Interest rates in credit operations, term deposits and investments, protection of users of financial services, and minimum cash reserve: amendments

“2015 - YEAR OF THE BICENTENNIAL OF THE CONGRESS OF THE FREE PEOPLES”

COMMUNICATION “A” 5849
14/12/2015

TO FINANCIAL INSTITUTIONS,
TO EXCHANGE HOUSES, AGENCIES AND OFFICES,
TO NON-FINANCIAL COMPANIES ISSUING CREDIT CARDS, TO THE TRUSTEES OF FINANCIAL TRUSTS COMPRISED IN THE FINANCIAL ENTI- TITIES ACT, TO NON-FINANCIAL COMPANIES ISSUING PURCHASE CARDS:

Ref.: Circular
OPRAC 1 - 793
OPASI 2 - 484
RUNOR 1 - 1164
REMON 1 - 898

Interest rates in credit oper- ations. Term deposits and invest- ments. Protection of users of fi- nancial services. Minimum cash re- serve. Amendments ____________________________________________________________

We are writing to inform you that this Institution adopted the resolution which, in its relevant part, provides:

“1. Incorporate, as of 1.1.16, as item 2.5. in the rules on “Interest rates in credit operations”, the following:

“2.5. Refund of interest charged in excess.

Interest charged by the issuer in excess of the maximum provided for in items 2.1., 2.2. and/or 2.3. shall receive the treatment provided for in item 2.3.5.1. of the rules on “Protection of users of financial services”.”

2. Replace, as of 1.1.16, item 6.6. of the rules on “Interest rates in credit operations”, with the following:

“6.6. Defaults.

Financings with default shall be considered to be those disbursed by the institution -or whose rate is renegotiated- in the month of calculation (as provided for in item 6.4.) with an interest rate that exceeds the maximum rate.

6.6.1. Refunds.

The financial institution shall refund the amount charged in excess, resulting from the calculation of the difference between the interest rate actually applied and the applicable maximum rate, in accordance with the procedure provided for in item 2.3.5.1. of the rules on “Protection of users of financial services”.

6.6.2. Application of Article 41 of the Financial Institutions Act.

Without prejudice to the provisions of item 6.6.1., summary proceedings shall be initiated in accordance with the guidelines defined by the Financial and Exchange Institutions Superintendency.”

3. Revoke, as of 1.1.16, item 6.7. of the rules on “Interest rates in credit operations”.

4. Replace, as of 1.1.16, the last paragraph of item 1.11.1. of the rules on “Term deposits and investments”, with the following:

“Failure to comply with the minimum rate level shall result in:

1.11.1.1. The obligation to pay the depositor the amount under-credited, resulting from the calculation of the difference between the applicable minimum rate and the interest rate actually applied, within:

• the five (5) business days following the time when such circumstance is verified by the institution or by the Financial and Exchange Institutions Superintendency; or

• the twenty (20) business days following the time of the filing of the claim with the institution by the holder(s).

In addition, the institution shall recognize the amount of reasonable expenses incurred by the holder(s) of the deposit to obtain the refund and, in all cases, compensatory interest on that difference calculated from the date the interest was credited to the date of its full and effective payment. To that end, it shall apply 1.5 times the average rate corresponding to the period between the time when the aforementioned difference became payable -the date on which the interest subject to the claim should have been paid or credited- and the time of its effective cancellation, calculated from the daily survey of interest rates on term deposits of 30 to 59 days -in pesos or U.S. dollars, depending on the currency of the transaction- reported by the Central Bank based on information provided by all public and private banks. When the rate corresponding to such survey is not available, the last one reported shall be used.

When the holder(s) of the deposit has/have a demand deposit account opened in their name(s) at the financial institution, the latter shall automatically credit that amount to said account without the need for an express request.

The interested party shall be notified of the difference in their favor by means of a notice made through electronic media -automated teller machines, Internet banking (“home banking”), etc.- and/or telephone services -such as text and/or voice messages- and:

a) written document addressed to their address -separately from any other information sent to the holder(s) (account statements, newsletters, etc.), even if it forms part of the same mailing-; or

b) to their e-mail address -in those cases where they have expressly accepted that form of notification-.

In addition, the institution shall verify whether the failure to comply with the minimum rate level has occurred with respect to other deposits in the same situation and, if applicable, proceed with the refund, according to the procedure provided for in this item, notifying such circumstance and results to its Financial Services User Ombudsman.

1.11.1.2. Additionally, and without prejudice to the above, summary proceedings shall be initiated in accordance with the guidelines defined by the Financial and Exchange Institutions Superintendency.”

5. Replace, as of 1.1.16, item 2.3.5. of the rules on “Protection of users of financial services”, with the following:

“2.3.5. Refund of amounts.

2.3.5.1. Any amount charged in any way to the user of financial services for the following concepts:

i) interest rates, commissions and/or charges without compliance with the provisions of items 2.3.2. to 2.3.4.; and/or

ii) charges in excess of the costs of the services that third parties charged to the obligated parties in connection with services provided to users and/or of the prices that the third-party provider collects from the general public; and/or

iii) commissions in excess of the maximums set by this Institution that are applicable; and/or

iv) in breach of the maximum interest rate level applicable to financings subject to interest rate regulation by the Central Bank and/or to financings linked to credit cards provided for in the rules on "Interest Rates in Credit Operations"; and/or

v) in excess of what was timely agreed between the user and the obligated party;

vi) others improperly generated by their nature, such as compensatory interest on debit balances generated in deposit accounts other than the bank current account.

must be reimbursed within:

• the twenty (20) business days following the time of filing the complaint with the obligated party, in accordance with the provisions of point 3.1.4.; or

• the five (5) business days following the time such circumstance is verified by the obligated party or by the Superintendency of Financial and Exchange Entities.

This shall be without prejudice to any sanctions that may apply.

In such situations, the amount of the expenses that are reasonable and incurred to obtain the reimbursement shall be recognized and, in all cases, the relevant compensatory interest, calculated from the date of the undue charge to the date of its effective return. For this purpose, the obligated party shall apply 1.5 times the average rate corresponding to the period comprised between the time when the aforementioned difference would have been due -the date on which the amounts subject to the complaint were charged- and the time of its effective payment, calculated from the daily survey of fixed-term deposit interest rates for terms of 30 to 59 days -in pesos or US dollars depending on the currency of the transaction- reported by the Central Bank on the basis of the information provided by all public and private banks. When the rate corresponding to such survey is not available, the last one reported shall be used.

When the user has a demand deposit account open in their name at the obligated financial institution, the latter shall automatically credit that amount to said account without the need for an express request. If this is not possible or if it is not a financial institution, the amount of the reimbursement shall be credited to a credit card held by them or deducted from the outstanding balance of the financing that generated it.

The crediting of the reimbursement or, where applicable, its availability shall be notified by means of a notice made through electronic media -automated teller machines, Internet banking ("home banking"), etc.- and/or telephone services -such as text and/or voice messages- and:

a) written document addressed to their domicile -separately from any other information sent to them (account statements, newsletters, etc.), even if it forms part of the same mailing-; or

b) to their email -in those cases in which they have expressly accepted that form of notification-.

These provisions shall apply for the purposes of complying with homologated out-of-court agreements, agreements homologated by collective actions (article 54 Law 24.240) or judicial judgments, to the extent that they do not oppose what is provided in those agreements or what is provided by the public authorities of the different jurisdictions.

Additionally, the obligor must verify whether this type of situation that generates the obligation to refund has occurred with respect to users who are in the same situation and, if applicable, proceed with their refund according to the procedure provided in this point, notifying such circumstance and results to its Responsible for User Attention of Financial Services.

2.3.5.2. The refund to the user of the amount originating in breach of the level of the minimum interest rate provided in the rules on “Deposits and time investments” must be made in accordance with the procedure established in said rule.

2.3.5.3. Advertising.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Financial entities must display at the headquarters of all their offices, in the places of access to the premises and at the user service points of financial services, informative signs -which must not be smaller than 29.8 cm in base by 42 cm in height- of the procedure for the refund of these amounts, the model of which will be made known in due course by the Central Bank.

In order to have the signs in the established dimensions, they must enter the exclusive site https://www3.bcra.gob.ar.”

6. Leave without effect points 1.11. and 1.12. of the rules on “Minimum cash” for those breaches of the maximum rate levels in financing subject to interest rate regulation by the B.C.R.A. -Section 6. of the rules on “Interest rates in credit operations”- and of the minimum fixed interest rate -point 1.11.1. of the rules on “Deposits and time investments”- that are detected as from 1.1.16.

7. Provide that what is resolved in the preceding points is applicable to breaches that are detected as from 1.1.16 and as long as they are not time-barred in accordance with the legislation applicable in each case.

8. Establish that financial entities that have i) failed to comply with the minimum rate level provided in point 1.11.1. of the rules on “Deposits and time investments” and/or ii) charged in any way to the user of financial services amounts for any of the concepts detailed in point 2.3.5.1. of the rules on “Protection of users of financial services”, whether or not they have been paid or reimbursed, in accordance with the procedures provided in the aforementioned rules, must report such deviations to the Superintendency of Financial and Exchange Entities on a quarterly basis, starting with the quarter ending 31.3.16, through the information regime to be established in due course.”

Finally, we send you the sheets that, in replacement of those previously provided, must be incorporated into the rules of reference. Likewise, it is recalled that on the page of this Institution www.bcra.gob.ar, by accessing “Legal and Regulatory Framework - Ordered Texts - Regulatory Compilations”, the modifications made will be found 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

Juan C. Isi
General Deputy Manager of Rules

ANNEX

B.C.R.A.
ORDERED TEXT OF THE RULES ON
“INTEREST RATES IN CREDIT OPERATIONS”

-Index-

Section 1. General aspects.

1.1. Basic criterion.

1.2. Forms of agreement.

1.3. Basis of settlement.

1.4. Modalities of application.

1.5. Fixed divisor.

1.6. Penalty interest.

1.7. Commissions or other charges additional to interest.

Section 2. Financing linked to credit cards.

2.1. Compensatory interest.

2.2. Penalty interest.

2.3. Financing granted to refinance outstanding balances of credit cards.

2.4. Advertising.

2.5. Reimbursement of interest charged in excess.

2.6. Other provisions.

Section 3. Expression of rates.

3.1. Objective.

3.2. Exposure in documents.

3.3. Calculation of the effective annual interest rate.

3.4. Total financial cost - nominal annual.

Section 4. Advertising.

4.1. In premises of financial entities.

4.2. In graphic media or in other media other than those provided in point 4.3.

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-Index-

4.3. Advertising by radio, television or telephone media.

4.4. Advertising of installments.

4.5. Use of acronyms.

4.6. Responsibility of the entities.

Section 5. Statistical series linked to the interest rate.

5.1. General criteria.

5.2. Interest rate series of savings accounts.

5.3. Interest rate series of credits included in Law 23.370.

5.4. Interest rate series of credits whose cost is linked to that established by the use of the Consolidated Loan (Sublimit General Clientele) and for Remaining Operations.

5.5. Interest rate series of savings accounts and time deposits and for use of the justice.

5.6. Use of the series and capitalization of interest.

Section 6. Financing subject to regulation of the interest rate by the B.C.R.A.

6.1. Subjects covered.

6.2. Recipients of the financing.

6.3. Financing included.

6.4. Reference interest rate and maximum limit.

6.5. Particular situations.

6.6. Non-compliances.

6.7. Incorporated financings provided for by point 6.3.2.

Section 7. Transitional provisions.

Correlation table.

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INTEREST RATES IN CREDIT OPERATIONS B.C.R.A.
Section 2. Financings linked to credit cards.

2.2. Punitive interest.

2.2.1. Limit.

The punitive interest rate may not exceed by more than 50 % the compensatory interest rate that the issuing entity applies for the financing of credit card balances.

2.2.2. Form of computation.

It shall be applied when the agreed minimum payment stated in the monthly statement is not paid and on the amount due.

It may not be capitalized.

2.3. Financings granted to refinance outstanding balances of credit cards.

The provisions of points 2.1. and 2.2. of this section shall be applicable to refinancing agreements of credit card balances, given that the refinancing does not per se produce the novation of the existing obligation nor the change of the applicable legal regime.

2.4. Advertising.

2.4.1. Financial entities.

It shall be appropriate to observe the procedure established in Section 4.

2.4.2. Other issuing companies.

They must display on boards placed in the premises of customer service, the compensatory interest rate applied in the financings linked to credit cards.

2.5. Reimbursement of interest collected in excess.

The interest that the issuer has collected in excess of the maximum provided for by points 2.1., 2.2. and/or 2.3. shall receive the treatment provided for in point 2.3.5.1. of the rules on “Protection of users of financial services”.

2.6. Other provisions.

The provisions contained in Sections 1., 3. and 4. shall be applicable to financial entities, to the extent that they refer to aspects not specifically contemplated in this section.

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INTEREST RATES IN CREDIT OPERATIONS
B.C.R.A. Section 6. Financings subject to regulation of the interest rate by the B.C.R.A.

• Only financings that are disbursed or incorporated -point 6.3.2.- as from 11.06.14 shall be included. Incorporated financings shall be covered to the extent that they have been granted as from that date, and for the purposes of controlling the maximum rate limit, the maximum interest rate in force at the time of disbursement of each covered financing must be compared with the implicit rate (annual internal rate of return) arising between the capital effectively disbursed to the user as a loan and the amount of the financial services for which he obligated himself. In the event that commissions have been charged to the user, which were necessary to pay in order to access the financing for which he obligated himself, for the purposes of determining the implicit rate, the net amount effectively received by the user must be considered. For the purposes of that computation, the amount of the financial services must include the commissions in the event that there were any.

• At the option of the entity, the maximum interest rate to be considered may be the one in force at the time of the agreement of the financings -instead of the one in force at the date of disbursement-, provided that the period between both dates does not exceed 31 consecutive days.

The aforementioned option, if exercised, must be applied with general character to the covered portfolios and be provided for in the credit procedure manuals that the entity has implemented.

6.5. Particular situations.

The financial entities covered in point 6.4.2. that due to the application of the limit provided for by point 6.4. consider their economic equation significantly affected may submit to the Superintendency of Financial and Exchange Entities a request for authorization in order to use a greater multiplying factor, if this were necessary so that they can operate on the economic break-even point, and must attach information with their grounds and calculations in this regard.

The submission must be accompanied by the breakdown of the results information corresponding to operations with persons linked to the financial entity (as provided for by point 2.2. of the rules on “Credit risk apportionment”) and by a special report on that information issued by its external auditor.

While the Board of Directors of the Central Bank does not rule on this matter, the application of the coefficients of point 6.4.2. that correspond must be maintained.

6.6. Non-compliances.

Financings with non-compliance shall be considered those that are disbursed by the entity -or whose rate is renegotiated- in the computation month (in accordance with the provisions of point 6.4.) with an interest rate that exceeds the maximum rate.

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INTEREST RATES IN CREDIT OPERATIONS
B.C.R.A. Section 6. Financings subject to regulation of the interest rate by the B.C.R.A.

6.6.1. Reimbursements.

The financial entity must reimburse the amount collected in excess, which arises from the computation of the difference between the interest rate effectively applied and the maximum rate that corresponds, in accordance with the procedure provided for in point 2.3.5.1. of the rules on “Protection of users of financial services”.

6.6.2. Application of article 41 of the Law on Financial Entities.

Without prejudice to the provisions of point 6.6.1., summary proceedings shall be initiated in accordance with the guidelines defined by the Superintendency of Financial and Exchange Entities.

6.7. Incorporated financings provided for by point 6.3.2.

It shall not be appropriate to verify the maximum interest rate limit when dealing with financings that have been originated by other financial entities at a fixed rate.

With respect to the other inclusions, financial entities must have information on their interest rate provided by the respective administrators (assignors, trustees, guarantors or originators, as applicable) or control and review agents of trusts.

The included financings for which the entity is unaware of the interest rate that would have been applied to the users shall receive the treatment of financings granted at a nominal annual interest rate of 200%.

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INTEREST RATES IN CREDIT OPERATIONS B.C.R.A.
Section 7. Transitional provisions.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

7.1. The provisions of points 2.5. and 6.6. shall apply to non-compliances detected as of 1.1.16 and as long as they are not time-barred in accordance with the legislation applicable in each case.

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B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “INTEREST RATES IN CREDIT OPERATIONS”

TEXT IN FORCE			SOURCE RULE					OBSERVATIONS
Sec.	Point	Para.	Com.	Annex Chap.	Sec. Point Para.
1.	1.1.	1st	“A” 49	Sole II	1.1.	1st	S/Com. “A” 2390 (point 1.) and 5482.
		2nd	“A” 3052				S/Com. “A” 5590 (point 1.).
	1.2.1.		“A” 49	Sole II	1.1.	2nd	S/Com. “A” 2390 (point 1.).
	1.2.2.		“A” 49	Sole II	1.1.	3rd	S/Com. “A” 2390 (point 1.).
	1.3.		“A” 49	Sole II	1.2.
	1.4.		“A” 49	Sole II	1.3.		S/Com. “A” 2689 (point 1.).
	1.5.1.		“A” 49	Sole II	1.4.
	1.5.2.		"A" 2385 "A" 2586		2. 2.	1st 1st
	1.6.1.	1st	"A" 3044
		2nd	"A" 476		1.	2nd
	1.6.2.		"A" 476		3.		S/Com. "A" 476 (point 3.).
	1.6.3.		"A" 476		4.
	1.6.	Last	"A" 3052
	1.7.		"A" 49	Sole II	1.5.		S/Com. "A" 476, 3052 and 5482.
2.	2.1.1.	1st					Law 25.065 (art. 16 para. 1st). S/Com. "A" 3123, 3266, 4003 and 5323.
		2nd	"A" 5323		6.		S/Com. "A" 5477.
		3rd	"A" 5323		6.
	2.1.2.						Law 25.065 (art. 16 para. 2nd). S/Com. "A" 3123, 4003, 5150 and 5323.
	2.1.3.						Law 25.065 (art. 20).
	2.2.1.						Law 25.065 (art. 18).
	2.2.2.	1st					Law 25.065 (art. 21).
		2nd					Law 25.065 (art. 18 para. 2nd).
	2.3.		"A" 5500
	2.4.						Law 25.065 (art. 16 last para.).
	2.5.		"A" 5849		1.
	2.6.		"A" 3052
3.	3.1.		"A" 49	Sole II	2.		S/Com. "A" 2689 (item 2.).
	3.2.	1°	"A" 49	Sole II	2.1.	1°	S/Com. "A" 2689 (item 2.) and 5482.
	3.2.1.		"A" 49	Sole II	2.1.	1°	S/Com. "A" 2689 (item 2.).
	3.2.2.		"A" 3052
	3.2.3.		"A" 49	Sole II	2.1.	2°	S/Com. "A" 2689 (item 2.).
	3.2.4.		"A" 49	Sole II	2.1.	1°	S/Com. "A" 2689 (item 2.) and 5482.
	3.3.1.		"A" 49	Sole II	2.1.1.		S/Com. "A" 2689 (item 2.) and "B" 8858.
	3.3.2.		"A" 49	Sole II	2.1.2.		S/Com. "A" 2689 (item 2.) and "B" 8858.

INTEREST RATES ON CREDIT OPERATIONS

CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT	SOURCE STANDARD	OBSERVATIONS
Sec.	Item	Para.	Comm.	Annex	Chap.	Sec.	Item	Para.
5.	5.1.2.		"A" 1828					Last
	5.1.3.		"A" 1864	Sole		1.			S/Com. "A" 2134.
	5.2.		"A" 1828			1.
	5.3.		"A" 1828			3.
	5.4.		"A" 1828			4.			S/Com. "A" 3052.
	5.5.								Comunicado No. 14290.
	5.6.		"A" 1864					Last.	S/Com. "A" 3052.
6.	6.1.		"A" 5590			2.
	6.2.		"A" 5590			2.
	6.3.		"A" 5590			2.
	6.3.1.		"A" 5590			2.
	6.3.2.		"A" 5590			2.
	6.4.		"A" 5590			2.
	6.4.1.		"A" 5590			2.
	6.4.2.		"A" 5590			2.
	6.4.3.		"A" 5590			2.			S/Com. "A" 5615, 5651, 5659 and 5771. Includes interpretive clarification.
	6.5.		"A" 5590			2.
	6.6.		"A" 5590			2.			S/Com. "A" 5849.
	6.6.1.		"A" 5590			2.			S/Com. “A” 5615 and 5849.
	6.6.2.		“A” 5590			2.
	6.7.		“A” 5615
7.	7.1.		“A” 5849			7.

• Index -

2.3. With early cancellation option.

2.4. With renewal option for a fixed term.

2.5. Fixed term with variable remuneration.

Section 3. General provisions.

3.1. Identification.

3.2. Tax situation.

3.3. Qualified investors.

3.4. Recommendations for the use of automated teller machines.

3.5. Deposit guarantee.

3.6. Interest rates.

3.7. Return of deposits.

3.8. Frozen balances.

3.9. Discriminatory acts.

3.10. Special procedures for customer identification in matters of international tax cooperation.

Section 4. Special provisions related to the inflow of funds from abroad - Decree 616/05.

4.1. Participating entities.

4.2. Holders.

4.3. Currency.

4.4. Term.

4.5. Amount.

4.6. Remuneration.

4.7. Issuance of deposit certificates.

4.8. Restrictions.

4.9. Other provisions.

Section 5. Transitional provisions.

Correlation table.

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Failure to comply with the minimum rate level will result in:

1.11.1.1. The obligation to pay the depositor the amount credited as a shortfall, arising from the calculation of the difference between the applicable minimum rate and the interest rate actually applied, within:

• the five (5) business days following the moment such circumstance is verified by the entity or by the Superintendency of Financial and Exchange Entities; or

• the twenty (20) business days following the moment of the filing of the claim with the entity by the holder(s).

In addition, the entity must recognize the amount of reasonable expenses incurred by the deposit holder(s) to obtain the reimbursement and, in all cases, compensatory interest on that difference computed from the date of crediting of the interest until its full effective payment. For this purpose, it must apply 1.5 times the average rate corresponding to the period between the moment when the aforementioned difference became due -the date on which the interest subject to the claim should have been paid or credited- and the moment of its effective settlement, computed from the daily survey of interest rates for 30- to 59-day fixed-term deposits -in pesos or US dollars, according to the currency of the transaction- reported by the Central Bank based on information provided by all public and private banks. When the rate corresponding to such survey is not available, the last reported rate must be taken.

When the deposit holder(s) has/have a demand account open in their name(s) at the financial entity, it must credit that amount to said account automatically without the need for an express request.

The interested party must be notified of the difference in their favor by notice made through electronic means -automated teller machines, Internet banking (“home banking”), etc.- and/or telephone services -such as text and/or voice messages- and:

a) written document addressed to their domicile -separately from any other information sent to the holder(s) (account statements, newsletters, etc.), even if it is part of the same mailing-; or

b) to their email -in those cases where they have expressly accepted that form of notification-.

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In addition, the entity must verify whether the failure to comply with the minimum rate level has occurred with respect to other deposits that are in the same situation and, if applicable, proceed with the reimbursement, according to the procedure provided in this point, notifying such circumstance and results to its Responsible for Customer Service of Financial Services.

1.11.1.2. Additionally, and without prejudice to the foregoing, summary proceedings will be initiated in accordance with the guidelines defined by the Superintendency of Financial and Exchange Entities.

1.11.2. Deposits with variable interest clauses.

1.11.2.1. Basic remuneration.

It shall be equivalent to:

i) The interest rate arising from any of the following surveys prepared and published daily by the Central Bank of the Argentine Republic through the respective Communication "C":

a) Fixed-term deposits.

b) Fixed-term deposits with a term of 30 to 35 days and of more than one million pesos or dollars ("BADLAR").

c) Accepted between private banks ("BAIBAR").

ii) LIBOR for segments of 30 days or more.

iii) Any of the rates mentioned in subparagraphs i) and ii), plus the additional remuneration that may be agreed -point 1.11.2.2.-, or the fixed rate freely agreed, whichever is higher.

For such purposes, each entity may consider the average of the specified daily measurements of the period comprised between the 2 and 5 immediate prior banking business days to the start date of each computation subperiod, which may not be less than 30 days. Such option shall remain fixed for the entire term of validity of the deposit.

Once the level is determined, the rate must remain unchanged for a term of not less than 30 days.

1.11.2.2. Additional remuneration.

The number of points -positive and negative- that the depository entities freely agree with the depositors, which must remain unchanged during the total agreed term.

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1.11.2.3. Record.

In the body of the document instrumenting the deposit, the basic parameter used must be clearly determined (indicating, if applicable, whether it is a general average or corresponds to a specific type of financial entity -private banks, public banks or non-banking financial entities-, currency -pesos or US dollars- as well as the term of the chosen survey), the days prior to each computation subperiod that have been chosen for the calculation of the average of the rates in each operation, the additional points that will govern it, as well as the duration of the agreed subperiods.

1.11.3. Deposits with "CER" clause.

According to the rate freely agreed.

1.11.4. Deposits with incentives or remuneration -total or partial- in goods or services.

When the incentives or remuneration in goods or services is partial, an additional incentive or remuneration may be freely agreed, which must remain unchanged during the total agreed term.

1.11.5. Settlement.

It must be made from the date of receipt of the deposit (or from the maturity of the previous agreed payment subperiod) until the day of maturity of the deposit (or of each subperiod).

1.11.5.1. In the case of deposits of securities, interest shall be calculated on the nominal values, paid in the currency agreed upon making the deposit, at the maturity of the operation, converted according to the last closing quotation in pesos (immediate cash) in the securities market where they are listed.

1.11.5.2. In the case of "Deposits with CER clause", interest shall be calculated on the updated principal, as provided in point 1.9.

1.11.6. Payment.

1.11.6.1. At final maturity for deposits with terms of less than 180 days.

1.11.6.2. Periodic payment of accrued interest shall be allowed before the maturity of the deposit, provided it is made in arrears, with a frequency of not less than 30 days and refers to deposits with terms of 180 days or more.

1.11.6.3. Incentives or remuneration in advance in goods or services shall be allowed -point 1.11.4.-.

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1.12. Term.

1.12.1. Deposits at fixed interest rate.

1.12.1.1. In pesos or foreign currency.

Minimum: 30 days.

1.12.1.2. Of public and private securities.

The one freely agreed.

1.12.2. Deposits with variable interest clauses.

Minimum: i) For deposits whose basic remuneration is that contemplated in subparagraphs i) and ii) of point 1.11.2.1.: 120 days.

ii) For deposits whose basic remuneration is that contemplated in subparagraph iii) of point 1.11.2.1.: 180 days.

Longer terms must be multiples of the computation subperiod chosen to determine the applicable rate, in accordance with point 1.11.2.1.

1.12.3. Deposits with "CER" clause.

Minimum: 365 days.

1.12.4. Deposits with incentives or remuneration -total or partial- in goods or services.

Minimum: 180 days.

1.13. Cancellation of the operation.

1.13.1. The documents used to carry out the cancellation of an operation must have the characteristics of a receipt which, in the case of certificates, may be inserted in the same form. At the request of the interested party, a duplicate of the document shall be delivered.

When the deposits are formalized by crediting to an account or in a non-personal form, the credit in the account indicated by the client shall constitute satisfactory proof.

1.13.2. Non-transferable deposits may not be withdrawn, totally or partially, before their maturity.

1.14. Automatic renewal.

1.14.1. The holders of non-transferable nominative fixed-term deposits may authorize the reinvestment of the deposited capital for successive predetermined periods, equal or not, in accordance with the rules in force at the time of renewal.

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1.14.2. The reinvestment may include accrued interest which shall be capitalized. If not included, interest must be credited, at the end of each period, to the account indicated by the client.

1.14.3. Authorization for automatic renewal must be extended in writing at the time the deposit is constituted.

When the certificate remains in custody at the entity, renewal may be ordered by other means (telephone, "Internet", electronic, etc.). Entities must have implemented computer security mechanisms that guarantee the genuineness of operations.

1.14.4. The authorization shall remain valid until further notice, in writing or by other agreed means, or until the holder presents it for collection, at the corresponding maturity.

1.14.5. The entity shall properly keep the records related to the orders given by the client.

1.14.6. No deposit certificates shall be issued nor shall new fund deposits be recorded for renewals.

1.15. Transfer.

The transferable registered certificates issued in accordance with the provisions of Law 20.663 and these rules shall be transferable by endorsement that precisely indicates the beneficiary and the date on which the transfer takes place. Endorsements to bearer or in blank shall not be valid.

1.16. Secondary trading.

1.16.1. Financial entities may intermediate or purchase transferable certificates, provided that from the date of issuance or last negotiation or transfer, whatever the reason for them, a period -as shown in the document itself- of not less than 30 days has elapsed, except in the case of operations between entities.

1.16.2. Certificates acquired by the issuing entities themselves shall be acquired against the respective deposit, which must be cancelled.

1.16.3. Financial entities that make use of rediscounts or advances from the Central Bank of the Argentine Republic for temporary illiquidity situations may not acquire fixed-term deposit certificates or term investment certificates -in pesos, in foreign currency or in securities-, issued by them, even if the minimum period of 30 days from the date of issuance or last negotiation or transfer has elapsed, while those facilities remain in force.

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1.17. Prohibitions.

1.17.1. The following deposits shall not be accepted:

1.17.1.1. Constituted in the name of other financial entities included in the Law on Financial Entities.

1.17.1.2. With automatic renewal (except as provided in point 1.14.) with indefinite term or with the obligation to return them before their maturity.

1.17.1.3. With maturities that fall on non-business days. When the maturity date is declared a non-business day after the date of deposit, it may be renewed with value to that day, or its maturity and corresponding interest settlement at the agreed rate may be extended to the first following business day.

1.17.1.4. Of residents or non-residents in the country that, under any modality of arrangement and through associated agreements -formalized or not-, imply that the return of the deposited funds is guaranteed by another financial entity, except in cases specifically admitted by the Central Bank of the Argentine Republic.

1.17.2. Participations.

Financial entities may not extend participations -whatever their concept- over one or more deposit certificates.

1.18. Publicity of the rules.

Financial entities shall display, for public knowledge and in places visible to the public, the current rules on fixed-term deposits.

1.19. Deposits in fixed-term deposit certificates arising from "purchases for holding foreign banknotes in the country".

"Purchases for holding foreign banknotes in the country" may be captured through fixed-term deposits, in the foreign currency in question and owned by the acquirer, either exclusively or as co-holder.

Those fixed-term deposits may not be subject to the collection of any commission and must be constituted at the financial entity selling the foreign currency.

For the purposes of verifying compliance with the minimum deposit term provided by Resolution No. 3583/14 of the Federal Administration of Public Revenue (AFIP), financial entities must keep control of the permanence of the deposits from the dates and for the amounts originally deposited at the time of making each "purchase for holding foreign banknotes in the country", without interrupting the computation of the terms in cases of constitution of fixed terms with funds credited in "Savings Accounts Communication "A" 5526", renewals of these fixed terms at their maturity or deposits in those accounts arising from the collection of the aforementioned fixed terms made in accordance with the regime of the aforementioned AFIP resolution.

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DEPOSITS AND TERM INVESTMENTS B.C.R.A.
Section 5. Transitional provisions.

5.1. Financial entities that have failed to comply with the minimum rate level provided in point 1.11.1., whether or not they have been paid or reimbursed, in accordance with the procedures provided in the cited point, must report such deviations to the Superintendency of Financial and Exchange Entities on a quarterly basis, starting from the quarter ending on 31.3.16, through the reporting regime to be established in due course.

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DEPOSITS AND TERM INVESTMENTS

CONSOLIDATED TEXT ORIGIN RULE
Sec. Point Para. Com. Annex Chap. Sect. Point Para.
OBSERVATIONS
1.7. "A" 1653 I 3.4.1.
1.7.1. "A" 1653
"A" 1913
I 3.4.2.
2. 2nd
1.7.2. "A" 3043
1.8.1. "A" 1199 I 3.
1.8.2. "A" 1820 I 3.2. 2nd S/Com. "A" 3293, 3527,
3682 (point 10.), 3827 (point
9.) and 4140.
1.8.3. "A" 1820 I 3.2. 1st
"A" 1465 I 2. S/Com. "A" 4716 and "B"
9186. i) “A” 2275 2. 1° ii) “A” 2275 2.1. iii) “A” 2275 2.1.
1.8.4. iv) “A” 4716 8.
1.9. “A” 3660 S/Com. “A” 3827 (item 9.).
1.10. “A” 4874 2.
1.11.1. “A” 1465
“A” 1653
“A” 1820
I
I
I
2.1.2.
3.1.1.2.
3.3.1.2.
3.4.
S/Com. “A” 3660, 5640,
5651, 5654, 5659, 5781,
5786 and 5849. Includes interpretive clarification.
1.11.1.1. “A” 5849 4.
1.11.1.2. “A” 5849 4.
1.11.2.1. “A” 2188 2.1. 1° S/Com. “A” 2962 (item
2.1.), 3660, 4543, 4654 and
5257.
1.11.2.2. “A” 2188 2.1. 2° S/Com. “A” 2962 (item
2.2.), 3660 and 4543.
1.11.2.3. “A” 2188 2.3. S/Com. “A” 2962 (item
2.2.), 3660, 4543 and 4654.
1.11.3. “A” 3660
1.11.4. “A” 4874 3.
1.11.5. 1° “A” 1199 I 5.3.2. S/Com. “A” 3660.
1.11.5.1. “A” 1465 I 2.1.2. 2° S/Com. “A” 3660.
1.11.5.2. “A” 3660
1.11.6.1. “A” 1199 I 5.3.2. S/Com. “A” 3660.
1.11.6.2. "A" 2482 2. S/Com. "A" 3660.
1.11.6.3. “A” 4874 4.
1.12.1.1. “A” 1653
“A” 1820
“A” 2061
I 3.1.1.1.
3.3.
1.1.1.
S/Com. “A” 3485, 3527,
3660, 3682 (item 11.),
3827 (item 9.) and 4032.
1.12.1.2. “A” 1465
“A” 1603
“A” 2275
I 2.1.1.
5.
2.
S/Com. “A” 3660.
1.12.2. “A” 2188 1. S/Com. “A” 3660 and 4543.
1.12.3. “A” 3660 S/Com. “A” 4298 and 4331.
1.12.4. “A” 4874 5.
1° "A" 1653 I 3.4.13.2.
1.
1.13.1.
2° “A” 3043
S/Com. “A” 3660.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

TIME DEPOSITS AND INVESTMENTS

CONSOLIDATED TEXT
ORIGINATING RULE

Sec.	Point	Para.	Comm.	Annex	Ch. Sec.	Point	Para.	OBSERVATIONS
3.	3.4.1.	1°	“A” 2530				1°
		2°	“A” 2530				3° and
							4°
		3°	“A” 2530				5°
	3.4.2.		“A” 2530				2°
	3.5.1.		“A” 1199		I	6.3.		S/Com. “A” 2807 (point
			“A” 1820	I		2.6.		6. - 1st and 2nd para.),
								3270, 4874, 5170,
								5641 and 5659. Includes
								interpretive clarifica-
								tion.
	3.5.2.		“A” 2807			6.	3°
	3.5.3.1.		“A” 2807			6.	5°
	3.5.3.2.		“A” 2807			6.	4°
	3.6.1.		“A” 1199		I	5.3.1.
	3.6.2.		“A” 1199		I	5.3.2.
	3.6.3.		“A” 1199		I	5.3.3.
	3.6.4.		“A” 3043
	3.6.5.		“A” 1199		I	5.3.4.
	3.6.6.		“A” 1199		I	5.3.4.1.
	3.6.7.		“A” 627			1.
	3.7.		“A” 1199		I	5.1.
	3.7.1.		“A” 1199		I	5.1.1.
	3.7.2.		“A” 1199		I	5.1.2.
	3.7.3.		“A” 1199		I	5.1.3.
	3.8.1.		“A” 1199		I	5.2.1.		S/Com. “A” 3043.
	3.8.2.		“A” 1199		I	5.2.2.		S/Com. “A” 3043, 4809
								and 5482.
	3.9.		“B” 6572					S/Com. “A” 5388.
	3.10.		“A” 5588
	3.10.1.		“A” 5588
	3.10.2.		“A” 5588
4.	4.1.		“A” 4360			1.
	4.2.		“A” 4360			1.
	4.3.		“A” 4360			1.
	4.4.		“A” 4360			1.
	4.5.		“A” 4360			1.
	4.6.		“A” 4360			1.
	4.7.		“A” 4360			1.
	4.8.		“A” 4360			1.
	4.9.		“A” 4360			1.		S/Com. “A” 4874.
5.	5.1.		“A” 5849			8.

The body of these notifications must include a legend indicating that if the user of financial services does not accept the modification proposed by the obligor, they may choose to terminate the contract at any time before the effective date of the change and without any charge, without prejudice to the fact that they must fulfill any outstanding obligations on their part.

2.3.5. Refund of amounts.

2.3.5.1. Any amount charged in any form to the user of financial services for the following concepts:

i) interest rates, commissions and/or charges without compliance with the provisions of points 2.3.2. to 2.3.4.; and/or

ii) charges in excess of the costs of services that third parties charged to the obligors in relation to services provided to users and/or of the prices that the third-party provider receives from individuals in general; and/or

iii) commissions in excess of the maximums set by this Institution that are applicable; and/or

iv) in breach of the level of the maximum interest rate applicable to financings subject to interest rate regulation by the Central Bank and/or to financings linked to credit cards provided for in the rules on “Interest rates in credit operations”; and/or

v) in excess of what was duly agreed between the user and the obligor;

vi) others generated improperly by their nature, such as compensatory interest for debit balances generated in deposit accounts other than the bank current account.

must be refunded to them within:

• the twenty (20) business days following the moment of the filing of the claim before the obligor, in accordance with the provisions of point 3.1.4.; or

• the five (5) business days following the moment such circumstance is verified by the obligor or by the Superintendency of Financial and Exchange Entities.

This, without prejudice to the sanctions that may apply.

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In such situations, it will be appropriate to recognize the amount of reasonable expenses incurred to obtain the refund and, in all cases, the pertinent compensatory interest, computed from the date of the undue charge until the date of its effective return. For this purpose, the obligor must apply 1.5 times the average rate corresponding to the period between the moment in which the aforementioned difference would have been due - the date on which the amounts subject to the claim were charged - and the moment of its effective cancellation, computed from the daily survey of interest rates on time deposits of 30 to 59 days - in pesos or US dollars, according to the currency of the operation - reported by the Central Bank based on the information provided by all public and private banks. When the rate corresponding to such survey is not available, the last reported one must be taken.

When the user holds in the obligated financial entity a demand account that is open in their name, it must credit that amount in said account automatically without the need for an express request. If this is not possible or if it is not a financial entity, the refund amount must be credited to a credit card owned by them or deducted from the current balance of the financing that generated it.

The crediting of the refund or, where applicable, its availability must be notified by means of a notice made through electronic means - ATMs, Internet banking (“home banking”), etc. - and/or telephone services - such as text and/or voice messages - and:

a) written document addressed to their domicile - separately from any other information sent to them (account statements, newsletters, etc.), even if it is part of the same mailing -; or

b) to their email - in those cases in which they have expressly accepted that form of notification -.

These provisions will apply for the purposes of complying with homologated out-of-court agreements, agreements homologated by collective actions (article 54 Law 24.240) or judicial judgments, to the extent that they do not oppose the provisions of those agreements or the provisions of the public authorities of the different jurisdictions.

Additionally, the obligor must verify whether this type of situation that generates the obligation of refunds has occurred with respect to users who are in the same situation and, if applicable, proceed with their refund according to the procedure provided in this point, notifying such circumstance and results to their Responsible for Attention to the User of Financial Services.

2.3.5.2. The refund to the user of the amount originated in breach of the level of the minimum interest rate provided in the rules on “Deposits and time investments” must be made in accordance with the procedure established in said rule.

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2.3.5.3. Advertising.

Financial institutions must display at the headquarters of all their branches, at the access points to the premises and at the user service points for financial services, informative posters - which must not be smaller than 29.8 cm wide by 42 cm high - of the procedure for the refund of these amounts, the model of which will be made known in due course by the Central Bank.

In order to have the posters in the established dimensions, they must enter the exclusive site https://www3.bcra.gob.ar.

2.3.6. New copies of documentation.

The user of financial services may request - at their own expense and at any time during the consumer relationship - from the obligated subject new copies of the current contract(s) that bind them to it.

2.3.7. Interpretation.

The interpretation of the contract shall be made in the sense most favorable to the user of financial services. When there are doubts about the scope of their obligation, the least burdensome one shall prevail.

2.3.8. Abusive clauses.

In contracts entered into between the user of financial services and the obligated subjects, the following clauses shall be deemed unwritten:

2.3.8.1. Those that distort the obligations of the obligated subject.

2.3.8.2. Those that entail a waiver or restriction of the rights of the user of financial services, or expand the rights of the obligated subject.

2.3.8.3. Those that, by their content, wording or presentation, cannot reasonably be expected to be included because they bear no connection to the nature of the contract.

2.3.8.4. Those that impose burdensome obstacles to the effective exercise of the rights of the user of financial services.

2.3.8.5. Those that place the user of financial services in a disadvantageous or unequal situation with respect to the obligated subject.

2.3.8.6. Those that transfer the responsibility of the obligated subject to third parties.

2.3.8.7. Those that establish the reversal of the burden of proof to the detriment of the user of financial services.

2.3.8.8. Those that allow the obligated subject, directly or indirectly, to alter the amount of fees, commissions and/or charges unilaterally, departing from the mechanism provided for in all applicable regulations, for the modification of contractual clauses.

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2.3.9. Non-waivability.

The rights and/or powers recognized to the user by these rules may in no case be waived or renounced.

2.3.10. Names.

The name of the products or services in the applications, contracts, Internet banking system (“home banking”) and account statements must conform to that provided for in the Central Bank's rules (“peso savings account”, “dollar savings account”, “bank checking account”, “salary/social security account”, etc.), without prejudice to the fact that the commercial package they may eventually form may additionally be referred to.

2.3.11. Insurance as an ancillary contracting to a financial service.

When, due to the nature of the financial services offered, the ancillary contracting of insurance is provided for, the obligated subjects must offer the users of financial services at least three insurance companies not related to each other, among which they must be able to choose, and keep a record of the exercise of that right by said users.

The charge that the obligated subject applies to the user may not be higher than that which the chosen insurance company receives for operations with individuals and without the intervention of the obligated subject, arranged at the place of contracting or the user's domicile.

In no case may the obligated subjects record remuneration or profits for the insurance that their users contract as ancillary to a financial service - regardless of whether it is a request from the user or a condition established by the obligated subject to access the financial service -, for which reason those concepts may not be included in the charges transferred to them nor received directly or indirectly from the insurance company.

2.4. Advertising of information.

Financial institutions and non-financial credit card issuing companies must comply with the following conditions regarding access to information by users of financial services who are final consumers or micro, small and medium-sized enterprises (MiPyMEs), in the latter case in accordance with the rules on “Determination of the status of micro, small and medium-sized enterprise”:

2.4.1. In person.

All operating branches of these obligated subjects must provide to the aforementioned users of financial services who request it a detail with the characteristics of the products and services they offer, specifying especially all the commissions and charges associated with them.

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In all cases, users of financial services must be given a complete copy of the instruments they sign at the time of requesting financial products or services.

2.4.2. Online.

These obligated subjects must publish on the home page of their institutional Internet site all commissions and charges, contractual interest rates of the entity and maximum applicable rates - when it concerns covered financing offered to users of financial services covered in point 6.2. of the rules on “Interest rates in credit operations” -, and total financial cost in the terms of the aforementioned rules of all the products and/or services, own or third-party, offered to the aforementioned users of financial services and that the latter must pay.

In the case of products and/or services whose conditions vary based on certain parameters set by the obligated subject (age, term, amount, employee or retiree status, with or without payment of salaries through the obligated subject, etc.), the aforementioned information must be published in a disaggregated form for each of the variants of the product and/or service in question.

They must also report the promotions and discounts offered, with precise indication of the start and end dates, as well as their modalities, conditions and limitations.

Access to all this information must be easy and direct from the home page of the institutional Internet site of these obligated subjects and must occupy a prominent place -in terms of visibility and size- on the aforementioned page.

The information must be complete, clear and disaggregated by concept. A single hyperlink or hyperlink may be used to comply with this requirement, provided that the information provided forms part of the official page of the obligated subject. No other referrals to documents, files and/or Internet sites will be accepted.

These publications bind these obligated subjects for the entire time they are available on their institutional Internet site and until they are replaced.

Those concepts that are not published on the Internet site of these obligated subjects may not be charged to the aforementioned users of financial services.

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2.5. Information to the Central Bank of the Argentine Republic.

Financial institutions and non-financial companies issuing credit cards that offer and commercialize products and/or services that are perfected with the signature or acceptance of contracts with pre-established clauses (adhesion contracts) must report the commissions and charges they collect from the users of financial services mentioned in point 2.4. to the Principal Management of Protection to the User of Financial Services of the Central Bank.

The additions -commissions for new products and/or services they wish to commercialize- and the increases in commissions they wish to implement must have prior authorization from the Central Bank. They must also report modifications to charges.

In the case of financial products and/or services considered basic -as defined in point 5.5.1.- financial institutions and non-financial companies issuing credit cards must observe the procedure defined in point 5.5.2.

Reductions in commissions and/or charges may be applied without delay, without prejudice to the fact that they must be reported to the BCRA within the following thirty (30) calendar days of their application.

2.6. Other provisions.

The policies, practices and procedures of the obligated subjects may not represent discriminatory treatment of users.

The obligated subjects must adopt the necessary measures for the purpose of particularly preventing discriminatory acts or omissions determined by reasons such as race, religion, nationality, ideology, political or union opinion, age, sex, economic position, social condition or physical characteristics.

In particular, the rejection of financing requests solely on the basis of the applicant's age shall not be appropriate, when their projected income level is sufficient and it is possible to take coverage for their death risk through the contracting of a life insurance on outstanding balance. Notwithstanding the foregoing, it shall be the decision of the obligated subject whether or not to contract said insurance.

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7.7. Designation of the responsible for user attention of financial services (titular and substitute/s).

The appointments -even when they are confirmations of responsible persons currently in office- must have been formalized within 30 calendar days of the date of divulgation of Communication “A” 5388, in accordance with the procedure established in point 3.1.1.

7.8. Credit contracts entered into until 30.9.13.

The obligated subjects may not apply the provisions established in the last paragraph of point 2.3.2.2. regarding charges and commissions for evaluation, granting and administration of financings.

7.9. As long as these provisions are not in force, those in force in this matter as of 19.7.13 are fully applicable.

7.10. The prior authorization regime referred to in point 2.5. shall be applicable as of 11.6.14, both with respect to new information to the Central Bank related to increases in commissions and/or charges and with respect to information to this Institution corresponding to increases that have not yet been communicated to users of financial services until the aforementioned date.

Increases in commissions of financial products and/or services considered “basic” with respect to those in force during the year 2013 -considered as a whole and as a difference of average annual values- higher than the level determined by this Institution shall not be authorized, regardless of the number of revisions made in the period.

7.11. The provisions of point 2.3.5.1. shall be applicable to non-compliances detected as of 1.1.16 and as long as they are not time-barred in accordance with the legislation applicable in each case.

7.12. Financial institutions that have collected in any form from the user of financial services amounts for any of the concepts detailed in point 2.3.5.1., whether or not they have been paid or reimbursed, in accordance with the procedures provided in the aforementioned rules, must report such deviations to the Superintendence of Financial and Exchange Entities on a quarterly basis, starting from the quarter ending 31.3.16, through the informative regime that is established in due course.

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B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “PROTECTION OF USERS OF FINANCIAL SERVICES”

CONSOLIDATED TEXT SOURCE RULE
Section Point Paragraph Com. Point Paragraph
OBSERVATIONS
1.1. “A” 5388
1.1.1. “A” 5388
1.1.2. “A” 5388
1.1.2.1. “A” 2467 2nd S/Com. “A” 4378 and 5388.
1.1.2.2. “A” 5388
1.1.2.3. “A” 4378 S/Com. “A” 5388.
1.1.2.4. “A” 5388
1st “A” 90 sole S/Com. “A” 4378 and 5388.
1.
1.2.
2nd “A” 2900 1. 2nd S/Com. “A” 5388.
2.1. “A” 5388 S/Com. “A” 5460.
2.2. “A” 5388 S/Com. “A” 5460.
2.2.1. “A” 5388 S/Com. “A” 5460.
2.2.2. “A” 5388 S/Com. “A” 5460.
2.2.3. last “A” 5388 S/Com. “A” 5460.
2.2.3.1. “A” 5388 S/Com. “A” 5460.
2.2.3.2. “A” 5388 S/Com. “A” 5460.
2.2.3.3. 1st “A” 5388 S/Com. “A” 5460.
2nd “A” 5388 S/Com. “A” 5460.
2.2.3.4. “A” 5388 S/Com. “A” 5460.
2.3. “A” 5388 S/Com. “A” 5460.
2.3.1. “A” 5460
2.3.2. “A” 5460 S/Com. “A” 5795 and 5823.
2.3.3. “A” 5460
2.3.4. “A” 5460
2.3.5. “A” 5460 S/Com. “A” 5849.
2.3.6. “A” 5460
2.3.7. “A” 5460
2.3.8. “A” 5460
2.3.9. “A” 5460
2.3.10. “A” 5460
2.3.11. “A” 5460 S/Com. “A” 5795 and 5828.
2.4. 1st “A” 5388 S/Com. “A” 5460.
2.4.1. “A” 5388 S/Com. “A” 5460.
2.4.2. “A” 5388 S/Com. “A” 5460 and 5684.
2.5. “A” 5388 S/Com. “A” 5460, 5498, 5591 and 5685.
2.
2.6. “A” 5460
1st “A” 5388 S/Com. “A” 5460.
3.1. “A” 5388 S/Com. “A” 5460.
1st “A” 2467 S/Com. “A” 4378, 5388 and 5460.
2nd “A” 2467 S/Com. “A” 4378, 5388 and 5460.
3.1.1.
3rd “A” 4378 2nd S/Com. “A” 5388 and 5460.
1st “A” 4378 2nd S/Com. “A” 4429, 5388 and 5460.
3.
3.1.1.1.
2nd “A” 4378 2nd S/Com. “A” 5388 and 5460.

PROTECTION OF USERS OF FINANCIAL SERVICES

						OBSERVATIONS
ORDERED TEXT			SOURCE STANDARD
Section	Point	Paragraph	Com.	Point	Paragraph
	5.5.1.2.		"A" 5591
	5.5.1.3.		"A" 5591
	5.5.1.4.		"A" 5591
	5.5.1.5.		"A" 5591
	5.5.1.6.		"A" 5591
	5.5.1.7.		"A" 5591
	5.5.1.8.		"A" 5591
	5.5.2.		"A" 5591
	5.5.2.1.		"A" 5591
	5.5.2.2.		"A" 5591
5.	5.5.2.3.		"A" 5591
6.			"A" 4378	2°		S/Com. "A" 4429 and 5388.
	7.1.		"A" 5388			S/Com. "A" 5460.
	7.2.		"A" 5388			S/Com. "A" 5460.
	7.3.		"A" 5388			S/Com. "A" 5460.
	7.4.		"A" 5388			S/Com. "A" 5460.
	7.5.		"A" 5460
	7.6.		"A" 5388			S/Com. "A" 5460.
	7.7.		"A" 5388			S/Com. "A" 5460.
	7.8.		"A" 5514			S/Com. "A" 5551.
	7.9.		“A” 5388			S/Com. “A” 5460.
	7.10.	1°	“A” 5591	2.
		2°		3.
7.	7.11.		“A” 5849	7.
	7.12.		“A” 5849	8.

B.C.R.A.
CONSOLIDATED TEXT OF THE RULES ON
“EFECTIVO MÍNIMO”

-Index-

Section 1. Requirement.

1.1. Obligations included.

1.2. Base of application.

1.3. Minimum cash.

1.4. Residual term.

1.5. Reduction of the requirement on average in pesos.

1.6. Reduction of the requirement on average in US dollars.

1.7. Specific increases in the requirement due to concentration of liabilities.

1.8. Transfers.

1.9. Shortfall in the application of foreign currency funds.

1.10. Increase in the requirement for noncompliance with the rules on “Line of credit for productive investment”.

Section 2. Integration.

2.1. Eligible items.

2.2. Computation.

2.3. Minimum daily integration.

2.4. Remuneration of the balances of peso accounts opened at the Central Bank.

2.5. Remuneration of the balances of foreign currency accounts opened at the Central Bank.

Section 3. Noncompliance.

3.1. Charge.

3.2. Compliance programs.

3.3. Regularization and restructuring plans.

Section 4. Base for compliance with the rules.

4.1. Individual base.

Section 5. Responsible parties and sanctions.

5.1. Responsible parties for liquidity policy.

5.2. Responsibilities.

5.3. Sanctions.

Section 6. Transitional provisions.

Correlation table.

Version: 32nd. COMMUNICATION “A” 5849
Effective date:
01/01/2016
Page 1

MINIMUM CASH B.C.R.A.
Section 1. Requirement.

The shortfall in the application of the 2014 Quota verified -as of 1.7.14 or 1.1.15, as the case may be, when it is the first tranche and as of 1.1.15 or 1.7.15, as the case may be, when it is the second tranche- shall be computed for an equivalent amount in the calculation of the minimum cash requirement on average in pesos, as from those dates and for 24 months.

Noncompliance with the provisions of the second paragraph of point 3.5.3.2. of the rules on “Line of credit for productive investment” (register as of 30.9.14 agreements for at least 50% of the total amount of the second tranche of the 2014 Quota and at least 50% to MSMEs) shall generate an increase in the minimum cash requirement on average in pesos for an equivalent amount as from the day following its verification (1.10.14) for 3 months.

Noncompliance with the provisions of the third paragraph of point 3.5.4.1. of the rules on “Line of credit for productive investment” (register as of 31.3.15 agreements for at least 30% of the total amount of the first tranche of the 2015 Quota) shall generate an increase in the minimum cash requirement on average in pesos for an equivalent amount as from the day following its verification (1.4.15) for 3 months.

Noncompliance with the provisions of the third paragraph of point 3.5.4.2. of the rules on “Line of credit for productive investment” (register as of 30.9.15 agreements for at least 30% of the total amount of the second tranche of the 2015 Quota) shall generate an increase in the minimum cash requirement on average in pesos for an equivalent amount as from the day following its verification (1.10.15) for 3 months.

The shortfall in the application of the second tranche of the 2015 Quota verified -as of 1.4.16 or 1.7.16, as the case may be-, shall be computed for an equivalent amount in the calculation of the minimum cash requirement on average in pesos, as from those dates and for 24 months.

This, without prejudice to the provisions of point 8.3. of the rules on “Line of credit for productive investment”.

Version: 5th. COMMUNICATION “A” 5849
Effective:
01/01/2016
Page 13

CENTRAL BANK OF THE ARGENTINE REPUBLIC

MINIMUM CASH

CONSOLIDATED TEXT			SOURCE RULE				OBSERVATIONS
Sec.	Point	Para.	Comm.	Annex	Sec.	Point	Para.
1.	1.3.9.		“A” 3498	sole	1.	1.3.12.	According to Comm. “A” 3905, 3917, 3967, 4032, 4179, 4276, 4449, 4549, 4851, 5356, 5534, 5555 and 5569.
	1.3.10.		“A” 3549			1.
	1.3.11.		“A” 3549			1.	According to Comm. “A” 4179, 4388, 4549, 4851, 5356, 5534, 5555 and 5569.
	1.3.12.		“A” 4179			2.	According to Comm. “A” 4406, 4449, 4707, 4851, 5356, 5534, 5555 and 5569.
	1.3.13.		“A” 4360			2.	According to Comm. “A” 5356.
	1.3.14.		“A” 4754			6.	According to Comm. “A” 5356.
	1.4.		“A” 3905			3.	According to Comm. “A” 4179, 4449, 4473, 5671 and 5740. Includes interpretive clarification.
	1.5.		“A” 5356			2.	According to Comm. “A” 5471.
	1.5.1.		“A” 5356			2.	According to Comm. “A” 5471 and 5623.
	1.5.2.		“A” 5471			1.	According to Comm. “A” 5623.
	1.5.3.		“A” 5623			2.
	1.5.4.		“A” 5524
	1.5.5.		“A” 5631			1.	According to Com. “A” 5638.
	1.5.	last	“A” 5623			4.	According to Com. “A” 5631.
	1.6.		“A” 5534				According to Com. “A” 5569.
	1.7.		“A” 3274	II	1.	1.5.	According to Com. “A” 3498.
	1.8.		“A” 3274	II	1.	1.6.
	1.8.1.		“A” 3274	II	1.	1.6.1.	According to Com. “A” 4405 and 4449.
	1.8.2.		“A” 3274	II	1.	1.6.2.	According to Com. “A” 3304 and 4449.
	1.9.		“A” 3498	sole	1.	1.8.	According to Com. “A” 4147.
	1.10.		“A” 5380				According to Com. “A” 5449, 5516, 5600, 5654 and 5771. Includes interpretive clarification.
2.	2.1.		“A” 3274	II	2.	2.1.	According to Com. “A” 3498, 3597, 4716 (interpretive clarification), 4815 and “B” 9186.
	2.1.1.		“A” 3274	II	2.	2.1.2.	According to Com. “A” 3304, 3498, 4016 and 4147.
	2.1.2.		“A” 3498	sole	2.	2.1.3.	According to Com. “A” 4147.
	2.1.3.		“A” 3274	II	2.	2.1.3.	According to Com. “A” 3498, 4147, 4276 and 5194.
	2.1.4.		“A” 3274	II	2.	2.1.4.
	2.1.5.		“A” 4016			1.
	2.1.6.		“A” 4716		2.		According to Com. “B” 9186.
	2.2.		“A” 3274	II	2.	2.2.	According to Com. “A” 3498, 4449, 4716 and 5299.