Financing to the Non-Financial Public Sector: Amendments

2010 - YEAR OF THE BICENTENNIAL OF THE MAY REVOLUTION

COMMUNICATION “A” 5062
08/04/2010

TO THE FINANCIAL INSTITUTIONS:

Ref.: Circular
OPRAC 1 - 639
LISOL 1 - 516

Financing to the non-financial public sector. Amendments.

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

“1. To provide that financial institutions, their subsidiaries and their branches or subsidiaries abroad, may refinance or grant financial assistance, without the authorization of the Central Bank, to trusts or fiduciary funds constituted for specific purposes, to the extent that they have previously verified compliance with the requirements set forth in Section 5. of the rules on “Financing to the non-financial public sector”.

For these purposes, there must be prior approval of the Board of Directors or equivalent authority of the lending institution and, in addition, when such assistance exceeds $ 10,000,000 or 15% of the computable equity responsibility of the institution for the previous month, whichever is lower, measured cumulatively for each trust -regardless of how the financing is instrumented-, with a special report from an external auditor, registered in the “Registry of auditors” of the Superintendency of Financial and Exchange Institutions, regarding compliance with the requirements set forth in Section 5. and in point 6.1. of the aforementioned regulations, according to the model established for such purposes, with a determination of the maximum limit of financing that may be granted taking into account the eventual existence of observations and/or estimates in its report.

The auditor must quantify and consider the adjustment or maximum possible net effect on the credit quota, to the extent that they imply decreases, as arises from the scope of its work when issuing the aforementioned report.

When it is verified that the financial institution is a trustee or when that function is performed by companies controlled by a financial institution, the aforementioned special report, regarding compliance with the pertinent requirements, shall be the responsibility of that financial institution, and it must provide a copy to the institutions that subscribe the instruments of those trusts or fiduciary funds. In those aspects not covered, said report must be complemented with a special report from the external auditor, registered in the aforementioned registry, in charge of the subscribing institutions.

2. To leave without effect point 4.1.3.1. of Section 4. of the rules on “Financing to the non-financial public sector”, relative to the presentation of the informative regime of debtors in irregular situation by the administrators of the credit portfolios of public financial institutions privatized or in the process of privatization or dissolution of the respective jurisdiction.” Finally, we send you the pages that, replacing those previously provided, should be incorporated into the ordered text of the rules on “Financing to the non-financial public sector”.

Likewise, it is recalled that on the page of this Institution www.bcra.gov.ar, accessing “regulations” (“ordered texts”), you will find the modifications made with texts highlighted in special characters (strikethrough and bold).

We greet you very attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Darío C. Stefanelli
Manager of Issuance of Norms

Alfredo A. Besio
Deputy General Manager of Norms a/c

ANNEX

B.C.R.A.
UPDATED ORDERED TEXT OF THE RULES ON
“FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR”

-Index-

Section 1. Non-financial public sector.

1.1. Concept.

1.2. Exclusions.

1.3. Other exclusions.

Section 2. Financial assistance.

2.1. Limitation.

2.2. Responsibility.

Section 3. Operations covered.

3.1. Concepts included.

3.2. Concepts excluded.

Section 4. Exceptions.

Section 5. Assistance to trusts or fiduciary funds constituted for specific purposes. Requirements.

Section 6. Other required conditions.

Correlation table.

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FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR B.C.R.A.
Section 2. Financial assistance.

2.1. Limitation.

Financial institutions, including their subsidiaries and their branches or subsidiaries abroad, may not refinance or grant financial assistance to the non-financial public sector, unless they are destined to trusts or fiduciary funds constituted for specific purposes and compliance with the requirements contemplated in Section 5. has been previously verified.

2.2. Responsibility.

Financial institutions must verify, for the purposes of the application of these provisions and through the documentation they deem necessary to require, whether the client is included within the non-financial public sector.

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3.1.10. Financing, in all its forms, granted by the parent company or foreign bank that exercises control over the local financial institution under the terms provided in the rules on credit risk diversification, or by its branches in other countries, when they correspond to financing lines assigned to them by the local financial institution.

3.2. Excluded concepts.

3.2.1. Holding of national public securities.

3.2.2. Opening of import documentary credits.

3.2.3. Guarantees for the payment of local taxes in foreign trade operations, provided that they only entail the assumption of a contingent liability.

3.2.4. Subscription of debt instruments issued by trusts constituted under Law 24.441 or fiduciary funds for infrastructure works of the Wholesale Electricity Market (“MEM”), to the extent that:

3.2.4.1. They have public offering authorized under the regime of Law 17.811.

3.2.4.2. They have been constituted for the financing of infrastructure works of the Wholesale Electricity Market (“MEM”), declared by the competent authority as being of public interest and/or critical.

3.2.4.3. The cancellation of said debt instruments is guaranteed by the assignment or pledge of the collection rights arising from contracts for the sale of electric energy in the forward supply market in which the administrator of the “MEM” is the obligor, provided that:

i) The works whose construction is financed have at least 75% progress.

ii) When the condition established in subsection i) is verified and the works whose completion is financed are not authorized by the competent authority for their commercial operation, there must be a guarantee fund for the repayment of the financial services of the trust or fiduciary fund with funds from the proceeds of the placement of the debt instruments issued by the trust or fiduciary fund for the financing of the construction of the works for at least 120% of the amount of the financial assistance services and/or the debt instruments issued by the financial trust for financing or fiduciary fund in charge of the construction of the works, whose maturity occurs until their effective projected commercial authorization.

3.2.4.4. The supply contracts have been entered into as purchaser by the administrator of the “MEM”.

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3.2.4.11. From the Business Plan and Projections submitted by the intervening financial institution - in compliance with the provisions of the reporting regime on that matter - in force at the time of the evaluation of the financing by that financial institution, there arises a projected monthly excess of minimum capital integration - individual position - for the reported periods of such magnitude that it allows eventually absorbing the higher minimum capital requirement established as “INC” in point 3.1. of Section 3. of the rules on “Minimum capital of financial institutions”. When the information corresponding to said projections refers to a half-year period, the projected computation to be considered must be proportional.

This requirement must be observed in cases where the financial institution makes use of the expanded credit quotas referred to in points 4. and 5. of the Annex to Communication “A” 5015, on an individual and consolidated basis.

3.2.4.12. The rules and/or contracts governing the operation of the trusts or fiduciary funds provide for the requirement of prior consent of the beneficiary or creditor financial institution in the event of modifications to the contracts of the trusts or their trust assets, that affect the conditions regarding the trust assets, their fiduciary assignment, in guarantee or pledge and/or priority of the claims of the financial institutions, and such modifications fall within the provisions of point 3.2.4.

Trusts or fiduciary funds created prior to 28.4.09 and in which the conditions listed above have been established by national law are excepted.

The special treatment established above shall also apply to temporary financial assistance granted to said trusts or fiduciary funds until the placement, by public offering, of their debt instruments.

Said treatment is conditioned upon prior verification by the financial institutions involved in the operation of compliance with the requirements established in points 3.2.4.3., 3.2.4.5., 3.2.4.6., 3.2.4.7., 3.2.4.9., 3.2.4.10. and, if applicable, 3.2.4.11. on the basis of the information in the issuance prospectus authorized by the National Securities Commission and/or the risk rating report required on the debt instruments of the financial trusts or fiduciary funds constituted for the financing of the works and/or on a special report of external auditor, registered in the “Registry of auditors” of the Superintendency of Financial and Exchange Institutions.

In the event of addenda, modifications or updates to the trust contracts or to the information provided for in this point, these must be taken into account for the purposes of the evaluation of the indicated classification.

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FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR B.C.R.A.
Section 3. Operations included.

Financial entities that grant financial assistance to trusts or fiduciary funds for the financing of the construction of the aforementioned infrastructure works and/or that subscribe the debt instruments or participation certificates they issue must report any of those transactions to the Superintendency of Financial and Exchange Entities within 2 business days following the date on which said assistance and/or subscription takes effect.

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Section 4. Exceptions.

In the guarantee, the financial entity's right to retain the proceeds of the instruments when they have a maturity earlier than that of the financing must be provided for, as well as the replenishment of the guarantee when the required collateral margins are reduced as a consequence of the variation in the market value of the instruments pledged as collateral.

In all cases, the corresponding budgetary appropriation of the guarantee must be in place through a general budget law or a specific law or equivalent regulation, as applicable, in accordance with the nature of the asset subject to the guarantee and, in the particular case of entities or companies of the non-financial public sector not covered by the aforementioned requirement - based on the nature of their income -, for the appropriation as collateral of such resources they must have the authorization of their board of directors or equivalent authority with decision-making powers regarding their indebtedness.

4.1.2. There is express approval of the financing or intervention in its analysis by the Ministry of Economy and Public Finance, as applicable, in accordance with the legal, regulatory or procedural rules that said State agency must observe in the matter.

4.1.3. Compliance with the reporting regime on loans to the non-financial public sector is verified in accordance with the “Centralized System of information requirements of the Undersecretariat of Monetary and Financial Statistics” under the task identified as SISCEN-0011, by the financial entities granting the assistance, including entities that may eventually be assignees as a result of secondary negotiations.

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FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR
B.C.R.A. Section 5. Assistance to trusts or fiduciary funds constituted for specific pur- poses. Requirements.

5.1. Financial entities may grant financial assistance to financial trusts constituted under the regime of article 19 of Law 24.441, public trusts or fiduciary funds, in the case of the latter, established by national law or decree of the National Executive Power, constituted or to be constituted, whose final beneficiary or trustor, determined by the respective contracts or provisions governing them, belongs to the non-financial public sector, and/or subscribe debt instruments issued by them. Also included are the remaining trusts or fiduciary funds in which the works to be financed have said sector as their final recipient.

This will cover both the initial incorporation of those financings into the financial entity's assets and those acquired through secondary negotiation.

To this end, all of the following requirements must be met:

5.1.1. The aforementioned trust or fiduciary fund:

5.1.1.1. Has as its purpose to finance the execution of works and/or services related to infrastructure projects and/or the acquisition of equipment and/or to guarantee the payments of the financial assistance granted and/or the debt instruments referred to in point 5.1, provided that the funds from the financing are applied to make capital investments that are declared critical and/or of public interest by the competent authority, as they are necessary for the provision of public services, regardless of the public or private legal nature of the provider.

5.1.1.2. Has a trust asset consisting of income and/or collection rights from taxes, tariffs, fees, duties, specific charges or similar concepts or cash flows originating from forward energy supply contracts in which the administrator of the respective market is obligated to pay and those contracts are settled with funds from the concepts listed above.

Except in the case of national taxes whose specific appropriation must be provided for by national law, it will be required in all other cases that the budget line destined to make up the aforementioned trust asset has been previously established by the competent authority or by national, provincial, of the Autonomous City of Buenos Aires law, or municipal ordinance.

In all cases, the pertinent fiduciary assignment of the corresponding income and/or collection rights to the trust or fiduciary fund must be executed, in accordance with the legislation mentioned above, which must not be subject to lien or other restriction affecting their free availability for the trustee within the framework of the rules governing the trust or fiduciary fund, except as provided in point 5.1.2.5.

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B.C.R.A. Section 5. Assistance to trusts or fiduciary funds constituted for specific pur- poses. Requirements.

For the purposes of the declaration of criticality and/or public interest and the determination of the items that make up the assets of the trust patrimony, as provided in the preceding points, there must be a legal framework that, in general terms, defines the regulatory and control structure of the corresponding service -national, provincial, or Autonomous City of Buenos Aires law, municipal ordinance, according to the beneficiary jurisdiction of the trust or fiduciary fund- that designates the enforcement authority with powers over regulation, control, price setting, forms of financing, etc.

5.1.2. The instruments constituting the trust or fiduciary fund provide that:

5.1.2.1. The collection or contribution of the funds allocated to the assets of the trust patrimony according to point 5.1.1.2. is made effective together with the settlement of the other items that must be paid to receive the corresponding benefits and are transferred directly by the administrator or party responsible for collection to the fiduciary account without prior credit of such funds in any other account of another ownership.

5.1.2.2. The effective settlement -to the users or final recipients of the benefits- of the items that make up the assets of the trust patrimony in accordance with point 5.1.1.2., is not conditioned, under any circumstance, on the progress of the works and/or the prior acquisition of the equipment being financed.

5.1.2.3. In the case of bridge loans or the subscription of provisional debt instruments representing debt of financial trusts constituted under the regime of article 19 of Law 24.441, public trusts or fiduciary funds constituted under the corresponding legal framework, the placement through public offering or private placement of the debt instruments is provided for, within 365 days counted from the date of the granting of the financing by the financial entity.

In such cases, the provision for placement through public offering or private placement must be observed for new issues of debt instruments of trusts or fiduciary funds constituted prior to 28.4.09, and the pertinent amendments must be incorporated into the original contract of the trust or fiduciary fund (or, as the case may be, into the provisions governing them) so that the placement indicated in the preceding paragraph is provided for.

5.1.2.4. The issuance conditions of the debt instruments issued by the trusts or the conditions of the financial assistance must establish a payment schedule for the cancellation of such financings within a term no greater than 12 years, counted from their respective date of issuance or disbursement of the financial assistance, through the application of the flow of income computable for the purposes of point 5.1.2.5.

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FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR
B.C.R.A. Section 5. Assistance to trusts or fiduciary funds constituted for specific purposes. Requirements. cíficos. Requirements.

5.1.2.5. The financial entities that grant the aforementioned financial assistance and/or hold the aforementioned debt instruments must have a collateral assignment or pledge in their favor over cash deposits in financial entities of the trust or fiduciary fund -destined exclusively to service the financial services of its debt instruments- and/or the collection rights that constitute the assets of the trust patrimony.

Such guarantee must be, at all times, at least 120% of the sum of the amounts of all financial services (principal, interest and accessories) pending payment corresponding to the financial assistance granted and/or holdings of debt instruments referred to in point 5.1. according to the established payment schedule.

In the case of financing to trusts or fiduciary funds whose exclusive purpose is the issuance of debt instruments and the cancellation of their financial services is made with the proceeds of the collection rights assigned in trust to it, destined to meet the fund needs demanded by the works and services included in this regime, provided that the other conditions set forth in point 5.1. are met, such collateral assignment or pledge shall not be required, to the extent that it is also verified that:

i) the cash deposits in financial entities of the trust or fiduciary fund -destined exclusively to service the financial services of its debt instruments- plus the future collection rights represent at least 120% of the sum of the amounts of the financial services (principal, interest and accessories) pending payment, and

ii) the cancellation of the financial assistance or of the debt instruments issued by the trusts or fiduciary funds has the best or equal priority of collection with respect to the rest of the creditors, except with respect to the tax obligations of said trust or fiduciary fund.

The exclusive purpose and priority indicated above shall not be required when it concerns fiduciary funds created by national law prior to 28.4.09, without prejudice to the observance of the required coverage as provided in heading i).

For the purposes of determining the coverage of the debt of the trust or fiduciary fund according to the situations provided, the pertinent information supplied by the competent authority must be used, according to the corresponding regulatory and control structure governing the activity of the sector to which the works whose construction is financed correspond.

5.1.3. In the instrumenting of the assignment to the trustee of the concepts provided in point 5.1.1.2. in favor of the trust, it must be established that the income to be applied to the cancellation of the collection rights assigned to the trust or fiduciary fund be received by the latter through direct transfer of the funds to the fiduciary account by whoever has the character of administrator or responsible for the corresponding collection, without prior credit in any other account.

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FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR
B.C.R.A. Section 5. Assistance to trusts or fiduciary funds constituted for specific purposes. Requirements.

5.1.4. The income from the obligors to 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 not greater than 2.5% of the total of the amounts corresponding to the projected demand of the corresponding service.

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

The requirement provided 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 character provisions in which the holders of the contributive capacity or payment for those concepts are the consumers or taxpayers on whom those tax or tariff burdens ultimately fall even if the obligors to the income before the companies or collecting organisms of those concepts (passive subjects) are different from those.

5.1.5. The provisions of points 4.1.2., 4.1.3. and 6.1.

5.1.6. An excess of minimum capital integration is recorded, in the month prior to that in which the financial assistance and/or each subscription of debt instruments of the trusts or fiduciary funds referred to in point 5.1. is made, that exceeds at least the sum of the amount corresponding to that financial assistance and/or subscription plus the outstanding balance of such assistance and/or its accumulated holding, at that date, of such types of instruments. This requirement must be observed in cases in which the financial entity makes use of the expanded credit quotas -for the limits of point 6.1.2.1.- provided in the Annex to Communication “A” 5015, individually and consolidated.

Likewise, from the Business Plan and Projections presented by the intervening financial entity -in compliance with the provisions of the information regime in that matter- in force at the time of the evaluation of the financing -credit assistance and/or debt instruments of the trusts or fiduciary funds referred to in point 5.1.- by that financial entity, a projected monthly excess of minimum capital integration -individual position- for the reported periods of such magnitude that allows eventually absorbing the greater minimum capital requirement established as “INC” in point 3.1. of Section 3. of the rules on “Minimum capital of financial entities”. When the information corresponding to such projections refers to a semi-annual period, the projected computation to be considered must be proportional.

This requirement must be observed in cases in which the financial entity makes use of the expanded credit quotas -for the limits of point 6.1.2.1.- provided in the Annex to Communication “A” 5015, individually and consolidated.

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FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR
B.C.R.A. Section 5. Assistance to trusts or fiduciary funds constituted for specific purposes. Requirements.

5.1.7. In all cases, have approval of the Board of Directors or equivalent authority of the lending entity and, additionally, when the assistance exceeds $ 10,000,000 or 15% of the computable net worth, whichever is lower, measured on an accumulated basis for each trust -regardless of how the financing is instrumented-, with an external auditor's report, registered in the “Registry of auditors” of the Superintendency of Financial and Exchange Entities, regarding compliance with the requirements provided in this section, according to the model established for those purposes, with a determination of the maximum limit of financing that may be granted taking into account the eventual existence of observations and/or estimates.

In addition, the auditor must quantify and consider the adjustment or possible maximum net effect on the credit quota, to the extent that they imply decreases, as arises from the scope of their work when issuing the aforementioned report.

When the fiduciary is a financial entity or that function is performed by companies controlled by a financial entity, the aforementioned special report, regarding compliance with the pertinent requirements provided in this section, shall be the responsibility of that entity, and must provide a copy to the financial entities that subscribe the instruments of those trusts or fiduciary funds.

Said report shall be complemented with a special external auditor's report, registered in the aforementioned registry, in charge of the subscribing entity, regarding compliance with the requirements provided in points 4.1.3., 5.1.6. and 6.1.

5.1.8. Debt instruments whose placement is carried out under the public offering regime must have a rating no lower than “BBB+” granted by a report from a risk rating agency admitted by the Central Bank of the Argentine Republic.

5.1.9. In the case that the trust or fiduciary fund belongs to the non-financial public sector of the provincial, municipal or Autonomous City of Buenos Aires jurisdictions, those jurisdictions must pledge as collateral the resources provided for in subparagraphs ii) and iii) of point 4.1.1.1. of Section 4. -even in excess of the term established in said subparagraphs-, until reaching the sums necessary to cover all the income that the trust or fiduciary fund would receive while those works or equipment have not begun to be used economically -generating income for the trust or fiduciary fund through rates, fees, and other similar concepts- and in the proportion of the holding of the corresponding instrument with respect to the total assets of the trust patrimony.

5.1.10. The rules and/or contracts governing the operation of the trusts or fiduciary funds provide for the requirement of prior consent of the beneficiary or creditor financial entity in the case of modifications to the contracts of the trusts or their trust assets, that affect the conditions regarding the trust assets, their fiduciary assignment, in guarantee or pledge and/or priority of the claims of the financial entities, and such modifications fall within the provisions established in this section.

Trusts or fiduciary funds created prior to 28.4.09 and in which the conditions listed above have been established by national law are excepted.

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Section 6. Other required conditions.

6.1. The assistances granted in accordance with the provisions of Sections 4. or 5., will be conditioned upon compliance by the intervening financial entity with the following conditions:

6.1.1. in the case that the financings fall under Section 4., the financial entity must observe:

6.1.1.1. the limits corresponding to these financings, in accordance with the current general rules regarding:

i) credit risk fragmentation -points 7. and 8. of Communication “A” 3911 and complementary-, and

ii) risk concentration -points 2.2.1. and 2.2.2. of Annex II to Communication “A” 2140.

6.1.1.2. the limit established in point 12. of Communication “A” 3911 and complementary.

6.1.2. in the case that the financings fall under Section 5., the financial entity must observe the following limits:

6.1.2.1. credit risk fragmentation and risk concentration as established in points 4. and 5. of the Annex to Communication “A” 5015, and

6.1.2.2. the limit established in point 12. of Communication “A” 3911 and complementary, whose calculation must be computed in accordance with the provisions of point 4. of the Annex to Communication “A” 5015.

6.2. In the case of financings excluded in accordance with the provisions of point 3.2. of Section 3., the following must be observed:

6.2.1. Financings provided for in point 3.2.4.:

6.2.1.1. If the participation of the National State as trustor in the financial trusts or fiduciary funds for the financing of the construction of the works is -at all times- equal to or less than 50%:

• the limits referred to in point 6.1.2.

6.2.1.2. If the aforementioned participation exceeds 50%:

• the limits referred to in point 6.1.1.

6.2.2. Other operations:

6.2.2.1. the limits referred to in point 6.1.1., and

6.2.2.2. the limit referred to in point 3. of Communication “A” 4976, as applicable.

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B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE RULES ON “FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR”

ORDERED TEXT			ORIGIN RULE				Observations
Section	Point	Paragraph	Com.	Annex	Point	Paragraph
1.	1.1.		“A” 3054	sole	1.1.		According to Com. “A” 4798, 4838 (point 12.) and 4937.
	1.2.		“A” 3054
	1.3.		“A” 4527				According to Com. “A” 4581, “C” 51182 and “B” 9745.
2.	2.1.		“A” 3054	sole	2.1.		According to Com. “A” 4937, 5062 and “B” 9745.
	2.2.		“A” 3054	sole	2.2.
3.	3.1.		“A” 3054	sole	3.1.
	3.2.		“A” 3054	sole	3.2.		According to Com. “A” 4838 (point 10.), 4932 (points 1. 3. and 4.), 4937 (points 2 and 3.), 4996 (point 1.), 5015 (annex), 5062 and “B” 9745.
4.	4.1.1.		“A” 3054	sole			According to Com. “A” 3548 and 3911 -point 9. subsection c)-.
	4.1.1.1.		“A” 3054	sole			According to Com. “A” 3911 -point 9., subsection b)-, 4798 and “B” 9745.
	4.1.1.2.		“A” 4798				According to Com. “A” 4947.
	4.1.1.3.		“A” 4798
	4.1.2.		“A” 3054	sole			According to Com. “A” 4718 and “B” 9745.
	4.1.3.		“A” 3054	sole			According to Com. “A” 3144 and 5062.
5.	5.1.		“A” 4838		1.		According to Com. “A” 4926, 4937, 5062 and “B” 9745.
	5.1.1.		“A” 4838		1.1.		According to Com. “A” 4926, 4937 (point 4.) and “B” 9745.
	5.1.2.		“A” 4838		1.2.		According to Com. “A” 4926, 4937 (point 4.), 5015 and “B” 9745.
	5.1.3.		“A” 4838		1.3.		According to Com. “A” 4926, 4937 (point 4.).
	5.1.4.		“A” 4838		1.4.		According to Com. “A” 4926, 4937 (point 4.) and 5036.
	5.1.5.		“A” 4838		1.6.		According to Com. “A” 4937 (point 4.) and 5062.
	5.1.6.		“A” 4838		6. and 10.		According to Com. “A” 4926, 4937 (point 4.), 4996 (point 1.), 5015 (annex), 5062 and “B” 9745 and regulatory interpretation.
	5.1.7.		“A” 4838		1.5.		According to Com. “A” 4926, 4937 (point 4.), 5062 and “B” 9745.
	5.1.8.		“A” 4937		4.		According to Com. “B” 9745 and 5062.
	5.1.9.		“A” 4838		2.		According to Com. “A” 4926, 4937 (point 4.) and “B” 9745.
	5.1.10.		“A” 4937		2.		According to Com. “A” 5062 and “B” 9745.

CENTRAL BANK
OF THE ARGENTINE REPUBLIC

FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR

CONSOLIDATED TEXT STANDARD OF ORIGIN
Section Point Paragraph Com. Chap. Point Paragraph Observations
6.1. “B” 9745 According to Com. “A” 5062.
6.1.1. “B” 9745 Incorporates Com. “A” 3911
(point 9. subparagraph a).
6.1.2.1. “A” 4838 4., 5. and
10.
According to Com. “A” 4926, 4937
(point 4.), 4996 (point 1.),
5015 (annex), 5062 and “B”
9745.
6.1.2.2. “A” 4838 6. and 10. 1st According to Com. “A” 4926, 4937
(point 4.), 4996 (point 1.),
5015 (annex), 5062, “B” 9745 and regulatory interpretation.
6.2.1. “A” 4932 1. and 3.
6.
6.2.2. “B” 9745 According to Com. “A” 5062.