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Rule · BCRA · 22 Apr 2010 · A 5069

Financing to the Non-Financial Public Sector, Minimum Capital of Financial Institutions, and National Universities

credit

Financial institutions granting temporary advances to national universities must disburse no earlier than the first business day of each month, for a maximum of 5 business days, capped at 50% of each university's monthly salary amount, and must verify the General Treasury of the Nation's payment order before each disbursement. Those financing trusts or fiduciary funds for infrastructure works, or subscribing their debt instruments or participation certificates, must report to the Superintendency of Financial and Exchange Institutions within 2 business days. Capital contributions must be in cash, except with prior authorization. Effective 22/04/2010, replacing prior sheets.

ArgentinaBanco Central de la Republica Argentina

2010 - YEAR OF THE BICENTENNIAL OF THE MAY REVOLUTION

COMMUNICATION “A” 5069
22/04/2010

TO THE FINANCIAL INSTITUTIONS:

Ref.: Circular
OPRAC 1 - 641
LISOL 1 - 518

Financing to the non-financial public sector. Minimum capital of financial institutions. National Universities.

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

“1. Incorporate as point 3.2.5. of Section 3. of the rules on “Financing to the non-financial public sector”, the following:

“3.2.5. Temporary advances to national universities included in the regime of article 23 of the Federal Education Law (No. 24.195), to the extent that:

3.2.5.1. They are granted no earlier than the first business day of each month, for a maximum term of 5 business days, whose purpose is the payment of salaries of their personnel and do not exceed, considering each university individually, 50% of the total amount to be credited for that cause, foreseen for each month.

3.2.5.2. The intervening financial institution has the character of paying agent of those salaries and verifies, prior to the disbursement of each advance, the existence of the corresponding payment order issued by the General Treasury of the Nation in favor of the university, with said purpose and for its payment through that financial institution.

3.2.5.3. It is verified that in the 12 months prior to the date of each disbursement, the temporary advances granted have not been in force, in no case, for more than 5 business days and that the advances granted in previous months are fully cancelled.”

2. Incorporate as point 7.2.5.17. of Section 7. of the rules on “Minimum capital of financial institutions”, the following:

“7.2.5.17. The higher balance of the credit assistance granted in the month, when the advances provided in point 3.2.5. of Section 3. of the rules on “Financing to the non-financial public sector” exceed the authorized limit and/or are not cancelled within the terms provided therein.” We send you the sheets that, in replacement of those previously provided, should be incorporated into the rules on “Financing to the non-financial public sector” and “Minimum capital of financial institutions”.

Likewise, it is recalled that on the page of this Institution www.bcra.gov.ar, accessing “normativa” (“textos ordenados”), 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
Issuance Manager of Rules

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

ANNEX

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

Financial institutions 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 operations to the Superintendency of Financial and Exchange Institutions within 2 business days following the date on which said assistance and/or subscription is made effective.

3.2.5. Temporary advances to national universities included in the regime of article 23 of the Federal Education Law (No. 24.195), to the extent that:

3.2.5.1. They are granted no earlier than the first business day of each month, for a maximum term of 5 business days, whose purpose is the payment of salaries of their personnel and do not exceed, considering each university individually, 50% of the total amount to be credited for that cause, foreseen for each month.

3.2.5.2. The intervening financial institution has the character of paying agent of those salaries and verifies, prior to the disbursement of each advance, the existence of the corresponding payment order issued by the General Treasury of the Nation in favor of the university, with said purpose and for its payment through that financial institution.

3.2.5.3. It is verified that in the 12 months prior to the date of each disbursement, the temporary advances granted have not been in force, in no case, for more than 5 business days and that the advances granted in previous months are fully cancelled.

Version: 2nd. COMMUNICATION “A” 5069
Validity:
22/04/2010
Page 5

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 TEXTSOURCE RULEObservations
SectionPointParagraphCom.AnnexPointParagraph
1.1.1.“A” 3054sole1.1.According to Com. “A” 4798, 4838 (point 12.) and 4937.
1.2.“A” 3054
1.3.“A” 4527According to Com. “A” 4581, “C” 51182 and “B” 9745.
2.2.1.“A” 3054sole2.1.According to Com. “A” 4937, 5062 and “B” 9745.
2.2.“A” 3054sole2.2.
3.3.1.“A” 3054sole3.1.According to Com. “A” 5067.
3.2.“A” 3054sole3.2.According to Com. “A” 4838 (point 10.), 4932 (points 1. 3. and 4.), 4937 (points 2 and 3.), 4996 (point 1.), 5015 (annex), 5062, “B” 9745 and “A” 5069.
4.4.1.1.“A” 3054soleAccording to Com. “A” 3548 and 3911 -point 9. subsection c)-.
4.1.1.1.“A” 3054soleAccording to Com. “A” 3911 -point 9., subsection b)-, 4798 and “B” 9745.
4.1.1.2.“A” 4798According to Com. “A” 4947.
4.1.1.3.“A” 4798
4.1.2.“A” 3054soleAccording to Com. “A” 4718 and “B” 9745.
4.1.3.“A” 3054soleAccording to Com. “A” 3144 and 5062.
5.5.1.“A” 48381.According to Com. “A” 4926, 4937, 5062 and “B” 9745.
5.1.1.“A” 48381.1.According to Com. “A” 4926, 4937 (point 4.) and “B” 9745.
5.1.2.“A” 48381.2.According to Com. “A” 4926, 4937 (point 4.), 5015 and “B” 9745.
5.1.3.“A” 48381.3.According to Com. “A” 4926, 4937 (point 4.).
5.1.4.“A” 48381.4.According to Com. “A” 4926, 4937 (point 4.) and 5036.
5.1.5.“A” 48381.6.According to Com. “A” 4937 (point 4.) and 5062.
5.1.6.“A” 48386. 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” 48381.5.According to Com. “A” 4926, 4937 (point 4.), 5062 and “B” 9745.
5.1.8.“A” 49374.According to Com. “B” 9745 and “A” 5062.

FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR

CONSOLIDATED TEXTSOURCE STANDARD
SectionPointParagraphCom.Chap.PointParagraphObservations
5.5.1.9.“A” 48382.According to Com. “A” 4926, 4937 (point 4.) and “B” 9745.
5.1.10.“A” 49372.According to Com. “B” 9745 and “A” 5062.
6.6.1.“B” 9745
6.1.1.“B” 9745Incorporates Com. “A” 3911 - point 9. subparagraph a)-.
6.1.2.1.“A” 48384., 5., 10.According to Com. “A” 4926, 4937 (point 4.), 4996 (point 1.), 5015 (annex) and “B” 9745.
6.1.2.2.“A” 48386., and 10.1°According to Com. “A” 4926, 4937 (point 4.), 4996 (point 1.), 5015 (annex), “B” 9745 and regulatory interpretation.
6.2.1.“A” 49321. and 3.
6.2.2.“B” 9745According to Com. “A” 5062.

MINIMUM CAPITAL OF FINANCIAL INSTITUTIONS
B.C.R.A.
Section 7. Computable net worth.

7.2.5.15. Holdings in companies whose corporate purpose is the development of any of the following activities:

i) Financial assistance through leasing transactions of capital goods, durables and real estate, acquired for such purpose (“leasing”) or on credits arising from sales (“factoring”).

ii) Temporary acquisition of holdings in companies to facilitate their development, with the purpose of subsequently selling the holdings. Granting to those companies of financing and advisory services in planning and management.

The computation shall be made net of provisions for impairment risk.

7.2.5.16. The excess over the limits for the encumbrance of assets as collateral, as provided in Section 3. of the rules on “Encumbrance of assets as collateral”.

7.2.5.17. The greater balance of credit assistance granted in the month, when the advances provided for in point 3.2.5. of Section 3. of the rules on “Financing to the non-financial public sector” exceed the authorized limit and/or are not canceled within the terms provided therein.

7.3. Capital contributions.

For the purposes of all regulations related to capital, its integration and increase, including those referring to regularization and restructuring plans and without prejudice to the provisions of point 1.1. of Section 1. of Chapter V of Circular CREFI - 2 (text as per Communication “A” 4510) regarding trading of shares or irrevocable contributions for future capital increases, contributions must be made in cash.

Exceptionally, with prior authorization from the Superintendency of Financial and Exchange Institutions, contributions may be accepted in:

7.3.1. national public securities;

7.3.2. monetary regulation instruments of the Central Bank;

7.3.3. deposits and other liabilities from financial intermediation of the entity.

In the cases covered by points 7.3.1. and 7.3.2., contributions must be recorded at their market value. Instruments shall be understood to have a market value when they have regular quotation on the stock exchanges and regulated markets of the country or abroad in which they are traded, with relevant transactions in whose amount, the eventual liquidation of the holdings cannot significantly distort their quotation.

In the cases of point 7.3.3., contributions must be recorded at their market value -with the scope defined in the preceding paragraph- or, when they are financial institutions that make a public offering of their shares, at the price set by the competent supervisory authority of the corresponding market. Contributions of this class of instruments shall not be accepted when compliance with the aforementioned conditions is not verified.

Version: 5th. COMMUNICATION “A” 5069
Effective date:
22/04/2010
Page 15

MINIMUM CAPITAL OF FINANCIAL INSTITUTIONS

CENTRAL BANK OF THE ARGENTINE REPUBLIC

MINIMUM CAPITAL OF FINANCIAL INSTITUTIONS
CONSOLIDATED TEXTSOURCE RULE
SectionPointParagraphCom.Chap./ AnnexPointParagraphObservations
7.2.5.4.“A” 22641.According to Com. “A” 4172 and 4576 (point 7.).
7.2.5.5.“A” 414 LISOL-1VI3.2.According to Com. “A” 4172, 4539 and 4665.
“A” 1215Specifications of the items of holdings in financial institutions not deductible to determine computable net worth. According to Com. “A” 4172.
7.2.5.6.“A” 414 LISOL-1VI3.2.According to Com. “A” 4172, 4539 and 4665.
7.2.5.7.“A” 28633.According to Com. “A” 4172.
7.2.5.8.“A” 414 LISOL-1VI3.2.According to Com. “A” 4172.
7.7.2.5.9.“A” 2730Incorporates interpretive clarification. According to Com. “A” 4172.
7.2.5.10.“A” 2545According to Com. “A” 4172.
7.2.5.11.“A” 414 LISOL-1VI3.2.Amended by Com. “A” 986 and 4172.
7.2.5.12.“A” 414 LISOL-1VI3.2.According to Com. “A” 4172.
7.2.5.13.“A” 22874.According to Com. “A” 4172.
“A” 26071.According to Com. “A” 4172.
7.2.5.14.“A” 28931.According to Com. “A” 4172.
7.2.5.15.“A” 3087According to Com. “A” 4172.
7.2.5.16.“A” 47256.
7.2.5.17.“A” 50692.
7.3.“A” 414 LISOL-1VI3.4.According to Com. “A” 1858, 4172, 4631, 4652 and “B” 9186.
7.4.“A” 46522.
8.1.“A” 2227sole5.2.1.lastAccording to Com. “A” 2649 and 4172.
8.8.2.1st"A" 2227sole5.1.1. and 5.1.7.According to Com. "A" 2649 and 4172.
"A" 2227sole5.2.2.According to Com. "A" 4172.
8.2.last"A" 2461soleV.According to Com. "A" 4172.
9.1."A" 3959According to Com. "A" 4172.
9.2."A" 3959According to Com. "A" 4172.
9.9.3."A" 3985According to Com. "A" 4172.
9.4."A" 3985According to Com. "A" 4172.
9.5."A" 46861. and 2.

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Annotations and obligations
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  • Obligation 11
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