2011 – Year of Decent Work, Health and Safety of Workers

COMMUNICATION “A” 5243 03/11/2011

TO FINANCIAL INSTITUTIONS:

Ref.: Circular
OPRAC 1 - 660

Financing to the non-financial public sector. Energy sector. Amendment.

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

• Replace subparagraphs a) and d) of point 1.2.2. of Section 1. of the rules on “Financing to the non-financial public sector” with the following:

  “ a) Its creation has been ordered by national law or decree of the National Executive Branch.

  …

  d) Include in its corporate purpose the development of activities for the exploitation of hydrocarbon deposits, their transport, distribution, commercialization and industrialization or the generation and/or commercialization of electric energy.”

We send you the pages that, in replacement of those previously provided, should be incorporated into the consolidated text of the reference. Likewise, it is recalled that on the page of this Institution www.bcra.gov.ar, accessing “regulations” (“consolidated texts”), you will find the amendments made with texts highlighted in special characters (strikethrough and bold).

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Matías A. Gutiérrez Girault
Issuance Manager of Rules a/c

Alfredo A. Besio
Deputy General Manager of Rules

ANNEX

FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR B.C.R.A.
Section 1. Non-financial public sector.

1.2.2. Energy sector.

The Central Bank of the Argentine Republic may grant the general treatment provided for persons of the non-financial private sector, for all purposes of the rules applicable in that matter -except the provisions established in the rules on “Credit rating”- to public sector companies not included in the provisions of point 1.2.1. and that, in addition, comply with the following requirements:

a) Its creation has been ordered by national law or decree of the National Executive Branch.

b) Constitute a Corporation subject to the regime of Chapter II, Sections V and VI of the Commercial Companies Law -Law 19.550-.

c) Have majority participation of the National State, directly or indirectly, according to the provisions contained in that legal provision.

d) Include in its corporate purpose the development of activities for the exploitation of hydrocarbon deposits, their transport, distribution, commercialization and industrialization or the generation and/or commercialization of electric energy.

e) Be subject to internal and external controls of the National Public Sector under the terms of the Financial Administration and Control Systems of the National Public Sector Law -Law 24.156-.

1.2.3. Specific procedure.

For the purposes of obtaining the general treatment provided for private sector companies in accordance with the provisions of points 1.2.1. and 1.2.2. as applicable, companies must:

i) Prior to the first financial assistance they request from financial institutions under this regime, they must petition by note signed by their legal representative and addressed to the Central Bank of the Argentine Republic, for the general treatment provided for private sector companies, attaching for this purpose a sworn declaration signed by all members of its board of directors stating compliance with the conditions set forth above and a commitment to provide the information requested for this purpose, as well as to reliably notify the Central Bank of the Argentine Republic and the lending financial institution of any modification of the circumstances taken into account for their assimilation to private sector companies.

ii) If the Central Bank of the Argentine Republic grants the general treatment provided for private sector companies, the company, when requesting any type of financing from a financial institution, must present before it an authentic copy of the resolution granting it, together with a sworn declaration signed by all members of its board of directors stating that it continues to comply with the conditions taken into account to grant it such treatment.

Version: 4th COMMUNICATION “A” 5243
Effective date:
03/11/2011
Page 2

CENTRAL BANK OF THE ARGENTINE REPUBLIC

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

CONSOLIDATED TEXT			SOURCE 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" 4527				According to Com. "A" 4581, "C" 51182, "B" 9745, "A" 5154 and 5243.
2.	2.1.		"A" 3054	sole	2.1.		According to Com. "A" 4937, 5062, "B" 9745 and "A" 5154.
	2.2.		"A" 3054	sole	2.2.
3.	3.1.		"A" 3054	sole	3.1.		According to Com. "A" 5067.
	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, 5069, 5125 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 "A" 5062.