Daily net position in LELIQ and active repos in pesos against the BCRA.

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

“1. To provide that the daily net position that financial institutions register in BCRA Liquidity Bills (LELIQ) and active repos in pesos against the BCRA may not exceed their computable equity responsibility (RPC) of the previous month or 65% of the monthly average of daily balances of total peso deposits –excluding those of the financial sector– of the previous month, whichever is greater.

2. Financial institutions that, as of the date of dissemination of this communication, are in excess of the limit provided in point 1., may not increase the aforementioned position and must bring it into compliance according to the following schedule:

As of 28.2.19 it may not exceed the entity's RPC of January 2019 or 100% of the monthly average of daily balances of total peso deposits –excluding those of the financial sector– of January 2019, whichever is greater.
As of 31.3.19 it may not exceed the entity's RPC of February 2019 or 80% of the monthly average of daily balances of total peso deposits –excluding those of the financial sector– of February 2019, whichever is greater.
As of 30.4.19 inclusive it must observe the limit of point 1. of this communication.

3. The excesses registered with respect to the limits provided in the preceding points will be subject to a charge, which will be computed in accordance with the provisions of point 3.1. of the rules on “Minimum Cash”, without prejudice to the application of article 41 of the Law on Financial Institutions.”

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Matías A. Gutiérrez Girault
Manager of Issuance of Rules

Agustín Torcassi
Deputy General Manager of Financial Regulation