RegAlertRule · BCRA · 26 Mar 2020 · A 6946
Communication A 6946: Adjustments to Communication A 6937
The Central Bank of Argentina amends Communication A 6937 by revising the calculation method for Small and Medium-sized Enterprise (SME) financing amounts, specifically introducing a 130% weighting for funds used to pay salaries when the financial entity acts as a payment agent. It mandates that provisions for such salary-destined SME financing be determined based on the SME's classification at the time of issuance until the financing is cancelled. The resulting reductions in provisions or increases in computable equity must be deducted from distributable results calculations under the 'Distribution of Results' regulations, and a specific clause is corrected to read 4% of concepts subject to demand.
"2020 - YEAR OF GENERAL MANUEL BELGRANO"
COMMUNICATION "A" 6946 26/03/2020
TO FINANCIAL ENTITIES:
Ref.: Circular
REMON 1 - 1006
LISOL 1 - 870
CONAU 1 - 1395
Communication "A" 6937. Adjustments.
____________________________________________________________ We address you to inform you that this Institution has adopted the resolution that, in its pertinent part, provides:
"1. Replace the last paragraph of point 3. of Communication "A" 6937 with the following:
"The amount of financing to SMEs to be considered – respecting the conditions provided in point 2.– will correspond to the increase recorded between the monthly average balance of the financing included in the period and the balance of said financing as of 19.3.2020. When such financing has been destined for the payment of salaries – and the financial entity is an agent for the payment of those benefits – they will be computed at 130% for the purposes of this point, for which the SME must present a sworn declaration regarding the destination of the funds."
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Provide that, for financing to SMEs – included in the provisions of Communication "A" 6937 (text as per this communication) – that are destined for the payment of salaries, the amount of provisions will be determined – until the cancellation of the financing – based on the classification of the SME at the time of its granting.
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Establish that the reduction in provisions and/or increase in computable equity resulting from the application of point 2. of this communication and points 12. and 13. of Communication "A" 6938, must be deducted from the calculations provided in sections 2. and 3. of the regulations on "Distribution of Results", for the purpose of determining the distributable result."
On the other hand, it is clarified that the second bullet point of the second paragraph of point 3. of Communication "A" 6937 must read as "4% of the concepts subject to demand."
We salute you attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Matías A. Gutiérrez Girault Darío C. Stefanelli Manager of Emission of Norms Principal Manager of Emission and Normative Applications
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- Referred to by
“based on the resolutions disseminated through Communications "A" 6938, 6939, and 6946.”
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