BANCO CENTRAL DE LA REPUBLIC ARGENTINA

COMMUNICATION "A" 2703 (l3/05/98). Ref.: Circular RUNOR 1-279. Financial trusts covered by the Financial Entities Act - Redefining the applicable requirements.

B.O.: 27/5/98

FINANCIAL ENTITIES:

We're heading to you. to inform them that this Institution adopted the following resolution:

"-Replace the provisions of the resolution disseminated through Communication "A" 2664, by the following:

"1. To establish that the financial trusts constituted in accordance with the provisions of Title I of Law 24.441, in whose assets are credits originated by financial entities, are reached by the Financial Entities Act, subject to the rules established by the Central Bank and the prior authorization of the Superintendence of Financial and Change Entities.

2. To determine that, without prejudice to observing, where appropriate, the rules referred to in the Communication "A" 2634-the financial entities that decide to transmit the fiduciary ownership of their portfolios-total or part- shall inform this Institution of the data that will allow the individualization of the financial trust to which those assets, the trustee and the beneficiaries will be transmitted, as well as the nature of the assets that project respective trust and classifications.

3. Provide that the trustees of the financial trusts included in point 1. of the present resolution inform the Central Bank of the nature of the credits that have been credited to it, consigning the corresponding fiduciants and continuing to supply this Institution-to the "Central of debtors of the financial system" that manages-the data on the degree of compliance of the transferred debtors, according to the guidelines of classification of the financial debtors provided for in paragraph II of Annex I to the Communication "A periodicity" 2216

4. To establish that the trustees of the financial trusts included in point 1. of this resolution shall provide the Central Bank with all the information required by the Superintendence of Financial Institutions and Changes, to calculate the forecasts to be established by the financial entities - whether or not they originate from the assigned receivables - on their holdings of certificates of participation and/or debt securities of the trustees according to the procedures.