Savings Deposits, Salary Account and Special Accounts; Minimum Cash; Labor Cessation Fund for Workers of the Construction Industry: Adjustments

2017 - YEAR OF RENEWABLE ENERGIES

CENTRAL BANK OF THE ARGENTINE REPUBLIC

COMMUNICATION “A” 6341
13/10/2017

TO FINANCIAL INSTITUTIONS:

Ref.: Circular
OPASI 2 - 532
REMON 1 - 934

“Savings deposits, salary account and special accounts”. “Minimum cash”. Labor Cessation Fund for Workers of the Construction Industry. Adjustments .

---

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

“1. Replace points 3.1.2., 3.1.4., 3.1.5., 3.1.6.4. and 3.1.9.3. of the rules on “Savings deposits, salary account and special accounts” with the following:

“3.1.2. Opening and holders.

Each account shall be opened in the name of the worker for whom the respective employer makes the deposits at the latter's request and without any condition, even if the worker does not possess the corresponding Labor Registry Credential, and the following data must be recorded:

3.1.2.1. Full names and surnames of the worker, address, identification document number as provided in the rules on “Identification documents in force”, unique labor identification code (CUIL) and email address –if any–.

3.1.2.2. Full names and surnames or corporate name of the employer, address, unique tax identification key (CUIT) and registration number with the Institute of Statistics and Registry of the Construction Industry (IERIC).

These accounts shall not generate commissions or expenses of any kind for the beneficiary.”

“3.1.4. Remuneration.

The balances recorded in these accounts shall be expressed in Purchasing Value Units updatable by “CER” - Law 25.827 (“UVA”) –as provided in point 1.9. of the rules on “Deposits and time investments”–.

Notwithstanding this, the entity may provide for the application of an interest rate freely agreed between the parties and not less than 0.”

“3.1.5. Deposits.

3.1.5.1. No minimum or maximum amounts shall be determined.

3.1.5.2. They may be made in cash, by transfers originating from accounts opened in the same financial entity and processed through electronic means –e.g.: ATM or Internet banking (“home banking”)– or ordered at the counter or by checks drawn on the same paying houses of said documents and which in turn are recipients of the funds. Securities payable by other entities shall not be accepted.

3.1.5.3. Financial entities must issue a deposit receipt –in paper or electronic form– with the following minimum data:

− Identification of the worker and the employer, as provided in points 3.1.2.1. and 3.1.2.2., respectively.

− Identification of the period (month and year) to which the deposited contribution corresponds.

− Amount and check number and/or transaction number, as applicable.

− Record of intervention by the financial entity. In the case of paper receipts, the special deposit slips must be used –in accordance with the model provided in point 3.1.10.–.

3.1.5.4. In the case of deposit receipts –as established in point 3.1.5.3.– issued in paper, financial entities must provide 4 copies with the following destinations:

− Element 1: for the bank, as proof of payment.

− Element 2: for the employer, as proof of deposit.

− Element 3: to be delivered by the employer to the worker.

− Element 4: to be sent by the employer directly to the Institute of Statistics and Registry of the Construction Industry.

Alternatively, when the financial entity accepts deposits through electronic means, it shall provide the respective transaction receipt that will remain as proof for the employer and a copy of which shall be sent by the latter to the worker. In these cases, financial entities must provide IERIC with the information related to each deposit in accordance with the procedure established by that organization.

3.1.5.5. Deposits whose receipts do not include all the data required in point 3.1.5.3. shall not be accepted, regardless of the means used.”

“3.1.6.4. Within 48 hours of the termination of the employment relationship, the employer must request the transfer of the funds to an account that the worker expressly indicates and that he/she has opened by his/her own decision, whatever the entity. When the latter does not have a demand account, the financial entity must proceed to open a savings account in pesos in his/her name for the purposes of allowing the employer to order the transfer of funds provided in the preceding paragraph.”

“3.1.9.3. At the end of the first two-month period of each year, the banks shall send to the Institute of Statistics and Registry of the Construction Industry a list –as of 31 December of the previous year– of the accounts that have not had movement for 12 months, indicating the name and document of the worker, name and registration number of the employer, balance at the date of the information and date of the last movement.”

2. Replace the title of point 3.1.6. of the rules on “Savings deposits, salary account and special accounts” with “Withdrawals”.

3. Incorporate as point 3.1.9.5. of the rules on “Savings deposits, salary account and special accounts” the following:

“3.1.9.5. The worker and the employer may request from the financial entity the balance of the ac- and the detail of the deposits made. Notwithstanding this, the entities must send monthly to the worker's email address –if it has been provided– a summary with the detail of the movements and balances recorded in the period covered.”

4. Replace point 1.3.3. of the rules on “Minimum Cash” with the following:

1.3.3. Usuras pupilares, special accounts for closed circles, salary/social security account, special current accounts for legal entities and savings accounts for the payment of social aid plans or programs.
1.3.3.1. In pesos.	20	18
1.3.3.2. In foreign currency.	25	25”

5. Incorporate as point 1.3.15. of the rules on “Minimum Cash” the following:

“1.3.15. Labor Cessation Fund for Construction Workers in UVA.	7	6”

6. Establish that the provisions of this communication shall take effect on 1.11.17 for the accounts
   “Labor Cessation Fund for Workers of the Construction Industry” whose opening is processed from that date, and that all accounts –regardless of the date on which they were opened– must observe the new operating conditions as from 1.12.17.”

Lastly, we send you in annex the sheets that, in replacement of those previously provided, should be incorporated into the rules of reference. Likewise, 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

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

ANNEX

3.1. Labor Cessation Fund for Workers of the Construction Industry.

3.1.1. Participating entities.

First-tier commercial banks shall mandatorily open special deposit accounts called “Labor Cessation Fund for Workers of the Construction Industry - Law 22.250”, at the request of the persons obligated to make contributions to said fund.

3.1.2. Opening and holders.

Each account shall be opened in the name of the worker for whom the respective employer makes the deposits at the latter's request and without any condition, even if the worker does not have the corresponding Labor Registration Credential, and the following data must be recorded:

3.1.2.1. Full names and surnames of the worker, address, identification document number in accordance with the provisions of the rules on “Identification documents in force”, unique labor identification code (CUIL) and email address –if available–.

3.1.2.2. Full names and surnames or corporate name of the employer, address, unique tax identification key (CUIT) and registration number with the Institute of Statistics and Registry of the Construction Industry (IERIC).

These accounts shall not generate commissions or expenses of any kind for the beneficiary.

3.1.3. Currency.

Pesos.

3.1.4. Remuneration.

The balances recorded in these accounts shall be expressed in Purchasing Value Units updateable by “CER” - Law 25.827 (“UVA”) –as provided in point 1.9. of the rules on “Deposits and term investments”–.

Notwithstanding this, the entity may provide for the application of an interest rate freely agreed between the parties and not less than 0.

3.1.5. Deposits.

3.1.5.1. No minimum or maximum amounts shall be determined.

3.1.5.2. They may be made in cash, by transfers originating from accounts opened in the same financial entity and processed through electronic means –e.g.: ATM or Internet banking (“home banking”)– or ordered at the counter or in checks drawn on the same paying houses of said documents and which in turn are recipients of the funds. Values payable by other entities shall not be accepted.

Version: 10th. COMMUNICATION “A” 6341
Effective date:
01/11/2017
Page 1

3.1.5.3. Financial entities must issue a deposit receipt –in paper or electronic form– with the following minimum data:

− Identification of the worker and the employer, as provided in points 3.1.2.1. and 3.1.2.2., respectively.

− Identification of the period (month and year) to which the deposited contribution corresponds.

− Amount and check number and/or transaction number, as applicable.

− Record of intervention of the financial entity. When dealing with paper receipts, the special deposit slips must be used –in accordance with the model provided in point 3.1.10.–.

3.1.5.4. In the case of deposit receipts –as established in point 3.1.5.3.– issued on paper, financial entities must provide 4 copies with the following destinations:

− Item 1: for the bank, as proof of payment.

− Item 2: for the employer, as proof of deposit.

− Item 3: to be delivered by the employer to the worker.

− Item 4: to be sent by the employer directly to the IERIC.

Alternatively, when the financial institution accepts deposits through electronic means, it shall provide the respective transaction receipt that will remain as evidence for the employer and a copy of which shall be sent by the latter to the worker. In these cases, the financial institutions must provide the IERIC with the information related to each deposit in accordance with the procedure that such organization establishes.

3.1.5.5. Deposits shall not be accepted whose receipts have not recorded all the data required in point 3.1.5.3., regardless of the means used.

3.1.6. Withdrawals.

3.1.6.1. They may only be made for the total balance of the account (principal and interest accrued up to the day before the funds movement).

3.1.6.2. For the withdrawal of funds, instruments that have the characteristics of a receipt shall be used, and the use of checks, vouchers, payment orders or other documents other than that is therefore prohibited.

Version: 12th. COMMUNICATION “A” 6341
Effective date:
01/11/2017
Page 2

3.1.6.3. The transfer of funds to a special account of the same character that has been opened in another bank in the name of the same worker shall be allowed. Such transfers shall only be made at the request of the employer that made the deposits, while the employment relationship remains.

3.1.6.4. Within 48 hours of the termination of the employment relationship, the employer shall request the transfer of funds to an account that the worker expressly indicates and that he has opened by his own decision, whatever the entity.

When the latter does not have a demand account, the financial institution must proceed to open a savings account in pesos in his name so that the employer can order the transfer of funds provided for in the preceding paragraph.

3.1.7. Labor Registration Credential and complementary and ancillary Mobile Sheet.

3.1.7.1. The procedures related to the issuance of the credential shall be carried out by the obligated parties before the IERIC.

3.1.7.2. The employer – duly registered with the IERIC – shall print in triplicate the Mobile Sheet of the Labor Termination Fund contained in the aforementioned credential, which shall be complementary and ancillary to it.

3.1.7.3. In case of loss or theft of the Mobile Sheet of the Labor Termination Fund, such circumstance must be communicated without delay to the bank.

3.1.7.4. Upon presentation of the aforementioned mobile sheet to the bank by the employer (its successors, or the receiver or liquidator), on the occasion of the termination of the employment relationship, the balance of the account at that date (principal and interest) shall be recorded immediately and returned on the spot to the presenter.

3.1.7.5. The presentation of the mobile sheet of the Labor Termination Fund shall be necessary to process withdrawals or transfers of funds, in which case the corresponding entries must be made on the aforementioned mobile sheet.

3.1.7.6. The entries on the mobile sheet shall be made when all the required data corresponding to the employer and the worker have been recorded.

3.1.8. Registry.

3.1.8.1. A registry of the opened accounts shall be kept, in which at least the identities of the worker and the employer, the type and number of document of the former and the IERIC registration number of the latter shall be recorded.

3.1.8.2. The bank shall assign a number to each special account.

Version: 12th. COMMUNICATION “A” 6341
Effective date:
01/11/2017
Page 3

SAVINGS DEPOSITS, PAYROLL ACCOUNT AND SPECIAL ACCOUNTS B.C.R.A.
Section 3. Special.

3.1.9. Other provisions.

3.1.9.1. Upon opening the account, the bank shall deliver to the employer, against signed receipt, two copies of the complete and updated text of these rules, one of which must, in turn, be delivered to the worker.

3.1.9.2. Employers are obliged to immediately notify the banks of their changes of address, as well as those of the corresponding workers, as soon as they become aware of them.

3.1.9.3. At the end of the first two-month period of each year, the banks shall send the IERIC a list – as of 31 December of the previous year – of the accounts that have not had movement for 12 months, indicating the name and document of the worker, name and registration number of the employer, balance at the date of the information and date of the last movement.

3.1.9.4. The situation of the account with respect to the deposit guarantee insurance system shall be specified in accordance with the provisions of point 4.4.

3.1.9.5. The worker and the employer may request from the financial institution the balance of the account and the detail of the deposits made. Without prejudice to this, the entities must send monthly to the worker's email address – if he has provided it – a summary with the detail of the movements and the balances recorded in the period covered.

Version: 13th. COMMUNICATION “A” 6341
Effective date:
01/11/2017
Page 4

SAVINGS DEPOSITS, PAYROLL ACCOUNT AND SPECIAL ACCOUNTS B.C.R.A.
Section 5. Transitional provisions.

Financial institutions must inform AFIP of the movements of these accounts under the conditions established by the regulations that such organization issues for that purpose.

Insofar as it is not provided for and to the extent that it does not conflict with the foregoing, the provisions established for savings account deposits shall apply.

5.8. Declaration and change of ownership of accounts constituted in financial institutions of the country (Article 38, subsection b), Law 27.260).

Holdings of national or foreign currency deposited in accounts at financial institutions in the country that the subjects covered by article 36 of Law 27.260 declare under the terms of subsection b) of article 38 of the aforementioned law must be duly individualized, and the obligations imposed by the legislation and regulations in force regarding the prevention of money laundering and the financing of terrorism must be applied.

In the case of natural persons, the holdings deposited in those financial institutions up to the day before the date of enactment of said law shall be considered, while in the case of other persons, those deposited as of the last closing of the fiscal year occurring before 1.1.16 shall be taken into account.

For this purpose, a copy of the pertinent proof accrediting the constitution in the name of the persons included in the penultimate paragraph of article 38 of the aforementioned law shall be incorporated into the declarant's disclosure file, in accordance with the formalities established for that purpose by the AFIP.

Changes in the ownership of deposits covered by the foregoing provisions in favor of declarants who are natural persons or undivided estates must be accepted by the depository financial institution to the extent that the current holder(s) and the declarant(s) state in writing before that institution their irrevocable intention to that effect.

5.9. The opening of the accounts provided for in points 5.5., 5.6. and 5.7. in foreign currency other than the United States dollar shall not require the prior consent of the BCRA referred to in point 1.5.3.

5.10. Accounts “Fondo de Cese Laboral para los Trabajadores de la Industria de la Construcción” pre-existing as of 1.11.17.

As of 1.12.17, these accounts must observe the new operating conditions provided for in point 3.1.

Version: 3rd. COMMUNICATION “A” 6341
Vigencia:
14/10/2017
Página 8

CENTRAL BANK OF THE ARGENTINE REPUBLIC

SAVINGS DEPOSITS, PAYROLL ACCOUNT AND SPECIAL ACCOUNTS

TEXTO ORDENADO				NORMA DE ORIGEN
Sec.	Punto	Párr.	Com.	Anexo	Cap.	Sec.	Punto	Párr.	OBSERVACIONES
2.	2.8.		“A” 2590	I		4.4.8.			S/Com. “A” 5091, 5231 y 6042.
	2.9.		“A” 2956	I		4.4.9.			S/Com. “A” 5091, 5231, 5284 y 6042.
			“A” 2590
	2.10.		“A” 5231						S/Com. “A” 5284.
	2.11.		“A” 2590	I		4.4.10.			S/Com. “A” 5091, 5231 y 5284.
	2.12.		“A” 2590	I		4.4.11.			S/Com. “A” 5091 y 5231.
	2.13.	1°	“A” 2590	I		4.4.12.			S/Com. “A” 5091 y 5231.
		2°	“A” 5231
3.	3.1.1.		“A” 1199	I		4.2.1.			S/Com. “A” 4532 and “B” 9516.
			“B” 6360
	3.1.2.	1°	“A” 1199	I		4.2.2.			S/Com. “A” 3042, 6341 and “B” 9516.
		2°	“A” 3042
	3.1.3.		“A” 1199	I		4.2.
	3.1.4.		“A” 1199	I		4.2.3.			S/Com. “A” 1877 and 6341.
	3.1.5.1.		“A” 1199	I		4.2.4.1.
	3.1.5.2.		“A” 1199	I		4.2.4.2.			S/Com. “A” 6341.
	3.1.5.3.		“A” 1199	I		4.2.4.3.			S/Com. “A” 6341.
	3.1.5.4.		“A” 6341
	3.1.5.5.		“A” 6341
	3.1.6.		“A” 1199	I		4.2.5.1.			S/Com. “A” 6341.
						4.2.5.2.
						4.2.5.3.
						4.2.5.4.
	3.1.7.		“A” 1199	I		4.2.6.			S/Com. “B” 9516.
	3.1.7.1.		“A” 1199	I		4.2.6.1.			S/Com. “B” 9516.
	3.1.7.2.		“B” 9516
	3.1.7.3.		"A" 1199	I		4.2.6.2.			S/Com. "B" 9516.
	3.1.7.4.		"A" 1199	I		4.2.6.4.			S/Com. "B" 9516.
	3.1.7.5.		"A" 1199	I		4.2.6.3.			S/Com. "B" 9516.
	3.1.7.6.		"A" 1199	I		4.2.6.5.			S/Com. "B" 9516.
	3.1.8.1.		"A" 1199	I		4.2.7.1.
	3.1.8.2.		"A" 1199	I		4.2.7.2.
	3.1.9.1.		"A" 1199	I		4.2.8.1.
	3.1.9.2.		"A" 1199	I		4.2.8.2.
	3.1.9.3.		"A" 1199	I		4.2.8.3.			S/Com. "A" 6341.
	3.1.9.4.		"A" 3042
	3.1.9.5.		"A" 6341
	3.1.10.		"A" 1199	I		4.2.9.			S/Com. "B" 9516.
	3.2.1.		"A" 1247			4.3.1.
	3.2.2.		"A" 1247			4.3.2.
	3.2.3.		"A" 1247			4.3.3.
	3.2.4.1.		“A” 1247			4.3.4.1.			S/Com. “A” 3042.
	3.2.4.2.		“A” 1247			4.3.4.2.
	3.2.5.		“A” 1247			4.3.5.
	3.2.6.		“A” 1247			4.3.6.
	3.2.7.		“A” 1247			4.3.7.
	3.2.8.		“A” 1247			4.3.8.

SAVINGS DEPOSITS, PAYROLL ACCOUNT AND SPECIAL ACCOUNTS

	CONSOLIDATED TEXT				SOURCE RULE				OBSERVATIONS
Sec.	Point	Para.	Comm.	Annex	Chap.	Sec.	Point	Para.
3.	3.3.		“A” 1199		I	4.1.
	3.4.		“A” 3250			1.
	3.4.1.		“A” 3250			1.
	3.4.2.		“A” 3250			1.			S/Com. “A” 6273.
	3.4.3.		“A” 3250			1.
	3.4.4.		“A” 3250			1.
	3.4.5.		“A” 3250			1.			S/Com. “A” 4936, 4971 (item 18.) and 5000.
	3.4.6.		“A” 3250			1.
	3.4.7.		“A” 3250			1.			S/Com. “A” 5068 and 6148.
	3.4.8.		“A” 3250			1.			S/Com. “A” 5461 and 5482.
	3.4.9.		“A” 3250			1.
	3.4.10.		“A” 3250			1.			S/Com. “A” 3014 (para. 3.7.1.), 3323 and 4809.
	3.4.11.		“A” 3250			1.
	3.4.12.		“A” 3250			1.
	3.4.13.		“A” 3250			1.
	3.4.14.		“A” 3250			1.
	3.5.		“A” 5007						S/Com. “A” 5161, 5204, 5231, 5284, 5450 and 5461.
	3.5.1.		“A” 5007						S/Com. “A” 5231, 5284 and 5450.
	3.5.2.		“A” 5007						S/Com. “A” 5231 and 5450.
	3.5.3.		“A” 5007						S/Com. “A” 5231, 5450 and 5960.
	3.5.4.		“A” 5007						S/Com. “A” 5231, 5450, 5459, 5482 and 5960.
	3.5.5.		“A” 5007
	3.5.6.		“A” 5007						S/ Com. “A” 5804.
	3.5.7.		“A” 5007						S/ Com. “A” 5804.
	3.5.8.		“A” 5007
	3.5.9.		“A” 5007
	3.5.10.		“A” 5960			2.
	3.6.		“A” 5147
	3.6.1.		“A” 5147
	3.6.2.		"A" 5147
	3.6.3.		"A" 5147						S/Com. "A" 5212.
	3.6.4.		"A" 5147						S/Com. "A" 5212 and 5461.
	3.6.5.		"A" 5147
	3.6.6.		"A" 5147
	3.6.7.		"A" 5147
	3.6.8.		"A" 5147
	3.6.9.		"A" 5147
	3.6.10.		"A" 5147
	3.7.		"A" 6103
	3.7.1.		"A" 6103
	3.7.2.		"A" 6103
	3.7.3.		"A" 6103

SAVINGS DEPOSITS, PAYROLL ACCOUNT AND SPECIAL ACCOUNTS

CONSOLIDATED TEXT			SOURCE STANDARD					OBSERVATIONS
Sec.	Point	Para.	Comm.	Annex	Chap.	Sec.	Point	Para.
4.	4.6.		"A" 1199		I		5.1.
	4.6.1.		"A" 1199		I		5.1.1.
	4.6.3.		"A" 1199		I		5.1.3.	S/Com. "A" 5990.
	4.7.1.		"A" 1199		I		5.2.1.	S/Com. "A" 3042.
	4.7.2.		“A” 1199		I		5.2.2.	S/Com. “A” 3042, 4809, 5482 and 6042.
	4.8.		“B” 6572					S/Com. “A” 5388.
	4.9.		“A” 4809				6.	S/Com. “A” 5986 and 6249.
	4.10.		“A” 4809				7.	S/Com. “A” 5164, 5520 and 5612.
	4.11.	1°	“A” 5212
	4.11.1.		“A” 5127				3.	S/Com. “B” 9961, “A” 5164, 5212, 5473, 5718, 5778 and 5927.
	4.11.2.		“A” 5212					S/Com. “A” 5718.
	4.11.3.		“A” 5137					S/Com. “A” 5164 and 5990.
	4.12.		“A” 5137					S/Com. “A” 5164, 5927 and 5928.
	4.12.1.		“A” 5928				14.	S/Com. “A” 5958.
	4.12.2.		“A” 5137					S/Com. “A” 5164, 5517, 5739, 5809, 5927 and 5990.
	4.13.		“A” 5482					S/Com. “A” 5928.
	4.14.		“A” 5482
	4.15.		“A” 5588
	4.15.1.		“A” 5588
	4.15.2.		“A” 5588
	4.16.		“A” 5928				10.	S/Com. “A” 6236.
	4.17.		“B” 11269
	4.18.		“A” 6059					S/Com. “A” 6273.
5.	5.1.		"A" 1199		I		4.2.6.	S/Com. "B" 9516 and 10025, "A" 5410 and 5565.
	5.2.		"B" 10567
	5.3.		"A" 5928				6.
	5.4.		"A" 5531					S/Com. "A" 5547 and 6305.
	5.5.		"A" 6022				1.
	5.6.		"A" 6022				2.
	5.7.		"A" 6022				3.
	5.8.		"A" 6022				4.
	5.9.		"A" 6022				5.
	5.10.		"A" 6341

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

The requirement on demand obligations for transfers from abroad in foreign currencies other than the U.S. dollar shall be allocated to this currency, to the extent that they exceed the maximum term provided in point 1.1.2.7.

When the use of information from periods prior to the computation period is required (e.g. residual maturity structure, minimum daily integration, etc.) and the financial institution lacks it because it did not operate in those periods (such is the case of new entities authorized to operate), the information from the computation period shall be used.

1.3. Minimum cash.

The minimum cash amounts resulting from applying the following rates shall be integrated, which, in the case of transactions in pesos, will depend on the category to which the locality in which the operating office where they are made is located belongs, in accordance with the provisions of the rules on "Categorization of localities for financial institutions":

	Concept	Rates in %
		Category I	Categories II to VI
1.3.1.	Deposits in current accounts and demand accounts opened in cooperative credit banks.	20	18
1.3.2.	Deposits in savings accounts, salary and special accounts.
1.3.2.1. In pesos.		20	18
1.3.2.2. In foreign currency.		25	25
1.3.3.	Pupillary usury, special accounts for closed circles, salary/social security account, special current accounts for legal entities and savings accounts for the payment of social aid plans or programs.
1.3.3.1. In pesos.		20	18
1.3.3.2. In foreign currency.		25	25
1.3.4.	Other demand deposits and liabilities, pension assets credited by ANSES pending payment, and frozen balances corresponding to liabilities covered by these rules.
1.3.4.1. In pesos.		20	18
1.3.4.2. In foreign currency.		25	25

Version: 48a. COMMUNICATION “A” 6341
Effective:
01/11/2017
Page 3

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

	Rates in %
Concept	Category I	Categories II to VI
1.3.14. “UVA” and “UVI” time deposits and investments –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) 90 or more.	0	0
1.3.15. Labor Cessation Fund for Construction Industry Workers in UVA.	7	6
1.3.16. Time deposits and investments constituted in the name of minors with funds received gratuitously.	0	0

1.4. Residual term.

1.4.1. Determination.

1.4.1.1. General case.

The residual term of each time liability equals the number of days remaining until its maturity.

1.4.1.2. Time investments.

In the case of time investments, the following criteria shall apply:

i) At constant term. The remaining term until maturity shall be considered, taking into account the automatic extension or, where applicable, the term arising 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 shall be taken into account, to the extent that the investor holds the right, or the term originally agreed, in the event that the entity holds that right.

iii) With renewal option for a determined 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 the entity holds the right. When the investor holds that right, the term originally agreed shall be taken into account or, where applicable, the term resulting from the renewal when the option has been exercised.

Version: 10a. COMMUNICATION “A” 6341
Effective:
01/11/2017
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CENTRAL BANK OF THE ARGENTINE REPUBLIC

B.C.R.A.

ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “MINIMUM CASH”

CONSOLIDATED TEXT	SOURCE RULE	OBSERVATIONS
Sec.	Punto Párr.	Com.	Anexo Sec.	Punto	Párr.
1.	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, 4473, 5945 and 6069.
	1.2.	"A" 3274	II	1.	1.2.	According to Com. "A" 3304, 3498, 3597, 4449, 4716 (includes interpretive clarification), 4815, 5471, 6288 and "B" 9186.
	1.3.	"A" 3274	II	1.	1.3.	According to Com. "A" 5356, 5980 and 6209.
	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, 5108, 5356, 5980 and 6195.
	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, 4851, 5164, 5356, 5534, 5555, 5569, 5873, 5893, 5980, 6148 and 6195.
	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, 5091, 5234, 5356, 5534, 5555, 5569, 5873, 5893, 5980, 6195 and 6341.
	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, 4851, 5356, 5534, 5555, 5569, 5873, 5893, 5980 and 6195.
	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, 4549, 5356, 5980 and 6195.
	1.3.6.	“A” 3274	II	1.	1.3.7.	According to Com. “A” 5356.
	1.3.7.	“A” 3498	sole	1.	1.3.8.	According to 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 and 6195.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

MINIMUM CASH

CONSOLIDATED TEXT				SOURCE RULE				OBSERVATIONS
Sec.	Point	Para.	Com.	Annex	Sec.	Point	Para.
1.	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 and 6195.
	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 and 6195.
	1.3.12.		“A” 4360			2.		According to Com. “A” 5356.
	1.3.13.		“A” 4754			6.		According to Com. “A” 5356, 5980 and 6195.
	1.3.14.		“A” 5945			4.		According to Com. “A” 6069 and 6204.
	1.3.15.		“A” 6341
	1.3.16.		“A” 6069			4.
	1.4.		“A” 3905			3.		According to Com. “A” 4179, 4449, 4473, 5671, 5740 and 6232. Includes interpretive clarification.
	1.5.		“A” 5356			2.		According to Com. “A” 5471.
	1.5.1.		“A” 5356			2.		According to Com. “A” 5471 and 5623.
	1.5.2.		“A” 5471			1.		According to Com. “A” 5623 and 6209.
	1.5.3.		“A” 5623			2.		According to Com. “A” 6209.
	1.5.4.		“A” 5524
	1.5.5.		“A” 5631			1.		According to Com. “A” 5638 and 6217.
	1.5.	last	“A” 5623			4.		According to Com. “A” 5631.
	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 and 4449.
	1.7.2.		“A” 3274	II	1.	1.6.2.		According to Com. “A” 3304 and 4449.
	1.8.		“A” 3498	sole	1.	1.8.		According to Com. “A” 4147.
	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.