2021 - YEAR OF TRIBUTE TO THE NOBEL PRIZE IN MEDICINE DR. CÉSAR MILSTEIN

CENTRAL BANK
OF THE ARGENTINE REPUBLIC

COMMUNICATION “A” 7427
23/12/2021

TO THE FINANCIAL INSTITUTIONS,
TO THE FOREIGN EXCHANGE OPERATORS,
TO THE NON-FINANCIAL COMPANIES ISSUING CREDIT CARDS, TO THE NON-FINANCIAL COMPANIES ISSUING PURCHASE CARDS, TO THE OTHER NON-FINANCIAL CREDIT PROVIDERS, TO THE ELECTRONIC CLEARING HOUSES, TO THE COMPANIES ADMINISTERING AUTOMATED TELLER MACHINE NETWORKS, TO THE FINANCIAL MARKET INFRASTRUCTURES, TO THE SECURITIES TRANSPORT COMPANIES:

Ref.: Circular
CONAU 1-1507,
LISOL 1-962,
OPRAC 1-1125,
REMON 1-1051,
RUNOR 1-1707,
SERVI 1-87,
SINAP 1-151,
CREFI 2-130:

Minimum cash. Spot transactions to be settled and forward transactions, repos, collateralized loans, other derivatives and with mutual investment funds. Interest rates on credit transactions. Expansion of financial institutions. Financial services within the framework of the health emergency declared by Decree No. 260/2020 Coronavirus (COVID-19). Distribution of results. Adjustments.

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

“1. Extend until 31.12.22 the following provisions:

i) Point 6.3. of the rules on “Minimum cash”, which establishes that for transactions in pesos provided for in point 1.3.5.1. of the aforementioned rules with a residual term of up to 29 days –subparagraph i)– and of 30 to 59 days –subparagraph ii)–, the reserve rates that financial institutions belonging to group C must apply shall be 21 % and 17 %, respectively.

ii) Section 9. of the rules on “Spot transactions to be settled and forward transactions, repos, collateralized loans, other derivatives and with mutual investment funds”, whereby institutions belonging to group C that are not branches or subsidiaries of G-SIBs shall be subject to the limits for the excess net position of LELIQ indicated for 1.5.2020 in point 8.1.2., the limits provided for in points 8.1.2.1. and 8.1.2.2. not being applicable, nor the reductions established in points 8.3.1. and 8.3.2. of the aforementioned rules.

iii) Point 7.2. of the rules on “Interest rates on credit transactions”, regarding that compensatory interest for financing linked to credit cards that may

be applied by financial institutions belonging to group C may not exceed the nominal annual rate established in point 2.1.2. of the aforementioned rules. This, without prejudice to the application of the limit established in article 16 of Law 25.065 on Credit Cards and other provisions contained in the last 3 paragraphs of point 2.1.1. of the aforementioned regulations.

2. Provide that financial institutions of groups B and C –in accordance with the provisions of Section 4. of the rules on “Authorities of financial institutions”– that are not branches or subsidiaries of foreign banks qualified as systemically important (G-SIB), may opt –irrevocably– to postpone until 1.1.23 the application of point 5.5 of IFRS 9 –established by Communication “A” 6430– and, consequently, the prorating methodology generated by the application of the aforementioned point –provided for in Communication “A” 6847–.

Those institutions that opt to postpone that application must inform it before 31.12.21 to the Superintendency of Financial and Exchange Institutions.

3. Extend until 31.12.22 point 11.1. of the rules on “Expansion of financial institutions”, which establishes that financial institutions must have the prior consent of the Central Bank of the Argentine Republic to proceed with the relocation or closure of branches.

4. Extend until 30.6.22 points 2.1. and 2.2. of the rules on “Financial services within the framework of the health emergency declared by Decree No. 260/2020 Coronavirus (COVID-19)”, regarding attention and services to the public in the operating offices in the entities covered by those rules.”

Finally, we send you the pages that, in replacement of those previously provided, must be incorporated into the referenced rules. Additionally, a regulatory clarification is included in point 2.1.1. of the rules on “Interest rates on credit transactions”. In this regard, it is recalled that on the page 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
María D. Bossio
General Deputy Manager of
Financial Regulation

WITH COPY TO THE EXTRA-BANKING COLLECTION COMPANIES

ANNEX

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

6.1. Minimum daily integration in foreign currency.

6.1.1.From 1.11.11, the defect in the application of resources in that currency shall be excluded from the calculation base of the minimum daily integration requirement in foreign currency.

6.1.2. As of 1.6.12, the requirement for minimum daily integration in foreign currency referred to in point 2.3 is suspended.

6.2. Reduction of the minimum cash requirement based on the special treatment provided for financing covered by Resolution No. 1/19 of the Ministry of Territorial Development and Habitat.

For the period February 2020 to January 2021 inclusive, the average minimum cash requirement in pesos shall be reduced by 0.8% of the contractual balance –as of the end of November 2019– of the financing that the entity decides to subject to the special treatment provided in point 6.4. of the rules on "Credit Policy".

6.3. Until 31.12.22, for peso operations provided in point 1.3.5.1. with a residual term of up to 29 days –subsection i)– and from 30 to 59 days –subsection ii)–, the reserve rates to be applied by financial institutions belonging to group C shall be 21% and 17%, respectively.

MINIMUM CASH

	CONSOLIDATED TEXT			ORIGINAL RULE				OBSERVATIONS
Sec.	Point	Para.	Comm.	Annex	Sec.	Point	Para.
4.	4.1.		"A" 3274	II	4.	4.1.
5.	5.1.		"A" 3274	II	5.	5.1.		According to Comm. "A" 3498, 5693 and 6832.
	5.2.		"A" 3905			5.		According to Comm. "A" 5356 and 5693.
	5.3.		"A" 3905			5.		According to Comm. "A" 4449 and 6167.
6.	6.1.1.		"A" 5246			3.
	6.1.2.		"A" 5312					According to Comm. "A" 5333.
	6.2.		"A" 6884			2.
	6.3.		"A" 7108			2.		According to Comm. "A" 7247 and 7427.

B.C.R.A.
SPOT AND FORWARD TRANSACTIONS, REPOS, COLLATERAL, OTHER DERIVATIVES AND WITH MUTUAL INVESTMENT FUNDS
Section 9. Transitional provisions.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Until 31.12.22, institutions belonging to group C that are not branches or subsidiaries of G-SIBs shall be subject to the limits for the net surplus position of LELIQ indicated for 1.5.2020 in point 8.1.2., and the limits provided in points 8.1.2.1. and 8.1.2.2., as well as the reductions established in points 8.3.1. and 8.3.2., shall not apply.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

"SPOT AND FORWARD TRANSACTIONS, REPOS,
COLLATERAL, OTHER DERIVATIVES AND WITH MUTUAL INVESTMENT FUNDS"

ORDERED TEXT			SOURCE STANDARD					OBSERVATIONS
Sect.	Point	Para.	Comm.	Annex	Chap.	Sect.	Point	Para.
7.	7.2.2.2.		“A” 2996	sole		2.	2°	According to Comm. “A” 6472. Includes interpretive clarification.
	7.2.3.	1°	“B” 6566			1.		According to Comm. “A” 2996 (Annex, point 3.).
		2°	“B” 6609
	7.3.1.		“A” 3027
	7.3.1.1.		“A” 2996	sole		4.1.	1°
	7.3.1.2.		“A” 2996	sole		4.1.	2°	According to Comm. “A” 3027.
	7.3.2.		“A” 2996	sole		4.2.		According to Comm. “A” 3027.
	7.3.2.1.	1°	“A” 2953			1.	3°	According to Comm. “A” 2996 (point 4.2., para. 1°).
		2°	“A” 2996	sole		4.2.	3°
	7.3.2.2.		“A” 2953			1.	4°	According to Comm. “A” 2996 (point 4.2., para. 2°).
	7.4.1.		"A" 3323					According to Comm. "A" 5728.
	7.4.2.		"A" 3323					According to Comm. "A" 4875 and 6472.
8.		1st	"A" 6647			1.		According to Comm. "A" 6661 and 7054. Includes interpretive clarification.
	8.1.1.		"A" 6937			1.		According to Comm. "A" 6979, 6993, 7022 and 7054. Includes interpretive clarification.
	8.1.2.		"A" 6937			3.		According to Comm. "A" 6946, 6979, 6993, 6998, 7022, 7047, 7054 and 7140. Includes interpretive clarification.
	8.2.	1st	"A" 7091					Includes interpretive clarification.
	8.2.1.		"A" 7027			3.		According to Comm. "A" 7034, 7091, 7131, 7139 and 7173.
	8.2.2.		"A" 7078			2.		According to Comm. "A" 7131, 7139 and 7173.
	8.2.	last	"A" 7091					Includes interpretive clarification.
	8.3.1.		"A" 7006			1. and 4.		According to Comm. "A" 7022, 7054 and 7140.
	8.3.2.		"A" 7122
	8.4.		"A" 7160			5.
	8.5.		"A" 6647			3.
9.			"A" 7108			3.		According to Comm. "A" 7140, 7247 and 7427.

B.C.R.A. INTEREST RATES ON CREDIT OPERATIONS
Section 2. Financing linked to credit cards.

2.1. Compensatory interest.

2.1.1. Financial institutions.

It may not exceed the nominal annual rate of 43% when the amount financed for this concept, considering each credit card account, does not exceed $ 200,000.

When the amount financed is greater than $ 200,000, only the limit established in article 16 of Law 25.065 on Credit Cards shall apply to the excess amount.

For the purposes of applying the limit established in article 16 of Law 25.065 on Credit Cards, the compensatory interest rate may also not exceed by more than 25% that resulting from the average of the interest rates that the institution has applied, during the immediately preceding month, weighted by the corresponding amount of personal loans without real guarantees granted in the same period.

Credit lines instituted under programs and/or measures for promotion or social aid and that additionally have an interest rate that does not exceed the survey rate published by the Central Bank of the Argentine Republic (BCRA) for deposits of more than one million pesos for a term of 30 to 35 days, of the third immediately preceding month, according to the type of financial institution that corresponds (public or private), increased based on the minimum cash requirement, may be excluded from the computation base to be averaged.

Financial institutions that estimate they fall under the case described above must request prior authorization from the BCRA. The Superintendency of Financial and Exchange Entities (SEFyC) will analyze the credit lines subject to the presentation in accordance with the indicated guidelines, applying a restrictive criterion.

The provisions of point 7.2 apply to entities belonging to group C.

2.1.2. Other issuing companies.

The rate may not exceed by more than 25 % the average rate of the financial system for unsecured personal loan operations published monthly by the BCRA, prepared on the basis of information corresponding to the second preceding month, taking into consideration the provisions of the preceding point.

2.1.3. Method of computation.

2.1.3.1. The rates shall be applied to the financed balances between the due date of the current monthly statement and the date of the first preceding monthly statement in which the outstanding balance appeared.

2.1.3.2. Between the date of the cash withdrawal and the due date for payment of the monthly statement.

B.C.R.A. INTEREST RATES IN CREDIT OPERATIONS
Section 7. Transitional provisions.

7.1. The provisions of point 2.5 shall apply to non-compliances detected as from 1.1.16 and as long as they are not time-barred in accordance with the legislation applicable in each case.

7.2. Until 31.12.22, the compensatory interest for credit card-related financings that entities belonging to group C may apply may not exceed the nominal annual rate established in point 2.1.2. This is without prejudice to the application of the limit established in article 16 of Law 25.065 on Credit Cards and the other provisions contained in the last 4 paragraphs of point 2.1.1.

B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON "INTEREST RATES IN CREDIT OPERATIONS"

TEXT AS AMENDED			SOURCE RULE					OBSERVATIONS
Sec.	Point	Para.	Comm.	Annex	Chap.	Sec.	Point	Para.
1.	1.1.	1st	"A" 49	Sole	II	1.1.	1st	S/Com. "A" 2390 and 5482.
		2nd	"A" 3052					S/Com. "A" 5590 and 5853.
	1.2.1.		"A" 49	Sole	II	1.1.	2nd	S/Com. "A" 2390.
	1.2.2.		"A" 49	Sole	II	1.1.	3rd	S/Com. "A" 2390 and 6846.
	1.3.		"A" 49	Sole	II	1.2.		S/Com. "A" 6541.
	1.4.		"A" 49	Sole	II	1.3.		S/Com. “A” 2689.
	1.5.1.		“A” 49	Sole	II	1.4.
	1.5.2.		“A” 2385			2.	1°
			“A” 2586			2.	1°
	1.6.1.	1°	“A” 3044
		2°	“A” 476			1.	2°
	1.6.2.		“A” 476			3.
	1.6.3.		“A” 476			4.
	1.6.	Last	“A” 3052
	1.7.		“A” 49	Único	II	1.5.		S/Com. “A” 476, 3052 y 5482.
2.	2.1.1.	1°	“A” 6911			1.		S/Com. “A” 6949, 6964 y 7198.
		2°	“A” 7198
		3°						Law 25.065 (art. 16 para. 1°). S/Com. “A” 3123, 3266, 4003, 5323, 6917 and 7198.
		4°	“A” 5323			6.		S/Com. “A” 5477.
		5°	“A” 5323			6.
		6°	“A” 7427					Includes regulatory clarification.
	2.1.2.							Law 25.065 (art. 16 para. 2°). S/Com. “A” 3123, 4003, 5150, 5323, 6258, 6664 and 6912.
	2.1.3.							Law 25.065 (art. 20).
	2.2.1.							Law 25.065 (art. 18).
	2.2.2.	1°						Law 25.065 (art. 21).
		2°						Law 25.065 (art. 18 para. 2°).
	2.3.		“A” 5500
	2.4.							Law 25.065 (art. 16 last para.). S/Com. “A” 5905 and 6911.
	2.5.		“A” 5849			1.
	2.6.		“A” 3052
3.	3.1.		“A” 49	Sole	II	2.		S/Com. “A” 2689.
	3.2.	1°	“A” 49	Sole	II	2.1.	1°	S/Com. “A” 2689.
		Last	“A” 5482					S/Com. “A” 6474 and 6541.
	3.2.1.		“A” 49	Sole	II	2.1.	1°	S/Com. “A” 2689 and 6541.
	3.2.2.		“A” 3052					S/Com. “A” 6541.
	3.2.3.		“A” 49	Sole	II	2.1.	2°	S/Com. “A” 2689.
	3.2.4.		“A” 49	Sole	II	2.1.	1°	S/Com. “A” 2689, 5482 and 6474.
	3.3.1.		"A" 49	Sole	II	2.1.1.		S/Com. "A" 2689 and "B" 8858.
	3.3.2.		"A" 49	Sole	II	2.1.2.		S/Com. "A" 2689 and "B" 8858.

INTEREST RATES IN CREDIT OPERATIONS

ORDERED TEXT SOURCE RULE OBSERVATIONS Sec. Point Para. Com. Annex Chap. Sec. Point Para.
3.
3.4. "A" 49 Sole II S/Com. "A" 5592 and 6173.
3.4.1. "A" 49 Sole II 2.1. 1st S/Com. "A" 2689, 3052,
5482, 5592, 6173 and 6541.
3.4.2.1. "A" 49 Sole II 2.3. S/Com. "A" 2689.
3.4.2.2. "A" 49 Sole II 2.3. S/Com. "A" 2689.
3.4.2.3. "A" 49 Sole II 2.3. S/Com. "A" 2689 and 5592.
3.4.2.4. "A" 49 Sole II 2.3. S/Com. "A" 2689.
3.4.2.5. "A" 49 Sole II 2.3. S/Com. "A" 2689 and 5592.
3.4.2.6. "A" 49 Sole II 2.3. S/Com. "A" 2689 and 5592.
3.4.2.7. "A" 49 Sole II 2.3. S/Com. "A" 2689.
3.4.3.1. a
3.4.3.5.
"A" 49 Sole II 2.3. S/Com. "A" 2689.
4.
4.1. "A" 49 Sole II 2.2. S/Com. "A" 2689, 3052,
4621, 5684 and 6541.
Last "A" 4621 Sole S/Com. "A" 5853, 5887,
5905 and 6191.
4.1.1. a
4.1.3.
"A" 49 Sole II 2.2.2. 1st S/Com. "A" 2689, 4621 and 5853.
4.1.4. "A" 49 Sole II 2.2.3. S/Com. "A" 2689 and 4621.
4.2. "A" 49 Sole II 2.2. 4th S/Com. "A" 2689, 4621,
5684, 5853, 5887, 5905 and
6191.
4.3. "A" 49 Sole II 2.2.2. 2nd and
3rd
S/Com. "A" 2689, 3052 and
4621.
4.4. "A" 49 Sole II 2.2.2. 5th S/Com. "A" 2689 and 4621.
4.5. "A" 49 Sole II 2.2.4. S/Com. "A" 4621, 5887,
5905 and 6191.
5.
5.1.1. 1st "A" 1827 4. 1st S/Com. "A" 3052.
2nd "A" 2667
3rd "A" 1828 Pen- ultimate
5.1.2. "A" 1828 Last
5.1.3. "A" 1864 Sole 1. S/Com. "A" 2134.
5.2. "A" 1828 1.
5.3. "A" 1828 3.
5.4. "A" 1828 4. S/Com. "A" 3052.
5.5. Comunicado No. 14290.
5.6. "A" 1864 Last S/Com. "A" 3052.
6.
1° “A” 7146 5.
6.1. “A” 7146 5.
6.2. “A” 7146 5.
7. 7.1. "A" 5849 7. S/Com. "A" 5891.
7.2. “A” 7108 6. S/Com. “A” 7247 and 7427.

B.C.R.A. EXPANSION OF FINANCIAL INSTITUTIONS
Section 11. Transitional provisions.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

11.1. Financial institutions, until 31.12.22, must have the prior consent of the BCRA to proceed with the relocation or closure of branches.

11.2. Financial institutions that, prior to 17.12.2020, have informed the BCRA of the execution of agreements to delegate, must submit within 60 calendar days from that date to the SEFyC, through the application that is established, with respect to each agency and/or administrator of networks of complementary financial services agencies with which they have executed agreements to delegate, the information detailed in point 9.2. The delegated activities or operations will be limited to operations in pesos.

EXPANSION OF FINANCIAL INSTITUTIONS

CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT	ORIGINAL RULE	OBSERVATIONS
Sect.	Point	Para.	Comm.	Annex	Chap.	Sect.	Point	Para.
6.	6.5.5.		“A” 2241		IV	4.	4.4.
	6.6.		“A” 2241		IV	5.	5.1.
	6.6.1.		“A” 2241		IV	5.	5.1.1.
	6.6.2.		“A” 2241		IV	5.	5.1.2.
	6.6.3.		“A” 2241		IV	5.	5.1.3.
	6.6.4.		“A” 2241		IV	5.	5.1.4.		According to Comm. “A” 5983.
	6.6.5.		“A” 2241		IV	5.	5.1.5.
	6.7.		“A” 5983	único		8.	8.7.
7.	7.1.		“A” 5983	único		9.	9.1.
8.	8.1.		“A” 5983	único		10.	10.1.
9.	9.1.		“A” 6603	único			1.		According to Com. “A” 6637 and 7182. Includes interpretive clarification.
	9.2.		“A” 6603	único			1.		According to Com. “A” 7182.
	9.3.		“A” 6603	único			1.		According to Com. “A” 7182.
	9.4.		“A” 6603	único			1.
	9.5.		“A” 6603	único			1.		According to Com. “A” 7182.
	9.6.		“A” 6603	único			1.
	9.7.		“A” 6603	único			1.
10.	10.1.		“A” 5983	único		11.	11.1.
	10.2.1.		“A” 5983	único		11.	11.2.1.
	10.2.2.		“A” 5983	sole		11.	11.2.2.
	10.2.3.		“A” 3149	I	II	6.	6.1. 6.1.2.4.2.	2°	According to Com. “A” 4989 and 5115.
			“A” 2241		IV	2.	2.5.
	10.3.		“A” 3149	I	II	6.	6.1.2.4.2.	last	According to Com. “A” 4989, 5115 and 5983.
11.	11.1.		“A” 7147						According to Com. “A” 7240 and 7427.
	11.2.		“A” 7182				4.		According to Com. “A” 7194.

B.C.R.A.
FINANCIAL SERVICES IN THE FRAMEWORK OF THE HEALTH EMERGENCY ORDERED BY DECREE No. 260/2020 CORONAVIRUS (COVID-19)
Section 2. Transitional provisions.

2.1. Customer service and attention between 15.11.21 and 30.6.22.

Financial institutions, non-financial companies issuing credit and/or purchase cards, other non-financial credit providers registered in the corresponding registry authorized by the SEFyC, exchange operators, and out-of-bank collection companies, if they decide to order in-person attention to the general public with an appointment system, must clearly display such circumstance on their Internet pages, the appointment must be able to be processed simply through those pages or by another electronic means that they make available (e.g. email and/or telephone) and the assigned date may not exceed 3 business days from its request.

If the service capacity of each operating office and service allows it (e.g. commercial service officers, teller counter, etc.), customers without an appointment must be attended, giving priority to the attention of the customers of the following paragraph and of those who have an appointment.

Additionally, the subjects covered must prioritize in-person attention and without requiring an appointment to:

Persons who present themselves with their valid Single Disability Certificate and persons with reduced mobility, motor impairments or difficulties of access to and/or remaining in user service points.
Payment of pension salaries or social security benefits forming part of the Argentine Integrated Pension System (SIPA) and of those whose administering entity corresponds to provincial jurisdictions or to the Autonomous City of Buenos Aires: must be made in accordance with the schedule established by the respective organism. On the day on which beneficiaries must present themselves to collect their retirement, pension and/or benefit, they may carry out any other procedure.

2.2. Health measures between 15.11.21 and 30.6.22.

Financial institutions, non-financial companies issuing credit and/or purchase cards, other non-financial credit providers registered in the corresponding registry authorized by the SEFyC, exchange operators, and out-of-bank collection companies must strictly comply with the health rules and recommendations issued by the national and/or jurisdictional health authorities, to preserve the health of customers and workers, guaranteeing the provision to workers of all sanitary and cleaning elements to be able to carry out their tasks and compliance with the stipulated safe interpersonal distances.

In that sense, all the general preventive measures provided by Decree of Necessity and Urgency No. 678/21 and amendments must be complied with, highlighting the following rules of conduct:

a) Persons must maintain, among themselves, a minimum distance of 2 meters.

B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “FINANCIAL SERVICES IN THE FRAMEWORK OF THE HEALTH EMERGENCY ORDERED BY DECREE No. 260/2020 CORONAVIRUS (COVID-19)”

CONSOLIDATED TEXT	SOURCE RULE				OBSERVATIONS
Section	Point	Paragraph	Com.	Cap.	Point	Paragraph
1.	1.1.1.1.	i)	"A" 6942		3.		According to Com. "A" 6949, 6964, and 7025. Includes interpretive clarification.
		ii)	"A" 7095				According to Com. "A" 7102.
		last	"A" 6949	4	1st		According to Com. "A" 7025, 7044, 7056 and 7111.
	1.1.1.2.		"A" 6942		3.		According to Com. "A" 6949, 7025, 7044, 7056, 7107, 7130, 7181 and 7285.
	1.1.2.		"A" 6993		1.		According to Com. "A" 7082 and 7092.
	1.1.2.1.		"A" 6993				According to Com. "A" 7082 and 7092.
	1.1.2.2.		"A" 7342		1.
	1.1.3.		"A" 7082		1.		According to Com. "A" 7092, 7102, 7130, 7157, 7173 and 7184. Includes interpretive clarification.
	1.1.4.		"B" 12123				According to Com. "A" 7270.
	1.2.		"A" 6942		6.		According to Com. "A" 6949 and 7025.
	1.3.		"A" 6942		7.		According to Com. "A" 6949 and 7025. Decreto N° 297/2020, artículo 6º.
	1.4.		"A" 6942		8.		According to Com. "A" 6949 and 7025. Decreto N° 297/2020, artículo 6º.
2.	2.1.		"A" 7398		2. and 4.		According to Com. "A" 7427.
	2.2.		"A" 7398		3. and 4.		According to Com. "A" 7427.

B.C.R.A. DISTRIBUTION OF RESULTS
Section 7. Transitional provisions.

7.1. The countercyclical capital buffer that financial institutions must apply to their exposures in Argentina, in accordance with the provisions of point 4.2., is set, as of 1.4.16, at 0 %.

7.2. For the purposes of determining distributable results, the increase in computable net worth (RPC) resulting from the application of point 11.4. of the rules on “Minimum capital of financial institutions” and the lower provisions and higher RPC resulting from the treatments established in point 2. of Communication “A” 6946 (and amendments) –for financing to MSMEs destined for the payment of salaries– and in point 2. of Communication “A” 7427 –which postponed until 1.1.23, with optional and irrevocable character for financial institutions of groups B and C that are not branches or subsidiaries of foreign banks qualified as systemically important (G-SIB), the application of point 5.5. of IFRS 9– must be deducted from the computations provided in Sections 2. and 3.

7.3. The distribution of results of financial institutions is suspended until 31.12.21.

7.4. With effect from 1.1.22 and until 31.12.22, financial institutions may distribute results for up to 20 % of the amount that would have corresponded from applying these rules.

7.5. With effect from 1.1.22, financial institutions that have the authorization of the BCRA to distribute their results –in accordance with the provisions of Section 6.– must carry out that distribution in 12 equal, monthly and consecutive installments.

B.C.R.A. ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “DISTRIBUTION OF RESULTS”

TEXT AS AMENDED	ORIGINATING RULE						OBSERVATIONS
Sect.	Point	Para.	Com.	Annex	Chap.	Sect.	Point	Para.
1.			“A” 4589				1.		According to Com. “A” 5827 and 6464.
2.		1st and 2nd	“A” 4589				2.		According to Com. “A” 4591 (point 6.), 5273, 5827, 6327 and 6464.
	2.1.		“A” 6327				12.
	2.2.		“A” 6396				4.
	2.3.		“A” 6327				12.
	2.4.		“A” 4589				2.3.
	2.5.		“A” 4589				2.4.
		last	“A” 6327				26.
3.		1st	“A” 4589				3.		According to Com. “A” 4591 (point 8.), 5072, 5273, 5827, 5985, 6464 and “B” 9104.
	3.1.		“A” 4589				3.1.		According to Com. “A” 4591 (point 8.) and 6428.
	3.2.		“A” 4589				3.3.	iv)	According to Com. “A” 4591 (point 8.) and “B” 9104.
	3.3.		“A” 4589				3.3.		According to Com. “A” 4591 (point 8.), 6428 and 6464.
	3.4.		“A” 5737				4.
		last	“A” 4589				1.1. to 1.4.		According to “A” 4591, 5072 and 6464.
4.			“A” 5827
5.			“A” 4591				1.		According to Com. “A” 5282 and 5827.
	5.1.		“A” 4591				1.		Incorporates the interpretive criterion of Com. “C” 46841. According to Com. “A” 5393.
	5.2.		“A” 4591				1.		According to Com. “A” 4686, 4702, 5072, 5180, 5282, 5369, 5580, 5827, 6013, 6464 and “B” 9104.
6.			“A” 6768
7.
	7.1.		“A” 5938
	7.2.		“A” 6946				3.		According to Com. “A” 7007, 7108, 7143, 7181 and 7427.
	7.3.		“A” 6939						According to Com. “A” 7007, 7035, 7181 and 7312.
	7.4.		“A” 7421				1.
	7.5.		“A” 7421				2.