.).	15
1.3.2. Savings accounts.
1.3.2.1. In pesos (except those included in point 1.3.16.).	15
1.3.2.2. In foreign currency.	30
1.3.3. Pupil usury, special accounts for closed circles, “Unemployment Fund for Construction Industry Workers”, “Payment of Remuneration”, special checking accounts for legal entities and pension savings accounts.
1.3.3.1. In pesos (except those included in point 1.3.16.).	15
1.3.3.2. In foreign currency.	30
1.3.4. Other deposits and demand obligations, pension benefits credited by ANSES pending cashing, and immobilized balances corresponding to obligations included in these norms.
1.3.4.1. In pesos (except those included in point 1.3.16.).	15
1.3.4.2. In foreign currency.	30
1.3.5. Unused balances of formalized current account advances.	15
1.3.6. Deposits in current accounts of non-bank financial entities, computable for the integration of their minimum cash.	100
1.3.7. Time deposits, obligations by “acceptances” -including liabilities for sale or assignment of credits to subjects other than financial entities-, passive repos, sureties and passive stock market repos, investments with constant term, with option for early cancellation or renewal for a determined term and with variable remuneration, and other term obligations except for deposits included in points 1.3.11., 1.3.14. and 1.3.15., according to their residual term:

B.C.R.A. MINIMUM CASH
Section 1. Requirement.
Version: 23rd COMMUNICATION “A” 4473
Validity:
01/12/2005

1.3.7.1. In pesos.
i) Up to 29 days. | 14 ii) From 30 to 59 days. | 11 iii) From 60 to 89 days. | 7 iv) From 90 to 179 days. | 2 v) From 180 to 365 days. | 1 vi) More than 365 days. | 0 Deposits with “CER” clause and those included in the “Deposit Reprogramming Regime” are included in this point -without excluding those reached according to their point 6.5., in their entirety or partially if applicable based on the nature of the judicial decision-.

1.3.7.2. In foreign currency.
i) Up to 29 days. | 35 ii) From 30 to 59 days. | 28 iii) From 60 to 89 days. | 20 iv) From 90 to 179 days. | 10 v) From 180 to 365 days. | 6 vi) More than 365 days. | 0

1.3.8. Obligations for financial lines from abroad (not instrumented through time deposits or debt securities to which the requirements provided in points 1.3.7. and 1.3.9., respectively, apply). | 0

1.3.9. Debt securities (including negotiable obligations).
a) Debt issued from 1.1.02, including those from restructured obligations, according to their residual term:
In pesos. i) Up to 29 days. | 14 ii) From 30 to 59 days. | 11 iii) From 60 to 89 days. | 7 iv) From 90 to 179 days. | 2 v) From 180 to 365 days. | 1 vi) More than 365 days. | 0 In foreign currency. i) Up to 29 days. | 35 ii) From 30 to 59 days. | 28 iii) From 60 to 89 days. | 20

B.C.R.A. MINIMUM CASH
Section 1. Requirement.
Version: 22nd COMMUNICATION “A” 4473
Validity:
01/12/2005

iv) From 90 to 179 days. | 10 v) From 180 to 365 days. | 6 vi) More than 365 days. | 0 b) Others. | 0

1.3.10. Obligations with the Fiduciary Fund for Assistance to Financial and Insurance Entities. | 0

1.3.11. Demand and time deposits made by order of the Justice with funds originating in the cases in which it intervenes, and their immobilized balances.
1.3.11.1. In pesos. | 8
1.3.11.2. In foreign currency. | 15

1.3.12. Special accounts in US dollars destined for the deposit of guarantees required in futures and options operations conducted in self-regulated markets subject to the control of the National Securities Commission. | 100

1.3.13. Special demand accounts in foreign currency. | 100

1.3.14. Deposits -whatever their modality- that constitute the equity of common investment funds.
1.3.14.1. In pesos. | 18
1.3.14.2. In foreign currency. | 40

1.3.15. Special deposits linked to the inflow of funds from abroad - Decree 616/05. | 100

1.3.16. Deposits and other demand obligations in pesos, whose remuneration exceeds 75% of the average BADLAR rate of private banks of the month prior to the one in question (effective from 1.2.06). | 100

1.4. Residual Term.
1.4.1. Determination.
1.4.1.1. General case.
The residual term of each term obligation is equivalent to the number of days remaining until its maturity.

B.C.R.A. MINIMUM CASH
Section 1. Requirement.
Version: 15th COMMUNICATION “A” 4473
Validity:
01/12/2005

ii) Without early cancellation clauses.
The term remaining until maturity will be taken into account to the extent that early cancellation is explicitly excluded by either party. Otherwise, they will be treated as demand obligations.

1.4.2. Time Deposits.
In the case of time deposits in pesos and foreign currency, the established rates -according to the opening by terms fixed- will be applied to the amounts resulting from multiplying the total daily balance of those obligations -recorded in the month or quarter to which it corresponds- by the percentages resulting from the residual term structure of the previous month, considering the number of days remaining in that period until the maturity of the obligation, counted from each of the days of said period. For deposits in pesos, in the quarterly period, the structure of November will be considered and in March the one corresponding to February.

1.4.3. Other Term Operations.
In these cases -including term investments and obligations with banks and foreign correspondents computable- the residual terms will be equivalent to the number of days remaining until the maturity of each obligation, counted from each of the days of the same month or quarter to which the minimum cash corresponds. The requirement will arise from applying the established rates to the daily balances of the aforementioned obligations based on the different residual term brackets fixed. In the particular case of payment obligations in capital installments, the amounts of the amortization services that mature within the year, counted from each of the days of the month or quarter to which the minimum cash corresponds, will be considered independently for the purpose of applying the rate that is appropriate based on the number of days remaining until the maturity of each of them.

1.5. Point Increases in Requirement Due to Liability Concentration.
When an excessive concentration of liabilities (in holders and/or terms) is verified, which implies a significant risk regarding the individual liquidity of the financial entity and/or has an important negative effect on systemic liquidity, additional minimum cash requirements may be fixed on the liabilities included of the financial entity and/or those complementary measures that are deemed pertinent. It will be considered that this situation is configured when, among others, any of the following factors are present:

• A high percentage of liabilities is concentrated in the same holder or holders.

MINIMUM CASH B.C.R.A.
Section 1. Requirement.
Version: 3rd COMMUNICATION “A” 4473
Validity:
01/12/2005

• In term obligations, the term is short.
• The aforementioned liabilities represent a significant percentage regarding the integration of the minimum cash and/or the total deposits of the private sector in the entity.

1.6. Transfers.
1.6.1. Admitted Margin.
The integration of the minimum cash of the positions in monthly or quarterly average of daily balances of the included obligations cannot be less than 80% of the requirement resulting from the following expression:

EEMA (n) = EEF (n) + ENI (n-1)

Where
EEMA (n): adjusted minimum cash requirement corresponding to period “n”.
EEF (n): minimum cash requirement according to current norms corresponding to period “n”.
ENI (n-1): requirement not integrated in period “n-1”.
Period: month or quarter, as applicable.

1.6.2. Period of Use.
The admitted transfer of the requirement not integrated in each period to the next position can be made up to a maximum of six periods, counted from the first period -inclusive- in which the option to use it is chosen according to the provisions above or from the first immediate position subsequent to that in which the defects transferred are compensated or charge is paid on them. For its calculation, the transferred numerals of the period to which they correspond will be computed, divided by the number of days of the period to which the transfer is made.

1.7. Defect in the Application of Foreign Currency Resources.
The defect in the application of resources corresponding to foreign currency deposits that is determined in a month will be computed by an equivalent amount in the calculation of the minimum cash requirement of that same period of the respective currency.

MINIMUM CASH B.C.R.A.
Section 1. Requirement.
Version: 6th COMMUNICATION “A” 4473
Validity:
01/12/2005

2.2. Computation.
The compliance with the integration of the minimum cash will be measured based on 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, except for the period December of one year/February of the following year, in which the integration in pesos will be observed on the average resulting from dividing the sum of the daily balances of the included concepts recorded during that period by the total number of days of the quarter. The days on which no movement is recorded must repeat the balance corresponding to the immediately preceding business day. In the case of current accounts opened at commercial banks by non-bank entities, the balances reflected in the account summaries will be taken into account.

2.3. Minimum Daily Integration.
On no day of the month or the quarterly period -December of one year/February of the following year-, 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, can be less than 50% of the total minimum cash requirement, determined for the immediate previous 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 1.6.1. of Section 1. To determine the minimum daily integration in pesos, in the quarterly position, the total minimum cash requirement of November will be considered and in March the one corresponding to February. This daily requirement will be 70% when a deficiency in integration in average greater than the admitted transfer margin has been registered in the previous computation period.

2.4. Remuneration of Balances in Peso Accounts Opened at the Central Bank.
Interest will be recognized on the monthly average of the daily balances of the current accounts and special guarantee accounts in favor of the electronic clearing chambers and for the coverage of the settlement of operations with credit cards, consumption vouchers, and ATMs (considered together), without exceeding the greater of the amounts resulting from comparing the result of the following procedure:

2.4.1. Monthly minimum cash requirement in pesos net of the integration carried out through the admitted concepts from points 2.1.1. and 2.1.5. to 2.1.8.

2.4.2. Minimum daily integration requirement net of the integration carried out through the admitted concepts from points 2.1.5., 2.1.7. and 2.1.8.
The determination of the remuneration will always be made monthly, even in the case of the quarterly position.

MINIMUM CASH B.C.R.A.
Section 2. Integration.
Version: 9th COMMUNICATION “A” 4473
Validity:
01/12/2005

Interest will accrue at the rate that is fixed and which will be transmitted through the Foreign Exchange and Open Market Operations Desk. In case of modifications during the same month, the weighted average rate based on the number of days of validity in the period will be used. The amounts will be credited to the corresponding accounts within 5 business days of the validation of the presentation of the relevant information regime.

2.5. Remuneration of Balances in Foreign Currency Accounts Opened at the Central Bank.
Interest will be recognized on the monthly average of the demand accounts and the special guarantee accounts in favor of the electronic clearing chambers and for the coverage of the settlement of operations in ATMs (considered together), without exceeding the greater of the amounts resulting from comparing the result of the following procedure increased, in both cases, by 50%:

2.5.1. Monthly minimum cash requirement in the corresponding foreign currency without considering the defect in the application of resources in that same currency, excluding the amount of reserve corresponding to special deposits linked to the inflow of funds from abroad - Decree 616/05. To this requirement, the integration carried out through the admitted concepts from points 2.1.1. and 2.1.6. will be deducted, in the proportion that corresponds. For the purpose of determining the proportion to be imputed, the percentage resulting from comparing the requirement on deposits with respect to the total requirement (which includes, if any, the defect in the application of resources in the corresponding foreign currency) will be considered.

2.5.2. Minimum daily integration requirement in the corresponding foreign currency without considering the defect in the application of resources in that same currency, excluding the amount of reserve corresponding to special deposits linked to the inflow of funds from abroad - Decree 616/05. To this requirement, the integration carried out through the admitted concepts from points 2.1.1. and 2.1.6. will be deducted, in the proportion that corresponds. For the purpose of determining the proportion to be imputed, the percentage resulting from comparing the requirement on deposits with respect to the total requirement (which includes, if any, the defect in the application of resources in the corresponding foreign currency) will be considered.

Interest will accrue at the rate that is fixed and which will be transmitted through the Foreign Exchange and Open Market Operations Desk. In case of modifications during the same month, the weighted average rate based on the number of days of validity in the period will be used. The settlement will be made considering each foreign currency account and the requirements on the respective deposits separately. The amounts will be credited to the corresponding accounts within 5 business days of the validation of the presentation of the relevant information regime.

MINIMUM CASH B.C.R.A.
Section 2. Integration.
Version: 16th COMMUNICATION “A” 4473
Validity:
01/12/2005

3.1. Charge.
3.1.1. Deficiencies in the integration of the minimum cash and the minimum daily integration in pesos will be subject to a charge equivalent to twice the last interest rate for active peso repos for the Central Bank of the Argentine Republic, reported in the period of non-compliance for the operation with the longest term, provided it does not exceed 30 days.
Deficiencies in integration in foreign currency are subject to a charge equivalent to twice the nominal annual interest rate matured resulting from the tenders of the Letters of the Central Bank of the Argentine Republic in US dollars or twice the LIBO rate for 30-day term operations in that currency, reported for the last business day of the pertinent period, whichever is higher. In the case of the Letters of the Central Bank of the Argentine Republic, the accepted cut-off rate reported by this Institution will be taken into account, which is expressed as a nominal annual matured rate, corresponding to the last tender carried out in the period under report. If letters are awarded for different terms on the same date, the rate corresponding to the operation with the shortest term will be considered. When deficiencies in the average position and in the minimum daily integration occur concurrently in the same month or quarter, the greater resulting charge must be paid. To determine the deficiencies of the average position, the following will be considered:
i) those for which the option to transfer them is not used. ii) those that are not susceptible to be transferred to the next month by exceeding the admitted margin.

3.1.2. Charges may be reduced in exceptional cases, when mitigating circumstances are given and weighing the causes that originated the non-compliance.

3.1.3. Charges not paid in time and form will be subject, during the period of non-compliance, to an interest equivalent to the rate resulting from adding 50% to the rate applicable to the deficiency, as provided in point 3.1.1.

3.1.4. The charge will be calculated with the following expression:

c = D * TNA / 36500

Where c: amount of the charge.

MINIMUM CASH B.C.R.A.
Section 3. Non-compliance.
Version: 8th COMMUNICATION “A” 4473
Validity:
01/01/2005

D: deficiency subject to charges, expressed in numerals.
TNA: annual nominal rate applicable to non-compliance, as a percentage.
To determine the interest on charges not deposited in time and form, the following expression will be applied:
i = [(1 + EAR)^(n/365) - 1] * 100 where i: interest rate corresponding to the delinquency period, as a percentage, with two decimal places.
EAR: effective annual rate during the delinquency period, as a unit. n: number of calendar days between the due date set for the realization of the minimum cash requirement and the day prior to the presentation of the relevant debit memo for the relevant current account opened at the Central Bank of the Argentine Republic. For the purposes of rounding the magnitudes of “c” and “i”, the values will be incremented by one unit when the third digit of the fractions is equal to or greater than 5, discarding the latter if they are lower.

3.2. Classification programs.
Determining situations.
3.2.1. Integration defects, including for this purpose the margin transferred to the following month or quarter, in the average position that exceed 20% of the adjusted requirements, for two consecutive periods or four alternating periods within a year.
3.2.2. Integration defects, regardless of their magnitude, computed in the manner mentioned in point 3.2.1., regarding which the entity pays charges, which are registered for three consecutive periods or four alternating periods within a year.
This is provided that the determining situation provided for in point 3.2.1. is not configured.
The submission of the classification program must be made within 20 calendar days following the close of the period in which any of the situations previously provided for is registered.

3.3. Regularization and sanitation plans.
The requirement to submit a regularization and sanitation plan, upon determining that liquidity is affected by the registered defects, will have the following consequences.

MINIMUM CASH B.C.R.A.
Section 3. Non-compliance.
Version: 4th. COMMUNICATION “A” 4473
Validity:
01/12/2005

5.1. Responsible for liquidity policy.
The financial entity will inform the Superintendence of Financial and Exchange Entities of the names of those responsible for the management of the liquidity policy - which includes the adoption of safeguards for compliance with the integration of the minimum cash and the monitoring of the liquidity position - (officials and/or manager of the area), of the General Manager and of the director or counselor or highest authority in the country in the case of foreign entities, to whom the function must be reported. When changes occur in that list, the information must be updated within 10 calendar days of the modification taking place.

5.2. Responsibilities.
The designated officials will be responsible for changes in the resource collection policy that imply a trick intended to evade the minimum cash requirement such as the extension of the term of the operations associated with the early cancellation of obligations. The mechanisms or modalities that, in the judgment of the Superintendence of Financial and Exchange Entities, make it presumable that there are undue conditions, will determine the obligation of the financial entity to provide explanations on the matter within the term of 5 business days, counted from the notification of the request. The Superintendence will issue a ruling within 30 business days following the receipt of the defenses.

5.3. Sanctions.
The verification of infractions will determine the application of the following sanctions:
5.3.1. Fine of 5 to 10% of the improperly computed amounts, accumulating the sums of the last 12 periods.
The financial entity and the mentioned persons will be jointly responsible for the fines imposed.
5.3.2. Disqualification of 5 to 20 years for the performance of functions in the financial activity by the persons responsible for the liquidity area.
The sanctions will have immediate execution, without prejudice to the right to appeal granted by the Financial Entities Law.

MINIMUM CASH B.C.R.A.
Section 5. Responsible and sanctions.
Version: 4th. COMMUNICATION “A” 4473
Validity:
01/12/2005

6.1. Minimum daily integration of minimum cash in foreign currency.
The cash in foreign currency may be computed in entities, in transit and in cash transporters (validity 1.4.02).

6.2. Minimum daily integration of minimum cash in pesos.
On no day of the period December 2005/February 2006, the minimum daily integration, referred to in the first paragraph of point 2.3. of Section 2., may be less than 35% of the total minimum cash requirement determined for November 2005, recalculated according to what is provided in the cited point.

MINIMUM CASH B.C.R.A.
Section 6. Transitional provisions.
Version: 5th. COMMUNICATION “A” 4473
Validity:
01/12/2005

ORDERED TEXT ORIGIN NORM
Sec. Point Para. Com. Annex Sec. Point Para.
OBSERVATIONS
1.1. “A” 3274 II 1. 1.1.
1.1.1. “A” 3274 II 1. 1.1.1. According to Com. “A” 3498.
1.1.2. “A” 3274 II 1. 1.1.2. According to Com. “A” 3597.
1.1.3. “A” 3274 II 1. 1.1.3. According to Com. “A” 3498, “A” 3905 and “A” 4473.
1.2. “A” 3274 II 1. 1.2. According to Com. “A” 3304, “A” 3498, “A” 3597 and “A” 4449.
1.3. “A” 3274 II 1. 1.3.
1.3.1. “A” 3274 II 1. 1.3.1. According to Com. “A” 3338, “A” 3417, “A” 3498, “A” 3597, “A” 3917, “A” 3967, “A” 4032, “A” 4051, “A” 4147, ”A” 4276, “A” 4449 and “A” 4473.
1.3.2. “A” 3274 II 1. 1.3.2. According to Com. “A” 3338, “A” 3417, “A” 3498, “A” 3597, “A” 3917, “A” 3967, “A” 4032, “A” 4051, “A” 4147, “A” 4179, ”A” 4276, “A” 4449 and “A” 4473.
1.3.3. “A” 3274 II 1. 1.3.3. According to Com. “A” 3338, “A” 3399, “A” 3417, “A” 3498, “A” 3597, “A” 3824, “A” 3917, “A” 3967, “A” 4032, “A” 4051, “A” 4147, “A” 4179, ”A” 4276, “A” 4449 and “A” 4473.
1.3.4. “A” 3274 II 1. 1.3.4. According to Com. “A” 3338, “A” 3417, “A” 3498, “A” 3597, “A” 3917, “A” 3967, “A” 4032, “A” 4051, “A” 4147, “A” 4179, ”A” 4276, “A” 4449 and “A” 4473.
1.3.5. “A” 3274 II 1. 1.3.5. According to Com. “A” 3338, “A” 3417, “A” 3498, “A” 3597, “A” 3917, “A” 3967, “A” 4032, “A” 4051, “A” 4147, ”A” 4276 and “A” 4449.
1.3.6. “A” 3274 II 1. 1.3.7.
1.3.7. “A” 3498 unique 1. 1.3.8. According to Com. “A” 3506 - pt. 2.-, “A” 3549, “A” 3732, “A” 3824, “A” 3905, “A” 3917, “A” 3925, “A” 3967, “A” 4032, “A” 4140, “A” 4179, ”A” 4276, “A” 4360, pt. 3 and “A” 4449.
1.3.8. “A” 3498 unique 1. 1.3.11. According to Com. “A” 3597, “A” 3732 and “A” 4032.
1.3.9. “A” 3498 unique 1. 1.3.12. According to Com. “A” 3905, “A” 3917, “A” 3967, “A” 4032, “A” 4179, ”A” 4276 and “A” 4449.
1.3.10. “A” 3549 1. 1.
1.3.11. “A” 3549 1. According to Com. “A” 4179 and ”A” 4388.
B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE NORMS ON “MINIMUM CASH”

MINIMUM CASH
ORDERED TEXT ORIGIN NORM
Sec. Point Para. Com. Annex Sec. Point Para.
OBSERVATIONS
1.3.12. “A” 3566 5.
1.3.13. “A” 3583 3.
1.3.14. “A” 4179 2. According to Com. “A” 4406 and “A” 4449.
1.3.15. “A” 4360 2.
1.3.16. “A” 4473. 1.
1.4. “A” 3905 3. According to Com. “A” 4179, “A” 4449 and “A” 4473.
1.5. “A” 3274 II 1. 1.5. According to Com. “A” 3498.
1.6. “A” 3274 II 1. 1.6.
1.6.1. “A” 3274 II 1. 1.6.1. According to Com. “A” 4405 and “A” 4449.
1.6.2. “A” 3274 II 1. 1.6.2. According to Com. “A” 3304 and “A” 4449.
1.
1.7. “A” 3498 unique 1. 1.8. According to Com. “A” 4147.
2.1. “A” 3274 II 2. 2.1. According to Com. “A” 3498 and “A” 3597.
2.1.1. “A” 3274 II 2. 2.1.1. According to Com. "A" 3304.
2.1.2. “A” 3274 II 2. 2.1.2. According to Com. “A” 3304, “A” 3498, “A” 4016 and “A” 4147.
2.1.3. “A” 3498 unique 2. 2.1.3. According to Com. “A” 4147.
2.1.4. “A” 3274 II 2. 2.1.3. According to Com. “A” 3498, “A” 4147 and ”A” 4276.
2.1.5. “A” 3274 II 2. 2.1.4.
2.1.6. “A” 3311
2.1.7. “A” 3498 unique 2. 2.1.7.
2.1.8. “A” 4016 1.
2.2. “A” 3274 II 2. 2.2. According to Com. “A” 3498 and “A” 4449.
2.3. “A” 3365 2. According to Com. “A” 3387, “A” 3470, “A” 3498, “A” 3549, “A” 3597, “A” 3732, “A” 3824, “A” 4016 and “A” 4449.
2.4. “A” 4147 3. According to Com. ”A” 4276 and “A” 4449.
2.
2.5. “A” 4147 3. According to Com. ”A” 4393.
3.1. “A” 3274 II 3. 3.1.
3.1.1. “A” 3274 II 3. 3.1.1. According to Com. “A” 3326, “A” 3365, “A” 3498, “A” 3549, “A” 3905, ”A” 4276, “A” 4449 and “A” 4473.
3.1.2. “A” 3274 II 3. 3.1.2.
3.1.3. “A” 3274 II 3. 3.1.3. According to Com. “A” 3326.
3.1.4. “A” 3274 II 3. 3.1.4.
3.2. “A” 3274 II 3. 3.2.
3.2.1. “A” 3274 II 3. 3.2.2.1. According to Com. “A” 4449.
3.2.2. “A” 3274 II 3. 3.2.2.2. According to Com. “A” 4449.
3.3. “A” 3274 II 3. 3.3. According to Com. “A” 3498.
3.3.1. “A” 3274 II 3. 3.3.1.
3.
3.3.2. “A” 3274 II 3. 3.3.2.
4. 4.1. “A” 3274 II 4. 4.1.

MINIMUM CASH
ORDERED TEXT ORIGIN NORM
Sec. Point Para. Com. Annex Sec. Point Para.
OBSERVATIONS
5.1. “A” 3274 II 5. 5.1. According to Com. “A” 3498.
5.2. “A” 3905 5.
5.
5.3. “A” 3905 5. According to Com. “A” 4449.
6. 6.1. “A” 3824 According to Com. “A” 4032.
6.2. “A” 4449 3.