The Board of Directors of the Central Bank of the Argentine Republic (BCRA) determined that financial institutions must open accounts for the payment of social security benefits at the sole request of the different paying entities of each jurisdiction. The current Law on Financial Institutions stipulates that banks must respond to requests from the Executive Branch. In this way, the ANSeS will have the power to define in which banks and in which branches the beneficiaries of social security will be paid.
The objective of the measure is to expand the number of branches and improve the geographical distribution throughout the country, through which retirements and pensions are paid.
At the same time, the Board of Directors also established that the Negotiable Obligations of companies that have a good rating will be eligible as collateral in operations with active passes. Until now, this list of assets eligible as collateral included BCRA securities and National Treasury securities.
This decision was anticipated by the president of the Central Bank, Miguel Pesce, during the meeting he held on Thursday, May 7, with the head of the Argentine Industrial Union, Miguel Acevedo. This measure makes Negotiable Obligations issued or will be issued by companies seeking financing in the domestic market more attractive.
