CENTRAL BANK OF THE ARGENTINE REPUBLIC

Law 26,739

Amend the Organic Charter. Sanctioned: March 22, 2012 Enacted: March 27, 2012

The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc., are sanctioned by law:

Title I Amendments to the Organic Charter of the Central Bank of the Republic of Argentina

Article 1-Substitute Article 1 of the Organic Charter of the Central Bank of the Republic of Argentina, approved by Article 1 of Law 24.144 and its amendments, by the following:

Article 1: The Central Bank of the Republic of Argentina is an autarchic entity of the national State governed by the provisions of this Organic Charter and other legal norms. The national state guarantees the obligations assumed by the bank. Save as otherwise provided by law, the rules shall not apply to the bank, regardless of their nature, which have been, with general scope, been issued or are issued to bodies of the National Public Administration, which are limited to the capacity or powers granted to you by this Organic Charter.

Article 2-Substitute Article 3 of the Organic Charter of the Central Bank of the Republic of Argentina, approved by Article 1 of Law 24.144 and its amendments, by the following:

Article 3: The purpose of the bank is to promote, to the extent of its powers and within the framework of policies established by the national government, monetary stability, financial stability, employment and economic development with equity. social.

Article 3-Substitute Article 4 of the Organic Charter of the Central Bank of the Argentine Republic, approved by Article 1 of Law 24.144 and its amendments, by the following:

Article 4: These are functions and powers of the bank: (a) Regular the functioning of the financial system and apply the Financial Entities Act and the rules which, in consequence, are dictated; (b) Regular the amount of money and interest rates and (c) Act as a financial agent of the national state and the depositary and agent of the country before the

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international monetary, banking and financial institutions to which the Nation has adhered, as well as playing an active role in international integration and cooperation; (d) Concentring and managing its reserves of gold, foreign exchange and other (e) To contribute to the smooth functioning of the capital market; (f) to implement the exchange rate policy in accordance with the legislation sanctioning the Honorable Congress of the Nation; (g) Regular, to the extent of its powers, the payment systems, the clearing and clearing houses, the funds remesators and the (a) to provide for the protection of the rights of the users of financial services and the defence of competition, as well as any other activity which is related to financial and exchange activities; coordinating its action with the relevant public authorities on these issues. In the exercise of its functions and powers, the bank shall not be subject to orders, indications or instructions from the national executive branch, nor may it assume any obligations of any nature that involve conditioning, restricting or delegating them. without the express authorization of the Honorable Congress of the Nation.

Article 4-Amend point (b) of Article 8 of the Organic Charter of the Central Bank of the Republic of Argentina, approved by Article 1 of Law 24.144 and its amendments, by the following text: (b) Shareholders, or those who are a party of the management, administration, trade union or services in the financial system at the time of their appointment.

Article 5-Substitute Article 10 of the Organic Charter of the Central Bank of the Argentine Republic, approved by Article 1 of Law 24.144 and its amendments, by the following:

Article 10: The President is the bank's first executive authority and, in such a manner: (a) It exercises the administration of the bank; (b) acts on behalf of the board and convenes and presides over its meetings; (c) Vela for the faithful compliance with this Organic Charter and other national laws and for the resolutions of the Board; legal representation of the bank in its relations with third parties; and) It governs the performance of the Superintendence of Financial and Exchange Entities; (f) Proposes to the National Executive the designation of the superintendent and vice-president of financial and exchange entities, which must be members of the board; (g) name, promote and separates the staff of the bank according to the rules that the directory dictates, giving later account of the adopted resolutions; h) It has the substantial sum of the staff, whatever its hierarchy, through the dependency (i) You must submit an annual report on the bank's operations to the Honorable Congress of the Nation. In turn, he will have to appear before the Budget and Finance committees of both Chambers, the Economy of the Senate of the Nation, and Finance of the Chamber of Deputies, in public and joint sessions of the same, for each of the Chambers, at least once during the ordinary period or when these commissions make the mistake, for the purposes of reporting on the scope of the monetary, currency and financial policies in execution; (j) Opera in the currency and currency markets.

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Article 6-Substitute Article 11 of the Organic Charter of the Central Bank of the Argentine Republic, approved by Article 1 of Law 24.144 and its amendments, by the following:

Article 11: Where justified reasons of urgency so require, the President may also resolve matters reserved for the Board, in consultation with the Vice-President, or who does his or her duties, and a Director, or, in the event of absence, impairment or vice president, with two (2) directors, and must give an account to that body at the first opportunity in which it meets, of the resolutions adopted in this way. It shall be replaced by the same faculty.

Article 7-Substitute Article 14 of the Organic Charter of the Central Bank of the Republic of Argentina, approved by Article 1 of Law 24.144 and its amendments, by the following:

Article 14: Corresponds to the directory: (a) to intervene in decisions affecting the money and currency market; (b) to prescribe requirements for lace, subject to the conditions laid down in Article 28; (c) To fix interest rates and other general conditions of operations (d) Establish technical liquidity and solvency ratios for financial institutions; (e) Establish the information and accounting arrangements for institutions subject to the supervision of the bank; (f) determine the amounts that are to be paid by the bank; to allocate capital and reserves in accordance with the provisions of Article 38 (g) (h) Revocar the authorization to operate the financial institutions and exchange, in case or at the request of the superintendent; i) to exercise the powers assigned to them by the (j) Reglamenting the creation and operation of clearing houses for cheques and other securities to be organised by financial institutions; (k) to establish the denominations and characteristics of banknotes and coins; (l) Dispose the demonetization of banknotes and coins in circulation and fix the (m) Establish the rules for the organisation and management of the bank, take cognizance of the operations decided on in accordance with those rules and intervene, in accordance with the rules laid down in the judgment of the (n) to resolve all matters which, not explicitly reserved for other bodies, the President of the bank shall submit to his consideration; n) Authorise the opening of new financial or exchange entities and that of subsidiaries or branches of foreign financial institutions; or) Authorising the opening of branches and other branches (a) dependencies on financial institutions and their merger projects, with the aim of expanding the geographical coverage of the system, addressing areas with lower economic potential and lower population density and promoting universal access for (p) Approve transfers of shares which the Financial Entities Act requires authorization from the bank; (q) determine the level of gold reserves, foreign currency and other external assets necessary for the implementation of the exchange rate policy, taking into account the evolution of the accounts (r) Regular credit conditions in terms of risk, time limits, interest rates, commissions and charges of any nature, as well as guide their destination through reserve requirements,

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(i) Dictate rules applicable to the activities referred to in Article 4th; (g) (g) of the Treaty (s) (c) (e) to provide for rules which preserve competition in the financial system; (u) to provide for rules for the procurement, part of the financial institutions, of foreign currency resources and through the issuance of bonds, bonds and other securities, both on the local and external markets; v) Declaring the extension of the application of the Law of Entities Financial services to persons not included in it where the volume of their operations or reasons for (w) Establish differentiated policies aimed at small and medium-sized enterprises and regional economies.

Article 8-Amend point (e) of Article 15 of the Organic Charter of the Central Bank of the Argentine Republic, approved by Article 1 of Law 24.144 and its amendments, by the following text: (e) Elaborate and submit for approval, before 30 September of each year, the annual budget of expenditure, the calculation of resources and the salaries of the bank's staff.

Article 9-Amend point (f) of Article 17 of the Organic Charter of the Central Bank of the Argentine Republic, approved by Article 1 of Law 24.144 and its amendments, by the following text: financial with caution, cession in guarantee, pledge or special affectation of: (i) loans or other financial assets, the debtor or guarantor of which is the national state, or (ii) debt securities or certificates of participation issued by financial trusts whose assets are made up of claims or other financial assets the debtor or guarantor is the national state, in order to promote the medium-and long-term offer of credit for productive investment. In the case of advances for productive investment, the directory may accept that, of the total of the required guarantees, up to twenty-five percent (25%) is integrated by the assets mentioned in the first paragraph of (c) of this Article, taking into consideration the term of the operation. In the cases provided for in this paragraph, the restrictions laid down in points (b) and (c) above shall not apply.

ARTICLE 10. -amend Article 18 (a) of the Organic Charter of the Central Bank of the Republic of Argentina, as approved by Article 1 of Law 24.144 and its amendments, by the following text, and repeal point (g) of that Article: (a) Buy and to sell at market prices, in spot and term transactions, public securities, foreign exchange and other financial assets for monetary, exchange, financial and credit regulatory purposes.

ARTICLE 11. -Substitute Article 20 of the Organic Charter of the Central Bank of the Argentine Republic, approved by Article 1 of Law 24.144 and its amendments, by the following:

Article 20: The bank may make transitional advances to the national government up to an amount equivalent to 12% (12%) of the monetary base, consisting of the monetary circulation plus deposits in the view of financial institutions in the Central Bank of the Republic of Argentina, in current accounts or in special accounts. It may also grant advances up to an amount not exceeding 10% (10%) of the cash resources that the national government has obtained in the

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last twelve (12) months. The advances referred to in the preceding paragraph shall be reimbursed within the twelve (12) months of the year. If any of these advances are to be defaulted after the expiry of that period, this option may not be used again until the amounts due have been reintegrated. By way of derogation and if the situation or prospects of the national or international economy so warrant, transitional advances may be granted for an additional sum equivalent to a maximum of 10% (10%) of the cash resources that the national government has obtained in the last twelve (12) months. This exceptional option may be exercised for a maximum period of eighteen (18) months. The Central Bank of the Republic of Argentina will not be able to grant the national government advances that will increase this last term. The advances referred to in the preceding paragraph shall be reimbursed within the eighteen (18) months of the year. If these advances are not paid after the expiry of that period, this power may not be used again until the amounts due for this purpose have been reintegrated.

ARTICLE 12. -Substitute Article 26 of the Organic Charter of the Central Bank of the Argentine Republic, approved by Article 1 of Law 24.144 and its amendments, by the following:

Article 26: The bank shall report to the Ministry of Economy and Public Finance on the monetary, financial, exchange and credit situation.

ARTICLE 13. -Substitute Article 28 of the Organic Charter of the Central Bank of the Argentine Republic, approved by Article 1 of Law 24.144 and its amendments, by the following:

Article 28: The Central Bank of the Republic of Argentina may require that financial institutions maintain available certain proportions of the different deposits and other liabilities, expressed in national or foreign currency. The integration of the reserve requirements may not be constituted but in deposits at the sight of the Central Bank of the Argentine Republic, in national currency or in the currency account, in the case of liabilities of the financial institutions denominated in national or foreign currency, respectively. In the light of general circumstances, the Central Bank of the Republic of Argentina may provide that the integration of the reserve requirements shall be partially carried out with public securities valued at market prices.

ARTICLE 14. -Substitute Article 34 of the Organic Charter of the Central Bank of the Argentine Republic, approved by Article 1 of Law 24.144 and its amendments, by the following:

Article 34: The bank's financial year will last one (1) year and will close on December 31. The accounting statements of the bank shall be drawn up in accordance with generally accepted rules, taking into account their status as monetary authority.

ARTICLE 15. -The second paragraph of Article 36 of the Organic Charter of the Central Bank of the Argentine Republic, approved by article 1 of Law 24.144 and its amendments, is repealed.

ARTICLE 16. -Amend the second paragraph of Article 38 of the Central Bank's Organic Charter

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of the Argentine Republic, approved by Article 1 of Law 24.144 and its amendments, by the following text: The losses that the bank will experience in a given year shall be attributed to the reserves that have been constituted in financial years If this is not possible, it will affect the capital of the institution. In such cases, the bank's board may affect the profits generated in the years following the recomposition of the capital levels and reserves prior to the loss.

ARTICLE 17. -Substitute Article 42 of the Organic Charter of the Central Bank of the Argentine Republic, approved by Article 1 of Law 24.144 and its amendments, by the following:

Article 42: The bank shall publish before the beginning of each year its objectives and plans for the development of monetary, financial, credit and exchange policies. If significant changes are to be made to its objectives and plans, the bank should make known its causes and the measures taken accordingly. It is up to the bank to compile and regularly publish monetary, financial, currency and credit statistics. The bank will be able to carry out research and promote financial education and activities on topics of interest related to the purpose assigned to it by this Organic Charter.

ARTICLE 18. -The first paragraph of Article 44 of the Organic Charter of the Central Bank of the Republic of Argentina, approved by Article 1 of Law 24.144 and its amendments, is amended by the following:

Article 44: The administration of the Superintendence of Financial and Exchange Entities shall be exercised by one (1) superintendent and one (1) vicesuperintendant, who shall be assisted by the deputy general managers of the areas that integrate it.

ARTICLE 19. -Substitute Article 47 of the Organic Charter of the Central Bank of the Republic of Argentina, approved by Article 1 of Law 24.144 and its amendments, by the following:

Article 47: The superintendent's faculties are: (a) To monitor compliance with the information and accounting arrangements for financial and exchange institutions; (b) to provide for the publication of the monthly balance sheets of financial institutions, debtor states and other information serving the (c) to order the institutions to cease or desist from carrying out lending or financial assistance policies which endanger the solvency of the institutions; (d) to apply the penalties provided for in the Law of Financial institutions for offences committed by persons or entities, or both at the same time, to their provisions, which, without prejudice to the President's discretion, shall be contested only by the means referred to in his Article 42; (e) to exercise the other powers conferred on the bank by the laws relating to the superintendence, with (f) Apply the legal provisions relating to the operation of the so called credit cards, purchase cards, electronic money or other similar ones, to be used as a means of Honorable Congress of the Nation and the regulations that in use of its powers the Bank Central to the Republic of Argentina.

ARTICLE 20. -Substitute Article 48 of the Organic Charter of the Central Bank of the Republic

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Argentina, approved by article 1 of Law 24.144 and its amendments, by the following:

Article 48: In its capacity as administrator, it is up to the superintendent to establish the rules for the organization and management of the superintendence. Title II Amendments to the Law on Convertibility 23,928

ARTICLE 21. -Repeal articles 4 and 5 of Law 23,928 and its amendments.

ARTICLE 22. -Replace Article 6 of Law 23,928 and its amendments, by the following:

Article 6: The goods that make up the reserves of the Central Bank of the Argentine Republic are inembargable. Up to the level determined by your directory, they shall apply exclusively to the purpose referred to in Article 14 (q) of the Organic Charter of that institution. Surplus stocks will be called free availability. As long as it results from a neutral monetary effect, the reserves of free availability may be applied to the payment of obligations contracted with international financial institutions or bilateral official foreign debt. Where reserves are invested in deposits or other operations in the interest, or in national or foreign securities payable in gold, precious metals, U.S. dollars or other currencies of a similar solvency, their computation for the purposes of this The law shall be carried out at market values.

ARTICLE 23. -Transitional provision. The Argentine Debt Fund, created by Article 1 of Decree 298 of March 1, 2010, will remain in place until it meets the object for which it was established.

ARTICLE 24. -Contact the National Executive Branch. GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE TWENTY-TWO DAYS OF MARCH OF THE YEAR TWO THOUSAND TWELVE. -REGISTERED UNDER NO. 26,739-AMADO BOUDOU. -JULIAN A. DOMINGUEZ. -Juan H. Estrada. -Gervasio Bozzano.

Date of publication: 28/03/2012

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