Bs. As., 15/11 /96
VISTO Law No. 24.485 and Decree No. 540 of 12 April 1995 and
That Article 1 of Law No. 24,485 created the Banking Deposit Guarantee Insurance System, of a limited, mandatory and onerous character, in order to cover the risks of bank deposits, without compromising the resources of the ACCENTRAL BANCO of the ARGENTINA REPUBLIC or the NATIONAL TESORO.
That Decree No. 540/95 regulated the organization and operation of the aforementioned System of Safeguarding Banking Deposits.
Given the events that have elapsed since their implementation and the lessons learned, it is appropriate to adapt the regime established by the decree.
That, for this purpose, it is appropriate to provide the system with greater flexibility in order to respond to situations which, if not dealt with in term, may result in greater erogations for the Deposit Guarantee System.
International experience indicates that different mechanisms are needed to address particular situations.
That the modifications introduced maintain the subsidiary and complementary nature of the system.
That in order to administer the GARANTIA FUND of the DEPOSITES, created by Decree No. 540/95, it is necessary to conclude a trust contract between the NATIONAL STATE, through the CENTRAL BANCO of the ARGENTINA REPUBLIC, and FOLLOW-UP OF ANONIMA SOCIEDY DEPOSITES.
That the functions of the BANCO CENTRAL OF THE ARGENTINA REPUBLIC and its status as the implementing authority of the regime established by Decree 540/95 make it relevant to transmit to the Central Bank of the Republic, the ownership of the ANONIM SOCIEDAD DEPOSITS SOCIEDAD action for the National State.
That this Decree is issued in exercise of the powers conferred by Article 99, paragraphs 1 and 2 of the National Constitution.
THE PRESIDENT OF THE ARGENTINA NATION
RIGHT:Article 1 Artículo Transfer to the BANCO CENTRAL OF THE REPUBLIC ARGENTINA the ownership of the Class A action corresponding to the ANONIMA SOCIEDAD NATIONAL STATE SOCIETY. Art. 2° . Please refer to the MINISTERY OF ECONOMY AND PUBLIC ARTWS AND SERVICES, through the SUBSECRETARIA DE BANCOS y SEGUROS de la SECRETARIA DE AGENDACION ECONOMICA, to carry out all those tramites aimed at making the transfer provided in Article 1 of this Decree. Art. 3° . Replace Articles 1, 2°.3°, 6°, 7°, 8°, 9°, 10. 14, 19 and 20 of Decree No. 540/95, which shall read as follows:
"ARTICULO 1o . Créase the "FONDO DE GARANTIA DE LOS DEPOSITOS- (FGD) in order to cover the bank deposits with the scope provided for in this Decree.
Disposed the constitution of the company 'SEGURO DEPOSITOS SOCIEDAD ANONIMA (SEDESA) with the exclusive purpose of exercising the functions of trustee of the trust contract that is timely between SEDESA and the NATIONAL STATE, through the CENTRAL BANCO of the ARGENTINA REPUBLIC to administer the FGD."
"CELLO 2° , Delay in the MINISTERY of ECONOMY AND ARTWS AND SERVICES PUBLICS the approval of the Constitutive Act and the Social Statutes of 'SEGURO DEPOSITES SOCIEDAD ANIMA' (SEDESA), which will have as partners the CENTRAL BANCO of the ARGENTINA REPUBLIC, with a minimal 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. "
"ARTICULO 3° . SEDESA will not receive any compensation for its performance as 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.
"ARTICULO 6o 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 of CERO COMA CERO SEIS FOR CIENTO (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, the 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. "
"CENTRAL BANCO OF THE REPUBLIC ARGENTINA 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 Stable Implementation Authority will annually be the share in the trust by each financial entity, with transfers due immediately to the nominal value of the shares. "
"ARTICULO 8o . When the FGD reaches the sum of DOS MIL MILLONES OF PESOS ($2,000.000) or CINCO FOR SCIENTY (5 %) of the total deposits of the financial system if that proportion is greater, the BANCO CENTRAL OF THE REPUBLIC ARGENTINA may suspend or reduce the obligation to make the contributions to the FGminus, subs 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. "
"ARTICULO 9o . At any time the BANCO CENTRAL OF THE ARGENTINA REPUBLIC may require financial entities to advance in the integration of up to two 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 this Decree. The BANCO CENTRAL OF THE ARGENTINA REPUBLIC 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 this Decree are not granted. "
"ARTICLE 10. O The GF resources will be invested in conditions similar to those set for the placement of the international currency reserves of the BANCO CENTRAL DE LA REPUBLICA ARGENTINA. Without prejudice to this, the BANCO CENTRAL DE LA REPUBLIC ARGENTINA may authorize that up to a CINCUENTA per CIENTO ( 50%) of the goods that make up the FGD are invested in national public titles. The FGD surrenders will form part of it and will be reinvested in the same conditions. Monthly SEDESA will inform the public and the SUPERINTENDANCE of FINANCIAL ENTITIES and change the balance of the FGD."
"ARTICULO 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 bankruptcy liquidation of the entity, with the privileges corresponding to the depositors and with priority of payment on them until the concurrence, of the amounts paid by SEDESA in accordance with the present Decree. "
"ARTICULO 19. . SEDESA may refuse to postpone until its judicial recognition the request for coverage of the guarantee when the respective deposits do not meet the formal or substantive requirements established in this regulation or other provisions dictated by the BANCO CENTRAL DE LA REPUBLICA ARGENTINA. "
"ARTICULO 20. . SEDESA will be able to exercise the corresponding judicial action when its trial has real possibilities to recover the amounts disbursed. "Art. 4° . Incorporate as Article 10° bis of Decree No. 540/95 the following text:
"ARTICULO 10 bis. : SEDESA can enhance with the resources of the FGD the following operations:
(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 regulations.
(b) Make capital contributions, non-reimbursable contributions or provide:
(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 subject to the regulation 35 bis and concordant of the Financial Entities Act No. 21.526 and its modifications, where appropriate to compensate for the inadequacy of such assets with respect to the entire deposits transferred; 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 under Article 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.
(d) To acquire deposits of banks suspended under Article 49 of Law No. 24.144 up to the amounts of the guarantee provided for in Article 13 of this Decree, supplementing the rights of depositors.
(e) To contract obligations under the FGD, in its capacity as administrator of the FGD, and with the guarantee of all the contributing financial entities, for up to an amount equivalent to DOS (2) years of total flows of current contributions, including cash contributions and those that can be made with guarantees from the financial entities according to the applicable regulations. The guarantee to be granted by the financial entities shall be determined by the amounts that individually correspond to it and shall be at first request and in the conditions and formalities that in this respect establish the BANCO CENTRAL OF THE ARGENTINA REPUBLIC.
(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 will be decided exclusively by a Steering Committee whose decisions will be binding on SEDESA. Such Committee shall consist 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 four and a maximum of seven 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 of the decision, their adaptation implies a direct cost to the FGD less than that to be carried out by the FCD in the event of the revocation of the authorization to operate the affected entity and the likely payment of the depositors "
All matters relating to the Steering Committee shall be those provided for in the trust contract to be concluded by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC and SEDESA.Art. 5° . Until the Committee is constituted, not the Board of Directors provided for in Article 10 bis of Decree No. 540/95, its functions will be exercised by the Board of SEDESA with the advice of the SUPERINTENDANCE OF FINANCIAL ENTITIES AND CENTRAL BANCO OF THE ARGENTINA REPUBLIC. Art. 6o o This Decree shall enter into force from the date of its publication in the Official Gazette. Art. 7o o Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Jorge A. Rodriguez. . Roque B. Fernández.