Minimum Capital of Financial Entities, Minimum Cash and Minimum Application of Resources from Demand and Time Liabilities in Pesos. Update

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 3925 15/04/2003
TO FINANCIAL ENTITIES:
Ref.: Circular
LISOL 1 - 396
OPRAC 1 - 556
REMON 1 - 777
Minimum Capital of Financial Entities,
Minimum Cash and Minimum Application of Resources from Demand and Time Liabilities in Pesos. Update ______ We address you in order to incorporate into the reference regulations the provisions of the resolutions disseminated through Communications "A" 3911 and 3917. Likewise, it is specified that all deposits included in the "Deposit Rescheduling Regime" are subject to the requirements contemplated in point 1.3.8. of Section 1. of the regulations on "Minimum Cash" and "Minimum Application of Resources from Demand and Time Liabilities in Pesos". On the other hand, it is clarified that the holding of Letters of the Central Bank of the Argentine Republic "LEBAC" is subject to the risk weighter of 0% -point 2.1. of Section 4. of the regulations on "Minimum Capital of Financial Entities"- and point 3.1.1.1. of that section is updated. Consequently, we accompany you with the sheets that correspond to be added and/or replaced in the cited regulations. We salute you very attentively. BANCO CENTRAL DE LA REPUBLICA ARGENTINA Alfredo A. Besio José Rutman Manager of Emission Principal Manager of Norms of Norms

ANEXO

B.C.R.A. ORDERED TEXT OF THE REGULATIONS ON "MINIMUM CASH" Version: 12th. COMMUNICATION "A" 3925 Validity:
01/04/2003
-Index
Section 1. Requirement.
1.1. Obligations included.
1.2. Application base.
1.3. Minimum cash.
1.4. Residual term.
1.5. Point increases in requirement due to liability concentration.
1.6. Transfers.
1.7. Defect of application of resources in foreign currency.
1.8. Defect of application of resources in pesos.
Section 2. Integration.
2.1. Admitted concepts.
2.2. Computation.
2.3. Minimum daily integration.
Section 3. Non-compliance.
3.1. Charge.
3.2. Classification programs.
3.3. Regularization and sanitation plans.
Section 4. Base for observance of the regulations.
4.1. Individual base.
Section 5. Responsible parties and sanctions.
5.1. Responsible for liquidity policy.
5.2. Responsibilities.
5.3. Sanctions.
Section 6. Transitional provisions.
6.1. Amount deductible from the requirement.
6.2. Minimum daily integration of minimum cash in foreign currency.
6.3. Bimonthly position.

MINIMUM CASH
B.C.R.A.
Section 1. Requirement.
Version: 13th. COMMUNICATION "A" 3925
Validity:
01/04/2003
1.3. Minimum cash.
The minimum cash amounts resulting from applying the following rates shall be integrated:
Concept Rate in %
1.3.1. Checking account deposits. 18
1.3.2. Savings account deposits. 18
1.3.3. Pupil usuries, special accounts for closed circles,
"Unemployment fund for construction industry workers", "Payment of remuneration", special checking accounts for legal entities and savings provident fund. 18
1.3.4. Other deposits and demand liabilities, pension benefits credited by
ANSES pending cashing and immobilized balances corresponding to obligations included in these regulations. 18
1.3.5. Unused balances of formalized checking account advances. 18
1.3.6. Demand placements -whatever the form of imposition- that, as a
minimum, must constitute the credit of the common investment funds (in accordance with what is provided in the Norms of the National Securities Commission). 100
1.3.7. Deposits in checking accounts of non-bank financial entities,
computable for the integration of their minimum cash. 100
1.3.8. Time deposits, obligations for "acceptances"
-including liabilities for sale or assignment of credits to subjects other than financial entities-, passive repos, guarantees and passive stock market repos, investments at constant term, with option for early cancellation or for renewal for a determined term and with variable remuneration, and other time liabilities, with the exception of the deposits included in points 1.3.11. and 1.3.13., according to their residual term:
i) Up to 29 days. 11 ii) From 30 to 59 days. 8 iii) From 60 to 89 days. 7 iv) From 90 to 179 days. 5 v) From 180 to 365 days. 3 vi) More than 365 days. 0

MINIMUM CASH
B.C.R.A.
Section 1. Requirement.
Version: 14th. COMMUNICATION "A" 3925
Validity:
01/04/2003
Deposits with "CER" clause and those included in the "Deposit Rescheduling Regime" are included in this point -without excluding those reached according to their point 6.5., in their entirety or partially if applicable based on the nature of the judicial decision-.
1.3.9. Obligations for foreign financial lines, whatever their instrumentality. 0
1.3.10. Debt securities (including negotiable obligations).
a) Debt issued from 1.1.02, including those from restructured obligations, according to their residual term:
i) Up to 29 days. 11 ii) From 30 to 59 days. 8 iii) From 60 to 89 days. 7 iv) From 90 to 179 days. 5 v) From 180 to 365 days. 3 vi) More than 365 days. 0 b) Others. 0
1.3.11. Time deposits in US dollars payable in pesos. (Validity: 25.03.02) 0
1.3.12. Obligations with the Fiduciary Fund for Assistance to Financial and Insurance Entities. 0
1.3.13. Demand and time deposits made by order of
Justice with funds originated in the cases in which it intervenes, and their immobilized balances. 10
1.3.14. Special accounts in US dollars intended for
deposit of the guarantees required in the operations of futures and options that are processed in the self-regulated markets subject to the control of the National Securities Commission. 100
1.3.15. Special demand accounts in foreign currency. 100
1.4. Residual term.
1.4.1. Determination.

MINIMUM CASH B.C.R.A.
Section 6. Transitional provisions.
Version: 3rd. COMMUNICATION "A" 3925
Validity:
01/04/2003
6.1. Amount deductible from the requirement.
The deduction of the minimum cash requirement in pesos will be admitted, in the proportions indicated below for the periods indicated, applicable on the theoretical deficiency of integration or the increase in the deficiency, as appropriate, that would arise from recalculating the November 2002 position with the rates in effect for the December-January period. Position % December 2002/January 2003 80 February 2003 60 March 2003 30 From April 2003 0
6.2. Minimum daily integration of minimum cash in foreign currency.
Cash in foreign currency may be computed in entities, in transit and in cash transporters (validity 1.4.02).
6.3. Bimonthly position.
For the April/May 2003 period, the requirement and integration of minimum cash will be observed on the average resulting from dividing the sum of the daily balances of the included concepts registered during that period by the total number of days in the bimonth. Without prejudice to this, for the purpose of determining the requirements in April and May 2003 on time deposits, as established in point 1.4.2. of Section 1. of the regulations on "Minimum Cash", the residual term structures of March and April 2003, respectively, will be considered. Regarding the aforementioned bimonthly position, the provisions in effect generally on the transfer of requirement referred to in point 1.6. of Section 1. of the regulations on "Minimum Cash" apply.

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE REGULATIONS ON MINIMUM CASH ORDERED TEXT ORIGINATING NORM OBSERVATIONS Sec. Point Para. Com. Annex Sec. Point Para.
1.1. "A" 3274 II 1. 1.1.
1.1.1. "A" 3274 II 1. 1.1.1. According to Com. "A" 3498.
1.1.2. "A" 3274 II 1. 1.1.2. According to Com. "A" 3597.
1.1.3. "A" 3274 II 1. 1.1.3. According to Com. "A" 3498 and
3905
1.2. "A" 3274 II 1. 1.2. According to Com. "A" 3304, "A"
3498 and "A" 3597.
1.3. "A" 3274 II 1. 1.3.
1.3.1. "A" 3274 II 1. 1.3.1. According to Com. "A" 3338, "A"
3417, "A" 3498, "A" 3597 and
"A" 3917.
1.3.2. "A" 3274 II 1. 1.3.2. According to Com. "A" 3338, "A"
3417, "A" 3498, "A" 3597 and
"A" 3917.
1.3.3. "A" 3274 II 1. 1.3.3. According to Com. "A" 3338,
3399, "A" 3417, "A" 3498,
"A" 3597, "A" 3824 and "A"
3917.
1.3.4. "A" 3274 II 1. 1.3.4. According to Com. "A" 3338, "A"
3417, "A" 3498, "A" 3597 and
"A" 3917.
1.3.5. "A" 3274 II 1. 1.3.5. According to Com. "A" 3338, "A"
3417, "A" 3498, "A" 3597 and
"A" 3917.
1.3.6. "A" 3274 II 1. 1.3.6. According to Com. "A" 3365 and
"A" 3498.
1.3.7. "A" 3274 II 1. 1.3.7.
1.3.8. "A" 3498 unique 1. 1.3.8. According to Com. "A" 3506 -
pt. 2.-, 3549, 3732, 3824,
3905, 3917 and 3925.
1.3.9. "A" 3498 unique 1. 1.3.11. According to Com. "A" 3597 and
3732.
1.3.10. "A" 3498 unique 1. 1.3.12. According to Com. "A" 3905 and
"A" 3917.
1.3.11. "A" 3527 3.
1.3.12. "A" 3549 1.
1.3.13. "A" 3549 1.
1.3.14. "A" 3566 5.
1.3.15. "A" 3583 3.
1.4. "A" 3905 3.
1.5. "A" 3274 II 1. 1.5. According to Com. "A" 3498.
1.6. "A" 3274 II 1. 1.6.
1.6.1. "A" 3274 II 1. 1.6.1.
1.6.2. "A" 3274 II 1. 1.6.2. According to Com. "A" 3304.
1.7. "A" 3498 unique 1. 1.8.
1.
1.8. "A" 3597 1. According to Com. "A" 3660.

MINIMUM CASH
ORDERED TEXT ORIGINATING NORM OBSERVATIONS
Sec. Point Para. Com. Annex Sec. Point Para.
2.1. "A" 3274 II 2. 2.1. According to Com. "A" 3498 and
"A" 3597.
2.1.1. "A" 3274 II 2. 2.1.1. According to Com. "A" 3304.
2.1.2. "A" 3274 II 2. 2.1.2. According to Com. "A" 3304 and
"A" 3498.
2.1.3. "A" 3498 unique 2. 2.1.3.
2.1.4. "A" 3274 II 2. 2.1.3. According to Com. "A" 3498.
2.1.5. "A" 3274 II 2. 2.1.4.
2.1.6. "A" 3311
2.1.7. "A" 3498 unique 2. 2.1.7.
2.2. "A" 3274 II 2. 2.2. According to Com. "A" 3498
2.
2.3. "A" 3365 2. According to Com. "A" 3387,
3470, "A" 3498, "A" 3549,
"A" 3597, "A" 3732 and 3824.
3.1. "A" 3274 II 3. 3.1.
3.1.1. "A" 3274 II 3. 3.1.1. According to Com. "A" 3326,
3365, "A" 3498, "A" 3549 and
3905.
3.1.2. "A" 3274 II 3. 3.1.2.
3.1.3. "A" 3274 II 3. 3.1.3. According to Com. "A" 3326.
3.1.4. "A" 3274 II 3. 3.1.4.
3.2. "A" 3274 II 3. 3.2.
3.2.1. "A" 3274 II 3. 3.2.2.1.
3.2.2. "A" 3274 II 3. 3.2.2.2.
3.3. "A" 3274 II 3. 3.3. According to Com. "A" 3498.
3.3.1. "A" 3274 II 3. 3.3.1.
3.
3.3.2. "A" 3274 II 3. 3.3.2.
4. 4.1. "A" 3274 II 4. 4.1.
5.1. "A" 3274 II 5. 5.1. According to Com. "A" 3498.
5.2 "A" 3905 5.
5.
5.3 "A" 3905 5.
6.1. "A" 3824
6.2. "A" 3824
6.
6.3. "A" 3917 1.

B.C.R.A.
ORDERED TEXT OF THE REGULATIONS ON MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME LIABILITIES IN PESOS Version: 5th. COMMUNICATION "A" 3925 Validity:
01/04/2003
-Index
Section 1. Scope.
1.1. Obligations included.
1.2. Application base.
1.3. Requirements.
1.4. Residual term.
Section 2. Application.
2.1. Destinations.
Section 3. Defects of application.
3.1. Determination.
Section 4. Transitional provisions.
4.1. Computation of "Government Bonds 9% - maturity 2002".
4.2. Bimonthly position.

MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME LIABILITIES B.C.R.A. IN PESOS
Section 1. Scope.
Version: 5th. COMMUNICATION "A" 3925
Validity:
01/04/2003
1.1.2.3. Obligations with banks abroad -including parent companies and controlling entities of local entities and their branches- for lines that have as destination the financing of foreign trade operations.
1.1.2.4. Obligations for spot purchases to be settled and forward.
1.1.2.5. Spot sales to be settled and forward, linked or not to active repos.
1.1.2.6. Demand liabilities for drafts and transfers from abroad pending
payment and for correspondent operations abroad.
1.1.3. Computation.
The included obligations will be computed by the balances of capital effectively transacted, including in their case the quotation differences (positive or negative) and, in the case of reprogrammed deposit certificates "CEDROS", the amount accrued by applying the "Reference Stabilization Coefficient".
1.2. Application base.
The requirement will be applied on the monthly average of the daily balances of the included obligations, registered at the close of each day during each calendar month. The averages will be obtained by dividing the sum of the daily balances by the total number of days of each month. The days on which no movement is registered must repeat the balance corresponding to the immediate previous business day.
1.3. Requirement.
The requirement amounts resulting from applying the following rates shall be applied:
Concept Rate
In %
1.3.1. Checking account deposits. 17
1.3.2. Savings account deposits. 17
1.3.3. Pupil usuries, special accounts for closed circles,
"Unemployment fund for construction industry workers", "Payment of remuneration", special checking accounts for legal entities and savings provident fund. 17

MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME LIABILITIES TO THE B.C.R.A. DEMAND AND TIME LIABILITIES IN PESOS
Section 1. Scope.
Version: 7th. COMMUNICATION "A" 3925
Validity:
01/04/2003
1.3.4. Other deposits and demand liabilities, pension benefits credited by ANSES pending cashing and immobilized balances
corresponding to obligations included in these regulations. 17
1.3.5. Unused balances of formalized checking account advances. 17
1.3.6. Demand placements -whatever the form of imposition- that, as a
minimum, must constitute the credit of the common investment funds (in accordance with what is provided in the Norms of the National Securities Commission). 0
1.3.7. Deposits in checking accounts of non-bank financial entities,
computable for the integration of their minimum cash. 0
1.3.8. Time deposits, obligations for "acceptances" -including liabilities for sale or assignment of credits to subjects other than financial entities-, passive repos, guarantees and passive stock market repos,
investments at constant term, with option for early cancellation or for renewal for a determined term and with variable remuneration, and other time liabilities, according to their residual term:
i) Up to 89 days. 11 ii) More than 89 days. 0 Deposits with "CER" clause and those included in the "Deposit Rescheduling Regime" are included in this point -without excluding those reached according to their point 6.5., in their entirety or partially if applicable based on the nature of the judicial decision-.
1.3.9. Obligations for foreign financial lines, whatever their instrumentality. 0
1.3.10. Demand and time deposits made by order of Justice with
funds originated in the cases in which it intervenes, and their immobilized balances. 0
1.3.11. Debt securities (including negotiable obligations).
a) Debt issued from 1.1.02, including those from restructured obligations, according to their residual term:
i) Up to 89 days. 11 ii) More than 89 days. 0 b) Others. 0
1.3.12. Obligations with the Fiduciary Fund for Assistance to Financial and Insurance Entities. 0
1.4 Residual term.
The computation of the residual terms of the included obligations will be carried out in accordance with what is established in point 1.4. of Section 1. of the regulations on "Minimum Cash".

MINIMUM APPLICATION OF RESOURCES FROM DEMAND AND TIME LIABILITIES TO THE B.C.R.A. DEMAND AND TIME LIABILITIES IN PESOS
Section 4. Transitional provisions.
Version: 6th. COMMUNICATION "A" 3925
Validity:
01/04/2003
4.1. Computation of "Government Bonds 9% - maturity 2002".
From August 2002, it will be admitted to deduct from the requirement determined for the concepts included in point 1.3. of Section 1., the amount of the "Government Bonds 9% - maturity 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 by 15% of said amount, cumulatively.
• in the last month, the deduction will be equivalent to 25% of the original amount.
  4.2. Bimonthly position.
  For the April/May 2003 period, the requirement and integration will be observed on the average resulting from dividing the sum of the daily balances of the included concepts registered during that period by the total number of days in the bimonth, taking into account what is established in the second paragraph of point 6.3. of Section 6. of the regulations on "Minimum Cash".

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 LIABILITIES IN PESOS" ORDERED TEXT ORIGINATING NORM OBSERVATIONS Sec. Point Para. Com. Annex Sec. Point Para.
1.1. "A" 3598 unique 1. 1.1.
1.1.1. "A" 3598 unique 1. 1.1. According to Com. "A" 3660,
3732 and 3824.
1.1.2. "A" 3598 unique 1. 1.1.
1.1.3. "A" 3598 unique 1. 1.1. According to Com. "A" 3905.
1.2. "A" 3598 unique 1. 1.2.
1.3. "A" 3598 unique 1. 1.3.
1.3.1. "A" 3598 unique 1. 1.3. According to Com. "A" 3917.
1.3.2. "A" 3598 unique 1. 1.3. According to Com. "A" 3917.
1.3.3. "A" 3598 unique 1. 1.3. According to Com. "A" 3824
and "A" 3917.
1.3.4. "A" 3598 unique 1. 1.3. According to Com. "A" 3917.
1.3.5. "A" 3598 unique 1. 1.3. According to Com. "A" 3917.
1.3.6. "A" 3598 unique 1. 1.3.
1.3.7. "A" 3598 unique 1. 1.3.
1.3.8. "A" 3732 5. According to Com. "A" 3824,
3905, "A" 3917 and "A"
3925.
1.3.9. "A" 3598 unique 1. 1.3. According to Com. "A" 3732.
1.3.10. "A" 3598 unique 1. 1.3. According to Com. "A" 3824.
1.3.11. "A" 3824 According to Com. "A" 3905
and "A" 3917.
1.3.12. "A" 3824
1.
1.4. "A" 3905
2.1. "A" 3598 unique 2. 2.1.
2.1.1. "A" 3598 unique 2. 2.1.1.
2.
2.1.2. "A" 3660 According to Com. "A" 3732,
"A" 3824 and "A" 3883.
3. 3.1. "A" 3598 unique 3. 3.1.
4.1. "A" 3674 According to Com. "A" 3698,
3732, "A" 3824 and "A"
3883.
4.
4.2. "A" 3917 2.

MINIMUM CAPITAL OF FINANCIAL ENTITIES
B.C.R.A.
Section 4. Risk weighter table.
Version: 5th. COMMUNICATION "A" 3925
Validity:
01/04/2003
1.4.2. They must be coined or form bars of
"good delivery", counting in this last case with the seal of any of the refining, melting and assaying firms and former assayers and melters included in the list made known by the B.C.R.A.
1.5. Other checking accounts, correspondent accounts and other
demand accounts in banks in the country and in banks abroad with international risk rating included in the "investment grade" category. 20
2. Public securities.
2.1. Subject to minimum capital requirement for market risk
and Letters of the Central Bank of the Argentine Republic "LEBAC". 0
2.2. Others from the country.
2.2.1. From provincial, municipal and City of Buenos Aires governments, including their companies -whatever the legal nature-, whose issuance does not
count with the express guarantee of the National Government or of resources from the federal tax coparticipation or the Federal Housing System (Law 24.464), through the assignment (direct or indirect) of the corresponding rights, with the pertinent intervention of the Ministry of Economy of the Nation. 100
2.2.2. From National Government companies that do not have their express guarantee. 50
2.3. Bonds of agencies or departments of central governments of countries members of the Organization for Economic Cooperation and
Development (O.E.C.D.) that have an international risk rating of "A" or higher. 20
3. Loans.
3.1. To the non-financial private sector.
3.1.1. With preferred guarantees.
3.1.1.1. In cash (in pesos, US dollars, Swiss francs,
pounds sterling, yen and euros) and gold. 0

MINIMUM CAPITAL OF FINANCIAL ENTITIES
B.C.R.A.
Section 3. Minimum capital for credit risk.
Version: 4th. COMMUNICATION "A" 3925
Validity:
01/04/2003
3.3.3.4. In the case of guarantees granted locally, there must exist with respect
to them counter-guarantees extended by the parent company or its branches in other countries or by the controlling entity abroad, whose effective operation operates in an unrestricted manner upon simple request of the local branch or subsidiary and in no way immediately to its eventual execution by the beneficiary.
3.4. Computation of assets.
3.4.1. Individual and consolidated monthly base.
The included concepts will be computed on the basis of the monthly averages of daily balances of the month prior to that corresponding to the determination of the requirement (capitals, interests, premiums and quotation differences, as appropriate, net of provisions for uncollectible risks and devaluation and of the accumulated depreciations and amortizations attributable to them and other regularization accounts, without deducting the 50% of the minimum required amount of the provision for uncollectible risk on the portfolio corresponding to debtors classified as "in normal situation" or "normal compliance" and the financings that are covered with preferred guarantees "A").
3.4.2. Quarterly consolidated base.
The balances at the close of the quarter will be considered, applying in the other aspects the corresponding provisions established.
3.5. Risk weighters.
3.5.1. Securities.
The ones established in the corresponding table will be applied.
3.5.2. Criteria for application.
3.5.2.1. In case that the same operation presents attributes subject to different risk weighters, the asset will be weighted by the lowest of them.
3.5.2.2. In case that the included contingent liabilities count
with counter-guarantees, in replacement of the weighting values established for those, the ones fixed for loans with preferred guarantees will be used when these, according to the guarantee received, are lower.
3.5.2.3. When the market value of the guarantees and counter-guarantees received
does not cover the amount of the assistance granted, the coverage defect will be weighted at 100%.

B.C.R.A. MINIMUM CAPITAL OF FINANCIAL ENTITIES ORDERED TEXT ORIGINATING NORM Sec. Point Para. Com. Cap./
Annex
Point Para.
OBSERVATIONS
3. 3.2. "A" 2136 I According to Com. "A" 2541, annex, criteria, d), 2nd paragraph and according to Com.
"A" 3040.
3. 3.3.1. "A" 2136 I According to Com. "A" 2541, annex, criteria, d), 2nd paragraph.
3. 3.3.2. "A" 2287 5.
3. 3.3.3. "A" 2412 In the second paragraph of point
3.3.3.3. incorporates a criterion not given
known generally with anteriority.
3. 3.4.1. "A" 2768 2. Modified by Com. "A" 2948 and
"A" 3911.
3. 3.4.2. "A" 2227 unique 5.2.2. 3rd
3. 3.5.1. "A" 2136 1.1.
3. 3.5.2.1. "A" 2136 I According to Com. "A" 2541, annex, criteria, g).
3. 3.5.2.2. "A" 2136 I According to Com. "A" 2541, annex, criteria, d), 1st paragraph.
3. 3.5.2.3. "A" 2136 I According to Com. "A" 2541, annex, criteria, b).
3. 3.5.2.4. 1st "A" 2136 I According to Com. "A" 2541, annex, criteria, c).
3. 3.5.2.4. last Incorporates interpretative clarification.
3. 3.5.2.5. "A" 2136 I According to Com. "A" 2541, annex, criteria, i).
3. 3.5.2.6. "A" 2249
3. 3.5.2.7. "A" 2136 I According to Com. "A" 2541, annex, criteria, k).
3. 3.6.1. "A" 2136 1.1. According to Com. "A" 3040 and "A" 3307.
3. 3.6.2.1. "A" 1874 antepenultimate
According to Com. "A" 3133.
3. 3.6.2.2. "A" 2417 antepe3. 3.6.2.3. "A" 1992 antepenultimate
3. 3.6.2.4. "B" 5653
3. 3.6.2.5. "A" 2136 1.1. According to Com. "A" 3040 and "A" 3307.
3. 3.6.2.6. 1st "A" 2145 antepenultimate
According to Com. "A" 3307.
3. 3.6.2.6. last Incorporates interpretative clarification.
3. 3.6.2.7. "A" 2249

B.C.R.A. MINIMUM CAPITAL OF FINANCIAL ENTITIES ORDERED TEXT OF THE ORIGIN NORM Sec. Point Para. Comm. Cap./
Annex
Point
Paragraph OBSERVATIONS
3. 3.6.2.8. “A” 2474 3.1.
4.
2nd Procedural norms on the requirement and integration of minimum capital (point 3.1.4., 2nd paragraph).
3. 3.6.2.9. According to Comm. “A” 3307. Incorporates interpretative clarification.
4. 1.1. a
1.4.
“A” 2136 I According to Comm. “A” 2541, annex. Point 1.1. modified by Comm. “A” 3274 and “A” 3558.
4. 1.4.1. “A” 2192 penultimate
4. 1.4.2. “A” 2290 1st and 2nd
4. 1.5. “A” 2136 I According to Comm. “A” 2541, annex.
4. 2. “A” 2136 I According to Comm. “A” 2541, annex. Modified by the Comms. “A” 2793,
2872, 3039, 3274 and 3925. Point
2.2.1. includes interpretative clarification.
4. 3.1.1.1. a
3.1.1.6.
“A” 2136 I According to Comm. “A” 2541, annex, and “A” 3925.
4. 3.1.1.7. i) and ii) “A” 2136 I According to Comm. “A” 2632, “A” 2939 and
“A” 3314.
4. 3.1.1.7. iii) “A” 2136 I According to Comm. “A” 2541, annex, and “A”
3314.
4. 3.1.1.7. iv) “A” 2939 1. According to Comm. “A” 3314.
4. 3.1.1.7. v) “A” 3314
4. 3.1.1.8. “A” 2136 I According to Comm. “A” 3314.
4. 3.1.1.9. a
3.1.1.11.
“A” 2136 I
4. 3.1.1.12. “A” 2136 I According to Comm. “A” 2541, annex, “A”
3141 and “A” 3314.
4. 3.1.1.13. “A” 3314
4. 3.1.2. “A” 2136 I According to Comm. “A” 2541, annex.
4. 3.2. “A” 2136 I According to Comm. “A” 2541, annex and "A"
3133. Points 3.2.2. to 3.2.5.
include interpretative clarifications.