Circular RUNOR 1-979, LISOL 1-546, OPRAC 1-664: Public Guarantee Funds. Ordered Text. Reciprocal Guarantee Societies. Modifications

"2012 – Year of Homage to Dr. D. Manuel Belgrano" COMMUNICATION “A” 5275 02/02/2012 TO FINANCIAL ENTITIES:
Ref.: Circular
RUNOR 1 - 979
LISOL 1 - 546
OPRAC 1 - 664
Public Guarantee Funds. Ordered Text. Reciprocal Guarantee Societies. Modifications.

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

“1. Approve, effective from 1.3.12, the rules on “Public Guarantee Funds” referred to in the Annex to this communication.

2. Establish that guarantee funds that, as of the date of this communication, are admitted by the Central Bank of the Republic Argentina so that the guarantees they provide enjoy, by financial entities, the treatment of preferred guarantees, must present to the Superintendence of Financial Entities and Currency, within 90 calendar days counted from 1.3.12, a note signed by their legal representative requesting their registration in the pertinent Registry, complying with the provisions set forth in the preceding point 1, for the purpose that the guarantees they provide continue to maintain the character of preferred guarantees.

3. Replace points 1.1.15. and 1.2.3. of Section 1. and point 3.1.16. of Section 3. of the rules on “Guarantees” with the following:

“1.1.15. Guarantees granted by reciprocal guarantee societies or by public guarantee funds registered in the Registries authorized at the Central Bank of the Republic Argentina, regardless of the term of the operation, provided that they effectuate the non-cancelled credits within 30 calendar days of their maturity.”

“1.2.3. Guarantees granted by reciprocal guarantee societies or by public guarantee funds registered in the Registries authorized at the Central Bank of the Republic Argentina, regardless of the term of the operation, to the extent that the requirement mentioned in point 1.1.15 is not met.”

“3.1.16. Of reciprocal guarantee societies or public guarantee funds (points 1.1.15. and 1.2.3.): 100%.”

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4. Replace point 10.3. of Section 10. of the rules on “Classification of debtors” with the following:

“10.3. Reciprocal guarantee societies and public guarantee funds.
Reciprocal guarantee societies and public guarantee funds registered in the Registries authorized at the Central Bank of the Republic Argentina must classify the MiPyMEs whose debts have been cancelled in compliance with the guarantees that backed the respective obligations. The classification will be carried out based on delinquency, according to the criteria applicable to the “consumer or housing” portfolio and by application of the provisions set forth in point 7.3. of Section 7.”

5. Replace points 3.1.1.11. and 6.2.3. of Section 4. of the rules on “Minimum capitals of financial entities” with the following:

“3.1.1.11. Granted by reciprocal guarantee societies or by public guarantee funds registered in the Registries authorized at the B.C.R.A. 50”

“6.2.3. Debt titles or Certificates of participation in financial trusts issued in foreign currency and with public offering authorized by the National Securities Commission whose underlying assets are guaranteed by reciprocal guarantee societies or by public guarantee funds registered in the Registries authorized at the Central Bank of the Republic Argentina. 50”

6. Replace point 2.2.11. of Section 2. of the rules on “Credit graduation” with the following:

“2.2.11. Credits that have guarantees extended by reciprocal guarantee societies or by public guarantee funds registered in the Registries authorized at the Central Bank of the Republic Argentina.”

7. Replace point 2.1.7. of Section 2. of the rules on “Credit policy” with the following:

“2.1.7. Debt titles or certificates of participation in financial trusts, issued in foreign currency and with public offering authorized by the National Securities Commission, whose trust assets are documents guaranteed by reciprocal guarantee societies or by public guarantee funds registered in the Registries authorized at the Central Bank of the Republic Argentina, purchased by the trustee with the aim of financing operations under the terms and conditions referred to in points 2.1.1. to 2.1.3. and the first paragraph of point 2.1.4.

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The guarantees granted by reciprocal guarantee societies or public guarantee funds must cover all risks inherent to the transaction, in order to ensure holders the payment in due time and form of the aforementioned participation instruments.”

8. Replace point 2.2. of Section 2. of the rules on “Reciprocal Guarantee Societies (Art. 80 of Law 24.467)” with the following:

“2.2. Individual limit.
The total of guarantees granted to a partner member cannot exceed 5% of the risk fund of the granting society, corresponding to the last quarterly balance sheet with external auditor’s report, or $ 6,000,000 -whichever is lower.- This latter amount will not apply when the guarantees operate on issuances of debt instruments of companies that are offered to the market through the legal regime of public offering. For the purpose of determining the individual limit, sets or economic groups shall be considered as a single client.”

9. Replace points 2.5.4.6. of Section 2. and 5.1.6., 5.2.3. and 5.5.6. of Section 5. of the rules on “Cooperative credit unions (Law 26.173)” with the following:

“2.5.4.6. Financings covered with guarantees granted by reciprocal guarantee societies or public guarantee funds registered in the Registries authorized at the B.C.R.A. 50”

“5.1.6. Guarantees granted by reciprocal guarantee societies or by public guarantee funds registered in the Registries authorized at the Central Bank of the Republic Argentina, regardless of the term of the operation, provided that they effectuate the non-cancelled credits within 30 calendar days of their maturity.”

“5.2.3. Guarantees granted by reciprocal guarantee societies or by public guarantee funds registered in the Registries authorized at the Central Bank of the Republic Argentina, regardless of the term of the operation, to the extent that the requirement mentioned in point 5.1.6. is not met.”

“5.5.6. Of reciprocal guarantee societies or public guarantee funds registered in the Registries authorized at the Central Bank of the Republic Argentina (points 5.1.6. and 5.2.3.): 100%.”

10. Establish that, for the purposes of the rules on fragmentation of credit risk, the total of financings that have guarantees extended by the same public guarantee fund registered in the Registry authorized at the Central Bank of the Republic Argentina, cannot exceed 25% of the computable patrimonial liability.”

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Likewise, we send you attached, the sheets that, in replacement of those previously provided, correspond to replace in the ordered texts of the rules on “Guarantees”, “Classification of debtors”, “Minimum capitals of financial entities”, “Credit graduation”, “Credit policy”, “Reciprocal Guarantee Societies (Art. 80 of Law 24.467)” and “Cooperative credit unions (Law 26.173)”.

Finally, it is recalled that on this Institution’s website www.bcra.gov.ar, accessing “regulations” (“ordered texts”), the modifications made with texts highlighted in special characters (strikethrough and bold) will be found.

We greet you attentively.
CENTRAL BANK OF THE REPUBLIC OF ARGENTINA
Matías A. Gutiérrez Girault Alfredo A. Besio
Manager of Emission of Regulations
General Deputy Manager of Regulations

ANNEX

-Index
Section 1. Registration at the Central Bank.
Section 2. Requirements.
2.1. Guarantees granted.
2.2. Available risk fund.
2.3. Individual limit.
2.4. Prohibition.
2.5. Liens.
2.6. Compliance with other provisions.
2.7. Information to the Central Bank.
2.8. Non-compliance.
Section 3. Transitional provisions.
Correlation table.
Version: 1st. COMMUNICATION “A” 5275
Validity:
01/03/2012
B.C.R.A.
ORDERED TEXT OF THE RULES ON
“PUBLIC GUARANTEE FUNDS”

1.1. National, provincial, or Autonomous City of Buenos Aires guarantee funds, constituted with predominantly public contributions, whose exclusive object is to grant guarantees to micro, small, and medium-sized enterprises (MiPyMEs) for operations linked to their productive process and/or working capital, interested in that the guarantees they grant for financings of financial entities enjoy the character of preferred guarantee, must manage their registration before the Central Bank of the Republic Argentina.

1.2. The registration will be carried out in the pertinent Registry authorized at the Superintendence of Financial Entities and Currency.
For the purpose of considering said registration, public guarantee funds must provide, at minimum, the following documentation:
i) Norm that disposed the creation of the fund. ii) List of contributors or members, detailing percentage of participation. iii) List of members of the administration and control bodies. iv) Last certified financial statements by public accountant. v) Certified photocopy by public notary of the Statute of the guarantee fund. vi) Information on the Available Risk Fund, detailing:
a) Guarantees granted to MiPyMEs, indicating name of the company, CUIT and amount. b) Species in which it is invested and financial entities in which the corresponding investments are in custody.

1.3. Public guarantee funds registered in the pertinent Registry will be subject to the supervision of the Central Bank of the Republic Argentina regarding the compliance with these provisions, without prejudice to the control of management and functioning by the competent application authority according to the scope and jurisdiction of their creation.

PUBLIC GUARANTEE FUNDS B.C.R.A.
Section 1. Registration at the Central Bank.
Version: 1st. COMMUNICATION “A” 5275
Validity:
01/03/2012

Public guarantee funds registered in the Registry authorized for these purposes must observe -at all times- the following conditions:

2.1. Guarantees granted.
2.1.1. Basic limit.
The total of guarantees granted cannot exceed four (4) times the amount of the Available Risk Fund referred to in point 2.2.
For the purpose of determining said limit, at the moment of granting each guarantee, the balance of valid guarantees and of the available risk fund on that date will be computed. Both amounts will arise from the last information regime or the last special external auditor report -as provided in point 2.7.-, with the updates that correspond to be made after said Report and until the date of granting, must carry out the pertinent justifications upon request of the Superintendence of Financial Entities and Currency.

2.1.2. Complementary limit.
The limit provided in point 2.1.1. can be increased by up to two (2) times the Available Risk Fund, calculated as provided in the cited point, to the extent that it is verified that:
i) no profits have been distributed nor capital or contributions of members restored in the last three closed annual economic exercises (or lesser term, if its creation is more recent), ii) this additional margin is destined solely to the granting of guarantees linked with financings of new investment projects destined to increase the production of goods and/or services and employment, this latter directly or indirectly, and iii) the first special external auditor report or information regime -as provided in point 2.7.- has been presented, from which arises the compliance with the conditions established in these provisions. From the presentation of the second special external auditor report or information regime, as applicable, from which arises that the required conditions continue to be met -including, what is provided in subsections i) and ii) preceding- this limit can be increased by up to two times more, totaling four (4) times. The average term of the guaranteed financings must be equal to or greater than two years at the moment of granting the financial assistance. The financings involved cannot be destined to guarantee the acquisition of a going concern or the financing of working capital.

2.1.3. Maximum limit.
The total of guarantees granted considering what is established in points 2.1.1. and 2.1.2. cannot exceed eight (8) times the amount of the Available Risk Fund referred to in point 2.2.

PUBLIC GUARANTEE FUNDS B.C.R.A.
Section 2. Requirements.
Version: 1st. COMMUNICATION “A” 5275
Validity:
01/03/2012

2.1.4. Determination of the limit.
For the purpose of determining the limits referred to in points 2.1.1. and 2.1.2. the guarantees granted to MiPyMEs, net of minimum provisions for uncollectible risk and weighted by the application to each of them of the factors established in the “Table of risk weighters”, inserted in Section 4. of the rules on “Minimum capitals of financial entities”, taking into account the existence or not of counter-guarantees and, if any, their nature. Likewise, from the Available Risk Fund, the minimum provisions for uncollectible risk constituted and the investments that do not comply with any of the requirements or maximum quotas provided in point 2.2. must be deducted. The guarantees granted must have the character of irrevocable and be, in all cases, honorable in money and for a fixed and determined sum.

2.2. Available risk fund.
It is the amount destined to the coverage of the guarantees that are granted and must be invested contemplating the options and conditions provided in point 2.2.1.

2.2.1. Investment.
The Risk Fund destined to the coverage of the guarantees that are granted must be invested contemplating the following options and under the conditions detailed below:
i) Monetary regulation instruments of the Central Bank of the Republic Argentina, which appear in the volatility lists published by the Central Bank of the Republic Argentina, up to one hundred percent (100%). ii) National public titles, up to fifty percent (50%). iii) Provincial public titles and of the Autonomous City of Buenos Aires or letters issued for up to 180 days term by those jurisdictions, up to thirty percent (30%). iv) Guaranteed loans issued by the National Government within the framework of Decree 1387/01, up to five percent (5%). v) Shares of national anonymous societies whose public offering is authorized by the National Securities Commission and that appear in the volatility lists published by the Central Bank, up to ten percent (10%). vi) Time deposits and term investments referred to in Sections 1. and 2. of the rules on “Deposits and term investments”, in pesos or in foreign currency, up to one hundred percent (100%), without exceeding twenty-five percent (25%) per financial entity.

PUBLIC GUARANTEE FUNDS B.C.R.A.
Section 2. Requirements.
Version: 1st. COMMUNICATION “A” 5275
Validity:
01/03/2012

vii) Demand deposits, in pesos or in foreign currency, in local financial entities, up to ten percent (10%). viii) Deposits in account of agents of stock exchange that are registered in the National Securities Commission -for the purpose of carrying out transactions, up to a term of five (5) business days-, up to ten percent (10%). ix) Negotiable obligations, to the extent that they do not correspond to subjects whose debts are guaranteed by the public guarantee fund, authorized for public offering by the National Securities Commission and debt representative values (VRD) of financial trusts constituted under the regime of article 19 of Law 24.441 that have as object to finance the realization of works and/or services linked with infrastructure projects, referred to in Section 5. of the rules on “Financing to the non-financial public sector”, up to five percent (5%). x) Shares of common investment funds authorized by the National Securities Commission, whose portfolio is constituted by local assets and to the extent that its redemption occurs within 72 business hours, up to ten percent (10%).

Demand and term deposits must be made in commercial banks that are custodians of titles representative of investments of the Sustainability Guarantee Fund (FGS) of the Argentine Integrated Pension System or in financial entities controlled by the jurisdiction that maintains the majority contribution in the public guarantee fund and to the extent that that jurisdiction explicitly guarantees the operations and/or liabilities of the financial entity.

Public titles and monetary regulation instruments of the Central Bank and guaranteed loans issued by the National Government that compose the Available Risk Fund must be valued according to the criterion of “Fair market value” provided in Section 1. or in Section 2. -for the case of guaranteed loans- of the rules on “Valuation of debt instruments of the non-financial public sector and monetary regulation instruments of the Central Bank of the Republic Argentina” and shares according to their market quotation.

The instruments referred to in subsections ii), iii) -except those issued in the form of letters- and ix) -except VRD-, must have a market value that arises from daily quotations of relevant transactions and that cannot be significantly distorted in the event of liquidation of holdings, whether or not in the volatility list published by the Central Bank of the Republic Argentina.

The instruments issued by the same private issuer -without considering time deposit certificates- must not exceed 10% of the available risk fund.

Investments must be carried out seeking to ensure adequate liquidity consistent with the terms of enforceability of the guarantees granted. In that order, on the last business day of each month, a minimum liquidity level equivalent to 25% of the maturities foreseen for the following month must be available.

PUBLIC GUARANTEE FUNDS B.C.R.A.
Section 2. Requirements.
Version: 1st. COMMUNICATION “A” 5275
Validity:
01/03/2012

For the purposes established above, the balances available in bank accounts, the instruments included in the volatility lists published by the Central Bank of the Republic Argentina, the shares of common investment funds and the instruments (including amortizations or coupons) whose maturity operates in the following month must be computed on the last business day of each month.

2.2.2. Custody.
Investments must be maintained in custody in any of the banks authorized to perform that function regarding the investments of the Sustainability Guarantee Fund (FGS) of the Argentine Integrated Pension System or in financial entities that are financial agents of the controlling jurisdictions of the public guarantee fund. In this latter case, to the extent that that jurisdiction explicitly guarantees the liabilities of the financial entity.

2.3. Individual limit.
The total of guarantees granted to each MiPyME cannot exceed 5% of the Available Risk Fund at the moment of granting, calculated as provided in point 2.1. or $ 6,000,000 -whichever is lower-. This latter amount will be $ 4,500,000, until the first special external auditor report or information regime -as provided in point 2.7.- is presented, in which the compliance with the established conditions is verified.

The cited amounts ($ 4,500,000 or $ 6,000,000, as applicable) will not apply when the guarantees operate on issuances of debt instruments of companies that are offered to the market through the legal regime of public offering.

For the purpose of determining the individual limit, sets or economic groups shall be considered as a single client.

2.4. Prohibition.
Guarantees cannot be agreed upon with contributors or members linked to the public guarantee fund, for which purpose the norms that regulate operations with linked clients to financial entities will be taken into account.

2.5. Liens.
Assets of the Available Risk Fund cannot be pledged or encumbered with real rights.

2.6. Compliance with other provisions.
Public guarantee funds must also observe the following norms:

• “Credit policy”.
• “Classification of debtors”: based on delinquency according to the criteria applicable to the “consumer or housing” portfolio and by application of the provisions set forth in point 7.3. of Section 7. of the cited ordering (mandatory reclassification).

PUBLIC GUARANTEE FUNDS B.C.R.A.
Section 2. Requirements.
Version: 1st. COMMUNICATION “A” 5275
Validity:
01/03/2012

“Minimum provisions for uncollectibility risk.”
2.7. Information to the Central Bank.
Public guarantee funds must comply with the information regime established for this purpose, subject to the supervision of the Central Bank of the Republic of Argentina. This includes information for the “Debtors’ Central Registry” regarding the classification of Micro, Small, and Medium Enterprises (MSMEs) whose debts have been cancelled in fulfillment of the guarantees backing the respective obligations, in accordance with the rules on “Classification of Debtors” for financial entities. While the respective information regime is not yet applicable, said guarantee funds must submit to the Financial and Foreign Exchange Entities Superintendence, on a quarterly basis, a special external audit report on compliance with the requirements provided for in accordance with the model to be made known for this purpose. In cases where the available risk fund at the end of the fiscal year exceeds $250 million, from the following fiscal year onwards, the special external audit reports required by this provision must be prepared by one of the auditors registered in the “Register of Auditors” of the Financial and Foreign Exchange Entities Superintendence.
2.8. Non-compliance.
Departure from any of the conditions provided for in these provisions will imply the immediate removal of the guarantee fund from the Registry.

PUBLIC GUARANTEE FUNDS B.C.R.A.
Section 2. Requirements.
Version: 1st. COMMUNICATION “A” 5275
Validity:
01/03/2012

Guarantee funds that as of 2.2.12 are admitted by the Central Bank of the Republic of Argentina so that the guarantees they grant enjoy, by financial entities, the treatment of preferred guarantees, must submit to the Financial and Foreign Exchange Entities Superintendence, within 90 calendar days counted from 1.3.12, a note signed by their legal representative requesting their inscription in the pertinent Registry complying with the provisions provided for in these norms, for the purpose that the guarantees they grant continue to maintain the character of preferred guarantees.

PUBLIC GUARANTEE FUNDS B.C.R.A.
Section 3. Transitional Provisions.
Version: 1st. COMMUNICATION “A” 5275
Validity:
01/03/2012

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED
IN THE ORDERED TEXT OF THE NORMS ON
“PUBLIC GUARANTEE FUNDS”
ORDERED TEXT ORIGIN NORM
Section Point Paragraph Com. Cap. Point Paragraph
Observations
1.1. “A” 5275
1. 1.2. “A” 5275
1.3. “A” 5275
2.1. “A” 5275
2.2. “A” 5275
2.3. “A” 5275
2.4. “A” 5275
2.5. “A” 5275
2.6. “A” 5275
2.7. “A” 5275
2.
2.8. “A” 5275
3. “A” 5275

1.1.14.1. Register a level of indebtedness with the system equal to or greater than $2,000,000, according to the last information available in the “Central of debtors of the financial system” and being informed by at least two financial entities in which the indebtedness -in each of them- is at least $1,000,000.
It must be classified, in said central, “in normal situation” by all financial entities and, in the case of maintaining negotiable obligations or other debt titles in force, these must have qualification at the levels fixed in point 1.1.14.2. The total financing granted to different assignors and assigned by the entity in this modality to the same legally obligated payer, cannot exceed 10% of the debts of the latter with the financial system, reported in the “Central of debtors of the financial system”, nor 5% of the computable equity responsibility of the entity of the month prior to that which corresponds, of the lesser of both. This last limit will not be observed in case the entity has a credit file of said obligated party, so the operations will be computed within the assistance margins provided for in the applicable norms in the matter.
1.1.14.2. Maintain negotiable obligations or other debt titles in force in the local market that have local risk qualification and all of them are, at minimum, “A” or superior, for a sum not less than $6,000,000.
The total financing granted to different assignors and assigned by the entity in this modality to the same legally obligated payer, cannot exceed 5% of the computable equity responsibility of the entity of the month prior to that which corresponds. This limit will not be observed in case the entity has a credit file of said obligated party, so the operations will be computed within the assistance margins provided for in the applicable norms in the matter.
1.1.15. Guarantees granted by reciprocal guarantee societies or by public guarantee funds inscribed in the Registries enabled at the Central Bank of the Republic of Argentina, regardless of the term of the operation, provided that they effectuate the unpaid credits within 30 calendar days of their maturity.

GUARANTEES
B.C.R.A.
Section 1. Classes.
Version: 7th. COMMUNICATION “A” 5275
Validity:
02/02/2012

These are included in this category, with the character of taxative enumeration, the following:
1.2.1. First degree mortgage on real estate, and regardless of its degree of prelation as long as the entity is the creditor in all degrees.
1.2.2. Fixed pledge with first degree registration or with displacement towards the entity on motor vehicles and agricultural, road, and industrial machinery (insofar as they are registered in the pertinent national registry of motor vehicle property and have a market that allows obtaining a reference value).
1.2.3. Guarantees granted by reciprocal guarantee societies or by public guarantee funds inscribed in the Registries enabled at the Central Bank of the Republic of Argentina, regardless of the term of the operation, insofar as the requirement mentioned in point 1.1.15 is not met.
1.2.4. Credits for financial leases (“leasing”) that had been agreed upon in accordance with the provisions of Law 25.248 on real estate and on motor vehicles and agricultural, road, and industrial machinery (insofar as they are registered in the pertinent national registry of motor vehicle property and have a market that allows obtaining a reference value).
1.2.5. Export credit insurance, insofar as the terms for effectuating claims for commercial risk exceed 180 days without exceeding 270 days counted in a continuous manner from the maturity of the credits, regardless of the term of the operation, and the other safeguards provided for in point 1.1.16 are observed.
1.2.6. Preferred “A”, in operations with a residual term greater than 6 months or to the term that is specifically established.
Operations referred to in point 1.1.10 that exceed the term of 6 months are not included.
1.2.7. Guarantee trusts constituted in accordance with the provisions of Title I of Law 24.441 with the object of backing the payment of financings granted for the construction of real estate provided that, at minimum, the following requirements are verified:
1.2.7.1. The holder of the domain cedes to the guarantee trust the real estate on which the construction of the enterprise will be carried out and the rights and other goods resulting from the execution and completion of the works and their commercialization in fiduciary ownership, with the scope agreed upon in the trust contract.
1.2.7.2. The proceeds from said commercialization are destined to the partial or total cancellation of the obligations contracted by the borrower for the financing agreed upon in the terms established in the trust contract.

GUARANTEES
B.C.R.A.
Section 1. Classes.
Version: 10th. COMMUNICATION “A” 5275
Validity:
02/02/2012

3.1.11. Direct guarantees of foreign governments (point 1.1.11.): 100%.
3.1.12. Assignment of rights on the collection of tariffs and taxes in public works concessions (point 1.1.12.): 80%.
3.1.13. Private securities (point 1.1.13.): 70% of their quotation value.
3.1.14. First degree mortgage on real estate, and regardless of its degree of prelation as long as the entity is the creditor in all degrees (point 1.2.1.):
3.1.14.1. On real estate for own home -unique, family, and permanent occupation- and that are subject to the encumbrance, in the case of new financings, only when they imply disbursements up to $200,000, that are agreed upon and effectuated from 1.8.06 and do not involve refinancings:
100% of the appraised value of the property.
3.1.14.2. On real estate for own home -unique, family, and permanent occupation- and that are subject to the encumbrance, in the case of new financings, only when they imply disbursements greater than $200,000 and up to $300,000, that are agreed upon and effectuated from 1.8.06 and do not involve refinancings: 90% of the appraised value of the property.
3.1.14.3. On real estate for own home that are subject to the encumbrance in the remaining financings: 75% of the appraised value of the property.
3.1.14.4. On real estate for uses other than own home: 50% of the appraised value of the property.
3.1.15. Fixed pledge with first degree registration or with displacement towards the entity (point
1.2.2.):
3.1.15.1. Motor vehicles and agricultural machinery: 75% of the market value.
3.1.15.2. Road and industrial machinery: 60% of the market value.
3.1.16. From reciprocal guarantee societies or public guarantee funds (points
1.1.15. and 1.2.3.): 100%.
3.1.17. Credit titles (point 1.1.14.): 100% of the nominal value of the documents.
3.1.18. Credits for financial leases (point 1.2.4.):
3.1.18.1. Real estate for the lessee's own home -unique, family, and permanent occupation-, in the case of new financings up to
$200,000, that are agreed upon and effectuated from 1.8.06 and do not involve a renegotiation of the contract: 100% of the value of the property.

GUARANTEES
B.C.R.A.
Section 3. Computation.
Version: 13th. COMMUNICATION “A” 5275
Validity:
02/02/2012

ORDERED TEXT ORIGIN NORM
Section Point Paragraph Com.
Annex Point Paragraph
Observations
1.1. “A” 2932 unique 1.1. According to Com. “A” 4242.
1.1.1. “A” 2216 I 1. 3rd, a) According to Com. “A” 2443, 2932,
3918 and 4242.
1.1.2. “A” 2216 I
1.
3rd, a) According to Com. “A” 2443, 2932 and
3918.
1.1.3. “A” 2216 I 1. 3rd, b) According to Com. “A” 2932, 3918 and
4242.
1.1.4. “A” 2216 I 1. 3rd, c) According to Com. “A” 2932 and 4242.
1.1.5. “A” 2216 I 1. 3rd, d) According to Com. “A” 2932 and 4741.
1.1.6. “A” 2216 I 1. 3rd, e) According to Com. “A” 2932, 3918 and
4242.
1.1.7. “A” 2216 I 1. 3rd, g) According to Com. “A” 2932.
1.1.8. “A” 2216 I 1. 3rd, h) According to Com. “A” 2932.
1.1.9. “A” 2216 I 1. 3rd, i) According to Com. “A” 2932.
1.1.10. “A” 2932 unique 1.1.11. According to Com. “A” 3104, 4242,
4522 and 4957.
1.1.11. “A” 2932 unique 1.1.12. According to Com. “A” 4141.
1.1.12. “A” 2932 unique 1.1.13. According to Com. “A” 4242.
1.1.13.
1.1.13. 2nd
“A” 2932 unique 1.1.14.
According to Com. “A” 3918.
1.1.14. “A” 3114 1.
1.1.14.1. 1st “A” 3114 According to Com. “A” 3918 and 4055.
1.1.14.2. “A” 3114 1. According to Com. “A” 3918 and 4055.
1.1.15. “A” 3141 According to Com. “A” 3307, 3918,
4465 and 5275.
1.1.16. “A” 3314 According to Com. “A” 4529.
1.2. “A” 2932 unique 1.2. According to Com. “A” 3104.
1.2.1. “A” 2419 1. 1st According to Com. “A” 2563 (points

1. and 2.), 2932 and 3314.
   1.2.2. “A” 2448 Debtor status statement (point 6.1.2.2.2.), Com.
   “A” 2932 and 3918.
   “A” 2448 Debtor status statement (point 6.1.2.2.2.). Com.
   “A” 2932, 3918 and 5275.
   1.2.3.
   “A” 2410 7. According to Com. “A” 3141.
   1.2.4. “A” 3259 1. According to Com. “A” 3314 and 5067.
   1.2.5. “A” 3314 According to Com. “A” 4529.
   1.2.6. “A” 2932 unique 1.2.4. According to Com. “A” 4242.
   1.2.7. “A” 4491 1. According to Com. “A” 4501.
   1.
   1.3. “A” 7 Specifications of the items of “other guarantees received”, modified by Com. “A”
   2932.
   B.C.R.A.
   ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE NORMS ON “GUARANTEES”

GUARANTEES
ORDERED TEXT ORIGIN NORM
Section Point Paragraph Com.
Annex Point Paragraph
Observations
2.1. 1st “A” 2448 Debtor status statement (point 6.1.2.2.2.).
2.1. 2nd “A” 2932 unique 2.1. 2nd
2.
2.2. “A” 2216 I 1. 4th
3.1. “A” 2932 unique 3.1.
3.1.1. “A” 2932 unique 3.1.1. According to Com. “A” 3918.
3.1.2. “A” 2932 unique 3.1.2.
3.1.3. “A” 2932 unique 3.1.3. According to Com. “A” 3918.
3.1.4. “A” 2932 unique 3.1.4.
3.1.5. “A” 2932 unique 3.1.5. According to Com. “A” 3918, 4242 and
4741.
3.1.6. “A” 2932 unique 3.1.6. According to Com. “A” 3918.
3.1.7. “A” 2216 I 1. 3rd, g) According to Com. “A” 2932.
3.1.8. “A” 2216 I 1. 3rd, h) According to Com. “A” 2932.
3.1.9. “A” 2216 I 1. 3rd, i) According to Com. “A” 2932.
3.1.10. “A” 2932 unique 3.1.11. According to Com. “A” 3104 and 4522.
3.1.11. “A” 2932 unique 3.1.12. According to Com. “A” 3918.
3.1.12. “A” 2932 unique 3.1.13.
3.1.13. “A” 2932 unique 3.1.14.
3.1.14. “A” 2419 1. 1st, ii) According to Com. “A” 2932, 3314,
3918, 4551, point 2. and 4559, point 3.
3.1.15. “A” 2932 unique 3.1.18. According to Com. “A” 3918.
3.1.16. “A” 2932 unique 3.1.19. According to Com. “A” 3141, 3918,
4242, 4465 and 5275.
3.1.17. “A” 3114 2. According to Com. “A” 4242.
3.1.18. “A” 3259 2. According to Com. “A” 5067.
3.1.18.1. “A” 4559 5.
3.1.18.2. “A” 4559 5.
3.1.18.3. “A” 3259 2. According to Com. “A” 3314, 3918 and
4559, point 5.
3.1.18.4. “A” 3259 2. According to Com. “A” 3918, point
4.
3.1.18.5. “A” 3259 2. According to Com. “A” 3314, point
3.
3.1.18.6. “A” 3314 6.
3.1.19. “A” 3314
3.1.20. “A” 4491 1. According to Com. “A” 4501.
3.
3.2. “A” 2216 II 5th According to Com. “A” 3918.

10.1. Non-financial entities issuing credit cards in the “closed system” modality.
Credit card issuing companies, not constituted as financial entities but in the “closed system” modality, must classify the respective users according to the periodicity and other conditions established for the consumer or housing portfolio.
10.2. Trustees of financial trusts included in the financial entities law.
10.2.1. Classification of debtors of entrusted credits.
Trustees of financial trusts included in the financial entities law must classify the debtors of the entrusted credits according to the periodicity and other conditions established for the “commercial” or “consumer or housing” portfolios, as applicable.
10.2.2. Requirements of the Financial and Foreign Exchange Entities Superintendence.
The aforementioned trustees must provide the Financial and Foreign Exchange Entities Superintendence with all the information it requires, to calculate the provisions that financial entities -whether or not they are the originators of the assigned credits- must constitute on their holdings of participation certificates and/or debt titles of the respective trusts.
10.3. Reciprocal guarantee societies and public guarantee funds.
Reciprocal guarantee societies and public guarantee funds inscribed in the Registries enabled at the Central Bank of the Republic of Argentina must classify the MSMEs whose debts have been cancelled in fulfillment of the guarantees backing the respective obligations. The classification will be carried out based on delinquency, according to the criteria applicable for the “consumer or housing” portfolio and by application of the provisions provided for in point 7.3 of Section 7.

DEBTOR CLASSIFICATION
B.C.R.A. Section 10. Other obligors to observe the norms on debtor classification.
Version: 4th. COMMUNICATION “A” 5275
Validity:
02/02/2012

DEBTOR CLASSIFICATION
ORDERED TEXT ORIGIN NORM
Sec. Point Para. Com. Annex Point Para.
Observations
6.5.5. last “A” 2216 I I.d.5. According to Com. “A” 2826.
6.5.6.1. “A” 2216 I I.d.6. According to Com. “A” 2440.
6.5.6.1. i) “A” 2216 I I.d.6. i) According to Com. “A” 2440.
6.5.6.1. ii) “A” 2216 I I.d.6. ii) According to Com. “A” 2440.
6.5.6.1. iii) “A” 2216 I I.d.6. iii) According to Com. “A” 2440.
6.5.6.1. iv) “A” 2216 I I.d.6. iv) According to Com. “A” 2580.
6.5.6.1. last “A” 2440 2. last
6.5.6.2. “A” 2287 2. Modified by Com. “A” 2890 (point 3.) and 5183.
except b), 2nd paragraph
“A” 2287 2.3. Modified by Com. “A” 2497 (point 1.) and 5183. b), last paragraph “A” 2287 2.5. Modified by Com. “A” 2497 (point 1.).
6.5.6.3. “A” 2573 1. According to Com. “A” 4545 and 4972 (point
10).
6.
6.6. last
“A” 2216
“A” 4060
I I.c.
10.
Modified by Com. “A” 2932 (point 6.) and 3339.
7.1. 1st “A” 2216 I II. 1st According to Com. “A” 3142, 4325 (point
1.), 4559 (point 7.), 4648, 4660,
4683, 4738 and 4972 (point 10).
7.2.1. “A” 2216 I II.1. According to Com. “A” 4648, 4660, 4683 and
4738.
7.2.2. “A” 2216 I II.2. According to Com. “A” 4648, 4660, 4683,
4738 and 4972 (point 10).
7.2.3. “A” 2216 I II.3. According to Com. “A” 4648, 4660, 4683,
4738 and 4972 (point 10).
7.2.4. “A” 2216 I II.4. Includes interpretative clarification.
According to Com. “A” 4310 (point 2),
4648, 4660, 4683, 4738, 4972 (point 10) and 4975.
7.2.5. “A” 2216 I II.5. Includes interpretative clarification.
According to Com. “A” 4310 (point 2),
4648, 4660, 4683, 4738, 4972 (point 10) and 4975.
7.2.6. “A” 2216 I II.6. According to Com. “A” 2440.
7.3. “A” 2216 I II. 1st and 2nd Modified by Com. “A” 2932 (point 6.) and 3339.
7.
7.4. “A” 4891 7.
8. 8.1. “A” 2216 I 5. Modified by Com. “A” 2562.
9.1. “A” 2227 unique 5.2.1. last According to Com. “A” 2649.
9. 9.2. “A” 2227 unique 5.1.5. According to Com. “A” 2649.
“A” 2227 unique 5.2.2.
10.1. “A” 2389 2.
10.2.1. “A” 2703 3. According to Com. “A” 3145 (point 1.).
10.2.2. “A” 2703 4.
10.
10.3. “A” 3141 4. According to Com. “A” 5275.
11.1. “A” 4683 4.
11. 11.2. “A” 4738
11.3. “A” 4975 7.

ii) On the excess. 100
3.1.1.10. Constituted by credit card coupons.
i) Regarding the assistance that does not exceed 75% of the nominal value. 75 ii) On the excess. 100
3.1.1.11. Granted by reciprocal guarantee societies or
by public guarantee funds inscribed in the Registries enabled at the B.C.R.A. 50
3.1.1.12. Export credit insurance -operations without
responsibility for the assignor- that cover commercial risk and, if applicable, extraordinary risks (borne by the National State, Law 20.299), including credit risk insurance “with public buyer scope”. The policy that covers commercial risk must be issued by:
a) Local insurance companies that have:

• “AA” or superior qualification granted by any of the risk evaluation companies
  inscribed in the registry of the National Securities Commission and
• Reinsurance in insurance companies:
  i) local that have “AA” or superior qualification assigned by a national risk evaluation company, or ii) from abroad that have international risk qualification “A” or superior. The amount of reinsurance must be adapted to the regulations issued by the Superintendence of Insurance of the Nation. 50 b) Local branches of foreign insurance companies that have international risk qualification “A” or superior. 50

MINIMUM CAPITALS OF FINANCIAL ENTITIES
B.C.R.A.
Section 4. Risk weight table.
Version: 6th. COMMUNICATION “A” 5275
Validity:
02/02/2012

6.2.3. Debt titles or Certificates of participation in financial trusts issued in foreign currency and with public offer authorized by the National Securities Commission whose underlying assets are guaranteed by reciprocal guarantee societies or by public guarantee funds
inscribed in the Registries enabled at the Central Bank of the Republic of Argentina. 50
6.2.4. Others. 100
7. Guarantees, sureties, and other eventual responsibilities.
7.1. Documentary credits for deferred payment whose shipping documentation has not yet been delivered to the client. 50
7.2. For compliance with contractual obligations and/or maintenance of
offers. 100
7.3. To the non-financial public sector.
7.3.1. National Government companies without their express guarantee. 100
7.3.2. Provincial, municipal, and Autonomous City of Buenos Aires governments and their companies -regardless of the legal nature-, that do not have the express guarantee of the National Government or resources from the federal tax sharing or the Federal Housing System (Law
24.464) through the assignment (direct or indirect) of the corresponding rights and that have the pertinent intervention of the Ministry of Economy and Public Finances of the Nation. 100
7.4. Differences between market and exercise prices when they result in favor of the entity, from rights emerging from contracts of
purchase and sale options.
7.4.1. Covered with guarantee or replacement margins, in institutionalized markets of the country or of countries members of the Organization for Economic Cooperation and Development (O.E.C.D.)
that have international risk qualification “AA” or superior. 0
7.4.2. With official banks of the Nation, whose operations have
the guarantee of the National State. 50
7.5. Others, except those included in the concept “Fsp”. 100
The international risk qualifications required above must be granted by any of the rating agencies admitted by the norms on “Evaluation of financial entities”.

MINIMUM CAPITALS OF FINANCIAL ENTITIES
B.C.R.A.
Section 4. Risk weight table.
Version: 5th. COMMUNICATION “A” 5275
Validity:
02/02/2012

MINIMUM CAPITALS OF FINANCIAL ENTITIES
ORDERED TEXT ORIGIN NORM
Section Point Paragraph Com.
Cap./
Annex
Point Paragraph
Observations
3.5.2.1. “A” 2136 I According to Com. “A” 2541, annex, criteria, g).
3.5.2.2. “A” 2136 I According to Com. “A” 2541, annex, criteria, d), 1st paragraph.
3.5.2.3. “A” 2136 I According to Com. “A” 2541, annex, criteria, b).
1st “A” 2136 I According to Com. “A” 2541, annex, criteria, c) and “B” 9074.
3.5.2.4.
2nd Incorporates interpretative clarification.
3.5.2.5. “A” 2136 I According to Com. “A” 2541, annex, criteria, i).
3.5.2.6. “A” 2249
3.
3.5.2.7. “A” 2136 I According to Com. “A” 2541, annex, criteria, k).
1.1. “A” 2136 I According to Com. “A” 2541, annex,
3274 and 3558.
1.2. “A” 2136 I According to Com. “A” 2541, annex and
4141.
1.3. “A” 2136 I According to Com. “A” 2541, annex.
1.4. “A” 2136 I According to Com. “A” 2541, annex.
1.4.1. “A” 2192 penultimate
1.4.2. “A” 2290 1st and 2nd
1.5. “A” 2136 I According to Com. “A” 2541, annex.
2. “A” 2136 I According to Com. “A” 2541, annex,
2793, 2872, 3039, 3274, 3925,
3959, 4141, 4741 and 5180. The point
2.2.1. includes interpretative
clarification.
3.1.1.1. a
3.1.1.5.
“A” 2136 I According to Com. “A” 2541, annex,
3925 and 3959.
3.1.1.6. i) “A” 2136 I According to Com. “A” 2632, 2939, 3314
and 3959. ii) “A” 4551 1. According to Com. “A” 4559, point 2. iii) “A” 2136 I According to Com. “A” 2541, annex, 3314 and 3959.
3.1.1.7. “A” 2136 I According to Com. “A” 3314 and 3959.
3.1.1.8. a
3.1.1.10.
“A” 2136 I According to Com. “A” 3959.
3.1.1.11. “A” 2136 I According to Com. “A” 2541, annex,
3141, 3314, 3959, 4465 and 5275.
3.1.1.12. “A” 3314
3.1.1.13. “A” 4491 2. According to Com. “A” 4501.
4.
3.1.2. “A” 2136 I According to Com. “A” 2541, annex.

MINIMUM CAPITAL OF FINANCIAL ENTITIES
ORDERED TEXT

Section	Point	Paragraph	Com.	Annex	Point	Paragraph	Observations
3.2.	“A”	2136	I				According to Com. “A” 2541, annex, 3133 and 3959.
3.3.	“A”	2136	I				According to Com. “A” 2541, annex, 3133, 3238 and 3959. Includes interpretative clarification.
3.4. and 3.5.	“A”	2136	I				According to Com. “A” 2541, annex and 4141.
4.1. and 4.2.	“A”	2136	I				According to Com. “A” 3133.
4.3. to 4.13.	“A”	2136	I				According to Com. “A” 2541, annex, 3133, 3274, 3959 and 4141.
4.14.	“A”	2136					According to Com. “A” 2541, 3133, 3238 and 3959. Includes interpretative clarification.
4.15.	“A”	2136					According to Com. “A” 2541, 3133 and 4141.
4.16.	“A”	3064	3.
5.	“A”	2136	I				According to Com. “A” 5067.
5.1.	“A”	2136	I				According to Com. “A” 2632, 3314, 3959 and 4559, point 4.
5.2. and 5.3.	“A”	2136	I				According to Com. “A” 2541, annex and 3314.
6.	“A”	2136	I				According to Com. “A” 2541, annex, 2793, 2872, 3959, 4141, 4168, 4465 and 5275.
7.1. to 7.3.	“A”	2136	I				According to Com. “A” 2541, annex and 3133.
7.4.	“A”	2136					According to Com. “A” 2541, annex, 3133, 3238, 3959 and 4141.
7.5.	“A”	2136					According to Com. “A” 2541, annex and 3133 and 4961.
4. last	“A”	2136	I				According to Com. “A” 2541, annex and 3307.
5.1.	“A”	2922	I				According to Com. “A” 3959, 4172 and 4180.
5.2.	“A”	2922	I				According to Com. “A” 3959, 4032 and 4172.
5.3.	“A”	2922	I				According to Com. “A” 4172.
5.4.1.1. to 5.4.1.8.	“A”	2922	I				According to Com. “B” 6523, “A” 4172, 4741 and 5180. Includes interpretative clarifications.
5.4.1.9.	“A”	2922	I				According to Com. “B” 6523, “A” 3064 and 4172.
5.4.2.	“A”	2922					According to Com. “A” 3959 and 4172.
5.5.	“A”	2922	I				According to Com. “A” 2948, 3959, 4172, 4180, “B” 6523 and 9074.

2.2.11. Credits that have guarantees extended by reciprocal guarantee societies or by public guarantee funds registered in the Records authorized by the Central Bank of the Argentine Republic.
2.2.12. Loans to other local financial entities.
2.2.13. Financing granted to the non-financial public sector, considering for these purposes the definition of point 1.1. of the norms on “Financing to the non-financial public sector”, except those granted to State Societies provided for in point 1.2.1. of that regulation.
2.2.14. Commitments to provide funds assumed in loan syndication operations, until they manifest themselves in debt balances in the so-called “managing bank” or in the eventual case that in that later stage the latter assumes the obligation to guarantee to the remaining participating institutions the reimbursement of the funds they contribute for the required financing.
2.2.15. Export financing -operations without liability for the assignor- backed by commercial risk credit insurance and, if applicable, extraordinary risk insurance (borne by the National State, Law 20.299), including credit risk insurance “with public buyer scope”. The policy covering commercial risk must be issued by:
a) Local insurance companies that have:

• “AA” or higher rating granted by any of the risk assessment companies registered in the registry of the National Securities Commission and
• Reinsurance in insurance companies:
  i) local that have “AA” or higher rating assigned by a national risk assessment company, or ii) from abroad that have international risk rating “A” or higher.
  The amount of reinsurance must comply with the regulations issued by the Superintendence of Insurance of the Nation. b) Local branches of foreign insurance companies that have an international risk rating of “A” or higher. c) Local subsidiaries of foreign insurance companies to the extent that the following conditions are met with respect to the controlling company:
• it has the rating cited in the preceding section b) and
• it has explicitly guaranteed the obligations of the subsidiary.

CREDIT GRADUATION B.C.R.A.
Section 2. Financing included.
Version: 9th. COMMUNICATION “A” 5275
Validity:
02/02/2012

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE NORMS ON “CREDIT GRADUATION”

Section	Point	Paragraph	Com.	Annex	Point	Paragraph	Observations
1.1.	1st	“A”	467	único	2.
1.	“A”	467	único	6.1.	último
1.1.	2nd	“A”	3002				Incorporates interpretative clarification.
2.1.	“A”	467	único	2.
2.2.1.	“A”	467	único	4.1.
2.2.2.	1st	“A”	467	único	3.1.
2.2.2. last	“A”	490	único	2.
2.2.3.	“A”	467	único	3.2.
2.2.4.	“A”	467	único	3.3.
2.2.5.	“A”	467	único	4.2.
2.2.6.	1st	“A”	467	único	4.3.
2.2.6. last	“A”	490	único	4. and 5.
2.2.7.	“A”	467	único	4.4.
2.2.8. except	“A”	467	único	4.5.			According to Com. “A” 2054.
2.2.8.1. viii	“A”	467	único	4.5.8.			According to Com. “A” 2074.
2.2.9.	“A”	467	único	4.6.			According to Com. “A” 2054.
2.2.10.	“A”	467	único	4.7.			According to Com. “A” 2098, “B” 5477, “A” 4310 (point 3.) and 4975.
2.2.11.	“A”	467	único	4.8.
	“A”	2410	7.				According to Com. “A” 2410, 3307, 4093 (penultimate paragraph), 4465 and 5275.
2.2.12.	“B”	5902	10.	último			According to Com. “A” 5013.
2.2.13.	“B”	5902	10.	último			According to Com. “A” 5013 and 5154.
2.2.14.	“B”	5902	10.	último			According to Com. “A” 5013.
2.2.15.	“A”	3314	2.
2.2.16.	“A”	4891	5.
3.1.1.	“A”	467	único	1. 1st			According to Com. “A” 2373.
3.1.2.1.	“A”	467	único	1. 2nd			According to Com. “A” 2373.
3.1.2.2.	1st to 6th	“A”	467	único	1. 2nd		According to Com. “A” 2373 and “B” 5902. Includes interpretative clarification.
3.1.2.2.	7th	“B”	5902	10. 1st
3.1.2.2. last	“A”	3002					Incorporates interpretative clarification.
3.2.1.	“A”	467	único	1. 3rd			According to Com. “A” 2373, modified by Com. “A” 2960. Incorporates interpretative criterion.
3.2.2.	“A”	2206	2.				According to Com. “A” 3183.
3.2.2.1.	“A”	2206	2.				According to Com. “A” 3086 and 3183.
3.2.2.2.	“A”	2056	1.				According to Com. “A” 3086 and 4093 (penultimate paragraph).
3.2.2.3.	“A”	2384	1. 1st and 2nd				According to Com. “A” 3086 and 4093 (penultimate paragraph).
3.2.2. last	“A”	3086	1. 3rd
3.3.	“A”	2156	5.
4.	4.1.	“A”	467	único	5.

Financing operations in which the financing is granted through the entity's participation in “syndicated loans”, whether with local or foreign entities, are included.
2.1.5. Financing to commercial portfolio clients and of a commercial nature that receive the treatment of consumer or housing credits -according to the provisions established in the norms on “Classification of debtors”-, whose purpose is the importation of capital goods (“BK” according to the Common Nomenclature of MERCOSUR stated in Annex I to Decree N°690/02 and other complementary provisions), that increase the production of goods destined for the domestic market.
2.1.6. Debt titles or certificates of participation in financial trusts -including other specifically recognized collection rights in trust contracts constituted or to be constituted within the framework of loans granted by multilateral credit organizations of which the Argentine Republic is a part-, whose trust assets are loans originated by financial entities under the conditions referred to in points 2.1.1. to 2.1.3. and the first paragraph of point 2.1.4.
2.1.7. Debt titles or certificates of participation in financial trusts, issued in foreign currency and with public offering authorized by the National Securities Commission, whose trust assets are documents guaranteed by reciprocal guarantee societies or by public guarantee funds registered in the Records authorized by the Central Bank of the Argentine Republic, purchased by the trustee with the aim of financing operations under the terms and conditions referred to in points 2.1.1. to 2.1.3. and the first paragraph of point 2.1.4.
The guarantees granted by reciprocal guarantee societies or public guarantee funds must cover all risks inherent to the transaction, in order to ensure holders the timely and proper payment of the aforementioned participation instruments.
2.1.8. Financing with purposes other than those provided for in points 2.1.1. to 2.1.3. and the first paragraph of point 2.1.4., included in the credit program referred to in “BID Loan N°1192/OC-AR”, without exceeding 10% of the lending capacity.
2.1.9. Interfinancial loans.
Entities may attribute interfinancial loans to these resources if they identify them and inform the borrowers of this circumstance.
The application of the lending capacity of foreign currency deposits to destinations linked to import operations (provided for in points 2.1.4., 2.1.5. and the portion attributable to them by application of points 2.1.6. to 2.1.8.), may not exceed the value resulting from the following expression:

• ;0,05
  base base t
  C
  F
  C Max

CREDIT POLICY
B.C.R.A. Section 2. Application of the lending capacity of foreign currency deposits.
Version: 8th. COMMUNICATION “A” 5275
Validity:
02/02/2012

Section	Point	Paragraph	Com.	Annex	Chapter	Section	Point	Paragraph
1.1.	“A”	49	OPRAC-1	I	1.1.
1.2.	“A”	4311						Includes concept according to points 6. and 7.5. of Com. “A” 2736. According to Com. “C” 50798, “A” 4851 and 5067.
1.	1.3.	“A”	49	OPRAC-1	I	1.2.
2.1.	“A”	3528	1.					According to Com. “A” 4147, Annex.
2.1.1.	1st	“A”	3528	1.1.				According to Com. “A” 4015, 4311, 4423 and 4851.
2.1.2.	“A”	4015	1.2.					Includes interpretative clarification and Com. “A” 4851.
2.1.3.	“A”	4015	1.3.
2.1.4.	“A”	4423
2.1.5.	“A”	4453						According to Com. “A” 4577.
2.1.6.	“A”	4011	1.4. 1st					According to Com. “A” 4015, 4311 and 4851.
2.1.7.	“A”	4168	1.					According to Com. “A” 4465, 4851 and 5275.
2.1.8.	“A”	4015	1.4. last					According to Com. “A” 4311 and 4851.
2.1.9.	“A”	3528	1.2.					According to Com. “A” 4140 and 4311.
2.1. last	“A”	4851	4.
2.2.	“A”	4015	1. 2nd					According to Com. “A” 4311, 4453 and 4577.
2.3.	“A”	4015	1. 3rd
2.4.	“A”	4311
2.5.	“A”	4311
2.6.	1st	“A”	3528	1. 2nd				According to Com. “A” 4015 and 4147.
	2nd and last	“A”	4159	3.1. 5th and last				Section 3. of the informative regime on minimum cash and application of resources. Includes interpretative clarification.
2.7.	“A”	3528	1. 3rd					According to Com. “A” 4015, 4140, 4549 and 4716.
3.	3.1.	“A”	4140	II	1. 2nd
3.2.	“A”	4311						Includes concept according to points 6. and 7.5. of Com. “A” 2736.
4.	4.1.	“A”	4311
5.	5.1.	“A”	4311
5.2.	“A”	4311						According to Com. “A” 5093.

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE NORMS ON “CREDIT POLICY”

The societies registered in the aforementioned Registry must observe -at all times- the following conditions:
2.1. Risk Fund.
2.1.1. Requirement.
The amount equivalent to 25% of the guarantees granted, as derived from the last quarterly balance sheet that has an external auditor's report registered in the “Registry of Auditors” of the Superintendence of Financial and Currency Entities.
2.1.2. Determination of the minimum amount.
The guarantees granted to SMEs will be calculated, weighted by the application to each of them of the factors established in the “Table of risk weighters”, inserted in Section 4. of the norms on “Minimum capital of financial entities”, taking into account the existence or not of counter-guarantees and, if any, their nature.
2.1.3. Investment.
It must be invested in accordance with the provisions made known by the Undersecretariat of Small and Medium Enterprises and Regional Development.
2.1.4. Custody.
The investments must be maintained in custody in financial entities authorized to fulfill that function in accordance with the provisions made known by the Undersecretariat of Small and Medium Enterprises and Regional Development.
2.2. Individual Limit.
The total of guarantees granted to a participating partner may not exceed 5% of the risk fund of the granting society, corresponding to the last quarterly balance sheet with external auditor's report, or $ 6,000,000 -whichever is lower. This latter amount will not apply when the guarantees operate on debt instrument issuances by companies that are offered to the market through the legal public offering regime. For the purposes of determining the individual limit, sets or economic groups must be considered as a single client.
2.3. Prohibition.
Guarantees may not be agreed upon with related partners, for which purpose the norms regulating operations with related clients of financial entities will be taken into account.

RECIPROCAL GUARANTEE SOCIETIES (ART. 80 OF LAW 24.467) B.C.R.A.
Section 2. Requirements.
Version: 8th. COMMUNICATION “A” 5275
Validity:
02/02/2012

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE NORMS ON “RECIPROCAL GUARANTEE SOCIETIES (ART. 80 OF LAW 24.467)”

Section	Point	Paragraph	Com.	Point	Paragraph	Observations
único	“A”	2411	1.
1.1.	“A”	2411	1.			Includes formal modifications.
1.	1.2.	“A”	2411	1.		Includes formal modifications.
	“A”	2411	2.
2.1.	“A”	2411	2.1.
2.1.1.	“A”	2411	2.1. 1st and 2nd			According to Com. “A” 2806.
2.1.2.	“A”	2411	2.1. 3rd
2.1.3.	“A”	2411	2.3. 1st			According to Com. “A” 3141, 4009 and 5183.
2.1.4.	“A”	2411	2.3. 2nd			According to Com. “A” 5183.
2.2.	“A”	2411	2.2. 1st			According to Com. “A” 4169, 4253, 4531 and 5275.
2.3.	“A”	2411	2.2. 2nd
2.4.	“A”	2411	2.4. 1st			According to Com. “A” 3141.
2.	2.5.	“A”	2411	2.4. 1st

2.5.4.6. Financing covered with guarantees granted by reciprocal guarantee societies or public guarantee funds registered in the Records authorized by the B.C.R.A. 50
2.5.4.7. “Warrants” on fungible goods that have normal and habitual quotation in local or international markets, widely disseminated and easily accessible to public knowledge, considering the established coverage margins (point 5.5. of Section 5.). 75
2.5.4.8. Accounts receivable from consumers for services already rendered, issued by service provider companies to the public, considering the established coverage margins (point 5.5. of Section 5.). 75
2.5.4.9. Credits for financial leases on real estate, motor vehicles and agricultural, road and industrial machinery (to the extent that they are registered in the pertinent national vehicle property registry and have a market that allows obtaining a reference value), considering the established coverage margins (point 5.5. of Section 5.). 50
2.5.4.10. Other financing -including national public bonds, provided they have quotation on stock exchanges and markets in which they are traded-, those that have the guarantees provided for in points 2.5.4.3., 2.5.4.5., 2.5.4.7., 2.5.4.8. or 2.5.4.9. when the coverage margins are lower than those corresponding according to the norms of Section 5., and other assets. 100
2.6. Requirement for other risks.
2.6.1. Interest rate.
Cooperative credit unions will observe in this matter the provisions that the Central Bank of the Argentine Republic may establish specifically for this class of entities.
2.6.2. Market.
Not observed. The assets and off-balance sheet accounts involved will be subject to credit risk requirements.

COOPERATIVE CREDIT UNIONS (LAW 26.173)
B.C.R.A.
Section 2. Minimum capital and distribution of social capital.
Version: 3rd. COMMUNICATION “A” 5275
Validity:
02/02/2012

i) Maximum limit of the total nominal value of documents corresponding to the same obligor: 5% with respect to the entity's computable net worth of the month prior to the one in question. ii) Global portfolio limit in nominal value: 100% of the entity's computable net worth of the month prior to the one in question. When the obligors are borrowers of the credit union, the amount of assistance granted under this modality will be imputed to their credit margins, not being counted for the purposes of the limits established above. Within each period, the limits must be observed on a daily basis.
5.1.5.4. In the portfolio discounted by a specific client, the unpaid amount by the client of unpaid documents and checks whose registration has been rejected, may not exceed the equivalent to 100% of the remaining capacity margin. If this value is exceeded, the assignor may not access new credit title discounting operations under this modality, except to the extent necessary to replenish the amount of those unpaid documents. Once the client's entire portfolio is cancelled, the entity may grant them financing adjusted to this regime.
In all cases where “obligor/s” is mentioned in this point, it refers to any of the signatories of the documents that hold that condition in their capacity as drawer, endorser, acceptor, or guarantor.
5.1.6. Guarantees granted by reciprocal guarantee societies or by public guarantee funds registered in the Records authorized by the Central Bank of the Argentine Republic, regardless of the term of the operation, provided that they make effective the unpaid credits within 30 calendar days of their maturity.
5.1.7. “Warrant” on fungible goods that have normal and habitual quotation in local or international markets, widely disseminated and easily accessible to public knowledge.
5.1.8. Guarantees constituted by the assignment of collection rights from invoices to consumers for services already rendered, issued by service provider companies to the public (companies supplying electricity, gas, telephone, water, etc.), provided that it is a set of invoices representing a quantity of no less than 1,000 clients.
5.1.9. Guarantees or sureties of securities (shares or bonds) privately issued by national or foreign companies, taking into account their market value on a permanent basis, which must respond to a normal and habitual quotation in local or international markets, widely disseminated and easily accessible to public knowledge.
Local issuing companies must maintain outstanding debt papers that have a local risk rating of “A” or higher, granted by any of the rating agencies admitted by the norms on “Evaluation of financial entities”.

COOPERATIVE CREDIT UNIONS (LAW 26.173)
B.C.R.A.
Section 5. Guarantees.
Version: 2nd. COMMUNICATION “A” 5275
Validity:
02/02/2012

The following are included in this category, as an exhaustive enumeration:
5.2.1. First-degree mortgage on real estate or any degree of priority provided the entity is the creditor in all degrees.
5.2.2. Fixed pledge with first-degree registration or with displacement to the entity on motor vehicles and machines -to the extent that they are registered in the pertinent national vehicle property registry and have a market that allows obtaining a reference value-.
5.2.3. Guarantees granted by reciprocal guarantee societies or by public guarantee funds registered in the Records authorized by the Central Bank of the Argentine Republic, regardless of the term of the operation, to the extent that the requirement mentioned in point 5.1.6. is not met.
5.2.4. Credits for financial leases (“leasing”) that had been agreed upon in accordance with the provisions of Law 25.248 on real estate and on motor vehicles and agricultural, road and industrial machinery (to the extent that they are registered in the pertinent national vehicle property registry and have a market that allows obtaining a reference value).
5.2.5. Guarantee trusts constituted in accordance with the provisions of Title I of Law 24.441 with the aim of backing the payment of financing granted for the construction of real estate, provided that, at a minimum, the following requirements are verified:
5.2.5.1. The titleholder cedes to the guarantee trust the real estate on which the construction of the project will be carried out and the rights and other assets resulting from the execution and completion of the works and their commercialization in fiduciary ownership, with the scope agreed upon in the trust contract.
5.2.5.2. The proceeds from such commercialization will be destined to the partial or total cancellation of the obligations incurred by the borrower for the financing agreed upon under the terms established in the trust contract.
5.2.5.3. The trustee of the guarantee trust is not the lending financial entity or persons related to it.
5.2.5.4. The trustee has broad powers to effectively control the tasks provided for in point 5.2.5.1., as well as to remove from their functions the physical or legal persons who have been designated to carry them out and appoint their replacements, in case of non-compliance or poor performance of their functions.
5.2.5.5. The ceded assets are free of encumbrances.

COOPERATIVE CREDIT UNIONS (LAW 26.173)
B.C.R.A.
Section 5. Guarantees.
Version: 3rd. COMMUNICATION “A” 5275
Validity:
02/02/2012

5.5. Coverage margins.
For their determination in operations covered with preferred guarantees “A” contracted under figures other than discount, the amount of capital and interest will be taken into account. Preferred guarantees will be calculated at the following percentages:
5.5.1. Cash (point 5.1.1.)
5.5.1.1. In pesos:
For coverage of an operation in pesos: 100%.
5.5.1.2. In foreign currency:
For coverage of an operation in pesos: 80% of the quotation value.
5.5.2. Certificates of time deposits (point 5.1.2.): 100%.
5.5.3. National public securities (point 5.1.3.): 80% of their quotation value.
5.5.4. Credit card coupons (point 5.1.4.).
5.5.4.1. Issued by financial entities: 90% of the nominal value of the documents.
5.5.4.2. Issued by companies that are not financial entities that meet the required conditions to be a credit subject: 80% of the nominal value of the documents.
5.5.4.3. Issued by the remaining non-financial companies: 50% of the nominal value of the documents.
5.5.5. Credit titles (point 5.1.5.).
5.5.5.1. Documents corresponding to obligors classified in category 1 in the “Central Debtors of the Financial System”: 100%.
5.5.5.2. Documents corresponding to obligors classified in category 2 or that have not been classified in the “Central Debtors of the Financial System”: 90%.
5.5.6. From reciprocal guarantee societies or public guarantee funds registered in the Records authorized by the Central Bank of the Argentine Republic (points 5.1.6. and 5.2.3.): 100%.
5.5.7. “Warrants” (point 5.1.7.): 80% of the market value of the goods.
5.5.8. Invoices to consumers for services already rendered, issued by service provider companies to the public (point 5.1.8.): 80% of the nominal value of the documents.
5.5.9. Private securities (point 5.1.9.): 70% of their quotation value.

COOPERATIVE CREDIT UNIONS (LAW 26.173)
B.C.R.A.
Section 5. Guarantees.
Version: 2nd. COMMUNICATION “A” 5275
Validity:
02/02/2012

ORDERLY TEXT OF ORIGIN RULES
Sec. Point Para. Com. Annex Chap. Sec. Point Para.
OBSERVATIONS
1.1. “A” 4712 Unique 1. 1.1.
1.2. “A” 4712 Unique 1. 1.2.
1.3. “A” 4712 Unique 1. 1.3. According to Com. “A” 5168 and
5248.
1.4. “A” 4712 Unique 1. 1.4.
1.5. “A” 4712 Unique 1. 1.5. According to Com. “A” 5248.
1.6. “A” 4712 Unique 1. 1.6.
1.
1.7. “A” 4712 Unique 1. 1.7.
2.1. “A” 4712 Unique 2. 2.1.
2.2. “A” 4712 Unique 2. 2.2.
2.3. “A” 4712 Unique 2. 2.3.
2.4. “A” 4712 Unique 2. 2.4. According to Com. “A” 5168.
2.5. “A” 4712 Unique 2. 2.5. According to Com. “B” 9186,
“A” 5067 and 5275.
2.6. “A” 4712 Unique 2. 2.6.
2.7. “A” 4712 Unique 2. 2.7. According to Com. “A” 4972
(point 9.).
2.8. “A” 4712 Unique 2. 2.8.
2.
2.9. “A” 4712 Unique 2. 2.9.
3.1. “A” 4712 Unique 3. 3.1.
3.2. “A” 4712 Unique 3. 3.2.
3.3. “A” 4712 Unique 3. 3.3. According to Com. “A” 4809,
5091 and 5164.
3.4. “A” 4712 Unique 3. 3.4.
3.5. “A” 4712 Unique 3. 3.5.
3.6. “A” 4712 Unique 3. 3.6.
3.
3.7. “A” 4712 Unique 3. 3.7.
4.1. “A” 4712 Unique 4. 4.1.
4.2. “A” 4712 Unique 4. 4.2.
4.3. “A” 4712 Unique 4. 4.3. According to Com. “A” 4891
(points 9 to 12).
4.4. “A” 4712 Unique 4. 4.4.
4.5. “A” 4712 Unique 4. 4.5.
4.6. “A” 4712 Unique 4. 4.6.
4.7. “A” 4712 Unique 4. 4.7.
4.
4.8. “A” 4712 Unique 4. 4.8. According to Com. “B” 9186 and
“A” 4972 (point 6).
5.1. “A” 4712 Unique 5. 5.1. According to Com. “A” 5275.
5.2. “A” 4712 Unique 5. 5.2. According to Com. “A” 5067 and
5275.
5.3. “A” 4712 Unique 5. 5.3.
5.4. “A” 4712 Unique 5. 5.4.
5.5. “A” 4712 Unique 5. 5.5. According to Com. “A” 5067 and
5275.
5.6. “A” 4712 Unique 5. 5.6.
5.
5.7. “A” 4712 Unique 5. 5.7.
6.1. “A” 4712 Unique 6. 6.1.
6.2. “A” 4712 Unique 6. 6.2.
6.
6.3. “A” 4712 Unique 6. 6.3.
B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE RULES ON “COOPERATIVE CREDIT UNIONS (LAW 26.173)”