die Federal Reserve NY ist in Sorge, dass die Anordnungen von Judge Griesa das Zahlungssystem in Schwierigkeiten bringt....// die eigentliche pari passu Entscheidung wird von der FRNY nicht bemängelt....

Dear Judge Griesa:

The Federal Reserve Bank of New York ("New York Fed") respectfully submits
this letter to assist the Court in its consideration of the issues remanded by the United States
Court of Appeals for the Second Circuit in its October 26, 2012 Opinion in the above-referenced
matters. The Second Circuit affirmed in part and remanded in part the Court's Orders issued on
February 23, 2012 granting pennanent injunctions (the "Injunctions") pursuant to the paripassu
clause of the Fiscal Agency Agreement ("FAA"). The FRBNY takes no position with respect to
the Court's ultimate factual conclusion that the Republic of Argentina (the "Republic") failed to
perform its obligations under the pari passu clause of the FAA.

The Second Circuit expressed concern "about the Injunctions' applications to
banks acting as pure intermediaries in the process of sending money from Argentina to the
holders of the Exchange Bonds." (October 26, 2012 Opinion at 27-28.) The New York Fed
shares this concern.

The expansive application of the Injunctions urged by Plaintiffsincluding the
broad definition of "agents and participants" and the suggested possible application to funds
transfer systemsis overbroad and could have operational ramifications that impede the smooth
and efficient operation of the payments system. The New York Fed thus urges the Court to limit

the reach of the Injunctions, in accordance with the provisions of Article 4A of the Uniform
Commercial Code and Federal Reserve Regulation J, so that they apply only to Argentina and
those acting in privity with it.

aus:


FEDERAL RESERVE BANK of NEW YORK
33 LIBERTY STREET. NEW YORK, NY 10045-0001
THOMAS C. BAXTER, JR.
GENERAL COUNSEL AND
EXECUTIVE VICE PRESIDENT
November 16, 2012
BY HAND
Hon. Thomas P. Griesa
United States District Judge
Daniel Patrick Moynihan United States Courthouse
500 Pearl Street, Room 1630
New York, NY 10007-1312
Re: NML Capital, Ltd. y. Republic of Argentina, 08 Civ. 6978, 09 Civ. 1707, 09 Civ.
1708; Aurelius Capital Master, Ltd., et al. y. Republic of Argentina, Nos. 09 Civ. 8757,
09 Civ. 10620, 10 Civ. 1602, 10 Civ. 3507, 10 Civ. 3970, 10 Civ. 8339; Blue Angel
Capital I, LLC y. Republic of Argentina, Nos. 10 Civ. 4101, lO Civ. 4782; Pablo Alberto
Varela. et al. y. Republic of Argentina, No. 10 Civ. 5338; Olifant Fund. Ltd. y. Republic
of Argentina, 10 Civ. 9587