Minimum Application of Resources from Demand and Time Peso Obligations. Treatment of National Government 9% Bonds Maturing 2002

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 3698 21/08/2002
TO FINANCIAL ENTITIES:
Ref.: Circular
OPRAC 1 - 535
Minimum Application of Resources from
Demand and Time Peso Obligations.
Treatment of "National Government 9% Bonds - Maturing 2002".

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

"- Substitute point 4.1. of the rules on "Minimum Application of Resources from Demand and Time Peso Obligations", with the following:

"4.1. Transitional Provisions.
From August 2002, it will be admitted to deduct from the requirement determined for the concepts included in points 1.3.1. to 1.3.9. of Section 1., the amount of the "National Government 9% Bonds - Maturing 2002" computed for compliance with the minimum application corresponding to the average of June 2002, without exceeding the resulting requirement.

That deduction will be allowed for twelve consecutive months, according to the following schedule:

• in the first six months, 100% of the said amount may be considered.
• in each of the following five months, it will decrease at a rate of 15% of said amount, cumulatively.
• in the last month, the deduction will be equivalent to 25% of the original amount."

We send you attached the sheets that, in replacement of those previously provided, should be incorporated into the ordered text of the rules on "Minimum Application of Resources from Demand and Time Peso Obligations".

We salute you very attentively.
BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Alfredo A. Besio José Rutman
Manager of Issuance Principal Manager of of Rules Rules and Authorizations

ANNEX

MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME B.C.R.A. PESO OBLIGATIONS
Section 4. Transitional Provisions.
Version: 2nd COMMUNICATION "A" 3698
Validity:
21/08/2002

4.1. From August 2002, it will be admitted to deduct from the requirement determined for the concepts included in points 1.3.1. to 1.3.9. of Section 1., the amount of the "National Government 9% Bonds - Maturing 2002" computed for compliance with the minimum application corresponding to the average of June 2002, without exceeding the resulting requirement.

That deduction will be allowed for twelve consecutive months, according to the following schedule:

• in the first six months, 100% of the said amount may be considered.
• in each of the following five months, it will decrease at a rate of 15% of said amount, cumulatively.
• in the last month, the deduction will be equivalent to 25% of the original amount.

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE RULES ON "MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME PESO OBLIGATIONS" ORDERED TEXT ORIGIN RULE OBSERVATIONS Sec. Point Para. Com. Annex Sec. Point Para.
1.1. "A" 3598 unique 1. 1.1. According to Comm. "A" 3660.

1. 1.2. "A" 3598 unique 1. 1.2.
   1.3. "A" 3598 unique 1. 1.3. According to Comm. "A" 3660.
   2.1. "A" 3598 unique 2. 2.1.
2. 2.1.1. "A" 3598 unique 2. 2.1.1.
   2.1.2. "A" 3660
3. 3.1. "A" 3598 unique 3. 3.1.
4. 4.1. "A" 3674 According to Comm. "A" 3698.