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In the final stretch of his presidency, Mauricio Macri established through the necessity and urgency decree (DNU) 668/2019 that a series of entities, jurisdictions, companies and trust funds of the National State “may only invest their transitory liquidity surpluses, through the subscription of pre-cancellable Bills issued by the Treasury National to a term that does not exceed 180 days”.
The measure was partially modified already during the presidency of Alberto Fernandez through DNU 346/2020 and both regulations were extended this year by decree 88/2022.
The jurisdictions and organizations involved subject to being subscribers of the Treasury bill are included in article 8 of Law 24,156 of Financial administration:
a) National Administration, made up of the central administration and decentralized agencies, the latter including social security institutions.
b) State companies and corporations, which includes corporations with majority state participation, mixed economy and all those other business organizations where the national State has a majority participation in the capital or in the formation of corporate decisions.
c) Public entities expressly excluded from the National Administration, which includes any non-business state organization, with financial autarchy, legal personality and its own assets, where the national State has majority control of the assets or of the formation of decisions, including those non-state public entities where the national state has control over decisions.
d) Fiduciary funds integrated totally or mainly with assets or funds of the national State.
Source: Ambito
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