Time deposits and investments. Minimum cash. Adjustments

The Malvinas are Argentine

COMMUNICATION “A” 7459
17/02/2022

TO FINANCIAL INSTITUTIONS:

Ref.: Circular
REMON 1-1055,
OPASI 2-653:

Time deposits and investments. Minimum cash. Adjustments.

---

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

“1. Replace, with effect for deposits captured from 18.2.22 inclusive, the percentages applicable for the determination of the minimum rates for time deposits provided in the rules on “Time deposits and investments”, with the following:

• 97.65 % for point 1.11.1.1.; and

• 92.94 % for point 1.11.1.2.

  2. Replace, with effect for deposits captured from 18.2.22 inclusive, with 0.8588 the coefficient that determines the fixed early cancellation rate for deposits with early cancellation option in Acquisition Value Units (“UVA”), regulated in point 2.8. of the rules on “Time deposits and investments”.

  3. Provide that the minimum cash requirement shall be reduced by an amount equivalent to 30 % of the balance of the financings provided in point 4.1. of the “Financing line for productive investment of MSMEs” that are agreed at a nominal annual interest rate of up to 30 %, measured in monthly average of daily balances of the previous month.”

On the other hand, we send you the pages that, in replacement of those previously provided, should be incorporated into the reference rules. 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

Enrique C. Martin
Issuance Manager of Rules

María D. Bossio
Deputy General Manager of Financial Regulation

ANNEX

Section 1. Time fixed.

“CAICC” tc-1: adjustment coefficient for the “ICC”, of the banking business day prior to the date of constitution of the deposit.

The BCRA will periodically publish the daily value in pesos of the “UVA” and the “UVI”.

The principal amount to be received at the maturity date will be the equivalent in pesos of the amount of “UVA” or “UVI” deposited, calculated according to the value of the “UVA” or “UVI”, as applicable, at that date.

These deposits may only be captured and settled in pesos.

1.10. Deposits with incentives or remuneration –total or partial– in goods or services.

Holders must be advised about the nature of the remuneration for tax purposes.

In the body of the document that instruments the deposit, it must be recorded that this requirement has been complied with.

These deposits may only be made in pesos.

1.11. Remuneration.

1.11.1. Fixed-rate deposits.

According to the rate freely agreed.

For financial institutions included in groups “A” and “B” –for the purposes of the rules on “Minimum cash”– and branches or subsidiaries of foreign banks qualified as systemically important (G-SIB) not included in those groups, when it concerns deposits in pesos not adjustable by “UVA” or “UVI” in the name of holders of the non-financial private sector, a minimum passive rate shall apply, which the BCRA will timely disseminate, in accordance with the following:

1.11.1.1. For time deposits constituted by natural persons in the financial institution that do not exceed in total $ 10 million at the date of constitution of each deposit, it will be 97.65 % of the Monetary Policy rate of the day prior to that on which the deposits are made, or the last one disclosed, as applicable.

When it concerns time deposits constituted in the name of two or more natural persons, the amount of the time deposit shall be distributed proportionally among its holders.

Section 1. Time fixed.

1.11.1.2. For deposits not included in the preceding point, it will be 92.94 % of the Monetary Policy rate of the day prior to that on which the deposits are made, or the last one disclosed, as applicable.

For these purposes, renewals of these deposits will be considered as new operations.

Excluded from the minimum passive rate regime are clients that are debtors of the financings provided in points 1.5.5. (financings within the framework of the health emergency provided by Decree No. 260/2020 at a rate of up to 24 %) and/or 1.5.7. (financings at a rate of up to 24 % to MSMEs not reported in the “Central de deudores del sistema financiero”) of the rules on “Minimum cash” and/or 1.1.3. of the rules on “Financial services within the framework of the health emergency provided by Decree No. 260/2020 Coronavirus (COVID-19)”. For this purpose, financial institutions must request a sworn statement from depositors when the deposited capital exceeds $ 10 million.

1.11.2. Deposits with variable interest clauses.

1.11.2.1. Basic remuneration.

It will be equivalent to:

i) The interest rate arising from any of the following surveys prepared and published daily by the BCRA through the respective Communication “C”:

a) Time deposits.

b) Time deposits of 30 to 35 days term and of more than one million pesos or dollars (“BADLAR”).

c) Accepted among private banks (“BAIBAR”).

ii) Secured Overnight Financing Rate (SOFR), Sterling Overnight Index Average (SONIA), Tokyo Overnight Average Rate (TONAR), Swiss Average Rate Overnight (SARON) or Euro Short-Term Rate (ESTER), for deposits in US dollars, pounds sterling, yen, Swiss francs or euros, respectively.

iii) Any of the rates mentioned in subparagraphs i) and ii), plus the additional remuneration that may be agreed –point 1.11.2.2.–, or the fixed rate freely agreed upon, whichever is higher.

B.C.R.A. DEPOSITS AND TIME INVESTMENTS
Section 2. Time investments.

2.8.2. Fixed early cancellation rate.

If the early cancellation option is exercised, the deposit shall accrue a fixed early cancellation rate for the period effectively elapsed, which the BCRA shall duly disseminate, based on the following expression:

TP = TPM x 0.8588

where:

TP: fixed early cancellation rate.

TPM: Monetary Policy rate of the day prior to the date of constitution of the deposit, or the last one disclosed, as applicable.

This rate must be informed to the depositor and included in the deposit certificate.

2.8.3. Remuneration.

According to the rate freely agreed upon, not less than 1% nominal annual.

2.8.4. Advertising.

They must offer this type of deposits through all available means available to the entity, both in-person and electronic –including web time placements provided in point 3.11.– in accordance with the provisions of the rules on “Communication by electronic means for environmental care”.

DEPOSITS AND TIME INVESTMENTS

CENTRAL BANK OF THE ARGENTINE REPUBLIC

CONSOLIDATED TEXT	SOURCE RULE	OBSERVATIONS
Sec.	Point	Para.	Comm.	Annex	Chap.	Sec.	Point	Para.
1.	1.6.2.2.	1st	“A” 1913				2nd		S/Comm. “A” 4809.
		2nd to 4th	“A” 3323
	1.7.1.		“A” 1653 “A” 1913	I		3.4.2. 2.		2nd
	1.7.2.		“A” 3043
	1.8.1.		“A” 1199	I		3.
	1.8.2.		“A” 1820	I		3.2.		2nd	S/Comm. “A” 3293, 3527, 3682 (point 10.), 3827 (point 9.) and 4140.
	1.8.3.		“A” 1820	I		3.2.		1st
	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 “A” 1653 “A” 1820	I I I		2.1.2. 3.1.1.2. 3.3.1.2. 3.4.			S/Com. “A” 3660, 5640, 5651, 5654, 5659, 5781, 5786, 5849, 5853, 6980, 7000, 7018, 7027, 7078, 7082, 7091, 7131, 7139, 7160, 7398, 7432 and 7459.
	1.11.2.1.		“A” 2188			2.1.		1°	S/Com. “A” 2962 (item 2.1.), 3660, 4543, 4654, 5257 and 7278.
	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 “A” 1820 “A” 2061	I		3.1.1.1. 3.3. 1.1.1.			S/Com. “A” 3485, 3527, 3660, 3682 (item 11.), 3827 (item 9.) and 4032.
	1.12.1.2.		“A” 1465 “A” 1603 “A” 2275			2.1.1. 5. 2.			S/Com. “A” 3660.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

TIME DEPOSITS AND INVESTMENTS

CONSOLIDATED TEXT	ORIGINATING RULE						OBSERVATIONS
Sec.	Point	Para.	Com.	Annex	Chap.	Sec.	Point	Para.
	2.2.2.		“A” 2482				1.A)2.	4°
	2.2.3.		“A” 2482				1.A)5.
	2.3.1.		“A” 2482				1.B)1.	1°	S/Com. "A" 4754 and 6579.
	2.3.2.		"A" 2482				1.B)1.	2°	S/Com. “A” 4754, 5149, 5945, 6125 and 6494.
	2.3.3.1.		“A” 2482				1.B)2.	1° 4°
			“A” 2482
	2.3.3.2.		“A” 2482				1.B)2.	2°	S/Com. “A” 4754.
	2.3.4.		“A” 2482				1.B)5.
	2.3.5.1.		“A” 2482				1.B)7. a)
	2.3.5.2.		“A” 2482				1.B)7. b)
	2.4.1.		“A” 2482				1.C)1.
	2.4.2.1.		“A” 2482				1.C)2.	1° 4°
			“A” 2482
	2.4.2.2.		“A” 2482				1.C)2.	2°	S/Com. “A” 4754.
	2.4.3.		“A” 2482				1.C)5.
	2.4.4.		“A” 2482				1.C)7.
	2.5.1.		“A” 2482				1.D)1.		S/Com. “A” 3043, 4234, 4612, 5945, 6874 and “C” 40024.
	2.5.2.		“A” 7018				3.		S/Com “A” 7029.
2.	2.5.3.1.		“A” 2482				1.D)4. 2.		S/Com. “A” 2617 and 4612.
	2.5.3.2.		“A” 2482				1.D)4. 1.
	2.5.4.		“A” 2482				1.D)5.		S/Com. “A” 2617, 4234, 4612, 4742, 5671, 5740, 6232, 6846 and 7029.
	2.5.5.		“A” 2617				2.		S/Com. “A” 4612.
	2.5.6.1.		“A” 2617 único				1.		S/Com. “A” 3043, 3185, 4234, 4612, 6091 y 6327.
	2.5.6.2.		“A” 2617 único				2.		S/Com. “A” 4234.
	2.5.6.3.		“A” 2617 único				3.		S/Com. “A” 3090, 3185 y 4234.
	2.5.6.4.		“A” 2617 único				4.
	2.5.6.5.		“A” 2617 único				6.		S/Com. “A” 2961 (Anexo), 4234, 4612, 5257 y 7278.
	2.5.6.6.		“A” 4612
	2.5.6.7.		“A” 4612						S/Com. “A” 5945 y 6069.
	2.6.		“A” 6069				2.		S/Com. “A” 6170, 6494 y 6645.
	2.7.		“A” 6069				2.
	2.8.		“A” 6871				1.		S/Com. “A” 7078, 7131, 7139, 7160, 7432 y 7459.

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

1.5.6. Special within the framework of Decree No. 332/2020 (and amendments).

The requirement shall be reduced by an amount equivalent to:

i) 60 % of the sum of the “Zero Rate Credits”, “Subsidized Rate Credits for Companies” and “Zero Rate Culture Credits” agreed within the framework of Decree No. 332/2020 (and amendments) and disbursed up to 5.11.2020;

ii) 24 % of the “Subsidized Rate Credits for Companies” disbursed from 6.11.2020 at a nominal annual rate of 27 %;

iii) 7 % of the “Subsidized Rate Credits for Companies” disbursed from 6.11.2020 at a nominal annual rate of 33 %.

Its average balance for the period prior to the period of calculation of the requirement shall be considered.

1.5.7. Financing to MiPyMEs not reported in the “Financial System Debtor Registry”.

The requirement shall be reduced by an amount equivalent to 40 % of peso financing to MiPyMEs –in accordance with the definition contained in the rules on “Determination of the micro, small or medium enterprise status”– that are agreed at a nominal annual interest rate of up to 24 %, measured on a monthly average of daily balances of the previous month, provided that such MiPyMEs are not reported in the “Financial System Debtor Registry” administered by the BCRA.

Financing granted to other financial institutions and non-financial credit providers –registered in the corresponding registers enabled by the SEFyC– may be included in such sum, provided that: i) within 3 business days from the date on which they receive the assistance, such institutions allocate the funds to grant financing to MiPyMEs under the conditions of this point and ii) they have a special report from an external auditor –registered in the SEFyC’s “Register of Auditors”– that complies with the provisions of point 1.5.4.

1.5.8. Financing included in the “Financing Line for MiPyME Productive Investment”.

The requirement shall be reduced by an amount equivalent to 30 % of the financing provided for in point 4.1. of the “Financing Line for MiPyME Productive Investment” that is agreed at a nominal annual interest rate of up to 30 %, measured on a monthly average of daily balances of the previous month.

1.5.9. Special for financial institutions that have implemented the remote and in-person opening of the “Universal Free Account (UFA)” provided for in point 3.11. of the rules on “Savings Deposits, Payroll Accounts and Special Accounts”.

The requirement shall be reduced by the amount resulting from the sum of the following:

MINIMUM CASH

ORDERED TEXT		SOURCE RULE					OBSERVATIONS
Sec.	Point	Par.	Com.	Annex	Sec.	Point	Par.
1.	1.3.8.		“A” 4360			2.		Pursuant to Com. “A” 5356 and 6616.
	1.3.9.		“A” 4754			6.		Pursuant to Com. “A” 5356, 5980, 6195, 6526, 6532, 6616 and 6728.
	1.3.10.		“A” 5945			4.		Pursuant to Com. “A” 6069, 6204 and 6616.
	1.3.11.		“A” 6341					Pursuant to Com. “A” 6616.
	1.3.12.		“A” 6069			4.		Pursuant to Com. “A” 6616.
	1.3.13.		“A” 6992
	1.3.14.		“A” 7429
	1.3.15.		“A” 5356			1.		Pursuant to Com. “A” 6616 and 6706.
	1.3.16.		“A” 6526					Pursuant to Com. “A” 6532, 6550, 6587, 6616, 6706, 7016 and 7290.
	1.3.17.		“A” 6550					Pursuant to Com. “A” 6556, 6559, 6575, 6587, 6616, 6706, 6738, 6740, 6817, 7018, 7029, 7047, 7092, 7290, 7295, 7383 and 7432. Includes regulatory clarification.
	1.3.	Last	“A” 6526					Pursuant to Com. “A” 6532, 6556, 6569, 6575, 6587, 6616, 6628, 6740, 7016, 7290 and 7295. Includes regulatory clarification.
	1.4.		“A” 3905			3.		Pursuant to Com. “A” 4179, 4449, 4473, 5671, 5740, 6232, 6349, 6719, 6871 and 7046.
	1.5.		“A” 5356			2.		Pursuant to Com. “A” 5471.
	1.5.1.		“A” 5356			2.		Pursuant to Com. “A” 5471, 5623, 6531, 6703, 6705 and 7432.
	1.5.2.		“A” 5631			1.		Pursuant to Com. “A” 5638, 6217, 6531, 6857, 6910, 6937, 7114, 7334 and 7448.
	1.5.3.		“A” 6740			1.		According to Com. “A” 7254.
	1.5.4.		“A” 6858			1.		According to Com. “A” 6901 and 6907.
	1.5.5.		“A” 6937			2.		According to Com. “A” 6943, 7054, 7140 and 7155.
	1.5.6.		“A” 6993			2.		According to Com. “A” 7082 and 7157.
	1.5.7.		“A” 7006			2.
	1.5.8.		“A” 7161			5.		According to Com. “A” 7432 and 7459.
	1.5.9.		“A” 7254			1.		According to Com. “A” 7287. Includes regulatory clarification.
	1.5.10.		“A” 7342			2.
	1.5.	last	“A” 6858			2.		According to Com. “A” 6965, 6993, 7006, 7140, 7155, 7161, 7254 and 7342.
		i)	“A” 7132					According to Com. “A” 7140.
		ii)	“A” 7140			2.		According to Com. “A” 7157.
	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, 6719 and 7046.
	1.7.2.		“A” 3274	II	1.	1.6.2.		According to Com. "A" 3304, 4449, 6349 and 6719.