Circular REMON 1 - 910: Minimum Cash Requirements. Adjustments.

“2016 - Year of the Bicentennial of the Declaration of National Independence” COMMUNICATION “A” 5980 26/05/2016 TO FINANCIAL ENTITIES:
Ref.: Circular
REMON 1 - 910
Minimum Cash. Adjustments.

---

We address you to inform you that this Institution adopted the resolution that, in its pertinent part, provides:

“1. Substitute, with effect from 1.7.16, point 1.3. of the rules on “Minimum Cash” with the following:

“1.3. Minimum Cash.
The amounts of minimum cash resulting from applying the following rates shall be integrated, which, in the case of operations in pesos, will depend on the category to which the locality where the operating house where the operations are carried out belongs, in accordance with what is established in point 3.3. of Section 3., Chapter II of Circular CREFI - 2:

Rates in %

Concept	Category I	Categories II to VI
1.3.1. Current account deposits and sight accounts opened in cooperative credit unions.	22	20
1.3.2. Savings account deposits.
1.3.2.1. In pesos.	22	20
1.3.2.2. In foreign currency.	25	25
1.3.3. Pupilary usuries, special accounts for closed circles, severance 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.	22	20
1.3.3.2. In foreign currency.	25	25
1.3.4. Other sight deposits and obligations, pension benefits credited by ANSES pending cashing, and immobilized balances corresponding to obligations included in these rules.
1.3.4.1. In pesos.	22	20
1.3.4.2. In foreign currency.	25	25
1.3.5. Unused balances of formalized current account advances.	22	20
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. Fixed-term deposits, obligations for “acceptances” - including liabilities for the sale or assignment of credits to subjects other than financial entities -, passive repos, guarantees and passive stock market repos, constant-term investments, with option of early cancellation or renewal for a determined term and with variable remuneration, and other term obligations 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.	16	15 ii) From 30 to 59 days.
1.3.7.2. In foreign currency.
i) Up to 29 days.	23	23 ii) From 30 to 59 days.
1.3.8. Obligations for foreign financial lines (not instrumented through fixed-term deposits or debt securities to which the requirements provided in points 1.3.7. and 1.3.9., respectively, apply).

Rates in %

Concept	Categories II to VI
1.3.9. Debt securities (including debentures), according to their residual term:
a) In pesos. i) Up to 29 days.	16 ii) From 30 to 59 days.
1.3.10. Obligations with the Fiduciary Fund for Assistance to Financial and Insurance Entities.

Rates in %

Concept	Categories II to VI
1.3.11. Sight and fixed-term deposits made by order of the Justice with funds originating in the cases in which it intervenes, and their immobilized balances.
1.3.11.1. In pesos.	15
1.3.11.2. In foreign currency.	15
1.3.12. Deposits - whatever their modality - that constitute the assets of common investment funds.
1.3.12.1. In pesos.	22
1.3.12.2. In foreign currency.	25
1.3.13. Special deposits linked to the inflow of funds from abroad - Decree 616/05.

Rates in %

Concept	Categories II to VI
1.3.14. Term investments instrumented in non-transferable registered certificates, in pesos, corresponding to public sector holders who have the right to exercise the option of early cancellation in a period of less than 30 days counted from their constitution.

Rates in %

Concept	Category I	Categories II to VI
1.3.1. Current account deposits and sight accounts opened in cooperative credit unions.

Rates in %

Concept	Categories II to VI
1.3.15. “UVIs” fixed-term deposits and investments.
i) Up to 29 days.	7 ii) From 30 to 59 days.

Rates in %

Concept	Category I	Categories II to VI
1.3.1. Current account deposits and sight accounts opened in cooperative credit unions.

Rates in %

Concept	Categories II to VI
1.3.15. “UVIs” fixed-term deposits and investments.
i) Up to 29 days.	7 ii) From 30 to 59 days.

2. Provide that for the period between 1.6.16 and 30.6.16, financial entities shall integrate the amounts of minimum cash resulting from applying the following rates:

Rates in %

Concept	Category I	Categories II to VI
1.3.1. Current account deposits and sight accounts opened in cooperative credit unions.	19,5	17,5
1.3.2. Savings account deposits.
1.3.2.1. In pesos.	19,5	17,5
1.3.2.2. In foreign currency.	22,5	22,5
1.3.3. Pupilary usuries, special accounts for closed circles, severance 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.	19,5	17,5
1.3.3.2. In foreign currency.	22,5	22,5
1.3.4. Other sight deposits and obligations, pension benefits credited by ANSES pending cashing, and immobilized balances corresponding to obligations included in these rules.
1.3.4.1. In pesos.	19,5	17,5
1.3.4.2. In foreign currency.	22,5	22,5
1.3.5. Unused balances of formalized current account advances.	19,5	17,5
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. Fixed-term deposits, obligations for “acceptances” - including liabilities for the sale or assignment of credits to subjects other than financial entities -, passive repos, guarantees and passive stock market repos, constant-term investments, with option of early cancellation or renewal for a determined term and with variable remuneration, and other term obligations 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.	14,5	13,5 ii) From 30 to 59 days.
1.3.7.2. In foreign currency.
i) Up to 29 days.	21,5	21,5 ii) From 30 to 59 days.

Rates in %

Concept	Categories II to VI
1.3.8. Obligations for foreign financial lines (not instrumented through fixed-term deposits or debt securities to which the requirements provided in points 1.3.7. and 1.3.9., respectively, apply).

Rates in %

Concept	Categories II to VI
1.3.9. Debt securities (including debentures), according to their residual term:
a) In pesos. i) Up to 29 days.	15 ii) From 30 to 59 days.
1.3.10. Obligations with the Fiduciary Fund for Assistance to Financial and Insurance Entities.

Rates in %

Concept	Categories II to VI
1.3.11. Sight and fixed-term deposits made by order of the Justice with funds originating in the cases in which it intervenes, and their immobilized balances.
1.3.11.1. In pesos.	12,5
1.3.11.2. In foreign currency.	12,5
1.3.12. Deposits - whatever their modality - that constitute the assets of common investment funds.
1.3.12.1. In pesos.	20,5
1.3.12.2. In foreign currency.	22,5
1.3.13. Special deposits linked to the inflow of funds from abroad - Decree 616/05.

Rates in %

Concept	Categories II to VI
1.3.14. Term investments instrumented in non-transferable registered certificates, in pesos, corresponding to public sector holders who have the right to exercise the option of early cancellation in a period of less than 30 days counted from their constitution.

Rates in %

Concept	Categories II to VI
1.3.15. “UVIs” fixed-term deposits and investments.
i) Up to 29 days.	7 ii) From 30 to 59 days.

Finally, we inform you that we will subsequently send you the sheets that, in replacement of those previously provided, will correspond to incorporate into the rules on “Minimum Cash”.

We greet you attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Darío C. Stefanelli Agustín Torcassi
Chief Manager of Issuance and
Regulatory Applications
General Manager of Rules