2017 - YEAR OF RENEWABLE ENERGIES

COMMUNICATION “A” 6270
07/07/2017

TO FINANCIAL INSTITUTIONS:

Ref.: Circular
OPRAC 1 - 899
LISOL 1 - 744

“Financing to the non-financial public sector”. “Minimum capital of financial institutions”. “Credit risk fractioning”. Adjustments .

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

“1. Incorporate as the last paragraph of point 4.1.1. and as point 4.1.4. of the rules on “Financing to the non-financial public sector” the following:

“Financial institutions may acquire public securities issued in pesos by the central administration of the non-financial public sector at the provincial, municipal and/or Autonomous City of Buenos Aires level, which do not have any of the guarantees provided in this point, provided that they comply with the remaining requirements set forth in this Section and with the provisions of point 2.6.2.8. of the rules on “Minimum capital of financial institutions”.”

“4.1.4. The annual debt services of the instrumented debt –principal, interest and accessories– must not exceed the limit established by article 21 of the Fiscal Responsibility Law (Law 25.917 and amendments), computed in accordance with the criterion provided therein, regardless of whether the jurisdiction in question is or is not adhered to the aforementioned regime.

In the case of fiscal years in which the application of the aforementioned article is suspended, the applicable limit mentioned in the preceding paragraph shall be 20 %.

The requirement provided in this point shall not be required for operations with collateral or financial leasing (“leasing”) on utility vehicles and machinery susceptible of registration in the national registries of automotive property.”

2. Leave without effect the last paragraph of point 4.1.1.1. of the rules on “Financing to the non-financial public sector”.

3. Replace point 4.1.2. of the rules on “Financing to the non-financial public sector” with the following:

CENTRAL BANK
OF THE ARGENTINE REPUBLIC

“4.1.2. There is express approval of the financing or intervention in its analysis by the Ministry of Finance of the Nation, as appropriate, in accordance with the legal, regulatory or procedural rules that such State agency must observe in the matter.”

4. Incorporate as point 2.6.2.8. of the rules on “Minimum capital of financial institutions” the following:

“2.6.2.8. To the non-financial public sector at the provincial, municipal and/or Autonomous City of Buenos Aires level for the acquisition of public securities issued in pesos by the central administration, when they do not have any of the guarantees established in point 4.1.1. of the rules on “Financing to the non-financial public sector”, in accordance with the credit rating assigned to the corresponding jurisdiction.

International risk rating	AAA to AA-	A+ to A-	BBB+ to BBB-	BB+ to B-	Lower than B-	Not rated
Risk weight	20 %	50 %	100 %	150 %	200 %	200 %”.

5. Replace point 5.3.4.2. of the rules on “Credit risk fractioning” with the following:

“5.3.4.2. For the non-financial public sector of the country.

i) The total financing granted to the municipal public sector may not exceed 15 % of the entity's computable equity responsibility.

ii) The total financing granted through the acquisition of public securities issued in pesos by the central administration of the non-financial public sector at the provincial and/or Autonomous City of Buenos Aires level, which do not have any of the guarantees provided in Section 4. of the rules on “Financing to the non-financial public sector”, may not exceed 5 % of the entity's computable equity responsibility.

iii) The total financing granted to the national, provincial, Autonomous City of Buenos Aires and municipal public sector may not exceed 75 % of the entity's computable equity responsibility.

iv) Extensions.

The maximum limits established in subsections i) and iii) shall be increased by 50 percentage points, provided that the increases are allocated to the granting of financial assistance to trusts or fiduciary funds, or to the incorporation of debt instruments issued by them, in accordance with point 3.2.4. and Section 5. of the rules on “Financing to the non-financial public sector”.”

6. Establish that the provisions set forth in points 1. to 5. above shall enter into force on 1.08.17.

Finally, we send you in annex the sheets that, in replacement of those opportunely provided, should be incorporated into the reference rules. Likewise, it is recalled that on the page of this Institution www.bcra.gob.ar, by accessing “Financial System – LEGAL AND REGULATORY FRAMEWORK - Compilations and summaries – Ordered texts of general regulations”, you will find the modifications made with texts highlighted in special characters (strikethrough and bold).

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Darío C. Stefanelli
Principal Manager of Issuance and
Regulatory Applications

Agustín Torcassi
Deputy General Manager of Standards

ANNEX

FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR B.C.R.A.

Section 4. Exceptions.

The set of these resources must come from no fewer than 1,000 obligors for payment –directly or indirectly–, without the collection rights from each obligor exceeding 5% of the total amount assigned, and the funds disbursed must not exceed 100% of the average income obtained during the two years prior to the last day of the month immediately preceding the date of its granting, corresponding to the concepts set forth above.

For the purposes of determining the number of clients and the concentration of billing provided for in the preceding paragraphs, sales to clients that are distributors of the acquired services shall be considered as billing made indirectly.

In the cases that apply, the loan agreements that are signed must contain a clause that authorizes the financial agents that are designated or collecting entities to make the direct transfer to the accounts of the creditor intermediaries of the amount affected as collateral.

4.1.1.2. Collateral of fixed-term deposit certificates issued by the lending entity, under the conditions provided for by points 1.1.3. –first paragraph– and 3.1.3. of the standards on “Guarantees”.

The collateralized certificates may have a maturity equal to or earlier than the credit operation. In the latter case, the collateral must provide for the financial entity's right to exercise the option of automatic renewal of the time deposit or to retain the relevant funds.

4.1.1.3. Collateral of national public securities or monetary regulation instruments of the Central Bank of the Argentine Republic, under the conditions provided for by points 1.1.5. and 3.1.5. of the standards on “Guarantees”, to the extent that they are denominated in the same currency.

The collateral must provide for the financial entity's right to retain the proceeds of the instruments when they have a maturity earlier than that of the financing, as well as the replenishment of the guarantee when the required advance rates are reduced as a consequence of the variation in the market value of the collateralized instruments.

In all cases, there must be the corresponding budgetary allocation of the guarantee through a general budget law or a specific law or equivalent rule, 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 indicated requirement –based on the nature of their income–, for the allocation 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.

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Effective date:
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FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR B.C.R.A.
Section 4. Exceptions.

Financial entities may acquire public securities issued in pesos by the central administration of the provincial, municipal and/or Autonomous City of Buenos Aires non-financial public sector, which do not have any of the guarantees provided for in this point, provided that they comply with the remaining requirements set forth in this Section and with the provisions of point 2.6.2.8. of the standards on “Minimum capital of financial entities”.

4.1.2. There is express approval of the financing or intervention in its analysis by the Ministry of Finance of the Nation, as applicable, in accordance with the legal, regulatory or procedural rules that this 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 Deputy General Management 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.

4.1.4. The annual debt service of the instrumented debt –principal, interest and accessories– must not exceed the limit established by article 21 of the Fiscal Responsibility Law (Law 25.917 and amendments), computed in accordance with the criterion provided therein, regardless of whether the jurisdiction in question is or is not adhered to the aforementioned regime.

In the case of fiscal years in which the application of the aforementioned article is suspended, the applicable limit mentioned in the preceding paragraph shall be 20%.

The requirement provided for in this point shall not be required for operations with a pledge guarantee or financial leasing (“leasing”) on utility vehicles and machinery susceptible to registration in the national registries of automotive property.

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B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE STANDARDS ON “FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR”

TEXT AS AMENDED			SOURCE STANDARD				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, 5154, 5243, 5301, “C” 51182 and “B” 9745.
2.	2.1.		“A” 3054	sole	2.1.		According to Com. “A” 4937, 5062, 5154 and “B” 9745.
	2.2.		"A" 3054	único	2.2.
3.	3.1.		"A" 3054	único	3.1.		According to Com. "A" 5067.
	3.1.3.		"A" 3054	único	3.1.3.		According to Com. "A" 5067 and 5520.
	3.1.7.		"A" 3054	único	3.1.7. and 3.1.8.		According to Com. "A" 5067 and 5520.
	3.1.8.		"A" 4725		2.		According to Com. "A" 5520.
	3.1.9.		"A" 3054	único	3.1.9.		According to Com. "A" 5520.
	3.1.10.		"A" 3054	único	3.1.10.		According to Com. "A" 5520.
	3.2.		"A" 3054	único	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, 5368, 5393, 5521, 5671, 5740, 5991 and "B" 9745.
	3.2.4.8.		"A" 4932		1.		According to Com. "A" 4937 (point 3.), 5520 and "B" 9745.
	3.2.4.10.		"A" 4937	único	6. and 7.		According to Com. "A" 4996 (point 1.), 5015 (annex), 5520 and "B" 9745.
	3.2.5.1.		"A" 5069		1		According to Com. "A" 5125, 5991 and 6035.
	3.2.8.		"A" 5771		8.		According to Com. "A" 5874.
4.	4.1.1.		"A" 3054	único			According to Com. "A" 3548, 3911 -point 9. subsection c)- and 6270.
	4.1.1.1.		"A" 3054	sole			According to Com. "A" 3911 -point 9., subsection b)-, 4798, 6270 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, 6270 and "B" 9745.
	4.1.3.		"A" 3054	sole			According to Com. "A" 3144 and 5062.
	4.1.4.		"A" 6270
5.	5.1.		"A" 4838		1.		According to Com. "A" 4926, 4937, 5062, 5671, 5740 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.

FINANCING TO THE NON-FINANCIAL PUBLIC SECTOR

	CONSOLIDATED TEXT			SOURCE STANDARD			OBSERVATIONS
Section	Point	Paragraph	Com.	Chapter	Point	Paragraph
	5.1.3.		"A" 4838		1.3.		According to Com. "A" 4926 and 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.	5.1.6.		"A" 4838		6. and 10.		According to Com. "A" 4926, 4937 (point 4.), 4996 (point 1.), 5015 (annex), 5062, 5520 and "B" 9745.
	5.1.7.		"A" 4838		1.5.		According to Com. "A" 4926, 4937 (point 4.), 5062 and "B" 9745.
	5.1.8.		"A" 4838		2.		According to Com. "A" 4926, 4937 (point 4.) and "B" 9745.
	5.1.9.		"A" 4937		2.		According to Com. "B" 9745 and "A" 5062.
6.	6.1.		"B" 9745				According to Com. "A" 5520 and 6240. Includes interpretive clarification.
	6.2.		"A" 6240
7.			"A" 6035		2.		According to Com. "A" 6066.

2.6.2.3. To the non-financial public sector for financings granted to social security beneficiaries or public employees –in both cases with a discount code–, to the extent that said transactions are denominated in pesos, the source of funds is in that currency and the installments of all the entity's financings that have a periodic amortization system do not exceed, at the time of the agreements, thirty percent (30 %) of the debtor's income and/or, as applicable, of the co-debtors'. 0

2.6.2.4. To the non-financial public sector and to the BCRA. Others.

Rating	AAA to AA-	A+ to A-	BBB+ to BBB-	BB+ to B-	Lower than B-	Unrated
Risk weight	0 %	20 %	50 %	100 %	150 %	100 %

2.6.2.5. To other sovereign states (or their central banks).

Rating	AAA to AA-	A+ to A-	BBB+ to BBB-	BB+ to B-	Lower than B-	Unrated
Risk weight	0 %	20 %	50 %	100 %	150 %	100 %

2.6.2.6. Entities of the non-financial public sector of other sovereign states, according to the credit rating assigned to the corresponding sovereign.

Rating	AAA to AA-	A+ to A-	BBB+ to BBB-	BB+ to B-	Lower than B-	Unrated
Risk weight	20 %	50 %	100 %	100 %	150 %	100 %

2.6.2.7. To the Bank for International Settlements, the International Monetary Fund, the European Central Bank and the European Community. 0

2.6.2.8. To the non-financial provincial, municipal and/or Autonomous City of Buenos Aires public sector for the acquisition of public securities issued in pesos by the central administration, when they do not have any of the guarantees established in point 4.1.1. of the rules on “Financing to the non-financial public sector”, according to the credit rating assigned to the corresponding jurisdiction.

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International risk rating	AAA to AA-	A+ to A-	BBB+ to BBB-	BB+ to B-	Lower than B-	Unrated
Risk weight	20 %	50 %	100 %	150 %	200 %	200 %

2.6.3. Exposures to Multilateral Development Banks (MDBs).

2.6.3.1. Exposure to the following entities: International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), Asian Development Bank (ADB), African Development Bank (AFDB), European Bank for Reconstruction and Development (EBRD), Inter-American Development Bank (IDB), European Investment Bank (EIB), European Investment Fund (EIF), Nordic Investment Bank (NIB), Caribbean Development Bank (CDB), Islamic Development Bank (IsDB), International Finance Facility for Immunisation (IFFIm), Multilateral Investment Guarantee Agency (MIGA) and Council of Europe Development Bank (CEB). 0

2.6.3.2. Others. 100

2.6.4. Exposure to financial institutions of the country.

2.6.4.1. Exposures denominated in pesos – whose source of funds is in that currency – for transactions whose original contractual term is up to 3 months. 20

2.6.4.2. Others. The risk weight corresponding to a category one notch less favorable than that assigned to exposures with the National Government in foreign currency shall be applied, in accordance with the provisions of point 2.6.2.4., with a maximum cap of 100 %, except that the rating is lower than B-, in which case the risk weight shall be 150 %.

2.6.5. Exposure to financial institutions abroad, according to the credit rating assigned to the sovereign of the jurisdiction where they are incorporated.

Rating	AAA to AA-	A+ to A-	BBB+ to BBB-	BB+ to B-	Lower than B-	Unrated
Risk weight	20 %	50 %	100 %	100 %	150 %	100 %

2.6.6. Exposure to companies and other legal persons of the country and abroad – including exchange, insurance, stock market entities and companies of the country that are granted the treatment of the non-financial private sector based on the provisions of Section 1. of the rules on “Financing to the non-financial public sector” –, except as provided in point 2.6.12. 100

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2.6.7. Exposures included in the retail portfolio.

2.6.7.1. Financing to natural persons –when the total of the installments for financings of the entity that have a periodic amortization system does not exceed, at the time of the agreements, thirty percent (30 %) of the income of the debtor and/or, as applicable, of the co-debtors– and to MSMEs. 75

2.6.7.2. Others. 100

2.6.8. Exposures guaranteed by mutual guarantee companies or public guarantee funds registered in the Registries enabled at the BCRA. 50

2.6.9. Financings with first-degree mortgage guarantee, and whatever their degree of priority provided that the entity is the creditor in all degrees, on residential housing, to the extent that the debt balance at no time exceeds the appraisal value of the mortgaged property.

2.6.9.1. Single, family and permanently occupied.

i) With respect to the credit support that does not exceed 75 % of the appraisal value of such assets. 35

ii) On the amount that exceeds 75 % of the appraisal value of such assets. 100

The condition of single, family and permanently occupied housing must be evidenced in the terms set forth in the loan agreement or in the deed by which the mortgage guarantee was constituted.

2.6.9.2. Others.

i) With respect to the credit support that does not exceed 75 % of the appraisal value of such assets. 50

ii) On the amount that exceeds 75 % of the appraisal value of such assets. 100

2.6.10. Financings with first-degree mortgage guarantee, and whatever their degree of priority provided that the entity is the creditor in all degrees, on assets other than residential housing.

2.6.10.1. Up to the amount equivalent to 50 % of the market value of the property or 60 % of the amount of the mortgage loan, whichever is lower. 50

2.6.10.2. On the rest of the financing referred to in point 2.6.10.1. 100

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MINIMUM CAPITAL OF FINANCIAL INSTITUTIONS

CENTRAL BANK
OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT ORIGINATING RULE
Section Point Paragraph Comm.
Chap./
Annex
Point Paragraph
OBSERVATIONS
2.5.5. “A” 2136 I According to Comm. “A” 2541, annex, crite-
ria, g), 5369 (Annex I) and 5580.
2.5.6. “A” 5369 I
2.5.7. “A” 5580
2.5.8. “A” 5580
2.5.9. “A” 5580
2.5.10. “A” 5580
2.5.11. “A” 6004 4.
2.6. “A” 5369 I According to Comm. “A” 6260.
2.6.1. “A” 5369 I
2.6.1.1. “A” 5369 I
2.6.1.2. “A” 5369 I
2.6.1.3. “A” 5369 I
2.6.1.4. “A” 5369 I
2.6.2. “A” 5369 I
2.6.2.1. “A” 5369 I According to Comm. “A” 5580.
2.6.2.2. “A” 5369 I According to Comm. “A” 5580 and 5831.
2.6.2.3. “A” 5369 I According to Comm. “A” 6024 and 6221.
2.6.2.4. “A” 5369 I According to Comm. “A” 6004.
2.6.2.5. “A” 5369 I According to Comm. “A” 6004.
2.6.2.6. “A” 6004 4.
2.6.2.7. “A” 5369 I According to Comm. “A” 6004.
2.6.2.8. “A” 6270
2.6.3. “A” 5369 I
2.6.3.1. “A” 5369 I According to Comm. “A” 5831.
2.6.3.2. “A” 5369 I
2.6.4. “A” 5369 I
2.6.4.1. “A” 5369 I
2.6.4.2. “A” 5369 I According to Com. “A” 6004 and 6006.
2.6.5. “A” 5369 I According to Com. “A” 6004.
2.6.6. “A” 5369 I According to Com. “A” 5580.
2.6.7. “A” 5369 I
2.6.7.1. “A” 5369 I According to Com. “A” 5580 and 6221.
2.6.7.2. “A” 5369 I
2.6.8. “A” 5369 I
2.6.9. “A” 5369 I According to Com. “A” 6004.
2.6.9.1. “A” 5369 I
2.6.9.2. “A” 5369 I
2.6.10. “A” 5369 I
2.6.10.1. “A” 5369 I
2.6.10.2. “A” 5369 I
2.6.11. “A” 5369 I
2.
2.6.11.1. “A” 5369 I

ii) Maximum limits.

The sum of the computable financings may not exceed:

a) 3 times the entity's computable net worth, without computing the financings granted to local financial entities.

b) 5 times the entity's computable net worth, for the total of included financings, without prejudice to compliance with the preceding limit.

For second-tier commercial banks as lenders, this limit shall be 10 times.

iii) Increases for the country's non-financial public sector.

The maximum limits established in subsection ii), a) and b), first paragraph, shall be increased to 4 and 6 times the entity's computable net worth, respectively, provided that the increases are allocated to the granting of financial assistance to trusts or fiduciary funds, or to the incorporation of debt instruments issued by them, in accordance with point 3.2.4. and Section 5. of the rules on “Financing to the non-financial public sector”.

5.3.4.2. For the country's non-financial public sector.

i) The total financings granted to the municipal public sector may not exceed 15 % of the entity's computable net worth.

ii) The total financings granted through the acquisition of public securities issued in pesos by the central administration of the provincial non-financial public sector and/or of the Autonomous City of Buenos Aires, which do not have any of the guarantees provided in Section 4. of the rules on “Financing to the non-financial public sector”, may not exceed 5 % of the entity's computable net worth.

iii) The total financings granted to the national, provincial, Autonomous City of Buenos Aires and municipal public sector may not exceed 75 % of the entity's computable net worth.

iv) Increases.

5.3.4.3. For related clients.

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The total of included financings to the set of related clients, except those subject to individual maximum limits higher than 10 %, may not exceed 20 % of the entity's computable net worth.

5.3.4.4. For shares and other receivables.

i) Not subject to minimum capital requirement for market risk.

The total of shares not subject to minimum capital requirement for market risk may not exceed 15 % of the entity's computable net worth.

Equity interests in public service companies shall be excluded, if the holding is necessary to obtain their provision, and in companies providing complementary services to financial activity.

ii) Total.

The total of shares plus credits for forward transactions (whether or not linked to repos) and for collateral transactions made in markets of the country authorized by the National Securities Commission and institutionalized foreign markets, including settlement mismatches, when there is no central counterparty and it is not possible to identify the counterparty, may not exceed 50 % of the entity's computable net worth.

For the application of this limit, securities subject to minimum capital requirement for market risk shall be computed at their quotation value.

5.3.4.5. For commodity price hedges.

The credit exposure, measured in accordance with these rules, corresponding to the total of commodity price hedges sold, which are in force at the close of each month, may not exceed 100 % of the entity's computable net worth.

5.3.5. Prohibitions applicable to related clients.

Financial entities may not grant, directly or indirectly, new financings, even if they are not subject to the maximum limits, to related clients, in the following cases:

5.3.5.1. If the clients have at least one classification other than “in normal situation”, according to the latest information available in the “Central de deudores del sistema financiero”.

5.3.5.2. If the entity records debt for financial assistance from the Central Bank of the Argentine Republic corresponding to operations effective as of 10.3.03 that have involved new disbursements of funds.

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5.3.6. Qualification of the Superintendency of Financial and Exchange Entities.

For the purposes of the applicable maximum limits, the qualification of the Superintendency of Financial and Exchange Entities to be taken into account shall be the last one communicated to the financial entity.

Until they receive their first qualification, entities shall observe the treatment established for those with qualification 3.

When the lending entity must know the qualification of the borrowing entity, the latter shall inform it whether it has a qualification other than 4 or 5, or make known that it has not yet received its first qualification, as a sworn statement. The lending entity shall maintain the confidentiality of the information received.

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CENTRAL BANK OF THE ARGENTINE REPUBLIC

CREDIT RISK SPLITTING

	CONSOLIDATED TEXT			SOURCE STANDARD					OBSERVATIONS
Sect.	Point	Para.	Comm.	Annex	Chap.	Sect.	Point	Para.
5.	5.3.4.2.	i)	“A” 3911				7.		According to Comm. “A” 4230 (point 2.).
		ii)	“A” 6270
		iii)	“A” 3911				7.		According to Comm. “A” 4230 (point 2.).
		iv)	“A” 4838				4.		According to Comm. “A” 4926 (point 1.), 4932 (point 3.), 4937 (Annex, point 4.), 4996 (point 1.), 5015 (Annex, point 4.) and 5472.
	5.3.4.3.		“A” 3129						According to Comm. “A” 5472.
	5.3.4.4.	i)	“A” 2140	II			3.3.		According to Comm. “A” 2435 (point 2.), 2461 (point 6.), 5472 and 5496.
		ii)	“A” 2140	II			3.4.		According to Comm. “A” 5472, 5496, 5671 and 5740. Includes interpretive clarification.
	5.3.4.5.		“A” 4742				1. e)
	5.3.5.		“A” 2140	I			5.		According to Comm. “A” 5472.
	5.3.5.1.		“A” 2140	I			5.		According to Com. “A” 5472 and 5671.
	5.3.5.2.		“A” 3901	II			1.1.
	5.3.6.		“A” 5193						According to Com. “A” 5472.
6.	6.1.	1°	“A” 2140	I			4.	1°	According to Com. “A” 2932 (points 9. and 11.).
			“A” 2140	II			5.	1°
	6.1.1.1.		“A” 5472
	6.1.1.2.		“A” 5472
	6.1.1.3.		“A” 2140	I			4.1.		According to Com. “A” 2932 (points 9. and 11.).
			“A” 2140	II			5.1.
	6.1.1.4.		“A” 2140	I			4.1.		According to Com. “A” 2932 (points 9. and 11.).
			“A” 2140	II			5.1.
	6.1.1.5.		“A” 2140	I			4.1.		According to Com. “A” 2932 (points 9. and 11.).
			“A” 2140	II			5.1.
	6.1.1.6.		“A” 2140	I			4.1.		According to Com. “A” 2932 (points 9. and 11.).
			“A” 2140	II			5.1.
	6.1.1.7.		“A” 5472
	6.1.2.		“A” 2140	I			4.2.		According to Com. “A” 2932 (points 9. and 11.) and 5472.
			“A” 2140	II			5.2.
	6.1.2.1.		“A” 5472
	6.1.2.2.		“A” 5472
	6.1.2.3.		“A” 5472
	6.1.2.4.		“A” 5472
	6.1.2.5.		“A” 5472
	6.2.1.		“A” 2140	I			4.2.	1°	According to Com. “A” 2932 (point 9.).
	6.2.2.		“A” 2140	I			4.2.	1°	According to Com. “A” 2932 (point 9.), 3918 (point 3.), 5472 and 6162.
	6.2.3.		“A” 5472

CREDIT RISK FRACTIONING


ORDERED TEXT			SOURCE RULE						OBSERVATIONS
Sect.	Point	Para.	Com.	Annex	Chap.	Sect.	Point	Para.
6.	6.3.		“A” 2140	I			4.		According to Com. “A” 2932 (points 9. and 11.) and 3911 (point 11.).
			“A” 2140	II			5.
	6.4.		“A” 4725				2.	last
7.	7.1.1.	1°	“A” 2140	I			6.1.		According to Com. "A" 5472.
			"A" 2140	II			6.1.
		last	"A" 2019				6.		According to Com. "A" 5472.
			"A" 2140	I			6.2.
			"A" 2140	II			6.2.
	7.1.2.	1st	"A" 2140	II			6.3.
		last	"A" 5472
	7.1.3.		"A" 2140	I			6.4.		According to Com. "A" 5472.
	7.2.1.		"A" 3183				2.		According to Com. "A" 5472.
	7.2.2.		"A" 4817				4.		According to Com. "A" 4876 (point 28.) and 5472.
	7.2.3.		"A" 5472
	7.3.1.1.		"A" 3161	sole		2.	2.1.1.
	7.3.1.2.		"A" 3161	sole		2.	2.1.2.		According to Com. "A" 3171 (point 2.).
	7.3.1.3.	i)	"A" 3161	sole		2.	2.1.3.1.		According to Com. "A" 5472.
		ii)	"A" 3161	sole		2.	2.1.3.2.		According to Com. "A" 5472.
	7.3.2.1.		"A" 3161	sole		2.	2.2.1.
	7.3.2.2.	i)	"A" 3161	sole		2.	2.2.2.1.
		ii)	"A" 3161	sole		2.	2.2.2.2.
	7.3.2.3.		"A" 3161	sole		2.	2.2.3.		According to Com. "A" 3171 (point 3.).
	7.3.3.1.		"A" 2241 CREFI-2		I		3.2.3.		According to Com. "A" 5983.
	7.3.3.2.		"A" 3161	sole		2.	2.3.		According to Com. "A" 3171 (point 4.).
	7.3.4.		"A" 3161	sole		2.	2.4.		According to Com. "A" 5472.
	7.3.5.		"A" 3161	sole		2.	2.5.		According to Com. "A" 6167.
	7.4.		"A" 414 LISOL-1		V	4.	4.		According to Com. "A" 817, 4093 (penultimate paragraph), 5472 and 6167. Includes interpretive clarifications.
	7.5.1.		"A" 2800				4.		According to Com. "A" 5472 and 6167.
	7.5.2.		"A" 2826				3.
8.	8.1.		"A" 2140	II			7.
	8.2.	1°	"A" 3911				12.		According to Com. "A" 4455 (point 3.), 4546 (point 3.) and 5472.
		2°	"A" 4455				3.	last	According to Com. "A" 4546 (point 3.) and 5472.
		3°	"A" 5472
		last	"A" 3911				12.	last	According to Com. "A" 4546 (point 3.) and 5472.

Financing to the Non-Financial Public Sector, Minimum Capital of Financial Institutions, and Credit Risk Fractioning: Adjustments