Circular REMON 1 - 999: Minimum Cash - Adjustments

“2020 - YEAR OF GENERAL MANUEL BELGRANO”

COMMUNICATION “A” 6907
19/02/2020

TO FINANCIAL INSTITUTIONS:

Ref.: Circular
REMON 1 - 999

Minimum cash. Adjustments.

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

• “- Incorporate, with effect from 1.3.2020, as the third paragraph of point 1.5.4. of the rules on “Minimum cash”, the following:

“Financings granted to financial institutions not included in the first paragraph may be included in that sum, provided that: i) within 10 business days from the date on which those institutions receive the assistance, they allocate the funds to granting financings to MSMEs under the conditions of this point and ii) they have a special report from an external auditor –registered in the “Registry of auditors” of the SEFyC– of the financial institution not covered on its compliance.

The special report: i) must state the dates, amounts and data of the borrower of each application, in accordance with the model that will be made known for that purpose and ii) must not contain limitations on the scope of the tasks, nor an opinion with qualifications or an abstention of opinion.

The intervention of the external auditor in all aspects required in this operation falls within the provisions established in the Minimum Standards on External Audits.

The institution may likewise comply with the preceding requirement with the submission of a special report from its Internal Audit whose procedures, scope and conclusions conform to the aforementioned conditions and model.”

Likewise, we inform you that we will subsequently send you the pages that, in replacement of those previously provided, must be incorporated into the rules of the reference.

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Matías A. Gutiérrez Girault
Issuance Manager of Rules

María D. Bossio
Deputy General Manager of Financial Regulation a/c