Circular SINAP 1-205 OPASI 2-716: Application of the Deposit Guarantee Insurance System. Adjustments.

"AÑO DE LA DEFENSA DE LA VIDA, LA LIBERTAD Y LA PROPIEDAD" COMUNICACIÓN “A” 7985 27/03/2024 TO FINANCIAL ENTITIES:
Ref.: Circular
SINAP 1-205,
OPASI 2-716:
Application of the Deposit Guarantee Insurance System. Adjustments.
___________________________________________________________________________ We address you to inform you that this Institution has adopted the resolution that, in its pertinent part, provides:

“1. Establish, effective from 1.4.24, the guarantee amount for the deposits referred to in points 5.3.1., 5.3.2., 5.3.3. and 6 of the norms on “Application of the Deposit Guarantee Insurance System” at $ 25,000,000.

2. Provide, effective from 1.4.24, that for the purposes of the exclusion provided for in point 5.2.2 of the norms on “Application of the Deposit Guarantee Insurance System”, the reference rates periodically disseminated by the BCRA through Communications “B” shall be determined according to the moving average of the last five banking business days of the passive rates that, for fixed-term deposits in pesos up to $ 50,000,000 and in foreign currency up to USD 100,000, arise from the survey conducted by the BCRA.

3. Admit the use of fixed-term deposit certificates with the legend regarding the deposit guarantee amount outdated, until they are exhausted and/or until the cited instruments with the new legend are available according to what is established in point 1. of this communication.

For the use of such outdated certificates, a clarifying stamp regarding the scope of the guarantee must be placed, or, if there is insufficient space for this, the depositor must be notified in writing on a separate sheet in original and copy with the complete text of the legend, which must be signed by them.”

On the other hand, we send you the sheets that, in replacement of those previously provided, must be incorporated into the norms in reference. In this sense, it is recalled that on this Institution's website www.bcra.gob.ar, by accessing “Financial System - LEGAL AND REGULATORY FRAMEWORK - Orders and summaries - Ordered texts of general regulations”, the modifications made with texts highlighted in special characters (strikethrough and bold) will be found.

-2-
We greet you attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Martín A. Bonelli Enrique C. Martin Signature 2 Deputy Manager of Regulation of Passive Operations Manager of Emission of Norms Functional Position
ANNEX

• Index -

1. Shareholder Trust of SEDESA.
2. Normal contribution.
3. Additional contribution.
4. Integration of contributions.
5. Scope of the guarantee.
   5.1. Deposits included.
   5.2. Exclusions.
   5.3. Coverage. Amount and formalities.
6. Instrumentation.
7. Determination of the additional contribution.
   7.1. Entities with "CAMELS" rating.
   7.2. Entities without "CAMELS" rating.
8. Applicable legislation.
   8.1. Law 24.485.
   8.2. Decree 540/95 and its amendments.
   Correlation table.
   B.C.R.A. ORDERED TEXT OF THE NORMS ON
   APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM Version: 7th COMMUNICATION “A” 7985 Validity:
   01/04/2024 Page 1

5.2.2. Demand deposits in which interest rates higher than the reference rates are agreed upon, and time deposits and investments that exceed 1.3 times that rate or the reference rate plus 5 percentage points – whichever is higher –.
The reference rates are periodically disseminated by the BCRA through Communications “B”, determined according to the moving average of the last five banking business days of the passive rates that, for fixed-term deposits in pesos up to $ 50,000,000 and in foreign currency up to USD 100,000, arise from the survey conducted by the BCRA. Deposits will also be excluded when those interest rate limits are vitiated by additional incentives or remuneration.
5.2.3. Deposits of financial entities in other intermediaries, including fixed-term certificates acquired through secondary negotiation.
5.2.4. Deposits made by persons directly or indirectly linked to the entity according to the guidelines defined in point 1.2.2. of the norms on “Large exposures to credit risk”.
5.2.5. Fixed-term deposits of securities, acceptances or guarantees.
5.2.6. Immobilized balances arising from excluded deposits and other operations.
5.3. Coverage. Amount and formalities.
5.3.1. The guarantee will cover the return of the deposited capital, interest, updates –by the Reference Stabilization Coefficient (“CER”) in deposits of Acquisitive Value Units - Law 25.827 (“UVA”) and by the construction cost index for Greater Buenos Aires (“ICC”) in deposits of Housing Units - Law 27.271 (“UVI”)–, and quotation differences, as applicable, accrued up to the date of revocation of the authorization to operate or up to the date of suspension of the entity by application of article 49 of the BCRA Organic Charter, if this measure had been adopted prior to the former, without exceeding –for these concepts– $ 25,000,000.
That date will be considered for the determination of the CER and the ICC for investments in Acquisitive Value Units “UVA” and in Housing Units “UVI”, respectively, as well as for the determination of the “Reference exchange rate” for the conversion to pesos of deposits in foreign currency, for the purposes of establishing the amount covered by the coverage.
5.3.2. In accounts and investments constituted in the name of two or more persons, the guarantee limit will be $ 25,000,000 regardless of the number of titleholders, distributing proportionally the amount of the guarantee that corresponds among the titleholders.
5.3.3. The total guaranteed to a specific person, by accumulation of accounts and deposits covered by the coverage, as provided previously, may not exceed the limit of $ 25,000,000.
B.C.R.A. APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM Version: 23rd COMMUNICATION “A” 7985 Validity:
01/04/2024 Page 3

5.3.4. SEDESA will reject or postpone until its judicial recognition the request for coverage by application of this guarantee regime when the deposits do not meet the requirements established in the applicable norms or when the depositants do not exhibit titles that are materially and formally valid.
5.3.5. SEDESA may require, prior to the settlement of the guarantee, that the depositants justify the origin and availability of the deposited funds through records that demonstrate the verisimilitude of the same and/or that the effective entry of the funds into the entity has been verified with respect to each operation covered by the regime.
In addition, the aforementioned company must file the relevant complaint when it detects irregularities or a criminal offense aimed at obtaining the undue payment of the guarantee.
6. Instrumentation.
In all documents representing passive operations (certificates, deposit slips, receipts issued by ATMs, account summaries, etc.), the following legend must appear, visibly and printed on the front or back of them:
“Deposits in pesos and in foreign currency are guaranteed up to $ 25,000,000. In operations in the name of two or more persons, the guarantee will be prorated among their titleholders. In no case, the total guarantee per person and per deposit may exceed $ 25,000,000, regardless of the number of accounts and/or deposits. Law 24.485, Decree No. 540/95 and amendments and Com. “A” 2337 and its amendments and complementary. Excluded are those captured at rates higher than the reference rate according to the limits established by the Central Bank, those acquired by endorsement and those made by persons linked to the financial entity.” In the event that any of the situations cited at the end occurs, it will be necessary to place the following legend visibly on the front of the documents:
“Deposit without guarantee”
This last requirement will not apply when the operations are carried out through ATMs belonging to networks that enable the operational interconnection of financial entities. Entities must keep the complete texts of Law 24.485, Decree No. 540/95 (updated text) and these norms available to their clientele. In addition, in the advertising carried out by financial entities, related to the deposits they capture, the existence of a limited guarantee for their return must be stated. B.C.R.A. APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM ORDERED TEXT ORIGIN OF THE NORMS OBSERVATIONS Point Paragraph Com. Annex Point Paragraph

1. “A” 2337 I 1. 1° and 2°
2. 1° “A” 2337 I 2. 1° S/Dec. No. 1292/96, Com. “A” 2807,
   3358, 4206, 4271, 5641 and 5943.
   2° “A” 2337 I 2. 2° S/Dec. No. 1292/96.
3. 1° “A” 2337 I 3. 1°
   3.1. “A” 2337 I 3.1.
   3.2. “A” 2337 I 3.2.
   3.3. “A” 2337 I 3.3.
   3.3.1. “A” 2337 I 3.3.1.
   3.3.2. “A” 2337 I 3.3.2.
4. 2° “A” 2337 I 3. 2°
5. 1° “A” 2337 I 4. 2° and 3° S/Com. “B” 5806 (8th paragraph), “A”
   3068, 5710 and 5720.
   2° “A” 2337 I 4. 4°
6. “A” 2337 I 6.
   5.1. 1° “A” 2337 I 6.1. 1°
   5.1.1. “A” 2337 I 6.1. i)
   5.1.2. “A” 5108
   5.1.3. “A” 2337 I 6.1. ii)
   5.1.4. “A” 2337 I 6.1. iii)
   5.1.5. “A” 2337 I 6.1. iv) S/Com. “A” 5091, 5108, 5164,
   5234 and 6435.
   5.1.6. “A” 2482 1. 2°
   5.1.7. “B” 5806 3° S/Com. “A” 2807.
   5.2. “A” 2337 I 6.4. S/Com. “A” 2399.
   5.2.1. “A” 2337 I 6.4.1. S/Com. “A” 2399.
   5.2.2. “A” 2337 I 6.3. S/Com. “A” 2777, 3358, 5108,
   5234, 5640, 5654, 5891, 6435,
   6460, 6980, 7978 and 7985. Includes interpretative clarification.
   5.2.3. “A” 2337 IV S/Dec. No. 540/95, art. 12, item c).
   5.2.4. “A” 2337 I 6.2. S/Com. “A” 5520 and 6639.
   5.2.5. “A” 2337 IV S/Dec. No. 540/95, art. 12, item c).
   5.2.6. “A” 2807 5.2.7.
   5.3. “A” 2337 I 6. S/Dec. No. 540/95.
   5.3.1. “A” 2337 I 6.5. S/Com. “A” 4681, 5170, 5641,
   5943, 6125, 6654, 6973, 7661 and

5.3.2. “A” 2337 I 6.7. 1° S/Dec. No. 540/95 and Com. “A” 5170,
5641, 5943, 6654, 6973,7661 and
7985.
5.3.3. “A” 2337 I 6.7. 2° S/Dec. No. 540/95 and Com. “A” 5170,
5641, 5943, 6654, 6973, 7661 and
7985.
5.3.4. “A” 2337 I 6.8. S/Dec. No. 540/95.
5.3.5. “A” 2337 I 6.9.
B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE NORMS ON “APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM”

APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM ORDERED TEXT ORIGIN OF THE NORMS OBSERVATIONS Point Paragraph Com. Annex Point Paragraph
6. “A” 2337 I 7. S/Com. “A” 2399, 3270, 4874,
5170, 5641, 5659, 5891, 5943,
6419, 6435, 6654, 6973, 7661 and
7985. Includes clarification
interpretative Decree
No. 1292/96.
7. 1° “A” 2337 II 1. S/Com. “A” 2561.
7.1. “A” 2337 II 1. S/Com. “A” 2561, 4040, 5369 and
5417.
7.2. “A” 2337 II 2. S/Com. “A” 2561.
8. “A” 2807 II and III
8.1. “A” 2807 II S/Law 25.089 and Com. “A” 6654.
8.2. “A” 2807 III S/Dec. No. 1292/99 and No. 1653/15
and Com. “A” 4206, 5816 and 6435.