What deposits made at the financial entities are insured? 

All deposits in pesos or foreign currencies made under the form of current accounts, savings accounts and fixed term deposits or other modalities which may be determined by the Central Bank of the Argentine Republic, bearing an interest rate agreed upon by the parties in question, which does not exceed the reference rate of interest determined and published by the BCRA.

Which deposits are not covered by this guarantee?  (*)

 Fixed term deposits and the balances of sight deposits (current account or savings account) bearing an interest rate superior to the reference rate determined and published by the BCRA.

Transferable fixed term deposits whose property has been acquired via an endorsement, even if the latest endorser is the original depositor.

All deposits taken which offer incentives additional to the agreed interest rate, whatever denomination or form they may adopt (insurance premiums, raffles, tourism, services rendered, etc.).

Deposits made by persons connected, directly or indirectly, with the entity according to guidelines that may be determined by the BCRA.

(*) The most significant cases are discribe

What is the coverage limit of this insurance, in each financial entity?

The guarantee covers up to a value of Thirty Thousand pesos. Deposits in excess of this value are covered up to that same amount, as a maximum limit.

How does deposit insurance become effective?

The guarantee becomes effective within thirty (30) working days counting from the day following the revoking of the authorization to function of the entity in question, so long as the depositors affected comply with the requisites laid down by the BCRA, that they should prove that they are the legitimate owners of the affected deposits.

How does the operate in cases of several or joint accounts?

In order to determine the amount covered by the guarantee in the case of several accounts in the name of the same person, the total sum of those deposits in the entity affected shall be computed, at the date of the revoking of the entity’s permission to function, and the coverage limit applied to that total. In the case of accounts made in the name of two (2) or more persons, the total amount of the deposit shall be distributed among the bearers in proportional manner and the coverage limit shall be apllied to each portion.

Are deposits in foreign currency covered by the guarantee?

In the case of deposits denominated in foreign currency, the equivalence in pesos will be taken as per the quotation of the sellers exchange rate for bills published by the Banco de la Nación Argentina, corresponding to the closing rate on the previous days to the revoking of authorization to function as an entity capable of taking in deposits.

What treatment does this deposit guarantee scheme afford salary accounts or salaries to be credited, under the heading of “Remunerations”?

The special accounts covering wages and salaries will be made effective within five (5) working days as from the date of suspension of the entity up to the maximum limit of the guarantee, currently amounting to Thirty Thousand pesos.