Debt Publishes Medium-Term External Letters In Pesetas - Full Text Of The Norm

Original Language Title: DEUDA PUBLICA LETRAS EXTERNAS A MEDIANO PLAZO EN PESETAS - Texto completo de la norma

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image inicio sitio infoleg MInisterio de Justicia y Derechos Humanos


Decree 438/97

Please refer to the Ministry of Economy and Public Works and Services to issue Public Debt Titles called "Middle-Term External Laws in pesetas".

Bs.As., 16/5/97

B.O.: 26/05/97

VISTO Issue No. 010-000244/7 of the Register of MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES, Law No. 11.672 "Permanent Complementary of Budget" (T.O. 1996), Law No. 24.156, Law No. 24.764 "The General Budget Law of the National Administration for the period 1997, and


That the ARGENTINA REPUBLIC has made in recent years placements in international financial markets, which have involved an expansion of the investment base and have established new references for private sector emissions.

That an issue of titles is expected in the PESETA market.

It is desirable to authorize financial operations of derivatives according to market practices for better management of the liability resulting from placement.

That article 36 bis of Law No. 23.576 and its amendments, as well as Law No. 23.966 with the amendment introduced by Law No. 24.468 and Law No. 24.631 in Chapter III, establish the tax treatment to apply to the instruments of credit that review the characteristic of Public Titles.

Compliance with article 61 of Act No. 24.156.

That the instruments to be issued are covered by the authorizations for the public credit operations of Table 9 attached to Article 6 of Law No. 24.764.

That the NATIONAL EXECUTIVE PODER is empowered to submit disputes with foreign persons in non-Argentine courts, in accordance with article 16 of Act No. 11.672, Supplementary Permanent Budget (T.O. 1996).

That the present measure is determined by the provisions of articles 6 and 51 of Act No. 24,764 of the General Budget Act of the National Administration for the period 1997", article No. 16 of Act No. 11,672 and article 99, paragraphs 1 and 10, of the NATIONAL CONSTITUTION.




Article 1-Please refer to the MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES, through the SECRETARIAT OF HACIENDA, to issue Public Debt Titles called "LETRAS EXTERNAL TO MEDIANO PLAZO IN PESETAS", in one or more series with the year of expiration and the applicable interest rate, for a nominal value of 20,000 On the other hand, it may carry out financial operations of derivatives, in accordance with market practices, for the administration of the liabilities resulting from placement.

Art. 2°-The MINISTERY OF ECONOMY AND ARTWORKS AND PUBLIC SERVICES, through the SECRETARIAT OF HACIENDA, shall adopt the respective decisions for the placement of such instruments, in accordance with the usual practices in the financial markets and shall, on behalf of the ARGENTINA REPUBLIC, subscribe the documentation that is necessary for the purpose of:

(a) Designate the financial institutions that will represent and be responsible for the organization of the operations referred to in Article 1.

(b) Determine the nominal value of the Titles to be offered for sale within the limit of Article 1, the times and times in which they will take place; and the markets of the outside in which they will be offered.

(c) Establish methods and procedures for the placement and/or sale of the respective Titles, in accordance with existing practices.

(d) Agree and subscribe the contracts necessary for the placement and/or sale of the Titles, which contemplate the usual clauses for this purpose.

(e) To agree on conditions by which the positioners are obliged to acquire the titles offered.

(f) Pay for all expenses to be incurred and the fees to be agreed upon in accordance with the contracts to be signed.

(g) Authorize certain officials to subscribe to the documentation required to implement these operations.

Art. 3°-Authorize the inclusion in the operations referred to in article 1 of clauses establishing the extension of jurisdiction for the Tribunals located in the City of MADRID, KINGDOM OF ESPANA, and may extend the extension of jurisdiction to the state and federal courts located in NUEVA YORK, AMERICA. It is also authorized to accept the waiver of opposition to the defence of sovereign immunity, in the documentation signed by the MlNISTERIO DE ECONOMIA AND ARTWS AND PUBLIC SERVICES for the financial operations approved by article 1 of this Decree.

Art. 4o-In the documentation that is signed by the operations approved by this Decree, inembargobility should be preserved with respect to:

(a) Assets that constitute reserves of free availability, within the framework of the Law on Convertibility, the amount, composition and investment of which is reflected in the General Balance and accounting status of the BANCO CENTRAL OF THE ARGENTINA REPUBLIC, prepared in accordance with Article 5 of Law No. 23.928.

(b) The assets of the National State affected to an essential public service.

(c) The funds, values and other means of financing affected to the budget execution of the Public Sector, whether it is cash, deposits in bank accounts, titles, securities issued, third-party obligations in portfolio and in general any other means of payment that is used to meet the erogations provided for in the General Budget of the Nation.

Art. 5°-Contact, post, give to the National Directorate of the Official Register and archvese.-MENEN.-Jorge A. Rodríguez.- Roque B. Fernández.