Minimum capital requirements for financial institutions. Adjustment of the basic requirement based on the jurisdiction where the entity is located. Opening of branches and representative offices abroad. Amendments. Minimum cash. Adjustment

"2008 - Year of the Teaching of Sciences"
CENTRAL BANK OF THE ARGENTINE REPUBLIC
COMMUNICATION "A" 4771 01/02/2008
TO FINANCIAL INSTITUTIONS:
Ref.: Circular
CREFI 2 - 57
LISOL 1 - 482
Minimum capital requirements for financial institutions.
Adjustment of the basic requirement based on the jurisdiction where the entity is located.
Opening of branches and representative offices abroad. Amendments.
Minimum cash. Adjustment
.

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We address you to communicate the pertinent part of the resolution related to the subject of the reference that this Institution adopted:
"1. Replace, with effect from 1.1.08, point 2.1.2. of Section 2. of the rules on "Minimum capital requirements for financial institutions" with the following:
"2.1.2. Categories:
The entities shall be classified according to the jurisdiction in which their head office is located, in accordance with the following distribution:
Category Jurisdiction
Type Name Province
I A Ciudad Autónoma de Buenos Aires
A Comodoro Rivadavia-Rada Tilli Chubut
A Gran Córdoba and Río Cuarto Córdoba
A Gran Buenos Aires (1), Bahía Blanca-Cerri and Mar del Plata-Batán Buenos Aires A Gran Mendoza Mendoza A Neuquén-Plottier Neuquén A San Luis-El Chorrillo San Luis A Río Gallegos Santa Cruz A Gran Rosario, Gran Santa Fe and San Nicolás-Constitución Santa Fe, Buenos Aires P Biedma Chubut P Tercero Arriba Córdoba P Campana, Chivilcoy, Pergamino, Pilar, Tandil, Tres Arroyos and Zárate Buenos Aires P Bariloche Río Negro P Castellanos and General López Santa Fe II Pcia. Tierra del Fuego Tierra del Fuego III A Gran Catamarca Catamarca A Gran Resistencia Chaco

A Gran Corrientes Corrientes
A Concordia and Paraná Entre Ríos
A Jujuy-Palpala Jujuy
A La Rioja La Rioja
A Posadas Misiones
A Salta Salta
A Gran San Juan San Juan
A Santiago del Estero-La Banda Santiago del Estero A Gran Tucumán-Tafí Viejo Tucumán P Comandante Fernández Chaco P General San Martín, Juárez Celman, Marcos Juárez, Punilla, Unión, San Justo and Santa María Córdoba P Federación, Gualeguaychú and Uruguay Entre Ríos P San Martín and San Rafael Mendoza P General Pedernera San Luis RP de Buenos Aires (2), del Chubut, del Neuquén, de Río Negro, de Santa Cruz and de Santa Fe (3) Pcia. La Pampa La Pampa IV Rest of the country. Where "Type" corresponds to:
A: Agglomerate.
P: Partido or Departamento.
Pcia.: Province.
RP: Rest of Province.
(1): except the Ciudad Autónoma de Buenos Aires.
(2): excluding the partidos of Presidente Perón, La Costa and General Rodríguez.
(3): excluding the partidos of San Cristóbal and Vera.
In order to determine the composition of urban agglomerations, the definitions adopted for the Permanent Household Survey (EPH) prepared by the National Institute of Statistics and Census (INDEC) shall be taken into account."
2. Replace point 3.1. of Section 3. of Chapter II, of Circular CREFI - 2 (text as per Communication "A" 4382), with the following:
"3.1. Consideration of applications.
3.1.1. Installation of branches in the country included in categories I and II specified in point 2.1.2. of Section 2. of the rules on "Minimum capital requirements for financial institutions" and of branches abroad.
The Board of the Central Bank of the Argentine Republic shall decide on the timeliness and convenience of granting the authorization requests.
To this end, in addition to verifying full compliance with the requirements set out in Section 1., it shall take into account the characteristics of each project and weigh aspects such as its consistency with the business plan submitted by the entity in accordance with the conditions in force in that matter. In the

case of branches in the country, the Institution's policies aimed at greater bankarization of the population shall also be considered, especially in regions with scarce or insufficient financial service.
3.1.2. Installation of branches in the country included in categories III and IV specified in point 2.1.2. of Section 2. of the rules on "Minimum capital requirements for financial institutions".
Financial institutions may install branches in said categories upon verification by the Superintendence of Financial and Exchange Institutions of full compliance with the conditions set out in Section 1. In those cases, once the application has been conformed by the pertinent technical areas, or 90 (ninety) days have elapsed since its submission without the Superintendence of Financial and Exchange Institutions having raised an objection, the entity shall be in a position to proceed with the opening of the branch, after compliance with the requirements set out in point 4.1. of Section 4. of this chapter."
3. Replace point 5.2. of Section 5. of Chapter II, of Circular CREFI - 2 (text as per Communication "A" 4382), with the following:
"5.2. Upon prior communication sent by Form 2522, which must necessarily be in the possession of the Superintendence of Financial and Exchange Institutions no less than 30 (thirty) days before the date of the pertinent opening, they may carry out the transfer of branches in the following situations:
5.2.1. To a jurisdiction of lower category -of those specified in point 2.1.2. of Section 2. of the rules on "Minimum capital requirements for financial institutions"-, in relation to the category in which the branch to be transferred is operating.
5.2.2. Within the same city or locality, included in categories I or II, provided that there is no distance greater than 2 km from its current location.
5.2.3. Within the same city or locality, included in categories III or IV, or to another city or locality located within each of the indicated categories."
4. Replace point 13.1. of Section 13. of Chapter II, of Circular CREFI - 2 (text as per Communication "A" 4578), with the following:
"13.1. Financial institutions may open temporary service offices in the country, for which purpose they must have the prior authorization of the Board of the Central Bank of the Argentine Republic. Provincial, municipal and Ciudad Autónoma de Buenos Aires official financial institutions in their respective jurisdictions may choose between these temporary service offices and the mobile agencies provided for in point 10.4. of Section 10. of this chapter.

When it concerns the installation of temporary service offices in localities included in categories III and IV specified in point 2.1.2. of the rules on "Minimum capital requirements for financial institutions", financial institutions may install them upon verification, by the Superintendence of Financial and Exchange Institutions, of full compliance with the conditions set out in point 13.2. of this section. In those cases, once the application has been conformed by the pertinent technical areas, or 90 (ninety) days have elapsed since its submission without the Superintendence of Financial and Exchange Institutions having raised an objection, the entity shall be in a position to proceed with the opening of the temporary service office, after compliance with the requirements set out in point 4.1. of Section 4. of this chapter."
5. Incorporate into point 1.3.1. of Section 1. of Chapter III, of Circular CREFI - 2 (text as per Communication "A" 2241), the following paragraph:
"In the case in which the opening of the representative office is requested to replace an operating branch -which is closed simultaneously- located in the same country, applications shall be considered even if the requirements mentioned in point 1.1. of this section are not fully met."
6. Repeal point 1.3.3. of Section 1. of Chapter III, of Circular CREFI - 2 (text as per Communication "A" 2241).
7. Replace point 1.4.3. of Section 1. of Chapter III, of Circular CREFI - 2 (text as per Communication "A" 2241), with the following:
"1.4.3. Communicate to the Superintendence of Financial and Exchange Institutions the commencement of activities of the dependent office at least 30 (thirty) days in advance, providing the data corresponding to the address where it will operate. The aforementioned commencement of activities -with the exception of the cases contemplated in the second paragraph of point 1.3.1. of this chapter- may not be carried out if the following requirements are not met:
1.4.3.1. Have fully paid in the minimum capital responsibility established by the provisions in force, computing the net equity adjusted according to rules.
1.4.3.2. Be within the other liquidity and solvency rules established by Law No. 21,526 and its regulatory provisions."
8. Replace subsection ii) of point 1.4.2.1. of Section 1. of the rules on "Minimum capital requirements for financial institutions", with the following:
"ii) Impediment for:
a) Transformation of financial institutions.

b) Installation of subsidiaries in the country and abroad. c) Installation of representative offices abroad, except that said installation replaces an operating branch -closed simultaneously- located in the same country. d) Participation in financial institutions abroad. The lifting of this measure shall be subject to the resolution adopted regarding the plan submitted."
9. Replace subsection iv) of point 3.3.1. of Section 3. of the rules on "Minimum cash", with the following:
"iv) Installation of representative offices abroad, except that said installation replaces an operating branch -closed simultaneously- located in the same country."
Finally, we send you in annex the updated texts of Sections 3., 5. and 13. of Chapter II and Section 1. of Chapter III of Circular CREFI - 2, and the sheets that replace those previously provided, which correspond to the ordered texts of the rules on "Minimum capital requirements for financial institutions" and "Minimum cash". Likewise, it is recalled that on the page of this Institution www.bcra.gov.ar, accessing "regulations" ("ordered texts"), you will find the modifications made with texts highlighted in special characters (strikethrough and bold). On the other hand, we point out that the document with the foundations of the adjustment of the basic capital of financial institutions by jurisdiction is on the page cited above, accessing "Publications", "Regulation and Supervision", "Technical Documents", "Adjustment of the basic capital of financial institutions by jurisdiction". We greet you very attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC Darío C. Stefanelli José I. Rutman Manager of Issuance of Rules Deputy General Manager of Rules
ANNEX
Section 3. "Authorization" of Chapter II of Circular CREFI – 2.
3.1. Consideration of applications.
3.1.1. Installation of branches in the country included in categories I and II specified in point 2.1.2. of Section 2. of the rules on "Minimum capital requirements for financial institutions" and of branches abroad.
The Board of the Central Bank of the Argentine Republic shall decide on the timeliness and convenience of granting the authorization requests.
To this end, in addition to verifying full compliance with the requirements set out in Section 1., it shall take into account the characteristics of each project and weigh aspects such as its consistency with the business plan submitted by the entity in accordance with the conditions in force in that matter. In the case of branches in the country, the Institution's policies aimed at greater bankarization of the population shall also be considered, especially in regions with scarce or insufficient financial service.
3.1.2. Installation of branches in the country included in categories III and IV specified in point 2.1.2. of Section 2. of the rules on "Minimum capital requirements for financial institutions".
Financial institutions may install branches in said categories upon verification by the Superintendence of Financial and Exchange Institutions of full compliance with the conditions set out in Section 1. In those cases, once the application has been conformed by the pertinent technical areas, or 90 (ninety) days have elapsed since its submission without the Superintendence of Financial and Exchange Institutions having raised an objection, the entity shall be in a position to proceed with the opening of the branch, after compliance with the requirements set out in point 4.1. of Section 4. of this chapter.
3.2. Authorization requests that are not presented in full accordance with the provisions of point 1.4. of Section 1. and Section 2., both of this chapter, shall not be processed, a circumstance that shall be brought to the knowledge of the respective entities.
Section 5. "Transfer and closure of subsidiaries in the country" of Chapter II of Circular CREFI – 2.
5.1. Financial institutions may decide the closure of their branches, upon prior communication sent to the Superintendence of Financial and Exchange Institutions.
5.2. Upon prior communication sent by Form 2522, which must necessarily be in the possession of the Superintendence of Financial and Exchange Institutions no less than 30 (thirty) days before the date of the pertinent opening, they may carry out the transfer of branches in the following situations:
5.2.1. To a jurisdiction of lower category -of those specified in point 2.1.2. of Section 2. of the rules on "Minimum capital requirements for financial institutions"-, in relation to the category in which the branch to be transferred is operating.
B.C.R.A. UPDATED TEXT
Annex to
Com. "A"

5.2.2. Within the same city or locality, included in categories I or II, provided that there is no distance greater than 2 km from its current location.
5.2.3. Within the same city or locality, included in categories III or IV, or to another city or locality located within each of the indicated categories.
5.3. In the other cases, the transfer of branches shall be subject to the prior authorization of the Central Bank, which shall take into account in its analysis the characteristics of each project, weighing aspects such as its consistency with the business plan submitted by the entity in accordance with the conditions in force in that matter and with the policies of the Central Bank.
5.4. For the classification of the categories, the provisions of point 2.1.2. of the rules on "Minimum capital requirements for financial institutions" shall be taken into account, considering that I is the highest category and IV the lowest.
Section 13. "Temporary service offices" of Chapter II of Circular CREFI – 2.
13.1. Financial institutions may open temporary service offices in the country, for which purpose they must have the prior authorization of the Board of the Central Bank of the Argentine Republic.
Provincial, municipal and Ciudad Autónoma de Buenos Aires official financial institutions in their respective jurisdictions may choose between these temporary service offices and the mobile agencies provided for in point 10.4. of Section 10. of this chapter. When it concerns the installation of temporary service offices in localities included in categories III and IV specified in point 2.1.2. of the rules on "Minimum capital requirements for financial institutions", financial institutions may install them upon verification, by the Superintendence of Financial and Exchange Institutions, of full compliance with the conditions set out in point 13.2. of this section. In those cases, once the application has been conformed by the pertinent technical areas, or 90 (ninety) days have elapsed since its submission without the Superintendence of Financial and Exchange Institutions having raised an objection, the entity shall be in a position to proceed with the opening of the temporary service office, after compliance with the requirements set out in point 4.1. of Section 4. of this chapter."
13.2. Basic conditions:
In order to request the authorization of point 13.1., financial institutions must comply with the following conditions:
13.2.1. The temporary service office for which authorization is requested must operate in a locality that does not have a branch of any financial institution.
13.2.2. The requirements of points 1.1. to 1.3. of Section 1., point 3.1. of Section 3. and point 4.1., 4.3. and first paragraph of Section 4. of Chapter II, of Circular CREFI - 2, must be met.

13.2.3. The application must state the frequency of the service -days per week and hours of service to the public-, the address and the operating office on which it will depend -which shall be the nearest-.
13.3. Admitted operations.
Temporary service offices may carry out all operations admitted for branches. However, they may not provide the bank current account service, without prejudice to which they shall be enabled to receive deposits destined for such accounts opened at another branch.
13.4. Advertising.
The temporary service office must prominently display, and visible from outside the premises, the days and hours of service; it must also indicate the name of the financial institution, the address and telephone number of the branch on which it operationally depends. When it plans to modify the days or hours of service, it must communicate this 30 calendar days in advance to its clients through a mass media outlet in the locality and by an indicator located in a place visible from outside the premises, and to the Superintendence of Financial and Exchange Institutions by note.
13.5. Subsequent authorizations.
The financial institution that has been authorized a temporary service office must proceed to its closure or choose to convert it into a branch when the installation of a branch of another financial institution is authorized -in the same locality where the temporary service office is open-, within a period of 180 calendar days from the date of opening of the branch.
13.6. Conversion into a branch.
Financial institutions may choose to convert temporary service offices in the country into branches upon prior communication by note sent to the Central Bank of the Argentine Republic at least 30 calendar days before the pertinent effectuation.
Section 1. "Representative offices abroad" of Chapter III of Circular CREFI – 2.
1.1. Requirements that the entities must meet.
Financial institutions that request authorization to install representative offices abroad must meet the requirements established in points 3.2.2., 3.2.3., 3.2.6. and 3.2.7. of Chapter I and 1.1. of Chapter II.
1.2. Information to provide with authorization requests.
In authorization requests, the data referred to in points 2.1., 2.2., 2.5., 2.6. and 2.8. of Chapter II must be stated as fully as possible.
1.3. Authorization.
1.3.1. The Superintendence of Financial and Exchange Institutions shall decide on the timeliness and convenience of granting the authorization requests, weighing the characteristics of each project.

In the case in which the opening of the representative office is requested to replace an operating branch -which is closed simultaneously- located in the same country, applications shall be considered even if the requirements mentioned in point 1.1. of this section are not fully met.
1.3.2. The Superintendence of Financial and Exchange Institutions shall not process authorization requests that are not presented in full accordance with the provisions of point 1.2. of this Chapter, a circumstance that shall be brought to the knowledge of the respective entities.
1.4. Conditions to which the commencement of activities shall be subject.
The authorizations granted for the installation of representative offices abroad shall oblige compliance with the following requirements:
1.4.1. Commence activities no later than within one year from the date of authorization.
1.4.2. Those set out in points 4.2.1. and 4.2.3. of Chapter II.
1.4.3. Communicate to the Superintendence of Financial and Exchange Institutions the commencement of activities of the dependent office at least 30 (thirty) days in advance, providing the data corresponding to the address where it will operate. The aforementioned commencement of activities -with the exception of the cases contemplated in the second paragraph of point 1.3.1. of this chapter- may not be carried out if the following requirements are not met:
1.4.3.1. Have fully paid in the minimum capital responsibility established by the provisions in force, computing the net equity adjusted according to rules.
1.4.3.2. Be within the other liquidity and solvency rules established by Law No. 21,526 and its regulatory provisions.
1.4.4. The action of the representative offices must be subject exclusively to the development of the non-operational activities for which they were authorized.
1.4.5. Once the period established in point 1.4.1. of this chapter has expired without the commencement of activities of the pertinent dependent office having occurred, the authorization shall be without effect, the proceedings being archived without further procedure and the requesting entity losing any priority that might correspond to it.
1.5. Reporting regime.
Once the representative offices commence activities, the entities must comply with the following reporting regime:
1.5.1. Together with the balance of balances of the local entity corresponding to the last month of each calendar quarter, detailed information on the activities carried out by the office in the calendar quarter immediately preceding that one must be submitted to the Central Bank.
1.5.2. The following must be communicated immediately to the Superintendence of Financial and Exchange Institutions:

1.5.2.1. Any modification that occurs with respect to the information provided when submitting the authorization request in accordance with the provisions of points 2.1. and 2.6. of Chapter II.
1.5.2.2. Any changes of address of the office, which may only be made within the limits of the city in which its installation was authorized.
1.5.2.3. The sanctions imposed on the office by the control authorities of the country in which it operates.
1.5.2.4. Any other type of information related to the conduct of the office that by its nature may be of interest to the Superintendence of Financial and Exchange Institutions.

B.C.R.A.
Section 1. Minimum capital.
1.4. Non-compliance.
Non-compliance with the required minimum capital shall give rise to the following consequences:
1.4.1. New entities.
Revocation of the authorization to operate if the required minimum capital is not paid in within 60 calendar days of its granting.
1.4.2. Operating entities.
1.4.2.1. Non-compliance reported by entities.
The entity must comply with the requirement no later than the second month following the month in which the non-compliance is recorded, or submit a regularization and restructuring plan within 30 calendar days following the last day of the month to which the non-compliance corresponds. The obligation to submit plans shall determine that the amount of deposits – in national and foreign currency – may not exceed the level reached during the month in which the non-compliance originated. Said limit – which shall be maintained while the deficiency persists – and its observance shall be computed on the basis of the balances recorded on the last day of each of the months included. Furthermore, this obligation to submit plans shall determine the following effects:
i) The Superintendency of Financial and Exchange Entities may appoint an overseer with the powers established in the Law on Financial Entities. ii) Impediment for:
a) Transformation of financial entities. b) Installation of subsidiaries in the country and abroad. c) Installation of representative offices abroad, except where such installation replaces an operating branch – closed contemporaneously – located in the same country. d) Participation in foreign financial entities. The lifting of this measure shall be subject to the resolution adopted with respect to the plan submitted. iii) No cash dividends may be distributed, nor may fees, profit shares or bonuses derived from the distribution of the entity's results be paid. This limitation shall apply while the regularization and restructuring plans are pending submission or, having been submitted, the Superintendency of Financial and Exchange Entities has raised objections or verifies non-compliance. Version: 4th COMMUNICATION "A" 4771 Effective:
02/01/2008

B.C.R.A.
Section 2. Basic minimum capital.
2.1. Requirements.
2.1.1. According to class and category – defined in point 2.1.2. – they shall be as follows:
Category Banks
Other entities
(except Credit Unions)
-In millions of pesos-
I 25 10
II 14 8
III 12.5 6.5
IV 10 5
Entities that have two or more branches in a locality of higher category than that corresponding to their main office must maintain the basic requirement for that higher category. When they have only one branch in a higher category locality, insofar as the branch's operating volume represents 20% or more of private-sector deposits or loans or of foreign exchange purchase/sale transactions or of securities purchase/sale transactions, relative to the entity's total for the relevant item, they must observe the requirement of the jurisdiction where the branch is located. Financial companies that directly conduct foreign trade operations must observe the requirements established for banks in the respective category.
2.1.2. Categories:
Entities shall be classified according to the jurisdiction in which their main office is located, in accordance with the following distribution:
Category Jurisdiction
Type Name Province
I A Autonomous City of Buenos Aires
A Comodoro Rivadavia-Rada Tilli Chubut
A Greater Córdoba and Río Cuarto Córdoba
A Greater Buenos Aires (1), Bahía Blanca-Cerri and Mar del Plata-Batán Buenos Aires A Greater Mendoza Mendoza A Neuquén-Plottier Neuquén A San Luis-El Chorrillo San Luis A Río Gallegos Santa Cruz A Greater Rosario, Greater Santa Fe and San Nicolás-Constitución Santa Fe, Buenos Aires P Biedma Chubut P Tercero Arriba Córdoba P Campana, Chivilcoy, Pergamino, Pilar, Tandil, Tres Arroyos and Zárate Buenos Aires P Bariloche Río Negro P Castellanos and General López Santa Fe II Pcia. Tierra del Fuego Tierra del Fuego Version: 7th COMMUNICATION "A" 4771 Effective:
01/01/2008

B.C.R.A.
Section 2. Basic minimum capital.
A Greater Catamarca Catamarca
A Greater Resistencia Chaco
A Greater Corrientes Corrientes
A Concordia and Paraná Entre Ríos
A Jujuy-Palpala Jujuy
A La Rioja La Rioja
A Posadas Misiones
A Salta Salta
A Greater San Juan San Juan
A Santiago del Estero-La Banda Santiago del Estero A Greater Tucumán-Tafí Viejo Tucumán P Comandante Fernández Chaco P General San Martín, Juárez Celman, Marcos Juárez, Punilla, Unión, San Justo and Santa María Córdoba P Federación, Gualeguaychú and Uruguay Entre Ríos P San Martín and San Rafael Mendoza P General Pedernera San Luis RP of Buenos Aires (2), of Chubut, of Neuquén, of Río Negro, of Santa Cruz and of Santa Fe (3) III Pcia. La Pampa La Pampa IV Rest of the country. Where "Type" corresponds to:
A: Agglomerate.
P: Partido or Department.
Pcia.: Province.
RP: Rest of Province.
(1): except the Autonomous City of Buenos Aires.
(2): excluding the partidos of Presidente Perón, La Costa and General Rodríguez.
(3): excluding the partidos of San Cristóbal and Vera.
For the purpose of determining the composition of urban agglomerates, the definitions adopted for the Permanent Household Survey (EPH) prepared by the National Institute of Statistics and Censuses (INDEC) shall be taken into account.
2.2. Banks operating as of 6/30/05.
The basic capital requirement – according to the applicable category – provided in the table in point 2.1.1., without exceeding $15 million.
2.3. Commercial banks acting as custodians and/or registration agents.
2.3.1. Custody function for securities representing investments of pension funds.
Version: 6th COMMUNICATION "A" 4771
Effective:
01/01/2008

B.C.R.A.
Section 2. Basic minimum capital.
2.3.1.1. Requirement.
Commercial banks must record a computable equity responsibility equal to or greater than $50 million or the equivalent of 5% of the amount of securities in custody from pension funds, whichever is greater.
2.3.1.2. Integration.
It shall be permitted to integrate the necessary complement to reach the minimum requirement by means of a guarantee that globally backs all custody operations of the guaranteed entity up to that amount, extended by foreign banks with at least two international risk ratings of "A" or higher granted by any of the rating agencies admitted under the rules on "Evaluation of financial entities" or by local banks whose ratings, assigned by the Superintendency of Financial and Exchange Entities, are 1 or 2. In the case of entities that are branches of foreign banks, the capital of the head office shall be considered, in the terms defined by the supervisory body for the purposes of complying with the capital requirement, provided that it is subject to a consolidated supervision regime and that its international risk rating – granted by at least two of the admitted rating agencies – reaches the minimum level set.
2.3.1.3. Computation.
The determination of the requirement and verification of its compliance shall be made on the basis of the balances at the close of each month.
2.3.2. Function of registration agent for book-entry mortgage notes.
Commercial banks must observe the rules contained in point 2.3.1., with the exception that the 5% requirement established in point 2.3.1.1. shall be calculated on the amount of registered book-entry mortgage notes, considered at net value of amortizations made.
2.3.3. Performance of both functions.
The determination of the minimum computable equity responsibility shall be made by applying the fixed percentage on the sum of the amounts corresponding to securities in custody and to registered book-entry mortgage notes, considered at net value of amortizations made. Version: 1st COMMUNICATION "A" 4771 Effective:
02/01/2008

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE
CONSOLIDATED TEXT OF THE RULES ON
CONSOLIDATED TEXT ORIGINATING RULE
Section Point Paragraph Com.
Cap./
Annex
Point Paragraph
Observations
1.1. "A" 2136 1. 1st According to Com. "A" 2859 and 3558.
1.2.1. "A" 2237 b) According to Com. "A" 2923 (point
3.1.2.3. of Section 3.), 4631 and
"B" 9186.
1.2.2. "A" 2923 3. 3.2.2.
1.2.3. "A" 2923 3. 3.3.
1.3. "A" 2136 2. 1st According to Com. "A" 2223.
1.4.1. "A" 2136 3.1.
"A" 3171 According to Com. "A" 3959. i) "A" 2136 3.2. 2nd According to Com. "A" 3959. ii) "A" 2136 3.2.4. According to Com. "A" 2241 and 4771.
1.4.2.1. iii) "A" 414
LISOL-1
VI 6.1.
1.
1.4.2.2. "A" 3171 According to Com. "A" 3959.
2.1.1. "A" 2241
CREFI-2
I 1.3.1. According to Com. "A" 4368.
2.1.2. "A" 2241
CREFI-2
I 1.3.1. According to Com. "A" 4368 and 4771.
2.2. "A" 2650 2. According to Com. "A" 3128, 4238 and
4368.
2.3.1. "A" 2237 a) According to Com. "A" 2923 (point
3.1.1.2. of Section 3.).
2.3.2. "A" 2923 3. 3.2.1.
2.
2.3.3. "A" 2923 3. 3.3.
3.1. "A" 2136 1. According to Com. "A" 2541, 2736,
2938, 3039, 3307, 3959, 4598,
4702 (incorporates clarification) and
4741 and 4742.
3.2. "A" 2136 I According to Com. "A" 2541, annex,
criterios, d), 2nd paragraph and 3040.
3.3.1. "A" 2136 I According to Com. "A" 2541, annex,
criterios, d), 2nd paragraph.
3.3.2. "A" 2287 5.
3.3.3. "A" 2412 In the second paragraph of point
3.3.3.3. incorporates criterion not previously disclosed generally. According to Com.
"A" 3959.
3.4.1. "A" 2768 2. According to Com. "A" 2948, 3911,
3925 , 3959, 4180 and "B" 9074.
3.4.2. "A" 2227 único 5.2.2. 3rd
3.
3.5.1. "A" 2136 1.1.

3.3.1. Institutional aspects.
It shall constitute an impediment for:
i) Transformation of financial entities. ii) Installation of subsidiaries in the country and abroad. iii) Increases in participation in financial entities in the country and abroad. iv) Installation of representative offices abroad, except where such installation replaces an operating branch – closed contemporaneously – located in the same country.
3.3.2. Limitation on deposit growth.
From the first day of the month following the request to submit the plan, the amount of deposits in pesos, in foreign currency and in securities may not exceed the level reached on the last day of the previous period. The lifting of this restriction shall be subject to the resolution adopted with respect to the plan submitted. B.C.R.A. MINIMUM CASH
Section 3. Non-compliance.
Version: 3rd COMMUNICATION "A" 4771
Effective:
02/01/2008

MINIMUM CASH
CONSOLIDATED TEXT ORIGINATING RULE
Sec. Point Para. Com. Annex Sec. Point Para.
OBSERVATIONS
3. 3.3.1. "A" 3274 II 3. 3.3.1. According to Com. "A" 4771.
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. According to Com. "A" 4449.