Circular REMON 1-905: Minimum Cash Requirements. Reduction of Foreign Currency Reserve Requirements.

"2015 - YEAR OF THE BICENTENNIAL OF THE CONGRESS OF THE FREE PEOPLES" COMMUNICATION "A" 5873 31/12/2015 TO FINANCIAL ENTITIES:
Ref.: Circular
REMON 1 - 905
Rules on "Minimum Cash". Reduction of foreign currency reserve requirements. ______ We address you to inform you that this Institution adopted the following resolution:

"- Substitute, with effect from 1.1.16, points 1.3.2.2., 1.3.3.2., 1.3.4.2., 1.3.7.2., section b) of point 1.3.9., 1.3.11.2. and 1.3.12.2. of the rules on "Minimum Cash", with the following:

Rates in %
Concept Category I Categories II to VI
1.3.2. Savings account deposits, basic account and universal free account.
"1.3.2.2. In foreign currency. 30 30"
1.3.3. Pupil usuries, special accounts for closed circles, labor cessation fund for workers in the construction industry, salary/social security account, special current accounts for legal entities and savings account for the payment of social aid plans or programs.
"1.3.3.2. In foreign currency. 30 30"
1.3.4. Other deposits and demand liabilities, pension benefits credited by ANSES pending cashing and immobilized balances corresponding to obligations included in these rules.
"1.3.4.2. In foreign currency. 30 30"
1.3.7. Time deposits, liabilities from "acceptances" -including liabilities from sale or assignment of credits to subjects other than financial entities-, passive repos, cautions and passive stock market repos, constant term investments, with option for early cancellation or renewal for a fixed term and with variable remuneration, and other term liabilities except for deposits included in points 1.3.11. to 1.3.14., according to their residual term:
"1.3.7.2. In foreign currency. i) Up to 29 days. 30 30 ii) From 30 to 59 days. 23 23 iii) From 60 to 89 days. 15 15 iv) From 90 to 179 days. 8 8 v) From 180 to 365 days. 3 3 vi) More than 365 days. 0 0"
1.3.9. Debt securities (including negotiable obligations), according to their residual term:
"b) In foreign currency i) Up to 29 days. 30 30 ii) From 30 to 59 days. 23 23 iii) From 60 to 89 days. 15 15 iv) From 90 to 179 days. 8 8 v) From 180 to 365 days. 3 3 vi) More than 365 days. 0 0"
1.3.11. Demand and time deposits made by court order with funds originating in the cases in which they intervene, and their immobilized balances.
"1.3.11.2. In foreign currency. 15 15"
1.3.12. Deposits -whatever their modality- that constitute the equity of common investment funds.
"1.3.12.2. In foreign currency. 30 30"

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Rates in %
Concept Category I Categories II to VI
1.3.2. Savings account deposits, basic account and universal free account.
"1.3.2.2. In foreign currency. 30 30"
1.3.3. Pupil usuries, special accounts for closed circles, labor cessation fund for workers in the construction industry, salary/social security account, special current accounts for legal entities and savings account for the payment of social aid plans or programs.
"1.3.3.2. In foreign currency. 30 30"
1.3.4. Other deposits and demand liabilities, pension benefits credited by ANSES pending cashing and immobilized balances corresponding to obligations included in these rules.
"1.3.4.2. In foreign currency. 30 30"
1.3.7. Time deposits, liabilities from "acceptances" -including liabilities from sale or assignment of credits to subjects other than financial entities-, passive repos, cautions and passive stock market repos, constant term investments, with option for early cancellation or renewal for a fixed term and with variable remuneration, and other term liabilities except for deposits included in points 1.3.11. to 1.3.14., according to their residual term:
"1.3.7.2. In foreign currency. i) Up to 29 days. 30 30 ii) From 30 to 59 days. 23 23 iii) From 60 to 89 days. 15 15 iv) From 90 to 179 days. 8 8 v) From 180 to 365 days. 3 3 vi) More than 365 days. 0 0"
1.3.9. Debt securities (including negotiable obligations), according to their residual term:
"b) In foreign currency i) Up to 29 days. 30 30 ii) From 30 to 59 days. 23 23 iii) From 60 to 89 days. 15 15 iv) From 90 to 179 days. 8 8 v) From 180 to 365 days. 3 3 vi) More than 365 days. 0 0"
1.3.11. Demand and time deposits made by court order with funds originating in the cases in which they intervene, and their immobilized balances.
"1.3.11.2. In foreign currency. 15 15"
1.3.12. Deposits -whatever their modality- that constitute the equity of common investment funds.
"1.3.12.2. In foreign currency. 30 30"

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Finally, we send you the sheets that, in replacement of those previously provided, will need to be incorporated into the referenced rules. Furthermore, it is recalled that on this Institution's website www.bcra.gob.ar, accessing "Legal and Regulatory Framework - Ordered Texts - Normative Orderings", the modifications made with texts highlighted in special characters (strikethrough and bold) will be found. We salute you attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC Darío C. Stefanelli Agustín Torcassi Chief Manager of Issuance and Normative Applications General Manager of Rules

ANNEX

When the use of information from periods prior to the calculation period is required (e.g. residual term structure, minimum daily integration, etc.) and the financial entity lacks it because it did not operate in those periods (as is the case for new entities authorized to operate), the information from the calculation period must be used.
1.3. Minimum Cash.
The minimum cash amounts resulting 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 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.
Rates in %
Concept Category I Categories II to VI
1.3.1. Current account deposits and demand 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. 30 30
1.3.3. Pupil usuries, special accounts for closed circles, labor cessation fund for workers in the construction industry, salary/social security account, special current 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. 30 30
1.3.4. Other deposits and demand liabilities, pension benefits credited by ANSES pending cashing and immobilized balances corresponding to obligations included in these rules.
1.3.4.1. In pesos. 17 15
1.3.4.2. In foreign currency. 30 30
Version: 41a. COMMUNICATION "A" 5873
Validity:
01/01/2016

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, cautions and passive stock market repos, constant term investments, with option for early cancellation or renewal for a fixed term and with variable remuneration, and other term liabilities except for 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) 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. 30 30 ii) From 30 to 59 days. 23 23 iii) From 60 to 89 days. 15 15 iv) From 90 to 179 days. 8 8 v) From 180 to 365 days. 3 3 vi) More than 365 days. 0 0
1.3.8. Liabilities from foreign financial lines (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: 31a. COMMUNICATION "A" 5873
Validity:
01/01/2016

MINIMUM CASH B.C.R.A.
Section 1. Requirement.
Rates in %
Concept
Category I Categories II to VI
1.3.9. Debt securities (including negotiable obligations), 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) 180 days or more. 0 0 b) In foreign currency. i) Up to 29 days. 30 30 ii) From 30 to 59 days. 23 23 iii) From 60 to 89 days. 15 15 iv) From 90 to 179 days. 8 8 v) From 180 to 365 days. 3 3 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. Demand and time deposits made by court order with funds originating in the cases in which they intervene, and their immobilized balances.
1.3.11.1. In pesos. 10 10
1.3.11.2. In foreign currency. 15 15
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. 30 30
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 within a period of less than 30 days counted from their establishment.
15 14
Version: 29a. COMMUNICATION "A" 5873
Validity:
01/01/2016

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, 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, 5555,
5569 and 5873
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, 5555, 5569 and
5873.
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, 5555, 5569 and 5873.
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, 5555, 5569 and 5873.
1.
1.3.8. "A" 3498 unique 1. 1.3.11. According to Com. "A" 3597, 3732,
4032 and 5356.
B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON "MINIMUM CASH"

MINIMUM CASH
ORDERED TEXT ORIGIN NORM
Sec. Point Para. Com. Annex Sec. Point Para.
OBSERVATIONS
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, 5569 and 5873.
1.3.10. "A" 3549 1.
1.3.11. "A" 3549 1. According to Com. "A" 4179, 4388,
4549, 4851, 5356, 5534,
5555, 5569 and 5873.
1.3.12. "A" 4179 2. According to Com. "A" 4406, 4449,
4707, 4851, 5356, 5534,
5555, 5569 and 5873.
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,
4473, 5671 and 5740. Includes interpretative clarification.
1.5. "A" 5356 2. According to Com. "A" 5471.
1.5.1. "A" 5356 2. According to Com. "A" 5471 and 5623.
1.5.2. "A" 5471 1. According to Com. "A" 5623.
1.5.3. "A" 5623 2.
1.5.4. "A" 5524
1.5.5. "A" 5631 1. According to Com. "A" 5638.
1.5. last "A" 5623 4. According to Com. "A" 5631.
1.6. "A" 5534 According to Com. "A" 5569 and 5859.
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.
1.10. "A" 5380 According to Com. "A" 5449, 5516,
5600, 5654 and 5771. 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.
2.1.6. "A" 4716 2. According to Com. "B" 9186.
2.
2.2. "A" 3274 II 2. 2.2. According to Com. "A" 3498, 4449,
4716 and 5299.