EXTERNAL PUBLIC DEUDA

Determin that the Central Bank of the Argentine Republic will be able to provide in guarantee of obligations of debtors the Nominative Bonuses in US dollars to the titles of the external public debt described respectively in the Nros Decrees. 1.334/82 and 1.336/82

DECRETO N° 1.603

Bs. Ace. 21UD12.82

I look at the provisions of the Nros. 1,334 of 26 November 1982, 1,336 of 26 November 1982 and the Communication "A" 251 of 17 November 1982, of the Central Bank of the Argentine Republic, and

CONSIDERING:

That the Communication "A" 251 expressly provides for the direct agreement between local debtor and foreign creditors, having not been the purpose of such a rule to interfere in mutual contact between the parties.

That the direct agreements would be substantially facilitated if the Central Bank of the Argentine Republic gave in guarantee of the obligation of the debtor the Nominative Bonuses in US dollars or the External Public Debt Titles described respectively in the Nros Decrees. 1,334 and 1,336, both dated 26 November 1982, or otherwise ensure the obligation of the local debtor.

That in certain cases the creditor of the obligations of the debtors described in articles 2 of the Nros Decrees. 1,334 and 1,336 of 26 November 1982 are local financial entities, so it is appropriate to foresee that such creditors may also be recipients of Bonds or Titles, either in payment or in warranty.

Therefore,

THE PRESIDENT
OF ARGENTINA NATION
RIGHT:

Article 1 -- U.S. Dollar Nominative Bonuses and Public Debt Securities Seen in Decs. 1334 and 1336, both dated 27 November 1982, in addition to being destined to cancel the external obligations described in article 2 of both decrees, may also be handed over by the Central Bank of the Argentine Republic to creditors in guarantee of the fulfilment of the obligations of the debtor refinanced by the parties of the mutual contract.

Art. 2o -- The Central Bank of the Argentine Republic may agree and resolve the manner in which it will be established that the bonds or securities of public debt -- Decrees Nros. 1334 and 1336 of 26 November 1982 respectively-- are delivered in warranty. The Central Bank of the Argentine Republic may also, to the extent that it does not affect its own assets and act as a financial agent on the account and order of the National State, provide other mechanisms to ensure compliance with the obligations of debtors who have paid in pesos the amount of the exchange insurance.

Art. 3o -- The Central Bank of the Argentine Republic is empowered to give to local financial institutions the obligations described in Articles 2 of Decrees 1334 and 1336 of 26 November 1982 the public debt bonds or securities provided for in them. Such surrender shall be made, as appropriate, in cancellation or in guarantee of compliance with the aforementioned obligations. In such cases the local financial entity may not give, assign or endorse the bonds or securities in the country, being authorized instead to give them in payment, assignment or warranty to its creditors abroad.

Art. 4o -- The amounts in pesos obtained by the Central Bank of the Argentine Republic from those debtors with the outside that had entered into exchange insurance with that Institution for the cancellation of these will be destined to diminish the obligations of the National Government with the Central Bank of the Argentine Republic.

Art. 5o -- Contact, post, give to the National Directorate of the Official Register and archvese.-
BIGNONE
Jorge Wehbe.