Minimum Cash. Application of the Deposit Guarantee Insurance System. Adjustments.

"2010 - YEAR OF THE BICENTENNIAL OF THE MAY REVOLUTION" COMMUNICATION "A" 5108 02/08/2010

TO FINANCIAL ENTITIES:
Ref.: Circular
LISOL 1 - 524
OPASI 2 - 413

Minimum Cash. Application of the Deposit Guarantee Insurance System. Adjustments.

---

We address you to inform you that, in view of the modifications introduced by Communication "A" 5068, the following points are adjusted:

• 1.3.1. of Section 1. of the rules on "Minimum Cash"; and
• 5.2.3. of the rules on "Application of the Deposit Guarantee Insurance System".
  Furthermore, we take the opportunity to update point 5.1. of the rules on "Application of the Deposit Guarantee Insurance System". We send you the sheets that, in replacement of those previously provided, should be incorporated into the ordered texts of the reference. Likewise, we remind you that on this Institution's website www.bcra.gov.ar, accessing "regulations" ("ordered texts"), the modifications made with text highlighted in special characters (strikethrough and bold) will be found. We salute you very attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC Darío C. Stefanelli Alfredo A. Besio Manager of Emission of Regulations General Manager of Regulations

ANNEX

1.3. Minimum Cash.
The amounts of minimum cash resulting from applying the following rates shall be integrated:

Concept Rate in %
1.3.1. Checking accounts and demand accounts opened in cooperative credit unions. 19
1.3.2. Savings accounts and basic accounts.
1.3.2.1. In pesos (except those included in point 1.3.14.). 19
1.3.2.2. In foreign currency. 20
1.3.3. Pupillary usury, special accounts for closed circles, "Labor cessation fund for construction industry workers", "Salary", "Special checking accounts for legal entities" and "Savings account for payment of universal child allowance for social protection -Decree No. 1602/09-".
1.3.3.1. In pesos (except those included in point 1.3.14.). 19
1.3.3.2. In foreign currency. 20
1.3.4. Other demand deposits and obligations, pension benefits credited by ANSES pending cashing, and immobilized balances corresponding to obligations included in these rules.
1.3.4.1. In pesos (except those included in point 1.3.14.). 19
1.3.4.2. In foreign currency. 20
1.3.5. Unused balances of formalized checking account advances. 19
1.3.6. Deposits in checking accounts of non-bank financial entities, computable for the integration of their minimum cash. 100
1.3.7. Time deposits, obligations from "acceptances" -including liabilities from sale or assignment of credits to subjects other than financial entities-, passive swaps, sureties, and passive stock market swaps, investments at constant term, with option for early cancellation or renewal for a determined term and with variable remuneration, and other term obligations except for deposits included in points 1.3.11., 1.3.12., 1.3.13. and 1.3.15., according to their residual term:

Version: 33rd COMMUNICATION "A" 5108 Validity:
02/08/2010 Page 3
MINIMUM CASH B.C.R.A. Section 1. Requirement.

ORDERED TEXT ORIGIN OF THE RULE
Sec. Point Para. Com. Annex Sec. Point Para.
OBSERVATIONS
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, 4815 and
"B" 9186.
1.1.3. "A" 3274 II 1. 1.1.3. According to Com. "A" 3498, 3905 and
4473.
1.2. "A" 3274 II 1. 1.2. According to Com. "A" 3304, 3498,
3597, 4449 and 4716 (includes interpretative clarification), 4815 and "B" 9186.
1.3. "A" 3274 II 1. 1.3.
1.3.1. "A" 3274 II 1. 1.3.1. According to Com. "A" 3338, 3417,
3498, 3597, 3917, 3967, 4032,
4051, 4147, 4276, 4449, 4473,
4509, 4549, 4602, 4712 and
5108.
1.3.2. "A" 3274 II 1. 1.3.2. According to Com. "A" 3338, 3417,
3498, 3597, 3917, 3967, 4032,
4051, 4147, 4179, 4276, 4449,
4473, 4509, 4549, 4602, 4809 and 4851.
1.3.3. "A" 3274 II 1. 1.3.3. According to Com. "A" 3338, 3399,
3417, 3498, 3597, 3824, 3917,
3967, 4032, 4051, 4147, 4179,
4276, 4449, 4473, 4509, 4549,
4602, 4754 , 4851, 5007 and
5091.
1.3.4. "A" 3274 II 1. 1.3.4. According to Com. "A" 3338, 3417,
3498, 3597, 3917, 3967, 4032,
4051, 4147, 4179, 4276, 4449,
4473, 4509, 4549, 4602 and
4851.
1.3.5. "A" 3274 II 1. 1.3.5. According to Com. "A" 3338, 3417,
3498, 3597, 3917, 3967, 4032,
4051, 4147, 4276, 4449, 4509 and 4549.
1.3.6. "A" 3274 II 1. 1.3.7.
1.3.7. "A" 3498 unique 1. 1.3.8. According to Com. "A" 3506 -pt. 2.-,
3549, 3732, 3824, 3905, 3917,
3925, 3967, 4032, 4140, 4179,
4276, 4360 -pt. 3.-, 4449,
4549, 4602, 4754 and 4851.
1.3.8. "A" 3498 unique 1. 1.3.11. According to Com. "A" 3597, 3732 and
4032.
1.3.9. "A" 3498 unique 1. 1.3.12. According to Com. "A" 3905, 3917,
3967, 4032, 4179, 4276, 4449,
4549 and 4851.
1.3.10. "A" 3549 1.
1.
1.3.11. "A" 3549 1. According to Com. "A" 4179, 4388,
4549 and 4851.
B.C.R.A. ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE RULES ON "MINIMUM CASH"

The additional contribution resulting from the application of the aforementioned factors shall not exceed the normal contribution once.
4. Integration of contributions.
The normal, additional, and advance contributions shall be debited from the checking accounts of the entities opened at the Central Bank of the Argentine Republic no later than the 12th day of the month to which they correspond. In the event that updated information is not available to establish the pertinent calculation base, the amount shall be determined based on the last available data, increasing the obtained base by 10%.
5. Scope of the guarantee.
5.1. Deposits included.
The coverage offered by the system shall cover deposits in pesos and in foreign currency constituted in participating entities in the form of:
5.1.1. Checking account.
5.1.2. Demand account opened in Cooperative Credit Unions.
5.1.3. Savings account.
5.1.4. Time deposit.
5.1.5. Salary, basic, and special accounts.
5.1.6. Term investments.
5.1.7. Immobilized balances arising from the preceding concepts.
5.2. Exclusions.
5.2.1. Transferable time deposits whose ownership has been acquired by way of endorsement, even if the last endorsee is the original depositor.
5.2.2. Deposits collected through systems that offer additional incentives or stimuli to the agreed interest rate and, where applicable, to the amount accrued by applying the "CER", regardless of the denomination or form they adopt (insurance, lotteries, tourism, provision of services, etc.).
B.C.R.A. APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM Version: 7th COMMUNICATION "A" 5108 Validity:
02/08/2010 Page 2

5.2.3. Deposits in which interest rates higher than the reference rates are agreed, which are periodically disseminated by the Central Bank of the Argentine Republic through Communications "B", determined by adding two percentage points annually to the moving average of the last five banking business days of the passive rates, which, for time deposits and demand account balances (savings and salary accounts) up to $ 100,000 (or its equivalent in other currencies) arise from the survey conducted by the Central Bank of the Argentine Republic.
5.2.4. Deposits of financial entities in other intermediaries, including time deposit certificates acquired through secondary negotiation.
5.2.5. Deposits made by persons directly or indirectly linked to the entity according to the guidelines defined in point 4.2. of Chapter I of Circular OPRAC-1 and in point 1.1. of Annex I to Communication "A" 2140.

5.2.6. Time deposits of securities, acceptances, or guarantees.

5.2.7. Immobilized balances arising from excluded deposits and other operations.
5.3. Coverage. Amount and formalities.
5.3.1. The guarantee shall cover the return of the deposited capital, interest, updates -by the Reference Stabilization Coefficient "CER"- and quotation differences, as applicable, accrued up to the date of revocation of the authorization to operate or up to the date of suspension of the entity by application of article 49 of the Organic Charter of the Central Bank of the Argentine Republic, if this measure had been adopted prior to the former, without exceeding -for these concepts- $ 30,000.
That date shall be considered for the determination of the Reference Stabilization Coefficient for the purposes of what is provided in point 1.9. of Section 1. of the rules on "Deposits and term investments" for deposits with that clause and of the "Reference exchange rate" for the conversion to pesos of deposits in foreign currency, for the purposes of establishing the amount covered.
5.3.2. In accounts and deposits constituted in the name of two or more persons, the guarantee limit shall be $ 30,000, regardless of the number of titular owners, with the amount of the guarantee corresponding to them distributed proportionally among the owners.
5.3.3. The total guaranteed to a specific person, by accumulation of accounts and deposits covered, as provided previously, shall not exceed the limit of $ 30,000 established in article 13 of Decree 540/95 (text according to Decree 1127/98).
5.3.4. SEDESA shall reject or postpone until judicial recognition the coverage request by application of this guarantee regime when the deposits do not meet the requirements established in the applicable rules or when the depositants do not exhibit titles that are materially and formally valid.
B.C.R.A. APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM Version: 7th COMMUNICATION "A" 5108 Validity:
02/08/2010 Page 3

ORDERED TEXT ORIGIN OF THE RULE
Point Paragraph. Com. Annex Point Paragraph Observations
1. "A" 2337 I 1. 1st and 2nd
1st "A" 2337 I 2. 1st S/Dec. 1292/96, Com. "A" 280, “A” 3358, “A” 4206 and “A” 4271 2.
2nd "A" 2337 I 2. 2nd S/Dec. 1292/96
3. 1st "A" 2337 I 3. 1st
3.1. "A" 2337 I 3.1.
3.2. "A" 2337 I 3.2.
3.3. "A" 2337 I 3.3.
3.3.1. "A" 2337 I 3.3.1.
3.3.2. "A" 2337 I 3.3.2.
3. 2nd "A" 2337 I 3. 2nd
1st "A" 2337 I 4. 3 and 2 S/Com. "B" 5806, 8th paragraph and “A” 3068 4.
2nd "A" 2337 I 4. 4th
5. "A" 2337 I 6.
5.1. 1st "A" 2337 I 6.1. 1st
5.1.1. "A" 2337 I 6.1. i)
5.1.2. “A” 5108
5.1.3. "A" 2337 I 6.1. ii)
5.1.4. "A" 2337 I 6.1. iii)
5.1.5. "A" 2337 I 6.1. iv) S/Com. "A" 5091 and “A” 5108
5.1.6. "A" 2482 1. 2nd
5.1.7. "B" 5806 3rd S/Com. "A" 2807
5.2. "A" 2337 I 6.4. S/Com. "A" 2399
5.2.1. "A" 2337 I 6.4.1. S/Com. "A" 2399
5.2.2. "A" 2337 I 6.4.2. S/Com. "A" 2399 and “A” 4681.
5.2.3. "A" 2337 I 6.3. S/Com. "A" 2777, “A” 3358 and
“A” 5108
5.2.4. "A" 2337 IV S/Dec. 540/95, art. 12, item c)
5.2.5. "A" 2337 I 6.2.
5.2.6. "A" 2337 IV S/Dec. 540/95, art. 12, item c)
5.2.7. "A" 2807 5.2.7.
5.3. "A" 2337 I 6. S/Dec. 540/95
5.3.1. "A" 2337 I 6.5. S/Com. “A” 4681.
5.3.2. "A" 2337 I 6.7. 1st S/Dec. 540/95
5.3.3. "A" 2337 I 6.7. 2nd S/Dec. 540/95
5.3.4. "A" 2337 I 6.8. S/Dec. 540/95
5.3.5. "A" 2337 I 6.9.
6. "A" 2337 I 7. S/Com. "A" 2399 and 3270, and
Decree 1292/96
7. 1st "A" 2337 II 1. S/Com. "A" 2561
7.1. "A" 2337 II 1. S/Com. "A" 2561 and “A” 4040
7.2. "A" 2337 II 2. S/Com. "A" 2561
8. "A" 2807 II and III
8.1. "A" 2807 II S/Law 25.089
8.2. "A" 2807 III S/Dec. 1292/99 and “A” 4206
B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED
IN THE ORDERED TEXT OF THE RULES ON
APPLICATION OF THE DEPOSIT GUARANTEE INSURANCE SYSTEM