Circular SINAP 1-173: Electronic Clearing Houses. Guarantees for Covering Debtor Positions

"1983/2023 - 40 YEARS OF DEMOCRACY" "1983/2023 - 40 YEARS OF DEMOCRACY"

COMMUNICATION "A" 7718 09/03/2023

TO FINANCIAL ENTITIES,
TO ELECTRONIC CLEARING HOUSES:
Ref.: Circular
SINAP 1-173:
Electronic Clearing Houses. Guarantees for the coverage of debtor positions.

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

"1. To provide that financial entities may integrate BCRA Liquidity Letters (LELIQ) up to 50% of the guarantees by product required in the current regulations to cover the net debtor balances that arise in the clearing processes of operations in pesos by electronic clearing houses. The excess of LELIQ that exceeds 50% of the guarantees indicated in the preceding paragraph will not be computable as an integration of said guarantees.

2. To establish that electronic clearing houses must daily calculate and control the percentage of this composition, taking into account the last valuation of the LELIQ – carried out by discounting at the active pass rate – reported by the BCRA for the corresponding day of calculation.

3. To stipulate that, with regard to the procedures for the liquidation of guarantees for the different compensable instruments, the order of execution to achieve the coverage of net debtor balances will be the following:
   a. guarantees in pesos associated with the product whose debtor balance has not been covered by the corresponding financial entity; b. in the case of existence, guarantees in pesos of another product that the financial entity compensates, provided that its clearing cycle has been closed;
   c. LELIQ guarantees of the product whose debtor balance has not been covered by the corresponding financial entity;
   d. LELIQ guarantees of another product that the financial entity compensates, provided that its clearing cycle has been closed.
   In the event that the executed guarantees in pesos are not reimbursed by the next business day, the electronic clearing house will execute the guarantees constituted in LELIQ in the order established previously, imputing the funds to the products whose guarantee in pesos must be restituted.

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4. To provide that the operational aspects linked to points 1., 2. and 3. of this communication will be defined and made known by the competent technical areas of the BCRA.
5. To establish that what is provided in this communication will enter into force on 17.4.23."

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC
Matías A. Gutiérrez Girault Luis A. D’Orio
Manager of Systems of Payment
Principal Manager of Payment Systems and Current Accounts