"2014 - YEAR OF TRIBUTE TO ADMIRAL GUILLERMO BROWN, ON THE BICENTENNIAL OF THE NAVAL BATTLE OF MONTEVIDEO" COMMUNICATION "A" 5654 24/10/2014 TO FINANCIAL ENTITIES:
Ref.: Circular
REMON 1 - 890
OPASI 2 - 465
Time Deposits and Investments. Application of the deposit guarantee insurance system. Minimum cash.

---

We address you to deliver to you attached the sheets that, in replacement of those previously provided, must be incorporated into the codified texts of the referenced regulations, for the purpose of updating them in accordance with the resolutions made known through Communications "A" 5600 and 5640. Likewise, we inform you that interpretative clarifications have been incorporated into the referenced regulations to facilitate their application. Furthermore, we remind you that on this Institution's website www.bcra.gob.ar, by accessing "regulations" ("codified texts"), you will find the modifications made with text highlighted in special characters (strikethrough and bold). We salute you attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC Enrique C. Martín Darío C. Stefanelli Submanager of Issuance Submanager General of Regulations a/c
ANNEX

1.10. Deposits with incentives or remuneration - total or partial - in goods or services.
Account holders must be advised regarding the nature of the remuneration for tax purposes.
In the body of the document instrumenting the deposit, it must be recorded that this requirement has been complied with. These deposits may only be made in pesos.
1.11. Remuneration.
1.11.1. Fixed rate deposits.
According to the rate freely agreed upon.
When the deposits are in pesos in the name of individual holders and the amount does not exceed the value referred to in point 5.3.1. of the regulations on "Application of the deposit guarantee insurance system", the rate may not be lower than that resulting from the product of the last "reference passive interest rate" and the coefficient corresponding according to the original term of the deposit, as follows:

• from 30 to 44 days: 0.87
• from 45 to 59 days: 0.89
• 60 days or more: 0.93
  The "reference passive interest rate" will be published by the Central Bank based on the simple average of the predetermined cut-off rates of the Internal Letters of the Central Bank of the Argentine Republic in pesos, with a term closest to 90 days, from the second month immediately preceding the month of capture of the deposits. For these purposes, renewals of these deposits will be considered as new operations. The minimum limit provided in the preceding paragraphs will apply to the extent that the total amount of fixed-term deposits in pesos per individual at the financial entity does not exceed, on the date of constitution of each deposit, the limit established in the cited point 5.3.1. When the deposits are fixed-term deposits in pesos constituted in the name of two or more individuals, the deposit amount will be distributed proportionally among the holders. Non-compliance with the minimum rate level will result in an increase in the minimum cash requirement in pesos by the amount of the deposits in question, corresponding to the month following the non-compliance, without compensation between deposits being admitted. Additionally, and without prejudice to the above, summary proceedings will be initiated in accordance with the guidelines defined by the Superintendence of Financial and Exchange Entities. TIME DEPOSITS AND INVESTMENTS B.C.R.A.
  Section 1. Fixed-term.
  Version: 8th COMMUNICATION "A" 5654
  Validity:
  08/10/2014

1.11.2. Deposits with variable interest clauses.
1.11.2.1. Basic remuneration.
It will be equivalent to:
i) The interest rate resulting from any of the following surveys that the Central Bank of the Argentine Republic prepares and publishes daily through the respective Communication "C":
a) Fixed-term deposits. b) Fixed-term deposits of 30 to 35 days term and of more than one million pesos or dollars ("BADLAR"). c) Accepted between private banks ("BAIBAR"). ii) LIBOR for the segments of 30 days or more. iii) Any of the rates mentioned in items i) and ii), plus the additional remuneration that may be agreed -point 1.11.2.2.-, or the fixed rate freely agreed upon, whichever is higher. To this end, each entity may consider the average of the daily measurements specified for the period between 2 and 5 immediate banking business days prior to the start date of each calculation sub-period, which may not be less than 30 days. This option will remain fixed for the entire validity term of the deposit. Once determined, the rate must remain unchanged for a term of no less than 30 days.
1.11.2.2. Additional remuneration.
The number of points (positive and negative) that the depositary entities freely agree with the depositors, which must remain unchanged during the total agreed term.
1.11.2.3. Record.
In the body of the document instrumenting the deposit, the basic parameter used must be clearly determined (indicating, if applicable, whether it is a general average or corresponds to a specific type of financial entity - private banks, public or non-bank financial entities), currency (pesos or US dollars) as well as the term of the chosen survey), the days prior to each calculation sub-period for which the average of the rates in each operation has been opted for, the additional points that will govern it, as well as the duration of the agreed sub-periods. TIME DEPOSITS AND INVESTMENTS B.C.R.A.
Section 1. Fixed-term.
Version: 10th COMMUNICATION "A" 5654
Validity:
08/10/2014

1.11.3. Deposits with "CER" clause.
According to the rate freely agreed upon.
1.11.4. Deposits with incentives or remuneration - total or partial - in goods or services.
When the incentives or remuneration in goods or services is partial, an additional incentive or remuneration may be freely agreed upon, which must remain unchanged during the total agreed term.
1.11.5. Settlement.
It must be carried out from the date of receipt of the deposit (or from the maturity of the previous agreed payment sub-period) until the maturity date of the deposit (or of each sub-period).
1.11.5.1. Regarding securities deposits, interest will be calculated on the nominal values, paid in the currency agreed upon when making the deposit, at the maturity of the operation, converted according to the last closing quote in pesos (spot) in the securities market where they are quoted.
1.11.5.2. In the case of "Deposits with CER clause", interest will be calculated on the updated capital, as provided in point 1.9.
1.11.6. Payment.
1.11.6.1. At final maturity for terms less than 180 days.
1.11.6.2. Periodic payment of accrued interest is admitted before the maturity of the deposit to the extent that it is made in arrears, with a frequency of no less than 30 days and refers to deposits with terms of 180 days or more.
1.11.6.3. Incentives or remuneration in advance in goods or services are admitted -point 1.11.4.-.
1.12. Term.
1.12.1. Fixed interest rate deposits.
1.12.1.1. In pesos or foreign currency.
Minimum: 30 days.
1.12.1.2. Of public and private securities.
As freely agreed upon.
Version: 11th COMMUNICATION "A" 5654
Validity:
08/10/2014
TIME DEPOSITS AND INVESTMENTS B.C.R.A.
Section 1. Fixed-term.

1.12.2. Deposits with variable interest clauses.
Minimum: i) For deposits whose basic remuneration is contemplated in items i) and ii) of point 1.11.2.1.: 120 days. ii) For deposits whose basic remuneration is contemplated in item iii) of point 1.11.2.1.: 180 days. Longer terms must be multiples of the calculation sub-period chosen to determine the applicable rate, in accordance with point 1.11.2.1.
1.12.3. Deposits with "CER" clause.
Minimum: 365 days.
1.12.4. Deposits with incentives or remuneration - total or partial - in goods or services.
Minimum: 180 days.
1.13. Cancellation of the operation.
1.13.1. The documents used to effect the cancellation of an operation must meet the characteristics of a receipt, which, in the case of certificates, may be inserted in the same form. At the request of the interested party, a duplicate of the document will be delivered.
When deposits are formalized by credit to an account or in a non-personal manner, the credit in the account indicated by the client will constitute satisfactory proof.
1.13.2. Non-transferable deposits may not be withdrawn, in whole or in part, before their maturity.
1.14. Automatic renewal.
1.14.1. Holders of non-transferable fixed-term deposits may authorize the reinvestment of the deposited principal for successive predetermined periods, equal or not, subject to adjustment to the regulations in force at the time of renewal.
1.14.2. The reinvestment may include accrued interest that will be capitalized. If not included, the interest must be credited, at the end of each period, to the account indicated by the client.
TIME DEPOSITS AND INVESTMENTS B.C.R.A.
Section 1. Fixed-term.
Version: 6th COMMUNICATION "A" 5654
Validity:
08/10/2014

1.14.3. The authorization for automatic renewal must be issued in writing at the time of the constitution of the deposit.
When the certificate is kept in custody by the entity, renewal may be ordered by other means (telephone, "Internet", electronic, etc.). Entities must have implemented computer security mechanisms that guarantee the genuineness of the operations.
1.14.4. The authorization will remain valid until further notice, in writing or by other agreed means, or until the presentation of the holder for collection, at the corresponding maturity.
1.14.5. The entity will adequately preserve records related to orders given by the client.
1.14.6. Deposit certificates will not be issued nor will new fund entries be registered for renewals.
1.15. Transmission.
Transferable named certificates issued in accordance with what is provided in Law 20.663 and these regulations, will be transferable by endorsement that precisely indicates the beneficiary and the date on which the transmission takes place. Endorsements to bearer or in blank will not be valid.
1.16. Secondary negotiation.
1.16.1. Financial entities may intermediate or purchase transferable certificates, provided that from the date of issuance or last negotiation or transfer, whatever the reason for them, a period - as arises from the document itself - of no less than 30 days has elapsed, except when it concerns operations between entities.
1.16.2. Certificates acquired by the issuing entities themselves will be charged against the respective deposit, which must be cancelled.
1.16.3. Financial entities that make use of rediscounts or advances from the Central Bank of the Argentine Republic for temporary illiquidity situations may not acquire fixed-term deposit certificates or time investment certificates - in pesos, in foreign currency or securities - issued by them, even if the minimum period of 30 days has elapsed from the date of issuance or last negotiation or transfer, while those facilities remain in force.
TIME DEPOSITS AND INVESTMENTS B.C.R.A.
Section 1. Fixed-term.
Version: 6th COMMUNICATION "A" 5654
Validity:
08/10/2014

1.17. Prohibitions.
1.17.1. The following deposits will not be admitted:
1.17.1.1. Constituted in the name of other financial entities included in the Financial Entities Law.
1.17.1.2. With automatic renewal (except that provided in point 1.14.) with indefinite term or with the obligation to return them before their maturity.
1.17.1.3. With maturities that fall on non-business days. When the maturity day is declared non-business after the date of the deposit, it may be renewed with value to that day, or extend its maturity and correlative settlement of interest at the agreed rate, until the first following business day.
1.17.1.4. Of residents or non-residents in the country, under any mode of arrangement and through associated agreements - formalized or not -, implying that the return of the deposited funds is guaranteed by another financial entity, except in cases specifically admitted by the Central Bank of the Argentine Republic.
1.17.2. Participations.
Financial entities may not extend participations - whatever their concept - on one or more deposit certificates.
1.18. Publication of regulations.
Financial entities will display, for public knowledge and in places visible to them, the current regulations on fixed-term deposits.
1.19. Deposits in fixed-term deposit certificates arising from "purchases for holding foreign bills in the country".
"Purchases for holding foreign bills in the country" may be captured through fixed-term deposits, in the foreign currency in question and owned by the acquirer, either exclusively or as co-owner. These fixed-term deposits may not be subject to any commission and must be constituted in the financial entity selling the foreign currency. For the purpose of verifying compliance with the minimum deposit term, provided for by Resolution No. 3583/14 of the Federal Administration of Public Revenues (AFIP), financial entities must maintain control of the permanence of the deposits from the dates and by the amounts originally deposited at the time of making each "purchase for holding foreign bills in the country", without interrupting the calculation of terms in the cases of constitution of fixed terms with funds credited in "Savings Accounts Communication "A" 5526", renewals of these fixed terms at their maturity or deposits in these accounts arising from the collection of said fixed terms carried out in accordance with the regime of the aforementioned AFIP resolution. TIME DEPOSITS AND INVESTMENTS B.C.R.A.
Section 1. Fixed-term.
Version: 2nd COMMUNICATION "A" 5654
Validity:
08/10/2014

TIME DEPOSITS AND INVESTMENTS
CODED TEXT ORIGIN OF THE RULES
Sec. Point Para. Com. Annex Chap. Sec. Point Para.
OBSERVATIONS
1.7. "A" 1653 I 3.4.1.
1.7.1. "A" 1653
"A" 1913
I 3.4.2.
2. 2nd
1.7.2. "A" 3043
1.8.1. "A" 1199 I 3.
1.8.2. "A" 1820 I 3.2. 2nd S/Com. "A" 3293, 3527,
3682 (pt. 10.), 3827
(pt. 9.) and 4140.
1.8.3. "A" 1820 I 3.2. 1st
"A" 1465 I 2. S/Com. "A" 4716 and "B"
9186. i) "A" 2275 2. 1st ii) "A" 2275 2.1. iii) "A" 2275 2.1.
1.8.4. iv) "A" 4716 8.
1.9. "A" 3660 S/Com. "A" 3827 (pt.
9.).
1.10. "A" 4874 2.
1.11.1. "A" 1465
"A" 1653
"A" 1820
I
2.1.2.
3.1.1.2.
3.3.1.2.
3.4.
S/Com. "A" 3660, 5640 and 5654. Includes interpretative clarification.
1.11.2.1. "A" 2188 2.1. 1st S/Com. "A" 2962 (pt.
2.1.), 3660, 4543,
4654 and 5257.
1.11.2.2. "A" 2188 2.1. 2nd S/Com. "A" 2962 (pt.
2.2.), 3660 and 4543.
1.11.2.3. "A" 2188 2.3. S/Com. "A" 2962 (pt.
2.2.), 3660, 4543 and
4654.
1.11.3. "A" 3660
1.11.4. "A" 4874 3.
1.11.5. 1st "A" 1199 I 5.3.2. S/Com. "A" 3660.
1.11.5.1. "A" 1465 I 2.1.2. 2nd S/Com. "A" 3660.
1.11.5.2. "A" 3660
1.11.6.1. "A" 1199 I 5.3.2. S/Com. "A" 3660.
1.11.6.2. "A" 2482 2. S/Com. "A" 3660.
1.11.6.3. "A" 4874 4.
1.12.1.1. "A" 1653
"A" 1820
"A" 2061
I 3.1.1.1.
3.3.
1.1.1.
S/Com. "A" 3485,
3527, 3660, 3682 (pt.
11.), 3827 (pt. 9.) and
4032.
1.12.1.2. "A" 1465
"A" 1603
"A" 2275
I 2.1.1.
5.
2.
S/Com. "A" 3660.
1.12.2. "A" 2188 1. S/Com. "A" 3660 and
4543.
1.12.3. "A" 3660 S/Com. "A" 4298 and
4331.
1.12.4. "A" 4874 5.
1st "A" 1653 I 3.4.13.2.
1.
1.13.1.
2nd "A" 3043
S/Com. "A" 3660.

TIME DEPOSITS AND INVESTMENTS
CODED TEXT ORIGIN OF THE RULES
Sec Point Para. Com. Annex Chap. Sec. Point Para.
OBSERVATIONS
1.13.2. "A" 1653 I 3.4.13.1. S/Com. "A" 3660.
1.14.1. "A" 1653 I 3.4.13.3. 1st S/Com. "A" 3660.
1.14.2. "A" 3043 S/Com. "A" 3660.
1.14.3. 1st "A" 1653 I 3.4.13.3.1. S/Com. "A" 3660.
1.14.3. 2nd "A" 3043 S/Com. "A" 3660.
1.14.4. "A" 1653 I 3.4.13.3. 1st S/Com. "A" 3660.
1.14.5. "A" 3043 S/Com. "A" 3660.
1.14.6. "A" 1653 I 3.4.13.3.4. S/Com. "A" 3660.
1.15. "A" 1653 I 3.3.3.1. S/Com. "A" 3660.
1.16.1. "A" 1653
"A" 1820
"A" 2064
I
I 3.3.3.2.
3.8.
1st
1st last.
S/Com. "A" 3660.
1.16.2. "A" 1653
"A" 1820 I
I 3.3.3.2.
3.8.
2nd
3rd
S/Com. "A" 3660.
1.16.3. "A" 2308 S/Com. "A" 3660.
1.17.1.1. "A" 1653 I 3.4.3.1. S/Com. "A" 3660.
1.17.1.2. "A" 1653 I 3.4.3.2. S/Com. "A" 3660.
1.17.1.3. "A" 1653 I 3.4.3.3. S/Com. "A" 3660.
1.17.1.4. "A" 2383 S/Com. "A" 3660.
1.17.2. "A" 1653 I 3.4.9. S/Com. "A" 3660.
1.18. "A" 1653 I 3.4.11. S/Com. "A" 3660.
1.
1.19. "A" 5531 S/Com. "A" 5547.
2.1.1. "A" 2482 1.
2.1.2. "A" 3043
2.1.3. "A" 1199 I 5.7.
2.1.4. "A" 2482 1.A)3.
1.B)3.
1.C)3.
1.D)3.
2.1.5. "A" 1653 I 3.4.1.
3.4.2.
2.1.6. "A" 1820
"A" 2482
I 3.2.
1.A)4.,1.B)
4., 1.C)4. and 1.D)2.
2nd S/Com. "A" 3293.
2.1.7. "A" 2482 1.A)6.,1.B)
6. and 1.C)6.
2.1.8.1. "A" 1653 I 3.4.13.2.
2.1.8.2. "A" 1653 I 3.4.13.1.
2.1.9. "A" 2482 1. 3rd
2.1.10. "A" 2482 1. 2nd S/ Com. "A" 4874.
2.2.1. "A" 2482 1.A)1.
2.2.2. "A" 2482 1.A)2. 4th
2.2.3. "A" 2482 1.A)5.
2.3.1. "A" 2482 1.B)1. 1st S/Com. "A" 4754.
2.3.2. "A" 2482 1.B)1. 2nd S/Com. "A" 4754 and
5149.
2.3.3.1. "A" 2482
"A" 2482
1.B)2. 1st
4th
2.3.3.2. "A" 2482 1.B)2. 2nd S/Com. "A" 4754.
2.
2.3.4. "A" 2482 1.B)5.

5.2.3. Deposits in which interest rates higher than the reference rates are agreed upon, which are periodically disseminated by the Central Bank of the Argentine Republic through Communications "B", determined by adding two percentage points annually to the moving average of the last five banking business days of the passive rates that, for fixed-term deposits and checking account balances (savings accounts and salary/social security accounts) up to $ 100,000 (or its equivalent in other currencies) arise from the survey conducted by the Central Bank of the Argentine Republic, except when it concerns fixed-term deposits in pesos contracted at the minimum fixed interest rate referred to in point 1.11.1. of the regulations on "Time deposits and investments".
5.2.4. Deposits of financial entities in other intermediaries, including fixed-term certificates acquired through secondary negotiation.
5.2.5. Deposits made by persons directly or indirectly linked to the entity according to the guidelines defined in point 2.2. of Section 2. of the regulations on "Credit risk fragmentation".
5.2.6. Fixed-term deposits of securities, acceptances or guarantees.
5.2.7. Immobilized balances arising from deposits and other excluded operations.
5.3. Coverage. Amount and formalities.
5.3.1. The guarantee will cover the return of the deposited capital, interest, updates - by the Reference Stabilization Coefficient "CER" - and quotation differences, as applicable, accrued up to the date of revocation of the authorization to operate or until the date of suspension of the entity due to the application of article 49 of the Organic Charter of the Central Bank of the Argentine Republic, if this measure had been adopted prior to the former, without exceeding - for these concepts - $ 120,000.
That date will be considered for the determination of the Reference Stabilization Coefficient for the purposes of point 1.9. of Section 1. of the regulations on "Time deposits and investments" for deposits with that clause and of the "Reference exchange rate" for the conversion to pesos of deposits in foreign currency, for the purpose of establishing the amount covered.
5.3.2. In accounts and deposits constituted in the name of two or more persons, the guarantee limit will be $ 120,000, regardless of the number of holder persons, with the amount of the corresponding guarantee distributed proportionally among the holders.
5.3.3. The total guaranteed to a specific person, by accumulation of accounts and deposits covered, as provided above, may not exceed the limit of $ 120,000.
5.3.4. SEDESA will reject or postpone until judicial recognition the coverage request by application of this guarantee regime when the deposits do not meet the requirements established in the applicable regulations or when the depositants do not exhibit titles that are materially and formally valid.
B.C.R.A. APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM Version: 11th COMMUNICATION "A" 5654 Validity:
08/10/2014

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED
IN THE CODED TEXT OF THE REGULATIONS ON
"APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM" CODED TEXT ORIGIN OF THE RULES Point Paragraph Com. Annex Point Paragraph OBSERVATIONS
1. "A" 2337 I 1. 1st and 2nd
1st "A" 2337 I 2. 1st S/Dec. 1292/96, Com. "A" 2807, 3358, 4206, 4271 and 5641.
2.
2nd "A" 2337 I 2. 2nd S/Dec. 1292/96.
3. 1st "A" 2337 I 3. 1st
3.1. "A" 2337 I 3.1.
3.2. "A" 2337 I 3.2.
3.3. "A" 2337 I 3.3.
3.3.1. "A" 2337 I 3.3.1.
3.3.2. "A" 2337 I 3.3.2.
3. 2nd "A" 2337 I 3. 2nd
1st "A" 2337 I 4. 2nd and 3rd S/Com. "B" 5806 (8th paragraph) and "A" 3068.
4.
2nd "A" 2337 I 4. 4th
5. "A" 2337 I 6.
5.1. 1st "A" 2337 I 6.1. 1st
5.1.1. "A" 2337 I 6.1. i)
5.1.2. "A" 5108
5.1.3. "A" 2337 I 6.1. ii)
5.1.4. "A" 2337 I 6.1. iii)
5.1.5. "A" 2337 I 6.1. iv) S/Com. "A" 5091, 5108, 5164
and 5234.
5.1.6. "A" 2482 1. 2nd
5.1.7. "B" 5806 3rd S/Com. "A" 2807.
5.2. "A" 2337 I 6.4. S/Com. "A" 2399.
5.2.1. "A" 2337 I 6.4.1. S/Com. "A" 2399.
5.2.2. "A" 2337 I 6.4.2. S/Com. "A" 2399, 4681 and
4874.
5.2.3. "A" 2337 I 6.3. S/Com. "A" 2777, 3358, 5108
5234, 5640 and 5654. Includes interpretative clarification.
5.2.4. "A" 2337 IV S/Dec. 540/95, art. 12, item c)
5.2.5. "A" 2337 I 6.2. S/ Com. "A" 5520.
5.2.6. "A" 2337 IV S/Dec. 540/95, art. 12, item c)
5.2.7. "A" 2807 5.2.7.
5.3. "A" 2337 I 6. S/Dec. 540/95.
5.3.1. "A" 2337 I 6.5. S/Com. "A" 4681y 5170.
5.3.2. "A" 2337 I 6.7. 1st S/Dec. 540/95 and Com. "A"
5170.
5.3.3. "A" 2337 I 6.7. 2nd S/Dec. 540/95 and Com. "A"
5170.
5.3.4. "A" 2337 I 6.8. S/Dec. 540/95.
5.3.5. "A" 2337 I 6.9.
6. "A" 2337 I 7. S/Com. "A" 2399, 3270, 4874
and 5170. Dec. 1292/96.

INDEX

Section 1. Requirement.
1.1. Obligations included.
1.2. Application base.
1.3. Minimum cash.
1.4. Residual term.
1.5. Reduction of the requirement on average in pesos.
1.6. Reduction of the requirement on average in US dollars.
1.7. Point increases in requirement due to liability concentration.
1.8. Transfers.
1.9. Failure to apply foreign currency resources.
1.10. Increase in the requirement due to non-compliance with regulations on the "Line of credits for productive investment".
1.11. Increase in the requirement due to non-compliance in financings subject to interest rate regulation by the BCRA.
1.12. Increase in the requirement due to non-compliance with the level of the minimum fixed interest rate.

Section 2. Integration.
2.1. Admitted concepts.
2.2. Calculation.
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 rules.
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.

BCRA.

ORDERED TEXT OF THE RULES ON "MINIMUM CASH"

Version: 31st
COMMUNICATION "A" 5654
Validity:
08/10/2014

MINIMUM CASH BCRA.

Section 1. Requirement.

Rates in %

Concept	Category I	Categories II to VI
1.3.5. Unused balances of current account advances formalized.	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, obligations from "acceptances" - including liabilities from sale or assignment of credits to subjects other than financial entities -, passive swaps, guarantees and passive stock market swaps, investments at constant term, with option for early cancellation or renewal for a determined term and with variable remuneration, and other term obligations except for the 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.	50	50
ii) From 30 to 59 days.	38	38
iii) From 60 to 89 days.	25	25
iv) From 90 to 179 days.	14	14
v) From 180 to 365 days.	5	5
vi) More than 365 days.	0	0
1.3.8. Obligations 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: 30th
COMMUNICATION "A" 5654
Validity:
25/10/2014

The failure to apply the 2014 Quota verified - on 1.7.14 or 1.1.15, depending on the case, when it concerns the first tranche and on 1.1.15 or 1.7.15, depending on the case, when it concerns the second tranche - will be computed by an amount equivalent in the calculation of the minimum cash requirement on average in pesos, from said dates and for 24 months.

The non-compliance with what is provided for in the second paragraph of point 3.5.3.2. of the rules on "Line of credits for productive investment" (register by 30.9.14 agreements for at least 50% of the total amount of the second tranche of the 2014 Quota and at least 50% to SMEs) will generate an increase in the minimum cash requirement on average in pesos by an amount equivalent from the day following its verification (1.10.14) for 3 months, without prejudice to what is provided in point 8.3. of said rules (application of article 41 of the Financial Entities Law).

1.11. Increase in the requirement due to non-compliance with the maximum interest rate level in financings subject to interest rate regulation by the BCRA.

The non-compliance with the maximum limit for rates in financings subject to interest rate regulation by the BCRA, according to what is established in point 6.4. of Section 6. of the rules on "Interest rates in credit operations", will generate an increase in the minimum cash requirement in pesos by an amount equivalent to that obtained according to point 6.6.1. of Section 6. of said rules, without prejudice to what is provided in point 6.6.2. of Section 6. of said rules (application of article 41 of the Financial Entities Law).

Without prejudice to this, financial entities may reverse that increase according to the procedure established in point 6.7. of Section 6. of the rules on "Interest rates in credit operations".

1.12. Increase in the requirement due to non-compliance with the level of the minimum fixed interest rate.

The non-compliance with the level of the minimum fixed interest rate referred to in point 1.11.1. of the rules on "Time deposits and investments" will have as a consequence an increase in the minimum cash requirement in pesos by the amount of the deposits in question, corresponding to the month following the non-compliance is registered, without compensation between deposits being admitted. Without prejudice to this, summary proceedings will be initiated according to the guidelines defined by the Superintendence of Financial and Exchange Entities.

MINIMUM CASH BCRA.

Section 1. Requirement.

Version: 2nd
COMMUNICATION "A" 5654
Validity:
08/10/2014

MINIMUM CASH

ORDERED TEXT	ORIGIN NORM							OBSERVATIONS
Sec.	Point	Par.	Com.	Annex	Sec.	Point	Par.
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, 5555 and 5569.
1.3.10.	"A"	3549	1.
1.3.11.	"A"	3549	1.		1.3.11.	According to Com. "A" 4179, 4388, 4549, 4851, 5356, 5534, 5555 and 5569.
1.3.12.	"A"	4179	2.		1.3.12.	According to Com. "A" 4406, 4449, 4707, 4851, 5356, 5534, 5555 and 5569.
1.3.13.	"A"	4360	2.		1.3.13.	According to Com. "A" 5356.
1.3.14.	"A"	4754	6.		1.3.14.	According to Com. "A" 5356.
1.4.	"A"	3905	3.		1.4.	According to Com. "A" 4179, 4449 and 4473.
1.5.	"A"	5356	2.		1.5.	According to Com. "A" 5471.
1.5.1.	"A"	5356	2.		1.5.1.	According to Com. "A" 5471 and 5623.
1.5.2.	"A"	5471	1.		1.5.2.	According to Com. "A" 5623.
1.5.3.	"A"	5623	2.		1.5.3.
1.5.4.	"A"	5524			1.5.4.
1.5.5.	"A"	5631	1.		1.5.5.	According to Com. "A" 5638.
1.5. last	"A"	5623	4.		1.5. last	According to Com. "A" 5631.
1.6.	"A"	5534			1.6.	According to Com. "A" 5569.
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 and 4449.
1.8.2.	"A"	3274	II	1.	1.6.2.	According to Com. "A" 3304 and 4449.
1.9.	"A"	3498	unique	1.	1.8.	According to Com. "A" 4147.
1.10.	"A"	5380			1.10.	According to Com. "A" 5449, 5516, 5600 and 5654. Includes interpretative clarification.
1.11.	"A"	5590	2.		1.11.	According to Com. "A" 5654. Includes interpretative clarification.
1.
1.12.	"A"	5640			1.12.	According to Com. "A" 5654. Includes interpretative clarification.
2.1.	"A"	3274	II	2.	2.1.	According to Com. "A" 3498, 3597, 4716 (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.		2.1.5.
2.1.6.	"A"	4716	2.		2.1.6.	According to Com. "B" 9186.
2.
2.2.	"A"	3274	II	2.	2.2.	According to Com. "A" 3498, 4449, 4716 and 5299.