Minimum Cash Requirements: Adjustments to Integration with LELIQ and/or NOBAC

2019 - YEAR OF EXPORT

COMMUNICATION “A” 6817
28/10/2019

TO FINANCIAL INSTITUTIONS:

Ref.: Circular
REMON 1 - 985

Minimum cash. Adjustments.

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We address you to inform you that this Institution adopted the resolution that, in its pertinent part, establishes:

“- To provide, with effect from 1.11.19, that the integration with LELIQ and/or NO-BAC of the minimum cash requirement in pesos arising from the demand obligations covered shall not be admitted.”

Finally, we send you the sheets that, in replacement of those previously provided, should be incorporated into the rules on “Minimum cash”. In this regard, it is recalled that on the website of this Institution www.bcra.gob.ar, by accessing “Financial System - LEGAL AND REGULATORY FRAMEWORK - Compilations and summaries - Ordered texts of general regulations”, you will find the modifications made with texts highlighted in special characters (strikethrough and bold).

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Darío C. Stefanelli
Principal Manager of Issuance and
Regulatory Applications

Agustín Torcassi
Deputy General Manager of Financial Regulation

ANNEX

MINIMUM CASH B.C.R.A.
Section 1. Requirement.

	Rates in %
Concept	Group “A” and G-SIB not included in that group	Remaining entities
1.3.7. Demand and time deposits made by order of the Justice with funds originating from the cases in which it intervenes, and their immobilized balances.
1.3.7.1. In pesos, according to their residual term, being able to integrate with LELIQ and/or NOBAC the requirement arising from time placements, except in the maximum proportion admitted for integration in “National Treasury Bonds in pesos at fixed rate due November 2020”.
i) Up to 29 days.	29	10
ii) From 30 to 59 days.	22	7
iii) From 60 to 89 days.	4	2
iv) From 90 days or more.	0	0
1.3.7.2. In foreign currency.	15	15
1.3.8. Special deposits linked to the entry of funds from abroad - Decree 616/05.	100	100
1.3.9. Time investments instrumented in non-transferable registered certificates, in pesos, corresponding to holders of the public sector that have the right to exercise the early cancellation option within a period of less than 30 days counted from their constitution.	32	11
1.3.10. Time deposits and investments of “UVA” and “UVI” –including savings accounts and debt securities (including negotiable obligations) in “UVA” and “UVI”–, according to their residual term.
i) Up to 29 days.	7	7
ii) From 30 to 59 days.	5	5
iii) From 60 to 89 days.	3	3
iv) From 90 or more.	0	0
1.3.11. Labor Cessation Fund for Workers in the Construction Industry in UVA.	7	7

Version 20a: COMMUNICATION “A” 6817
Effective date:
01/11/2019
Page 6

MINIMUM CASH B.C.R.A.
Section 1. Requirement.

	Rates in %
Concept	Group “A” and G-SIB not included in that group	Remaining entities
1.3.12. Deposits and time investments constituted in the name of minors with funds received as a gift.	0	0

1.3.13. In the case of transactions in pesos, when the locality in which the operating office where they are made is located, in accordance with the provisions of the rules on “Categorization of localities for financial entities”, belongs to categories II to VI, the rates provided for demand placements shall be reduced by 2 percentage points and for time placements by 1 percentage point up to a minimum of zero (including point 1.3.11.). In both cases, it does not include deposits in securities. Time deposits in pesos arranged remotely (e.g. through “home banking”, online time deposit, etc.) shall receive the same treatment as those captured in categories II to VI.

1.3.14. Financial entities included in Group “A” and branches or subsidiaries of G-SIBs not included in that group may integrate the peso requirement –for the period and daily– with “National Treasury Bonds in pesos at fixed rate maturing November 2020” up to:

a) 5 percentage points of the rates provided in points 1.3.1., 1.3.2.1., 1.3.3. and 1.3.9. and in subsections i) and ii) of points 1.3.5.1. and 1.3.7.1.

b) 2 percentage points of the rates provided in subsection iii) of points 1.3.5.1. and 1.3.7.1.

1.3.15. Financial entities may integrate the peso requirement –for the period and daily– with BCRA Liquidity Bills (LELIQ) and/or BCRA Notes (NOBAC) in accordance with the following:

1.3.15.1. Included in Group “A” and branches or subsidiaries of G-SIBs not included in that group: up to 16 percentage points of the rate provided in subsection i) of point 1.3.5.1. and in point 1.3.9.; up to 13 percentage points of the rates provided in subsections ii) of point 1.3.5.1.; up to 3 percentage points of the rates provided in subsections i) to iii) of point 1.3.10. and in point 1.3.11. and up to 2 percentage points of the rate provided in subsection iii) of point 1.3.5.1.

1.3.15.2. Entities not included in the preceding point: up to 3 percentage points of the rates provided in subsections i) and ii) of point 1.3.5.1., in point 1.3.9., in subsections i) to iii) of point 1.3.10. and in point 1.3.11. and up to 2 percentage points of the rate provided in subsection iii) of point 1.3.5.1.

Version: 18a. COMMUNICATION “A” 6817
Effective date:
01/11/2019
Page 7

B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “MINIMUM CASH”

CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT			SOURCE RULE				OBSERVATIONS
Sec.	Point Parr.	Com.	Annex Sec.	Point	Parr.
1.	1.1.	“A” 3274	II	1.	1.1.
	1.1.1.	“A” 3274	II	1.	1.1.1.		S/Com. “A” 3498.
	1.1.2.	“A” 3274	II	1.	1.1.2.		S/Com. “A” 3597, 4815, 6634 (includes interpretive clarification), 6706, 6719, 6745 and “B” 9186.
	1.1.3.	“A” 3274	II	1.	1.1.3.		S/Com. “A” 3498, 3905, 4473, 5945 and 6069.
	1.2.	“A” 3274	II	1.	1.2.		S/Com. “A” 3304, 3498, 3597, 4449, 4716 (includes interpretive clarification), 4815, 5471, 6288, 6327, 6349, 6719 and “B” 9186.
	1.3.	“A” 3274	II	1.	1.3.		S/Com. “A” 5356, 5980, 6209 and 6616.
	1.3.1.	“A” 3274	II	1.	1.3.1.		S/Com. “A” 3338, 3417, 3498, 3597, 3917, 3967, 4032, 4051, 4147, 4276, 4449, 4473, 4509, 4549, 4602, 4712, 5108, 5356, 5980, 6195, 6526, 6532 and 6616.
	1.3.2.	“A” 3274	II	1.	1.3.2., 1.3.3. and 1.3.4.		S/Com. “A” 3338, 3399, 3417, 3498, 3597, 3824, 3917, 3967, 4032, 4051, 4147, 4179, 4276, 4449, 4473, 4509, 4549, 4602, 4754, 4809, 4851, 5007, 5091, 5164, 5234, 5356, 5534, 5555, 5569, 5873, 5893, 5980, 6148, 6195, 6341, 6526, 6532 and 6616.
	1.3.3.	“A” 3274	II	1.	1.3.5.		S/Com. “A” 3338, 3417, 3498, 3597, 3917, 3967, 4032, 4051, 4147, 4276, 4449, 4509, 4549, 5356, 5980, 6195, 6526, 6532 and 6616.
	1.3.4.	“A” 3274	II	1.	1.3.7.		S/Com. “A” 5356, 6616 and 6350.
	1.3.5.	“A” 3498	único	1.	1.3.8. and 1.3.12.		S/Com. “A” 3506 (pt. 2.), 3549, 3732, 3824, 3905, 3917, 3925, 3967, 4032, 4140, 4179, 4276, 4360 (pt. 3.), 4449, 4549, 4602, 4754, 4851, 5356, 5534, 5555, 5569, 5873, 5893, 5945, 5980, 6195, 6519, 6526, 6532, 6616 and 6728.
	1.3.6.	“A” 3498	único	1.	1.3.11.		According to Com. “A” 3597, 3732, 4032, 5356, 6595, 6616 and 6776.
	1.3.7.	“A” 3549			1.		According to Com. “A” 4179, 4388, 4549, 4851, 5356, 5534, 5555, 5569, 5873, 5893, 5980, 6195, 6526, 6532, 6616, 6706, 6728, 6740 and 6817.

MINIMUM CASH

CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT
ORIGINATING RULE

Sec.	Point	Para.	Com.	Annex	Sec.	Point	Para.	OBSERVATIONS
1.	1.3.8.		“A” 4360			2.		According to Com. “A” 5356 and 6616.
	1.3.9.		“A” 4754			6.		According to Com. “A” 5356, 5980, 6195, 6526, 6532, 6616 and 6728.
	1.3.10.		“A” 5945			4.		According to Com. “A” 6069, 6204 and 6616.
	1.3.11.		“A” 6341					According to Com. “A” 6616.
	1.3.12.		“A” 6069			4.		According to Com. “A” 6616.
	1.3.13.		“A” 5356			1.		According to Com. “A” 6616 and 6706.
	1.3.14.		“A” 6526					According to Com. “A” 6532, 6550, 6587, 6616 and 6706.
	1.3.15.		“A” 6550					According to Com. “A” 6556, 6559, 6575, 6587, 6616, 6706, 6738, 6740 and 6817.
	1.3.	Last	“A” 6526					According to Com. “A” 6532, 6556, 6569, 6575, 6587, 6616, 6628 and 6740.
	1.4.		“A” 3905			3.		According to Com. “A” 4179, 4449, 4473, 5671, 5740, 6232, 6349 and 6719. Includes interpretive clarification.
	1.5.		“A” 5356			2.		According to Com. “A” 5471.
	1.5.1.		“A” 5356			2.		According to Com. “A” 5471, 5623, 6531, 6703 and 6705.
	1.5.2.		"A" 5631			1.		According to Com. "A" 5638, 6217 and 6531.
	1.5.3.		"A" 6740			1.
	1.6.		"A" 3274	II	1.	1.5.		According to Com. "A" 3498.
	1.7.		"A" 3274	II	1.	1.6.
	1.7.1.		"A" 3274	II	1.	1.6.1.		According to Com. "A" 4405, 4449, 6349 and 6719.
	1.7.2.		"A" 3274	II	1.	1.6.2.		According to Com. "A" 3304, 4449, 6349 and 6719.
	1.7.3.		"A" 6728		2.
	1.8.		"A" 3498	único	1.	1.8.		According to Com. "A" 4147 and 6537.
	1.9.		"A" 5380					According to Com. "A" 5449, 5516, 5600, 5654 and 5771. Includes interpretive clarification.
2.	2.1.		"A" 3274	II	2.	2.1.		According to Com. "A" 3498, 3597, 4716, 4815, 6288, 6763 and "B" 9186.