ANNUAL REPORT 2009 LISTS
ACTIVE MEMBERS
Banco Bradesco Argentina S.A. Banco de la República Oriental del Uruguay Banco do Brasil S.A. Banco Itaú Argentina S.A. Banco Santander Río S.A. BBVA Banco Francés S.A. BNP Paribas Citibank N.A. Deutsche Bank S.A. GE Compañía Financiera S.A. HSBC Bank Argentina S.A. JP Morgan Chase Bank, National Association (Buenos Aires Branch) Standard Bank Argentina S.A. The Bank of Tokyo-Mitsubishi Ufj, Ltd.
ANNUAL REPORT 2009 LISTS
ASSOCIATED MEMBERS
ABN AMRO Bank N.V. American Express Bank Ltd. S.A. Banco Latinoamericano de Exportaciones Banco Santander Central Hispano S.A. Bank of America N.A. Bayerische Hypo-Und Vereinsbank AG BSI Banca Della Svizzera Italiana Calyon Argentina S.A. Commerzbank AG Coöperatieve Centrale Raiffeisen-Boerenleebank B.A. (Rabobank) Credit Suisse ING Bank N.V. Lloyds TSB Bank PLC Sanpaolo IMI S.p.A. Société Générale Société Anonyme Standard Chartered Bank The Bank of New York Wachovia Bank, N.A.
ANNUAL REPORT 2009 LISTS
BOARD OF DIRECTORS
President
Mario Vicens
1st Vicepresident
BANCO SANTANDER RÍO S.A. Enrique Cristofani
2nd Vicepresident
CITIBANK N.A. Juan J. Bruchou
3rd Vicepresident
BBVA BANCO FRANCÉS S.A. Jorge Bledel
4th Vicepresident
HSBC BANK ARGENTINA S.A. Antonio Losada
Secretary
DEUTSCHE BANK S.A. Marcelo Blanco
Deputy Secretary
JP MORGAN CHASE BANK, National Association (Buenos Aires Branch) Facundo D. Gómez Minujín
Treasurer
BANCO ITAÚ ARGENTINA S.A. Sergio Feldman
Deputy Treasurer
BNP PARIBAS Tullio Lanari
Directors
STANDARD BANK ARGENTINA S.A. Eduardo Spangenberg THE BANK OF TOKYO-MITSUBISHI UFJ, Ltd. Yoshikazu Takeuchi
Alternate Directors
BANCO DO BRASIL S.A. Maelcio Mauricio Soares BANCO DE LA REPÚBLICA ORIENTAL DEL URUGUAY Alejandro Álvarez Izetta
Honorary President
Julio J. Gómez
ANNUAL REPORT 2009 LISTS
ACCOUNTS AUDITORS
Titular
BANCO BRADESCO ARGENTINA S.A. Arnaldo Silva
Alternate
GE COMPAÑÍA FINANCIERA S.A. Luís Fernández López
ANNUAL REPORT 2009 LISTS
SPECIAL COMMITTEES
FINANCIAL AFFAIRS AND CAPITAL MARKETS Coordinating Secretary Gabriel Martino - HSBC Bank Argentina S.A. LEGAL AFFAIRS Coordinating Secretary Analía Schnaidman - HSBC Bank Argentina S.A. Alternate Coordinating Secretaries Pablo Antao - Banco Itaú Argentina S.A. Fabián Montiel - BBVA Banco Francés S.A. BANK AUDITING Coordinating Secretaries José Luis Estella de Noriega - Banco Santander Río S.A. 1 Diego Gagliano - Standard Bank Argentina S.A. Eduardo José Zerega - BBVA Banco Francés S.A. RETAIL BANKING Coordinating Secretary Pío Rueda - Banco Santander Río S.A. INSURANCE BANKING Coordinating Secretary Enrique Schneider - American Express Bank Ltd. S.A. 2 Alternate Coordinating Secretaries Gastón Bunge - Standard Bank Argentina S.A. 3 Adrián Flint - Banco Itaú Argentina S.A. 4
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Until October 2009 Since October 2009 3 Until June 2009 4 Since October 2009 2
ANNUAL REPORT 2009 LISTS
BASEL II Coordinating Secretary Martín Svarzman - Banco Itaú Argentina S.A. 5 Alternate Coordinating Secretary Adrián Sciarreta - Standard Bank Argentina S.A. TRUSTS Coordinating Secretary Atilio Serenelli - HSBC Bank Argentina S.A. Alternate Coordinating Secretaries Hernán Carassai - HSBC Bank Argentina S.A. Eduardo Rodríguez Sapey - Banco Santander Río S.A. 6 TAXATION Coordinating Secretary Luis Irigoyen - BBVA Banco Francés S.A. Alternate Coordinating Secretaries Fernando Alesón - Citibank N.A. Claudio Di Lello - HSBC Bank Argentina S.A. ACCOUNTING AND REPORTING STANDARDS Coordinating Secretary Juan José Pardo - HSBC Bank Argentina S.A. Alternate Coordinating Secretary Jorge Achával - Banco Santander Río S.A. TRANSACTIONS Coordinating Secretary Pedro Telwak - Banco Santander Río S.A. Alternate Coordinating Secretary Javier Michelesi - BBVA Banco Francés S.A.
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Until December 2009 Until June 2009
ANNUAL REPORT 2009 LISTS
FOREIGN TRADE TRANSACTIONS Coordinating Secretary Luis Martínez - HSBC Bank Argentina S.A. Alternate Coordinating Secretaries Hermine Espiñeira - Deutsche Bank S.A. Miguel Angel Zarlenga - ABN AMRO Bank N.V. SECURITIES TRANSACTIONS Coordinating Secretary María Rosa Eiras - Standard Bank Argentina S.A. PREVENTION OF BANK CRIME AND FRAUD Coordinating Secretary Roberto Veltri - Citibank N.A. 7 Alternate Coordinating Secretary Roberto Fernández Latorre - Standard Bank Argentina S.A. PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING Coordinating Secretary Graciela F. Rosich - Standard Bank Argentina S.A. Alternate Coordinating Secretary Leonardo Vio - Banco Santander Río S.A. SMALL AND MEDIUM-SIZED COMPANIES Coordinating Secretary Hernán Caballero - Banco Santander Río S.A. LABOR RELATIONS Coordinating Secretary Daniel Agudo - BBVA Banco Francés S.A. Alternate Coordinating Secretary Sergio Scattolini - Standard Bank Argentina S.A.
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Since March 2009
ANNUAL REPORT 2009 LISTS
RELATIONS AND COMMUNICATIONS Coordinating Secretary Oscar Correa - Banco Santander Río S.A. Alternate Coordinating Secretary Alejandro Cerviño - Citibank N.A. CREDIT RISK Alternate Coordinating Secretaries Darío Mangano - HSBC Bank Argentina S.A. Jorge Bertoni - BBVA Banco Francés S.A. 8 BANK SECURITY Coordinating Secretary Daniel Alí - Banco Itaú Argentina S.A. Alternate Coordinating Secretary Jorge D. Sande - BBVA Banco Francés S.A. TECHNOLOGY, ORGANIZATION AND SYSTEMS Alternate Coordinating Secretary Enrique Rubinstein - Standard Bank Argentina S.A. 9 SUBCOMMITTEE ON OPERATIONAL RISK Coordinating Secretary Ismael Albert - Standard Bank Argentina S.A. Alternate Coordinating Secretaries Santiago Loza - Banco Santander Río S.A. Fernando Lapajne - HSBC Bank Argentina S.A. TREASURERS’ SUBCOMMITTEE Coordinating Secretaries Julián Bianchi - Banco Santander Río S.A. Rubén Pécora - Citibank N.A. Alternate Coordinating Secretaries Oscar Baravalle - HSBC Bank Argentina S.A. Alejandro Casola - Banco Itaú Argentina S.A.
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Until August 2009 Until February 2009
ANNUAL REPORT 2009 LISTS
IT SECURITY SUBCOMMITTEE Coordinating Secretary Enrique Rubinstein - Standard Bank Argentina S.A. 10 Alternate Coordinating Secretary HĂŠctor Ponce- Citibank N.A. 11
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Since March 2009 Since March 2009
ANNUAL REPORT 2009 LISTS
REPRESENTATIVES BEFORE INSTITUTIONS
NATIONAL CUSTOMS ADMINISTRATION Customs Consulting Board Luis Martínez - HSBC Bank Argentina S.A. (Incumbent) Salvador Ilaria - Deutsche Bank S.A. (Alternate) ARGENTINE SOYA ASSOCIATION (ACSOJA) Pablo Bullrich - Banco Santander Río S.A. ARGENTINE BANK MARKETING ASSOCIATION (AMBA) Mario Vicens - ABA President (Member) CENTRAL BANK OF ARGENTINE Argentine Interbank Committee for Means of Payment Directors: Pedro Telwak - Banco Santander Río S.A. Javier Aníbal Michelesi - BBVA Banco Francés S.A. Technical Committee: Incumbent Members Alternate Member
Pedro Telwak - Banco Santander Río S.A. Javier Aníbal Michelesi - BBVA Banco Francés S.A. Juan Carlos Aguilera - Standard Bank Argentina S.A.
Commercial Committee: Incumbent Member: Alternate Members
Julia Langwagen - Standard Bank Argentina S.A. Daniel Pokay and/or Pío Rueda - Banco Santander Río S.A.
Legal Committee: Incumbent Members
Analía Schnaidman - HSBC Bank Argentina S.A. Eduardo Ayerra - Standard Bank Argentina S.A.
Fixed-Term Deposits Subcommittee: Incumbent Member Ricardo Leggieri - Standard Bank Argentina S.A. Alternate Member Daniel Víctor Martínez - Banco Santander Río S.A. Electronic Means of Payment Subcommittee: Incumbent Member Renato Otmarich - Banco Santander Río S.A. Alternate Member Carlos Daniel Bestilleiro - BBVA Banco Francés S.A.
ANNUAL REPORT 2009 LISTS
Direct Debit Subcommittee: Incumbent Member Julia Langwagen - Standard Bank Argentina S.A. Alternate Member Christian Ruiz - Banco Santander Río S.A. Transfers Subcommittee: Incumbent Member Alternate Member
Flavio Jesús Boncore - Standard Bank Argentina S.A. Christian Ruiz - Banco Santander Río S.A.
Treasurers Subcommittee: Incumbent Members Julián Bianchi - Banco Santander Río S.A. Rubén Osvaldo Pécora - Citibank N.A. Alternate Members Carlos D’Elío - BBVA Banco Francés S.A. Alejandro Casola - Banco Itaú Argentina S.A. BUENOS AIRES STOCK EXCHANGE Board: Mario Vicens - ABA President SELF-REGULATION BOARD - BANKING PRACTICES CODE María Elena Deligiannis - ABA Technical Manager (Incumbent) Rubén Mattone - ABA Communications and Institutional Relations Manager (Alternate) STRATEGIC PLANNING BOARD OF THE GOVERNMENT OF THE AUTONOMOUS CITY OF BUENOS AIRES (CoPE) Guillermo Glattstein - Banco Santander Río S.A. ARGENTINE EPISCOPATE Justice and Peace Committee - "Turning Inhabitants into Citizens" Forum Mario Vicens - ABA President FELABAN Alternate Governor: Mario Vicens - ABA President AFIP TAX PARTICIPATION FORUM Luis Irigoyen - BBVA Banco Francés S.A. (Incumbent) Lisandro López - Tax Adviser (Alternate)
ANNUAL REPORT 2009 LISTS
EXPORT.AR FOUNDATION Mario Vicens - ABA President (Member) Small and Medium-Sized Companies Board Incumbent Members Arnaldo Prieto - BBVA Banco Francés S.A. Marcelo Santoro - Banco Santander Río S.A. Alternate Member Andrea Rupp - ABA Committees Coordinator ARGENTINE FEDERAL POLICE FOUNDATION Board of Directors Mario Vicens - ABA President (Member) MERCOSUR Group of Mercosur Bank Associations María Elena Deligiannis - ABA Technical Manager Mercosur No. 4 "Financial Affairs" Working Subgroup Financial System Commission María Elena Deligiannis - ABA Technical Manager Andrea Rupp - ABA Committees Coordinator Money Laundering and Terrorist Financing Prevention Commission Natalia Miranda - ABA Committees Coordinator MINISTRY OF LABOR, EMPLOYMENT AND SOCIAL SECURITY Negotiating Commission for the Collective Bargaining Agreement on Banking Incumbent Members Daniel Agudo - BBVA Banco Francés S.A. Sergio Scattolini - Standard Bank Argentina S.A. María Elena Deligiannis - ABA Technical Manager Julián Arturo de Diego - Labor Adviser Alternate Member Alejandro Ortiz Quintero - HSBC Bank Argentina S.A. Follow-Up Committee on the Solidary Contribution and Union Dues Auditing Agreement María Elena Deligiannis - ABA Technical Manager Sergio Scattolini - Standard Bank Argentina S.A. Diego Sanz - Banco Santander Río S.A. MINISTRY OF THE INTERIOR - PERMANENT COMMISSION ON BANK SAFETY Daniel Alí - Banco Itaú Argentina S.A. (Incumbent) Roberto Veltri - Citibank N.A. (Alternate)
ANNUAL REPORT 2009 LISTS
MUNICIPALITY OF GENERAL PUEYRREDÓN - BANK SAFETY COMMISSION Martín Zaballa - Banco Itaú Argentina S.A. NETWORK OF COMPANIES - YOUNG PEOPLE WITH PROMISING FUTURE Mario Vicens - ABA President (Incumbent) Rubén Mattone - ABA Communications and Institutional Relations Manager (Alternate) ARGENTINE UNION OF SERVICE ENTITIES (UDES) Mario Vicens - ABA President (1st Vice-president) Rubén Mattone - ABA Communications and Institutional Relations Manager (Alternate) UNITED NATIONS GLOBAL COMPACT - BOARD OF DIRECTORS OF THE LOCAL NETWORK Mario Vicens - ABA President (Incumbent) Rubén Mattone - ABA Communications and Institutional Relations Manager (Alternate)
ANNUAL REPORT 2009 LISTS
AREAS AND PERSONS IN CHARGE
BOARD President Mario Vicens TECHNICAL MANAGEMENT Manager María Elena Deligiannis Committees Coordination Natalia Miranda Andrea Rupp INSTITUTIONAL RELATIONS AND COMMUNICATIONS MANAGEMENT Manager Rubén Mattone ADMINISTRATIVE MANAGEMENT Manager José Luis Prado ECONOMIST Damián Wilson CONSULTANTS Labour Consultancy : Estudio de Diego & Asociados Legal Consultancy: Estudio Bruchou, Fernández Madero & Lombardi Task Consultancy: Price Waterhouse & Co.
ANNUAL REPORT 2009
LETTER FROM THE PRESIDENT
During 2009 the Argentine banking system confirmed that it capable of withstanding, with reasonable success, the toughest tests to which its stability can be subjected – the combination of a crisis situation on international financial markets and uncertainty in the local scene. Indeed, it was only towards the middle of the first part of the year that international financial markets began to recover from the problems generated by the collapse of mortgage debt markets in 2007 and by Lehman’s fall with 2008 already well underway. On the local level, the conflict between the Government and the farming sector was followed by the nationalization of pension funds in 2008 and by the election process in the first part of 2009, situations which, to a greater or lesser degree, injected great volatility in the banking deposits market and which, in the end, effectively arrested its growth during the first part of the year. Once the election process was over and the doubts, which had set in regarding exchange policy and the payment of the public debt, had been dispelled, deposits returned to sustained growth, thus creating the conditions for a normalization of the credit market and a reduction in interest rates. Although two full years of unease have elapsed since the irruption of the crisis in subprime mortgages, the system continues to exhibit very good indicators in all dimensions of its economic and financial activity. It offers adequate levels of liquidity, a low level of arrears in its credit portfolios, generous provisions made, very limited disjunctions and, especially among private banks, a clear and drastic reduction in the exposure to the public sector, making it possible, over the last few years, to steadily increase credit support for the private sector. The fact of having traversed this stage of negative events without a significant deterioration in liquidity and solvency is a very clear proof of the solidity it enjoys and, at the same time, of the prudence and responsibility with which all actors in this market have handled themselves, be they bankers, debt takers or regulators. In the case of the bankers, it stands out clearly that they have handled depositors’ funds with efficiency and prudence, carefully choosing which projects and whom to give financing to, in a framework of limited and diversified credit risk. At the same time, bank shareholders have proceeded to capitalize virtually all the profits obtained in recent years, so as to strengthen the entities’ assets and thus be in a better condition in which to face unexpected situations. Moreover, the idea that banks have proceeded cautiously, taking care at all times over the liquidity of their investments and the quality of their credits, giving preference to credit to the private sector above financing for the government, is sure to have likewise contributed to depositors reacting with restraint in the face of each event. The situation would certainly have been a different one if the idea had been prevalent among them that the handling of their savings hadn’t been carried out as counseled by good banking practice.
ANNUAL REPORT 2009
It may be pointed out, at the same time, that both corporations and consumers have handled themselves with great caution in these circumstances. This is demonstrated by the levels of arrears, which remain at historical minimums despite the drop in income and in sales, and by the evolution of the demand for financing, in line with the fall in the level of activity and the reduction in investment. In the SME market in particular, the "SME Bank Financing and Corporate Dynamics" 1 survey corresponding to the year 2009 shows that the share of surveyed companies that requested credit fell abruptly from 34.5% at the beginning of 2008 to 19.5% in mid-2009, after having risen steadily over a greater part of the previous period. In counterpart to this, the share of companies consulted in the survey that received credit assistance has returned to levels of close to 90%. In turn, when they were asked regarding the reasons for not applying for banking credit, the answers referring to demand -the need for financing and availability of other sources- are increasing in a distinct and sustained manner, while those that represent supply factors are diminishing. In fact, these latter -interest rate levels, information requirements, mistrust of banks, deadlines and guarantors- represented, in the last survey corresponding to the second quarter of 2009, 15.4% against a historical average that tops 26% both for the second annual wave and for the total of surveys carried out between 2006 and now. Additionally, 80% of the companies that declared having received bank financing allocated it to financing current expenditure or working capital, which represents a significant change with regard to the 55% that corresponded to the period prior to the onset of the financial turbulence. This indicates that in the latest period of economic difficulties, banking credit is acting counter-cyclically as a dampener of the impact caused by the drop or deceleration in sales, in a framework in which employment practically hasn’t dropped and costs have risen. Any attempt at a balance would be incomplete without a mention of the role of the regulator in this performance. Independently of the appropriateness of the regulatory framework and of the efficacy of the supervision over financial entities, it is important to stress the significance acquired on this occasion by the exchange policy and by the Central Bank’s international reserves. Indeed, recent and not so recent history shows that demand for money and, particularly, the behavior of depositors are intimately connected to the behavior of the foreign currency market. In fact, there is an almost perfect correlation between the demand for foreign currencies and a loss of deposits by the banking system. Thus, an erratic evolution in the value of the peso in the market, without the limitations imposed by the interventions to moderate fluctuations that may be exercised by the monetary authority, may end up leading to a generalized contraction in credit and in economic activity should banks lack the appropriate liquidity.
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Capital Foundation.
ANNUAL REPORT 2009
The managed float of the peso at this stage of the Argentine economy and the very timely implementation of mechanisms of financial assistance of last resort for banks -even though they remained unused- represented two key components of a policy of preservation of banking stability, the latter being an indispensable condition for mitigating the impact of the crisis on production and on employment. The recovery in the world and regional economies, plus the good outlook enjoyed by the 2009-2010 harvest season along with the expectations of a total normalization of government debt and the low levels of indebtedness exhibited by both the private and the public sectors, constitute a very positive framework for renewed growth by the Argentine economy. Naturally, causing this to happen and getting it to last over time depends, to a great extent, on a reduction in uncertainty and a strengthening of the institutional framework. In the banking sphere, having successfully weathered this crisis does not mean that pending matters have been solved. There is still much to be done especially as regards inducing Argentines’ savings to be channeled though local institutionalized financial markets. With deposits growing steadily and with low volatility, banking credit will be abundant and cheaper. In this regard, having maintained the stability of the banking system over the last two years, within a setting of many difficulties, is undoubtedly a very valuable step in favor of achieving the country’s sustained economic growth.
Mario Vicens President
ANNUAL REPORT 2009
Index Page Chapter 1: Evolution of Argentine Economy .............................................................. 1 Introduction..............................................................................................................................................1 The Macroeconomic Context ...............................................................................................................2 Balance of Payments ...............................................................................................................................2 Foreign Trade ...........................................................................................................................................3 Employment.............................................................................................................................................3 Public Sector Accounts...........................................................................................................................4 Public Debt ...............................................................................................................................................4 Chapter 2: Monetary Evolution and Changes in Central Bank Rules ........................ 5 Monetary Evolution ................................................................................................................................5 The 2010 Monetary Program ................................................................................................................6 Central Bank Reserves ............................................................................................................................7 Evolution of the Monetary Base...........................................................................................................7 Deposits and Loans.................................................................................................................................8 Interest Rates ............................................................................................................................................8 Chapter 3: Financial System.......................................................................................11 Introduction........................................................................................................................................... 11 Profitability, Efficiency and Intermediation Margins..................................................................... 12 Portfolio Quality ................................................................................................................................... 13 Exposure to the Public Sector............................................................................................................ 14 Capitalization ......................................................................................................................................... 15 The Financial System´s Tax Load ..................................................................................................... 17 Participation in Loans and Deposits by Groups of Banks........................................................... 18 Financing for SMEs ............................................................................................................................. 20 Statistical Appendix: Tables 1 to 49 .......................................................................... 23 Appendix ................................................................................................................... 73 Principal Banking, Exchange and Financial Measures .................................................................. 73
ANNUAL REPORT 2009 Chapter I: Evolution of Argentine Economy
Chapter 1: Evolution of Argentine Economy Introduction In the first half of the year 2009 the Argentine economy continued to evince the impact of the worsening of the international financial crisis and of the nationalization of the pension funds, situations which, albeit having taken place during the second part of the year 2008, continued to affect the behavior of the markets over the course of several months. Also, the election process that led up to the legislative polls at the end of June added a certain dose of uncertainty that caused volatility in financial markets, capital outflows, and stagnation in banking deposits and loans. As of the second half of the year, markets stabilized, deposits took up their upward path again in a context of interest rates exhibiting sustained drops, and credit gradually accelerated its growth within a context of weakness in demand that did not allow it to repeat the levels of increase it had recorded until the middle of the second part of 2008. Unlike the case in previous crises, the combination of the high liquidity enjoyed by banks, a prudent handling by the authorities of the main monetary and exchange variables during the period, and an efficient administration of credit risk, have made it possible, on this occasion, for the financial system to emerge as a dampener of the crisis rather than as a factor in the spread of the latter, expanding its negative consequences to the rest of the economy and, in particular, to production and employment. The second half of the year began with the replacement of several Ministers, including the Cabinet Chief and the head of Economy, and with the government announcement that it would issue an offer to swap the sovereign debt still in default, as part of an initiative the final aim of which was the placement of new debt in financial markets under more favorable conditions than those applicable until then. At the same time, the economy began to recover, to a large extent as a result of an international economic context that continues to favor the Argentine economy as refers both to the terms of exchange and to demand from neighboring countries, the outlook of a record harvest, and the absence in the country of the indebtedness problems that in other countries have conditioned the recovery of their economies after the financial crisis that affected the world over the last two years. Within this framework, aggregate demand began to recover in a sustained manner, boosted by the improvement in consumer expectations -the reflection of which was the sudden drop in capital outflow- and other factors which, as in the case of the deterioration in public accounts derived from the rapid increase in public expenditure and of wage improvements higher than the increase in productivity, led to the reappearance of stronger and more generalized inflationary pressures. Toward year’s end, the Presidency launched a new subsidy, of a generalized nature, for the children under 18 years of age of the family groups that are unemployed or work in the 1
ANNUAL REPORT 2009 Chapter I: Evolution of Argentine Economy
informal economy, an outlay that was not explicit in the budged submitted for the year 2010, and, after the conclusion of the ordinary sessions of the National Congress, created, through a need-and-urgency decree, a fund to guarantee the payment of the public debt with part of the Central Bank of Argentina’s reserves. The institutional and political conflict unleashed by the second of these initiatives led to the departure of the president of the Central Bank, interrupting, in turn, the clearly positive trend that had set in in financial markets after the legislative elections of June 2009. The Macroeconomic Context According to the latest preliminary data, the GDP corresponding to the year 2009 increased 0.8%, a figure that was much lower than the 6.8% of the previous year but, at the same time, a change in trend with regard to the drop seen in the last quarter of 2008. Consumption, for its part, fell during the first half of the year with regard to the same period of the previous year but recovered as of the third quarter, while investment exhibited a strong volatility in the framework of a certain reversal in the deep fall it experienced in the three last quarters of 2008. In fact, during the first nine months of the year it reached 20.3% of the GDP, a level that is twice the minimum observed in the year 2002 but is much below the 23.1% recorded during 2008. Industrial production, measured by means of INDEC’s Monthly Industrial Estimator (MIE), saw an increase of 0.4% during the year 2009, markedly lower than that which was attained in the year 2008 when it rose 4.9%. The utilization of installed capacity (UIC) stood at an average of 74.0% during the year 2009, lower than the 74.8% recorded the year before, with a great dispersion among the different sectors. The situation of the car sector should, however, be pointed out -having been one of the sectors hardest hit by the crisis during 2008, in 2009 it led the increase in production as a result of the recovery in exports to neighboring markets. Balance of Payments The current account surplus in the first nine months of the year rose to u$s 7,260 million, which implies a 24% variation with regard to the same period of the previous year. The growth in the result for trade in merchandise up to the third quarter is the factor explaining the bigger balance in the current account. At the same time, the capital and financial account of the balance of payments exhibited a negative result of u$s 3,800 million, owing mainly to the capital outflows of the private sector for approximately u$s 9,200 million. The Central Bank’s international reserves, for their part, rose u$s 1,400 million in this period (including exchange rate adjustments).
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ANNUAL REPORT 2009 Chapter I: Evolution of Argentine Economy
Foreign Trade Argentine exports shrank 20.4% in the year 2009 in relation to 2008 and reached an amount of u$s 55,750 million. Most of this reduction was explained by the drop in prices (-14%) while the rest was due to the smaller amounts exported in the period (-7%). Imports were reduced by 32.5%, reaching a level of u$s 38,771 million. In this case, the reduction is to a greater extent explained by the reduction in amounts exported (-23%), while the decrease in prices was of 12%. Changes in export and import prices caused a deterioration in the terms of exchange (relationship between the two prices) of 4.6%, on average, during the year 2009 in comparison with the average for the year before. As a result, the balance of foreign trade for the year as a whole reached the sum of u$s 16,980 million, 35% higher than that which was recorded the previous year. With regard to trade with the diverse economic areas, it may be pointed out that the region that recorded the highest volume of transactions is composed of MERCOSUR member countries, trade with which reached a surplus of u$s 700 million. It was followed in importance by the European Union, the main Asian countries and NAFTA. Another standout was trade carried out with Chile, which exhibited the largest trade surplus with any country or region, representing 22% of the balance for the year 2009. Employment The sustained growth in economic activity turned out to be decisive in keeping the level of employment high. In the fourth quarter of the year, the rate of employment (employed population with regard to total population) diminished to 42.4%, slightly below the level of 42.6% seen at the end of the previous year. Unemployment, for its part, increased to 8.4% when a year earlier it had been of 7.3%. Underemployment remained at 9.1%, the same level recorded at the end of the year before. According to the index prepared by INDEC, wages also improved. The overall level recorded an increase of 16.7% between December 2009 and the same month a year later. As happened in previous years, wages in the unregistered private sector were those which rose the most, with an increase of 21.5%, followed by those in the registered private sector with 17.3%, while those in the public sector increased 11.4%. At the same time, considering the data derived from the Retirement and Pension Payments through the third quarter of the year, there was a 19.0% increase in the total remuneration of the employees paying into the system, with which the average wage to rise to 3,231 pesos in that period.
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ANNUAL REPORT 2009 Chapter I: Evolution of Argentine Economy
Public Sector Accounts In the year 2009, national tax revenue (excluding non-tax income) reached 25.9% of the GDP while the year before it had been of 24.6%. In nominal terms, total tributary revenues rose 52.6% during the year, higher than the 79.6% recorded the year before with the contribution of the dues paid into the pension funds nationalized during the period. The standouts were the increases in the collection of VAT (39.4%) and income tax (29.6%). The two levies represent 75.5% of the IRS’s income excluding the social security system. Collection of the tax on banking account debits and credits rose 36.5% and represents 6.7% of the total collected. Public Debt During the year 2009, swap operations were carried out with the aim of extending payment deadlines, exchanging debt subjected to adjustment according to the CER for other securities with a variable rate according to the evolution of the BADLAR. After these operations, the national government’s public debt amounted to almost u$s 172 billion at the end of the third quarter of 2009, u$s 135 billion of which corresponded to debt with regular payments, u$s 6 billion to debt in arrears (mainly to the Paris Club) and around u$s 30 billion to the debt not submitted to the swap. Of the performing debt, 46% is denominated in pesos while 59% of this amount corresponds to debt adjustable by the CER, after the swap of guaranteed loans that was carried out in early 2009. This is followed by the debts denominated in U.S. dollars and in euros, which continue to represent 42% and 10%, respectively, while the rest is distributed among other currencies. The average life of the debt in a regular situation is of 11.7 years, which ensues from the combination of the average deadlines of 14.7% for government bonds and Treasury bills, and 5.6% for loans (including the guaranteed ones). In consequence, total public debt represented 59% of the GDP at the end of the third quarter of 2009.
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ANNUAL REPORT 2009 Chapter II: Monetary Evolution and Changes in Central Bank Rules
Chapter 2: Monetary Evolution and Changes in Central Bank Rules Monetary Evolution After successfully withstanding the impact of the diverse events that affected the economy, such as the international financial crisis that began in the second half of 2007 with the collapse in the market for subprime mortgages, the change in expectations that took place due to the conflict with the farming sector, the worsening of the international crisis and the modification in the Argentine social security system during the year 2008, the local financial system began the year 2009 with a certain stagnation in deposits and, as was to be expected, in loans. Its sustained recovery in the post-elections period and the strong capital outflow recorded during the period lead to the idea that the main cause of the phenomenon was the uncertainty generated by the election process itself. The policy adopted by the Central Bank concentrated in forestalling and mitigating the impact of the instability and uncertainty that swept over local and international financial markets, employing the following to this end: (1) an exchange policy with a floating exchange rate, handled without surprises; (2) a system of prudent regulation and supervision oriented towards guaranteeing the solvency and liquidity of the financial system; (3) anticyclic measures aimed at dampening the effects of the volatility in capital flows, and (4) a policy of monetary emission designed on the basis of inflation being a phenomenon basically exogenous to the monetary market. During the year 2009, this strategy translated into the adaptation and expansion of the set of monetary and financial policy instruments by means of the following measures:
Liquidity in pesos
New lines of short-term market operations offered (at fixed and variable interest rates). Advance buybacks of LEBAC and NOBAC: secondary market, automatic facility and put option. Over-the-Counter Market operations (government bonds). Liquidity window employing non-traditional collaterals (Bogar and PG). Discount window: prior rating of guarantees, including all sources of funding (not only deposits). Admission of the totality of cash in banks for the computation of the minimum cash requirements. Two-monthly positions for minimum liquidity requirements. Tenders for options to access to short-term market operations offered (2009).
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ANNUAL REPORT 2009 Chapter II: Monetary Evolution and Changes in Central Bank Rules
Liquidity in dollars
Operations on the exchange market. Short-term market operations offered in dollars, along with a specific line of short-term market operations offered in dollars for banks that provide export financing (the latter in 2009). Lower dollar minimum liquidity requirements. Currency swaps with the Popular Bank of China (2009).
Other
Swap tenders with fixed interest rates per variable for the purpose of helping banks minimize mismatches between fixed and variable interest rates (2009). Development of the interest rate futures market (2009).
The 2010 Monetary Program In late 2009, the Central Bank presented the Monetary Program for the year 2010. To this end it employed the macroeconomic projections included in the 2010 National Budget, with the information that became known after that also being taken into account. A real GDP growth rate of 2.5% was envisioned. The global economic recovery along with the positive outlook for the prices of raw materials should induce a rise in exports, while the expansion in domestic activity should also increase imports, leading to expectations of a trade balance surplus of around u$s 14 billion. For the year 2010, goals were established that imply an average growth of 14.3% and 14.0%, respectively, in the monetary aggregates M2 and M2 of the private sector, in both cases comparing the values for December of each year. These goals imply a recovery in monetization after the impact of the international crisis and of the successive shocks suffered by the economy over the last two years, subject always to the trajectory of inflation. The monetary program contemplates a range of variation of the M2 between a maximum of 18.9% and a minimum of 11.9% in the year 2010, with quarterly goals. In the case of the M2 of the private sector, the goals for this indicator contemplate a wide range, with a growth of between 12.1% and 19.1% but only for the annual guideline. According to the Central Bank’s calculations, the expansion in the lending capacity derived from the expected behavior of deposits, of the evolution of the loans to the public sector in banks’ portfolios and of the other sources of funding, should allow an increase in credit to the private sector of 24.7.% over the year.
6
ANNUAL REPORT 2009 Chapter II: Monetary Evolution and Changes in Central Bank Rules
2010 Monetary Program (In millions of pesos and % variation)
Goals
Total M2
Private M2
Year 2010 March
June
Sept.
Dec.
Upper range
202,918 21.2%
209,132 19.4%
214,409 20.0%
234,075 18.9%
Base
195,790 16.9%
201,269 14.9%
205,931 15.3%
225,010 14.3%
Lower range
191,366 14.3%
196,871 12.4%
201,902 13.0%
220,295 11.9%
Upper range
171,951 22.6%
176,811 21.4%
181,696 22.1%
197,400 19.1%
Base
166,055 18.4%
170,244 16.6%
174,673 17.4%
188,971 14.0%
Lower range
162,414 15.8%
166,616 14.4%
171,280 15.1%
185,798 12.1%
Note: The shaded cells correspond to estimates. For the private M2, only annual goals were established.
Central Bank Reserves The Central Bank reserves reached an amount of almost u$s 48 billion in late 2009, which represents an increase of 3.4% in the period. This growth is the result of the purchases of foreign currencies carried out by the Central Bank over the course of the year (approximately u$s 3.3 billion), the operations with international organizations that include the net flow of the national Government and Central Bank and the rotating funds (some u$s 3.4 billion in total), net of the operations of the public sector which reduced them by approximately u$s 6.9 billion. Lastly, other concepts were taken into account, including differences in valuation due to variations in the exchange rate which contributed approximately an additional u$s 1.8 billion. Evolution of the Monetary Base During the year 2009, the monetary base recorded in increase of 12.9 billion pesos, which represents a growth of 11.8%. This variation is mainly explained by the purchases of foreign currencies that were carried out by the Central Bank, which became the main source of expansion. Unlike the previous year, in 2009 the Central Bank absorbed monetary base by
7
ANNUAL REPORT 2009 Chapter II: Monetary Evolution and Changes in Central Bank Rules
issuing LEBAC and NOBAC for an amount of 7.4 billion pesos which were added to what had been previously issued, while short-term market operations with the financial system were reduced by 800 million pesos. It may be pointed out that December 2009 saw the cancellation of the debt of the last bank that still maintained rediscounts with the Central Bank under the system that was established during the 2001-02 crisis. Deposits and Loans Although the total deposits of the private sector increased 20.5% during the year, the trajectory in the first half of the year was markedly different from that of the second part of the year. The recovery exhibited in the second part of the year contributed to the growth in the private sector’s deposits being much higher than the 7.7% recorded in 2008. The first part of the year was characterized by a dollarization of the deposits of the private sector and a clear stagnation in time deposits. Current account balances increased 16.1%, while deposits in peso-denominated savings accounts rose 25.7%. Time deposits in pesos were 20.7% higher than at the end of the year before. For its part, the total of the private sector’s foreign-currency deposits increased 27.7% in the year, which, converted into pesos, is transformed into an increase of 40.4% through the effect of the rate of exchange. The higher volatility exhibited by the sources of funding, and the higher interest rates that were seen in the first part of the year, had an impact on the evolution of loans to the private sector. After growing at an annual pace of 40% in recent years, as of the year 2008 these rates began to stabilize at lower levels. In the year 2009, loans to the private sector rose 9.7%. It should be stressed that the levels of indebtedness both of families and of corporations continue to be low in international terms and in relation to the levels historically recorded in the country. Among the lines that grew the most during the years are document discounts (19.3%), credit card financing (21.6%), current account advances (9.8%) and personal loans (9.5%). Although mortgage loan balances were slightly reduced in comparison with the year before, it may be pointed out that several banks issued new financing lines for housing in pesos at a fixed rate with maturities of up to 15 years. Interest Rates Interest rates ended the year 2008 at the highest levels of recent years since the crisis of 2001-02 as a consequence of the episodes, international and local, that affected them. Nevertheless, as of early 2009 they began to settle down towards lower values. In this way, rates for the private sector’s time deposits stood at 14.9% in January, shrinking rapidly to levels of between 12% and 12.5% between February and September. As of that moment, they began to drop again, to stand at around 10% at year’s end.
8
ANNUAL REPORT 2009 Chapter II: Monetary Evolution and Changes in Central Bank Rules
Similarly, although the rates for new loans awarded to the non-financial private sector began the year at high levels, over the course of 2009 they gradually resettled and, in the majority of cases, recorded significant reductions. The largest lowering was recorded in rates for discounts of promissory notes, a commercial line that is also much used by small and medium enterprises (SMEs), which in December 2009 stood at 16% while 12 months earlier it had been of 26% (financing for companies for less than 1 million pesos). In the same way, rates for current account advances diminished to 21.4% from the 27.9% recorded at the end of the year before. With regard to rates for credits for consumption, a more moderate reduction was seen than for commercial lines. While the rates for credit card financing were reduced to 32.3% (-3.1 points in the year), those for personal rates stood at 31.6% (+1.4 points), in the only case in which increases were recorded during the year. For financing with real guarantees, rates for pledge loans reached 18.3% (-2.7 points with regard to 2008) while for mortgage loans the reduction was of 0.7 points in the year, standing at 15.5%. It should be underlined that, over the course of the year, several banks issued new mortgage lines with financing in pesos at a fixed rate or a combination of fixed rates in the first years and variable ones afterwards. Interest Rates on Loans in Pesos In nominal annual % 80 70 60 50 40 30 20 10 0 2003
2004
2005
2006
2007
Credit Card Financing
Overdrafts
Consumer Loans
Promissory Notes
2008
2009
9
ANNUAL REPORT 2009 Chapter II: Monetary Evolution and Changes in Central Bank Rules
Interest Rates on Loans in Pesos In nominal annual % 32 30 28 26 24 22 20 18 16 14 12 10 8 2003
2004
2005
2006
2007
2008
2009
Mortgage Loans
Pledge Loans
Interest Rates for Loans in Pesos In nominal annual % Dec. 2003
Dec. 2004
Dec. 2005
Dec. 2006
Dec. 2007
Dec. 2008
Dec. 2009
Difference Dec. 2009Dec. 2008
Overdrafts
23.5
14.3
18.0
16.8
19.0
27.9
21.4
-6.5
Other advances
15.9
9.4
10.4
13.4
18.2
26.4
21.3
-5.1
Promissory notes
10.9
10.7
11.5
12.9
17.0
26.0
16.0
-10.0
Mortgage loans
13.7
11.5
11.6
11.7
12.4
16.2
15.5
-0.7
Pledge loans
16.2
11.7
9.9
11.1
15.5
21.0
18.3
-2.7
Consumer loans
33.3
28.9
26.8
25.5
27.5
30.2
31.6
1.4
Credit card financing
36.5
26.7
24.9
24.6
27.7
35.4
32.3
-3.1
Type of loan
Source: ABA on the basis of Central Bank data.
10
ANNUAL REPORT 2009 Chapter III: Financial System
Chapter 3: Financial System Introduction The local financial system is leaving behind a period of more than two years during which it was subjected to situations that put its stability to the test. After the crisis over subprime mortgages in mid-2007 and the fall of Lehman Brothers a year later, in the international sphere; and the conflict between the government and the farming sector and the nationalization of pension funds, in the local arena, 2009 saw the addition of the election process culminating at mid-year, which, as was to be expected, also generated a certain market unease. On the strictly financial level, it must be recognized that the combination of appropriate monetary and financial policies and of prudent and responsible work by all financial market agents were key factors in making it possible for these situations to be traversed without suffering major consequences. Unlike what happened on other occasions, the exchange policy and the amount of reserves accumulated by the Central Bank enabled the impact of the crisis to be dampened rather than expanded. The managed float of the exchange rate, the existence of an appropriate regulatory and bank supervision framework, and the timely implementation of financial assistance mechanisms of last resort, have been the principal components of a financial policy strategy that allowed financial stability to be successfully preserved. At the same time, over the last years the banking system has exhibited a very solid position with regard to its economic and financial situation: liquidity and solvency far above international standards, low level of arrears in the credit portfolio, credit risk that is very diversified and with ample loan-loss provisions, limited mismatches, a drastic reduction in credit exposure to the public sector especially among private banks, etc. As a symbol of this healthy condition, it may be mentioned than in December the sole remaining bank with a debt for Central Bank rediscounts awarded in 2001-02 cancelled its entire obligations with the monetary entity. Despite having successfully withstood these crisis episodes, a hurdle remains to be overcome which appears to be the most significant one on the path to having a broader, continuous and attainable supply of financing and financial services on offer. This is the restricted share of the savings of the population that are channeled through institutionalized financial markets, which causes the available financing and the supply to transactional services to still be scarce and relatively expensive in comparison with the historical values of the Argentina financial system itself and with the levels that might be attained according to international experience. The amount of savings deposited by the public in banks or channeled through capital markets, and the volatility of their behavior, in the ultimate instance determine the scale of the financial system and, therefore, the size of the credit supply. They are, in turn, one of the main determining factors of the cost of the financial and transactional services that banks provide.
11
ANNUAL REPORT 2009 Chapter III: Financial System
Stages in the Recovery of the Financial System Stage
Characteristics
Year 2002
At year’s end, the recovery of deposits begins.
Year 2003
At mid-year, the recomposition of credit to the private sector begins, and the level of arrears drops.
Year 2004
The recomposition of credit to the private sector spreads to the corporate and housing segments.
Year 2005
First year with positive balance-sheet results. The repayment of the restructured deposits ends.
Year 2006
Medium-term credit grows than the capitalization of profits consolidates the improvement in assets.
Year 2007
Credit continues to grow despite the international financial crisis; the rise in deposits recovers and profitability is reduced.
Year 2008
The international crisis worsens and the conflict between the Government and the agricultural sector entangles the local situation. Toward year’s end the Government nationalizes individual social security savings accounts and eliminates the capitalization system. The volatility of deposits rises, interest rates increase and the economy begins to show signs of decelerating. The banking system maintains its levels of liquidity and solvency within a framework of fast deceleration of the growth in activity.
Year 2009
Banks’ liquidity, solvency and profitability are consolidated in a context of a slowdown in the growth of deposits during the first half of the year. In the second part, interest rates shrink in line with the recovery in deposits and the weakness in demand for credit.
Profitability, Efficiency and Intermediation Margins The annual result reached 2.4% of assets (ROA), higher than the 1.6% obtained the year before. In terms of equity (ROE), the result reached 19.6% in 2009, also above the 13.4% recorded in 2008. Analyzing the structure of profitability, an increase can be noted in the financial margin, mainly fostered by net income from interest. A major part of this effect is due to the trajectory recorded by loans, which, as mentioned earlier, rose very slowly during the period. The financial margin rose in the year 2009 to 8.6% of net assets, from 6.7%, almost half of this corresponding to net income from interest.
12
ANNUAL REPORT 2009 Chapter III: Financial System
Another factor that contributed to the positive result was the net income from non-financial services, which over the last year rose to 3.9% of net assets, from 3.6% of the latter. The incidence of administrative expenditures also rose during the year 2009 to 6.7% of net assets, from 6.1% in 2008, mainly as an effect of the increase in the payment of wages and social security dues. Charges for uncollectability rose to 1.1% of assets, from 0.9%. Lastly, the virtual disappearance may be pointed out of the effect of the losses caused by the 2001-02 crisis, and during the year 2009 the redemption of the exchange differences of the judicial injunctions paid out and the adjustments in the valuation of the public sector’s assets were reduced to 0.2% of net assets, below the 0.9% of the year before. Portfolio Quality The non-performing loans rose to 3.5% of the financing to the private sector at the end of 2009, above the 3.1% recorded at the end of the previous year. Although a slight increase in this indicator was perceived in the last year, the value reached in December still remains within minimum historical values. Unlike what has happened historically, the level of arrears of the private banks’ portfolio is somewhat higher than that which was seen for Public banks. Nevertheless, in the second half of the year this indicator began to converge, considerably reducing the differences between the two groups of institutions. In actual fact this phenomenon that took place during the year 2009 is closely related to the growth in government banks’ financing for the private sector over the course of the year; these credits, being new, are not overdue nor reflect the impact of the crisis in their condition of compliance, which causes the indicator to descend at least until the maturity of both portfolios balances out. Non-Performing Loans to Private Sector % 40 35 30 25 38.6
20
33.5
15 19.1
10 5
18.6
16.0
7.6
4.5
0 Dec. 2000
Dec. 2001
Dec. 2002
Dec. 2003
Dec. 2004
Dec. 2005
Dec. 2006
3.2 Dec. 2007
3.1
3.5
Dec. Dec. 2008 2009
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ANNUAL REPORT 2009 Chapter III: Financial System
Exposure to the Public Sector The financial system’s exposure to the public sector rose slightly during 2009, after having dropped in sustained fashion in recent years from the level of almost 40% of assets reached in the year 2002, to a great extent as a result of the compensatory securities, for the shortfalls caused by the asymmetrical pesification, received by the banks, and the contraction in the portfolios of credit to the private sector. The increase seen in 2009 was concentrated in the loans and securities in the portfolios of government banks. Current Central Bank regulations establish that the maximum limit that this exposure may reach is of 35% of total assets, without including the holdings of the securities issued by the Central Bank (LEBAC and NOBAC) under the headings both of their own portfolios and as counterpart in short-term market operations. For the financial system as a whole, this indicator increased slightly to 14.5% during 2009, from 12.8%, while remaining, for private banks, far below that level, at 6.3% -the same as the year before.
Exposure to Public Sector As a % of Assets 50 45 40 35 30 25 20 15 10 5 0 Dec. 2000
Dec. 2001
Dec. 2002
LEBAC/NOBAC
Dec. 2003
Dec. 2004
Dec. 2005
Compensation
Dec. 2006
Dec. 2007
Dec. 2008
Sep. 2009
Bonds + Loans
14
ANNUAL REPORT 2009 Chapter III: Financial System
Capitalization In the year 2009, the financial system’s net assets rose 17.1%, reaching a total of 48.5 billion pesos basically through the capitalization of the profits accrued. Stockholders’ Equity In billions of Pesos 50 45 40 35 30 25 20 15 10 5 0
Dec. 2000
Dec. 2001
Dec. 2002
Dec. Dec. 2003 2004
Dec. 2005
Dec. 2006
Dec. 2007
Dec. Dec. 2008 2009
Cumulative Capitalizations 2002 - 2009 In millions of Pesos 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0
2002
2003
2004
2005
2006
2007
2008
2009
15
ANNUAL REPORT 2009 Chapter III: Financial System
Since the 2001-02 crisis the capitalizations carried out by the financial entities have reached a total of around 18 billion pesos; 54% of this corresponded to international banks, which have capitalized debts and/or injected new funds amounting to approximately 9.7 billion pesos since the beginning of the crisis. Financial Institution Capitalizations 2002 - 2009 By type of institution - In millions of Pesos 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Public Banks
Local Private Banks
International Banks
Non-Banking Financial Institutions
The capitalized profits and the injection of new funds are allowing banks to comply with the increase in requirements implied by the elimination of the regulatory exceptions and the modifications established by the Central Bank after the crisis. In fact, during 2009 compliance under the heading of capital reached 18.7% and 22.5% of assets weighted by risk for the total system and for private banks, respectively, a level which, in both cases, comfortably fulfills the minimum requirements in force.
16
ANNUAL REPORT 2009 Chapter III: Financial System
Financial Institution Capitalizations 2002 - 2009 Market Share Local Private Banks 21%
International Banks 54%
Public Banks 17% Non-Banking Financial Institutions 8%
.
The Financial System’s Tax Load The financial system is burdened by a vast variety of taxes -direct and indirect, of a general and of a specific character- which form part of the costs that it must absorb in order to offer banking services, both financial and transactional. In the first nine months of 2009, the total amount of taxes paid by banks as a whole recorded an increase of 125% in comparison with the same period of the year before. This load represents 1.74% of total assets, higher than the 1.17% corresponding to all of the year 2008 and the 0.95% of 2007. This total includes the taxes on gross income, income, the levies included within administrative expenses such as the real estate tax on branches and office buildings, and SEDESA dues. Income tax was the largest in the first nine months of 2009, with a significant increase with regard to the same period of the previous year and a 57% share of the total tax load. The second position corresponded to the amount paid on account of the tax on gross income, which represented 27% of the total, followed by the taxes included in administrative expenses, which represented 11%. The remaining 5% corresponded to the dues paid to SEDESA for deposits guarantee insurance.
17
ANNUAL REPORT 2009 Chapter III: Financial System
Tax Burden As a % of Assets 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2001
2002
2003
2004
2005
2006
2007
2008
9 months 2009
Administrative Taxes SEDESA Contribution Income Tax Gross Income Tax
Participation in Loans and Deposits by Groups of Banks According to the information as of November 2009, international banks attract 33.4% of the private sector’s deposits in the financial system, a similar proportion to that which is recorded by private banks with national capital. They are followed by government banks with 32.7%, the remaining 0.5% corresponding to non-banking financial entities, such as financial companies and credit funds.
18
ANNUAL REPORT 2009 Chapter III: Financial System
Deposits of Private Sector November 2009 Non-Banking Financial Institutions 0.5%
Local Private Banks 33.4%
International Banks 33.4%
Public Banks 32.7%
Loans to Private Sector November 2009 Non-Banking Financial Institutions 3,5% Local Private Banks 34,9% International Banks 31,2%
Public Banks 30,4%
19
ANNUAL REPORT 2009 Chapter III: Financial System
With regard to loans to the private sector, international banks participate with 31.2% of the total of the system, while local private banks and government banks have 34.9% and 30.4%, respectively. Non-banking financial entities, for their part, participate with 3.5%. Financing for SMEs New loans for less than a million pesos or dollars awarded to legal entities (bodies corporate) -the best available approximation for estimating loans to SMEs- have grown in a sustained manner between 2002 and 2009 at an average rate higher than 30% a year, and constitute a third of the total loans given to legal entities during that period. The increase has been a generalized one, encompassing all lines of commercial loans. At the same time, the evolution in the number of debtors given credit service by banks has experienced a sustained recovery in recent years. At the present time the number of companies financed for amounts lower than a million pesos/dollars is higher than that which was serviced before the 2001-02 crisis and has not ceased to grow during the last six years, according to the information available through December 2009. In the same way, interest rates in this segment of credit have recorded a significant reduction between the levels in force in the year 2002 and those seen in the year 2009, that is, 21.1% and 7.8% for loans in pesos and in a foreign currency, respectively, exhibiting a decreasing trend in the second part of the year. More remarkable still, the gap between the average interest rates on the new loans surpassing a million pesos/dollars, and those that do not exceed that amount, has shrunk drastically, falling to levels of a nominal annual 1.2% in the year 2009. The "SME Bank Financing and Corporate Dynamics" survey carried out by a specialized foundation with a respected marketplace trajectory (*) allows the available information to be complemented and contributes to clarifying the factors that have been instrumental in this last period in determining the behavior of credit for this segment of corporations. According to the survey, during the second quarter of 2009, 33.5% of SMEs surveyed resorted to bank financing, a significantly improved share in relation both to the previous quarter (24.7%) and to the same period of the year before (22.3%). In this way, a return is being seen to the share of companies using banking credit in the year 2006, before the beginning of this last period of financial turbulence in the world and on the local market. The use of credit is ultimately the result of the evolution in the demand for financing and in the share by which the latter is serviced by the banks. The survey reveals that the share of companies included in the sample which requested credit fell abruptly from 34.5% in early 2008 to 19.5% in mid-2009, after having grown in a sustained manner during a major part of the period covered by the study. (*) Capital Foundation
20
ANNUAL REPORT 2009 Chapter III: Financial System
This behavior reflects the fact that the economic situation in general and, more specifically, the uncertainty that settled in as of the second quarter of 2008, has had a direct impact on the demand for credit by the SME segment. In counterpart to this, the share of enterprises surveyed that obtained credit assistance has returned to levels of close to 90%. When the question of the reasons for not requesting a banking loan was posed, the replies referring to demand -the need for financing and availability of other sources- were on the upswing in a clear and sustained fashion, while those representing supply factors diminished. In fact, these latter -interest rate levels, information requirements, mistrust in banks, deadlines and guarantors- represented, in the last survey, corresponding to the second quarter of 2009, 15.4% against a historical average that exceeds 26% both for the second annual wave and for the total of surveys carried about from 2006 until now. In particular, it should be pointed out that the importance that the companies surveyed attach to interest rate levels and to information requirements as dissuasive factors, when it comes to resorting to banks, exhibits a slight but sustained downward trend. At the same time, 80% of the companies that stated they had received bank financing allocated it to financing current expenditure or working capital, which represents a significant change with respect to the 55% that corresponded to the period prior to the onset of the financial turbulence. This indicates that during the recent times of economic difficulties, banking credit is acting as a dampener of the impact caused by the fall or deceleration in sales within a framework in which employment practically hasn’t shrunk and costs have risen. In sum, the information submitted indicates that banks’ financial assistance to SMEs has also suffered the impact of the economic and financial turbulence, of both international and local origin. Everything points to the demand for financing having weakened in line with the drop in the level of activity and the reduction in investment. This circumstance has interrupted -momentarily, it is assumed- a process of gradual increase in the utilization of banking credit by this segment of companies. Acting in favor of the consolidation of this process in the future is the fact that the rate of rejection of credit requests is very low and continues to drop and that, at the current time, banks appear to be acting counter-cyclically in that they have not ceased to finance the working capital and other current expenditures of SMEs.
21
ANNUAL REPORT 2009 Chapter III: Financial System
Loans to Companies for Less than a Million Pesos or Dollars
Millions of Pesos 12,000
Number of debtors 140,000
10,000
120,000 100,000
8,000 80,000 6,000 60,000 4,000 40,000 2,000
20,000
0
Jul. 2001
Dec. 2001
Dec. 2002
Dec. 2003
Dec. 2004
Amount of SME debt
Dec. 2005
Dec. 2006
Dec. 2007
Dec. 2008
Dec. 2009
0
Number of SME debtors
New Loans for Less than a Million Pesos or Dollars Granted to Companies
Millions of Pesos 12,000
% a.n. 60
10,000
50
8,000
40
6,000
30
4,000
20
2,000
10
0
Year 2002
Year 2003
Year 2004
Year 2005
Year 2006
Year 2007
Amount in Pesos
Amount in Foreign Currency
Average interest rates in Pesos
Average interest rates in Foreign Currency
Year 2008
Year 2009
0
22
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 1: Deposits in Domestic Currency
Monthly average of daily balances (in millions of Pesos) Period
Current Accounts
Savings Accounts
Time deposits
Total
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
December December December December December December December December December December December December December December December December December
3,129 4,909 6,214 6,993 7,011 10,514 12,178 12,648 12,580 11,952 8,309 23,305 30,825 38,630 47,386 55,386 61,611
1,980 2,758 4,653 5,242 4,688 5,936 7,601 8,206 8,347 7,924 4,499 9,144 14,554 21,616 25,965 30,157 37,849
2,955 5,998 8,903 9,622 7,343 8,756 12,057 13,577 12,791 12,024 5,872 33,435 38,472 42,179 49,253 65,906 80,809
8,064 13,665 19,770 21,858 19,042 25,207 31,836 34,432 33,719 31,900 18,681 65,885 83,851 102,425 122,604 151,449 180,268
2008
January February March April May June July August September October November December
64,934 62,248 61,224 63,170 65,813 65,695 66,989 64,827 70,651 70,444 68,487 77,639
39,257 40,420 39,350 39,236 38,611 38,146 39,748 38,390 38,191 37,702 37,411 39,392
83,128 89,055 92,957 92,874 91,216 91,168 92,627 99,516 98,070 98,576 97,721 82,928
187,319 191,722 193,531 195,280 195,640 195,009 199,364 202,733 206,912 206,722 203,620 199,959
2009
January February March April May June July August September October November December
79,539 74,446 72,987 72,945 75,044 77,770 73,750 74,823 77,559 77,118 77,601 84,361
40,111 39,435 38,527 39,025 39,202 40,737 42,305 40,639 40,924 41,156 41,735 45,386
82,650 87,752 88,790 87,068 88,146 85,320 84,772 88,656 90,694 93,031 95,152 90,100
202,300 201,634 200,304 199,038 202,392 203,827 200,827 204,118 209,177 211,304 214,488 219,847
(1)
(1) Starting on March 2002, it includes rescheduled deposits. Source: ABA based on "Statistical Bulletin", "Daily Information on Deposits, Credit and Cash in Domestic Currency" and "Main Financial System Liabilities", Central Bank.
23
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 2: Deposits in Foreign Currency
Monthly average of daily balances (in millions of dollars) Period
Current Accounts
Demand Deposits
Savings Accounts
Time Deposits
Deposits on Behalf of Central Bank
Total
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
December December December December December December December December December December December December December December December December December December December December December December December
… … … … … … … … 292 351 441 472 646 684 829 781 2,442 26 52 25 10 4 4
40 11 12 16 42 597 782 839 392 482 493 1,092 1,528 2,119 1,695 1,162 2,385 327 349 417 455 518 690
… … … … … … 1,137 1,866 3,698 4,032 3,445 4,529 5,330 5,304 6,146 5,602 9,772 83 457 1,848 1,455 1,937 2,400
… … … … 1,063 2,069 4,641 8,037 13,711 18,122 18,321 22,273 29,666 34,435 38,475 44,155 33,116 427 1,041 1,646 2,236 3,227 4,870
553 820 994 1,487 538 177 145 … … … … … … … … … … … … … … … …
593 831 1,006 1,503 1,644 2,843 6,705 10,742 18,093 22,986 22,699 28,366 37,169 42,542 47,145 51,700 47,715 863 1,899 3,936 4,157 5,686 7,964
2008
January February March April May June July August September October November December
5 5 6 6 8 10 10 9 8 9 10 11
696 654 675 665 641 675 669 673 630 684 672 718
2,681 2,512 2,568 2,603 2,691 2,742 2,820 2,927 2,925 3,001 3,357 3,579
5,351 5,068 5,102 5,357 5,438 5,419 5,453 5,602 5,723 5,900 5,821 5,815
… … … … … … … … … … … …
8,734 8,239 8,350 8,631 8,778 8,846 8,952 9,211 9,286 9,595 9,861 10,124
2009
January February March April May June July August September October November December
12 11 15 17 17 13 14 12 4 6 7 8
3,648 3,723 4,188 4,477 4,723 4,785 4,846 4,928 5,161 4,838 4,753 5,034
6,019 6,195 6,386 6,695 6,884 6,840 6,939 7,101 7,078 6,974 6,871 6,779
… … … … … … … … … … … …
10,394 10,683 11,303 11,921 12,367 12,416 12,604 12,807 12,985 12,551 12,387 12,587
715 754 714 732 743 778 805 765 742 734 756 766
Source: ABA based on "Statistical Bulletin", "Daily Information on Deposits, Credit and Cash in Foreign Currency" and "Main Liabilities of Financial System", Central Bank. 24
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 3: Monetary Aggregates
(in millions of pesos of December 2009) Period
M1
M2
M1 + Foreign Currency Demand Deposits
M2 + Total Deposits in Foreign Currency
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
December December December December December December December December December December December December December December
53,936 51,419 63,720 74,112 78,943 77,693 71,968 52,511 67,540 95,467 111,553 126,144 139,549 147,424
100,055 87,218 106,888 132,116 145,663 142,406 132,325 85,154 141,816 185,464 212,741 233,186 265,611 286,987
54,769 52,353 65,284 76,286 81,746 80,217 73,911 57,338 68,772 96,655 112,866 127,545 141,148 149,605
123,041 109,917 135,254 169,286 188,205 189,551 184,024 132,870 144,828 191,087 224,438 245,713 283,012 312,001
2008
January February March April May June July August September October November December
151,951 147,072 144,733 145,989 148,348 147,191 149,667 145,552 150,986 149,913 147,471 161,729
294,671 297,009 296,246 295,728 294,306 291,248 296,309 297,328 300,155 298,372 294,640 294,897
154,156 149,153 146,880 148,115 150,392 149,277 151,719 147,621 152,952 152,158 149,743 164,229
322,131 323,028 322,587 323,058 321,973 318,179 323,363 325,270 328,783 329,409 327,495 329,574
2009
January February March April May June July August September October November December
164,954 157,461 152,478 150,463 153,020 157,199 154,654 153,662 155,215 154,037 154,167 166,048
298,308 295,233 289,165 285,292 288,643 290,408 287,697 287,772 290,542 290,824 292,406 301,534
167,472 160,148 155,141 153,229 155,851 160,180 157,773 156,645 158,082 156,868 157,073 168,993
334,304 332,743 330,457 329,303 334,730 337,200 335,706 336,938 340,440 338,855 339,615 349,442
Note: Monetary aggregates include public sector´s deposits. Source: ABA based on "Statistical Bulletin", "Daily Information on Deposits, Loans and Cash in Domestic and Foreign Currency" and "Main Financial System Liabilities", Central Bank and INDEC. 25
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 4: Monetary Aggregates
Annual averages (as a percentage of GDP) Period
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
M1
M2
M1 + Foreign Currency Demand Deposits
M2 + Total Deposits in Foreign Currency
3.7 5.0 3.9 2.6 2.6 2.2 2.9 4.3 5.7 6.4 6.4 7.3 8.0 8.5 8.8 8.3 7.6 10.2 11.9 14.1 14.4 14.4 14.2 12.9 13.3
9.3 13.8 12.3 10.8 8.3 4.2 5.2 7.5 10.7 12.0 11.0 12.5 14.3 15.7 16.4 15.8 13.9 22.6 25.3 27.3 28.0 27.7 27.7 25.7 24.9
3.7 5.0 3.9 2.6 2.9 2.4 3.3 4.7 5.9 6.6 6.7 7.8 8.6 9.2 9.6 8.9 8.5 12.0 12.2 14.4 14.6 14.6 14.4 13.1 13.6
9.4 13.8 12.4 10.8 14.9 5.2 7.8 11.4 16.9 20.2 19.3 22.3 25.4 29.1 32.7 33.2 32.7 27.1 26.3 29.4 30.2 30.1 30.3 28.4 28.9
Source: ABA based on data from "Statistical Bulletin", "Daily Information on Deposits, Loans and Cash in Domestic and Foreign Currency", "Main Financial System Liabilities" and "Annual Estimates of Global Supply and Demand. Period 1980-1992", Central Bank and "Economic Report", Ministry of Economy and Production.
26
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 5: Monetary Aggregates in Real Terms (1)
Monthly average of daily balances (in millions of pesos of December 2009) Period
Cash Held by Public
Current Accounts
M1
Savings Accounts
Time Deposits
M2
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
December 15,071 19,420 34,491 11,699 36,574 82,765 December 17,457 17,363 34,820 11,860 52,751 99,431 December 14,518 11,322 25,840 10,248 46,488 82,576 December 12,820 8,975 21,795 7,607 59,630 89,032 December 12,194 12,503 24,697 3,684 28,889 57,270 December 11,085 6,525 17,610 9,213 8,447 35,269 December 17,124 11,351 28,474 7,183 10,721 46,379 December 22,675 16,459 39,134 9,246 20,109 68,489 December 29,690 20,262 49,952 15,172 29,027 94,151 December 32,239 21,698 53,936 16,265 29,853 100,055 December 30,560 20,860 51,419 13,950 21,849 87,218 December 32,828 30,892 63,720 17,440 25,727 106,888 December 38,177 35,935 74,112 22,429 35,576 132,116 December 40,203 38,740 78,943 25,134 41,586 145,663 December 39,182 38,512 77,693 25,554 39,159 142,406 December 35,807 36,161 71,968 23,975 36,382 132,325 December 26,357 26,154 52,511 14,161 18,483 85,154 December 26,887 40,654 67,540 15,951 58,324 141,816 December 43,150 52,317 95,467 24,701 65,296 185,464 December 50,281 61,272 111,553 34,286 66,902 212,741 December 58,709 67,435 126,144 36,951 70,092 233,186 December 66,868 72,682 139,549 39,575 86,487 265,611 December 74,959 72,465 147,424 44,517 95,046 286,987 January 76,228 75,723 151,951 45,780 96,940 294,671 February 74,987 72,085 147,072 46,808 103,129 297,009 March 74,622 70,111 144,733 45,063 106,451 296,246 April 74,390 71,599 145,989 44,472 105,267 295,728 May 74,358 73,990 148,348 43,409 102,549 294,306 June 74,007 73,184 147,191 42,495 101,562 291,248 July 75,459 74,208 149,667 44,032 102,610 296,309 August 74,205 71,347 145,552 42,251 109,525 297,328 September 73,642 77,343 150,986 41,809 107,360 300,155 October 73,172 76,741 149,913 41,072 107,387 298,372 November 72,884 74,587 147,471 40,743 106,425 294,640 December 77,205 84,525 161,729 42,885 90,282 294,897 2009 January 78,551 86,403 164,954 43,573 89,782 298,308 February 76,820 80,641 157,461 42,717 95,055 295,233 March 74,119 78,359 152,478 41,362 95,325 289,165 April 72,464 77,999 150,463 41,729 93,100 285,292 May 73,101 79,920 153,020 41,749 93,874 288,643 June 75,017 82,182 157,199 43,048 90,160 290,408 July 77,441 77,213 154,654 44,291 88,752 287,697 August 76,052 77,610 153,662 42,152 91,958 287,772 September 75,471 79,744 155,215 42,077 93,250 290,542 October 75,424 78,613 154,037 41,953 94,834 290,824 November 75,800 78,368 154,167 42,147 96,092 292,406 December 81,687 84,361 166,048 45,386 90,100 301,534 (1) Deflated by the combined price index. Source: ABA based on "Statistical Bulletin" and "Daily Information on Deposits, Loans and Cash in Domestic Currency", Central Bank and INDEC. 27
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 6: Central Bank´s Monetary and Financial Liabilities
Monthly average of daily balances (in millions of pesos) Period
Currency
Financial Institutions Deposits in the Central Bank
Monetary Liabilities
Net Position of Repos
Financial Liabilities (1)
Government Deposits in the Central Bank
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
December December December December December December December December December December December December December December
12,346 12,025 13,131 15,174 15,520 15,048 14,205 10,173 17,766 28,717 35,838 46,008 56,158 70,577
3,872 716 27 47 31 91 88 6,703 10,953 20,396 22,988 15,972 28,660 34,297
16,218 12,741 13,158 15,221 15,551 15,139 14,293 16,876 28,719 49,112 58,826 61,980 84,818 104,874
... 1,494 4,961 6,315 9,347 9,662 9,248 -4,773 -233 -46 5,491 5,422 1,666 2,240
... 15,010 18,137 21,536 24,898 24,802 23,541 12,123 28,486 49,066 64,317 67,403 86,484 107,114
... 456 1,049 478 1,620 1,827 1,016 171 79 559 486 1,227 2,041 3,232
2008
January February March April May June July August September October November December
71,897 70,976 72,141 71,991 72,711 73,532 75,130 74,509 74,121 74,463 74,437 80,247
34,518 33,185 35,455 36,647 36,520 36,965 36,052 37,973 39,324 40,856 42,149 43,413
106,415 104,161 107,596 108,638 109,231 110,497 111,183 112,482 113,445 115,319 116,586 123,660
7,262 10,414 8,348 7,719 6,158 4,666 9,599 10,965 10,951 8,852 9,053 7,885
113,676 114,574 115,945 116,357 115,389 115,163 120,782 123,447 124,396 124,172 125,639 131,546
5,580 4,865 5,243 5,613 5,566 7,670 5,718 3,920 2,725 892 458 1,118
2009
January February March April May June July August September October November December
80,919 79,053 77,190 76,423 76,859 79,526 82,999 82,062 81,784 82,777 84,136 92,793
43,151 43,580 45,394 47,146 49,412 49,653 50,427 53,154 55,375 53,624 53,619 55,105
124,070 122,634 122,584 123,569 126,271 129,179 133,426 135,216 137,159 136,401 137,755 147,898
13,174 14,443 15,909 15,048 16,225 14,847 11,798 12,520 10,342 10,566 9,703 6,925
137,244 137,076 138,493 138,618 142,496 144,026 145,224 147,735 147,501 146,967 147,458 154,823
1,463 1,754 3,133 2,438 5,358 7,790 9,241 1,792 1,141 835 2,229 6,300
(1) Financial liabilities do not include the stock of LEBAC and NOBAC. Source: ABA based on "Statistical Bulletin", "Central Bank´s Monetary Liabilities", Central Bank.
28
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 7: Central Bank´s Reserves
(1)
Monthly average of daily balances Period
Liquid Reserves (2)
Government Securities (3)
Total
In millions of US Dollars
Monetary Liabilities (4) In millions of Pesos
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
December December December December December December December December December December December December
17,503 20,871 24,975 24,910 24,077 14,815 10,265 13,820 19,310 27,262 31,167 45,711
1,793 1,746 1,683 1,456 1,314 4,534 ... ... ... ... ... ...
19,296 22,618 26,658 26,366 25,391 19,349 10,265 13,820 19,310 27,262 31,167 45,711
14,059 14,190 15,551 15,139 14,293 16,876 28,719 49,112 58,826 61,980 84,818 104,874
2008
January February March April May June July August September October November December
46,910 48,407 50,039 50,330 49,449 47,918 47,600 47,300 47,072 46,608 45,664 46,198
... ... ... ... ... ... ... ... ... ... ... ...
46,910 48,407 50,039 50,330 49,449 47,918 47,600 47,300 47,072 46,608 45,664 46,198
106,415 104,161 107,596 108,638 109,231 110,497 111,183 112,482 113,445 115,319 116,586 123,660
2009
January February March April May June July August September October November December
46,789 47,058 46,934 46,268 46,556 46,385 45,993 44,851 45,193 45,733 46,805 47,717
... ... ... ... ... ... ... ... ... ... ... ...
46,789 47,058 46,934 46,268 46,556 46,385 45,993 44,851 45,193 45,733 46,805 47,717
124,070 122,634 122,584 123,569 126,271 129,179 133,426 135,216 137,159 136,401 137,755 147,898
(1) Market values. (2) Bills, deposits in current accounts, demand and time deposits, gold and ALADI. (3) It includes bonds used as collateral for repos transactions. (4) Currency + Financial institutions deposits in Central Bank. Source: ABA based on "Reserves and Monetary Base" and "Foreign Currency Assets and Monetary Liabilities", Central Bank. 29
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 8: Loans to Private Sector
Monthly average of daily balances (in millions of Pesos) Period 2000
December
2001
December
2002
December
2003
December
2004
December
2005
December
2006
December
2007
December
2008
January February March April May June July August September October November December
2009
January February March April May June July August September October November December
Overdrafts
Promissory Notes
Mortgage Loans
Pledge Loans
Consumer Loans
Credit Card Financing
Others
Total
9,125.5 6,691.8 5,150.1 4,793.9 6,796.0 9,028.2 12,107.6 14,662.4
15,840.1 11,223.7 7,479.7 6,716.7 9,479.9 15,266.4 22,558.1 31,479.8
16,986.1 16,183.9 11,554.6 9,401.0 8,830.5 8,845.5 10,132.6 14,432.2
4,942.2 3,707.5 2,264.3 1,324.5 1,672.3 2,335.2 3,761.4 5,964.6
5,489.2 4,889.3 2,685.9 2,332.9 4,184.0 7,148.7 13,009.3 21,044.6
4,027.8 3,656.0 2,091.2 2,288.7 3,175.5 5,206.7 7,399.8 11,010.3
6,919.7 5,110.4 4,815.9 4,070.5 4,803.6 4,999.4 5,916.8 6,872.0
63,330.6 51,462.6 36,041.7 30,927.3 38,941.6 52,829.7 74,884.7 105,466.1
15,383.9 15,150.7 15,143.9 15,871.5 16,664.7 16,499.9 16,816.4 16,720.0 17,486.2 17,326.2 16,429.4 16,263.1
32,005.6 32,095.8 32,291.5 33,167.1 34,210.5 33,482.3 33,561.5 34,041.0 34,753.4 36,601.9 36,774.8 36,295.4
14,717.0 15,046.9 15,368.0 15,645.0 16,033.7 16,396.8 16,740.4 17,087.9 17,400.9 17,784.3 18,216.0 18,704.6
6,100.8 6,302.6 6,456.5 6,601.7 6,851.4 7,105.6 7,233.1 7,398.9 7,508.0 7,679.5 7,836.7 7,868.9
21,772.5 22,603.7 23,311.8 24,085.2 25,141.6 25,666.4 26,046.3 26,358.1 26,767.8 27,253.4 27,617.1 27,668.5
11,681.6 12,014.9 12,115.3 12,468.1 12,870.1 13,151.5 13,047.0 13,517.3 13,596.4 14,265.8 14,546.1 14,963.3
7,123.2 7,043.8 7,054.7 7,165.5 7,163.3 7,366.2 7,379.9 7,393.9 7,549.8 7,659.2 7,732.5 7,959.1
108,785.4 110,256.6 111,742.5 115,004.7 118,935.6 119,668.4 120,826.4 122,518.6 125,063.5 128,570.9 129,153.8 129,721.5
16,356.9 16,876.3 17,256.9 17,504.3 18,483.8 19,151.5 19,536.2 19,180.9 19,156.2 18,510.5 18,320.7 18,905.1
35,468.9 35,635.6 37,160.0 37,054.4 37,157.3 37,406.9 37,170.1 36,601.0 36,097.3 36,013.5 36,231.6 37,190.4
18,887.1 18,947.0 18,991.1 18,972.7 18,915.0 18,893.0 18,876.0 18,729.6 18,457.0 18,557.5 18,627.8 18,616.0
7,740.7 7,670.2 7,482.0 7,405.6 7,303.9 7,233.5 7,183.6 7,136.2 7,229.6 7,201.4 7,251.5 7,303.4
27,610.2 27,620.3 27,658.8 27,867.1 27,964.1 27,945.1 27,833.1 28,069.7 28,532.5 29,079.0 29,604.1 30,057.2
15,496.2 15,233.6 15,036.0 15,268.8 15,525.6 15,507.0 15,531.1 15,717.8 16,087.7 16,985.0 17,360.3 18,084.6
8,016.8 8,037.4 8,217.8 8,268.3 8,400.5 9,007.6 9,441.4 9,517.6 9,501.6 9,620.5 9,918.6 10,158.4
129,576.9 130,020.5 131,802.6 132,339.5 133,748.8 135,144.8 135,574.0 134,952.9 135,062.2 135,969.8 137,313.7 140,317.3
Source: ABA based on "Main Assets of Financial System", B.C.R.A.
30
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 9: Loans to Private Sector
Change in the last 12 months (as a percentage) Period
2001
December
2002
December
2003
December
2004
December
2005
December
2006
December
2007
December
2008
January February March April May June July August September October November December
2009
January February March April May June July August September October November December
Overdrafts
Promissory Notes
Mortgage Loans
Pledge Loans
Consumer Loans
Credit Card Financing
Others
Total
-26.7 -23.0 -6.9 41.8 32.8
-29.1 -33.4 -10.2 41.1 61.0
-4.7 -28.6 -18.6 -6.1 0.2
-25.0 -38.9 -41.5 26.3 39.6
-10.9 -45.1 -13.1 79.3 70.9
-9.2 -42.8 9.4 38.7 64.0
-26.1 -5.8 -15.5 18.0 4.1
-18.7 -30.0 -14.2 25.9 35.7
34.1 21.1
47.8 39.6
14.6 42.4
61.1 58.6
82.0 61.8
42.1 48.8
18.4 16.1
41.7 40.8
32.4 32.1 31.2 33.2 31.0 26.1 20.5 22.7 31.4 27.9 16.2 10.9
36.2 34.6 32.6 33.1 34.9 31.0 25.5 21.7 19.4 22.6 21.1 15.3
41.8 41.5 41.3 40.8 41.1 40.7 38.6 35.6 32.8 30.7 30.1 29.6
57.0 57.4 56.1 55.0 55.1 55.5 53.1 48.6 43.3 39.6 36.1 31.9
60.8 59.9 58.9 59.3 62.0 58.1 54.3 48.5 43.2 39.6 35.6 31.5
48.8 47.7 47.3 47.1 48.8 45.2 46.1 45.8 38.9 41.1 36.0 35.9
27.3 26.8 20.2 21.9 27.2 26.5 24.5 21.3 17.9 15.4 16.5 15.8
42.5 41.8 40.3 40.8 42.2 39.2 35.4 32.8 30.8 30.2 26.7 23.0
6.3 11.4 14.0 10.3 10.9 16.1 16.2 14.7 9.6 6.8 11.5 16.2
10.8 11.0 15.1 11.7 8.6 11.7 10.8 7.5 3.9 -1.6 -1.5 2.5
28.3 25.9 23.6 21.3 18.0 15.2 12.8 9.6 6.1 4.3 2.3 -0.5
26.9 21.7 15.9 12.2 6.6 1.8 -0.7 -3.6 -3.7 -6.2 -7.5 -7.2
26.8 22.2 18.6 15.7 11.2 8.9 6.9 6.5 6.6 6.7 7.2 8.6
32.7 26.8 24.1 22.5 20.6 17.9 19.0 16.3 18.3 19.1 19.3 20.9
12.5 14.1 16.5 15.4 17.3 22.3 27.9 28.7 25.9 25.6 28.3 27.6
19.1 17.9 18.0 15.1 12.5 12.9 12.2 10.1 8.0 5.8 6.3 8.2
Source: ABA based on "Main Assets of Financial System", B.C.R.A.
31
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 10: Bank Credit (in millions of Pesos) End of:
To Public Sector
To Private Sector
In Domestic Currency
In Foreign Currency
Total
In Domestic Currency
In Foreign Currency
Total
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
December December December December December December December December December December December December December December December December December December December
233 5,291 6,548 5,076 6,541 5,734 5,426 6,289 6,098 4,797 5,481 3,715 3,392 57,744 67,798 78,743 86,251 77,869 78,321
756 1,647 3,736 5,545 6,652 5,898 10,622 12,647 15,075 18,862 22,790 25,063 26,722 37,538 28,425 25,639 14,919 11,252 5,178
989 6,938 10,284 10,621 13,193 11,631 16,048 18,936 21,172 23,659 28,272 28,778 30,114 95,282 96,223 104,382 101,170 89,120 83,499
605 7,238 13,180 19,055 21,766 23,931 21,819 21,980 24,745 27,420 26,659 25,688 15,626 41,175 34,975 41,422 54,163 72,778 100,117
684 3,515 9,573 15,933 21,477 28,282 29,686 32,958 39,489 44,786 43,919 42,221 40,353 6,749 5,483 5,549 7,898 12,488 17,374
1,288 10,753 22,753 34,988 43,244 52,212 51,506 54,939 64,234 72,206 70,578 67,910 55,979 47,924 40,458 46,971 62,061 85,266 117,491
2008
January February March April May June July August September October November December
98,891 96,016 97,198 96,829 93,459 89,926 100,289 101,189 100,207 89,904 93,641 79,651
5,233 5,232 4,916 4,647 4,025 4,050 3,930 2,645 2,632 2,626 6,173 8,061
104,124 101,248 102,114 101,476 97,485 93,976 104,220 103,834 102,840 92,531 99,814 87,712
101,887 103,165 105,374 109,259 111,586 112,803 113,296 115,657 117,540 118,903 119,582 120,098
18,193 18,083 17,948 18,860 18,835 18,889 19,401 19,732 20,412 22,171 21,469 21,469
120,081 121,248 123,322 128,119 130,421 131,693 132,698 135,389 137,952 141,074 141,051 141,567
2009
January February March April May June July August September October November December
88,001 88,002 88,503 90,280 93,732 92,946 98,405 96,425 104,023 103,907 104,654 99,648
7,191 6,903 8,525 8,681 8,747 8,749 8,826 8,734 8,751 8,890 8,599 12,910
95,192 94,905 97,027 98,960 102,479 101,695 107,232 105,159 112,775 112,796 113,253 112,558
119,295 120,037 121,034 121,829 122,826 124,446 123,970 124,579 125,877 127,708 129,427 133,206
21,834 23,242 23,846 23,618 24,599 23,837 23,285 22,648 21,665 21,621 21,785 21,827
141,130 143,279 144,880 145,446 147,425 148,283 147,255 147,226 147,542 149,329 151,213 155,034
Source: ABA based on "Statistical Bulletin", Central Bank. 32
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 11: Nominal Bank Credit by Currency (in millions of Pesos) End of:
In Domestic Currency
In Foreign Currency
Loans
Resources Earned on Loans
Total
Loans
Resources Earned on Loans
Total
Total
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
December December December December December December December December December December December December December December December December December December December
426 5,822 12,179 18,729 23,693 25,824 24,402 26,916 29,479 31,540 31,541 28,848 18,560 84,510 90,727 107,961 129,174 141,234 170,585
412 6,707 7,549 5,402 4,614 3,840 2,844 1,353 1,364 677 599 556 459 14,409 12,045 12,204 11,240 9,413 7,854
838 12,529 19,728 24,131 28,307 29,664 27,246 28,269 30,843 32,217 32,141 29,404 19,018 98,919 102,773 120,165 140,413 150,647 178,438
1,330 4,768 12,548 20,642 27,338 33,202 39,147 44,575 53,485 62,542 65,574 66,073 65,730 44,080 33,804 31,093 22,726 23,592 22,307
109 394 761 835 791 977 1,161 1,030 1,079 1,106 1,135 1,212 1,344 207 105 95 91 147 246
1,439 5,162 13,309 21,478 28,129 34,179 40,308 45,605 54,564 63,647 66,710 67,285 67,075 44,287 33,908 31,188 22,817 23,739 22,552
2,277 17,691 33,036 45,609 56,436 63,844 67,554 73,874 85,406 95,865 98,850 96,688 86,093 143,206 136,681 151,353 163,231 174,386 200,991
2008
January February March April May June July August September October November December
192,610 191,042 194,292 197,867 196,897 194,618 205,417 208,579 209,504 200,481 204,714 191,236
8,168 8,140 8,279 8,221 8,148 8,112 8,168 8,266 8,244 8,327 8,508 8,513
200,779 199,182 202,572 206,088 205,045 202,730 213,586 216,846 217,748 208,808 213,222 199,749
23,170 23,060 22,609 23,245 22,602 22,700 23,087 22,117 22,771 24,494 27,315 29,191
256 255 255 262 258 239 244 260 274 303 327 340
23,426 23,314 22,864 23,507 22,860 22,939 23,332 22,377 23,044 24,797 27,643 29,530
224,205 222,496 225,435 229,595 227,905 225,669 236,917 239,223 240,792 233,605 240,865 229,279
2009
January February March April May June July August September October November December
200,606 202,331 203,759 206,343 210,713 211,448 216,375 214,896 225,114 226,701 228,845 227,682
6,690 5,708 5,778 5,766 5,845 5,945 6,000 6,108 4,786 4,914 5,235 5,172
207,296 208,039 209,537 212,108 216,558 217,393 222,375 221,004 229,900 231,614 234,081 232,854
28,661 29,749 31,956 31,911 32,949 32,218 31,742 31,027 30,095 30,199 30,087 34,450
364 395 414 387 397 368 370 354 321 313 297 287
29,026 30,145 32,371 32,298 33,346 32,586 32,111 31,381 30,416 30,511 30,384 34,737
236,321 238,184 241,907 244,406 249,904 249,979 254,487 252,385 260,316 262,126 264,465 267,592
Source: ABA based on "Statistical Bulletin", Central Bank.
33
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 12: Bank Credit in Real Terms (1) (in millions of Pesos of December 2009) End of:
In Domestic Currency
In Foreign Currency
Loans
Resources Earned on Loans
Total
Loans
Resources Earned on Loans
Total
Total
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
December December December December December December December December December December December December December December December December December December December
36,267 35,730 44,183 62,791 77,252 80,122 72,606 79,082 86,984 96,603 96,558 87,283 58,417 147,419 153,985 171,240 183,826 185,339 200,638
35,015 41,159 27,384 18,112 15,045 11,914 8,462 3,976 4,026 2,075 1,835 1,682 1,444 25,135 20,444 19,358 15,995 12,352 9,237
71,282 76,888 71,567 80,903 92,297 92,036 81,068 83,058 91,010 98,678 98,393 88,964 59,860 172,554 174,429 190,597 199,821 197,691 209,876
113,140 29,264 45,521 69,208 89,137 103,013 116,479 130,964 157,821 191,559 200,745 199,913 206,887 76,893 57,372 49,318 32,342 30,959 26,237
9,295 2,418 2,761 2,801 2,578 3,031 3,455 3,028 3,184 3,387 3,475 3,666 4,231 360 178 150 129 193 289
122,435 31,682 48,282 72,008 91,714 106,043 119,934 133,992 161,004 194,946 204,220 203,579 211,118 77,254 57,550 49,469 32,471 31,153 26,526
193,717 108,570 119,849 152,911 184,011 198,079 201,002 217,050 252,014 293,624 302,613 292,543 270,978 249,808 231,979 240,066 232,293 228,843 236,402
2008
January February March April May June July August September October November December
224,614 221,235 222,497 224,270 221,362 216,806 227,556 229,557 229,350 218,401 222,948 208,196
9,526 9,426 9,481 9,318 9,160 9,037 9,049 9,098 9,025 9,071 9,266 9,268
234,140 230,661 231,978 233,587 230,522 225,843 236,605 238,655 238,375 227,472 232,214 217,464
27,020 26,704 25,891 26,347 25,410 25,288 25,576 24,341 24,928 26,683 29,748 31,779
298 295 292 297 290 266 271 287 300 330 356 370
27,318 26,999 26,183 26,644 25,701 25,555 25,846 24,628 25,227 27,014 30,105 32,149
261,458 257,660 258,161 260,231 256,222 251,397 262,451 263,283 263,602 254,486 262,318 249,613
2009
January February March April May June July August September October November December
217,917 219,168 218,755 220,639 224,404 223,444 226,535 222,899 231,456 231,095 231,106 227,682
7,267 6,184 6,203 6,165 6,225 6,282 6,282 6,336 4,921 5,009 5,287 5,172
225,184 225,352 224,958 226,804 230,629 229,726 232,817 229,235 236,377 236,103 236,393 232,854
31,135 32,225 34,308 34,122 35,090 34,046 33,232 32,183 30,943 30,784 30,384 34,450
396 428 445 414 423 389 387 367 331 319 300 287
31,530 32,653 34,753 34,536 35,513 34,435 33,619 32,550 31,273 31,103 30,685 34,737
256,714 258,005 259,711 261,340 266,142 264,161 266,436 261,784 267,650 267,206 267,078 267,592
(1) Deflated by the combined price index. Source: ABA based on "Statistical Bulletin", Central Bank. e INDEC. 34
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 13: Interest Rates
(Annual nominal, as a percentage) Period
On Deposits In Domestic Currency Savings Accounts
Time Deposits (1)
On Loans In Foreign Currency
Savings Accounts
Time Deposits (1)
Interbank Rate
In Foreign Currency In Domestic Currency 30 days
In Foreign Currency 30 90 days days
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Average Average Average Average Average Average Average Average Average Average Average Average Average
3.7 3.5 3.3 3.0 2.9 2.8 3.2 6.4 1.3 0.7 0.8 0.8 0.6
12.5 7.6 7.2 7.8 8.5 8.7 17.4 46.9 10.8 2.8 3.9 6.7 8.4
2.7 2.6 2.5 2.4 2.5 2.7 3.4 2.0 0.9 0.1 0.1 0.1 0.1
8.4 6.3 6.0 6.5 6.5 7.2 9.9 3.9 0.8 0.4 0.5 0.9 1.4
19.1 10.9 9.5 11.0 11.4 11.5 32.4 66.6 20.7 6.9 6.2 8.8 11.4
14.6 9.4 8.0 9.2 9.3 10.0 18.9 22.4 ... ... ... ... ...
16.0 10.1 8.6 10.1 10.2 10.6 19.8 26.7 ... ... ... ... ...
9.7 6.3 6.8 6.9 7.1 8.4 29.9 47.7 3.9 2.0 4.1 7.4 9.0
2008
January February March April May June July August September October November December
0.5 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.7 0.8
9.0 8.1 8.3 8.3 10.1 13.5 12.0 10.9 10.9 12.9 17.2 16.2
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
1.5 1.4 1.5 1.4 1.4 1.5 1.5 1.7 1.6 1.6 1.8 1.8
15.3 12.2 11.6 11.6 15.6 23.8 22.6 18.8 17.9 23.8 32.2 27.7
... ... ... ... ... ... ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ... ...
8.4 7.5 8.0 8.1 10.0 10.4 9.7 9.2 9.5 13.6 15.5 14.7
Average
0.6
11.9
0.1
1.6
20.9
...
...
10.7
January February March April May June July August September October November December
0.7 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5
14.0 11.8 11.9 12.0 12.2 12.2 12.1 12.1 11.6 11.4 10.7 9.8
0.1 0.1 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1
1.7 1.7 1.5 1.3 1.1 1.0 1.0 0.9 0.8 0.7 0.6 0.5
26.2 22.0 20.4 20.3 20.2 20.1 20.1 ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ... ...
12.7 11.5 11.2 11.5 11.3 11.0 10.7 9.9 9.5 9.3 9.0 9.1
Average
0.5
12.3
0.1
1.1
...
...
...
10.9
2009
(1) Corresponds to average term. Source: ABA based on "Survey on Interest Rates on Deposits", "Domestic Prime Rate" and "Statistical Information on Interest Rates", Central Bank.
35
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 14: Lending Rates in Pesos (Annual nominal, as a percentage) Period
Overdrafts
Promissory Notes
Mortgage Loans
Pledge Loans
Consumer Loans and Credit Cards
Consumer Loans
Credit Cards Financing
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Average Average Average Average Average Average Average Average Average Average Average Average Average Average
34.7 41.6 32.7 28.2 28.8 30.6 30.0 40.4 60.3 37.7 15.7 14.9 16.6 17.2
19.6 20.0 13.3 11.1 11.6 12.1 12.2 28.0 38.8 17.7 10.8 10.3 12.6 14.1
16.3 15.4 12.4 13.2 14.3 14.4 15.0 15.3 29.4 18.0 12.0 11.3 11.7 11.2
24.2 26.3 22.2 18.9 20.5 20.6 21.4 21.1 19.1 19.7 13.3 10.3 9.9 11.3
37.1 44.8 40.7 38.2 34.7 32.7 33.0 34.3 51.0 54.3 30.4 27.3 26.5 26.0
... ... ... ... ... ... ... ... 40.7 45.9 29.7 25.9 24.7 25.7
... ... ... ... ... ... ... ... 51.4 54.8 30.7 27.7 27.2 26.1
2008
January February March April May June July August September October November December
18.1 17.3 17.9 18.1 20.4 23.2 22.3 21.0 20.6 24.6 28.1 27.7
16.5 14.9 14.6 14.6 17.3 21.1 20.9 19.0 18.9 22.1 25.2 26.0
11.7 11.4 11.2 11.6 12.0 12.6 12.2 12.5 12.9 13.2 16.0 16.2
14.1 14.9 15.2 15.2 15.7 16.8 18.7 19.0 19.2 18.9 20.6 21.0
26.6 26.6 26.5 26.9 26.9 27.5 29.6 29.5 29.7 29.0 30.0 30.2
27.7 28.2 28.8 28.6 28.7 30.0 31.8 32.4 32.5 31.5 34.3 35.4
26.1 26.0 25.7 26.2 26.2 26.8 28.8 28.6 28.6 28.2 28.9 29.0
Average
21.6
19.3
12.8
17.5
28.3
30.8
27.4
January February March April May June July August September October November December
26.6 24.8 24.4 24.1 23.4 22.8 22.5 22.5 22.1 21.7 21.5 21.4
24.4 21.8 20.8 21.0 20.5 19.5 19.8 20.0 18.7 17.9 17.2 16.0
16.1 15.1 15.7 15.4 15.9 15.9 15.6 15.4 16.4 16.0 16.1 15.5
26.3 26.1 25.9 23.8 23.4 22.6 22.1 21.8 18.7 19.2 18.4 18.3
30.4 30.7 30.2 30.8 30.7 30.4 31.4 31.5 31.6 31.5 31.8 31.6
37.4 36.8 33.7 35.2 33.9 34.0 34.3 34.3 33.9 33.0 32.6 32.3
28.9 29.3 29.2 29.5 29.9 29.6 30.6 30.6 30.8 31.0 31.5 31.4
Average
23.1
19.8
15.8
22.2
31.0
34.3
30.2
2009
Corresponds to weighted averages of loans granted within the month of the report. Source: ABA based on "Statistical Bulletin", Central Bank.
36
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 15: Lending Rates in Foreign Currency (Annual nominal, as a percentage) Period
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Average Average Average Average Average Average Average Average Average Average Average Average Average Average
2008
2009
Overdrafts
Promissory Notes
Mortgage Loans
Pledge Loans
Consumer Loans and Credit Cards
Consumer Loans
Credit Cards Financing
19.4 23.8 23.5 23.3 23.4 24.8 25.6 28.2 ... ... ... ... ... ...
34.7 41.6 32.7 28.2 28.8 30.6 30.0 40.4 60.3 37.7 15.7 14.9 16.6 17.2
19.6 20.0 13.3 11.1 11.6 12.1 12.2 28.0 30.1 7.7 10.8 10.3 12.6 14.1
16.3 15.4 12.4 13.2 14.3 14.4 15.0 15.3 9.8 18.0 12.0 11.3 11.7 11.2
24.2 26.3 22.2 18.9 20.5 20.6 21.4 21.1 19.1 19.7 13.3 10.3 9.9 11.3
37.1 44.8 40.7 38.2 34.7 32.7 33.0 34.3 51.0 54.3 30.4 27.3 26.5 26.0
... ... ... ... ... ... ... ... 40.7 45.9 29.7 25.9 24.7 25.7
January February March April May June July August September October November December
... ... ... ... ... ... ... ... ... ... ... ...
18.1 17.3 17.9 18.1 20.4 23.2 22.3 21.0 20.6 24.6 28.1 27.7
16.5 14.9 14.6 14.6 17.3 21.1 20.9 19.0 18.9 22.1 25.2 26.0
11.7 11.4 11.2 11.6 12.0 12.6 12.2 12.5 12.9 13.2 16.0 16.2
14.1 14.9 15.2 15.2 15.7 16.8 18.7 19.0 19.2 18.9 20.6 21.0
26.6 26.6 26.5 26.9 26.9 27.5 29.6 29.5 29.7 29.0 30.0 30.2
27.7 28.2 28.8 28.6 28.7 30.0 31.8 32.4 32.5 31.5 34.3 35.4
Average
...
21.6
19.3
12.8
17.5
28.3
30.8
January February March April May June July August September October November December
... ... ... ... ... ... ... ... ... ... ... ...
26.6 24.8 24.4 24.1 23.4 22.8 22.5 22.5 22.1 21.7 21.5 21.4
24.4 21.8 20.8 21.0 20.5 19.5 19.8 20.0 18.7 17.9 17.2 16.0
16.1 15.1 15.7 15.4 15.9 15.9 15.6 15.4 16.4 16.0 16.1 15.5
26.3 26.1 25.9 23.8 23.4 22.6 22.1 21.8 18.7 19.2 18.4 18.3
30.4 30.7 30.2 30.8 30.7 30.4 31.4 31.5 31.6 31.5 31.8 31.6
37.4 36.8 33.7 35.2 33.9 34.0 34.3 34.3 33.9 33.0 32.6 32.3
Average
...
23.1
19.8
15.8
22.2
31.0
34.3
Corresponds to weighted averages of loans granted within the month of the report. Source: ABA based on "Statistical Bulletin", Central Bank.
37
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 16: Number of Institutions End of:
December December December December December December December December December December December December December December December December December December December December December December December December November
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Public Banks
Private Banks
Non-Banking Financial Institutions
Total Financial System
37 37 36 36 36 36 35 36 34 33 31 24 19 16 16 14 13 16 15 14 13 12 12 12 12
161 154 142 139 141 134 134 131 133 135 96 96 95 86 76 75 72 62 60 59 58 60 55 55 54
117 105 89 69 59 51 50 44 39 37 30 26 25 23 24 24 22 21 21 18 18 18 18 17 17
315 296 267 244 236 221 219 211 206 205 157 146 139 125 116 113 107 99 96 91 89 90 85 84 83
Source: ABA based on Central Bank's data.
38
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 17: Employees Period 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009( 1 )
Public Banks
Private Banks
Total
66,426 63,106 62,543 65,496 67,877 63,788 60,741 57,880 61,171 64,365 57,876 54,375 58,464 62,660 65,126 56,331 57,384 62,557 63,571 61,976 60,597 57,971 60,318 40,928 43,433 46,763 51,387 56,512 57,023 56,020
146,140 142,079 140,889 144,905 148,587 144,988 141,121 138,461 142,851 147,031 133,586 122,081 117,448 118,829 121,253 109,814 105,818 103,253 103,612 102,018 100,583 96,273 104,607 81,831 82,932 85,205 89,175 94,860 95,386 94,435
79,714 78,973 78,346 79,409 80,710 81,200 80,380 80,581 81,680 82,666 75,710 67,706 58,984 56,169 56,127 53,483 48,434 40,696 40,041 40,042 39,986 38,302 44,289 40,903 39,499 38,442 37,788 38,348 38,363 38,415
(1) Corresponds to September. Source: ABA based on Central Bank's data.
39
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 18: Number of Accounts Period
Time Deposits
Savings Accounts
Current Accounts
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
December December December December December December December December December December December December December December December December December
914,703 821,084 786,613 1,064,878 1,176,916 1,318,297 1,304,517 1,521,687 1,643,408 1,848,985 1,928,096 2,080,318 1,593,350 1,256,816 937,550 902,696 915,960
4,590,900 5,550,187 4,530,047 4,191,733 4,861,662 5,931,610 6,059,221 6,712,506 8,742,034 12,084,360 13,196,919 13,790,783 17,764,496 11,329,351 12,571,963 14,093,178 16,612,092
1,567,078 1,507,362 1,536,493 1,755,346 1,744,156 1,861,979 1,703,932 1,881,238 2,286,945 2,908,606 3,221,887 3,204,233 3,260,707 2,638,476 2,032,786 2,286,472 2,600,613
2006
March June September December
970,244 1,034,620 1,114,441 1,331,322
16,613,368 17,067,082 17,525,072 18,143,891
2,569,251 2,638,351 2,658,044 2,725,302
2007
March June September December
1,423,693 1,473,840 1,457,850 1,401,380
18,571,899 18,979,879 19,415,880 20,040,778
2,849,496 2,835,035 2,944,744 3,055,815
2008
March June September December
1,442,142 1,364,026 1,418,959 1,355,674
20,326,072 20,394,806 20,797,243 21,250,950
3,138,950 3,236,852 3,348,293 3,350,053
2009
March June September
1,380,922 1,319,198 1,365,309
21,107,896 21,630,541 22,162,091
3,353,989 3,414,936 3,460,996
Source: ABA based on "Financial System Indicators", "Statistical Bulletin" and "Information on Financial Institutions", Central Bank.
40
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 19: Number of Branches (1) End of:
December December December December December June December December December December December December December December December December December December December December December November
1987 1988 1989 1990 1991 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Public Banks
Private Banks
2,005 2,026 2,039 1,970 1,905 1,776 1,710 1,621 1,455 1,461 1,391 1,358 1,377 1,391 1,733 1,737 1,608 1,561 1,412 1,428 1,421 1,436
2,553 2,597 2,622 2,471 2,345 2,481 2,535 2,397 2,563 2,659 2,946 2,967 2,862 2,809 2,155 2,080 2,161 2,218 2,412 2,451 2,480 2,491
Non-Banking Financial Institutions 227 160 107 87 75 60 59 51 45 45 42 56 63 73 58 59 53 100 99 110 108 108
Total Financial System 4,785 4,783 4,768 4,528 4,325 4,317 4,304 4,069 4,063 4,165 4,379 4,381 4,302 4,273 3,946 3,876 3,822 3,879 3,923 3,989 4,009 4,035
(1) Including head offices. Source: ABA based on Central Bank's data.
41
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 20: Branches, Geographical Distribution (1) As of November 30, 2009 Provinces
Public Banks
Private Banks
Total Banking System
Non-Banking Financial Institutions
Total Financial System
Capital Federal Provinces Buenos Aires Catamarca Córdoba Corrientes Chaco Chubut Entre Ríos Formosa Jujuy La Pampa La Rioja Mendoza Misiones Neuquén Río Negro Salta San Juan San Luis Santa Cruz Santa Fe Santiago del Estero Tierra del Fuego Tucumán
161 1,275 513 14 232 40 43 58 25 5 5 91 12 35 14 39 21 9 7 6 11 70 8 5 12
593 1,898 694 7 165 19 16 32 93 13 25 12 13 105 48 24 45 41 25 35 27 355 42 12 50
754 3,173 1,207 21 397 59 59 90 118 18 30 103 25 140 62 63 66 50 32 41 38 425 50 17 62
21 87 52 1 5 1 2 0 1 0 1 0 1 5 2 1 0 2 3 3 0 5 1 0 1
775 3,260 1,259 22 402 60 61 90 119 18 31 103 26 145 64 64 66 52 35 44 38 430 51 17 63
Total
1,436
2,491
3,927
108
4,035
(1) Including head offices. Source: ABA based on "Information on Financial Institutions", Central Bank.
42
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 21: ATMs, Geographical Distribution
As of November 30, 2009 Provinces
Public Banks
Private Banks
Total Banking System
Non-Banking Financial Institutions
Total Financial System
Capital Federal Provinces Buenos Aires Catamarca Córdoba Corrientes Chaco Chubut Entre Ríos Formosa Jujuy La Pampa La Rioja Mendoza Misiones Neuquén Río Negro Salta San Juan San Luis Santa Cruz Santa Fe Santiago del Estero Tierra del Fuego Tucumán
471 2,449 1,146 47 409 89 132 72 23 6 6 56 9 77 18 109 41 18 8 9 15 101 5 37 16
2,070 5,961 2,492 26 427 59 49 99 258 63 111 27 48 300 116 74 164 206 121 93 97 755 121 27 228
2,541 8,410 3,638 73 836 148 181 171 281 69 117 83 57 377 134 183 205 224 129 102 112 856 126 64 244
4 9 3 0 1 1 0 0 0 0 0 0 0 2 0 0 0 0 1 1 0 0 0 0 0
2,545 8,419 3,641 73 837 149 181 171 281 69 117 83 57 379 134 183 205 224 130 103 112 856 126 64 244
Total
2,920
8,031
10,951
13
10,964
Source: ABA based on "Information on Financial Institutions", Central Bank.
43
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 22: Assets and Liabilities Structure Item
December 2006
December 2007
December 2008
November 2009
In millions of Pesos
%
In millions of Pesos
%
In millions of Pesos
%
In millions of Pesos
%
258,384
100.0
297,840
100.0
346,762
100.0
377,066
100.0
36,001 65,405 99,940 77,832 4,962 20,874 -3,728
13.9 25.3 38.7 30.1 1.9 8.1 -1.4
43,673 63,104 127,931 110,406 5,030 16,583 -4,088
14.7 21.2 43.0 37.1 1.7 5.6 -1.4
55,491 65,458 149,975 132,844 4,793 17,083 -4,744
16.0 18.9 43.3 38.3 1.4 4.9 -1.4
65,135 83,449 159,538 141,168 3,801 20,268 -5,699
17.3 22.1 42.3 37.4 1.0 5.4 -1.5
28,030 6,174 22,835
10.8 2.4 8.8
32,311 6,286 24,536
10.8 2.1 8.2
41,336 6,793 27,709
11.9 2.0 8.0
36,091 6,986 25,869
9.6 1.9 6.9
Liabilities
225,369
87.2
261,082
87.7
305,382
88.1
329,425
87.4
Deposits Non-financial private sector Financial sector Public sector Other obligations through financial intermediation Promissory Notes Foreign Credit Lines Forwards and other operations Other Others
170,898 124,345 944 45,610
66.1 48.1 0.4 17.7
205,551 155,248 1,147 49,156
69.0 52.1 0.4 16.5
236,217 167,260 1,309 67,648
68.1 48.2 0.4 19.5
264,074 192,490 1,984 69,600
70.0 51.0 0.5 18.5
46,037 6,762 4,618 6,008 28,649 8,434
17.8 2.6 1.8 2.3 11.1 3.3
46,156 7,068 4,315 8,273 26,500 9,376
15.5 2.4 1.4 2.8 8.9 3.1
57,662 6,113 4,670 8,578 38,301 11,503
16.6 1.8 1.3 2.5 11.0 3.3
50,723 5,524 3,688 4,796 36,715 14,628
13.5 1.5 1.0 1.3 9.7 3.9
33,015
12.8
36,758
12.3
41,380
11.9
47,641
12.6
Assets Cash and due from banks Public bonds Loans Non-financial private sector Financial sector Public sector Provisions Other credits through financial intermediation Fixed assets Others
Stockholders' Equity
Source: ABA based on "Information on Financial Institutions", Central Bank.
44
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 23: Terms for Assets and Liabilities
As of October 31, 2009 (in millions of Pesos) Assets
Due Portfolio
1 Month
3 Months
6 Months
12 Months
24 Months
More than 24 Months
Total
Public Sector Loans
71
2,437
921
1,559
417
1,341
16,553
23,299
Financial System Non-financial Private Sector and Foreign Residents Liquid Assets
20
3,336
1,057
768
1,140
632
835
7,789
5,061 ...
46,543 65,135
21,252 ...
18,739 ...
18,317 ...
18,903 ...
42,294 ...
171,110 65,135
117,451
23,230
21,065
19,875
20,877
59,683
267,333
Liabilities
1 Month
3 Months
6 Months
12 Months
24 Months
More than 24 Months
Total
Deposits
162,823
26,153
10,942
9,669
1,082
52,893
263,562
Total
Demand Deposits Others Other Financial Intermediation Obligations Central Bank International Banks and Institutions Unsubordinated Notes Financing Received by Local Financial Institutions Others Subordinated Notes Total
5,152
52,800
...
...
...
...
52,800
105,600
110,023
26,153
10,942
9,669
1,082
94
157,963
15,789 149
1,489 153
1,358 1
2,570 46
1,769 47
3,733 98
26,707 493
53
25
89
12
22
55
256
184
214
298
992
1,039
2,766
5,492
2,360 13,044
1,025 72
752 219
1,311 208
492 169
343 471
6,284 14,182
1
16
24
62
17
1,767
1,887
178,613
27,658
12,324
12,300
2,868
58,393
292,156
Source: ABA based on "Information on Financial Institutions", Central Bank.
45
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 24: Terms for Assets and Liabilities As of October 31, 2009 (as % of liabilities) Assets
Public Sector Loans
0.0
0.8
0.3
0.5
0.1
0.5
More than 24 Months 5.7
Financial System
0.0
1.1
0.4
0.3
0.4
0.2
0.3
2.7
Non-financial Private Sector and Foreign Residents Liquid Assets
1.7 ...
15.9 22.3
7.3 ...
6.4 ...
6.3 ...
6.5 ...
14.5 ...
58.6 22.3
Total
1.8
40.2
8.0
7.2
6.8
7.1
20.4
91.5
24 Months
Total
0.4
More than 24 Months 18.1
Liabilities
Deposits
Due Portfolio
1 Month
1 Month 55.7
3 Months
3 Months
6 Months
6 Months
9.0
3.7
12 Months
12 Months 3.3
24 Months
Total
8.0
90.2
Demand Deposits
18.1
...
...
...
...
18.1
36.1
Others
37.7
9.0
3.7
3.3
0.4
0.0
54.1
5.4
0.5
0.5
0.9
0.6
1.3
9.1
Central Bank
0.1
0.1
0.0
0.0
0.0
0.0
0.2
International Banks and Institutions
0.0
0.0
0.0
0.0
0.0
0.0
0.1
Unsubordinated Notes
0.1
0.1
0.1
0.3
0.4
0.9
1.9
Financing Received by Local Financial Institutions Others
0.8 4.5
0.4 0.0
0.3 0.1
0.4 0.1
0.2 0.1
0.1 0.2
2.2 4.9
0.0
0.0
0.0
0.0
0.0
0.6
0.6
61.1
9.5
4.2
4.2
1.0
20.0
100.0
0.7
0.8
1.7
1.6
7.3
1.0
0.9
Other Financial Intermediation Obligations
Subordinated Notes Total Assets/Liabilities Ratio
Source: ABA based on "Information on Financial Institutions", Central Bank.
46
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 25: Terms for Assets and Liabilities As of October 31, 2009 (Percentage term structure) Assets
Due Portfolio
1 Month
Public Sector Loans
0.3
10.5
4.0
6.7
1.8
Financial System
0.3
42.8
13.6
9.9
Non-financial Private Sector and Foreign Residents Liquid Assets
3.0 ...
27.2 100.0
12.4 ...
Total
1.9
43.9
8.7
Liabilities
Deposits
1 Month
3 Months
6 Months
5.8
More than 24 Months 71.0
100.0
14.6
8.1
10.7
100.0
11.0 ...
10.7 ...
11.0 ...
24.7 ...
100.0 100.0
7.9
7.4
7.8
22.3
100.0
6 Months
12 Months
12 Months
24 Months
24 Months
50.0
50.0
100.0
Others
69.7
16.6
6.9
6.1
0.7
0.1
100.0
59.1
5.6
5.1
9.6
6.6
14.0
100.0
Central Bank
30.1
31.1
0.1
9.3
9.6
19.8
100.0
International Banks and Institutions
20.6
9.7
34.8
4.9
8.6
21.3
100.0
3.4
3.9
5.4
18.1
18.9
50.4
100.0
37.6 92.0
16.3 0.5
12.0 1.5
20.9 1.5
7.8 1.2
5.5 3.3
100.0 100.0
0.1
0.9
1.3
3.3
0.9
93.6
100.0
61.1
9.5
4.2
4.2
1.0
20.0
100.0
Financing Received by Local Financial Institutions Others Subordinated Notes Total
3.7 ...
0.4 ...
Total
Demand Deposits
Unsubordinated Notes
4.2 ...
More than 24 Months 20.1
Total
9.9 ...
Other Financial Intermediation Obligations
61.8
3 Months
Source: ABA based on "Information on Financial Institutions", Central Bank.
47
100.0
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 26: Loans and Deposits (in millions of Pesos) Period
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
December December December December December December December December December December December December December December December December December December December November
Loans
Deposits
Public Banks
Private Banks
NonBanking Financial Institutions
Total Financial System
Public Banks
Private Banks
9,557 19,952 18,409 21,543 23,286 23,580 22,255 23,379 25,153 22,060 21,700 20,388 28,429 17,529 19,096 24,472 30,211 37,248 49,258 60,339
4,984 11,415 21,713 25,433 32,614 31,702 38,312 45,590 50,402 53,732 52,707 48,291 43,958 40,647 46,155 53,326 67,066 86,533 95,658 94,438
86 279 599 722 860 666 781 1,022 1,524 1,907 1,745 1,494 453 492 866 1,444 2,663 4,150 5,059 4,760
14,627 31,646 40,721 47,698 56,759 55,948 61,347 69,991 77,080 77,699 76,152 70,173 72,840 58,668 66,117 79,241 99,940 127,931 149,975 159,538
7,462 6,793 10,547 17,324 18,562 17,730 19,789 24,023 27,254 26,946 28,498 21,454 32,851 44,732 55,680 61,708 76,307 88,065 99,818 114,644
3,414 9,300 16,013 23,347 28,521 27,178 34,631 46,169 50,676 54,275 57,679 44,767 41,954 49,687 60,765 74,495 94,095 116,719 135,711 148,284
NonBanking Financial Institutions
Total Financial System
60 223 451 490 588 324 371 336 390 352 393 226 196 216 211 289 496 767 688 1,146
10,936 16,316 27,011 41,162 47,670 45,233 54,791 70,527 78,320 81,573 86,570 66,447 75,001 94,635 116,655 136,492 170,898 205,551 236,217 264,074
Source: ABA based on "Statements of Financial Institutions", "Financial Statements of Financial Institutions" and "Information on Financial Institutions", Central Bank.
48
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 27: Loans and Deposits (as a percentage) Period
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
December December December December December December December December December December December December December December December December December December December November
Loans
Deposits
Public Banks
Private Banks
NonBanking Financial Institutions
Total Financial System
Public Banks
Private Banks
NonBanking Financial Institutions
Total Financial System
65.3 63.0 45.2 45.2 41.0 42.1 36.3 33.4 32.6 28.4 28.5 29.1 39.0 29.9 28.9 30.9 30.2 29.1 32.8 37.8
34.1 36.1 53.3 53.3 57.5 56.7 62.5 65.1 65.4 69.2 69.2 68.8 60.3 69.3 69.8 67.3 67.1 67.6 63.8 59.2
0.6 0.9 1.5 1.5 1.5 1.2 1.3 1.5 2.0 2.5 2.3 2.1 0.6 0.8 1.3 1.8 2.7 3.2 3.4 3.0
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
68.2 41.6 39.0 42.1 38.9 39.2 36.1 34.1 34.8 33.0 32.9 32.3 43.8 47.3 47.7 45.2 44.7 42.8 42.3 43.4
31.2 57.0 59.3 56.7 59.8 60.1 63.2 65.5 64.7 66.5 66.6 67.4 55.9 52.5 52.1 54.6 55.1 56.8 57.5 56.2
0.5 1.4 1.7 1.2 1.2 0.7 0.7 0.5 0.5 0.4 0.5 0.3 0.3 0.2 0.2 0.2 0.3 0.4 0.3 0.4
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Source: ABA based on "Statements of Financial Institutions", "Financial Statements of Financial Institutions" and "Information on Financial Institutions", Central Bank.
49
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 28: Information by Group of Institutions November 2009 (in millions of Pesos) Group
Assets
Stockholders' Equity
Loans to Private Sector (1)
Deposits of Private Sector
Public Federal Banks
87,832
10,036
20,574
28,090
Public Provincial and Municipal
59,709
4,779
20,704
34,815
Public Banks
147,541
14,815
41,277
62,905
International Banks Local Private
104,010 106,548
13,570 15,954
42,595 42,348
64,241 54,337
12,462
1,037
4,839
9,976
Private Banks
223,020
30,560
89,782
128,554
Banks Total
370,561
45,375
131,060
191,458
6,505
2,266
4,410
1,031
377,066
47,641
135,469
192,490
Cooperatives
Non-Banking Financial Institutions Total Financial System
(1) Net of provisions. Source: ABA based on "Information on Financial Institutions", Central Bank.
50
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 29: Information by Group of Institutions November 2009 (as a percentage) Group
Assets
Stockholders' Equity
Loans to Private Sector (1)
Deposits of Private Sector
Public Federal Banks
23.3
21.1
15.2
14.6
Public Provincial and Municipal
15.8
10.0
15.3
18.1
Public Banks
39.1
31.1
30.5
32.7
International Banks
27.6
28.5
31.4
33.4
Local Private
28.3
33.5
31.3
28.2
Cooperatives
3.3
2.2
3.6
5.2
Private Banks
59.1
64.1
66.3
66.8
Banks Total
98.3
95.2
96.7
99.5
1.7
4.8
3.3
0.5
100.0
100.0
100.0
100.0
Non-Banking Financial Institutions Total Financial System
(1) Net of provisions. Source: ABA based on "Information on Financial Institutions", Central Bank.
51
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 30: Income Statement - Financial System (as a percentage of net assets)
Financial margin Interest income CER and CVS return Assets return Differences in valuation Other financial income Net income on services Non-collectibility expenses Operating expenses Tax burdens Income tax Adjustments on Public Debt Valuation (1) Judicial Injunctions Amortization Miscellaneous Monetary adjustments Total Return Adjusted Return ( 2 ) ROE
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
5.7 4.0
5.7 3.8
1.1 -0.5 1.3 -0.5 1.1 -0.3 1.9 -1.1 -4.2 -0.3 -0.2
3.1 0.9 1.0 0.4 1.0 -0.2 2.0 -0.8 -4.1 -0.3 -0.1
4.6 1.5 1.5 0.4 1.2 0.1 2.3 -0.6 -4.6 -0.4 -0.3
5.8 1.8 1.3 0.4 2.2 0.1 2.7 -0.5 -5.1 -0.5 -0.3
5.7 2.2 1.0 0.5 1.9 0.1 3.1 -0.7 -5.5 -0.6 -0.4
6.7 3.1 0.9 0.8 1.5 0.4 3.6 -0.9 -6.1 -0.8 -0.4
8.6 4.1 0.4 0.7 3.3 0.1 3.9 -1.1 -6.7 -1.0 -1.2
-0.4 -0.6 0.9
-0.2 -0.9 0.8
-0.2 -0.9 0.8
-0.3 -1.1 1.2
-0.3 -0.7 0.9
-0.6 -0.3 0.4
-0.1 -0.1 0.1
...
...
0.1 1.2 0.4 2.8 -2.4 -5.8 -0.4 -0.3
0.2 1.2 0.5 3.0 -2.6 -6.1 -0.5 -0.2
6.5 -1.7 3.9 2.8 1.7 -0.1 1.9 -4.7 -4.4 -0.3 -0.2
... ...
... ...
... ...
0.4
0.6
... ... ...
... ... ...
...
-0.2
-1.8 -5.8 -8.9 -8.9 -59.2
...
...
...
...
...
...
...
-2.9 -1.9 -22.7
-0.5 0.7 -4.2
0.9 2.0 7.0
1.9 3.4 14.3
1.5 2.5 11.0
1.6 2.5 13.4
2.4 2.6 19.6
(1) Communication "A" 3911. Valuation adjustments according to Communication "A" 4084 are included in "Assets Return". (2) Judicial injunctions amortization and Public Sector revaluation are not included. Source: "Report on Banks", Central Bank.
52
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 31: Ratios - Financial System (as a percentage)
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
1 - Liquidity
23.1
25.0
23.4
19.6
22.8
29.1
29.6
20.1
22.5
23.0
27.9
28.6
2 - Credit to Public Sector
16.2
18.0
17.3
23.0
48.9
47.0
40.9
31.5
22.5
16.3
12.8
14.5
3 - Loans to Private Sector
48.4
44.9
39.9
42.7
20.8
18.1
19.6
25.8
31.0
38.2
39.4
38.4
4 - Private Sector Non performing Loans
12.2
14.0
16.0
19.1
38.6
33.5
18.6
7.6
4.5
3.2
3.1
3.5
5 - Capital Exposure to Private Sector
20.6
24.7
26.2
21.9
17.3
12.4
-1.0
-4.1
-3.3
-3.0
-3.3
-2.8
6 - ROA
0.5
0.2
...
...
-8.9
-2.9
-0.5
0.9
1.9
1.5
1.6
2.4
7 - ROE
3.9
1.7
...
-0.2
-59.2
-22.7
-4.2
7.0
14.3
11.0
13.4
19.6
138.0
142.0
147.0
143.0
189.0
69.0
125.0
151.0
167.0 160.0
167.0
185.0
9 - Capital requirement compliance
20.3
21.0
20.1
21.4
...
14.5
14.0
15.3
16.9
16.8
18.7
10 - Excess of minimum capital requirement
49.0
54.0
58.0
54.0
...
116.0
185.0
173.0
134.0
93.0
90.0
99.0
11 - Minimum capital requirement (estimated)
13.6
13.6
12.7
13.9
...
6.7
4.9
5.6
7.2
8.8
8.8
9.4
8 - Efficiency
16.8
1 - (Liquid assets in Central Bank + Other liquid assets + LEBAC/NOBAC from repos) / Total deposits. 2 - (Public bonds (LEBAC/NOBAC not included) + Loans to Public Sector + Compensations) / Net Asset. 3 - Loans to Private Sector / Net Asset. 4 - Private Sector Non-performing loans / Loans to Private Sector. 5 - (Non-performing - provisions) / Equity. Non-performing includes categories 3 to 6. 6 - Total Return / Net Assets. 7 - Total Return / Equity. 8 - (Financial Margin (Net interest income + CER/CVS Return + Other assets return + Differences in valuation + Other financial return) + Net Non-interest income) / Operating expenses. 9 - Minimum capital requirement compliance / Risk weighted assets (according to Central Bank regulations). 10 - (Minimum capital compliance - requirement (considering forbearances) / Requirement. 11 - Minimum capital compliance / Risk Weighted Assets. Source: "Report on Banks", Central Bank.
53
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 32: Non-Performing Loans - Financial System As a percentage
Dec. 2000
Dec. 2001
Dec. 2002
Dec. 2003
Dec. 2004
Dec. 2005
Dec. 2006
Dec. 2007
Dec. 2008
Dec. 2009
Non-performing loans
12.9
13.1
18.1
17.7
10.7
5.2
3.4
2.7
2.7
3.0
Non-performing - Private Sector
16.0
19.1
38.6
33.5
18.6
7.6
4.5
3.2
3.1
3.5
Commercial loans
14.9
20.7
44.0
38.0
22.8
9.3
5.0
3.1
...
...
Consumer and Mortgage
17.3
17.5
31.4
28.0
11.0
4.8
3.5
3.4
...
...
Provisions / Non-performing loans
61.1
66.4
73.8
79.2
102.9
124.5
129.9
129.6
131.4
125.7
(Non-performing loans - Provisions) / Total financing
5.0
4.4
4.7
3.7
-0.3
-1.3
-1.0
-0.8
-0.8
-0.8
(Non-performing loans - Provisions) / Equity
26.2
21.6
17.2
11.9
-1.0
-4.1
-3.3
-3.0
-3.3
-2.8
Source: "Report on Banks", Central Bank.
54
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 33: Income Statement - Private Banks
(as a percentage of net assets)
Financial margin Interest income CER and CVS return Assets return Differences in valuation Other financial income Net income on services Non-collectibility expenses Operating expenses Tax burdens Income tax Adjustments on Public Debt valuation ( 1 ) Judicial Injunctions Amortization Miscellaneous Monetary adjustments Total Return Adjusted Return ( 2 ) ROE
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
6.2 4.1
6.4 4.3
...
...
0.2 1.4 0.5 2.9 -2.5 -6.0 -0.4 -0.4
0.3 1.2 0.7 3.2 -3.0 -6.4 -0.5 -0.3
7.6 -0.2 1.1 4.4 2.5 -0.1 2.0 -5.0 -4.8 -0.4 -0.2
2.3 0.1 0.9 -0.3 1.7 -0.2 2.0 -1.3 -4.6 -0.3 -0.3
2.9 1.0 0.8 0.6 0.8 -0.3 2.4 -0.9 -4.6 -0.3 -0.2
4.3 1.7 1.0 0.5 1.0 0.1 2.7 -0.6 -5.1 -0.4 -0.2
5.9 2.1 0.6 0.6 2.4 0.2 3.4 -0.6 -5.9 -0.6 -0.3
5.8 2.7 0.4 0.6 1.9 0.1 3.8 -0.8 -6.3 -0.7 -0.2
7.3 4.4 0.4 0.9 0.9 0.8 4.3 -1.1 -7.0 -1.0 -0.7
9.9 5.0 0.1 0.8 3.7 0.3 4.6 -1.4 -7.4 -1.2 -1.5
... ...
... ...
... ...
...
0.4
0.7
-1.0 0.7
-0.2 -1.0 0.9
-0.1 -0.9 1.2
-0.1 -0.9 1.0
-0.2 -0.4 0.5
-0.1 0.1
...
...
...
...
...
...
...
...
...
0.1 0.1
0.2 0.2
-3.0 -7.5 -11.3 -11.3
-0.6 -0.7 1.0 -2.5 -1.2
-1.0 0.2
0.5 1.6
2.2 3.2
1.6 2.6
1.9 2.5
3.0 3.2
0.8
1.4
-79.0
-19.1
-8.1
4.1
15.3
10.9
15.2
23.3
...
(1) Communication "A" 3911. Valuation adjustments according to Communication "A" 4084 are included in "Assets Return". (2) Judicial injunctions amortization and Public Sector revaluation are not included. Source: "Report on Banks", Central Bank.
55
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 34: Ratios - Private Banks (as a percentage)
1998
1999
2000
2001
2002
2003
2004
2005
2006
1 - Liquidity
22.8
24.3
24.1
23.6
24.8
27.6
29.2
21.5
23.7
2 - Credit to Public Sector
13.6
16.1
14.7
20.8
50.0
47.7
41.6
28.5
3 - Loans to Private Sector
47.6
44.6
38.4
45.4
22.4
19.9
22.5
4 - Private Sector Nonperforming Loans
7.7
8.9
9.8
14.0
37.4
30.4
5 - Capital Exposure to Private Sector
13.2
11.5
13.4
11.4
18.6
6 - ROA
0.5
0.3
0.1
0.2
7 - ROE
4.3
2.3
0.8
139.0
146.0
14.6
8 - Efficiency 9 - Capital requirements compliance 10 - Excess of minimum capital requirement 11 - Minimum capital requirement (estimated)
2007
2008
2009
25.7
34.1
29.8
16.3
9.5
6.3
6.3
31.1
37.9
46.6
44.0
43.2
15.3
6.3
3.6
2.5
2.8
3.3
11.2
1.9
-2.2
-3.0
-3.6
-3.4
-3.1
-11.3
-2.5
-1.0
0.5
2.2
1.6
1.9
3.0
1.4
-79.0
-19.1
-8.1
4.1
15.3
10.9
15.2
23.3
152.0
151.0
168.0
93.0
115.0
136.0
158.0
152.0
166.0
196.0
18.9
18.0
17.6
...
14.0
15.1
17.8
18.6
19.2
18.3
22.5
27.0
60.0
49.0
43.0
...
88.0
157.0
155.0
116.0
87.0
86.0
120.0
11.5
11.8
12.1
12.3
...
7.4
5.9
7.0
8.6
10.3
9.8
10.2
1 - (Liquid assets in Central Bank + Other liquid assets + LEBAC/NOBAC from repos) / Total deposits. 2 - (Public bonds (LEBAC/NOBAC not included) + Loans to Public Sector + Compensations) / Net Asset. 3 - Loans to Private Sector / Net Asset. 4 - Private Sector Non-performing loans / Loans to Private Sector. 5 - (Non-performing - provisions) / Equity. Non-performing includes categories 3 to 6. 6 - Total Return / Net Assets. 7 - Total Return / Equity. 8 - (Financial Margin (Net interest income + CER/CVS Return + Other assets return + Differences in valuation + Other financial return) + Net Non-interest income) / Operating expenses. 9 - Minimum capital requirement compliance / Risk weighted assets (according to Central Bank regulations). 10 - (Minimum capital compliance - requirement (considering forbearances) / Requirement. 11 - Minimum capital compliance / Risk Weighted Assets. Source: "Report on Banks", Central Bank.
56
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 35: Non-Performing Loans - Private Banks As a percentage
Dec. 2000
Dec. 2001
Dec. 2002
Dec. 2003
Dec. 2004
Dec. 2005
Dec. 2006
Dec. 2007
Dec. 2008
Dec. 2009
Non-performing loans
8.3
9.9
19.8
15.7
8.9
4.4
2.9
2.2
2.5
3.1
Non-performing - Private Sector
9.8
14.0
37.4
30.4
15.3
6.3
3.6
2.5
2.8
3.3
Commercial loans
8.4
15.4
44.7
39.0
18.2
7.3
3.8
2.0
...
...
Consumer and Mortgage
11.9
12.4
26.0
17.2
10.0
4.2
3.2
3.2
...
...
Provisions / Non-performing loans
67.7
75.7
73.4
79.0
97.0
114.3
129.3
141.3
134.1
128.9
(Non-performing loans - Provisions) / Total financing
2.7
2.4
5.3
3.3
0.4
-0.6
-0.9
-0.9
-0.9
-0.9
(Non-performing loans - Provisions) / Equity
13.4
11.4
18.6
11.2
1.3
-2.2
-3.0
-3.6
-3.4
-3.1
Source: "Report on Banks", Central Bank.
57
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 36: Concentration of Deposits (as a percentage) End of: 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
December December December December December December December December December December December December December December December December December December December December December November
Top 5 37.11 35.96 36.17 35.63 34.96 38.68 36.85 42.61 42.33 45.18 48.91 50.26 52.33 49.92 54.16 55.65 55.16 54.52 55.95 54.97 54.06 54.31
Top 10 50.72 49.76 49.39 49.78 48.62 51.69 50.18 58.21 58.40 61.62 70.51 71.74 73.18 73.42 77.04 75.49 73.72 72.80 73.73 75.69 75.62 76.03
Top 15 ... ... ... ... ...
60.56 58.73 68.13 68.76 71.43 79.54 80.37 82.77 83.66 85.31 85.17 85.02 84.16 84.53 86.42 86.24 86.49
Top 20
Others
Number of Bank
65.34 67.46 65.63 67.68 66.25 66.77 65.14 74.34 75.25 78.30 84.46 85.87 88.55 89.51 90.25 90.31 89.99 89.32 89.47 90.90 91.03 91.62
34.66 32.54 34.37 32.32 33.75 33.23 34.86 25.66 24.75 21.70 15.54 14.13 11.45 10.49 9.75 9.69 10.01 10.68 10.53 9.10 8.97 8.38
175 176 170 166 167 167 168 127 120 113 104 92 89 85 78 75 73 71 72 72 72 72
Source: ABA based on "Statements of Financial Institutions", "Financial Statements of Financial Institutions" and "Information on Financial Institutions", Central Bank.
58
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 37: Concentration of Assets (as a percentage) End of: 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
December December December December December December December December December December December December December December December December November
Top 5
Top 10
Top 15
Top 20
Others
Number of Bank
38.19 36.43 39.88 38.71 40.89 42.82 45.64 45.63 48.71 57.16 57.85 55.64 54.80 52.23 50.81 49.96 50.68
51.28 50.57 55.18 55.67 57.73 64.03 68.20 69.35 70.90 77.72 76.89 73.44 71.59 69.85 70.97 70.54 71.50
59.73 58.83 64.00 66.37 67.64 73.56 77.44 79.00 80.97 86.10 85.12 83.75 82.19 80.64 82.47 82.64 83.30
65.71 64.89 69.29 72.38 74.05 80.03 83.23 85.09 87.01 90.38 89.90 88.96 87.54 86.61 87.62 87.80 88.34
34.29 35.11 30.71 27.62 25.95 19.97 16.77 14.91 12.99 9.62 10.10 11.04 12.46 13.39 12.38 12.20 11.66
167 168 127 120 113 104 92 89 85 78 75 73 71 72 72 72 72
Source: ABA based on "Statements of Financial Institutions", "Financial Statements of Financial Institutions" and "Information on Financial Institutions", Central Bank.
59
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 38: Tranches of Deposits
As of October 31, 2009 Tranches From
Individual To
Number
Amount
Legal Persons Number
In millions of Pesos
Amount
Total Number
In millions of Pesos
Amount In millions of Pesos
0 300 301 500 501 1,000 1,001 2,500 2,501 5,000 5,001 10,000 10,001 25,000 25,001 50,000 50,001 100,000 100,001 250,000 250,001 500,000 500,001 1,000,000 1,000,001 2,500,000 2,500,001 5,000,000 5,000,001 10,000,000 10,000,001 25,000,000 25,000,001 50,000,000 50,000,001 100,000,000 100,000,001
14,638,094 789,513 1,231,571 2,001,958 1,480,179 1,200,607 1,097,451 492,867 259,479 125,495 24,728 7,294 2,861 647 357 367 265 248 201
402 292 855 3,118 4,943 7,605 15,272 14,887 14,944 14,953 6,523 3,764 2,853 1,639 889 682 341 146 71
1,071,197 123,101 221,615 156,433 127,927 83,791 99,833 61,648 50,357 47,171 21,964 14,465 11,104 4,433 2,599 1,986 649 299 246
72 57 197 281 528 644 1,685 2,257 3,517 7,212 6,961 8,357 14,354 12,002 13,412 19,487 11,934 14,578 40,078
15,709,291 912,614 1,453,186 2,158,391 1,608,106 1,284,398 1,197,284 554,515 309,836 172,666 46,692 21,759 13,965 5,080 2,956 2,353 914 547 447
474 349 1,052 3,399 5,470 8,249 16,956 17,143 18,461 22,164 13,483 12,121 17,207 13,641 14,301 20,170 12,275 14,723 40,150
Total
23,354,182
94,177
2,100,818
157,611
25,455,000
251,788
Source: ABA based on "Information on Financial Institutions", Central Bank.
60
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 39: Deposits of Private Sector, Geographical Distribution
Provinces
Total Capital Federal Buenos Aires Greater Buenos Aires Rest of Buenos Aires Catamarca Córdoba Corrientes Chaco Chubut Entre Ríos Formosa Jujuy La Pampa La Rioja Mendoza Misiones Neuquén Río Negro Salta San Juan San Luis Santa Cruz Santa Fe Santiago del Estero Tierra del Fuego Tucumán
IV Q 2008
IV Q 2009
Change
In millions of Pesos 164,228.5 197,378.2 33,149.7 81,133.6 96,713.1 15,579.5 35,392.8 41,714.9 6,322.0 18,136.1 21,811.4 3,675.3 17,256.7 19,903.5 2,646.8 437.8 497.5 59.7 10,300.4 12,796.4 2,496.0 1,110.5 1,246.3 135.7 1,454.3 1,579.2 124.8 2,079.3 2,584.5 505.2 2,388.6 2,990.1 601.5 390.6 383.4 -7.2 859.4 1,136.2 276.8 1,040.3 1,333.0 292.7 374.8 425.8 51.0 4,458.0 5,477.7 1,019.7 996.8 1,319.3 322.6 1,734.5 2,202.3 467.8 1,590.0 1,916.8 326.7 1,596.3 2,212.9 616.6 1,223.4 1,520.8 297.4 717.4 880.3 163.0 1,189.4 1,408.0 218.6 10,124.3 12,440.5 2,316.2 887.2 1,125.3 238.1 777.2 918.1 140.9 1,971.5 2,555.8 584.3
Change
Share %
20.2 19.2 17.9 20.3 15.3 13.6 24.2 12.2 8.6 24.3 25.2 -1.8 32.2 28.1 13.6 22.9 32.4 27.0 20.5 38.6 24.3 22.7 18.4 22.9 26.8 18.1 29.6
100.0 49.0 21.1 11.1 10.1 0.3 6.5 0.6 0.8 1.3 1.5 0.2 0.6 0.7 0.2 2.8 0.7 1.1 1.0 1.1 0.8 0.4 0.7 6.3 0.6 0.5 1.3
Source: ABA based on "Statistical Bulletin", Central Bank.
61
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 40: Loans by Type Type of Loan
December 2006 Millions of Pesos
Public Sector
%
December 2007 Millions of Pesos
%
December 2008
November 2009
Millions of Pesos
%
Millions of Pesos
%
20,874
20.9
16,583
13.0
17,083
11.4
20,268
12.7
Financial Sector
4,962
5.0
5,030
3.9
4,793
3.2
3,801
2.4
Private Sector ( 1 )
77,832
77.9
110,406
86.3
132,844
88.6
141,168
88.5
Overdraft
11,012
11.0
14,295
11.2
15,503
10.3
17,949
11.3
Promissory Notes
17,220
17.2
23,218
18.1
24,628
16.4
25,783
16.2
Mortgage Loans
10,345
10.4
14,616
11.4
18,861
12.6
18,630
11.7
3,824
3.8
6,041
4.7
7,799
5.2
7,304
4.6
Consumer Loans
12,716
12.7
20,760
16.2
26,874
17.9
29,010
18.2
Others
20,954
21.0
29,364
23.0
36,534
24.4
39,903
25.0
1,760
1.8
2,112
1.7
2,645
1.8
2,590
1.6
-3,728
-3.7
-4,088
-3.2
-4,744
-3.2
-5,699
-3.6
99,940
100.0
127,931
100.0
149,975
100.0
159,538
100.0
Pledge Loans
Interest accrued Provisions Total
(1) It includes loans to foreign residents. Source: ABA based on "Information on Financial Institutions", Central Bank.
62
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 41: Financing by Activity Amounts
Activity
Interest Rates
Change
III Q 2008
Unidentified
III Q 2009
Millions of Pesos
NonPerforming Loans %
Share %
% III Q 2008
% III Q 2009
III Q 2008
III Q 2009
Difference %
Change %
Difference from average %
1,825.6 33.2
4.7
31.6
20.5
19.3
23.3
4.0
20.5
-0.1
5,502.6
7,328.2
Individual Employees
45,754.5
50,165.0
4,410.5
9.6
32.4
7.5
8.3
27.6
28.8
1.3
4.5
5.4
Primary Production
16,187.9
19,177.3
2,989.4 18.5
12.4
3.4
3.7
17.0
18.2
1.2
6.9
-5.3
Manufacturing Industry
22,406.3
24,671.5
2,265.2 10.1
16.0
3.7
5.2
15.5
16.4
0.9
5.9
-7.0
Electricity, gas and water
1,846.6
2,238.4
391.8 21.2
1.4
6.7
4.0
18.3
18.4
0.1
0.8
-5.0
Construction
3,181.8
3,403.6
221.9
7.0
2.2
8.3
11.7
23.1
23.6
0.5
2.1
0.1
Commerce
10,505.9
9,197.5
-1,308.4 -12.5
5.9
2.1
5.6
20.1
20.5
0.4
2.1
-3.0
Services
18,862.7
16,149.6
-2,713.1 -14.4
10.4
10.7
7.8
22.5
24.3
1.8
7.9
0.8
Public Administration, Defense and Social Security
11,427.1
16,933.5
5,506.4 48.2
10.9
1.0
0.7
28.9
26.4
-2.5
-8.6
2.9
6,698.8
5,395.3
-1,303.5 -19.5
3.5
2.8
5.0
17.8
20.2
2.4
13.6
-3.3
Total
142,374.2
154,660.1
12,285.9
8.6
100.0
6.7
6.7
22.3
23.5
1.1
5.0
...
Private Sector
124,248.2
132,331.2
8,082.9
6.5
85.6
7.4
7.5
22.0
23.2
1.2
5.6
-0.2
Financial Intermediation
Source: ABA based on "Statistical Bulletin", Central Bank.
63
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 42: Financing by Activity As a percentage
Primary Production 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
9.0 11.1 12.6 12.4 10.8 10.3 9.2 9.1 9.1 8.1 8.9 8.2 5.7 6.6 7.8 10.4 10.9 11.5 12.5 12.9
Manufacturing Industry 23.9 20.8 20.6 19.5 18.0 18.5 19.4 18.1 16.5 14.6 11.5 9.3 7.7 8.8 12.6 16.2 17.0 16.5 16.0 15.0
Electricity, Gas and Water
Construction Commerce
7.4 3.0 1.3 2.5 2.0 2.1 2.1 2.0 2.2 1.8 1.6 1.5 2.2 1.2 1.1 0.9 1.2 1.4 1.4 1.3
5.9 6.4 5.1 4.2 4.2 4.3 4.1 3.5 3.6 3.7 3.5 3.0 2.5 2.2 2.4 2.3 2.2 2.1 2.0 2.4
6.6 11.4 15.1 17.0 15.7 13.9 12.3 11.6 10.5 9.8 8.7 6.3 4.3 4.5 5.2 6.2 6.9 7.5 6.6 6.1
Services
Individual Employees
23.3 21.5 20.1 21.5 23.6 25.0 26.8 27.1 26.5 28.0 37.7 42.2 54.6 52.0 46.4 36.5 32.4 26.4 23.2 25.0
21.7 22.6 20.7 18.1 20.2 20.2 21.7 23.9 24.9 28.3 24.8 24.1 16.6 16.4 16.6 23.4 26.0 31.3 34.0 32.5
Nonidentified 2.2 3.2 4.5 4.8 5.5 5.7 4.5 4.7 6.8 5.7 3.2 5.4 6.4 8.2 8.0 4.1 3.3 3.4 4.3 4.8
Source: ABA based on "Statistical Bulletin", Central Bank.
64
Total
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 43: Non-Performing Loans by Activity As a percentage on total financing of each activity Primary Manufacturing Electricity, Production Industry Gas and Water 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
27.0 24.4 23.4 22.1 30.5 33.0 24.6 21.7 17.4 23.4 27.2 30.6 50.2 42.1 21.9 7.5 4.3 2.5 3.3 4.0
23.1 17.7 18.4 21.1 23.7 21.4 15.9 14.7 14.6 15.7 20.7 29.0 48.3 41.8 20.0 7.0 5.8 3.6 3.7 5.7
Construction Commerce Services
3.3 62.8 7.4 3.3 4.1 1.3 1.8 0.8 1.2 1.3 2.1 2.7 59.1 68.6 56.1 45.9 25.5 12.2 5.5 4.1
13.6 10.7 13.4 16.5 19.7 23.8 15.9 14.0 11.5 12.1 22.3 24.9 58.0 75.2 54.6 43.9 29.9 18.3 9.2 14.2
19.7 18.1 16.8 18.0 23.9 31.9 25.5 22.8 20.0 22.4 28.1 30.1 49.7 45.1 27.8 8.5 3.7 2.1 3.2 5.4
17.8 26.9 16.2 13.1 10.0 10.8 6.9 6.2 4.7 4.7 6.9 10.3 11.6 8.7 5.3 3.5 5.3 4.6 4.7 4.7
Individual Employees
Nonidentified
Total
2.8 7.6 7.2 9.1 12.5 29.9 22.7 15.0 14.7 15.0 21.8 25.8 37.8 24.3 17.5 10.2 10.2 7.5 7.8 8.9
45.9 26.6 15.8 17.5 17.6 21.4 20.5 18.4 11.2 18.3 25.3 30.8 39.5 41.8 24.6 23.8 15.6 31.1 22.6 17.3
16.0 19.4 15.5 15.8 18.0 22.7 16.8 13.9 12.1 13.4 16.9 20.1 26.6 22.9 14.9 8.5 7.6 6.2 6.2 7.0
Source: ABA based on "Statistical Bulletin", Central Bank.
65
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 44: Loans to Private Sector, Geographical Distribution Amounts Provinces
III Q 2008
III Q 2009
Change
Change
Millions of Pesos Total Capital Federal Buenos Aires Greater Buenos Aires Rest of Buenos Aires Catamarca Córdoba Corrientes Chaco Chubut Entre Ríos Formosa Jujuy La Pampa La Rioja Mendoza Misiones Neuquén Río Negro Salta San Juan San Luis Santa Cruz Santa Fe Santiago del Estero Tierra del Fuego Tucumán
124,248.2 64,096.9 21,178.2 11,106.7 10,071.5 291.8 7,472.0 729.6 1,077.7 1,552.8 2,119.0 301.6 702.6 1,025.4 391.7 2,954.9 1,475.7 1,646.8 847.7 1,661.0 692.9 380.0 702.4 9,160.3 735.5 704.1 2,347.3
132,331.2 69,778.2 21,764.8 10,612.8 11,152.0 297.2 8,233.1 712.8 1,313.0 1,694.7 2,156.7 320.1 680.5 1,101.0 398.7 2,900.7 1,509.7 1,604.4 1,010.0 1,837.6 687.7 408.9 847.9 9,106.5 772.3 732.7 2,461.8
8,082.9 5,681.3 586.6 -493.9 1,080.5 5.4 761.1 -16.8 235.2 142.0 37.7 18.5 -22.1 75.6 7.0 -54.2 34.0 -42.5 162.3 176.6 -5.2 28.9 145.5 -53.9 36.8 28.6 114.5
Share
Nonperforming Loans
% 6.5 8.9 2.8 -4.4 10.7 1.9 10.2 -2.3 21.8 9.1 1.8 6.1 -3.1 7.4 1.8 -1.8 2.3 -2.6 19.1 10.6 -0.8 7.6 20.7 -0.6 5.0 4.1 4.9
100.0 52.7 16.4 8.0 8.4 0.2 6.2 0.5 1.0 1.3 1.6 0.2 0.5 0.8 0.3 2.2 1.1 1.2 0.8 1.4 0.5 0.3 0.6 6.9 0.6 0.6 1.9
7.2 8.0 6.1 7.2 4.8 5.5 5.4 17.2 5.7 7.3 3.5 6.2 5.1 3.3 20.7 8.7 5.8 6.3 6.6 5.9 17.9 7.0 4.1 3.9 10.2 6.6 10.7
Source: ABA based on "Statistical Bulletin", Central Bank.
66
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 45: Interest Rates on Loans to Private Sector, Geographical Distribution Provinces
III Q 2008
III Q 2009
Difference
Change
Difference from Average
5.6 6.4 10.3 10.9 10.1 12.2 2.8 20.5 -1.4 2.0 6.8 4.0 3.4 -2.4 2.3 8.0 0.7 3.0 -7.7 -1.1 0.3 -2.0 14.5 2.6 11.6 4.9 -9.8
... -1.7 4.0 5.2 2.8 3.6 -0.5 5.6 -0.9 1.5 1.6 4.1 4.8 -0.3 2.1 1.1 1.8 2.5 0.0 2.6 2.9 5.7 7.7 -1.7 7.0 4.1 0.8
In % Total Capital Federal Buenos Aires Greater Buenos Aires Rest of Buenos Aires Catamarca Córdoba Corrientes Chaco Chubut Entre Ríos Formosa Jujuy La Pampa La Rioja Mendoza Misiones Neuquén Río Negro Salta San Juan San Luis Santa Cruz Santa Fe Santiago del Estero Tierra del Fuego Tucumán
22.0 20.2 24.7 25.6 23.6 23.9 22.1 23.9 22.7 24.2 23.3 26.2 27.1 23.5 24.7 22.5 24.9 25.0 25.2 26.1 26.0 29.5 27.0 20.9 27.0 26.0 26.7
23.2 21.5 27.2 28.4 26.0 26.8 22.7 28.9 22.4 24.7 24.8 27.3 28.0 23.0 25.3 24.4 25.0 25.7 23.2 25.8 26.1 28.9 30.9 21.5 30.2 27.3 24.0
1.2 1.3 2.6 2.8 2.4 2.9 0.6 4.9 -0.3 0.5 1.6 1.1 0.9 -0.6 0.6 1.8 0.2 0.7 -1.9 -0.3 0.1 -0.6 3.9 0.5 3.1 1.3 -2.6
Source: ABA based on "Statistical Bulletin", Central Bank.
67
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 46: Financing by Tranches As of October 31, 2009 Tranches From
Individual To
Number
Amount
Legal Persons Number
In millions of Pesos 0 301 501 1,001 2,501 5,001 10,001 25,001 50,001 100,001 200,001 500,001 1,000,001 2,500,001 5,000,001 10,000,001 25,000,001 50,000,001 100,000,001 Total
300 500 1,000 2,500 5,000 10,000 25,000 50,000 100,000 200,000 500,000 1,000,000 2,500,000 5,000,000 10,000,000 25,000,000 50,000,000 100,000,000
Individual
Legal Persons
Amount
Number
Amount
Number
Amount
In millions of Pesos
%
%
%
%
799,380 501,974 1,049,402 1,907,716 1,573,390 1,395,356 1,245,952 382,581 135,742 62,214 17,075 2,354 694 122 34 17 2 ... ...
158.4 225.8 828.0 3.281.2 5.739.2 10.021.9 19.360.4 13.011.9 9.327.4 8.554.8 4.794.0 1.581.1 1.003.0 413.2 232.8 248.8 54.8 ... ...
29,890 3,612 4,566 7,863 8,887 10,013 13,897 10,960 10,937 10,251 10,230 4,926 3,614 1,496 911 681 277 157 162
4.1 1.6 3.6 13.6 32.9 73.1 228.9 396.4 786.4 1.467.7 3.259.8 3.472.2 5.620.7 5.298.6 6.353.8 10.564.8 9.630.1 10.937.4 65.216.2
8.8 5.5 11.6 21.0 17.3 15.4 13.7 4.2 1.5 0.7 0.2 0.0 0.0 0.0 0.0 0.0 0.0 ... ...
0.2 0.3 1.1 4.2 7.3 12.7 24.6 16.5 11.8 10.9 6.1 2.0 1.3 0.5 0.3 0.3 0.1 ... ...
22.4 2.7 3.4 5.9 6.7 7.5 10.4 8.2 8.2 7.7 7.7 3.7 2.7 1.1 0.7 0.5 0.2 0.1 0.1
0,0 0,0 0,0 0,0 0,0 0,1 0,2 0,3 0,6 1,2 2,6 2,8 4,6 4,3 5,2 8,6 7,8 8,9 52,9
9,074,005
78,836.4
133.330
123,361.8
100,0
100.0
100.0
100.0
Source: ABA based on "Information on Financial Institutions", Central Bank.
68
ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 47: Financing by Tranches and Situation
As of October 31, 2009 (as percentages) Tranches From
To
0 301 501 1,001 2,501 5,001 10,001 25,001 50,001 100,001 200,001 500,001 1,000,001 2,500,001 5,000,001 10,000,001 25,000,001 50,000,001 100,000,001
300 500 1,000 2,500 5,000 10,000 25,000 50,000 100,000 200,000 500,000 1,000,000 2,500,000 5,000,000 10,000,000 25,000,000 50,000,000 100,000,000
Total
Performing (1) Number Debt of Amount Debtors
Non-Performing (2) Number Debt of Amount Debtors
Non-Collectible (3) Number Debt of Amount Debtors
85.3 85.3 84.5 84.7 84.7 85.7 89.0 88.0 87.4 90.5 88.9 91.1 90.3 91.6 93.8 95.5 95.8 94.3 99.1
85.1 85.3 84.5 84.8 84.7 85.9 89.2 87.8 87.6 90.6 89.0 91.2 90.5 91.6 94.0 95.1 96.0 94.8 99.4
4.7 4.5 4.7 5.0 5.3 5.0 3.6 2.6 1.9 1.4 2.1 2.0 3.0 2.9 1.4 1.3 1.5 0.6 ...
4.6 4.5 4.7 5.0 5.3 4.9 3.4 2.6 1.8 1.4 2.1 2.0 3.0 2.8 1.4 1.6 1.5 0.6 ...
10.0 10.2 10.8 10.2 10.0 9.3 7.4 9.4 10.7 8.1 9.0 6.9 6.7 5.6 4.8 3.2 2.7 5.0 0.9
10.3 10.2 10.7 10.2 10.0 9.2 7.3 9.6 10.6 8.1 8.9 6.9 6.6 5.5 4.6 3.2 2.5 4.5 0.6
85.5
92.4
4.7
2.0
9.8
5.6
(1) Includes categories 1 and 2. (2) Includes categories 3 and 4. (3) Includes categories 5 and 6. Source: ABA based on "Information on Financial Institutions", Central Bank.
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ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 48: Concentration of Credit Assistance As of October 31, 2009
Individual Number of Institutions
Number
Amount
Legal Persons Number
In millions of Pesos
Individual
Legal Persons
Amount
Number
Amount
Number
Amount
In millions of Pesos
%
%
%
%
1 2 3 4 5 o mรกs
5,995,259 2,095,283 683,744 210,647 89,072
30,347.4 25,927.9 13,247.6 5,525.1 3,788.4
98,643 21,260 7,265 2,941 3,221
22,113.3 21,996.7 8,994.1 9,596.5 60,661.2
66.1 23.1 7.5 2.3 1.0
38.5 32.9 16.8 7.0 4.8
74.0 15.9 5.4 2.2 2.4
17.9 17.8 7.3 7.8 49.2
Total
9,074,005
78,836.4
133,330
123,361.8
100.0
100.0
100.0
100.0
Source: ABA based on "Information on Financial Institutions", Central Bank.
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ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 49: Minimum Reserve Requirements
(as a percentage)
Since Item 1. Deposits in current accounts (except 16) and demand deposits in cooperative credit unions. 2. Deposits in savings accounts. 2.1. In Pesos (except 16). 2.2. In Foreign Currency. 3. Custody accounts, special accounts for closed savings groups, "Unemployment fund for construction workers", "Accounts for salaries payments", special current accounts for legal persons and pension savings accounts. 3.1. In Pesos (except 16). 3.2. In Foreign Currency. 4. Other demand deposits and obligations, pension payments granted by ANSES outstanding payment and immobilized funds corresponding to obligations comprised in these rules. 4.1. In Pesos (except 16). 4.2. In Foreign Currency. 5. Unused overdraft funds. 6. Deposits in current accounts made by non-banking financial institutions computable for compliance of their minimum reserve requirements. 7. Time deposits, "acceptance" obligations – including liabilities for credit sale or assignment to persons other than financial institutions – repos, stockrelated collaterals and repos, constant term investments, with advance settlement option or with renewal term for a fixed term and with variable compensation, and other term obligations, except for deposits comprised in items 11, 12, 13 and 15, according to their remaing term: 7.1. In Pesos: i) Up to 29 days. ii) From 30 to 59 days. iii) From 60 to 89 days. iv) From 90 to 179 days. v) More than 180 days. Deposits with "CER" indexation clause are included in this item. 7.2. In Foreign Currency: i) Up to 29 days. ii) From 30 to 59 days. iii) From 60 to 89 days. iv) From 90 to 179 days. v) From 180 to 365 days. vi) More than 365 days. 8. Obligations under foreign lines of credit (except those included in items 7 and 9)
January 2009
November 2009
19
19
19 30
19 20
19 30
19 20
19 30 19
19 20 19
100
100
14 11 7 2 0
14 11 7 2 0
35 28 20 10 6 0 0
20 15 10 5 2 0 0
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ANNUAL REPORT 2009 STATISTICAL APPENDIX
TABLE 49: Minimum Reserve Requirements (continued)
(as a percentage)
9. Debt securities (including notes). a) Debt issued as of 01.01.02, including debts arising from restructured obligations, according to their remaining term: 9.1. In Pesos: i) Up to 29 days. ii) From 30 to 59 days. iii) From 60 to 89 days. iv) From 90 to 179 days. v) More than 180 days. 9.2. In Foreign Currency: i) Up to 29 days. ii) From 30 to 59 days. iii) From 60 to 89 days. iv) From 90 to 179 days. v) From 180 to 365 days. vi) More than 365 days. b) Others. 10. Obligations towards the Trust Fund For Assistance to Financial Institutions and Insurance Companies. 11. Demand and time deposits made under Court order with funds originating in lawsuits, and their immobilized funds. 11.1. In Pesos. 11.2. In Foreign Currency. 12 Deposits of Trust Funds. 12.1. In Pesos: 12.2. In Foreign Currency: 13. Special deposits linked to foreign capital inflows -Decree 616/0514. Deposits and other demand obligations in pesos (except "Unemployment fund for construction workers") the interest rates for which were higher than 35% of the average BADLAR interest rate of private banks 15. Transferable time deposit certificates of public sector, denominated in pesos, with an option to be payed off within 30 days of its initial date.
14 11 7 2 0
14 11 7 2 0
35 28 20 10 6 0 0
20 15 10 5 2 0 0
0
0
10 15
10 10
19 40 100
19 20 100
100
100
16
16
Note: A two-month period was complied with as regards the averages for June-July and October-November.
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ANNUAL REPORT 2009 APPENDIX
APPENDIX Principal Banking, Exchange and Financial Measures.
Communication "A" 4895. RUNOR - 1 - 872. (Jan. 12, 2009). The Argentine Central Bank (B.C.R.A.) modified the negulations on Prevention of money laundering and of other illegal activities. In this regard, it extended, until April 1, 2009, the demand for identification of the depositor when the latter isn’t the account holder, as well as the determination of "Politically Exposed People" (PEPs). Additionally, it flexibilized some aspects of the rules regarding PEPs, sworn statements and already linked clientele (stocks). Communication "A" 4898. CONAU - 1 - 876, LISOL - 1 - 496 and OPRAC - 1 - 621. (Jan. 23, 2009). This communication established the accounting valuation of the instruments of the national public debt and of the refinancing of Guaranteed Loans issued by the national government (Decree 1387/01 and complementary decrees). Communication "A" 4901. CAMEX - 1 - 631. (Feb. 6, 2009). The B.C.R.A. excepted from setting up the 30% reserve requirement foreseen in Decree 616/05 on non-residents’ inflow of foreign currency on the exchange market, when it is verified that the pesos resulting from the exchange operation are applied within the following ten working days to a series of concepts included in the classification of current transactions in international accounts. Communication "A" 4902. CAMEX - 1 - 632. (Feb. 6, 2009). As of Feb. 6, 2009, a series of measures were ordered related to export prefinancing. In this regard, there was a reduction from 3 years to 1 year in the minimum length of the average duration demanded for loans from abroad awarded by International Organizations, Credit Agencies or foreign banks to enter the local exchange market under the heading of export prefinancing. Additionally, it was decided to allow the entry into the local exchange market of indebtedness operations with the exporter’s overseas head offices or branches, under the heading of export prefinancing.
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ANNUAL REPORT 2009 APPENDIX
Communication "A" 4904. CONAU - 1 - 880. (Feb. 6, 2009). The B.C.R.A. added a new Information System called "Data Base on Operational Risk Events" which banks must comply with on a quarterly basis. Banks were ordered to set up the data base as of Jan. 1, 2010. The first submission was to correspond to the quarter ending on March 31, 2010, the deadline being April 20, 2010. Nevertheless, the B.C.R.A. considered it desirable for banks which have made progress in the matter to move forward with the setting up of the base. The System comes under the rulings on "information reprocessing expenses" as of the submission on Sept. 30, 2010. Communication "A" 4907. CAMEX - 1 - 633. (Feb. 12, 2009). Starting on Feb. 13, 2009, the Central Bank extended to 180 calendar days, from 60, the additional time limit that may be issued by the financial entities in charge of monitoring export advances and prefinancing for the shipment to take place, when there are causes beyond the exporter’s power that justify the delays in carrying out the shipments, such as plant paralysis caused by strikes, problems with domestic transport, lack of ship holds, weather-related disasters. Communication "A" 4916. LISOL - 1 - 497, OPASI - 2 - 396 and OPRAC - 1 - 622. (Feb. 26, 2009). The guiding institution regulated term deposits to be set up with the repatriation of capital through the transfers from abroad and deposits in the country contemplated in art. 29 of Law 26,476. It also established that the destination of these loans should be special lines of credit to the productive sector in accordance with enabling regulations issued by the national presidency. Lastly, it specified that until those regulations are issued, the loan capacity may not be applied. Communication "A" 4917. CAMEX - 1 - 634. (Feb. 26, 2009). In relation to the rules on declaring unreported capital, the B.C.R.A. established the norms to take into account for the entry through the local exchange market of transfers from abroad. It established that transfers from abroad must correspond to holdings as of Dec. 31, 2007, of: external assets in banking, financial or other institutions under the supervision of Central Banks and/or Securities Commissions; external assets in financial institutions that carry out investment banking operations; other assets acquired prior to Dec. 31, 2007, the sale or
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ANNUAL REPORT 2009 APPENDIX
disposal of which, after that date, gave rise to holdings of external assets at one of the institutions foreseen under the two previous headings. The funds from abroad must originate in accounts in foreign banks subjected to the rules on the Prevention of money laundering and of the financing of terrorism. At the same time, the foreign currency transferred to the correspondent account of the local banks must be sold on the Sole and Free Exchange Market. Communication "A" 4918. CAMEX - 1 - 635. (Feb. 26, 2009). Modifications were instituted, applicable as of Feb. 27, 2009, linked to external financing funds for the non-financial private sector and for the financial sector. Communication "A" 4920. REMON - 1 - 847. (March 5, 2009). It was decided to carry out, effective March 6, 2009, with the frequency considered appropriate, tenders for access options to short-term operations in foreign currencies at a pre-established rate, restricted to financial institutions that, having increased their financing of exports, have suffered drops in their deposits in foreign currencies. Communication "A" 4921. REMON - 1 - 848. (March 5, 2009). In relation to the B.C.R.A.’s participation in the OCT-MAE markets in interest rates swaps, the formula for the drafts function was modified to include mortgage loans on real estate with purposes other than housing. The following were excluded: personal loans (without chattel mortgage security or mortgage guarantee), those for small amounts, financing employing credit cards, mortgage loans on real estate with purposes other than housing, and chattel mortgage loans for the purchasing of cars or vans with loads of up to 1,500 kg. Communication "A" 4922. CAMEX - 1 - 636. (March 19, 2009). A series of rulings were issued linked to tax withholdings on the collection of money for exports. Communication "A" 4923. CAMEX - 1 - 637. (March 19, 2009). Modifications were introduced, effective March 20, 2009, in aspects related to the entry of foreign currency because of non-residents’ investments applied to the purchase of real estate.
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Communication "A" 4925. REMON - 1 - 849. (March 25, 2009). The B.C.R.A. announced that of March 25, 2009, it would participate in the Cleared Term Operations Market of the Electronic Over-the-Counter Market in Interest Rate Futures Operations in pesos through the "Draft Function". Communication "A" 4926. OPRAC - 1 - 623. LISOL - 1 - 498, COPEX - 1 - 271, OPASI - 2 - 397. (March 25, 2009). The rules were modified in reference to the financing of the non-financial public sector, in particular with regard to the financial assistance that financial institutions award to trusts and/or the certificates of participation and/or debt securities they underwrite, which are issued by public trusts or fiduciary funds, established by national law or presidential decree, existing or to be set up. Communication "A" 4927. CAMEX - 1 - 638. (March 26, 2009). The B.C.R.A. allowed access to the local exchange market for the payment of services on capital and interest on locally issued debt securities, when the conditions for the entire issue, specified in this Circular Letter, are met. Communication "A" 4928. RUNOR - 1 - 880. (March 31, 2009). Clarifications were issued with regard to the demand for identification of depositors in the regulations on Prevention of money laundering and of other illegal activities, and this requirement was again extended, to July 1, 2009. In this regard, it was established that the identification of depositors should be carried out for cash deposits for amounts of 30,000 pesos or more, and that deposits made with magnetic cards or in escrow accounts are to be excepted from the identification procedure. Communication "A" 4929. OPASI - 2 - 398 and SINAP - 1 - 14. (April 8, 2009). The guiding institution allowed financial institutions to operate the peso-denominated "Nominative Official Order of Payment" (in Spanish, OPON) through the Electronic Clearing Chambers. The former may be issued by entities of the non-financial public sector against accounts in their name, when this has been expressly agreed upon with the financial entity in which the account is located. The orders of payment must be issued in pesos and to the order of specific persons; they may not be endorsed and the rules that govern checks, bills of exchange, and other circulatory or credit bonds, do not apply to them.
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ANNUAL REPORT 2009 APPENDIX
Communication "A" 4930. REMON - 1 - 850. (April 9, 2009). The creation was ordered of a market for swaps at a fixed interest rate per variable. Additionally, it was established that, in these tenders, only those financial entities may participate that commit themselves to allocate, as a minimum and during the following calendar quarter, an equivalent amount of the notional capital that was allocated to them, to increasing medium and long-term credits to productive activities and infrastructure works. Communication "A" 4933. CAMEX - 1 - 639. (April 17, 2009). The Central Bank modified, effective April 20, 2009, the stipulations referring to exchange operations corresponding to the inflow of foreign currencies in the exchange market that are carried out for direct investments in the country and the sale to direct investors of participations in local companies. Communication "A" 4936. OPASI - 2 - 399. (April 28, 2009). The Nominative Official Order of Payment (in Spanish, OPON) incorporated those documents that may be deposited in savings accounts, basic accounts, special current accounts, bank checking accounts and sight accounts opened in cooperative credit funds. Communication "A" 4938. CAMEX - 1 - 640. (April 30, 2009). Modifications were issued regarding bank’s obligation to exhibit, in the location where exchange operations are carried out with customers, for each currency, during the hours in which operations are carried out, the retail exchange rates offered, net of expenses or commission, for the purchase and sale of banknotes and travelers’ checks in the following currencies: United States dollars, euros, pounds sterling, Swiss francs, and the currencies of bordering countries. It was established as a new measure that the signs must be located in places easily visible by customers and their lettering must be of an appropriate size. They must be posted in all places where exchange operations with banknotes and travelers’ checks are carried out with customers. Banks must abstain from operating with banknotes and travelers’ checks in offices where it isn’t possible to comply with this requirement. Additionally, the retail rates of exchange must be uniform in all branches in the Autonomous City of Buenos Aires.
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ANNUAL REPORT 2009 APPENDIX
Communication "A" 4940. CAMEX - 1 - 641. (May 12, 2009). Measures were established as of May 13, 2009, in relation to access to the exchange market by non-residents and to dollar sale operations. In this regard, it was established that local entities may employ the funds of their General Exchange Position to gain access to the exchange market to cover their needs for foreign currencies for the purchasing and sale of securities on holdings of their own that may be registered in the country’s self-regulating stock exchanges and markets, within specific maximum limits for net purchases or net sales of foreign currencies. Previously it was also permissible to apply those funds to cover the operations of resident and non-resident customers. Communication "A" 4941. SINAP - 1 - 15. (May 15, 2009). The guiding institution established that the Nominative Official Order of Payment (OPON) is to be included in the roster of instruments subject to clearing. The OPON are to be processed through the Electronic Clearing Chambers according to procedures and operational timeframes similar to those applicable to checks, including as pertains to the transmission of the images. Communication "A" 4943. REMON - 1 - 851. (May 15, 2009). The B.C.R.A. decided to carry out, effective as of May 15, 2009, and with the frequency considered appropriate, tenders for options to access short-term market operations offered in pesos at a pre-established rate, under the conditions that are established in this Communication. Communication "A" 4949. CAMEX - 1 - 642. (May 28, 2009). Modifications were introduced in rulings linked to access to the exchange market by nonresidents and to dollar sale operations. Communication "A" 4950. CAMEX - 1 - 643. (May 28, 2009). Effective May 29, 2009, prior authorization was established for access to the local exchange market for the purchase of foreign currency by the non-financial private sector, when the funds purchased are allocated to the purchase, on the secondary market, of securities and bonds issued by residents or their representatives, and this allocation is instrumented, in a direct or indirect manner, with a settlement of the purchase of the securities within 20 working days of the date of access to the local exchange market.
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ANNUAL REPORT 2009 APPENDIX
Communication "A" 4951. CAMEX - 1 - 644. (June 5, 2009). The B.C.R.A. ordered that, in the case of export pre-financing operations that are entered and applied within the framework of the Act of Agreement of May 4, 2009, reached by the national government and representatives of the grain exports sector, the financial institutions in charge of handling the local advances and pre-financing may award extensions of the deadlines for the shipment of wheat or other goods covered by Law 21,453 and its modifications referring to exports of farm products. Communication "A" 4952. REMON - 1 - 852. (June 5, 2009). The Central Bank ordered the launching of tenders for options to access short-term market operations offered in pesos at a pre-established rate. Additionally, it issued the conditions for these tenders, a standout among them being that banks’ participation shall be subject to their demonstrating, during the period of exercising the option to participate, an increase in their peso-denominated loans to the private sector, concurrently with drops in their peso deposits. Communication "B" 9566. (June 18, 2009). It was announced that on June 8, 2009, the Government Bulletin published, effective as of that date, Resolution 280/09 of the Economy and Public Finances Ministry establishing the exclusion from application of the need to set up the 30% deposit instituted by Decree 616/05, of all forms of entry into the country of funds ordered by Multilateral and Bilateral Credit Organizations and Official Credit Agencies, directly or though the agencies linked to them, subject to these funds being linked to operations carried out in furtherance of their purpose. Communication "A" 4954. RUNOR - 1 - 884. (June 19, 2009). Tourism operations were added to the list of operations covered by the data base foreseen in the Regulations on the Prevention of money laundering and of other illegal activities. Communication "B" 9567 (June 19, 2009). (Nov. 13, 2009). The rules on "Prevention of the Financing of Terrorism" were updated in the light of Resolution 25/09 of the Financial Information Unit - in Spanish, UIF- concerning the guidelines and instructions that must be complied with and implemented by the subjects coming under the obligation to report activities susceptible to suspicion of financing terrorism.
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ANNUAL REPORT 2009 APPENDIX
Communication "A" 4957. LISOL - 1 - 502 and OPASI - 2 - 401. (June 26, 2009). Modifications were introduced in the rules on "Term deposits and investments", "Regulations on the bank checking account" and "Guarantees" as refers to reports on the loss of assets. In the case of term deposits, the rules were divided according to whether they are transferable or non-transferable, establishing, for the latter, that if the financial entity has not been informed of their assignment by the owner, they must be paid to the latter, after receiving authentic proof of the corresponding report before the pertinent authority, in accordance with the stipulations of the rules in force in the jurisdiction in question. The rules on the "Bank Checking Account" were likewise modified in the sense of ordering that the owner or, when applicable, the holder dispossessed of the lost, stolen or falsified check or similar instrument must, within 48 working hours of submitting the ratification of the report by means of the respective notice, comply with the obligation to add the verifiable accreditation of the corresponding report before the pertinent authority, in accordance with the stipulations of the rules in force in the jurisdiction in question. Communication "A" 4958. REMON - 1 - 853. (June 26, 2009). Effective as of June 26, 2009, the B.C.R.A. modified the procedure for the tenders for options to access short-term market operations in pesos at a pre-established rate. In this regard, it established that the short-term market operations offered that may in due course be accepted under this procedure must be open to cancellation beforehand, it being possible to institute them anew within a maximum timeframe of 365 days, provided that, at the moment of again requesting the short-term market operations offered that may have been cancelled beforehand, the same conditions are complied with that were necessary for awarding the original short-term market operation offered. The requirement was likewise eliminated that, to gain access to this procedure, a drop in peso deposits must take place (only an increase in loans in the national currency will be demanded), the increase in the latter operations being precisely the maximum amount of the short-term market operation that the bank may request. CommuniquĂŠ 49,513. (July 7, 2009). The Central Bank announced changes in the operation of short-term market operations, offered and taken, that the Central Bank offers to financial entities. Basically, there was a 50point reduction in the rates on 1-day and 7-day short-term market operations offered and taken, and the terms of 14-, 21- and 28-day operations, established the previous year in transitory fashion, were eliminated.
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ANNUAL REPORT 2009 APPENDIX
Communication "A" 4963. CAMEX - 1 - 647. (July 8, 2009). Communication "A" 4951 was modified, establishing that in the cases of entry of foreign funds under the heading of the advance payment and pre-financing of local and foreign exports, which enter through the local exchange market and are in fact applied to the purposes established within the framework of the Agreements signed by the national government with grain, oilseed and edible oil exporters on April 5 and June 16, 2009, the financial entities in charge of the handling of the advances and pre-financing may award extensions of the deadlines for shipment, provided two conditions are complied with: that they correspond to shipments of wheat, corn or other goods encompassed in Law 21,453 and its modifications, which form part of compliance with the above-mentioned agreements; and that the term between the date of agreement on the sale of the foreign currency on the exchange market and the shipment date, including the term established in the exchange rules for the type of product exported and its extension, does not exceed 365 calendar days. Communication "A" 4965. CAMEX - 1 - 648. (July 14, 2009). The B.C.R.A. modified, effective Aug. 3, 2009, the information that must be provided for transfers to and from abroad. Communication "C" 54,015. (Aug. 6, 2009). It was made clear that access to the exchange market for the handling of the servicing of interest and capital on bonds and other debt instruments issued abroad is, in all cases, independent of the place of residence of their holder. Communication "A" 4970. CAMEX - 1 - 649. (Aug. 14, 2009). A reordering was instituted in Communication "A" 4420 referring to the financing of investment projects in order to increase export capacity, including modifications in the area of minimum financing periods and for the submission of the operation to the B.C.R.A., to be applicable to the new operations submitted as of August 18, 2009. Communication "A" 4971. OPASI - 2 - 402 and RUNOR - 1 - 887. (Aug. 18, 2009). The provisions on Regulation of the Bank Checking Account were modified as regards check deposits for the handling of their collection, and the "Registry of Instruments Reported as Lost, Stolen or Falsified" was created. The Communication established, effective Nov.1, 2009, that, in the summary that must be sent to the holder of the checking account, the operations carried out on own account and on account of others must be identified by a specific code.
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ANNUAL REPORT 2009 APPENDIX
In the cases of checks made out to bearer or in favor of a specific person, which their beneficiary turns over to a third party to place for collection through their presentation at the teller’s window or through their deposit in an account for their electronic clearing, it was ordered that the back of the checks must record the signature and name of the mandators or principals and their personal ID number in the case of individuals or the CUIT or CDI number in the case of companies or other entities. Additionally, one of the following phrases is to be inserted: "under procurement" "value for collection" or "placed for collection, " as an expression of the effects of the endorsement. At the same time, it was pointed out that in the case of escrow accounts, banks must monitor that those accounts aren’t used for other ends, such as the placing of checks for collection. It was also established that when deposit slips are employed, the clearing period for the values deposited must be indicated. Additionally, it was announced that, effective Nov. 1, 2009, the B.C.R.A. will run the "Registry of instruments reported as lost, stolen or falsified", which will include information on the checks, on the check formulas that have or have not been delivered to customers, and, when applicable, on nominative registration certificates. The Central Bank shall not be held in any way liable for the potential inconsistencies, falsehoods or mistakes in the data included in this base, since that information is supplied by the banks. Communication "A" 4972. LISOL - 1 - 504 and OPRAC - 1 - 629. (Aug. 20, 2009). Press release 49,543. (Aug. 21, 2009). The rules were modified on the classification of debtors; credit graduation; fractionating of credit risk; minimum capital; non-compliance with minimum capital and technical ratios; encumbrance of assets in guarantee and credit handling. The main modifications are:
Regarding credit graduation, the amount of the option on treatment of the portfolio related to consumption was raised to 750,000 pesos from 500,000 pesos. Regarding classification of debtors and credit handling:
The periodicity demand for review of half-yearly classification of economic groups was raised to 2 million pesos from 1 million pesos. Additional assistance up to 10% of the financing limit awarded to the customer is not considered refinancing. The refinancing of corporate customers that is achieved through an Nonjudicial Preventive Agreement shall receive the same treatment as a meeting of creditors. For customers whose wages are deposited in a Wage Plan account, the deposit is accepted as proof of income. With this, the customers in question
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ANNUAL REPORT 2009 APPENDIX
may be removed from the calculation by statistical methods (Credit Scoring and Screening). The demand was removed for the presentation of the sworn statement on links to the bank, or lack of them, by customers who have been served with lawsuits, approved bankruptcy proceedings, or request for Non-judicial Preventive Agreement. It must be replaced by a Lawyers’ Report.
A modification was introduced in the limit on assistance to linked companies for financial entities and companies providing complementary services. A modification was introduced in the percentages of capital amortization on debts of the commercial and consumption portfolios with a periodicity higher than every two months or irregular, as of the date that the B.C.R.A. determines should be demandable. A modification was introduced in the Technical graduation Ratios for the consumption portfolio as of the installment/income ratio (maximum 30%) and the financial system (maximum 50%). Communication "A" 4973. REMON - 1 - 854. (Aug. 21, 2009). The Central Bank’s participation was announced, as of Aug. 20, 2009, in the interest rates futures market in pesos through the Drafts Function. It was established that the maximum exposed position that a bank may adopt with the Central Bank is 100% of the Computable Pecuniary Liability, not to exceed a notional 600 million pesos. It was specified that that the operations are carried out with guarantees established by the Central Bank, the participants also being able to opt to negotiate among themselves with the guarantees that they determine or applying the guarantees that are determined by the Electronic Over the Counter Market’s (in Spanish, MAE) calculation engine. The maturity of the operations is monthly and the term is of up to one year, while the value of each contract is of 100,000 pesos. Communication "C" 54,134. (Aug. 24, 2009). The guiding entity clarified that the enabling regulations of the special credit lines to the productive sector that are referred to in art. 29 of Law 26,476 must be issued by the national presidency. Additionally, it was specified that the non-application of the deposits referred to in Communication "A" 4916 to those loans to the productive sector has no other consequence than the increase in the minimum cash demand by an amount equivalent to the balance of the shortfall in application that is recorded.
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In addition, in relation to the disappropriation of deposits received by virtue of the declaration of unreported assets for the specific purposes foreseen in c), d) and e) of art. 27 of Law 26,476, the B.C.R.A. issued a reminder that by means of Communication "A" 4916 (point 5.6 of Section 5 of the rules on "Term deposits and investments") the advance cancellation of those deposits has been instituted, and that for the purpose of carrying out the above-mentioned disappropriation the procedure foreseen by AFIP in its General Resolution 2650/09 must be followed. Communication "A" 4974. CAMEX - 1 - 650 (Aug. 28, 2009). Effective Aug. 31, 2009, the B.C.R.A. exempted from making the 30% deposit stipulated by Decree 616/05 for the inflow of foreign funds, those that are employed by banks as credit lines from abroad that are contracted and cancelled with an average life of not less than 2 years including in their calculation the payment of capital and interest, the obligation remaining to apply them, within 5 days of registering their entry through the exchange market, to the awarding of local loans to the non-financial private sector. Communication "A" 4975. LISOL - 1 - 505 and OPRAC - 1 - 630. (Aug. 28, 2009). Communication "A" 4972 was modified as regards, mainly, the Rules on classification of debtors and credit handling. Among the principal provisions, the following stand out:
The system for the determination of credit margins on the basis of the installment/income ratio of debtors of the consumption portfolio in the credit graduation technical ratio was eliminated as of Aug. 20, 2009. The increase in the option on treatment of the portfolio related to consumption to 750,000 pesos, from 500,000 pesos, was added to the Rule on classification of debtors. The application of the new minimum debt cancellation percentages required for recategorization in the commercial and consumption portfolios was postponed until January 2010. Communication "A" 4976. CONAU - 1 - 895, LISOL - 1 - 506 and OPRAC - 1 - 631. (Aug. 31, 2009). The accounting and normative treatment was established that is to be given to the national government’s public debt instruments that are purchased by financial entities as a consequence of the recent swap ordered by the joint Resolution of the Treasury and Finance Secretariats, respectively 197/09 and 52/09. The new instruments must be recorded at accounting value on the day before the date of subscription. After that date and up to the entry of the month in question into the Monthly
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Informative Accounting System on Trial Balance, the institutions must opt for the definitive accounting of these instrument on the basis of two possible criteria. The institutions that wish to participate in the swap may replace the instruments that are under B.C.R.A. guarantee. Communication "B" 9631. RUNOR - 1 - 487. (Sept. 3, 2009). The B.C.R.A. extended the deadline that expired on Aug. 15, 2009, to comply with Communication "A" 4778, which had ordered the implementation of new security measures at windows for dealing with customers. The regulation in question had established that offices in operation had to comply within 180 days of its publication, giving priority to those where express-style robberies had taken place in the last 3 years, having a final deadline of a further 12 months (Aug. 15, 2009) to comply in all offices. The new deadlines established by the new Circular Letter depend on the number of offices each bank has. It was also established that non-compliance with the deadlines will be reflected in the CAMELBIG rating, in addition to the corresponding summary-based penalties. Communication "C" 54,352. (Sept. 23, 2009). Rules were issued, starting Nov. 2, 2009, in the area of registration of exchange operations due to the collection of exports and payment of imports. Communication "A" 4981. RUNOR - 1 - 889. (Oct. 1, 2009). The ordered text on the rules on "Representatives of foreign financial entities without authorization to operate in the country" was replaced. Communication "A" 4982. OPASI - 2 - 403. (Oct. 1, 2009). An extension was established from Aug. 24, 2009, through July 2, 2010, of the issuing of fines and exclusions with regard to instruments rejected for reasons of lack of sufficient available funds in the accept, formal defects or rejection of registration that have been presented for collection at the teller’s window or deposited in account for their electronic clearing within the above-mentioned period of extension and that have been issued prior to Aug. 24, 2009, and against accounts whose owners reside in the districts of the province of Buenos Aires that are listed in this Circular Letter.
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Communication "A" 4990. REMON - 1 - 855. (Oct. 14, 2009). The B.C.R.A. modified Communication "A" 4925 establishing that banks’ participation implies accepting that the final clearing of the operations entered into with the Central Bank through the "Draft Function" is carried out against the simple arithmetical average of the last five available figures of the Badlar Private Banks rate published on the date of maturity of each contract, or in accordance with the simple arithmetical average of the Badlar Private Banks rate in pesos corresponding to the period ranging between two working days before the beginning of the month of maturity and two working days before the date of final settlement of the contracts, in accordance with the provisions on the subject that are issued by Mercado Abierto Electrónico S.A. Communication "A" 4992. REMON - 1 - 856 and OPRAC - 1 - 632. (Oct. 16, 2009). The B.C.R.A. announced that the IDB awarded the province of Mendoza a loan to implement that province’s Credit Program for Productive Development and Competitiveness, which has the aim of awarding credit to micro-, small- and medium-sized companies that launch or carry out, in the territory of that province, primary production or industrial, commercial or service activities (save of a financial nature). The total amount allocated to the Subprogram Credits is of up to US$ 17 million, respecting the percentages of the funding contributions of the IDB Loan and the Local Counterpart. The resources contributed by the government of the province of Mendoza are regarded as the Local Counterpart. The Subprogram’s resources may be used to finance investment, working capital and technical assistance projects. The maximum amount of each subloan with Subprogram resources may not exceed US$ 500,000. Financial entities rated 1 to 3 on the CAMELBIG scale are eligible for participation in the Subprogram, as well as public banks whose operations are guaranteed by the national and provincial governments and the government of the city of Buenos Aires. The calling process is through a system of auctions, by which the Executing Authority allocates quotas to the eligible banks, through the B.C.R.A., giving access to the Subprogram’s resources for a given period, in proportion to the borrowing rates offered. Communication "A" 4995. REMON - 1 - 857. (Oct. 20, 2009). The Central Bank issued modifications with regard to the notional capital that must be disbursed as a minimum by financial entities that wish to participate in the market for swaps at a fixed interest rate per variable. The formulas were also defined for the calculation of the average term of the financing and of the portfolio.
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Lastly, it was specified that the verification of compliance with the disbursement commitment undertaken as of the date of allocation of the swap will be performed as of the last day of the calendar quarter that follows the quarter corresponding to the allocation of the swap. CommuniquÊ 49,581. (Oct. 21, 2009). There was a reduction of 25 basis points in the interest rates on the short-term market operations, offered and taken, that the Central Bank offers to financial entities. Communication "A" 4998. RUNOR - 1 - 894. (Oct. 29, 2009). The guiding entity proceeded to add the numbers of the branch and of the account to which consulted instrument belongs, as data in the answers to the queries made to the Registry of Instruments Reported as Lost, Stolen or Falsified. Communication "A" 5000. OPASI - 2 - 404. (Oct. 29, 2009). A postponement was ordered of the entry into operation of the "Registry of Instruments Reported as Lost, Stolen or Falsified" and of the addition of the data that must be recorded on the back of checks when the latter are turned over by their beneficiary to a third party to handle the collection, to Dec. 1, 2009, and Jan. 4, 2010, respectively. Communication "A" 5004. RUNOR - 1 - 897. (Nov. 13, 2009). The guiding entity added fund remitting companies and stockbrokers to the list of customers for whom special precautions must be adopted in the field of Prevention of money laundering and of the financing of terrorism. Communication "A" 5006. CREFI - 2 - 63 and RUNOR - 1 – 899. (Nov. 19, 2009). Modifications were instituted with regard to the information to be sent to the guiding entity and the precautions that must be adopted when performing transfers of share packets of financial and exchange entities. Additional requirements were also established for the setting up of new banking institutions to verify they are not "shell banks".
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Communication "A" 5007. OPASI - 2 - 405 and LISOL - 1 - 509. (Nov. 20, 2009). Regulations were established for the savings account that must be employed for the payment of the Universal Child Allowance for Social Protection established by Decree 1602/09. Communication "B" 9687. (Nov. 23, 2009). The B.C.R.A. established that compliance with the census statement in the National Farming Census is proven by presentation of the "Certificate of Census Compliance", which must be demanded by financial entities as a prior requirement to any procedure, as of Nov. 1, 2009, and for a period of one year. The lack of this certificate precludes the performance of the procedure in question. Communication "A" 5012. CAMEX - 1 - 653. (Dec. 1, 2009). Access was allowed to the local exchange market for the payment of the service on capital and interest to governmental export credit agencies, for operations referring to the undertakings completed or underway and to the new ones that may be broached, for disbursements applied to the payment of the importation of services and/or to inflows through the local exchange market, received or entered by third parties to the local debtor who enters the exchange market for the payment of the debt with abroad, provided all the conditions established in this Circular Letter are met. Communication "B" 9699. (Dec. 3, 2009). It was specified that for the treatment of the owners of the savings accounts into which the Universal Child Allowance is paid, the provisions apply that are included in point 1.1.5. of Section1 of the Rules on Prevention of money laundering and of other illegal activities, which indicate that for the purpose of verifying compliance with the "know your customer" principle in accounts linked to the payment of social welfare plans, the information supplied by the pertinent national, provincial or municipal organizations is considered sufficient, insofar as the amount of the credits does not exceed 30,000 pesos a month. Communication "A" 5015. OPRAC - 1 - 635 and LISOL - 1 - 511. (Dec. 10, 2009). The rules were modified on the Financing of the non-financial public sector regarding the financing and underwriting of debt securities issued by Financial Trusts, Public Trusts and Fiduciary Funds.
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Communiqué No. 49,611. (Dec. 17, 2009). As of Dec. 17, 2009, the B.C.R.A. implemented the "Registry of Instruments Reported as Lost, Stolen or Falsified". This new tool makes it possible for people to know, every time they receive a check, whether it has been reported as lost, stolen or falsified. To this end, they must enter the Central Bank’s web page (www.bcra.gov.ar) and, in the "Central de Información/Cheques Denunciados" option, choose the name of the bank from a list that they can open, and write in the check’s number. Each bank informs the Registry of the reports received of the loss or theft of checks and checkbooks, whether they have been delivered to the customer or not. The mechanism for receiving the information at the B.C.R.A. and the updating of the base operate on a daily frequency. The data are sent by the financial entities according to the established procedure. Each bank - which is responsible for the data included in the Registry provides the data of the account to which the reported check belongs, the person who made the report (owner, third party or bank in which the account is located) and the numbers of the checks. Communication "A" 5020. CAMEX - 1 - 655. (Dec. 18, 2009). Effective Dec. 12, 2009, the guiding institution excepted from specific limits established in exchange regulations those exchange operations carried out by stockbrokers residing in the country, when the funds ensuing from such operations are applied, within the following 24 working hours of the date of the exchange operation, to cancel purchases of securities issued by non-residents that are quoted in the country and abroad, in operations agreed on not more than 72 working hours previously, and to be settled in a foreign currency within the country. Communication "B" 9712. (Dec. 21, 2009). The announcement was made of the special working hours of the Electronic Clearing Chambers (in Spanish, CEC) and Electronic Means of Payment (MEP) by virtue of the Christmas and New Year’s festivities. Communication "A" 5022. OPASI - 2 - 406 and RUNOR - 1 - 902. (Dec. 22, 2009). The Central Bank announced that banks must identify the operations carried out on their own account or on account of third parties, with regard to deposits of checks for amounts above 1,000 pesos identified by the corresponding endorsement, in accordance with the sole procedure that each bank chooses to implement, such as the identification of those movements in the same account used by the mandatories for depositing their own checks or by opening an additional account for providing the service of handling the collection of instruments, or other alternative procedures that they decide on to this end. Compliance with the above requirements is to be demanded as of April 1, 2010. 89
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Additionally, the Circular Letter issued a reminder that April 1, 2010, is the date for the entry into force of the incorporation of the data to be provided on the back of the securities that are turned over by their beneficiary to a third party for the handling of the collection, the obligation falling, without distinction, to the mandator or principal and the mandatory or agent. Consequently, banks must provide the necessary means to make the above measures known to their customers, as much in advance as possible of the above-mentioned date of entry into force. Communication "A" 5024. LISOL - 1 - 512 and CONAU - 1 - 907. (Dec. 22, 2009). The System of Special Investment Accounts (which was to end on Dec. 31, 2009) was extended for one year, a minimum of 25% having to be disaffected per quarter during the year and having to be fully cancelled by Dec. 31, 2010. Therefore, no new debt instruments may be brought into this system as of Jan. 1, 2010. This applies to national public securities acquired by means of primary underwriting as of June 1, 2007, denominated in pesos, with a maturity equal to or higher than 5 years, at a fixed rate without adjustment according to the Reference Stabilization Coefficient (in Spanish, CER). Communication "A" 5025. OPASI - 2 - 407. (Dec. 22, 2009). The B.C.R.A. extended, until Dec. 31, 2011, the limitations in force regarding the number of endorsements on ordinary checks (up to one endorsement) and on deferred-payment checks (up to two endorsements) envisaged in the rules on the Regulation of the bank checking account. Communication "B" 9717. (Dec. 24, 2009). In relation to the participation of financial institutions in the verification of compliance with the 2008 National Farming Census, the B.C.R.A. pointed out that the submission of the "Certificate of Census Compliance" must be demanded by the financial entities as a prior requirement to proceeding with a series of operations that are listed in the Circular Letter. Communication "B" 9719. (Dec. 28, 2009). It was announced that the National Statistics and Census Institute issued Resolution 994/09 which approved farmers’ spontaneous presentation for belated participation in the census, according to which, once complied with, the institutions taking part will issue the "Certificate of Request for Belated Participation in the Census" which will enable the farmer, for a period of 120 days as of the Dec. 18, 2009, to carry out the procedures mentioned in article 18 of Decree 1764/07. 90
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Additionally, the above-mentioned resolution specified that the presentation in question does not free the farmer who must participate in the census from the potential application of the penalties foreseen in article 17 of the Decree mentioned. Communication "A" 5027. CONAU - 1 - 908. (Dec. 28, 2009). The B.C.R.A. introduced modifications in the section on Debtors of the Financial System of the Monthly Accounting Information System, which are to be in force for the information corresponding to January 2010 and for that which corresponds to previous periods and that is provided as of Feb. 22, 2010.
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