BANCO CENTRAL DE LA REPÚBLICA ARGENTINA

COMUNICACIÓN “A” 3674 26/07/2002

TO FINANCIAL ENTITIES:

Ref.: Circular LISOL 1 - 385

Minimum Application of Resources from Peso Demand and Time Obligations.

Treatment of the “National Government 9% Bond - Maturity 2002”

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

“1. Incorporate into the regulations on “Minimum Application of Resources from Peso Demand and Time Obligations” the following point:

4.1. Transitional Provisions.

Starting from 1.8.02, up to the amount of “National Government 9% Bonds - Maturity 2002” allocated for compliance with the minimum application corresponding to the July 2002 average, will be admitted as a computable destination.

Its computation will be permitted for twelve consecutive months, according to the following schedule:

in the first six months, 100% of the said amount may be considered,
in the following five months, it will decrease at a rate of 15% of said amount per period, and
in the last month, the application will be equivalent to 25% of the original amount.

Finally, it is clarified that this application will not be admitted for the purpose of covering the requirement established in point 1.3.10. of Section 1. regarding fixed-term deposits with “CER” clause.”

Repeal, effective from 1.8.02, point 2.1.2. of Section 2. of the regulations on “Minimum Application of Resources from Peso Demand and Time Obligations.””

We send you attached the sheets that should replace the respective text in the ordered text of the regulations on “Minimum Application of Resources from Peso Demand and Time Obligations”.

We salute you very respectfully.

BANCO CENTRAL DE LA REPUBLICA ARGENTINA

Ana María Lemmi
Submanager of Issuance of Norms

José I. Rutman
Main Manager of
Norms and Authorizations

ANNEX

B.C.R.A.

ORDERED TEXT OF THE REGULATIONS ON MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME OBLIGATIONS IN PESOS.

Version: 3rd. Communication “A” 3674 Validity: 01/08/2002

-Index

Section 1. Scope.
1.1. Obligations included.
1.2. Application base.
1.3. Requirements.

Section 2. Application.
2.1. Destinations.

Section 3. Application defects.
3.1. Determination.

Section 4. Transitional Provisions.

MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME OBLIGATIONS IN PESOS

B.C.R.A.

Section 2. Application.

Version: 3rd. Communication “A” 3674 Validity: 01/08/2002

2.1. Destinations.

2.1.1. Credits acquired, participation certificates, or debt titles issued by financial trusts, and sums contributed in any other way for any of these destinations in operations formalized or to be formalized from 26.11.98, on the occasion of the restructuring of financial entities within the framework of article 35 bis of the Financial Entities Law, including any unpaid balances of participation certificates or debt titles of those trusts subscribed until 31.1.01.

2.1.2. Letters of the Central Bank of the Republic Argentina in pesos adjustable by the Reference Stabilization Coefficient (“CER”), acquired in auctions or through secondary negotiation.

This application must be equivalent to the amount resulting from the requirement established in point 1.3.10. of Section 1. regarding fixed-term deposits with “CER” clause and will only be admitted for that purpose.

MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME OBLIGATIONS IN PESOS

B.C.R.A.

Section 3. Application defects.

Version: 3rd. Communication “A” 3674 Validity: 01/08/2002

3.1. Determination.

The application defect of resources determined in a month will be computed for an equivalent amount in the calculation of the minimum cash requirement in pesos of that same period, without any other consequence.

MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME OBLIGATIONS IN PESOS

B.C.R.A.

Section 4. Transitional Provisions.

Version: 1st. Communication “A” 3674 Validity: 01/08/2002

4.1. Starting from 1.8.02, up to the amount of “National Government 9% Bonds - Maturity 2002” allocated for compliance with the minimum application corresponding to the July 2002 average, will be admitted as a computable destination.

Its computation will be permitted for twelve consecutive months, according to the following schedule:

in the first six months, 100% of the said amount may be considered,
in the following five months, it will decrease at a rate of 15% of said amount per period, and
in the last month, the application will be equivalent to 25% of the original amount.

B.C.R.A.

ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE REGULATIONS ON “MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME OBLIGATIONS IN PESOS”

ORDERED TEXT	ORIGIN NORM	OBSERVATIONS
Sec.	Point	Par.	Com.	Annex	Sec.	Point	Par.
1.1.	“A” 3598	único	1.	1.1.	According to Com. “A” 3660.
1.	1.2.	“A” 3598	único	1.	1.2.
1.3.	“A” 3598	único	1.	1.3.	According to Com. “A” 3660.
2.1.	“A” 3598	único	2.	2.1.
2.	2.1.1.	“A” 3598	único	2.	2.1.1.
2.1.2.	“A” 3660
3.	3.1.	“A” 3598	único	3.	3.1.
4.	4.1.	“A” 3674