Minimum Cash. Modifications

"2005 - Year of Homage to Antonio Berni" CENTRAL BANK OF THE ARGENTINE REPUBLIC COMMUNICATION "A" 4406 17/08/2005 TO FINANCIAL ENTITIES:
Ref.: Circular
REMON 1 - 800
Minimum Cash. Modifications

---

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

"1. To declare void, with effect from 17.8.05, point 1.3.6. of Section 1. of the rules on 'Minimum Cash', relating to the requirement of 100% that placements at sight must observe, which as a minimum must constitute the assets of common investment funds (in accordance with what is provided in the Norms of the National Securities Commission).
2. To indicate that, for the determination of the minimum daily integration required for the period 17.8.05/30.9.05, in the respective calculation base of the total minimum cash requirement, the amounts corresponding to the reserve of the placements at sight that, as a minimum, must constitute the assets of common investment funds, according to the provisions then in force, shall be excluded."

We send you attached the sheets that, in replacement of those previously provided, correspond to be incorporated into the ordered text of the rules on "Minimum Cash".

We salute you very respectfully.
CENTRAL BANK OF THE ARGENTINE REPUBLIC Alfredo A. Besio José I. Rutman Manager of Emission Manager Principal of Investigation of Norms and Regulatory Emission

ANNEX

MINIMUM CASH
B.C.R.A.
Section 1. Requirement.
Version: 22a. COMMUNICATION "A" 4406 Validity:
17/08/2005
1.3. Minimum Cash.
The amounts of minimum cash resulting from applying the following rates shall be integrated:

Concept Rate in %
1.3.1. Current account deposits. 16
1.3.2. Savings box deposits.
1.3.2.1. In pesos. 16
1.3.2.2. In foreign currency. 30
1.3.3. Pupillary usuries, special accounts for closed circles, "Unemployment Fund for Construction Industry Workers",
"Payment of Remuneration", special current accounts for legal entities and pension savings box.
1.3.3.1. In pesos. 16
1.3.3.2. In foreign currency. 30
1.3.4. Other deposits and obligations at sight, pension benefits credited by ANSES pending validation and immobilized balances
corresponding to obligations included in these norms.
1.3.4.1. In pesos. 16
1.3.4.2. In foreign currency. 30
1.3.5. Unused balances of formalized current account advances. 16
1.3.6. Deposits in current accounts of non-bank financial entities,
computable for the integration of their minimum cash. 100
1.3.7. Time deposits, obligations for "acceptances" -including the
liabilities for sale or assignment of credits to subjects other than financial entities-, passive swaps, sureties and passive stock market swaps, investments with constant term, with option for early cancellation or renewal for a determined term and with variable remuneration, and other time obligations except for deposits included in points 1.3.11., 1.3.14. and 1.3.15., according to their residual term:

MINIMUM CASH
B.C.R.A.
Section 1. Requirement.
Version: 21a. COMMUNICATION "A" 4406 Validity:
17/08/2005
1.3.7.1. In pesos.
i) Up to 29 days. 16 ii) From 30 to 59 days. 13 iii) From 60 to 89 days. 9 iv) From 90 to 179 days. 4 v) From 180 to 365 days. 2 vi) More than 365 days. 0 Deposits with "CER" clause and those included in the "Deposit Reprogramming Regime" are included in this point -without excluding those reached according to their point 6.5., in whole or in part if appropriate based on the nature of the judicial decision-.
1.3.7.2. In foreign currency.
i) Up to 29 days. 35 ii) From 30 to 59 days. 28 iii) From 60 to 89 days. 20 iv) From 90 to 179 days. 10 v) From 180 to 365 days. 6 vi) More than 365 days. 0
1.3.8. Obligations for financial lines from abroad (not instrumented through time deposits nor debt securities to which the requirements provided in points 1.3.7. and 1.3.9., respectively, apply).
0
1.3.9. Debt securities (including negotiable obligations).
a) Debt issued from 1.1.02, including those from restructured obligations, according to their residual term:
In pesos. i) Up to 29 days. 16 ii) From 30 to 59 days. 13 iii) From 60 to 89 days. 9 iv) From 90 to 179 days. 4 v) From 180 to 365 days. 2 vi) More than 365 days. 0 In foreign currency. i) Up to 29 days. 35 ii) From 30 to 59 days. 28 iii) From 60 to 89 days. 20

MINIMUM CASH
B.C.R.A.
Section 1. Requirement.
Version: 14a. COMMUNICATION "A" 4406 Validity:
17/08/2005 iv) From 90 to 179 days. 10 v) From 180 to 365 days. 6 vi) More than 365 days. 0 b) Others. 0
1.3.10. Obligations with the Fiduciary Assistance Fund for Financial Entities and Insurance Companies. 0
1.3.11. Demand and time deposits made by order of the Judiciary
with funds originating in the cases in which it intervenes, and their immobilized balances.
1.3.11.1. In pesos. 8
1.3.11.2. In foreign currency. 15
1.3.12. Special accounts in United States dollars destined for the deposit of guarantees required in futures and options operations conducted in self-regulated markets subject to the control of the National Securities Commission. 100
1.3.13. Special demand accounts in foreign currency. 100
1.3.14. Deposits -whatever their modality- that constitute the assets of
common investment funds.
1.3.14.1. In pesos. 25
1.3.14.2. In foreign currency. 40
1.3.15. Special deposits linked to the inflow of funds from abroad -
Decree 616/05. 100
1.4. Residual Term.
1.4.1. Determination.
1.4.1.1. General case.
The residual term of each time obligation is equivalent to the number of days remaining until its maturity.

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE RULES ON "MINIMUM CASH" ORDERED TEXT ORIGIN NORM 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.
1.1.3. "A" 3274 II 1. 1.1.3. According to Com. "A" 3498 and "A"
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, "A"
3917, "A" 3967, "A" 4032, "A"
4051, "A" 4147 and "A" 4276.
1.3.2. "A" 3274 II 1. 1.3.2. According to Com. "A" 3338, "A"
3417, "A" 3498, "A" 3597, "A"
3917, "A" 3967, "A" 4032, "A"
4051, "A" 4147, "A" 4179 and
"A" 4276.
1.3.3. "A" 3274 II 1. 1.3.3. According to Com. "A" 3338, "A"
3399, "A" 3417, "A" 3498, "A"
3597, "A" 3824, "A" 3917, "A"
3967, "A" 4032, "A" 4051, "A"
4147, "A" 4179 and "A" 4276.
1.3.4. "A" 3274 II 1. 1.3.4. According to Com. "A" 3338, "A"
3417, "A" 3498, "A" 3597, "A"
3917, "A" 3967, "A" 4032, "A"
4051, "A" 4147, "A" 4179 and
"A" 4276.
1.3.5. "A" 3274 II 1. 1.3.5. According to Com. "A" 3338, "A"
3417, "A" 3498, "A" 3597, "A"
3917, "A" 3967, "A" 4032, "A"
4051, "A" 4147 and "A" 4276.
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.-, "A" 3549, "A" 3732, "A"
3824, "A" 3905, "A" 3917, "A"
3925, "A" 3967, "A" 4032, "A"
4140, "A" 4179, "A" 4276 and
"A" 4360, pt. 3.
1.3.8. "A" 3498 unique 1. 1.3.11. According to Com. "A" 3597, "A"
3732 and "A" 4032.
1.3.9. "A" 3498 unique 1. 1.3.12. According to Com. "A" 3905, "A"
3917, "A" 3967, "A" 4032, "A"
4179 and "A" 4276.
1.3.10. "A" 3549 1.
1.3.11. "A" 3549 1. According to Com. "A" 4179 and "A"
4388.
1.
1.3.12. "A" 3566 5.

MINIMUM CASH
ORDERED TEXT ORIGIN NORM
Sec. Point Para. Com. Annex Sec. Point Para.
OBSERVATIONS
1.3.13. "A" 3583 3.
1.3.14. "A" 4179 2. According to Com. "A" 4406.
1.3.15. "A" 4360 2.
1.4. "A" 3905 3. According to Com. "A" 4179.
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. According to Com. "A" 4405.
1.6.2. "A" 3274 II 1. 1.6.2. According to Com. "A" 3304.
1.
1.7. "A" 3498 unique 1. 1.8. According to Com. "A" 4147.
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, "A"
3498, "A" 4016 and "A" 4147.
2.1.3. "A" 3498 unique 2. 2.1.3. According to Com. "A" 4147.
2.1.4. "A" 3274 II 2. 2.1.3. According to Com. "A" 3498, "A"
4147 and "A" 4276.
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.
2.1.8. "A" 4016 1.
2.2. "A" 3274 II 2. 2.2. According to Com. "A" 3498.
2.3. "A" 3365 2. According to Com. "A" 3387, "A"
3470, "A" 3498, "A" 3549,
"A" 3597, "A" 3732, "A"
3824 and "A" 4016.
2.4. "A" 4147 3. According to Com. "A" 4276.
2.
2.5. "A" 4147 3. According to Com. "A" 4393.
3.1. "A" 3274 II 3. 3.1.
3.1.1. "A" 3274 II 3. 3.1.1. According to Com. "A" 3326, "A"
3365, "A" 3498, "A" 3549,
"A" 3905 and "A" 4276.
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. 6.1. "A" 3824 According to Com. "A" 4032.