Communication A 5234: Adjustment of Normative References in Other Legal Frameworks

"2011 – Year of Decent Work, Health and Worker Safety" COMMUNICATION “A” 5234 27/10/2011 TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 432
LISOL 1 - 541
Communication "A" 5231. Adjustment of normative references in other legal frameworks. ______ We address you with reference to the instructions made known through Communication “A” 5231, through which accounts destined for the payment of remuneration, social security benefits, and benefits from national government social aid plans were regulated, in accordance with what is established by Law 26.704. In this regard, we send you the sheets that, in replacement of those previously provided, must be incorporated into the norms on “Application of the Deposit Guarantee Insurance System”, “Minimum Capital of Financial Entities” and “Minimum Cash”, to include specific mentions regarding these accounts. Also covered by these referential adjustments are all communications issued by this Institution that refer to the “Salary Account” and/or the “Savings Account for the payment of the universal child allowance for social protection - Decree No. 1602/09-”. Finally, it is recalled that on this Institution's website www.bcra.gov.ar, accessing “regulations” (“consolidated texts”), 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 Mirta M. Noguera Alfredo A. Besio Submanager of Emission of Norms Submanager General of Norms
ANNEX

The additional contribution arising from the application of the aforementioned factors shall not exceed the normal contribution.
4. Integration of contributions.
The normal, additional, and advance contributions shall be debited from the current accounts of entities opened at the Central Bank of the Argentine Republic no later than the 12th day of the month to which they correspond. In the event that updated information is not available to establish the relevant calculation base, the amount shall be determined based on the last available data, increasing the obtained base by 10%.
5. Scope of the guarantee.
5.1. Deposits covered.
The coverage offered by the system shall cover deposits in pesos and foreign currency constituted in participating entities in the form of:
5.1.1. Current account.
5.1.2. Demand account opened in Cooperative Credit Unions.
5.1.3. Savings account.
5.1.4. Time deposit.
5.1.5. Salary/social security account, basic, universal free, and special accounts.
5.1.6. Term investments.
5.1.7. Immobilized balances arising from the preceding concepts.
5.2. Exclusions.
5.2.1. Transferable time deposits whose ownership has been acquired by endorsement, even if the last endorsee is the original depositor.
5.2.2. Deposits that offer incentives or remuneration different from the interest rate and, where applicable, the amount accrued by applying the “Reference Stabilization Coefficient” (CER), regardless of the denomination or modality adopted (insurance, lotteries, tourism, provision of services, etc.).
B.C.R.A. APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM Version: 9th COMMUNICATION “A” 5234 Validity:
27/10/2011

5.2.3. Deposits in which interest rates higher than the reference rates are agreed upon, which are periodically disseminated by the Central Bank of the Argentine Republic through Communications “B”, determined by adding two percentage points annually to the moving average of the last five banking business days of the passive rates that, for time deposits and demand account balances (savings and salary/social security accounts) up to $ 100,000 (or its equivalent in other currencies) arise from the survey conducted by the Central Bank of the Argentine Republic.
5.2.4. Deposits of financial entities in other intermediaries, including time deposit certificates acquired through secondary negotiation.
5.2.5. Deposits made by persons directly or indirectly linked to the entity according to the guidelines defined in point 4.2. of Chapter I of Circular OPRAC-1 and in point 1.1. of Annex I to Communication “A” 2140.
5.2.6. Time deposits of securities, acceptances, or guarantees.
5.2.7. Immobilized balances arising from excluded deposits and other operations.
5.3. Coverage. Amount and formalities.
5.3.1. The guarantee shall cover the return of the deposited capital, interest, updates -by the Reference Stabilization Coefficient “CER”- and exchange rate 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 Organic Charter of the Central Bank of the Argentine Republic, if this measure had been adopted prior to the former, without exceeding -for these concepts- $ 120,000.
That date shall be considered for the determination of the Reference Stabilization Coefficient for the purposes of what is provided in point 1.9. of Section 1. of the norms on “Deposits and term investments” for deposits with that clause and of the “Reference exchange rate” for the conversion to pesos of deposits in foreign currency, for the purposes of establishing the amount covered.
5.3.2. In accounts and deposits constituted in the name of two or more persons, the guarantee limit shall be $ 120,000, regardless of the number of titular holders, with the amount of the guarantee corresponding to each distributed proportionally among the holders.
5.3.3. The total guaranteed to a specific person, by accumulation of accounts and deposits covered, as provided previously, shall not exceed the limit of $ 120,000.
5.3.4. SEDESA shall reject or postpone until 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 present titles that are materially and formally valid.
B.C.R.A. APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM Version: 9th COMMUNICATION “A” 5234 Validity:
27/10/2011

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE
CONSOLIDATED TEXT OF THE NORMS ON
“APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM” CONSOLIDATED TEXT ORIGIN NORM Point Paragraph. Com. Annex Point Paragraph OBSERVATIONS
1. “A” 2337 I 1. 1st and 2nd
1st “A” 2337 I 2. 1st S/Dec. 1292/96, Com. “A” 2807; 3358; 4206 and 4271. 2. 2nd “A” 2337 I 2. 2nd S/Dec. 1292/96.
3. 1st “A” 2337 I 3. 1st
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.
3. 2nd “A” 2337 I 3. 2nd
1st “A” 2337 I 4. 2nd and 3rd S/Com. “B” 5806, 8th paragraph and “A” 3068. 4. 2nd “A” 2337 I 4. 4th
5. “A” 2337 I 6.
5.1. 1st “A” 2337 I 6.1. 1st
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
and 5234.
5.1.6. “A” 2482 1. 2nd
5.1.7. “B” 5806 3rd 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 6.4.2. S/Com. “A” 2399; 4681 and
4874.
5.2.3. “A” 2337 I 6.3. S/Com. “A” 2777; 3358, 5108
and 5234.
5.2.4. “A” 2337 IV S/Dec. 540/95, art. 12, item c)
5.2.5. “A” 2337 I 6.2.
5.2.6. “A” 2337 IV S/Dec. 540/95, art. 12, item c)
5.2.7. “A” 2807 5.2.7.
5.3. “A” 2337 I 6. S/Dec. 540/95.
5.3.1. “A” 2337 I 6.5. S/Com. “A” 4681 and 5170.
5.3.2. “A” 2337 I 6.7. 1st S/Dec. 540/95. and Com. “A”
5170.
5.3.3. “A” 2337 I 6.7. 2nd S/Dec. 540/95. and Com. “A”
5170.
5.3.4. “A” 2337 I 6.8. S/Dec. 540/95.
5.3.5. “A” 2337 I 6.9.
6. “A” 2337 I 7. S/Com. “A” 2399; 3270; 4874
and 5170. Dec. 1292/96.

5.5. Calculation of covered concepts.
The assets and liabilities covered of the same month to which those considered to determine the minimum capital requirement for credit risk correspond shall be taken into account. Foreign currency assets and liabilities shall be converted to US dollars according to the exchange rate of the last business day of the month to which they correspond. Cash flows shall include capitals, interest, updates -by the Reference Stabilization Coefficient “CER”- and other accessories. In the case of credits, the cash flow to mature of capital and interest shall be taken -considering for the latter the suspension of their accrual regarding credits in which this option has been chosen- net of the application of percentages for uncollectible risk provisions. In the case of debtors classified as “in normal situation” (points 6.5.1. and 7.2.1. of the norms on “Classification of debtors”) and financings that are covered with preferred guarantees “A”, only 50% of the required amount shall be deducted. To this end, cash flows for financings to be imputed in each time band shall be considered net of uncollectible risk provisions computable, taking into account the resulting proportion according to the debtor's classification for the month to which the requirement calculation corresponds. Positions in each calculable asset, not subject to minimum capital requirement for market risk, shall be determined according to the methodology referred to in point 6.5.3. of Section 6.
5.6. Imputation to time bands.
5.6.1. Fixed rate operations.
5.6.1.1. General criterion.
The cash flows of these operations shall be imputed to the time bands according to their contractual situation.
5.6.1.2. Special criteria.
A different treatment from the contractual situation shall be given to the following concepts:
i) 50% of the average of the balances of current account deposits and savings accounts of the month to which the “VaRR” calculation corresponds, excluding from this latter concept the “Severance Fund for Construction Industry Workers” and “Salary/social security” accounts. MINIMUM CAPITAL OF FINANCIAL ENTITIES B.C.R.A.
Section 5. Minimum capital for interest rate risk.
Version: 9th COMMUNICATION “A” 5234
Validity:
27/10/2011

MINIMUM CAPITAL OF FINANCIAL ENTITIES
CONSOLIDATED TEXT ORIGIN NORM
Section Point Paragraph Com.
Cap./
Annex
Point Paragraph
Observations
5.
5.6. “A” 2922 I According to Com. “A” 4172. Point
5.6.4.5., 3274, 3959, 4180, 4543,
4874, 5091, 5180, 5234, “B” 6523,
9186 and 9516.
6.1. and
6.2.
“A” 2461 unique I and II According to Com. “A” 4172, 4741 and 5180.
6.3. and
6.4.
“A” 2461 unique I and II According to Com. “A” 3959 and 4172.
6.5. “A” 2461 unique I and II According to Com. “A” 2736, 2768, 2948,
3959, 4172 and “B” 9074. The point
6.5.2. includes interpretative clarification.
6.6. “A” 2461 unique III According to Com. “A” 3161 and 4172.
6.7. “A” 2461 unique VI According to Com. “A” 4172.
6.
6.8. “A” 2461 unique VII According to Com. “A” 4172.
7.1. “A” 414
LISOL-1
VI 3.1. 1st According to Com. “A” 2279, 2453, 2793, 2914, 3039 and 4172.
7.2.1. “A” 414
LISOL-1
VI 3.1.1. According to Com. “A” 2223, 2227, 4296, (point 2.), 4576 (point 1.) and 4665.
7.2.2. “A” 4576 2. According to Com. “A” 4591 (points 2.,3.,
4. and 5.), 4665 -point 7.2.2.5. includes interpretative clarification- and
4782.
7.2.3. “A” 414
LISOL-1
VI 3.1.2. According to Com. “A” 2223, 2768, 2948, 4172, 4576 (point 3.), 4665, 4702 and “B” 9074.
7.2.4. 1st “A” 414
LISOL-1
VI 3.1.2.2. According to Com. “A” 2264, 4172, 4576 (point 4.) and 4782. 7.2.4.1. and 7.2.4.2. “A” 414 LISOL-1 VI 3.1.2.2. According to Com. “A” 2264, 4172, 4576 (points 5. and 6.) and 4782. 7.2.4.3. and 7.2.4.4. “A” 414 LISOL-1 VI 3.1.2.2. According to Com. “A” 2264, 4172 and
4782. In the second paragraph of
point 7.2.4.3. incorporates interpretative clarification.
7.2.4.5. “A” 2264 2. According to Com. “A” 4172 and 4576 (point
8.).
7.2.4.6. “A” 414
LISOL-1
VI 3.1.2.2. According to Com. “A” 2264, 4172 and 4665.
7.2.5.1. “A” 2287 3.1. and
3.3.
According to Com. “A” 2890, 4172 and 5093.
“A” 2287 3. last According to Com. “A” 4172 and 5093.
1st and last
“A” 2287 3.2. According to Com. “A” 4172.
7.
7.2.5.3.
2nd “A” 2474 Norms of procedure on requirement and integration of minimum capitals (point 3.2.7). Modified by Com.“A” 4172.

1.3. Minimum cash.
The amounts of minimum cash arising from applying the following rates shall be integrated:
Concept Rate in %
1.3.1. Current account deposits and demand accounts opened in cooperative
credit unions. 19
1.3.2. Deposits in savings accounts, basic account, and universal free account.
1.3.2.1. In pesos (except those included in point 1.3.14.). 19
1.3.2.2. In foreign currency. 20
1.3.3. Pupil usury, special accounts for closed circles, “Severance Fund for
Construction Industry Workers”, “Salary/social security”, “Special current accounts for legal entities” and “Savings account for the payment of social aid plans or programs”.
1.3.3.1. In pesos (except those included in point 1.3.14.). 19
1.3.3.2. In foreign currency. 20
1.3.4. Other demand deposits and obligations, pension benefits credited by
ANSES pending cashing, and immobilized balances corresponding to obligations included in these norms.
1.3.4.1. In pesos (except those included in point 1.3.14.). 19
1.3.4.2. In foreign currency. 20
1.3.5. Unused balances of formalized current account advances. 19
1.3.6. Deposits in current accounts of non-bank financial entities,
calculable for the integration of their minimum cash. 100
1.3.7. Time deposits, obligations for “acceptances” -including liabilities for sale or assignment of credits to subjects other than financial entities-, passive swaps, sureties, and passive stock market swaps, constant term investments, with option for early cancellation or renewal for a determined term and with variable remuneration, and other term obligations except for deposits included in points 1.3.11.,
1.3.12., 1.3.13. and 1.3.15., according to their residual term:
MINIMUM CASH B.C.R.A.
Section 1. Requirement.
Version: 35th COMMUNICATION “A” 5234
Validity:
27/10/2011

CONSOLIDATED TEXT ORIGIN NORM
Sec. Point Para. Com. Annex Sec. Point Para.
OBSERVATIONS
1.1. “A” 3274 II 1. 1.1.
1.1.1. “A” 3274 II 1. 1.1.1. According to Com. “A” 3498.
1.1.2. “A” 3274 II 1. 1.1.2. According to Com. “A” 3597, 4815 and
“B” 9186.
1.1.3. “A” 3274 II 1. 1.1.3. According to Com. “A” 3498, 3905 and
4473.
1.2. “A” 3274 II 1. 1.2. According to Com. “A” 3304, 3498,
3597, 4449 and 4716 (includes interpretative clarification), 4815 and “B” 9186.
1.3. “A” 3274 II 1. 1.3.
1.3.1. “A” 3274 II 1. 1.3.1. According to Com. “A” 3338, 3417,
3498, 3597, 3917, 3967, 4032,
4051, 4147, 4276, 4449, 4473,
4509, 4549, 4602, 4712 and 5108.
1.3.2. “A” 3274 II 1. 1.3.2. According to Com. “A” 3338, 3417,
3498, 3597, 3917, 3967, 4032,
4051, 4147, 4179, 4276, 4449,
4473, 4509, 4549, 4602, 4809,
4851 and 5164.
1.3.3. “A” 3274 II 1. 1.3.3. According to Com. “A” 3338, 3399,
3417, 3498, 3597, 3824, 3917,
3967, 4032, 4051, 4147, 4179,
4276, 4449, 4473, 4509, 4549,
4602, 4754, 4851, 5007, 5091 and
5234.
1.3.4. “A” 3274 II 1. 1.3.4. According to Com. “A” 3338, 3417,
3498, 3597, 3917, 3967, 4032,
4051, 4147, 4179, 4276, 4449,
4473, 4509 4602 and 4851.
1.3.5. “A” 3274 II 1. 1.3.5. According to Com. “A” 3338, 3417,
3498, 3597, 3917, 3967, 4032,
4051, 4147, 4276, 4449, 4509 and 4549.
1.3.6. “A” 3274 II 1. 1.3.7.
1.3.7. “A” 3498 unique 1. 1.3.8. According to Com. “A” 3506 -pt. 2.-,
3549, 3732, 3824, 3905, 3917,
3925, 3967, 4032, 4140, 4179,
4276, 4360 -pt. 3.-, 4449, 4549
, 4602, 4754 and 4851.
1.3.8. “A” 3498 unique 1. 1.3.11. According to Com. “A” 3597, 3732 and
4032.
1.3.9. “A” 3498 unique 1. 1.3.12. According to Com. “A” 3905, 3917,
3967, 4032, 4179, 4276, 4449,
4549 and 4851.
1.3.10. “A” 3549 1.
1.
1.3.11. “A” 3549 1. According to Com. “A” 4179, 4388,
4549 and 4851.
B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE CONSOLIDATED TEXT OF THE NORMS ON “MINIMUM CASH”