Circular RUNOR 1 - 1187: Distribution of Results. Additional Capital Margins. Countercyclical Margin

"2016 - Year of the Bicentennial of the Declaration of National Independence" COMMUNICATION "A" 5938 31/03/2016 TO FINANCIAL ENTITIES:
Ref.: Circular
RUNOR 1 - 1187
Distribution of Results. Additional Capital Margins. Countercyclical Margin.

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We address you to inform you that this Institution adopted the resolution, in its pertinent part, which is transcribed below:

"- Establish that in accordance with what is established in point 4.2 of the norms on 'Distribution of Results', the countercyclical capital margin that financial entities must apply to their exposures in Argentina will be, from 1.4.16, 0%."

Likewise, we send you the sheet that, in replacement of the one provided at the appropriate time, will correspond to be incorporated into the norms of reference. Likewise, it is recalled that on the website of this Institution 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 greet you attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Darío C. Stefanelli Agustín Torcassi
Principal Manager of Issuance and Normative Applications General Deputy Manager of Norms

ANNEX

7.6. The countercyclical capital margin that financial entities must apply to their exposures in Argentina, in accordance with what is established in point 4.2, is established, from 1.4.16, at 0%.

DISTRIBUTION OF RESULTS
B.C.R.A.
Section 7. Transitional Provisions.
Version: 1st. COMMUNICATION "A" 5938
Validity:
01/04/2016