2010 - YEAR OF THE BICENTENNIAL OF THE MAY REVOLUTION

COMMUNICATION “A” 5036
28/01/2010

TO THE FINANCIAL INSTITUTIONS:

Ref.: Circular
OPRAC 1 - 636
LISOL 1 - 513

Financing to the non-financial public sector. Amendment to Communications “A” 4838, 4926, 4937, 4996 and 5015.

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We address you to inform you that this Institution has adopted the following resolution:

“- Replace point 1.4. of Communication “A” 4838 (Text updated according to Communications “A” 4926, 4937, 4996 and 5015), with the following:

“1.4. The income from the obligors for the payment of the rights assigned to the trust or fiduciary fund, considered individually, at the date of constitution of the respective trust or fiduciary fund, shall be computed for up to a participation no greater than 2.5% of the total amounts corresponding to the projected demand of the relevant service.

In those service provisions in which there are companies that have the character of distributors, the rights assigned by the respective obligors for payment to those distributors shall be computed without exceeding the individual participation percentage less than or equal to that established above.

The requirement provided for in the first paragraph of this point shall not be applicable when the trust assets are taxes, tariffs, rates, duties, specific charges or similar concepts applicable to mass services in which the holders of the contributory capacity or payment capacity for those concepts are the consumers or taxpayers on whom those tax or tariff charges ultimately fall, even if the obligors for payment to the companies or collecting bodies of those concepts (taxable persons) are different from those.”

We greet you very attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Mirta M. Noguera
Submanager of Issuance of Standards
Darío C. Stefanelli
Manager of Issuance of Standards