Circular REMON 1 - 884: Minimum Cash. Update.

"2014 - YEAR OF TRIBUTE TO ADMIRAL GUILLERMO BROWN, ON THE BICENTENNIAL OF THE NAVAL BATTLE OF MONTEVIDEO" COMMUNICATION “A” 5555 28/02/2014 TO FINANCIAL ENTITIES:
Ref.: Circular
REMON 1 - 884
Minimum Cash. Update.

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We address you with the purpose of delivering to you the sheets that, in replacement of those previously provided, must be incorporated into the organized text of the norms on “Minimum cash”, for the purpose of updating them pursuant to the resolution made known through Communication “A” 5534, corresponding to the index and to points 1.3.2.2., 1.3.3.2., 1.3.4.2., subsection b) of point 1.3.9., 1.3.11.2. and 1.3.12.2. of Section 1. Likewise, it is recalled that on the website of this Institution www.bcra.gob.ar, accessing “regulations” (“organized texts”), the modifications made will be found with texts highlighted in special characters (strikethrough and bold). We salute you attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC Matías A. Gutiérrez Girault Alfredo A. Besio Manager of Emission of Norms Deputy General Manager of Norms

ANNEX

-Index
Section 1. Requirement.
1.1. Obligations included.
1.2. Application base.
1.3. Minimum cash.
1.4. Residual term.
1.5. Decrease in the average requirement in pesos.
1.6. Decrease in the average requirement in United States dollars.
1.7. Point increases in requirement due to concentration of liabilities.
1.8. Transfers.
1.9. Defect in the application of resources in foreign currency.
1.10. Increase in the requirement due to non-compliance with the norms on “Line of credits for productive investment”.
Section 2. Integration.
2.1. Admitted concepts.
2.2. Computation.
2.3. Minimum daily integration.
2.4. Remuneration of balances of peso accounts opened at the Central Bank.
2.5. Remuneration of balances of foreign currency accounts opened at the Central Bank.
Section 3. Non-compliance.
3.1. Charge.
3.2. Framing 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.
Correlation table.
B.C.R.A.
ORGANIZED TEXT OF THE NORMS ON
“MINIMUM CASH”
Version: 29th COMMUNICATION “A” 5555 Validity:
01/02/2014

When the use of information from periods prior to the computation period is required (e.g. residual term structure, minimum daily integration, etc.) and the financial entity lacks this information because it did not operate in those periods (as is the case for new entities authorized to operate), the information from the computation period must be used.
1.3. Minimum cash.
The amounts of minimum cash arising from applying the following rates must be integrated, which, in the case of operations in pesos, will depend on the category to which the locality where the operational headquarters where the operations are carried out is located belongs, in accordance with what is established in point 3.3. of Section 3, Chapter II of Circular CREFI - 2:

MINIMUM CASH B.C.R.A.
Section 1. Requirement.
Version: 39th COMMUNICATION “A” 5555 Validity:
01/03/2014

Rates in %
Concept Category I Categories
II to VI
1.3.1. Checking account deposits and sight accounts opened in cooperative credit unions.
17 15
1.3.2. Savings account deposits, basic account and universal free account.
1.3.2.1. In pesos. 17 15
1.3.2.2. In foreign currency. 40 40
1.3.3. Pupillary usuries, special accounts for closed circles, severance fund for workers in the construction industry, salary/social security, special checking accounts for legal entities and savings account for the payment of social aid plans or programs.
1.3.3.1. In pesos. 17 15
1.3.3.2. In foreign currency. 40 40
1.3.4. Other deposits and sight liabilities, pension benefits credited by ANSES pending cashing and immobilized balances corresponding to obligations included in these norms.
1.3.4.1. In pesos. 17 15
1.3.4.2. In foreign currency. 40 40

MINIMUM CASH B.C.R.A.
Section 1. Requirement.
Rates in %
Concept
Category I Categories
II to VI
1.3.5. Unused balances of formalized current account advances.
17 15
1.3.6. Deposits in current accounts of non-bank financial entities, computable for the integration of their minimum cash.
100 100
1.3.7. Time deposits, liabilities from “acceptances” -including liabilities from sale or assignment of credits to subjects other than financial entities-, passive repos, guarantees and passive stock market repos, investments at constant term, with option for early cancellation or renewal for a determined term and with variable remuneration, and other term liabilities with the exception of deposits included in points 1.3.11. to 1.3.14., according to their residual term:
1.3.7.1. In pesos.
i) Up to 29 days. 13 12 ii) From 30 to 59 days. 10 9 iii) From 60 to 89 days. 6 5 iv) From 90 to 179 days. 1 0 v) From 180 days or more. 0 0 Deposits with “CER” clause are included in this point.
1.3.7.2. In foreign currency.
i) Up to 29 days. 40 40 ii) From 30 to 59 days. 30 30 iii) From 60 to 89 days. 20 20 iv) From 90 to 179 days. 11 11 v) From 180 days or more. 4 4 vi) More than 365 days. 0 0
1.3.8. Liabilities from financial lines from abroad (not instrumented through time deposits or debt securities to which the requirements provided for in points 1.3.7. and 1.3.9., respectively, apply).
0 0
Version: 28th COMMUNICATION “A” 5555 Validity:
01/03/2014

MINIMUM CASH B.C.R.A.
Section 1. Requirement.
Version: 27th COMMUNICATION “A” 5555 Validity:
01/03/2014
Rates in %
Concept
Category I Categories
II to VI
1.3.9. Debt securities (including debentures), according to their residual term:
a) In pesos. i) Up to 29 days. 14 14 ii) From 30 to 59 days. 11 11 iii) From 60 to 89 days. 7 7 iv) From 90 to 179 days. 2 2 v) From 180 days or more. 0 0 b) In foreign currency i) Up to 29 days. 40 40 ii) From 30 to 59 days. 30 30 iii) From 60 to 89 days. 20 20 iv) From 90 to 179 days. 11 11 v) From 180 to 365 days. 4 4 vi) More than 365 days. 0 0
1.3.10. Liabilities with the Fiduciary Fund for Assistance to Financial and Insurance Entities.
0 0
1.3.11. Sight and time deposits made by order of the Judiciary with funds originating in the cases in which it intervenes, and their immobilized balances.
1.3.11.1. In pesos. 10 10
1.3.11.2. In foreign currency. 20 20
1.3.12. Deposits -whatever their modality- that constitute the equity of common investment funds.
1.3.12.1. In pesos. 19 19
1.3.12.2. In foreign currency. 40 40
1.3.13. Special deposits linked to the inflow of funds from abroad - Decree 616/05.
100 100
1.3.14. Term investments instrumented in non-transferable named certificates, in pesos, corresponding to public sector holders who have the right to exercise the option for early cancellation in a term of less than 30 days counted from their constitution.
15 14

ORGANIZED TEXT SOURCE 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, 4815 and
“B” 9186.
1.1.3. “A” 3274 II 1. 1.1.3. According to Com. “A” 3498, 3905 and
4473.
1.2. “A” 3274 II 1. 1.2. According to Com. “A” 3304, 3498,
3597, 4449, 4716 (includes interpretative clarification), 4815, 5471 and “B” 9186.
1.3. “A” 3274 II 1. 1.3. According to Com. “A” 5356.
1.3.1. “A” 3274 II 1. 1.3.1. According to Com. “A” 3338, 3417,
3498, 3597, 3917, 3967, 4032,
4051, 4147, 4276, 4449, 4473,
4509, 4549, 4602, 4712, 5108 and
5356.
1.3.2. “A” 3274 II 1. 1.3.2. According to Com. “A” 3338, 3417,
3498, 3597, 3917, 3967, 4032,
4051, 4147, 4179, 4276, 4449,
4473, 4509, 4549, 4602, 4809,
4851, 5164, 5356, 5534 and 5555.
1.3.3. “A” 3274 II 1. 1.3.3. According to Com. “A” 3338, 3399,
3417, 3498, 3597, 3824, 3917,
3967, 4032, 4051, 4147, 4179,
4276, 4449, 4473, 4509, 4549,
4602, 4754, 4851, 5007, 5091,
5234, 5356, 5534 and 5555.
1.3.4. “A” 3274 II 1. 1.3.4. According to Com. “A” 3338, 3417,
3498, 3597, 3917, 3967, 4032,
4051, 4147, 4179, 4276, 4449,
4473, 4509, 4549, 4602, 4851,
5356, 5534 and 5555.
1.3.5. “A” 3274 II 1. 1.3.5. According to Com. “A” 3338, 3417,
3498, 3597, 3917, 3967, 4032,
4051, 4147, 4276, 4449, 4509,
4549 and 5356.
1.3.6. “A” 3274 II 1. 1.3.7. According to Com. “A” 5356.
1.3.7. “A” 3498 unique 1. 1.3.8. According to Com. “A” 3506 (pt. 2.),
3549, 3732, 3824, 3905, 3917,
3925, 3967, 4032, 4140, 4179,
4276, 4360 (pt. 3.), 4449,
4549, 4602, 4754, 4851, 5356,
5534 and 5555.
1.3.8. “A” 3498 unique 1. 1.3.11. According to Com. “A” 3597, 3732,
4032 and 5356.
1.
1.3.9. “A” 3498 unique 1. 1.3.12. According to Com. “A” 3905, 3917,
3967, 4032, 4179, 4276, 4449,
4549, 4851, 5356, 5534 and 5555.
B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORGANIZED TEXT OF THE NORMS ON “MINIMUM CASH”

MINIMUM CASH
ORGANIZED TEXT SOURCE NORM
Sec. Point Para. Com. Annex Sec. Point Para.
OBSERVATIONS
1.3.10. “A” 3549 1.
1.3.11. “A” 3549 1. According to Com. “A” 4179,
4388, 4549, 4851, 5356,
5534 and 5555.
1.3.12. “A” 4179 2. According to Com. “A” 4406,
4449, 4707, 4851, 5356,
5534 and 5555.
1.3.13. “A” 4360 2. According to Com. “A” 5356.
1.3.14. “A” 4754 6. According to Com. “A” 5356.
1.4. “A” 3905 3. According to Com. “A” 4179,
4449 and 4473.
1.5. “A” 5356 2. According to Com. “A” 5471.
1.5.1. “A” 5356 2. According to Com. “A” 5471.
1.5.2. “A” 5471 1.
1.5.3. “A” 5524
1.6. “A” 5534
1.7. “A” 3274 II 1. 1.5. According to Com. “A” 3498
1.8. “A” 3274 II 1. 1.6.
1.8.1. “A” 3274 II 1. 1.6.1. According to Com. “A” 4405,
4449
1.8.2. “A” 3274 II 1. 1.6.2. According to Com. “A” 3304,
4449
1.9. “A” 3498 unique 1. 1.8. According to Com. “A” 4147
1.
1.10. “A” 5380 According to Com. “A” 5449,
5516
2.1. “A” 3274 II 2. 2.1. According to Com. “A” 3498,
3597, 4716 (includes interpretative clarification), 4815 and “B” 9186.
2.1.1. “A” 3274 II 2. 2.1.2. According to Com. “A” 3304,
3498, 4016 and 4147.
2.1.2. “A” 3498 unique 2. 2.1.3. According to Com. “A” 4147.
2.1.3. “A” 3274 II 2. 2.1.3. According to Com. “A” 3498,
4147, 4276 and 5194.
2.1.4. “A” 3274 II 2. 2.1.4.
2.1.5. “A” 4016 1.
2.1.6. “A” 4716 2. According to Com. “B” 9186.
2.2. “A” 3274 II 2. 2.2. According to Com. “A” 3498,
4449, 4716 and 5299.
2.3. “A” 3365 2. According to Com. “A” 3387,
3470, 3498, 3549, 3597,
3732, 3824, 4016, 4449,
4716, 5152, 5299, 5373 and “B” 9186.
2.4. “A” 4147 3. According to Com. “A” 4276,
4449, 4509, 5152 and 5299.
2.
2.5. “A” 4147 3. According to Com. “A” 4393,
4509, 4716 and 5299.