Circular REMON 1 - 870: Minimum Cash. Minimum Daily Integration in Foreign Currency. Transitional Provision

"2012 – Year of Homage to Dr. D. Manuel Belgrano" COMMUNICATION "A" 5312 07/06/2012 TO FINANCIAL ENTITIES:
Ref.: Circular
REMON 1 - 870
Minimum Cash. Minimum Daily Integration in Foreign Currency. Transitional Provision.

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

"- To order, with effect from 1.6.12 to 31.7.12, the suspension of the requirement for minimum daily integration in foreign currency referred to in point 2.3. of Section 2. of the rules on 'Minimum Cash'."

Finally, we send you the sheets that, in replacement of those previously provided, must be incorporated into the referenced rules. We also remind you that on this Institution's website www.bcra.gov.ar, by accessing "regulations" ("organized texts"), the modifications made with texts highlighted in special characters (strikethrough and bold) can be found.

We greet you attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Matías A. Gutiérrez Girault Alfredo A. Besio
Manager of Emission of Rules
General Manager of Rules

ANNEX

6.1. Treatment of special deposits linked to the externalization and repatriation of capital due to Law 26.476.
The defect in the application of resources corresponding to deposits in pesos that is determined in a month will be computed by an equivalent amount in the calculation of the minimum cash requirement in pesos for that period. Likewise, until the National Executive Power regulates the destination of the lending capacity, both in pesos and in foreign currency, the defects in application will be remunerated by this Institution. To this end, they must be considered in the calculations of the remuneration of the balances of the accounts opened at the Central Bank -points 2.4. and 2.5., respectively-.

6.2. Minimum Daily Integration in Foreign Currency.
6.2.1. From 1.11.11, the defect in the application of resources in this species (point 1.7.) will be excluded from the calculation base of the requirement for minimum daily integration in foreign currency.
6.2.2. Suspend, from 1.6.12 and until 31.7.12, the requirement for minimum daily integration in foreign currency referred to in point 2.3.

6.3. Admit that, from 1.4.12, for the position in pesos, financial entities may deduct from the average requirement of minimum cash, the amount corresponding to the integration carried out in March 2012 with cash, cash in transit, and in cash-in-transit companies, after computing the other items admitted as integration and without exceeding the amount necessary to reach the equilibrium position (without excess or defect).

6.4. The deduction established in the preceding point will not be considered for the purpose of determining the minimum daily integration in pesos contemplated in point 2.3. of the rules on "Minimum Cash".

Version: 11th COMMUNICATION "A" 5312
Validity:
01/06/2012
MINIMUM CASH B.C.R.A.
Section 6. Transitional Provisions.

MINIMUM CASH
ORGANIZED TEXT ORIGINAL NORM
Sec. Point Para. Com. Annex Sec. Point Para.
OBSERVATIONS
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. According to Com. "A" 4771.
3.
3.3.2. "A" 3274 II 3. 3.3.2.
4. 4.1. "A" 3274 II 4. 4.1.
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.
6.1. "A" 4916
6.2.1. "A" 5246 3.
6.2.2. "A" 5312
6.3. "A" 5299 2.
6.
6.4. "A" 5299 3.