Circular REMON 1-810 and OPASI 2-372: Minimum Cash, Savings Deposits, Remuneration Payments, and Special Deposits Modifications

"2006 - Year of Homage to Dr. Ramón CARRILLO" BANCO CENTRAL DE LA REPÚBLICA ARGENTINA COMMUNICATION "A" 4532 05/05/2006 TO FINANCIAL ENTITIES:
Ref.: Circular
REMON 1 - 810
OPASI 2 - 372
Minimum cash. Savings deposits, payment of remuneration and special deposits. Modifications. ______ We address you to inform you that this Institution adopted the following resolution:

"1. Substitute, with effect from 1.4.06, point 1.3.16. of Section 1. of the rules on "Minimum Cash" with the following:
"1.3.16. Deposits and other demand obligations in pesos (without considering the "Unemployment Fund for Construction Industry Workers"), whose remuneration exceeds 50% of the average BADLAR rate of private banks from the month prior to the one in question. 100"

2. Replace, with effect from 1.4.06, in Section 3. of the rules on "Savings Deposits,
   Payment of Remuneration and Special Deposits" the following point:
   "3.1.1. Participating Entities.
   First-degree commercial banks shall open special deposit accounts designated as "Unemployment Fund for Construction Industry Workers - Law 22.250", at the request of persons obligated to make contributions to said fund."

We send you attached the sheets that, in replacement of those previously provided, should replace the ordered texts of the rules on "Minimum Cash" and "Savings Deposits, Payment of Remuneration and Special Deposits". 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.

-2-
We salute you very attentively.
BANCO CENTRAL DE LA REPUBLICA ARGENTINA Darío C. Stefanelli José I. Rutman Manager of Issuance of Standards on behalf of General Manager of Standards

ANNEX

MINIMUM CASH B.C.R.A.
Section 1. Requirement.
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 court order
with funds originating from the cases in which they intervene, 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 (without considering the
"Unemployment Fund for Construction Industry Workers"), whose remuneration exceeds 50% of the average BADLAR rate of private banks from the month prior to the one in question. 100
1.4. Residual term.
1.4.1. Determination.
1.4.1.1. General case.
The residual term of each time obligation is equivalent to the number of days remaining until its maturity. Version: 17th COMMUNICATION "A" 4532 Validity:
01/04/2006

MINIMUM CASH
ORDERED TEXT ORIGINATING NORM
Sec. Point Para. Comm. Annex Sec. Point Para.
OBSERVATIONS
1.3.11. "A" 3549 1. According to Comm. "A" 4179 and
"A" 4388.
1.3.12. "A" 3566 5.
1.3.13. "A" 3583 3.
1.3.14. "A" 4179 2. According to Comm. "A" 4406 and
"A" 4449.
1.3.15. "A" 4360 2.
1.3.16. "A" 4473. 1. According to Comm. "A" 4518 and
"A" 4532.
1.4. "A" 3905 3. According to Comm. "A" 4179, "A"
4449 and "A" 4473.
1.5. "A" 3274 II 1. 1.5. According to Comm. "A" 3498.
1.6. "A" 3274 II 1. 1.6.
1.6.1. "A" 3274 II 1. 1.6.1. According to Comm. "A" 4405 and
"A" 4449.
1.6.2. "A" 3274 II 1. 1.6.2. According to Comm. "A" 3304 and
"A" 4449.
1.
1.7. "A" 3498 unique 1. 1.8. According to Comm. "A" 4147.
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. "A" 3304.
2.1.2. "A" 3274 II 2. 2.1.2. According to Comm. "A" 3304, "A"
3498, "A" 4016 and "A" 4147.
2.1.3. "A" 3498 unique 2. 2.1.3. According to Comm. "A" 4147.
2.1.4. "A" 3274 II 2. 2.1.3. According to Comm. "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 Comm. "A" 3498 and
"A" 4449.
2.3. "A" 3365 2. According to Comm. "A" 3387,
3470, 3498, 3549, 3597,
3732, 3824, 4016 and 4449.
2.4. "A" 4147 3. According to Comm. "A" 4276, "A"
4449 and "A" 4509.
2.
2.5. "A" 4147 3. According to Comm. "A" 4393 and
"A" 4509.
3.1. "A" 3274 II 3. 3.1.
3.1.1. "A" 3274 II 3. 3.1.1. According to Comm. "A" 3326, "A"
3365, 3498, 3549, 3905,
4276, 4449 and 4473.
3.1.2. "A" 3274 II 3. 3.1.2.
3.1.3. "A" 3274 II 3. 3.1.3. According to Comm. "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 Comm. "A" 4449.
3.2.2. "A" 3274 II 3. 3.2.2.2. According to Comm. "A" 4449.
3.
3.3. "A" 3274 II 3. 3.3. According to Comm. "A" 3498.

3.1. Unemployment Fund for Construction Industry Workers.
3.1.1. Participating Entities.
First-degree commercial banks shall open special deposit accounts designated as "Unemployment Fund for Construction Industry Workers - Law 22.250", at the request of persons obligated to make contributions to said fund.
3.1.2. Holders.
Each account shall be opened in the name of the worker for whom the respective employer makes deposits at simple request and without any condition, even if they do not possess the corresponding contribution booklet. It shall only record and note their unique labor identification code (CUIL). These accounts shall not generate commissions or expenses of any kind for the beneficiary.
3.1.3. Currency.
Pesos.
3.1.4. Remuneration.
The balances registered in these accounts shall accrue interest calculated based on the daily rate equivalent to the weighted average effective monthly interest rate of deposits in savings and time deposits, in pesos, corresponding to the second business day prior to each day, according to the survey conducted by the Central Bank of the Republic of Argentina.
3.1.5. Deposits.
3.1.5.1. Minimum or maximum amounts shall not be determined.
3.1.5.2. They may be made in cash, transfers, in checks or drafts drawn on the same paying houses of said documents and which in turn are recipients of the funds. Values from other entities will not be accepted.
3.1.5.3. The following shall be used:
i) Special deposit slips, according to the model inserted in point 3.1.10., which will be provided by the banks. 4 copies will be integrated with the following destinations:
SAVINGS DEPOSITS, PAYMENT OF REMUNERATION AND SPECIAL DEPOSITS B.C.R.A.
Section 3. Special.
Version: 4th COMMUNICATION "A" 4532
Validity:
01/04/2006

SAVINGS DEPOSITS, PAYMENT OF REMUNERATION AND SPECIAL DEPOSITS ORDERED TEXT ORIGINATING NORM Sec. Point Para. Comm. Annex Ch. Sec. Point Para. OBSERVATIONS 1st 2nd 3rd "A" 2468 "A" 2468 "A" 2468 1. 1. 1. 4th 5th 6th 2nd "A" 2468 1. 5th 1.9.4. 3rd 2nd 3rd "A" 2468 "A" 2468 "A" 2468 1. 1. 1. 6th 5th 6th
1.10. 1st "A" 2621 3.
2nd "A" 2508 Unique 3rd
1.11. 1st "A" 3042
2nd "A" 3042 Without Comm. "A" 3323.
1.11.1. "A" 2621 2.
1.11.2. "A" 3014 3. 3.7.1.6.
4th "A" 3042
1.12.1. "A" 3042
1.12.2.1. "A" 1199 I 5.2.2. 1st and 2nd
"A" 1653 I 2.1.3.4.
1.12.2.2. "A" 1199 I 5.2.2. 3rd
1.13. "A" 1199 I 6.3. Without Comm. "A" 2807-pt. 6
"A" 1820 I 2.6.
1.14. "A" 2530
1.
1.15. "A" 1653 I 2.1.3.5.
2.1. "A" 2590 I 4.4.1.
1st "A" 2590 I 4.4.2.
2.2.
2nd "A" 2956
2.3. "A" 2590 I 4.4.3. Without Comm. "A" 4047.
2.4. "A" 2590 I 4.4.4.
2.5. "A" 2590 I 4.4.5.
2.6. "A" 2590 I 4.4.6.
2.7. "A" 2590 I 4.4.7.
2.8. "A" 2590 I 4.4.8.
"A" 2590 I 4.4.9.
2.9.
"A" 2956
2.10. "A" 2590 I 4.4.10.
2.11. "A" 2590 I 4.4.11.
1st "A" 2590 I 4.4.12.
2nd "A" 2590 I 2.
2.
2.12.
3rd "A" 2956 2nd
"A" 1199 I 4.2.1.
3.1.1.
"B" 6360
Without Comm. "A" 4532.
1st "A" 1199 I 4.2.2. Without Comm. "A" 3042.
3.
3.1.2.
2nd "A" 3042