2018 - YEAR OF THE CENTENARY OF THE UNIVERSITY REFORM

COMMUNICATION “A” 6587
18/10/2018

TO FINANCIAL INSTITUTIONS:

Ref.: Circular
REMON 1 - 957
OPASI 2 - 552

Minimum cash. Time deposits and investments. Update.

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We address you to send you in annex the sheets that, replacing those previously provided, should be incorporated into the reference rules based on the resolutions disseminated by Communications “A” 6569 and 6575. Furthermore, we point out that clarifications regarding their application have been incorporated.

Likewise, it is recalled that on the website of this Institution www.bcra.gob.ar, by accessing “Financial System – LEGAL AND REGULATORY FRAMEWORK – Orderings 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

Matías A. Gutiérrez Girault
Issuance Manager of Rules
Darío C. Stefanelli
Principal Manager of Issuance and
Regulatory Applications

ANNEX

	Rates in %
Concept	Category I	Categories II to VI
1.3.14. 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	6
ii) From 30 to 59 days.	5	4
iii) From 60 to 89 days.	3	2
iv) From 90 or more.	0	0
1.3.15. Labor Cessation Fund for Workers of the Construction Industry in UVA.	7	6
1.3.16. Time deposits and investments constituted in the name of minors with funds received gratuitously.	0	0

1.3.17. The increase in the requirement – of the period and daily – resulting from applying in each position the minimum cash rates in pesos in force since 21.6.18 – with respect to those corresponding to 20.6.18 – and those in force as of 18.7.18 – with respect to those established until 17.7.18 – may be integrated with “National Treasury Bonds in pesos at fixed rate due November 2020”.

The increase in the requirement – of the period and daily – resulting from applying the minimum cash rates established as of 2.7.18 – with respect to those in force as of 1.7.18 – may not be integrated with the bonds indicated above.

1.3.18. Additional increases to the minimum cash requirement rates in pesos.

1.3.18.1. Financial institutions included in Group “A” referred to in Section 4. of the rules on “Authorities of financial institutions” must increase by 8 percentage points the requirement rates provided by points 1.3.1., 1.3.2.1., 1.3.3.1., 1.3.4.1. and 1.3.5., subparagraphs i) and ii) of point 1.3.7.1., subparagraphs i) and ii) of subsection a) of point 1.3.9. and points 1.3.11.1. and 1.3.13.

This increase may not be integrated with “National Treasury Bonds in pesos at fixed rate due November 2020” nor with BCRA Bills (LEBAC).

The increase in the minimum cash requirement – of the period and daily –, in force as of 1.9.18 with respect to that in force as of 31.8.18 (5 percentage points), may be integrated both with pesos and with BCRA Liquidity Bills (LELIQ) and/or BCRA Notes (NOBAC).

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1.3.18.2. Financial institutions whose deposits from the non-financial private sector in pesos at the close of July 2018 are for an amount greater than or equal to 1% of the total of those deposits in the financial system – included in the list disseminated through Communication “A” 6570 – must increase:

i) With validity as of 19.9.18, by 5 percentage points the requirement rates provided by points 1.3.1., 1.3.2.1., 1.3.3.1., 1.3.4.1. and 1.3.5., subparagraphs i) and ii) of point 1.3.7.1., subparagraphs i) and ii) of subsection a) of point 1.3.9. and points 1.3.11.1. and 1.3.13.

The increase in the requirement – of the period and daily – resulting from applying in each position the minimum cash rates in pesos in force since 19.9.18 – with respect to those corresponding to 18.9.18 – on the items referred to in subparagraphs i) and ii) of point 1.3.7.1., subparagraphs i) and ii) of subsection a) of point 1.3.9. and points 1.3.11.1. and 1.3.13. may be integrated both with pesos and with LELIQ and/or NOBAC.

The increase in the requirement – of the period and daily – on the other items subject to reserve must be integrated only in pesos.

ii) With validity as of 1.10.18, by 3 percentage points the requirement rates provided by points 1.3.1., 1.3.2.1., 1.3.3.1., 1.3.4.1. and 1.3.5., subparagraphs i) and ii) of point 1.3.7.1., subparagraphs i) and ii) of subsection a) of point 1.3.9. and points 1.3.11.1. and 1.3.13.

This increase in the requirement – of the period and daily – may be integrated with LELIQ and/or NOBAC.

1.3.19. Financial institutions, with validity as of 1.10.18, may integrate with LELIQ and/or NOBAC, the requirement – of the period and daily – corresponding to the increase in the balances recorded in the items referred to in point 1.3.7.1., subsection a) of point 1.3.9. and points 1.3.11.1. and 1.3.14., with respect to those of 30.9.18.

For the integration with "Bonos del Tesoro Nacional en pesos a tasa fija vencimiento noviembre de 2020", LELIQ and/or NOBAC to be admitted as provided in points 1.3.17. to 1.3.19., they must be valued at market prices and be deposited in Subaccount 60 minimum cash enabled in the "Central de Registro y Liquidación de Pasivos Públicos y Fideicomisos Financieros - CRyL".

1.4. Plazo residual.

1.4.1. Determinación.

1.4.1.1. Caso general.

The residual term of each term obligation is equivalent to the number of days remaining until its maturity.

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1.4.1.2. Term investments.

In the cases of term investments, the following criteria will apply:

i) A plazo constante.

The remaining term until maturity will be considered, taking into account the automatic extension or, where applicable, the term resulting from the exercise of the option to revoke it.

ii) With early cancellation option.

The remaining term until the date on which the investor may exercise the early cancellation option will be taken into account, to the extent that they hold the right, or the originally agreed term, in the event that the entity holds that right.

iii) With renewal option for a specified term.

The remaining term until maturity shall be considered, taking into account for this purpose the term that would result from the eventual exercise of the extension option by the entity, to the extent that it is the holder of the right.

When the investor is the holder of that right, the originally agreed term shall be taken into account or, where applicable, the term resulting from the renewal when the option has been exercised.

1.4.1.3. Refinanciable term debt obligations.

When the financial institution enters into agreements or option contracts that ensure the total or partial refinancing of term debt obligations, for the purpose of establishing the residual term until maturity of the obligations, the term arising from the use of such facilities shall be considered, for the portion of the liabilities covered by the agreement.

This criterion is applicable in the event that the agreement is entered into with an offshore bank that complies with the provisions of point 3.1. of the rules on "Credit Ratings" –requiring for this purpose at least an international "investment grade" risk rating–, to the extent that it is not the parent company or the controlling or controlled entity or branches of the local entity.

1.4.1.4. Obligations from offshore financial lines (not linked to the financing of foreign trade operations).

i) With early cancellation clauses.

For the determination of the residual term, the remaining term until the date on which it is contractually foreseen that the offshore entity may require early cancellation shall be taken into account, or the originally agreed term, when it is subject to a decision of the local entity.

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This criterion is applicable in the event that the agreement is carried out with a foreign bank that complies with the provisions of point 3.1. of the rules on “Credit assessments” – requiring for that purpose at least an international risk rating of “investment grade” –, to the extent that it is not the parent company or the controlling or controlled company or branches of the local entity.

ii) Without early cancellation clauses. The remaining term until maturity shall be taken into account to the extent that early cancellation by either party is explicitly excluded. Otherwise, they shall be treated as demand obligations.

1.4.2. Fixed-term deposits.

In the case of fixed-term deposits in pesos and in foreign currency, the established rates – according to the breakdown by fixed terms – shall be applied to the amounts resulting from multiplying the total daily balance of those obligations – recorded in the corresponding month – by the percentages resulting from the residual term structure of the previous month, considering the number of days remaining in that period until the maturity of the obligation, counted from each of the days of said period.

1.4.3. Remaining term operations.

In these cases – including term investments and computable obligations with foreign banks and correspondents –, the residual terms shall be equivalent to the number of days remaining until the maturity of each obligation, counted from each of the days of the same month to which the minimum cash requirement corresponds.

The requirement shall arise from applying the established rates to the daily balances of the aforementioned obligations based on the different residual term brackets set.

In the particular case of obligations payable in capital installments, the amounts of amortization services maturing within the year, counted from each of the days of the month to which the minimum cash requirement corresponds, shall be considered independently for the purposes of applying to them the rate that is applicable based on the number of days remaining until the maturity of each of them.

1.5. Reduction of the requirement on average in pesos.

1.5.1. Based on certain financings.

The requirement shall be reduced in accordance with the share in the total financings to the non-financial private sector in pesos at the entity of financings to micro, small and medium-sized enterprises (MSMEs) in the same currency – in accordance with the definition contained in the rules on “Determination of the condition of micro, small or medium-sized enterprise” – considering that classification at the time of granting, according to the following table:

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Share of financings to MSMEs with respect to total financings to the non-financial private sector, at the entity. In %	Deduction (on the total of the concepts included in pesos). In %
Menos del 4	0,00
Between 4 and less than 6	0,75
Between 6 and less than 8	1,00
Between 8 and less than 10	1,25
Between 10 and less than 12	1,50
Between 12 and less than 14	1,75
Between 14 and less than 16	2,00
Between 16 and less than 18	2,20
Between 18 and less than 20	2,40
Between 20 and less than 22	2,60
Between 22 and less than 24	2,80
Between 24 and less than 26	3,00
Between 26 and less than 28	3,20
Between 28 and less than 30	3,40
30 or more	3,60

For the purposes of calculating financing to MSMEs, to determine the percentage of participation, it shall be taken into account whether they meet that condition at the time the assistance is granted, considering all outstanding financing. If the borrower ceases to meet the MSME condition, the financing granted up to that moment shall be counted.

The balance at the end of the period prior to the under-reporting of financing in pesos (Loans and Financial Lease Credits) granted to MSMEs shall be included.

1.5.2. Based on the granting of financing under the “AHORA 12” Program.

The requirement shall be reduced by an amount equivalent to 20% of the sum of financing in pesos granted by the entity:

1.5.2.1. As provided by the “AHORA 12” Program referred to in Joint Resolution No. 671/14 and 267/14 of the former Ministry of Economy and Public Finance and the former Ministry of Industry, respectively, intended for the acquisition of goods and services covered by said resolution and its complementary rules.

For this purpose, the balance of the financing covered from the period prior to the one for calculating the requirement that meet the indicated requirements shall be considered.

1.5.2.2. To non-financial companies issuing credit cards at an interest rate of up to 17% nominal annual, to the extent that such companies have adhered to the “AHORA 12” Program.

For this purpose, the financing from the period prior to the one for calculating the requirement shall be considered, measured as the monthly average of daily balances.

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The financial entity must require and have documentation proving that the borrowing company has used the funds to grant financing under the conditions of the aforementioned Program.

This deduction, furthermore, may not exceed 1% of the peso items subject to requirement, on average, for the month prior to the calculation month.

1.6. Specific increases in requirement due to liability concentration.

When an excessive concentration of liabilities (in holders and/or terms) is verified, which implies a significant risk regarding the individual liquidity of the financial entity and/or has a significant negative effect on systemic liquidity, additional minimum cash requirements may be set on the entity's covered liabilities and/or any complementary measures deemed pertinent.

This situation shall be considered to occur when, among others, any of the following factors is present:

• A high percentage of liabilities is concentrated in a single holder or holders.

• In term obligations, the term is short.

• The aforementioned liabilities represent a significant percentage with respect to the integration of the minimum cash and/or total private sector deposits in the entity.

1.7. Transfers.

1.7.1. Allowed margin.

The integration of the minimum cash for the monthly average position may not be less than 80% of the requirement resulting from the following expression:

EEMA (n) = EEF (n) + ENI (n-1)

Where

EEMA (n): adjusted minimum cash requirement corresponding to month “n”.

EEF (n): minimum cash requirement according to current rules corresponding to month “n”.

ENI (n-1): requirement not integrated in month “n-1”.

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1.7.2. Period of use.

The admitted transfer of the requirement not integrated in each month to the following position may be made up to a maximum of six months, counted from the first month –inclusive– in which the option is made to use it in accordance with the provisions above or from the first position immediately following that in which the transferred defects are offset or a charge is paid on them.

For its calculation, the numerals transferred from the month to which they correspond shall be computed, divided by the number of days of the month to which the transfer is made.

1.8. Defect in the application of resources in foreign currency.

The defect in the application of resources corresponding to deposits in foreign currency, net of cash balances at entities, in custody at other financial institutions, in transit and at Securities Carriers (TV), determined in a month, shall be computed as an equivalent amount in the calculation of the minimum cash requirement for that same period of the respective currency.

1.9. Increase in the requirement for non-compliance with the rules on “Credit line for productive investment”.

The defect in the application of the 2013 Quota verified –as of 1.7.13 or 1.1.14, as the case may be, when it is the first tranche and 1.1.14 or 1.7.14, as the case may be, when it is the second tranche– shall be computed as an equivalent amount in the calculation of the minimum cash requirement on average in pesos, from those dates and for 24 months.

The defect in the application of the 2014 Quota verified –as of 1.7.14 or 1.1.15, as the case may be, when it is the first tranche and as of 1.1.15 or 1.7.15, as the case may be, when it is the second tranche– shall be computed as an equivalent amount in the calculation of the minimum cash requirement on average in pesos, from those dates and for 24 months.

Non-compliance with the provisions of the second paragraph of point 3.5.3.2. of the rules on “Credit line for productive investment” (register as of 30.9.14 agreements for at least 50 % of the total amount of the second tranche of the 2014 Quota and at least 50 % to MSMEs) shall generate an increase in the minimum cash requirement on average in pesos for an equivalent amount from the day following its verification (1.10.14) for 3 months.

Non-compliance with the provisions of the third paragraph of point 3.5.4.1. of the rules on “Credit line for productive investment” (register as of 31.3.15 agreements for at least 30 % of the total amount of the first tranche of the 2015 Quota) shall generate an increase in the minimum cash requirement on average in pesos for an equivalent amount from the day following its verification (1.4.15) for 3 months.

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

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Failure to comply with the third paragraph of point 3.5.4. of the rules on "Credit Line for Productive Investment" (registering by 30.9.15 agreements for at least 30 % of the total amount of the second tranche of the 2015 Quota) will generate an increase in the average peso minimum cash requirement in an equivalent amount from the day following its verification (1.10.15) for 3 months.

The failure to apply the second tranche of the 2015 Quota verified -on 1.4.16 or 1.7.16, as applicable- shall be counted in an equivalent amount in the calculation of the average peso minimum cash requirement, from said dates and for 24 months.

This shall be without prejudice to the provisions of point 8.3. of the rules on "Credit Line for Productive Investment".

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MINIMUM CASH B.C.R.A.
Section 2. Composition.

2.3. Minimum daily composition.

On no day of the month may the sum of the balances of the items admitted as composition, recorded at the close of each day, be less than 25 % of the total minimum cash requirement, determined for the immediately preceding month, recalculated based on the requirements and items in force in the month to which the reserves correspond, without considering the effects of the application of the provisions of point 1.7.1.

Such daily requirement shall be 70 % when a composition deficiency in average greater than the admitted carry-over margin has been recorded in the previous month.

No minimum daily composition shall be required for deposits in securities and monetary regulation instruments of the BCRA.

2.4. Remuneration of the balances of peso accounts opened at the Central Bank.

Interest shall be recognized on the proportion of the monthly average of the daily balances of current accounts and special guarantee accounts in favor of electronic clearing houses and for the coverage of the settlement of operations with credit cards, consumption vouchers, at ATMs and by immediate fund transfers (considered together) corresponding to the composition of the requirement arising from deposits and term obligations, without exceeding the greater of the amounts resulting from comparing the result of the following procedure:

2.4.1. Monthly peso minimum cash requirement of deposits and term obligations net of the composition carried out through the admitted items of points 2.1.4. and 2.1.5. in the proportion corresponding to the requirement of these liabilities.

2.4.2. Peso minimum daily composition requirement of deposits and term obligations net of the composition carried out through the admitted items of points 2.1.4. and 2.1.5. in the proportion corresponding to the requirement of these liabilities.

For the purposes of determining the aforementioned proportion to be charged, the percentage resulting from comparing the requirement on deposits and term obligations with respect to the total requirement corresponding to the monthly position shall be considered.

Therefore, no interest shall be recognized for the composition corresponding to deposits and other demand obligations.

The determination of the remuneration shall always be carried out on a monthly basis.

Interest shall accrue at the rate to be set and which will be transmitted through the Foreign Exchange and Open Market Operations Desk. In case of modifications during the course of the same month, the weighted average rate based on the number of calendar days of validity in the period shall be used.

The amounts shall be credited to the corresponding accounts within 5 business days of validation of the submission of the pertinent information regime.

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MINIMUM CASH
B.C.R.A.
Section 6. Transitional provisions.

6.1. Minimum daily composition in foreign currency.

6.1.1. From 1.11.11 the failure to apply resources in that currency shall be excluded from the calculation base of the minimum daily composition requirement in foreign currency.

6.1.2. From 1.6.12 the minimum daily composition requirement in foreign currency referred to in point 2.3. is suspended.

6.2. For the May/July 2018 period, the requirement and composition of the peso minimum cash shall be observed on the average resulting from dividing the sum of the daily balances of the items comprised recorded during that period by the total number of days of the quarter.

To determine the requirement, in the quarterly position the structure of residual maturities of April shall be considered and in August that corresponding to July.

With respect to the aforementioned quarterly position, the provisions in force of a general nature on carry-over of requirement referred to in point 1.7. are applicable.

For the months of June and July 2018, the minimum daily requirement in pesos computed with the structure of residual maturities and on the requirement of April 2018 (recalculated based on the requirements and items in force in the month to which the reserves correspond) shall be composed.

During August 2018 the structure of residual maturities shall be used and the minimum daily requirement shall be calculated on the requirement of July 2018.

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MINIMUM CASH

ORDERED TEXT			SOURCE RULE					OBSERVATIONS
Sec.	Point	Para.	Comm.	Annex	Sec.	Point	Para.
1.	1.3.7.		"A" 3498	sole	1.	1.3.8.		S/Com. “A” 3506 (item 2.), 3549, 3732, 3824, 3905, 3917, 3925, 3967, 4032, 4140, 4179, 4276, 4360 (item 3.), 4449, 4549, 4602, 4754, 4851, 5356, 5534, 5555, 5569, 5873, 5893, 5945, 5980, 6195, 6519, 6526 and 6532 (includes interpretive clarification).
	1.3.8.		“A” 3498	sole	1.	1.3.11.		According to Com. “A” 3597, 3732, 4032 and 5356.
	1.3.9.		“A” 3498	sole	1.	1.3.12.		According to Com. “A” 3905, 3917, 3967, 4032, 4179, 4276, 4449, 4549, 4851, 5356, 5534, 5555, 5569, 5873, 5893, 5980, 6195, 6526 and 6532.
	1.3.10.		“A” 3549			1.
	1.3.11.		“A” 3549			1.		According to Com. “A” 4179, 4388, 4549, 4851, 5356, 5534, 5555, 5569, 5873, 5893, 5980, 6195, 6526 and 6532.
	1.3.12.		“A” 4360			2.		According to Com. “A” 5356.
	1.3.13.		“A” 4754			6.		According to Com. “A” 5356, 5980, 6195, 6526 and 6532.
	1.3.14.		“A” 5945			4.		According to Com. “A” 6069 and 6204.
	1.3.15.		“A” 6341
	1.3.16.		“A” 6069			4.
	1.3.17.		“A” 6526					According to Com. “A” 6532, 6550 and 6587.
	1.3.18.		“A” 6550
	1.3.18.1.		“A” 6550					According to Com. “A” 6556 and 6587.
	1.3.18.2.		“A” 6569					According to Com. “A” 6575 and 6587.
	1.3.19.		“A” 6575			2.		According to Com. “A” 6587.
	1.3.	Last	“A” 6526					According to Com. “A” 6532, 6556, 6569, 6575 and 6587.
	1.4.		“A” 3905			3.		According to Com. “A” 4179, 4449, 4473, 5671, 5740, 6232 and 6349. 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 and 6531.
	1.5.2.		“A” 5631			1.		According to Com. “A” 5638, 6217 and 653.

MINIMUM CASH

ORDERED TEXT			SOURCE RULE				OBSERVATIONS
Sec.	Point	Par.	Com.	Annex	Sec.	Point	Par.
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 and 6349.
	1.7.2.		“A” 3274	II	1.	1.6.2.	According to Com. “A” 3304, 4449 and 6349.
	1.8.		“A” 3498	sole	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 (interpretive clarification), 4815, 6288 and "B" 9186.
	2.1.1.		"A" 3274	II	2.	2.1.2.	According to Com. "A" 3304, 3498, 4016 and 4147.
	2.1.2.		"A" 3498	sole	2.	2.1.3.	According to Com. "A" 4147.
	2.1.3.		"A" 3274	II	2.	2.1.3.	According to Com. "A" 3498, 4147, 4276 and 5194.
	2.1.4.		"A" 3274	II	2.	2.1.4.
	2.1.5.		"A" 4016			1.
	2.1.6.		"A" 4716		2.		According to Com. "B" 9186.
	2.2.		"A" 3274	II	2.	2.2.	According to Com. "A" 3498, 4449, 4716, 5299 and 6349.
	2.3.		"A" 3365			2.	According to Com. "A" 3387, 3470, 3498, 3549, 3597, 3732, 3824, 4016, 4449, 4716, 5152, 5299, 5373, 6288, 6349, 6575 and "B" 9186.
	2.4.		"A" 4147			3.	According to Com. "A" 4276, 4449, 4509, 5152, 5299 and 6349.
	2.5.		"A" 4147			3.	According to Com. "A" 4393, 4509, 4716 and 5299.
3.	3.1.		"A" 3274	II	3.	3.1.
	3.1.1.		"A" 3274	II	3.	3.1.1.	According to Com. "A" 3326, 3365, 3498, 3549, 3905, 4276, 4449, 4473, 4707, 4716, 4862, 5356, 6349 and "B" 9186.
	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.	According to Com. "A" 4449 and 6349.
	3.2.2.		"A" 3274	II	3.	3.2.2.2.	According to Com. "A" 4449.

MINIMUM CASH

							OBSERVATIONS
ORDERED TEXT			SOURCE NORM
Sec.	Point	Para.	Com.	Annex	Sec.	Point	Para.
3.	3.3.		"A" 3274	II	3.	3.3.	According to Com. "A" 3498.
	3.3.1.		"A" 3274	II	3.	3.3.1.	According to Com. “A” 4771 and 6275.
	3.3.2.		“A” 3274	II	3.	3.3.2.
4.	4.1.		“A” 3274	II	4.	4.1.
5.	5.1.		“A” 3274	II	5.	5.1.	According to Com. “A” 3498 and 5693.
	5.2.		“A” 3905			5.	According to Com. “A” 5356 and 5693.
	5.3.		“A” 3905			5.	According to Com. “A” 4449 and 6167.
6.	6.1.1.		“A” 5246			3.
	6.1.2.		“A” 5312				According to Com. “A” 5333.
	6.2.		“A” 6508				According to Com. “A” 6519 (includes interpretive clarification).

CENTRAL BANK OF THE ARGENTINE REPUBLIC

DEPOSITS AND TERM INVESTMENTS B.C.R.A.
Section 1. Term deposits.

1.11.5.1. In the case of deposits of securities, interest shall be calculated on the nominal values, paid in the currency agreed upon at the time of the deposit, at the maturity of the transaction, converted in accordance with the last closing quotation in pesos (immediate cash) on the securities market where they are listed.

1.11.5.2. In the case of deposits of Acquisition Value Units “UVA” and Housing Units “UVI”, interest shall be calculated on the peso equivalent of the amount of “UVA” and “UVI” deposited, as applicable, determined in accordance with the provisions of the penultimate paragraph of point 1.9.

1.11.6. Payment.

1.11.6.1. At maturity.

1.11.6.2. Periodic payment of accrued interest, before the maturity of the deposit, provided it is made in arrears, with a frequency of no less than 30 days.

1.11.6.3. Incentives or remuneration in advance in goods or services shall be allowed – point 1.11.4.–.

1.12. Term.

1.12.1. Fixed interest rate deposits.

1.12.1.1. In pesos or foreign currency.

Minimum: 30 days.

1.12.1.2. Of public and private securities.

The term freely agreed upon.

1.12.2. Deposits with variable interest clauses.

Minimum: i) For deposits whose basic remuneration is that contemplated in subparagraphs i) and ii) of point 1.11.2.1.: 120 days.

ii) For deposits whose basic remuneration is that contemplated in subparagraph iii) of point 1.11.2.1.: 180 days.

Longer terms must be multiples of the computation subperiod chosen to determine the applicable rate, in accordance with point 1.11.2.1.

Version: 12th COMMUNICATION “A” 6587
Effective date:
01/10/2018
Page 9

TIME DEPOSITS AND INVESTMENTS

CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT	SOURCE RULE	OBSERVATIONS
Sec.	Point	Para.	Com.	Annex	Chap.	Sect.	Point	Para.
1.	1.6.2.2.	1st	“A” 1913				2°		S/Com. “A” 4809.
		2°a	“A” 3323
		4°
	1.7.1.		“A” 1653		I		3.4.2.	2°
			“A” 1913				2.
	1.7.2.		“A” 3043
	1.8.1.		“A” 1199		I		3.
	1.8.2.		“A” 1820	I			3.2.	2°	S/Com. “A” 3293, 3527, 3682 (item 10.), 3827 (item 9.) and 4140.
	1.8.3.		“A” 1820	I			3.2.	1°
1.8.4.			“A” 1465	I			2.		S/Com. “A” 4716 and “B” 9186.
		i)	“A” 2275				2.	1°
		ii)	“A” 2275				2.1.		According to Com. “A” 6327.
		iii)	“A” 2275				2.1.		According to Com. “A” 6327.
	1.9.		“A” 3660						S/Com. “A” 3827 (item 9.), 5945 and 6069.
	1.9.1.		“A” 3660						S/Com. “A” 3827 (item 9.), 5945 and 6069.
	1.9.2.		“A” 6069				1.
	1.9.	last	“A” 5945				1.		S/Com. “A” 6069.
	1.10.		“A” 4874				2.
	1.11.1.		“A” 1465	I			2.1.2.		S/Com. “A” 3660, 5640, 5651, 5654, 5659, 5781, 5786, 5849 and 5853. Includes interpretive clarification.
			“A” 1653	I			3.1.1.2.
			“A” 1820	I			3.3.1.2.
							3.4.
	1.11.2.1.		“A” 2188				2.1.	1°	S/Com. “A” 2962 (item 2.1.), 3660, 4543, 4654 and 5257.
	1.11.2.2.		“A” 2188				2.1.	2°	S/Com. “A” 2962 (item 2.2.), 3660 and 4543.
	1.11.2.3.		“A” 2188				2.3.		S/Com. “A” 2962 (item 2.2.), 3660, 4543 and 4654.
	1.11.3.		“A” 3660						S/Com. “A” 5945 and 6069.
	1.11.4.		“A” 4874				3.
	1.11.5.	1°	“A” 1199	I			5.3.2.		S/Com. “A” 3660.
	1.11.5.1.		“A” 1465	I			2.1.2.	2°	S/Com. “A” 3660.
	1.11.5.2.		“A” 3660						S/Com. “A” 5945 and 6069.
	1.11.6.		“A” 3043						S/Com. “A” 6575 and 6587. Includes interpretive clarification.
	1.11.6.1.		“A” 1199	I			5.3.2.		S/Com. “A” 3660 and 6575.
	1.11.6.2.		“A” 2482				2.		S/Com. “A” 3660 and 6575.
	1.11.6.3.		“A” 4874				4.
	1.12.1.1.		“A” 1653	I			3.1.1.1.		S/Com. “A” 3485, 3527, 3660, 3682 (item 11.), 3827 (item 9.) and 4032.
			“A” 1820				3.3.
			“A” 2061				1.1.1.
	1.12.1.2.		“A” 1465	I			2.1.1.		S/Com. “A” 3660.
			“A” 1603				5.
			“A” 2275				2.