Key Benefits:
Bs. As., 12/4/95
VISTO Law 24.485, and
CONSIDERING:
It is necessary to regulate the organization and operation of the bank deposit guarantee insurance system established in article 1 of the aforementioned law.
That such a system should be subsidiary and complementary to the privileges and priorities of payment set out in the law of financial entities, should not compromise the resources of the BANCO CENTRAL OF THE ARGENTINA REPUBLIC or the National Treasury, shall be obligatory and onerous for the financial entities and shall grant limited coverage to the depositors.
That its proper, efficient and economic administration should be envisaged, so that it would not constitute an additional burden for the entities, nor lead to the creation of bureaucratic agencies within the public sector.
For this purpose, financial entities should contribute to a deposit guarantee fund in a proportion that is appropriate to the coverage of the risks that the fund will assume, and does not mean a burden on the clients of the financial system or the entities themselves. The establishment of a society should also be envisaged for the sole purpose of administering such a fund, the participation of the contributors in the proportion of their respective contributions by means of a trust. This will result in lower administration costs and an incentive to their operational efficiency.
The characteristics, scopes and limitations of the guarantee granted, as well as the obligations and rights of financial entities, should be envisaged.
That by the nature of the activity to which the regulation is directed, it is appropriate for the BANCO CENTRAL DE LA REPUBLIC ARGENTINA to act as the authority for the implementation of this Decree.
That the present is determined by the provisions of article 99, paragraph 2, of the National Constitution.
Therefore,
THE PRESIDENT OF THE ARGENTINA NATION
RIGHT:
Article 1 . Please refer to the "GARANTIA FUND OF DEPOSITES" (FGD), in order to cover the bank deposits with the scope provided for in this Decree.
Dispose the constitution of the society "SEGURO DEPOSITES SOCIEDAD ANONIMA" (SEDESA) with the exclusive purpose of exercising the functions of trust which is entrusted to it in due course by the NATIONAL STATE or the CENTRAL BANCO of the ARGENTINA REPUBLIC. (Paragraph replaced by art. 8° Decree No. 32/2001 B.O. 27/12/2001 and art. 10 of the same Decree states: The statutory modification regarding the social object of SEGURO DEPOSITOS SOCIEDAD ANONIMA (SEDESA) shall apply from the date of publication of the present, without prejudice to the corporate assembly that resolves the modification. )
(Article replaced by Article 3 of the Decree No. 1292/1996 B.O. 18/11/1996)
Art. 2o ENTRAL MINISTERY OF ECONOMY AND ARTWORKS AND SERVICES PUBLIC the approval of the Constitutive Act and the Social Statutes determines the "SEGURO DEPOSITES SOCIEDAD ANONIMA" (SEDESA), which will have as partners the CENTRAL BANCO of the ARGENTINA REPUBLIC, with a trustworthy action Until the constitution of SEDESA, the contributions to the FGD will enter the account and entity that determines the BANCO CENTRAL OF THE ARGENTINA REPUBLIC.
(Article replaced by Article 3 of the Decree No. 1292/1996 B.O. 18/11/1996)
Art. 3o . SEDESA will not receive any compensation for its performance as a FGD trustee. The operating expenses of the company will be strictly necessary to operate and must be borne by the income of the FGD. The modification of its statutes or its social capital will require at least the favorable vote of the actions owned by the BANCO CENTRAL DE LA REPUBLIC ARGENTINA.
(Article replaced by Article 3 of the Decree No. 1292/1996 B.O. 18/11/1996)
Art. 4o . Ordenase the protocolization of the constitutive record and the social statutes of SEDESA, as well as of any action that is necessary to elevate to public writing, through the General SCRIBANIA of the NATION, without implying any erogation.
Art. 5o . Instruct the General INSPECTION OF JUSTICE to grant the respective conformitys or authorizations and to take the reason for the registration of SEDESA in the registry in its charge.
Art. 6th Las The financial entities authorized to operate in the ARGENTINA REPUBLIC shall integrate the FGD with a normal monthly contribution that will determine the CENTRAL BANCO of the ARGENTINA REPUBLIC between a minimum of CERO COMA CERO QUINCE per CIENTO (0.015 %) and a maximum amount of CERO CERO SEIS by CIENTO (0.06 %) ARGENTINA establishes for each entity according to the risk indicators it deems appropriate. In no case may the additional contribution exceed the equivalent of a normal contribution.
For the purpose of calculating the average daily balances of deposits in pesos and foreign currency, deposits corresponding to the national official accounts opened in the ARGENTINA NATION BANCO are excluded.
THE CENTRAL BANCO OF THE REPUBLIC ARGENTINA may provide for the integration of the contribution, either in cash or through the assumption of the commitment to make the contribution, implemented in the conditions and formalities determined by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC, by the financial entities providing, in the latter case, to complete the existing minimum capital standards. Such commitments may not exceed the CINCUENTA BY CIENTO (50 %) of the corresponding contribution.
(Article replaced by Article 3 of the Decree No. 1292/1996 B.O. 18/11/1996)
Art. 7o EL THE CENTRAL BANK OF THE ARGENTINA REPUBLIC will determine the expiration date of the obligation to deposit the contributions. Financial entities shall promptly deposit their contributions as a condition for regular operation. Financial entities that initiate their operations in the ARGENTINA REPUBLIC may enter the trust referred to in Article 2 of this Decree and those who cease to operate will lose the condition to integrate it, giving their rights to the nominal value of SEDESA's actions. The Applicable Authority shall establish annually the share of the trust by each financial entity, and the transfers corresponding to the nominal value of the shares must be made immediately.
(Article replaced by Article 3 of the Decree No. 1292/1996 B.O. 18/11/1996)
Art. 8o . When the FGD reaches the sum of DOS MIL MILLONES OF PESOS ($2,000.000) or the CINCO FOR SCIENTY (5 %) of the total deposits of the financial system if that proportion is greater, the CENTRAL BANCO of the ARGENTINA REPUBLIC may suspend or reduce the obligation to make the contributions to the FGD, re-establishing that amount or part thereof. For the purposes of this Article, only cash contributions made by financial entities shall be computed. The BANCO CENTRAL OF THE ARGENTINA REPUBLIC may adjust the total amount to be reached by the FGD, when it considers that the accumulated amount was prudent in relation to the financial market situation and the functions of the FGD.
(Article replaced by Article 3 of the Decree No. 1292/1996 B.O. 18/11/1996)
Art. 9th . At any time the BANCO CENTRAL OF THE ARGENTINA REPUBLIC may require financial entities to advance in the integration of up to DOS (2) years of the minimum foreseen for normal contributions, either fully in cash or including the contribution commitments up to the maximum authorized in Article 6 of the present decree. It may also require any of the financial contributors to establish guarantees for the operations referred to in article 10 bis (e) of the present decree. The BANCO CENTRAL DE LA REPUBLIC ARGENTINA may, upon request of SEDESA, directly debit the normal or additional contributions owed by the financial entities of the funds that they have deposited in that institution. Similarly, it may proceed in the event that the commitments of contributions provided for in article 6 of the present decree are not granted.
The guarantees to be granted by the financial entities in accordance with the provisions of the preceding paragraph shall be determined by the amounts that individually correspond to them and shall be at first request and in the conditions and formalities established in this respect by the BANCO CENTRAL DE LA REPUBLICA ARGENTINA".
(Article replaced by Article 1 of the Decree No. 1292/1999 B.O. 11/11/1999)
Art. 10. . The resources of the DEPOSITES GARANTY FUND (FGD) will be invested in: national public securities, whether in national or foreign currency, in a percentage of its portfolio not exceeding the proportion of local currency deposits in the total of deposits in view and time of the financial system; and in external assets eligible for investments of the country's international reserves.
The administration of investments of the DEPOSITES GARANTY FUND (FGD) will aim to preserve capital in high liquidity investments, with the maximum possible returns conditioned on the preservation of capital, transparency and control in its administration.
The returns of the DEPOSITS GARANTY FUND (FGD) will be part of it and will be reinvested in the same conditions. Monthly FOLLOW-UP OF ANIMAL SOCIEDAD DEPOSITS (SEDESA) will inform the public of the balance of the GARANTY OF DEPOSITS (FGD) and the SUPERINTENDANCE OF FINANCIAL AND CAMBIARY ENTITIES dependent on the CENTRAL BANCO of the ARGENTINA REPUBLIC, the composition of the above investments.
(Article replaced by art. 1 Decree No. 1653/2015 B.O. 14/8/2015. Watch: from the day of publication in the Official Gazette)
Art. 10. bis : SEDESA will be able to carry out the following operations with FGD resources:
(a) To effect the coverage of the guarantee to the depositors, with the limits and conditions set out in the present and in its regulatory, complementary and clarification rules.
(b) Make capital contributions, non-reimbursable contributions or loans to:
(I) Financial entities subject to a regularization and sanitation plan and for the purpose of supporting compliance;
(II) Financial entities that acquire assets and assume the payment of deposits of another entity under Article 35 bis and in accordance with the Financial Institutions Act No. 21.526 and its modifications, where appropriate to compensate for the inadequacy of such assets with respect to all transferred deposits; or
(III) Financial entities absorbing or acquiring financial entities within the framework of a regularization and sanitation plan.
(c) To engage with financial entities that acquire assets and assume responsibility for the payment of deposits of another entity subject to the regulation 35 bis and concordant of Law No. 21.526 and its amendments, a contract of option of sale in favour of the acquiring entity on all or part of the transferred assets.
The operation envisaged in this paragraph may be determined by the establishment of a trust to which the assets of an entity subject to the rule of article 35 bis of the law cited and in which SEDESA, in its capacity as FGD administrator, acquires the right of beneficiary on the sale or liquidation of the trust funds.
(d) To acquire deposits of banks suspended under article 49 of Act No. 24,144 up to the amounts of the guarantee provided for in article 13 of this Decree, supplementing the rights of depositors.
(e) Take or receive loans or hold any other credit transactions from the FGD, as administrator of the FGD, up to a level not exceeding the total of the normal monthly and additional contributions of the financial entities referred to in Article 6o, both in cash and through the assumption of the commitment to contribute under Article 6o, during the period of DOS (2) years counted from the time the loan or the credit operation is held. For the purpose of determining the total contribution during the period of DOS (2) years previously referred to, the amount of monthly contributions of each entity shall be computed at the time of contracting the loan or holding the credit operation.
(f) To carry out, maintain or finance pass programmes with foreign banks aimed at contributing to the stability of the financial system, with the prior conformity of the ARGENTINA CENTRAL REPUBLIC BANCO and with the FGD.
The application of the alternatives provided for in subparagraphs (b), (c) and (d) above and the operations referred to in subparagraph (e) above shall be decided exclusively by a Steering Committee, whose decisions shall be binding on SEDESA. Such Committee shall be composed of a representative of the BANCO CENTRAL OF THE ARGENTINA REPUBLIC and a number of vowels to be determined in the trust contract between a minimum of CUATRO (4) and a maximum of SIETE (7) representatives of the financial entities contributing to the FGD.
The representative of the BANCO CENTRAL OF THE ARGENTINA REPUBLIC shall serve as President, and shall have the right to veto but not to vote.
Voters shall have the right to vote in proportion to the contributions made to the FGD by the entities they represent and in accordance with the provisions of the Trust Agreement.
The Steering Committee shall decide on the application of any of the alternatives provided for in subparagraphs (b), (c) and (d) above when, in accordance with the estimates that may be made at the time the decision is to be taken, its adoption implies a direct cost to the FGD less than that to be carried out by the FGD in the case of the revocation of the authorization to operate the affected entity and the likely payment of the depositors
Exceptionally, and in the event that the revocation of the authorization for the operation of the affected entity could jeopardize the stability of other financial entities or of the financial system as a whole, the application of any of the alternatives provided for in subparagraphs (b), (c) and (d) above may be admitted, even if this entails a direct cost greater than that resulting from the alternative provided for in subparagraph (a), without the guarantee of the total amount affected.
All matters relating to the Steering Committee shall be foreseen in the Trust Contract of the CENTRAL BANCO of the ARGENTINA REPUBLIC and SEGURO OF ANONIMA SOCIEDAD DEPOSITS.
(Article replaced by Article 2 of the Decree No. 1292/1999 B.O. 11/11/1999)
Art. 11. . They will be reached with the coverage provided by the system, the deposits in PESOS and in foreign currency constituted in the participating entities in the form of a current account, savings box, fixed term, or other modalities determined by the ARGENTINA REPUBLIC CENTRAL BANCO, which meet the requirements set out in this decree and the others provided by the Implementation Authority.
Art. 12. s Not achieved by the coverage of the warranty system:
(a) deposits of financial entities in other intermediaries, including fixed-term certificates acquired by secondary negotiation.
(b) deposits made by persons connected, directly or indirectly, to the entity in accordance with established guidelines or established in the future by the BANCO CENTRAL DE LA REPUBLIC ARGENTINA.
(c) fixed-term deposits of securities, acceptances or guarantees.
(d) (Section repealed by art. 1 Decree No. 30/2018 B.O. 11/1/2018. Watch: from the day after the date of publication in the Official Gazette)
(e) the other deposits that the Implementation Authority may exclude for the future.
Art. 13. La The guarantee will cover the return of deposits to the view or to the fixed term until the sum of PESOS TREINTA MIL ($ 30,000).
THE CENTRAL BANCO OF THE REPUBLIC ARGENTINA may, at any time and on a general basis, arrange for the modification of this amount of coverage of the warranty system, depending on the assessment experienced by the consolidation of the financial system and the other indicators it deems appropriate.
Deposits in excess of the amount of the coverage are also covered by the warranty regime up to that maximum limit.
(Article replaced by Article 1 of the Decree No. 1127/1998 B.O. 28/09/1998)
Art. 13 bis SEDESA may issue non-enabled securities for the purpose of offering them to depositors in payment of the guarantee of deposits, if it does not have sufficient funds for that purpose.
Such qualifications, the conditions of which shall be generally established by the Central Bank of the Argentine Republic, shall be accepted by the financial entities in order to constitute deposits under the conditions stipulated by such regulation.
(Article incorporated by art. 16 Decree No. 214/2002 B.O. 4/2/2002. Proceeding: from the Decree No. 214/2002.)
Art. 14. . The receipt by the depositors of the sums disbursed by SEDESA with the availability of the FGD, imports the legal subrogation in favor of SEDESA in the payment rights in the liquidation or bankruptcy of the entity, with the privileges corresponding to the depositors and with priority to charge them until the sums paid by SEDESA according to Article 13 of this Decree.
(Article replaced by Article 3 of the Decree No. 1292/1996 B.O. 18/11/1996)
Art. 15. . The guarantee applies on an equal basis for natural and legal persons. To determine the amount of the coverage and its return to the depositor, the entire deposits that each person registers in the entity shall be computed at the date of the revocation of their authorization to operate. In the accounts and impositions on behalf of DOS (2) or more persons, it will be understood that one of them enjoys the guarantee, prorated the same among the participants.
Art. 16. (Article Derogated by Article 2 of the Decree No. 1127/1998 B.O. 28/09/1998)
Art. 17. . The guarantee shall be effected in a subsidiary and complementary manner to the refund of deposits by application of the privileges established by the law of financial entities, within the TREINTA (30) business days counted from the day after the revocation of the authorization to operate the entity, to the extent that the depositors meet the established requirements and the FGD has availability. At the request of SEDESA, the BANCO CENTRAL DE LA REPUBLIC ARGENTINA may authorize the extension of that period when the amount of beneficiaries in the process of liquidation warrants it. Where the resources of the FGD were insufficient to cover the payment of the amounts guaranteed, the refund will be made out of the funds available. The balance will be settled within the TREINTA (30) days from the date the FGD reports the existence of financial availability. In these situations and where there is more than one entity whose authorization has been revoked, the priority for the return shall be governed by the chronological order resulting from the commencement of the payment period of the guarantee. In no case shall the FGD cover or recognize interest for the period between the original expiration of the deposit and the date of payment of the guarantee.
Art. 18. El The payment of the guaranteed amounts will be made in pesos or in foreign currency, according to the proportion of each species resulting from the total deposited capital. To that end and to homogenize the balances of the total deposit in the case of deposits in foreign currency, its equivalent in pesos will be taken according to the quote of the type of exchange seller for tickets of the ARGENTINA NATION BANCO, corresponding to the day prior to the revocation of the authorization to operate of the entity covered.
Art. 19. . SEDESA may refuse or postpone until its judicial recognition the request for the coverage of the guarantee when the respective deposits do not meet the formal or substantial requirements set out in this regulation or other provisions dictated by the BANCO CENTRAL DE LA REPUBLICA ARGENTINA.
(Article replaced by Article 3 of the Decree No. 1292/1996 B.O. 18/11/1996)
Art. 20. . SEDESA will be able to exercise the corresponding judicial actions when in his opinion there are real possibilities to recover the amounts disbursed.
(Article replaced by Article 3 of the Decree No. 1292/1996 B.O. 18/11/1996)
Art. 21. . The regime established in the present Decree shall be in respect of fixed-term deposits that are constituted or renewed from 18 April 1995 and in respect of deposits in the light of the balances corresponding to the closing of that day, constituted in financial entities that are not suspended by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC or have been revoked.
Art. 22. El The BANCO CENTRAL DE LA REPUBLICA ARGENTINA will be the Authority for the Application of the System created by Law 24,485 and regulated by this Decree, being empowered to dictate the necessary interpretative and application rules.
Art. 23. . The SEDESA Board shall communicate to the SUPERINTENDANCE OF FINANCIAL AND CAMBIARY ENTITIES under the BANCO CENTRAL OF THE ARGENTINA REPUBLIC, its opinion with respect to the financial entities that, in their opinion, have credit or commercial policies that are considered to be of greater risk than normal. It may also be requalified with regard to requests for authorization to operate or to be processed for consideration by the BANCO CENTRAL DE LA REPUBLIC ARGENTINA.
Art. 24. El This Decree shall enter into force from the same day of its publication in the Official Gazette.
Art. 25. . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Domingo F. Cavallo.
Background- Article 10 replaced by art. 3rd Decree No. 1292/1996 B.O. 18/11/1996;
- Article 10. bis incorporated by art. 4th Decree No. 1292/1996 B.O. 18/11/1996.
- Article 9 replaced by art. 3rd Decree No. 1292/1996 B.O. 18/11/1996;
- Article 6 replaced by art. 1st Decree No. 177/1996 B.O. 28/02/1996, effective May 1995 inclusive;
