Circular RUNOR 1-124, OPRAC 1-367, LISOL 1-82: Participation of Financial Entities in Insurance Companies Linked to Law 24.241

BANCO CENTRAL DE LA REPUBLICA ARGENTINA __________________________________________________________________ COMUNICACION " A " 2206 30/03/94 __________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular
RUNOR 1 - 124.
OPRAC 1 - 367.
LISOL 1 - 82.
Participation of financial entities in insurance companies linked to the regime of Law 24.241

We address ourselves to you to inform you that this Institution adopted the following resolution:

"1. Exclude from the limitation established in subsection a) of
Article 28 of the Financial Entities Law (text according to
Law 24.144) the participations in the capital of companies whose exclusive object is the coverage of the collective insurance of invalidity and death and of retirement provided for in Law 24.241, corresponding to affiliates incorporated to the Administrator of Retirement and Pension Funds in whose capital the respective entity maintains those share holdings.
2. Authorize financial entities to maintain the partic-
ipations referred to in the previous point above the percentage (12.5%) established in the second paragraph of point 1. of the Annex to Communication "A" 467 (text according to point 8. of Communication "A" 2140).
3. Provide that, without prejudice to the exceptions agreed upon
according to the preceding points, the aforementioned participations must be taken into account for the purposes of the norms on technical relations in force in the matter, including those on the grading of credit."

We salute you very attentively.
BANCO CENTRAL DE LA REPUBLICA ARGENTINA Juan Carlos Isi Alfredo A. Besio Submanager of Norms Manager of Norms for for Financial Entities Financial Entities