ANNUAL REPORT 2010 LIST
ACTIVE MEMBERS
American Express Bank Ltd. S.A. 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. JPMorgan Chase Bank, National Association (Buenos Aires Branch) Standard Bank Argentina S.A. The Bank of Tokyo-Mitsubishi UFJ, Ltd.
ANNUAL REPORT 2010 LIST
ASSOCIATED MEMBERS
Banco Latinoamericano de Exportaciones Bank of America N.A. Calyon Argentina S.A. Commerzbank AG Coöperatieve Centrale Raiffeisen-Boerenleebank B.A. (Rabobank) ING Bank N.V. Lloyds TSB Bank PLC Société Générale Société Anonyme Standard Chartered Bank The Bank of New York Wachovia Bank, N.A.
ANNUAL REPORT 2010 LIST
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. Ricardo Enrique Moreno
4th Vicepresident
HSBC BANK ARGENTINA S.A. Antonio Losada
Secretary
DEUTSCHE BANK S.A. Marcelo Blanco
Pro Secretary
JPMORGAN CHASE BANK, National Association (Buenos Aires Branch) Facundo D. Gómez Minujín
Treasurer
BANCO ITAÚ ARGENTINA S.A. Sergio Feldman
Pro Treasurer
BNP PARIBAS Tullio Lanari
Directors
STANDARD BANK ARGENTINA S.A. Alejandro Ledesma 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 2010 LIST
ACCOUNTS AUDITORS
Titular
BANCO BRADESCO ARGENTINA S.A. Helio A. Antonio
Alternate
GE COMPAÑÍA FINANCIERA S.A. Luís Fernández López
ANNUAL REPORT 2010 LIST
SPECIAL COMMITTEES
FINANCIAL AFFAIRS AND CAPITAL MARKETS Coordinating Secretaries Gabriel Martino - HSBC Bank Argentina S.A. 1 Alberto Estrada - BBVA Banco Francés S.A. 2 Gabriel Ribisich - Banco Santander Río S.A.2 Alternate Coordinating Secretaries Fabio Saraniti - Banco Itaú Argentina S.A.2 LEGAL AFFAIRS Coordinating Secretary Analía Schnaidman - HSBC Bank Argentina S.A. Alternate Coordinating Secretaries Pablo Antao - Banco Itaú Argentina S.A. 3 Fabián Montiel - BBVA Banco Francés S.A. BANK AUDITING Coordinating Secretaries Diego Gagliano - Standard Bank Argentina S.A. Eduardo José Zerega - BBVA Banco Francés S.A. RETAIL BANKING Coordinating Secretaries Pío Rueda - Banco Santander Río S.A. INSURANCE BANKING Coordinating Secretary Enrique Schneider - American Express Bank Ltd. S.A.
1
Until March 2010 Starting April 2010 3 Until August 2010 2
ANNUAL REPORT 2010 LIST
BASEL II Coordinating Secretary To be appointed Alternate Coordinating Secretary Adrián Sciarreta - Standard Bank Argentina S.A. TRUSTS Coordinating Secretary Atilio Serenelli - HSBC Bank Argentina S.A. Alternate Coordinating Secretary Hernán Carassai - HSBC Bank Argentina S.A. 4 TAXATION Coordinating Secretary Luis Irigoyen - BBVA Banco Francés S.A. Alternate Coordinating Secretary Fernando Aleson - 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.
4
Until March 2010
ANNUAL REPORT 2010 LIST
FOREIGN TRADE TRANSACTIONS Coordinating Secretary Luis Martínez - HSBC Bank Argentina S.A. Alternate Coordinating Secretaries Hermine Espiñeira - Deutsche Bank S.A. 5 Miguel Angel Zarlenga - ABN AMRO Bank N.V. 5 Alejandro Chiaradía - BBVA Banco Francés S.A. 6 Luis Demarco - Banco Santander Río S.A.6 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. 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.
5 6
Until June 2010 Starting August 2010
ANNUAL REPORT 2010 LIST
RELATIONS AND COMMUNICATIONS Coordinating Secretary Oscar Correa - Banco Santander Río S.A. Alternate Coordinating Secretary Alejandro Cerviño - Citibank N.A. CREDIT RISK Coordinating Secretary To be appointed Alternate Coordinating Secretary Darío Mangano - HSBC Bank Argentina S.A. BANK SECURITY Coordinating Secretary Daniel Alí - Banco Itaú Argentina S.A. Alternate Coordinating Secretaries Jorge D. Sande - BBVA Banco Francés S.A. 7 Roberto Veltri - Citibank N.A. 8 TECHNOLOGY, ORGANIZATION AND SYSTEMS Coordinating Secretary To be appointed SUB-COMMITTEES IT AUDIT 9 PROVINCIAL TAXES 9 CORPORATE BANKING RISK 9 RETAIL BANKING RISK 9
7
Until June 2010 Starting June 2010 9 Coordinating Secretaries not yet appointed 8
ANNUAL REPORT 2010 LIST
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.
TREASURER 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.
IT SECURITY Coordinating Secretary Enrique Rubinstein - Standard Bank Argentina S.A. Alternate Coordinating Secretary Héctor Ponce - Citibank N.A. 10
10
Until August 2010
ANNUAL REPORT 2010 LIST
REPRESENTATIVES BEFORE INSTITUTIONS
NATIONAL CUSTOMS ADMINISTRATION Customs Consulting Board Luis Martínez - HSBC Bank Argentina S.A. ( Incumbent ) Salvador Ilaria - Deutsche Bank S.A. ( Alternate ) ARGENTINA SOYA ASSOCIATION (ACSOJA) Pablo Bullrich - Banco Santander Río S.A. ARGENTINE BANK MARKETING ASSOCIATION (AMBA) Mario Vicens - ABA President ( Member ) CENTRAL BANK OF ARGENTINA 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 Alternate
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 Alternates
Julia Langwagen - Standard Bank Argentina S.A. Daniel Pokay y/o Pío Rueda - Banco Santander Río S.A.
Legal Committee: Incumbent
Analía Schnaidman - HSBC Bank Argentina S.A.
Fixed Term Deposits Subcommittee: Incumbent Ricardo Leggieri - Standard Bank Argentina S.A. Alternate Daniel Víctor Martínez - Banco Santander Río S.A. Electronic Means of Payment Subcommittee: Incumbent Renato Otmarich - Banco Santander Río S.A. Alternate Carlos Daniel Bestilleiro - BBVA Banco Francés S.A. Direct Debit Subcommittee: Incumbent Julia Langwagen - Standard Bank Argentina S.A. Alternate Christian Ruiz - Banco Santander Río S.A.
ANNUAL REPORT 2010 LIST
Transfers Subcommittee: Incumbent Alternate
Flavio Jesús Boncore - Standard Bank Argentina S.A. Christian Ruiz - Banco Santander Río S.A.
Treasurers Subcommittee: Incumbent Julián Bianchi - Banco Santander Río S.A. Rubén Osvaldo Pécora - Citibank N.A. Alternates 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. Tax Reform Subcommittee Natalia Miranda - ABA Committees Coordinator ARGENTINE EPISCOPATE Justice and Peace Committee - "Turning Inhabitants into Citizens" Forum Mario Vicens - ABA President ( Incumbent ) Rubén Mattone - ABA Communications and Institutional Relations Manager ( Alternate ) FELABAN Incumbent Governor in Argentina: Mario Vicens - ABA President AFIP SOCIAL SECURITY PARTICIPATION FORUM Natalia Miranda - ABA Committees Coordinator ( Incumbent ) Pablo Cattarelli - Banco Santander Rio S.A. ( Alternate )
ANNUAL REPORT 2010 LIST
AFIP TAX PARTICIPATION FORUM Luis Irigoyen - BBVA Banco Francés S.A. ( Incumbent ) Lisandro López - Tax Adviser ( Alternate ) 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 Committee María Elena Deligiannis - ABA Technical Manager Andrea Rupp - ABA Committees Coordinator Prevention of Money Laundering and Terrorist Financing Commission Natalia Miranda - ABA Committees Coordinator MINISTRY OF LABOR, EMPLOYMENT AND SOCIAL SECURITY Negotiating Commission of the Collective Bargaining Agreement for the Banking Sector 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.
ANNUAL REPORT 2010 LIST
MINISTRY OF INTERNAL AFFAIRS - PERMANENT COMMISSION ON BANK SAFETY Daniel Alí - Banco Itaú Argentina S.A. ( Incumbent ) Roberto Veltri - Citibank N.A. ( Alternate ) MUNICIPALITY OF GENERAL PUEYRREDÓN - BANK SAFETY COMMISSION Martín Zaballa - Banco Itaú Argentina S.A. 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 ) 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 Vicepresident ) Rubén Mattone - ABA Communications and Institutional Relations Manager ( Alternate )
ANNUAL REPORT 2010 LIST
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 2010
PRESIDENT´S LETTER
During 2010 the Argentine economy resumed the fast growth trend that it had followed until 2008. After a three-year period during which the international crisis and a number of local developments put Argentina's resilience to the test, the economy did not fall into the traumatic situations that tend to have broad and sustained undermining effects on the country's economy. At the same time, as we indicated in last year's annual report, the Argentine banking system has demonstrated it is in a position to successfully deal with such turbulence. Over the year deposit growth consolidated and accelerated, sustaining a trend that had started by mid last year. Following a four-month period during which the demand leveled off, credit to the private sector also increased at a fast pace, thus resuming a growth pattern that helped improve its share as source of funding for production, consumption and investment after its collapse during the 2001-02 crisis. Furthermore, it can be said that 2010 marks the end of a peculiar period in the Argentine banking system's history: following the collapse brought about by the State's financial crisis and the subsequent default and pesification, the bank solvency and liquidity ratios started a slow and gradual but sustained recovery path which, during the last three years has shown that the Argentine banking system, unlike that of other countries, is now strong enough to absorb such shocks without putting in risk its stability or the capacity to re-establish credit as soon as calm is restored. Without the financial and cash problems that tend to curb credit growth after crises and having regained most of the confidence lost following the crisis at the beginning of the decade, the Argentine bank system is expected to follow a path of sustained growth, like it had happened in other countries in the region and in the world. As experience has shown, there is a strong positive correlation between economic and financial development. It is a self-reinforcing relation in the sense that, on the one hand, in order to grow at a sustained pace, countries need to have a financial system in place that supports investments and, on the other hand, financial systems become more efficient and stable when their economies grow on a sound and permanent basis. In this respect, Argentina continues to face a particularly favorable international and regional environment which enhances its productive advantages and increases the possibilities to grow at a sustained pace and tackle the problems that affect society. Another advantage lies in that the country does not have the high debt and unemployment levels that currently plague other economies in the globe. Even though Argentina’s banking system has proved strong to withstand unfavorable conditions, it clearly continues to lag behind the banking sectors of comparable countries, with savings that are twice or three times those managed by Argentine banks and capital markets that are critical to addressing their long-term funding needs.
Annual report 2010
At this stage, the expansion of bank funding is essentially restrained by the low level of savings channeled through formal and regulated financial markets and by the clearly shortterm nature of savers' decision making. This does not mean there are no savings in Argentina nor is it a new or unknown trend. It is a chronic problem that either aggravates or lessens depending on cyclical factors but, unfortunately, it tends to linger insofar as no specific policies are implemented to address it. For example, during 2010, various initiatives were either presented and/or introduced to modify the banking regulatory framework, promoted either by specific regulatory entities or by legislative authorities at the national, provincial and municipal levels, with a wide specter of potential effects: from helping to address the problem to ultimately aggravating it. Furthermore, some so-called "bankarization" initiatives, such as the introduction of zero or low cost accounts and transfers to promote access to banking services, aimed at promoting access to banking services by unbanked or underbanked segments of the population may end up being less effective than expected because they are not accompanied by a simultaneous reduction of the tax burden resulting from the Tax on Banking Transactions. On the other hand, there were also many initiatives by lawmakers to modify the regulatory framework of the banking industry. The wide range of initiatives included projects related to bank security aspects, service pricing, consumer protection, access to transactional services, measures against money laundering and the financing of terrorism, etc. The most outstanding project is a bill that proposes a comprehensive amendment of the financial entities law. In all cases, the Association has shown its commitment by lending support when circumstances warranted it, criticizing measures when it believed they did not improve the development of the sector, and making proposals and suggestions intended to enhance the benefits and mitigate the adverse effects that may derive from any such measures. On another note, the Association carried out its scheduled institutional activities, including the new edition of the ABA Education Award, the participation in forums and events organized by NGOs where it disseminated the Association's opinion on specific banking topics and made meaningful contributions to public policy issues, and the representation of associated entities in events organized and held by government authorities. Furthermore, during 2010 efforts were stepped up to strengthen the relations of the Association with other chambers and corporate associations. In this respect, ABA sponsored the XVI Argentine Industrial Conference and was invited to the Ibero-American Corporate Meeting as part of the XX Ibero-American Summit held in Mar del Plata. Particular attention was given to maintaining the close relation with the press by responding to their queries, always providing further information and technical elements to the discussion of the issues raised. In this respect, we have placed special emphasis on consolidating the Association's reputation as a reliable and good source of information as regards the banking industry, as evidenced by the high attendance of editors and specialized journalists to ABA´s events.
Annual report 2010
Finally, the multiple topics included in the agenda for the year demanded a deep support of ABA´s Technical Committees, whose analytical work to try to harmonize and coordinate positions would not have been possible without the invaluable contribution of the representatives of associated entities, the Coordinating Secretaries and the Association's officers responsible for their operation. To sum up, I believe that the country is well positioned to make a major stride in the development of a deep and efficient financial and banking system with a strong presence in economic development. We cannot afford to waste this opportunity, and to seize it will primarily involve strengthening savings through formal markets, promoting access to banking services and the bankarization of transactions, and ensuring market competition.
Mario Vicens President
ANNUAL REPORT 2010
Index Pรกg. Chapter 1: Argentine Economic Performance ............................................................ 1 Introduction............................................................................................................................................. 1 The Macroeconomic Environment .................................................................................................... 2 The Balance of Payments...................................................................................................................... 2 Foreign Trade .......................................................................................................................................... 3 Employment and Wages ....................................................................................................................... 3 Government Accounts .......................................................................................................................... 3 Government Debt.................................................................................................................................. 4 Chapter 2: Monetary Development and Changes to Central Bank Regulations........ 5 Monetary Development ........................................................................................................................ 5 Interest Rates ........................................................................................................................................... 6 Revised Monetary Program Targets for the Second Half 2010..................................................... 8 2011 Monetary Program........................................................................................................................ 9 Central Bank Reserves ......................................................................................................................... 10 Development of the Monetary Base................................................................................................. 11 Main Regulatory Changes.............................................................................................11 New Measures to Pursue Higher Bank Service Penetration................................................11 Universal Free Bank Account ....................................................................................................11 Bank Transfers.............................................................................................................................. 12 Financial Payment Check............................................................................................................ 12 Payroll Accounts (Communication "A" 5091)....................................................................... 13 Advances from the Central Bank to Financial Entities ........................................................ 14 Reduced Rates for SMEs............................................................................................................ 14 Access to the Single Free Exchange Market........................................................................... 15 New Guidelines Governing Branch Opening Authorizations............................................ 15 Minimum Safety Measures at Financial Entities .................................................................... 16 Interest on Checking Accounts for Legal Persons ................................................................ 16 Chapter 3: The Financial System ...............................................................................18 Introduction........................................................................................................................................... 18 Financial System Performance ........................................................................................................... 20 Share of Loans and Deposits by Group of Entities ...................................................................... 22 Financing for SMEs ............................................................................................................................. 23 Bank Penetration and Geographical Coverage............................................................................... 25 Draft Legislation ................................................................................................................................... 27 Statistic Appendix: Tables 1 to 49 ............................................................................. 29 Appendix ................................................................................................................... 79 Principal Banking, Exchange and Financial Policy Measures ...................................................... 79
ANNUAL REPORT 2010 Chapter I: Argentine Economic Performance
Chapter 1: Argentine Economic Performance Introduction The year 2010 started off amid institutional and political conflict dating back from late 2009 and originated in the Executive Power’s decision to use freely available reserves of the Central Bank to pay off government debt. Even though this eventually led to the resignation of the Central Bank’s president, the situation and outcome did not have a major impact on the economy in general, and the financial markets in particular. The increase in private sector deposits accelerated later in the year and, accordingly, loans to the private sector started to grow faster after the first four-month period, substantially exceeding expectations. On the international front, new financial turbulence caused primarily by uncertainty over the repayment capacity of some countries in the euro zone increased the volatility of international financial markets, although this did not affect the development of the Argentine economy. Globally, a heightened risk aversion among savers led most developed countries to implement policies intended to boost aggregate demand. At the same time, emerging countries became an important catalyst for the global economic recovery, increasingly attracting more international financial market flows. Economic decision makers, analysts and markets have doubts and mixed views on the economic scenario that will likely unfold in the near future: whether increasing and broadbased inflationary pressures will emerge or a quasi-deflationary situation associated to risk aversion will prevail, and as regards the increase in government debt and the painful process of writing off assets tied up in banks' balance sheets. Against this backdrop and driven by the strong depreciation of the US Dollar, a controversy emerged between countries with appreciating currencies and those that benefited from such trend. Ultimately, such a discussion was unlikely to lead to concerted exchange policies among the major countries involved; on the contrary, it was considered useful in that it would allow governments to determine responsibility for inflationary pressures derived from central bank interventions intended to curb local currencies, without the fiscal resources necessary to build up reserves. By mid year, European banks managed to pay off the current maturities of the long-term credit facilities extended by the European Central Bank; meanwhile, the outcomes of the stress tests applied to euro zone financial entities were released and showed that capital requirements by the more troubled entities were lower than those originally estimated. Anyhow, the recent volatile development of international financial markets continues to create some uncertainty as to the banks' ability to raise equity capital and to tap financial markets to refinance debt as it matures, all of which naturally affects bank credit supply in most developed countries since markets are very much intertwined and there is a strong preference for cash.
1
ANNUAL REPORT 2010 Chapter I: Argentine Economic Performance
In this context, target interest rates remained unchanged at their lows of the 2007/2008 crisis, the USD continued to depreciate, commodity prices remained well above their all-time highs and emerging economies grew at a faster rate than most developed countries. The Argentine economy grew at almost two-digit rates during the year, supported by the international economic environment as well as accommodating monetary and fiscal policies that boosted the demand for goods and services, in many cases, well in excess of domestic supply capacity.
The Macroeconomic Environment Based on latest preliminary readings, GDP for full 2010 grew at 9.2%, well above the 0.9% and 6.8% rates recorded in 2009 and 2008, respectively. On the aggregate demand side, private consumption continued to be the major catalyst for demand growth, as it rose at increasingly higher rates throughout the year. Investment growth is also noteworthy, with increasingly higher rates of growth offsetting the drop in 2009. As a matter of fact, 2010 figures show that investment reached 22.8% of GDP, up on the 20.6% recorded in 2009, albeit slightly below the 23.1% share of GDP in 2008. Industrial production, measured by the Industrial Monthly Estimate (IME) prepared by the INDEC, grew by 9.7% in 2010, significantly above the 0.1% of the previous year and more than twice the rate recorded in 2008 (4.9%). The use of installed capacity rose to an average 77.7% in 2010, against 72.8% and 74.8% in 2009 and 2008, respectively, with varying degrees among sectors.
The Balance of Payments The current account surplus stood at USD 3.6 billion in 2010, a 68% drop compared to that of the previous year. This reduced surplus results both from lower terms of trade and from lower current transfers. In this respect, it should be pointed out that back in the third quarter of 2009 revenues had been recorded in the amount of USD 2.7 billion corresponding to the allocation of SDRs. At the same time, the capital and financial accounts of the balance of payments showed a surplus of USD 700 million, with the non-financial private sector outflows seen in 2008 and 2009 reverting during 2010. Moreover, the Central Bank international reserves (adjusted for type of repo transaction) increased by almost USD 4.2 billion over this period.
2
ANNUAL REPORT 2010 Chapter I: Argentine Economic Performance
Foreign Trade Argentine exports increased by 23% to USD 68.5 billion between 2009 and 2010. This increase was mostly due to a surge of 18% in exported quantities while rising prices accounted for the remaining 4%. Imports grew by 46% to USD 56.4 billion. This increase also results mostly from a rise in the quantities imported (35%) and, to a lesser extent, from price increases. Consequently, the balance of trade for the full year stood at a USD 12.1 billion, a 27% decline on the previous year. As regards foreign trade with different trade blocs, it should be noted that the major regional trade partners are members of the MERCOSUR, where the balance of trade recorded a USD 1.7 billion deficit. The following major trade partners are Asian countries, the European Union and the NAFTA. Also worthy of note is the significant trade surplus with Chile, which accounts for a 30% of the overall balance for 2010. Employment and Wages The sustained increase of business activity proved decisive in supporting a high level of employment. In the fourth quarter of the year, the employment rate (percentage of the working age population currently employed) remained flat (at 42.4%) compared to the previous year. On the other hand, unemployment declined from 8.4% in 2009 to 7.3% in 2010, in line with the rate recorded at the end of 2008. Underemployment fell significantly to 8.4%, below the 10.3% mark of the last four months of 2009. According to the index prepared by the INDEC, there was a noticeable improvement in average wages. The general wage level increased by 26.3% y-o-y - the largest increase since 2001. Unlike previous years, wages in the formal private sector grew at the fastest rate (29.3%) followed by the informal private sector (23.2%) and the public sector (21.8%). On the other hand, based on the data gathered from the Integrated Pension Scheme as of the third quarter 2010, there was an increase of 25.6% in the total remuneration of employees contributing to the system, which means an increase of the monthly salary to ARS 4,053 for the period. Government Accounts In 2010, national tax revenue (excluding nontax revenue) reached 28.6% of the GDP against 26.6% for the prior year. In nominal terms, total tax revenue rose by 34.4% over the year, supported by the revenue coming from nationalized pension funds during the period. Especially worthy of note was the increase in VAT (33.2%) and income tax (38%) revenue. Both taxes account for 76% of the Argentine Tax Administration’s revenue, excluding the social security system. Revenue from the tax on bank debits and credits increased by 30.8% and represents 6.6% of overall tax revenue. 3
ANNUAL REPORT 2010 Chapter I: Argentine Economic Performance
On the other hand, current expenditure increased by 30.4%, compared to 27.9% in the previous year. The primary surplus amounted to ARS 25 billion (1.5% of GDP) whereas the capital account showed a surplus of ARS 3 billion compared to the ARS 7 billion deficit recorded in 2009. It should be noted that, according to private estimates, this figure includes transfers from the Central Bank to the Treasury in the amount of ARS 20.3 billion and temporary advances to the central government in the amount of ARS 9.6 billion. Government Debt During 2010 the government carried out a new exchange involving the swap of defaulted bonds for new bonds, thus continuing to regularize debt that was still in default. In April, the government decided to restructure government bonds that had not been tendered in the previous exchange conducted in 2005, when 67% of bondholders agreed to swap their defaulted bonds for new securities 1, thus retiring USD 12 billion out of the USD 18 billion of bonds eligible for the transaction (including interest accrued and unpaid since late 2001). After completing the 2010 exchange transaction and including the exchange transaction conducted in 2005, Argentina has already regularized 92% of the debt defaulted in 2001. Following this transaction, the national government debt amounted to almost USD 175.5 billion at the end of 2010, USD 158 billion of which pertained to outstanding debt, USD 6 billion to past due debt (mainly owed to the Paris Club) and almost USD 11 billion to debt that was not tendered in the exchanges. Forty one per cent of debt (excluding debt that was not tendered in the exchange) is denominated in pesos while 56% corresponds to CER-indexed debt. Debt denominated in US Dollars and Euros still account for 46% and 11% respectively, whereas the balance is denominated in other currencies, such as yens and pounds sterling. The average life of outstanding debt is 11 years, combining average terms of 13.1 years for government bonds and bills, and 5.3 years for loans (including secured loans). As a result, overall government debt represented 48.4% of the GDP at the end of 2010. It should be noted, though, that almost half of government debt is held by public sector agencies.
1
According to Executive Order 563/2010, the government issued "Bonos Internacionales de la República Argentina", "Bonos de la República Argentina" and "Bonos Internacionales Globales de la República Argentina in US Dollars at 8.75% due 2017" and the second series of derivative instrument known as "Valor Negociable Vinculado al PBI" (GDP linked securities) in US Dollars (under the applicable laws of the State of New York).
4
ANNUAL REPORT 2010 Chapter II: Monetary Development and Changes to Central Bank Regulations
Chapter 2: Monetary Development and Changes to Central Bank Regulations Monetary Development The Argentine financial system balance sheet at the end of 2010 shows the consolidation of some trends that had started by mid' 2009, as well as the emergence of some situations whose impact on the financial activity cannot be determined precisely. As regards existing trends, bank deposits which started to grow in the second quarter of 2009 saw this trend consolidate and accelerate over the year. Over the past 12 months, total private sector deposits have increased by around 29%; especially worthy of note have been private sector term deposits in pesos, which rose by around ARS 18 billion and account for most of the increase seen in this segment. Private Sector Deposits and Loans and Liquidity Billions of Pesos Liquidity 250
200 180 160
200
140 150
120 100 80
100
60 40
50
20 0
0 2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Private Sector Deposits Loans to Private Sector Liquidity (right axis)
To the extent that this behavior is part of a more general context of larger monetary resources and savers' increased confidence in the solvency and stability of the banking system, the growth of resources available to the banking system has led to a sustained increase in the supply of bank credit to the private sector. Against a backdrop of higher consumption, production and employment, demand for credit and non-financial bank 5
ANNUAL REPORT 2010 Chapter II: Monetary Development and Changes to Central Bank Regulations
services has started to grow again at a sustained pace, driven by bank promotions and interest rates which are rather attractive vis-Ă -vis inflation expectations and wage increases. As a result, the increase in loans to the private sector has accelerated over the year from an annual growth rate of 10% to a 37% at the end of December. On the other hand, since September credit growth outpaced deposits but did not affect the liquidity of the banking system. Export financing and document discounting have experienced the largest cumulative change of credit to the production sector, while credit card financing accounted for the largest increase in the consumer segment. In all lines of business, the increase in loans in the first months of 2010 widely exceeded performance in the same period of 2009, except for overdrafts, which channeled financial support granted by banks to companies during the international financial crisis and local problems held back growth in deposits. On the other hand, secured credit facilities are starting to increase again, namely car loans which grow in line with the demand for cars and capital goods. In the mortgage financing segment, credit growth is limited by insufficient long-term funding, the absence of a market that helps mitigate the risk of interest rate fluctuations at a large scale and by interest rates that are attractive in real terms or compared to property valuations but, in nominal terms, encourage early repayment of principal by borrowers. Interest Rates During 2010, with monetary aggregates growing at annual rates of 30% and foreign currency supply widely exceeding demand, interest rates on term deposits remained stable at an annual rate of nearly 10% after the sharp fall recorded in mid' 2009. The BADLAR (interest rate on term deposits of more than one million pesos with maturities of 30-35 days) also hovered around the same levels although since May it experienced a slight increase to end the year at around 11% per annum. In addition, there was a broad-based fall in lending rates. The largest decline was seen in overdrafts within the business and consumer loan segments.
6
ANNUAL REPORT 2010 Chapter II: Monetary Development and Changes to Central Bank Regulations
Interest Rates on Loans in Pesos In annual nominal % Type of Loan
Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 2003 2004 2005 2006 2007 2008 2009 2010
Change Dic. 2010 Dic. 2009
Overdrafts
23.5
14.3
18.0
16.8
19.0
27.9
21.4
19.2
-2.2
Other advances
15.9
9.4
10.4
13.4
18.2
26.4
21.3
17.9
-3.3
Prommisory notes
10.9
10.7
11.5
12.9
17.0
26.0
16.0
14.8
-1.2
Mortgage loans
13.7
11.5
11.6
11.7
12.4
16.2
15.5
14.7
-0.9
Pledge loans
16.2
11.7
9.9
11.1
15.5
21.0
18.3
17.3
-1.0
Consumer loans
36.5
26.7
24.9
24.6
27.7
35.4
31.6
30.4
-1.2
Credit cards
32.7
29.5
27.4
25.9
27.5
29.0
32.3
28.9
-3.4
Interest Rates on Loans in Pesos In annual nominal %
Interest Rates on Loans in Pesos In annual nominal % 32 30 28 26 24 22 20 18 16 14 12 10 0
80 70 60 50 40 30 20 10 0 2003 2004 2005 2006 2007 2008 2009 2010
2003 2004 2005 2006 2007 2008 2009 2010
Credit Cards
Pledge Loans
Consumer Overdrafts
Mortgage
Prommisory Notes
7
ANNUAL REPORT 2010 Chapter II: Monetary Development and Changes to Central Bank Regulations
Revised Monetary Program Targets for the Second Half 2010 and Annual Performance In the second half of 2010, monetary aggregates increased at a faster pace than targeted by the 2010 monetary program. According to the Central Bank, the development of local business activity was far larger than originally assumed in preparing the 2010 Monetary Program, and it warranted recalculating the increase in the expected nominal demand for money. As a matter of fact, during the first half of 2010, the increase in the monetary base derived from Central Bank’s purchases of foreign currency and, to a lesser extent, from public sector transactions mainly related to the use by the National Treasury of temporary advances to meet financing needs during the period, tended to exceed targets. During the revision, a growth range was defined for total M2 between 22.4% and 29.4% for 2010, with a base scenario of 24.8%. In December 2010, the M2 aggregate had increased by 28.1% y-o-y, and stood 1.3 percentage points below the upper limit of the revised annual target. On the other hand, the upper and lower limit of the growth range for the revised private sector M2 were set at 21.1% and 29.9%, respectively, with a base scenario of 23.2%. In this case, the 33.1% rise recorded in the year even exceeded the revised target. According to the Central Bank, secondary expansion through the increase of bank loans outpaced the expansion derived from foreign currency purchases by the monetary authority. Revised Targets of the Monetary Program and Actual Performance (In million Pesos and % annual variation) Year 2010 Targets
Total M2
Private sector M2
Original Target
Revised Target
Upper end
234,075 18.9%
254,706 29.4%
Base scenario
225,010 14.3%
245,643 24.8%
Lower end
220,295 11.9%
240,930 22.4%
Upper end
197,400 19.1%
215,200 29.9%
Base scenario
188,971 14.0%
204,023 23.2%
Lower end
185,798 12.1%
200,598 21.1%
Actual Figures
252,060 28.1%
220,530 33.1%
8
ANNUAL REPORT 2010 Chapter II: Monetary Development and Changes to Central Bank Regulations
2011 Monetary Program By the end of 2010, the Central Bank presented the Monetary Program for year 2011 built on seven major lines of action: 1) to control monetary aggregates to pursue stability; 2) to increase credit to production sectors; 3) to pursue a policy of managed flotation of the exchange rate; 4) to build up international reserves; 5) to establish a prudential macro-regulation of short-term financial flows; 6) to pursue regulation and supervision of the financial system; and, 7) to promote universal access to financial services. To prepare the base scenario for this program, the macroeconomic variables of the 2011 National Budget Draft Law were used. In this context, alternative scenarios are assumed with real GDP growth rates ranging between 3.5% and 6.5%, including the statistical carryover into 2011 of the growth rate seen in the last quarter of 20101. On the other hand, the GDP chained price index may stay between 10% and 16%, while the estimate of consumer price changes (IPCGBA) used in the 2011 Budget Draft Law, is 8.9%. As regards international trade, exports are expected to increase by 13% due to the exportable balance of primary activities, higher international commodity prices and the bilateral industrial trade with Brazil, which is expected to remain stable. In addition, imports would increase by 21% due to an increasing domestic demand. The result would be an excess of USD 15.8 billion in the foreign exchange market, somewhat below the 2010 level, while financial loans will likely grow and external asset accumulation will not change much from that of 2010. Under this scenario, the Central Bank would continue to pursue its managed flotation policy intended to secure stability and predictability of foreign exchange markets. Purchases of foreign currency by the monetary authority are expected to top those of 2010 (they will amount to approximately USD 12.5 billion in the next year), and will become one of the major catalysts of the money supply. Such purchases are likely to be made mostly during the first half of the year, given the seasonal effect of agricultural export proceeds. In parallel, the secondary expansion through more bank loans to the private sector is estimated at around ARS 65 billion. Non-financial public sector transactions related to the use of International Reserves 2 to service government debt, the transfer of Central Bank profits for the current year (ARS 7.9 billion) and the temporary transfers granted to the Treasury in amounts similar to those of 2010 will also lead to the expansion of the monetary base. The Central Bank expects to sterilize the excess supply of money through the use of monetary policy instruments, such as LEBAC, NOBAC, repos, sale of financial assets and reserve requirements. Sterilization through Central Bank bills and notes is estimated to be
1
According to estimates by the Central Bank, such statistical carryover would be higher than 2% for year 2011.
2
As per the Budget Draft Law and Executive Order 2054/2010.
9
ANNUAL REPORT 2010 Chapter II: Monetary Development and Changes to Central Bank Regulations
approximately 60% of the expected monetary expansion through the purchase of foreign currency in the exchange market. Therefore, under the base scenario of 2011 Monetary Program, the average annual change for M2 and Private Sector M2 is expected to be 27.9% and 29.2%, respectively. 2011 Monetary Program (In million Pesos and % variation)
Overall M2
Private Sector M2
Targets March 2011
June 2011
September 2011
December 2011
December 2011
Monthly average balance (in million ARS)
265,452
281,433
297,122
322,351
285,189
Quarterly change
5.3%
6.0%
5.6%
8.5%
9.9%
Growth rate y-o-y as of December 2010 (in %)
5.3%
11.7%
17.9%
27.9%
29.2%
Nominal values to be adjusted based 2010 actual values. To verify compliance with the Monetary Program, a Âą4% range is to be established in respect of monthly average balances assumed for M2 and Private Sector M2 under the base scenario. Only annual targets are established for Private Sector M2.
Central Bank Reserves Central Bank reserves exceeded USD 52 billion by the end of 2010, which represents an increase of 8.7% for the year. This growth is attributable to the purchase of foreign currency by the Central Bank during the year (approximately USD 11.8 billion), transactions with international organizations that include net flows of the National Government and Central Bank and revolving funds (around USD 300 million), net of public sector transactions that reduced them by USD 1.2 billion. Finally, other items are computed, such as foreign exchange differences contributing approximately USD 5.8 billion.
10
ANNUAL REPORT 2010 Chapter II: Monetary Development and Changes to Central Bank Regulations
Development of the Monetary Base During 2010, the monetary base increased by ARS 38.1 billion, or 31.1%. Such increase was mainly attributable to the purchase of foreign currency by the Central Bank, which was the major source of monetary expansion (ARS 46.3 billion) followed by National Public Sector transactions (ARS 19.5 billion) due to temporary advances to the Treasury and the transfer of central bank profits. Part of the monetary emission was sterilized by gradually issuing LEBACs and NOBACs which raised ARS 20.3 billion. Additionally, reverse repos absorbed ARS 6.5 billion. Main Regulatory Changes New Measures to Pursue Higher Bank Service Penetration In the last months of 2010, the Central Bank issued regulations intended to increase bank service penetration across the country. Such measures include the Universal Fee Bank Account, the reduction of money transfer costs and the implementation of the financial payment check (cheque cancelatorio). Universal Free Bank Account The Universal Free Bank Account is denominated in pesos and has an associated debit card that can be used with no charge at ATMs, to make purchases at merchants with a refund of 5% of VAT (for purchases below ARS 1,000 and at merchants who have adhered to the single simplified tax regime) and to deposit checks or use automatic debit for payment of bills. Any interested person may open this type of account in person and is only required to submit his/her DNI (identification card). It is also established that holders of bank accounts for collection of the Universal Allowance per Child may also hold a Universal Free Bank Account. Amounts credited to the account (cash deposits, checks, transfers, etc.) may not exceed ARS 10,000 in any given month and no "overdraft" or similar type of credit facility is allowed, for the account may not have debit balances. Unlike other types of accounts, banks are not required to send periodic statement of accounts for the Universal Free Bank Account. Thus, ATMs owned by the bank where the account has been opened should provide without charge a receipt including the account balance and the last 10 transactions conducted. If automatic debit is used, the financial entity shall issue a free statement of account every semester including a description of account activity and payment of taxes and services; the account holder may request the statement at any branch of the bank.
11
ANNUAL REPORT 2010 Chapter II: Monetary Development and Changes to Central Bank Regulations
If any other product is linked to the account (such as, credit card), the client will pay for the costs. Bank Transfers In this respect, the Central Bank introduced a new fee scheme for bank transfers that is intended to promote these types of transactions and requires banks to reduce transfer costs. As from the implementation of this regime, transfers executed via home banking (Internet) or ATMs up to an amount of ARS 10,000 are free. In addition, the cost of transfers executed via home banking (Internet) or ATMs in excess of ARS 10,000 per day, or else the limit established by the respective bank for free transfers, shall not exceed 50% of the maximum fee established for teller transactions. Fees for transfers conducted at bank branches are fixed by each entity subject to a maximum amount, depending on the amount to be transferred. Up to 50,000, the maximum fee is five (5) pesos; between 50,000 and 100,000, the maximum fee is ten (10) pesos, and more than 100,000 pesos, the maximum fee is three hundred (300) pesos. It should be noted that no measure has been adopted to alleviate the most important cost component of all bank transactions, irrespective of the channel used: the incidence of the tax on bank debits and credits. This tax was introduced as an emergency measure back in 2001, is levied at 1.2% of transaction amounts, and is the major incentive to use cash as the preferred method of payment. Financial Payment Check In addition, the Central Bank modified the regulation governing financial payment checks (known as cheques cancelatorios), a means of payment that has the same effect as cash but avoids having to carry it; hence, it also avoids security problems and logistical issues associated with carrying huge amounts of money to settle transactions. It is a means of payment issued by the Central Bank and they are to be distributed by banks at no charge. The check may be denominated in pesos or US dollars. They may be used exclusively to pay for the purchase-sale of real property, and both financial entities and the public may check on its authenticity in real time by visiting a query system available in the Central Bank Internet site. The person that intends to buy financial payment checks should have a bank account with signature card. The financial entity issues the check in the denomination requested by the client within ARS 5,000 and ARS 400,000, or between USD 2,500 and USD 100,000. If the client needs to pay a higher amount, you may request the entity to issue more than one check to cover the full amount.
12
ANNUAL REPORT 2010 Chapter II: Monetary Development and Changes to Central Bank Regulations
Individuals may purchase it by charging the amount against its bank account. If the bank is issued in US dollars, they may choose to debit an account denominated in USD or else submitting dollar bills. On the other hand, legal persons may only buy financial payment checks issued in USD and funds should be debited from a bank account denominated in the same currency. A person who wants to cash a financial payment check should do so at the financial entity where it has holds an account with signature card. Individuals may collect it in cash or deposit it in its bank account, whereas legal persons may only choose the second option. Furthermore, the financial payment check may be endorsed twice, provided the primary beneficiary is an individual. Endorsements should be made on the back of the check and the signature should be certified by a civil notary public, an officer of the financial entity or judicial officer. Even though it is clear that this check is not liable to the tax on bank debits and credits, there was a controversy as regards the scope of the exemption that was still pending by the end of the year. Payroll Accounts (Communication "A" 5091) By mid 2010 a new regulation on Payroll Accounts was put in force pursuant to the provisions of Act 26,590 and Ruling 653 of the Ministry of Labor, Employment and Social Security. In that context, the Central Bank has established that any deposit accounts intended for the payment of salaries and already opened by May 14 of 2010 should be considered a Payroll Account, irrespective of how it is operated in the financial system. In addition, these accounts are the only authorized means for the deposit of salaries. There are no cash withdrawal limits or any cost whatsoever to the account holder up to the amount corresponding to the remunerations credited to the account, including family allowances transferred by the ANSES and disability allowances. The account may only be limited due to operational reasons (for example, to assure adequate availability of money in ATMs) or safety reasons. The payees in such accounts have access to a whole cost-free national ATMs network, even where the operations are carried out at ATMs not owned or operated by the card-issuing entity. The Payroll Account holder is entitled to designate a joint holder (spouse, live-in partner or immediate family) to carry out any operations authorized by the holder, upon delivery to each joint holder of a cost-free magnetic card. The entities are not allowed to charge the account holders or the employers any fees or commissions for account opening or maintenance, inquiring balances and withdrawing funds up to the salary amount credited to the account, which limit may be increased by the accumulation of not withdrawn amounts indefinitely over time. A charge-free statement 13
ANNUAL REPORT 2010 Chapter II: Monetary Development and Changes to Central Bank Regulations
of account is issued every six months with a detail of the account activity, and the employee may inquire free of charge the last 10 account transactions at the ATMs owned by the card-issuing bank. There is a possibility to request additional services on this account not related to employment relation or comprised under the specific payroll account regulatory framework, such as, for example, credit cards. If so desired, the employee should previously and specifically ask for such services to the bank entity, which services shall be subject to the conditions agreed therefor. Creditable amounts corresponding to tax, commercial or promotional refunds or health care service reimbursements, as well as personal loans repayable through salary deductions or account debits (salary advances) are admissible. Yet, these accounts cannot carry debit balances. Advances from the Central Bank to Financial Entities to be Used for Financing the Productive Sector (Com. "A" 5089) The Central Bank launched the Productive Financing Program with the aim of providing long-term funds to enhance the offer of credit for investments and productive activities with a fixed total financial cost in pesos. The advances provided by the Central Bank under this program are intended to promote the financing of investment projects considered strategic by an Assessment Unit composed of members of the Ministries of Industry, Economy and Public Finance and Agriculture, Livestock and Fishery. The loans granted to the entities are secured by financial assets and the debtor or guarantor is the National State (government securities or secured loans). Collateralization is a prerequisite for the payment of funds. Importantly, the nominal rate payable by each financial entity is 9% per annum over the disbursed funds, while the total financial cost for the relevant borrowers is set at a nominal annual rate of up to 9.9%. In 2010, ARS 570 million were placed in two bids, while ARS 686.7 million were additionally placed in the first two bids in 2011. Reduced Rates for SMEs Through this program the SEPYME subsidizes a portion of the interest rate by means of a bidding system whereby it awards subsidized credit quotas to be used for loans by financial entities. In the bids carried out in 2010, ARS 700 million were awarded to the banks to be used for financing working capital and investments for SMEs in the industry, trade, construction and services sectors. The financing covers up to 80% of the capital goods or the investment project, with a maximum of ARS 500,000 or ARS 800,000 in the case of leasing. The operations are subject to a fixed rate in pesos and have a maximum term of 24 months, which may be extended to 60 months in the case of lease financing, with a 6-month grace period. 14
ANNUAL REPORT 2010 Chapter II: Monetary Development and Changes to Central Bank Regulations
Additionally, the Productive Investment Financing line distributed through an agreement with Banco de la Nación has made available ARS 500 million to be lent for the acquisition of new capital goods of national origin, construction, facilities, equipment, technology and investment projects.
Bid / Agreement
Available Limit
Destination
Amounts
Agreement with BNA Line 400
500 Millions
Capital Goods and investments
Up to ARS $800.000
9,5%
Up to 60 months
Up to 3 points
July 2010 Bid
200 Millions
Working capital and investments
Up to ARS $500.000
10%
Up to 24 months
Up to 5 points
October 2010 Bid
200 Millions
Working capital and investments
Up to ARS $500.000
10%
Up to 24 months
Up to 5 points
200 Millions
Working capital and investments
Up to ARS $500.000
10%
Up to 24 months
Up to 5 points
100 Millions
Leasing
Up to ARS $800.000
12% / 13%
Up to 60 months
Up to 7 points
December 2010 Bid
Nominal Annual Rate SMEs
Terms
Discount by Sepyme
Source: SEPYME
Access to the Single Free Exchange Market The Central Bank set forth new measures to access the exchange market. Although the foreign currency purchase limit of USD 2 million per calendar month was maintained for individuals and legal persons, a new requirement was established for purchases in excess of USD 250,000 made within the calendar month. In this case, the selling entity must verify that the sums of money purchased are consistent with the buyer’s Income or Personal Property tax returns, or the balance sheet in the case of a legal person. In addition, the funds intended for the purchase of foreign currency are required to originate from the client’s bank account where the purchase exceeds USD 20,000. New Guidelines Governing Branch Opening Authorizations The Central Bank has established new guidelines to authorize the opening of financial entity branches for the purpose of increasing the bank service offering in the regions having less service coverage.
15
ANNUAL REPORT 2010 Chapter II: Monetary Development and Changes to Central Bank Regulations
The Central Bank will take into account whether the request for branch opening is linked to a simultaneous request for the establishment of an equal number of branches or special service branch offices -"agencies"- in tier III or IV locations, municipalities or districts. The exceptions to this requirement are State-owned financial entities, entities with a maximum of 5 branches including requested branches and entities with a share of tier III and IV branches in excess of the private banks’ average. The Central Bank will publish this ratio, which is initially set at 36%. These entities may not establish more than 10% of the number of tier III and IV branches held by them per year or a proportion of such tier branches that exceeds the private banks’ average, whichever figure is lower. The branches and agencies opened under the III and IV tier locations shall continue to operate for at least 24 months, or else no new tier I and II branches may be opened for 2 years; any violation to this rule shall constitute a major offense under section 41 of the Financial Entities Act. The same shall apply where no tier III and IV branches are opened. Additionally, a one-time extension term of 6 months was added to the original one year term provided to the financial entities to start up a branch from the time it gets opening approval. Upon the lapse of such term, the authorization for such agencies shall terminate, resulting in a penalty period of 12 months within which no new authorizations for opening any type of branches in the country shall be permitted. Minimum Safety Measures at Financial Entities With a view to preventing crimes related to the operations carried out by clients with financial entities, the Central Bank has laid down new minimum safety regulations for entities, among which stand out: visual barriers to be placed in cashier desks to protect the privacy of transactions; monitoring of activity inside and outside the branch through the installation of closed circuit television with digital, instead of analogical, recording; rear-load ATMs with a container fitted with time-delay combination lock; the uniformed agent must remain permanently inside the guard booth, with the doors closed, from the time the financial entity’s staff enters the place until the end of the daily activities; installation of rostering administration systems; the security officer must hold an official degree in the field or, in the absence thereof, provide evidence of not less than 5-year experience performing related security functions in financial entities. In addition, the Congress enacted Act 26,637 which in addition to the visual barriers installed at cashier counters, provided certain requirements for armored treasury trucks and safe deposit box rental, and the installation of cell phone signal inhibitors or blocker devices. Subsequently, the Central Bank regulated this act through the Communication "A" 5171. Interest on Checking Accounts and Special Checking Accounts for Legal Persons (Com. "A" 5068) Under the Communication "A" 5068, the Central Bank established that effective May 2010 no interest shall be recognized in checking accounts for individuals and special checking 16
ANNUAL REPORT 2010 Chapter II: Monetary Development and Changes to Central Bank Regulations
accounts for legal persons, and in sight accounts maintained at credit unions. These deposits correspond mainly to two large groups: corporations (deposit of transactional funds made by companies) and mutual funds.
17
ANNUAL REPORT 2010 Chapter III: The Financial System
Chapter 3: The Financial System Introduction Given its soundness, over the past three years the local financial system managed to weather the international financial crisis as well as some economic and political developments on the local front, with no impact on its financial and cash positions. Yet, the uninterrupted recovery path followed by the financial industry since 2003 was held back by such developments, with a subsequent flattening out of both deposits and credit during most of 2008 and 2009. As from the second half of 2009, deposits and credit supply resumed their growth trend. Credit demand also recovered, although at a lagging pace; as a result, in the first months of 2010, financial intermediation accelerated significantly to grow at a nominal annual rate of 30% in the second half of the year. In this context, the increase in business activity and the low delinquency rates helped banks offset the lower profitability resulting from narrower intermediation margins, after lending interest rates fell off 2008 highs. There was a remarkable increase of financing in all credit facilities, not only business lines (including loans to SMEs) but also consumption and secured loans. Hence, it should be noted that after coping with the events that unfolded in the period 20072009 both on the international and domestic fronts, while sustaining banks’ strength and liquidity, the Argentine banking system has proved it has definitely overcome the impact of the 2001/02 crisis.
18
ANNUAL REPORT 2010 Chapter III: The Financial System
Stages in the Recovery of the Financial System Stage
Developments
Year 2002
Late in the year, deposits started to grow.
Year 2003
By mid’ year credit to the private sector started to recover and delinquency rates declined.
Year 2004
Credit to the private sector continued to recover to include the business and housing segments.
Year 2005
First year of profitable income statements. The repayment of restructured deposits was completed.
Year 2006
Medium-term credit grew and the capitalization of profits reinforced banks’ financial strength.
Year 2007
Credit continued to grow despite the international financial crisis; deposit growth resumed and profitability declined.
Year 2008
The international crisis intensified and the government conflict with the agricultural sector complicated the local landscape. At the end of 2008, the government nationalized individual pension accounts and abolished the private pension fund system. Deposits grew more volatile; interest rates went up and there were signs of economic slowdown. The banking system maintained liquidity and solvency levels despite the fast slowdown of business activity.
Year 2009
Liquidity, solvency and profitability of the banking system strengthened despite a slower growth of deposits in the first half of the year. In the second half, interest rates decline due to the recovery of deposits and the weak demand for credit.
Year 2010
Strong growth of loans and deposits as from the second half, even though international developments increased market volatility and despite the situation of financial systems in many euro zone countries.
Meanwhile, an increased outreach in the consumer loan segment as a result of the aggressive marketing policy of banks is bringing in new clients to the bank system, thus helping to alleviate the underbanked and unbanked nature of the Argentine economy. In addition, the initiatives promoted by the Central Bank and the government to provide free transactional bank services and channel subsidies through bank means of payment will certainly help reach out to the unbanked groups who would then become users of bank services. Nonetheless, little progress has been made to tackle the major limitation of the Argentine financial system if it is to address the economy's funding needs. The share of savings that is channeled through formal and regulated financial markets is small compared to its share in more developed financial systems. Besides chronic factors (informality, inflation and crisis) that discourage economic players from channeling their savings through formal financial 19
ANNUAL REPORT 2010 Chapter III: The Financial System
markets, there is also the increased cost of bank transactions at a national, provincial and municipal levels as a result of taxes, the most important being the tax on bank debits and credits, or bank transactions tax. This tax, originally designed to be an emergency levy to improve public revenue during 2001 has been consistently extended and, as shown by official statistics, it has become the first incentive to use cash, to the point that the flat trend shown by this tax as a share of GDP indicates that checking accounts are only used in the private sector for transactions that cannot be otherwise settled in cash.
Debits / Private Sector Current Accounts Balances And Debits and Credits Tax Revenue
%
30
2.5
25
2.0
20 1.5 15 1.0 10 0.5
5 0
0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 (11 months) Debits / Current Accounts Balances Tax Revenue / GDP
Financial System Performance The capitalization of financial entities remained well above regulatory requirements. At the end of 2010, paid-in capital amounted to 17.7% of risk-weighted assets, thus exceeding regulatory levels by 86%. Positive performance is a key factor to expanding financing while at the same time preserving the system’s solvency in that it helps increase capitalization levels in line with assets growth without depending exclusively on the local capital market. In the case of private banks, the decline in lending rates has been partially offset by the increase in the amounts lent; this resulted in an increase of 10.7% in interest income (excluding government bond yields for 2010 against the previous year), and accounting for 20
ANNUAL REPORT 2010 Chapter III: The Financial System
approximately half the overall financial margin. The yield on government bonds is a determining factor mostly in the case of State-owned banks. Main Sources of Income and Expenses Financial System Description
2009
2010
Change (%)
In Millions Pesos I nt er est Incom e
28,937
35,982
24.3
Interest Income Excl. Gov’t Bonds
17,933
22,012
22.7
Fee Income
13,052
16,092
23.3
T ot a l I ncom e
41 ,989
52,074
24.0
Total Income Excl. Gov't Bonds
52,993
66,044
24.6
-22,710
-28,670
26.2
2010
Change (%)
Administration Expenses
Private Sector Description
2009
In Millions Pesos Int er est Inco me
19,724
21,838
10.7
Interest Income Excl. Gov’t Bonds
12,381
14,379
16.1
9,198
11,338
23.3
T otal Income
28,922
33 ,1 76
14.7
Total Income Excl. Gov't Bonds
36,265
40,635
12.1
-14,807
-18,805
27.0
Fee Income
Administration Expenses
On the other hand, the increase in loan amounts, new deposits and a more favorable macroeconomic environment with higher growth and lower unemployment levels did help improve the quality of banks' assets. Past due loans to the private sector stand at their all-time lows (only 2.3%) and allowances widely cover expected delinquency activity. For sure, this has a positive impact on banks' results given that write-offs are nearing all-time lows (0.8% of net assets), only slightly above the minimum level of 0.5% recorded in 2006.
21
ANNUAL REPORT 2010 Chapter III: The Financial System
On the other hand, administration expenses rose slightly more than 26.2% between 2009 and 2010, outpacing the increase of both total income and net assets. Its incidence rose from 4.1% of net assets in 2004 to 6.8% in 2010, due mainly to the effect of salary increases. Based on recent data available, financial intermediation is one of the activities with higher average salaries. We should also note that since the end of 2004 through September 2010, the financial system added 222 branches and doubled the number of ATMs available. The bank system has paid ARS 9.1 billion worth of taxes during 2010. Income tax represents 55% of the total tax burden, or 1.2% of its net assets, followed by the turnover tax which accounts for a 30%. The combination of these factors has helped private banks maintain their profitability at around 3% of net assets (ROA) and 24% of equity (ROE) and State-owned banks to improve these ratios, so that the system as a whole reached an average ROE of 2.8% ROA and an average ROE of 24.3% in 2010. Finally, also worthy of note this year is that most adjustments related to the 2001/02 crisis have been absorbed and that credit to the public sector continued declining as a share of overall credit. Thus, at the end of 2010, public sector debt (excluding Banco Central notes) only accounted for 12.2% of the net assets of the overall financial system, and only 4.5% in the case of private banks. Share of Loans and Deposits by Group of Entities Based on information available as of November 2010, international banks take 33.2% of private sector deposits in the financial system, mostly in line with local private banks. They are followed by State-owned banks with a 32.7% share, whereas the remaining 0.4% remains with non-bank deposit taking entities, such as financial companies and credit unions. As regards loans to the private sector, international banks account for a 32.1% share of the system, whereas local private banks and State-owned banks have 36.6% and 28.1% shares, respectively, with non-bank financial entities representing the remaining 3.2%.
22
ANNUAL REPORT 2010 Chapter III: The Financial System
Deposits of Private Sector
Loans to the Private Sector
November 2010
November 2010
Public Banks 32.7%
Non-Banking Financial Institutions 0.4%
International Banks 33.2%
Local Private Banks 33.6%
Public Banks 28.1%
Non-Banking Financial Institutions 3.2%
International Banks 32.1%
Local Private Banks 36.6%
Financing for SMEs The new loans granted to legal entities in amounts that are less than one million pesos or dollars are the best proxy available to estimate loans to SMEs and analyze the development of this type of financing. Between 2002 and 2010, it has increased steadily at an average rate of 34% per annum, with broad-based growth across all types of credit facilities. In 2010, SME financing accounted for 35% of all new credit granted to companies and 22% of overall credit. These figures bear witness to the increasing importance that banks are giving to SMEs financial aid, as compared to companies and total financing.
23
ANNUAL REPORT 2010 Chapter III: The Financial System
Loans to Companies for Less than a Million Pesos or Dollars Index Dec. 2002 = 100 240 220 200 180 160 140 120 100 80 60 Dec. 2002
Dec. 2003
Dec. 2004
Dec. 2005
Dec. 2006
Dec. 2007
Dec. 2008
Dec. 2009
Nov. 2010
SMB Companies - Total
New Loand for Less than a Million Pesos or Dollars Granted to Companies In billions of Pesos 30
2010: 22% of Total Loans and 35% of Loans Granted to Companies
25 20 15 10 5 0 Year 2002
Year 2003
Year 2004
Year 2005
Year 2006
Year 2007
Year 2008
Year 2009
Year 2010
24
ANNUAL REPORT 2010 Chapter III: The Financial System
Bank Penetration and Geographical Coverage When the population is spread asymmetrically and the provision of a service carries a significant fixed cost, the least densely populated regions tend to be unbanked or underbanked. In Argentina, both situations are true. There are vast areas almost inhabited where opening a bank branch implies significant fixed costs that cannot be fully absorbed by the volume of transactions.
Population in locations with more than 2,000 inhabitants according to bank services supply With Bank Services 97% Without Bank Services 3%
Locations with more than 2,000 inhabitants according to bank services supply With Bank Services 94% Without Bank Services 6%
In order to develop a policy to address this issue requires, first of all, to measure the problem as precisely as possible. To such end, some financial entities associated to ABA commissioned a study to measure the number of inhabitants that reside farther than five kilometers away from a bank branch across the country. The study included 943 locations with more than 2,000 inhabitants (as Census 2001), which at that time totaled 32.3 million inhabitants, or 96.6% of urban population. The findings indicate that 6% of the locations in the sample does not have a bank branch and is more than five kilometers away from a location that provides the service. Those locations only account for 2.8% of all urban population; this would mean that 925,000 inhabitants do not have access to a bank branch. When a more restricted parameter is applied, such as living farther than one kilometer away from a location that has bank services, the outcome is similar as it amounts to 6.7% of all locations in the sample; that is, 3.4% of urban population or 1,140,000 inhabitants. On the other hand, the analysis also shows that the number of inhabitants per branch differs significantly depending on the size of populations. In general, locations with small populations have more branches per inhabitant, that is, have a better relative coverage. In view that most of the population lives near a bank branch (93.2% of urban population and 97.2% of locations with more than 2,000 inhabitants), it is clear that the low levels of bank service penetration is not attributable to the proximity to a financial entity. 25
ANNUAL REPORT 2010 Chapter III: The Financial System
The number of inhabitants per branch, among other factors, also has significant influence. As a matter of fact, in locations with at least one bank branch, the number of inhabitants per branch average 7,575. Even though most locations (77%) have a higher coverage than the average, they only concentrate one third of the population. On the other hand, though, most of the population lives in few areas and, in relative terms, has a below-average bank service offering.
Inhabitants per Branch 12,000 10,146 10,000 8,000
7,961
Average: 7.575
8,321
8,221
6,413
9,005 7,098 6,679
6,000 4,230 4,000
2,641 1.,308
2,000 217 0
1– 499
5001,999
2,000- 5,000- 10,000- 20,000- 30,000- 40,000- 50,000- 75,000- 100,000- MĂĄs de 4,999 9,999 19,999 29,999 39,999 49,999 74,999 99,999 199,999 200,000 Inhabitants per location
Thus, the analysis shows that in order to broaden the bank offering coverage to reach out a larger number of people, the most useful strategy would be to expand the branch network towards areas where inhabitants per branch or any other relevant indicator are below the average. In order to target a maximum of 5,000 inhabitants per branch or bank point of service for each location, the branch network should expand adding 5,600 new points of service across the country, 45% of which would be opened in locations without bank branches whereas the other 55% would be opened in locations that already have branches. As indicated by the findings of Census 2001, nearly 40% of these new points of service should be established in locations of less than 2,000 inhabitants whereas the remaining 40% would be opened in 58 locations with more than 100,000 inhabitants, urban centers with many branches but large populations.
26
ANNUAL REPORT 2010 Chapter III: The Financial System
In summary, the study shows that analyzing bank penetration only through locations without bank branches is a partial and restricted approach. As a matter of fact, 94.2% of the urban population lives in locations with at least one bank branch or nearer than 5 km from a branch. The best measure to gauge population needs would be to consider the number of inhabitants per bank point of service. Based on such premise, it is found that most of the unbanked population in Argentina lives in locations with more than 10,000 inhabitants. On the other hand, the cost of establishing and maintaining a traditional branch is excessive if we consider the volume of transactions that may be channeled through a branch in small locations or when there is a small outreach area; in such instances, it would be more costeffective to devise alternatives without a big infrastructure with an investment that is commensurate to the activity that would be developed there. Draft Legislation As regards new developments throughout 2010, a note should be made of legislative initiatives to amend the legal framework of the banking activity, as well as measures intended to push down bank service costs and to prevent criminal activity associated with cash withdrawals. Among the bills submitted for consideration are those authored by deputies Gerardo Milman, Carlos Heller and Federico Pinedo. Mr. Heller’s bill has been at the heart of the debate because it proposes the most drastic changes to the playing field. As a matter of fact, this initiative characterizes the banking activity as a public service, thus making the provision of bank services a State concession and, therefore, subject to State regulation, not just from the prudential point of view, as it happens today. It should be noted that there is no economic element that warrants such a characterization. It is not a natural monopoly nor is it a service without substitution both as regards financial intermediation and transactional service activities. On the other hand, it is a highly regulated and controlled activity, with a regulatory and supervisory framework specifically oriented to protecting the stability of the system as a main public good to be preserved insofar as it is key to macroeconomic stability and credit availability. The proposal involves significantly changing the approach of the regulatory framework, thus assessing on banks economic policy objectives that widely exceed the objective of preserving the stability of the financial system as a prerequisite for sustained economic development. On the other hand, the initiative provides an exhaustive list of services to be provided by financial entities that evidently will require another law when it becomes outdated. It also establishes that the share of financial aid to micro, small and medium sized companies may not be lower than 38% of the overall loan portfolio, establishes a ceiling to lending interest rates, fixes extremely low limits to the participation of entities in the market, introduces a geographical compensation fund to be funded by all entities and, in order to promote the opening of branches in less densely populations, it creates the protection of bank service users. Furthermore, under that bill the Deposit Guarantee Fund would be nationalized. 27
ANNUAL REPORT 2010 Chapter III: The Financial System
Even though some initiatives promoted by the bills represent opportunities for improvement and for providing a wider range of services, such as the introduction of basic services targeted to low income segments and correspondent offices, the proposed reforms do not seem to tackle the sector's major problem: the small share of national savings that are channeled through formal and regulated financial markets. Furthermore, the approval of some initiatives proposed may end up promoting informal financial markets, which would clearly go against the goal of building a broad-based, sound and efficient financial market. The penetration of transactional banking, which is one of the aspects of the problem, has grown in importance lately. Both the National Congress and the Central Bank introduced a group of measures intended to promote the use of bank payment methods. As previously mentioned, the Congress approved a law that abolished bank fees charged for services provided to wage-earners through payroll accounts; in addition, the Central Bank established maximum fees for electronic bank transfers and introduced the "Universal Free Bank Account", a savings account that is to be mandatorily offered by all banks and provides limited transactional services at no cost to the account holder. Even when these measures may help promote that part of current cash transactions be channeled through banks, thus avoiding the transfer and/or withdrawal of sizeable amounts in cash, and hence, bank exit robberies, no provision has been made to alleviate the strong tax burden levied on bank transactions that are subject to the Tax on Bank Debits and Credits at a national level, as well as municipal taxes that levy such transactions. Furthermore, the National Congress and some municipal governments have adopted new security measures in order to prevent "bank exit robberies", which measures are intended to overcome the consequences of the low bank penetration without tackling the root of the problem.
28
ANNUAL REPORT 2010 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
(1)
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
December 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 77,639
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 39,392
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 82,928
8,064 13,665 19,770 21,858 19,042 25,207 31,836 34,432 33,719 31,900 18,681 65,885 83,851 102,425 122,604 151,449 180,268 199,959
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
2010
January February March April May June July August September October November December
86,401 87,650 82,703 85,793 86,536 86,993 88,841 88,677 89,897 94,818 96,384 102,989
45,411 46,259 46,146 45,894 45,824 47,630 51,944 49,953 50,866 52,649 52,905 58,000
90,039 93,572 101,213 104,746 113,022 117,199 120,407 128,633 134,611 137,877 141,613 138,523
221,852 227,481 230,062 236,433 245,382 251,823 261,192 267,263 275,374 285,344 290,902 299,512
(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..
29
ANNUAL REPORT 2010 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
40 11 12 16 42 597 782 839 392 482 493 1,092 1,528 2,119 1,695 1,162 2,385 327 349 417 455 518 690 718
… … … … … … 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 3,579
… … … … 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 5,815
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 10,124
Total
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 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 11
2009
January February March April May June July August September October November December
13 11 15 17 17 13 14 12 4 6 7 8
770 754 714 732 743 778 805 765 742 734 756 766
3,938 3,723 4,188 4,477 4,723 4,785 4,846 4,928 5,161 4,838 4,753 5,034
6,488 6,195 6,386 6,695 6,884 6,840 6,939 7,101 7,078 6,974 6,871 6,779
… … … … … … … … … … … …
11,209 10,683 11,303 11,921 12,367 12,416 12,604 12,807 12,985 12,551 12,387 12,587
2010
January February March April May June July August September October November December
12 9 9 10 12 13 13 13 13 14 15 17
901 793 838 836 814 828 921 936 857 841 874 942
5,702 4,749 5,096 8,665 9,391 8,784 8,416 7,307 7,551 8,319 8,773 8,647
8,113 6,701 6,720 6,737 6,798 6,917 7,029 7,103 7,070 7,098 7,092 7,258
… … … … … … … … … … … …
14,728 12,252 12,663 16,247 17,015 16,543 16,379 15,360 15,491 16,272 16,754 16,863
Source: ABA based on "Statistical Bulletin", "Daily Information on Deposits, Credit and Cash in Foreign Currency" and "Main Liabilities of Financial System", Central Bank. 30
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 3: Monetary Aggregates (in millions of Pesos of December of 2010) Period
M1
M2
M3
M1 + Foreign Currency Demand Deposits
M3 + Total Deposits in Foreign Curency
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
December December December December December December December December December December December December December December December
61,099 58,227 72,144 83,919 89,442 88,004 81,498 59,483 76,221 107,753 125,890 142,375 157,540 166,350 182,468
79,523 74,023 91,890 109,315 117,919 116,949 108,647 75,524 94,222 135,632 164,583 184,081 202,217 216,582 230,852
113,341 98,765 121,018 149,598 165,036 161,305 149,846 96,461 160,043 209,331 240,083 263,191 299,854 323,829 332,711
61,931 59,160 73,708 86,093 92,245 90,527 83,441 64,311 77,452 108,941 127,203 143,776 159,138 168,531 184,967
102,510 96,723 120,256 146,484 160,461 164,094 160,347 123,239 97,235 141,255 176,280 196,607 219,618 241,596 265,529
2009
January February March April May June July August September October November December
186,116 177,666 172,036 169,761 172,644 177,348 174,467 173,344 175,092 173,761 173,904 187,110
235,278 225,865 218,704 216,841 219,747 225,913 224,432 220,895 222,557 221,086 221,447 238,252
336,578 333,117 326,255 321,882 325,659 327,629 324,554 324,632 327,748 328,063 329,841 339,781
188,826 180,354 174,700 172,526 175,474 180,328 177,586 176,327 177,958 176,592 176,810 190,055
274,096 263,375 259,996 260,852 265,834 272,705 272,441 270,061 272,456 269,117 268,657 286,161
2010
January February March April May June July August September October November December
189,458 188,116 179,585 180,478 181,302 182,928 188,847 188,323 189,608 195,212 197,542 210,127
240,024 238,919 229,597 229,727 229,999 233,056 243,035 239,985 241,781 248,747 250,890 268,127
340,286 341,679 339,290 342,130 350,106 356,400 368,642 373,019 379,853 388,943 393,689 406,651
192,901 191,206 182,857 183,754 184,525 186,233 192,521 192,060 193,046 198,597 201,069 213,939
295,571 286,114 278,510 292,692 296,383 298,008 307,486 300,461 302,989 313,135 317,367 335,194
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.
31
ANNUAL REPORT 2010 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 2010
M1
M2
M3
M1 + Foreign Currency Demand Deposits
M3 + Total Deposits in Foreign Curency
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 13.0 12.9
5.1 6.8 5.5 3.6 3.2 3.5 3.9 5.5 7.4 8.4 8.2 9.3 10.4 11.1 11.7 11.1 10.0 13.6 14.9 18.4 18.9 18.7 18.3 16.7 16.6 16.5
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 24.3 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 13.3 13.2
5.2 6.8 5.5 3.6 9.8 4.5 6.5 9.3 13.6 16.5 16.5 19.0 21.5 24.6 27.9 28.6 28.8 18.1 15.9 20.5 21.2 21.2 20.9 19.5 20.5 20.8
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.
32
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 5: Monetary Aggregates in Real Terms (1) Monthly average of daily balances (in millions of Pesos of December of 2010) Period
Cash Held by Public
Current Account
M1
Savings Account
M2
Time Deposits
M3
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 December December December December December December December December December December December December December December December December December December December December December December December
16,961 19,675 16,357 14,437 13,763 12,520 19,366 25,675 33,638 36,520 34,605 37,168 43,228 45,549 44,381 40,549 29,856 30,342 48,703 56,743 66,263 75,488 84,582 87,105
21,856 19,568 12,757 10,107 14,112 7,370 12,837 18,636 22,956 24,579 23,621 34,977 40,690 43,892 43,623 40,949 29,627 45,879 59,050 69,147 76,112 82,052 81,768 95,363
38,817 39,243 29,114 24,545 27,875 19,889 32,203 44,312 56,594 61,099 58,227 72,144 83,919 89,442 88,004 81,498 59,483 76,221 107,753 125,890 142,375 157,540 166,350 182,468
13,167 13,366 11,546 8,567 4,158 10,406 8,124 10,469 17,190 18,425 15,796 19,746 25,396 28,477 28,946 27,149 16,041 18,002 27,880 38,693 41,705 44,677 50,232 48,384
51,984 52,610 40,660 33,111 32,033 30,295 40,327 54,781 73,783 79,523 74,023 91,890 109,315 117,919 116,949 108,647 75,524 94,222 135,632 164,583 184,081 202,217 216,582 230,852
41,162 59,452 52,378 67,154 32,607 9,540 12,125 22,769 32,887 33,818 24,741 29,128 40,283 47,117 44,356 41,199 20,937 65,820 73,699 75,500 79,111 97,637 107,247 101,859
93,145 112,061 93,038 100,265 64,640 39,835 52,452 77,550 106,670 113,341 98,765 121,018 149,598 165,036 161,305 149,846 96,461 160,043 209,331 240,083 263,191 299,854 323,829 332,711
2009
January February March April May June July August September October November December
88,628 86,678 83,626 81,758 82,475 84,632 87,361 85,793 85,136 85,082 85,504 92,048
97,488 90,989 88,410 88,003 90,169 92,716 87,105 87,551 89,956 88,679 88,401 95,062
186,116 177,666 172,036 169,761 172,644 177,348 174,467 173,344 175,092 173,761 173,904 187,110
49,163 48,198 46,668 47,080 47,103 48,566 49,966 47,551 47,465 47,325 47,543 51,142
235,278 225,865 218,704 216,841 219,747 225,913 224,432 220,895 222,557 221,086 221,447 238,252
101,300 107,252 107,552 105,041 105,912 101,716 100,122 103,737 105,191 106,977 108,394 101,529
336,578 333,117 326,255 321,882 325,659 327,629 324,554 324,632 327,748 328,063 329,841 339,781
2010
January February March April May June July August September October November December
93,248 91,859 89,953 88,413 89,341 91,374 96,169 96,613 97,399 98,800 100,351 107,138
96,210 96,258 89,632 92,064 91,962 91,554 92,678 91,710 92,209 96,412 97,191 102,989
189,458 188,116 179,585 180,478 181,302 182,928 188,847 188,323 189,608 195,212 197,542 210,127
50,567 50,802 50,012 49,249 48,697 50,127 54,188 51,662 52,174 53,535 53,348 58,000
240,024 238,919 229,597 229,727 229,999 233,056 243,035 239,985 241,781 248,747 250,890 268,127
100,261 102,761 109,693 112,403 120,107 123,344 125,607 133,034 138,071 140,196 142,799 138,523
340,286 341,679 339,290 342,130 350,106 356,400 368,642 373,019 379,853 388,943 393,689 406,651
(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.
33
ANNUAL REPORT 2010 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 2008
December 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 80,247
3,872 716 27 47 31 91 88 6,703 10,953 20,396 22,988 15,972 28,660 34,297 43,413
16,218 12,741 13,158 15,221 15,551 15,139 14,293 16,876 28,719 49,112 58,826 61,980 84,818 104,874 123,660
... 1,494 4,961 6,315 9,347 9,662 9,248 -4,773 -233 -46 5,491 5,422 1,666 2,240 7,885
... 15,010 18,137 21,536 24,898 24,802 23,541 12,123 28,486 49,066 64,317 67,403 86,484 107,114 131,546
... 456 1,049 478 1,620 1,827 1,016 171 79 559 486 1,227 2,041 3,232 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
2010
January February March April May June July August September October November December
94,314 93,943 93,297 92,744 94,856 97,868 103,404 104,835 106,245 110,620 112,839 119,694
54,730 53,292 55,078 68,828 73,237 71,852 72,139 68,361 69,380 73,843 75,963 77,037
149,044 147,234 148,375 161,572 168,093 169,721 175,542 173,196 175,625 184,463 188,803 196,731
11,508 17,024 13,535 14,766 16,088 15,802 15,021 13,328 13,087 12,220 12,407 9,376
160,551 164,258 161,910 176,339 184,182 185,522 190,563 186,524 188,712 196,683 201,209 206,107
1,975 1,059 25,706 12,543 12,129 12,390 9,752 10,874 7,517 5,724 9,750 6,871
(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.
34
ANNUAL REPORT 2010 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 Dollars
Monetary Liabilities (4) In Millions of Pesos
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
December 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 46,198
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 46,198
14,059 14,190 15,551 15,139 14,293 16,876 28,719 49,112 58,826 61,980 84,818 104,874 123,660
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
2010
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. 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.
35
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 8: Loans to Private Sector Monthly average of daily balances (in millions of Pesos) Period
Overdrafts
Promissory Notes
Mortgage Loans
Pledge Loans
Consumer Loans
Credit Card Financing
Others
Total
2000
December
9,125.5
15,840.1
16,986.1
4,942.2
5,489.2
4,027.8
6,919.7
63,330.6
2001
December
6,691.8
11,223.7
16,183.9
3,707.5
4,889.3
3,656.0
5,110.4
51,462.6
2002
December
5,150.1
7,479.7
11,554.6
2,264.3
2,685.9
2,091.2
4,815.9
36,041.7
2003
December
4,793.9
6,716.7
9,401.0
1,324.5
2,332.9
2,288.7
4,070.5
30,927.3
2004
December
6,796.0
9,479.9
8,830.5
1,672.3
4,184.0
3,175.5
4,803.6
38,941.6
2005
December
9,028.2
15,266.4
8,845.5
2,335.2
7,148.7
5,206.7
4,999.4
52,829.7
2006
December
12,107.6
22,558.1
10,132.6
3,761.4
13,009.3
7,399.8
5,916.8
74,884.7
2007
December
14,662.4
31,479.8
14,432.2
5,964.6
21,044.6
11,010.3
6,872.0
105,466.1
2008
December
16,263.1
36,295.4
18,704.6
7,868.9
27,668.5
14,963.3
7,959.1
129,721.5
2009
January
16,356.9
35,468.9
18,887.1
7,740.7
27,610.2
15,496.2
8,016.8
129,576.9
February
16,876.3
35,635.6
18,947.0
7,670.2
27,620.3
15,233.6
8,037.4
130,020.5
March
17,256.9
37,160.0
18,991.1
7,482.0
27,658.8
15,036.0
8,217.8
131,802.6
2010
April
17,504.3
37,054.4
18,972.7
7,405.6
27,867.1
15,268.8
8,268.3
132,339.5
May
18,483.8
37,157.2
18,915.0
7,303.9
27,964.1
15,525.6
8,400.7
133,748.9
June
19,151.5
37,406.9
18,893.0
7,233.5
27,945.1
15,507.0
9,007.6
135,144.8
July
19,536.2
37,170.1
18,876.0
7,183.6
27,833.1
15,531.1
9,441.4
135,574.0
August
19,180.9
36,601.0
18,729.6
7,136.2
28,069.7
15,717.8
9,517.6
134,952.9
September
19,156.2
36,097.3
18,457.0
7,229.7
28,532.5
16,087.7
9,501.7
135,062.3
October
18,510.4
36,013.5
18,557.5
7,201.4
29,079.1
16,986.4
9,620.7
135,971.3
November
18,321.2
36,231.6
18,627.8
7,251.5
29,604.2
17,361.3
9,918.7
137,315.2
December
18,905.5
37,191.6
18,616.6
7,303.4
30,054.8
18,086.8
10,159.0
140,319.5
January
18,054.2
37,736.7
18,625.2
7,329.9
30,450.4
19,108.1
10,719.7
142,022.6
February
17,929.2
37,804.0
18,721.7
7,414.6
30,894.7
19,059.8
10,719.4
142,542.1
March
18,109.5
38,690.9
18,900.7
7,480.3
31,313.4
19,365.2
10,878.9
144,738.8
April
19,085.1
40,449.5
19,037.7
7,603.4
32,011.3
20,152.6
11,183.6
149,523.1
May
20,934.2
41,675.7
19,117.6
7,749.4
32,693.2
20,824.3
11,427.3
154,422.3
June
21,738.8
42,203.7
19,275.1
7,843.0
33,100.5
21,629.5
12,114.0
157,903.0
July
21,918.5
44,716.8
19,327.6
8,055.4
33,585.1
22,016.5
12,113.1
161,735.1 165,943.7
August
21,690.1
47,575.7
19,354.5
8,189.9
34,357.6
22,602.4
12,172.1
September
20,785.8
50,736.9
19,633.2
8,460.4
35,515.1
23,201.9
12,342.4
170,675.5
October
21,768.6
52,886.3
20,001.3
8,862.5
36,849.3
24,514.2
13,065.0
177,949.8
November
21,814.5
55,345.4
20,436.9
9,194.7
38,130.7
25,104.7
14,036.6
184,065.2
December
22,407.3
58,527.7
20,760.7
9,604.2
39,342.2
26,771.3
14,765.3
192,181.3
Source: ABA based on "Main Assets of Financial System", B.C.R.A.
36
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 9: Loans to Private Sector Change in the last 12 months (as a percentages) Period
2001
December
2002
December
2003
December
2004
December
2005
December
2006
December
2007
December
2008
December
2009
January February March April May June July August September October November December
2010
January February March April May June July August September October November December
Overdrafts
Promissory Notes
Mortgage Loans
Pledge Loans
Consumer Loans
Credit Cards Others Financing
Total
-26.7 -23.0 -6.9 41.8 32.8 34.1 21.1 10.9
-29.1 -33.4 -10.2 41.1 61.0 47.8 39.6 15.3
-4.7 -28.6 -18.6 -6.1 0.2 14.6 42.4 29.6
-25.0 -38.9 -41.5 26.3 39.6 61.1 58.6 31.9
-10.9 -45.1 -13.1 79.3 70.9 82.0 61.8 31.5
-9.2 -42.8 9.4 38.7 64.0 42.1 48.8 35.9
-26.1 -5.8 -15.5 18.0 4.1 18.4 16.1 15.8
-18.7 -30.0 -14.2 25.9 35.7 41.7 40.8 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 19.4 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
10.4 6.2 4.9 9.0 13.3 13.5 12.2 13.1 8.5 17.6 19.1 18.5
6.4 6.1 4.1 9.2 12.2 12.8 20.3 30.0 40.6 46.9 52.8 57.4
-1.4 -1.2 -0.5 0.3 1.1 2.0 2.4 3.3 6.4 7.8 9.7 11.5
-5.3 -3.3 0.0 2.7 6.1 8.4 12.1 14.8 17.0 23.1 26.8 31.5
10.3 11.9 13.2 14.9 16.9 18.4 20.7 22.4 24.5 26.7 28.8 30.9
23.3 25.1 28.8 32.0 34.1 39.5 41.8 43.8 44.2 44.3 44.6 48.0
33.7 33.4 32.4 35.3 36.0 34.5 28.3 27.9 29.9 35.8 41.5 45.3
9.6 9.6 9.8 13.0 15.5 16.8 19.3 23.0 26.4 30.9 34.0 37.0
Source: ABA based on "Main Assets of Financial System", B.C.R.A.
37
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 10: Bank Credit (in millions of Pesos) End of: In Domestic Currency
To Public Sector In Foreign Currency
Total
In Domestic Currency
To Private Sector In Foreign Currency
Total
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
December 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 79,651
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 8,061
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 87,712
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 72,778 100,117 120,098
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 21,469
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 85,266 117,491 141,567
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 96,425 104,304 104,187 104,653 101,102
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 98,960 102,479 101,695 107,232 105,159 113,055 113,077 113,252 114,013
119,295 120,037 121,034 121,829 122,826 124,446 123,970 124,579 125,882 127,706 129,421 133,118
21,834 23,242 23,846 23,618 24,599 23,837 23,285 22,648 21,665 21,621 21,785 21,827
141,130 143,279 144,880 145,446 147,425 148,283 147,255 147,226 147,547 149,327 151,206 154,945
20010
January February March April May June July August September October November December
108,225 114,477 115,984 126,278 134,280 135,298 138,898 145,882 147,323 154,590 154,679 143,647
9,746 10,452 10,253 10,155 9,782 10,032 10,087 9,212 9,539 9,286 9,321 11,676
117,971 124,929 126,236 136,433 144,062 145,330 148,985 155,094 156,862 163,876 163,999 155,323
132,078 133,614 136,295 140,528 145,092 148,559 150,942 154,681 160,558 165,905 171,418 179,445
21,881 22,294 23,507 24,739 24,940 24,261 25,478 26,686 27,597 28,584 29,762 31,420
153,959 155,907 159,801 165,267 170,032 172,820 176,420 181,367 188,155 194,488 201,180 210,864
Source: ABA based on "Statistical Bulletin", Central Bank.
38
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 11: Nominal Bank Credit by Currency (in millions of Pesos) End of:
In Domestic Currency
In Foreign Currency
Total
Loans
Resources Earned on Loans
Total
Loans
Resources Earned on Loans
Total
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
December 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 90,727 107,961 129,174 141,234 170,585 191,236
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 8,513
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 98,919 102,773 120,165 140,413 150,647 178,438 199,749
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 29,191
109 394 761 835 791 977 1,161 1,030 1,079 1,106 1,135 1,212 1,344 207 105 95 91 147 246 340
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 29,530
2,277 17,691 33,036 45,609 56,436 63,844 67,554 73,874 85,406 95,865 98,850 96,688 86,093 143,206 136,681 151,353 163,231 174,386 200,991 229,279
2009
January February March April May June July August September October November December
200,606 202,331 203,759 206,343 210,713 211,448 216,375 214,896 225,120 226,699 228,839 229,049
6,690 5,708 5,778 5,766 5,845 5,945 6,000 6,108 5,066 5,194 5,235 5,172
207,296 208,039 209,537 212,108 216,558 217,393 222,375 221,004 230,186 231,892 234,074 234,221
28,661 29,749 31,956 31,911 32,949 32,218 31,742 31,027 30,095 30,199 30,087 34,451
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
236,321 238,184 241,907 244,406 249,904 249,979 254,487 252,385 260,602 262,404 264,458 268,958
2010
January February March April May June July August September October November December
234,991 242,789 246,921 261,383 273,822 278,427 284,230 294,675 301,968 314,129 319,591 316,488
5,312 5,302 5,358 5,423 5,550 5,430 5,610 5,888 5,913 6,365 6,506 6,604
240,303 248,091 252,279 266,806 279,372 283,857 289,840 300,563 307,881 320,494 326,097 323,092
31,335 32,458 33,458 34,604 34,441 34,044 35,327 35,664 36,888 37,619 38,829 42,833
292 288 301 290 281 249 238 234 247 251 254 262
31,627 32,746 33,759 34,894 34,722 34,293 35,564 35,898 37,136 37,870 39,082 43,095
271,930 280,837 286,038 301,700 314,094 318,151 325,405 336,461 345,017 358,364 365,179 366,187
Source: ABA based on "Statistical Bulletin", Central Bank.
39
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 12: Bank Credit in Real Terms (1) (in millions of Pesos of December of 2010) End of:
In Domestic Currency Loans
In Foreign Currency
Total
Resources Earned on Loans
Total
Loans
Resources Earned on Loans
Total
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
December December December December December December December December December December December December December December December December December December December December
40,934 40,355 49,968 71,098 87,524 90,761 82,218 89,537 98,494 109,451 109,372 98,840 66,173 166,366 173,801 193,248 207,480 209,232 226,396 234,892
39,521 46,487 30,970 20,508 17,045 13,496 9,582 4,501 4,558 2,350 2,079 1,905 1,635 28,366 23,075 21,846 18,053 13,945 10,423 10,456
80,455 86,842 80,939 91,607 104,569 104,258 91,800 94,038 103,052 111,801 111,451 100,745 67,809 194,732 196,876 215,094 225,533 223,177 236,819 245,349
127,699 33,052 51,482 78,364 100,989 116,692 131,900 148,278 178,704 217,036 227,386 226,384 234,358 86,776 64,755 55,657 36,504 34,951 29,605 35,854
10,491 2,731 3,122 3,171 2,921 3,433 3,913 3,428 3,605 3,837 3,936 4,151 4,793 407 200 170 146 218 326 417
138,191 35,784 54,604 81,535 103,909 120,125 135,812 151,706 182,309 220,873 231,322 230,536 239,151 87,183 64,956 55,826 36,650 35,169 29,931 36,271
218,646 122,626 135,543 173,142 208,479 224,382 227,613 245,744 285,361 332,674 342,773 331,280 306,959 281,914 261,832 270,920 262,183 258,346 266,750 281,620
2009
January February March April May June July August September October November December
245,874 247,292 246,814 248,937 253,182 252,083 255,556 251,449 261,103 260,683 260,686 258,101
8,200 6,977 6,999 6,956 7,023 7,087 7,086 7,147 5,876 5,972 5,963 5,828
254,073 254,269 253,813 255,893 260,205 259,170 262,643 258,597 266,979 266,655 266,649 263,930
35,129 36,360 38,709 38,498 39,590 38,410 37,490 36,305 34,905 34,726 34,274 38,820
446 483 502 467 477 439 436 414 373 359 339 323
35,575 36,843 39,211 38,965 40,067 38,848 37,926 36,719 35,278 35,085 34,613 39,144
289,648 291,112 293,024 294,858 300,272 298,019 300,569 295,316 302,257 301,741 301,262 303,073
2010
January February March April May June July August September October November December
261,668 266,631 267,609 280,491 290,990 293,025 296,506 304,756 309,732 319,412 322,267 316,488
5,916 5,823 5,806 5,819 5,897 5,715 5,852 6,089 6,065 6,473 6,560 6,604
267,583 272,454 273,415 286,310 296,887 298,740 302,359 310,845 315,797 325,884 328,827 323,092
34,892 35,645 36,261 37,134 36,600 35,829 36,852 36,884 37,837 38,252 39,154 42,833
325 316 326 311 299 262 248 242 254 255 256 262
35,217 35,962 36,588 37,445 36,899 36,091 37,100 37,126 38,090 38,507 39,410 43,095
302,800 308,415 310,003 323,755 333,786 334,831 339,459 347,971 353,887 364,391 368,237 366,187
(1) Deflated by the combined price index. Source: ABA based on "Statistical Bulletin", Central Bank and INDEC.
40
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 13: Interest Rates (Annual nominal, as a percentage) On Deposits
Period
In Domestic Currency Savings Accounts
Time Deposits (1)
On Loans
In Foreign Currency Savings Accounts
Time Deposits (1)
Interbank Rate
Domestic Prime Rate In Domestic Currency 30 days
30 days
90 days
In Foreign Currency
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Average 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 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 11.9
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 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 1.6
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 20.9
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 10.7
2009
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
January February March April May June July August September October November December
0.5 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
10.4 9.5 9.4 9.3 8.9 9.3 9.5 9.5 9.6 9.5 9.6 10.0
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
0.6 0.4 0.4 0.4 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4
... ... ... ... ... ... ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ... ...
... ... ... ... ... ... ... ... ... ... ... ...
9.3 8.6 8.7 8.7 8.9 9.0 9.3 9.3 9.4 10.2 9.5 9.8
Average
0.4
9.8
0.1
0.4
...
...
...
9.5
2010
(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. 41
ANNUAL REPORT 2010 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 2008
Average 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 21.6
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 19.3
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 12.8
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 17.5
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 28.3
... ... ... ... ... ... ... ... 40.7 45.9 29.7 25.9 24.7 25.7 30.8
... ... ... ... ... ... ... ... 51.4 54.8 30.7 27.7 27.2 26.1 27.4
2009
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
January February March April May June July August September October November December
20.8 20.4 20.1 19.7 19.1 18.6 18.6 18.7 18.5 18.5 19.1 19.1
16.0 15.8 15.3 15.4 14.7 15.0 15.2 15.1 15.6 14.9 14.7 14.8
14.2 14.5 14.7 13.7 13.9 13.9 14.2 14.6 15.2 14.7 14.9 14.7
17.6 17.9 17.4 17.8 17.5 17.3 17.1 17.2 17.0 17.3 17.1 17.3
31.1 30.3 30.0 29.5 29.6 29.7 31.9 31.7 31.1 31.1 31.6 30.4
32.8 31.9 31.5 30.7 30.4 29.8 29.4 28.9 29.3 29.6 30.9 28.9
30.5 29.7 29.3 29.0 29.3 29.6 32.9 33.0 32.3 32.0 32.1 31.3
Average
19.3
15.2
14.4
17.4
30.7
30.3
30.9
2010
Corresponds to weighted averages of loans granted within the month of the report. Source: ABA based on "Statistical Bulletin", Central Bank.
42
ANNUAL REPORT 2010 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 2008
Average Average Average Average Average Average Average Average Average Average Average Average Average Average Average
2009
2010
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 21.6
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 19.3
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 12.8
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 17.5
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 28.3
... ... ... ... ... ... ... ... 40.7 45.9 29.7 25.9 24.7 25.7 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
January February March April May June July August September October November December
... ... ... ... ... ... ... ... ... ... ... ...
20.8 20.4 20.1 19.7 19.1 18.6 18.6 18.7 18.5 18.5 19.1 19.1
16.0 15.8 15.3 15.4 14.7 15.0 15.2 15.1 15.6 14.9 14.7 14.8
14.2 14.5 14.7 13.7 13.9 13.9 14.2 14.6 15.2 14.7 14.9 14.7
17.6 17.9 17.4 17.8 17.5 17.3 17.1 17.2 17.0 17.3 17.1 17.3
31.1 30.3 30.0 29.5 29.6 29.7 31.9 31.7 31.1 31.1 31.6 30.4
32.8 31.9 31.5 30.7 30.4 29.8 29.4 28.9 29.3 29.6 30.9 28.9
Average
...
19.3
15.2
14.4
17.4
30.7
30.3
Corresponds to weighted averages of loans granted within the month of the report. Source: ABA based on "Statistical Bulletin", Central Bank.
43
ANNUAL REPORT 2010 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 December September
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 2010
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 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 53
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 16
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 81
Source: ABA based on Central Bank's data.
44
ANNUAL REPORT 2010 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 2010 ( 1 )
Public Banks
Private Banks
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 38,025 37,642
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 56,013 58,186
Total 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 94,038 95,828
(1) Corresponds to September. Source: ABA based on Central Bank's data.
45
ANNUAL REPORT 2010 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 2006
December 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 1,331,322
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 18,143,891
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 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 December
1,380,922 1,319,198 1,365,309 1,399,150
21,107,896 21,630,541 22,162,091 20,787,912
3,353,989 3,414,936 3,460,996 3,197,251
2010
March June September
1,385,185 1,414,353 1,733,964
21,039,240 21,205,567 21,966,160
3,232,356 3,322,853 3,192,251
Source: ABA based on "Financial System Indicators", "Statistical Bulletin" and Information on Financial Institutions, Central Bank.
46
ANNUAL REPORT 2010 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 December September
1987 1988 1989 1990 1991 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Public Banks
Private Banks
Non-Banking Financial Institutions
Total Financial System
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 1,442
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 2,523
227 160 107 87 75 60 59 51 45 45 42 56 63 73 58 59 53 100 99 110 108 108 79
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 4,044
(1) Including head offices. Source: ABA based on Central Bank's data.
47
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 20: Branches, Geographical Distribution (1) As of 30 of September of 2010 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
162 1,280 513 14 232 41 43 59 25 5 5 91 12 35 14 42 21 9 7 6 11 70 8 5 12
602 1,921 706 7 165 20 17 32 94 13 25 12 13 108 48 24 45 42 27 37 27 355 42 12 50
764 3,201 1,219 21 397 61 60 91 119 18 30 103 25 143 62 66 66 51 34 43 38 425 50 17 62
18 61 36 1 4 1 1 0 1 0 1 0 1 4 1 1 0 1 2 1 0 3 1 0 1
782 3,262 1,255 22 401 62 61 91 120 18 31 103 26 147 63 67 66 52 36 44 38 428 51 17 63
Total
1,442
2,523
3,965
79
4,044
(1) Including head offices. Source: ABA based on "Information on Financial Institutions", Central Bank.
48
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 21: ATMs, Geographical Distribution Al 30 de September de 2010 Provinces
Public Banks
Private Banks
Total Banking System
Non-Banking Financial Institutions
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
533 2,708 1,260 53 484 93 135 81 26 6 10 60 11 87 18 113 47 18 8 11 17 102 6 39 23
2,331 6,622 2,741 28 477 67 56 110 284 71 121 27 52 327 163 83 185 223 138 105 106 846 136 30 246
2,864 9,330 4,001 81 961 160 191 191 310 77 131 87 63 414 181 196 232 241 146 116 123 948 142 69 269
3 4 0 0 1 0 0 0 0 0 0 0 0 2 0 0 0 0 1 0 0 0 0 0 0
2,867 9,334 4,001 81 962 160 191 191 310 77 131 87 63 416 181 196 232 241 147 116 123 948 142 69 269
Total
3,241
8,953
12,194
7
12,201
Total Financial System
Source: ABA based on "Information on Financial Institutions", Central Bank.
49
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 22: Assets and Liabilities Structure Item
December 2007
December 2008
December 2009
November 2010
In Millions of Pesos
%
In Millions of Pesos
%
In Millions of Pesos
%
In Millions of Pesos
%
Assets
297,840
100.0
346,762
100.0
387,382
100.0
497,537
100.0
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
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
67,474 86,625 164,044 145,247 4,052 20,570 -5,824
17.4 22.4 42.3 37.5 1.0 5.3 -1.5
89,819 116,262 213,155 189,933 5,175 24,159 -6,113
18.1 23.4 42.8 38.2 1.0 4.9 -1.2
32,311
10.8
41,336
11.9
37,091
9.6
43,777
8.8
6,286 24,536
2.1 8.2
6,793 27,709
2.0 8.0
6,990 25,158
1.8 6.5
7,268 27,257
1.5 5.5
Liabilities
261,082
87.7
305,382
88.1
339,047
87.5
441,354
88.7
Deposits Non-Financial Private Sector Financial Sector Public Sector Other Credits through Financial Intermediation Promissory Notes Foreign Credit Lines Forwards and other Operations Other Others
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
271,853 200,109 1,828 69,916
70.2 51.7 0.5 18.0
363,670 246,244 836 116,589
73.1 49.5 0.2 23.4
46,156
15.5
57,662
16.6
52,114
13.5
60,919
12.2
7,068 4,315 8,273 26,500 9,376
2.4 1.4 2.8 8. 9 3. 1
6,113 4,670 8,578 38,301 11,503
1.8 1.3 2.5 11.0 3.3
5,150 3,458 4,478 39,028 15,080
1.3 0.9 1.2 10.1 3.9
3,673 3,890 5,895 47,461 16,765
0.7 0.8 1.2 9.5 3.4
36,758
12.3
41,380
11.9
48,335
12.5
56,184
11.3
Stockholders' Equity
Source: ABA based on "Information on Financial Institutions", Central Bank.
51
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 23: Terms for Assets and Liabilities As of 30 of September of 2010 (in millions of Pesos) Assets
Due Portfolio
1 Month
3 6 12 24 More than Months Months Months Months 24 Months
Total
Public Sector
26
1,222
195
924
443
3,482
21,394
27,685
Financial Sector
34
4,281
950
999
1,282
977
1,080
9,602
4,932
55,826
24,807
25,291
24,254
25,281
53,701
214,091
…
86,056
…
…
…
…
…
86,056
4,992
147,384
25,952
27,215
25,978
29,739
76,175
337,434
Non-Financial Private Sector and Foreign Residents Liquid Assets Total Liabilities
1 Month
Deposits
195,680
47,363
10,062
6,354
3,549
83,508
346,516
83,486
…
…
…
…
83,486
166,972
112,195
47,363
10,062
6,354
3,549
22
179,545
17,046
1,632
1,190
1,923
2,112
2,790
26,693
Central Bank
55
1
1
47
62
51
217
International Banks and Institutions
93
122
131
32
38
77
494
106
667
62
580
829
2,000
4,244
3,230
727
871
1,170
904
367
7,268
13,562
115
125
94
279
296
14,471
12
41
12
16
35
1,835
1,951
212,738
49,037
11,264
8,293
5,696
88,133
375,161
Demand Deposits Others Other Financial Intermediation Obligations
Unsubordinated Notes Financing Received by Local Financial Institutions Others Subordinated Notes Total
3 6 12 24 More than Months Months Months Months 24 Months
Source:
51
Total
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 24: Terms for Assets and Liabilities As of 30 of September of 2010 (as % of liabilities) Assets
Public Sector Financial Sector Non-Financial Private Sector and Foreign Residents Liquid Assets Total Liabilities
Due Portfolio
1 Month
3 Months
6 Months
12 Months
24 Months
0.0 0.0
0.3 1.1
0.1 0.3
0.2 0.3
0.1 0.3
0.9 0.3
More than 24 Months 5.7 0.3
1.3
14.9
6.6
6.7
6.5
6.7
14.3
Total
57.1
7.4 2.6
...
22.9
...
...
...
...
...
22.9
1.3
39.3
6.9
7.3
6.9
7.9
20.3
89.9
24 Months
More than 24 Months 22.3 22.3 0.0 0.7 0.0 0.0 0.5
Total
1 Month
3 Months
6 Months
12 Months
Deposits Demand Deposits Others Other Financial Intermediation Obligations Central Bank International Banks and Institutions Unsubordinated Notes Financing Received by Local Financial Institutions Others Subordinated Notes
52.2 22.3 29.9 4.5 0.0 0.0 0.0
12.6 ... 12.6 0.4 0.0 0.0 0.2
2.7 ... 2.7 0.3 0.0 0.0 0.0
1.7 ... 1.7 0.5 0.0 0.0 0.2
0.9 ... 0.9 0.6 0.0 0.0 0.2
0.9 3.6 0.0
0.2 0.0 0.0
0.2 0.0 0.0
0.3 0.0 0.0
0.2 0.1 0.0
0.1 0.1 0.5
1.9 3.9 0.5
Total
56.7
13.1
3.0
2.2
1.5
23.5
100.0
0.7
0.5
2.4
3.1
5.2
0.9
0.9
Assets / Liabilities Ratio
Source:
52
92.4 44.5 47.9 7.1 0.1 0.1 1.1
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 25: Terms for Assets and Liabilities As of 30 of September of 2010 (Percentage term structure) Assets
Public Sector Financial Sector Non-Financial Private Sector and Foreign Residents Liquid Assets
0.1 0.4
4.4 44.6
0.7 9.9
3.3 10.4
1.6 13.3
12.6 10.2
More than 24 Months 77.3 11.2
2.3 ...
26.1 100.0
11.6 ...
11.8 ...
11.3 ...
11.8 ...
25.1 ...
100.0 100.0
Total
1.5
43.7
7.7
8.1
7.7
8.8
22.6
100.0 Total
Liabilities
Due 1 3 6 12 24 Portfolio Month Months Months Months Months
1 3 6 12 24 Month Months Months Months Months
Total
100.0 100.0
Deposits Demand Deposits Others Other Financial Intermediation Obligations Central Bank International Banks and Institutions Unsubordinated Notes Financing Received by Local Financial Institutions Others Subordinated Notes
56.5 50.0 62.5 63.9 25.4 18.8 2.5
13.7 ... 26.4 6.1 0.2 24.7 15.7
2.9 ... 5.6 4.5 0.4 26.6 1.5
1.8 ... 3.5 7.2 21.9 6.6 13.7
1.0 ... 2.0 7.9 28.5 7.8 19.5
More than 24 Months 24.1 50.0 0.0 10.5 23.6 15.6 47.1
44.4 93.7 0.6
10.0 0.8 2.1
12.0 0.9 0.6
16.1 0.6 0.8
12.4 1.9 1.8
5.0 2.0 94.0
100.0 100.0 100.0
Total
56.7
13.1
3.0
2.2
1.5
23.5
100.0
100.0 100.0 100.0 100.0 100.0 100.0 100.0
Source:
53
ANNUAL REPORT 2010 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 2010
December December December December December December December December December December December December December December December December December December December December September
Loans
Deposits
Public Banks
Private Banks
NonBanking Financial Institutions
Total Financial System
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 37,247 49,258 61,231 70,966
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 98,069 124,239
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 4,744 5,466
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 99,940 127,931 149,975 164,044 200,670
Public Banks
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 99,818 116,292 161,101
Private Banks
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 94,095 116,719 135,711 154,387 184,361
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 1,173 1,027
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 94,635 116,655 136,492 170,898 205,550 236,217 271,853 346,489
Source: ABA based on "Statements of Financial Institutions", "Financial Statements of Financial Institutions" and Information on Financial Institutions, Central Bank.
54
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 27: Loand and Deposits: Share by Groups (as a percentage) Period
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
December December December December December December December December December December December December December December December December December December December December September
Loans Public Banks
Private Banks
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 37.3 35.4
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 59.8 61.9
Deposits
NonBanking Financial Institutions 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 2.9 2.7
Total Financial System
Public Banks
Private Banks
NonBanking Financial Institutions
Total Financial System
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
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 42.8 46.5
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 56.8 53.2
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 0.3
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Source: ABA based on "Statements of Financial Institutions", "Financial Statements of Financial Institutions" and Information on Financial Institutions, Central Bank.
55
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 28: Information by Group of Institutions September of 2010 (in millions of Pesos) Group
Public Federal Banks Public Provincial and Municipal
Assets
Stockholder´s Equity
Loans to Private Sector (1)
122,422
11,620
23,631
Deposits of Private Sector
35,630
75,018
5,731
24,065
42,176
Public Banks
197,441
17,351
47,695
77,807
International Banks
124,110
15,178
57,367
78,946
Local Private
127,278
17,467
55,138
66,609
Cooperatives
15,067
1,173
6,429
12,236
Private Banks
266,455
33,818
118,935
157,791
Banks Total
463,895
51,169
166,630
235,598
6,808
2,434
5,223
1,024
470,703
53,603
171,853
236,623
Non-Banking Financial Institutions Total Financial System (1) Net of provisions. Source:
56
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 29: Information by Group of Institutions September of 2010 (as a percentages) Group
Assets
Stockholder´s Equity
Loans to Private Sector (1)
Deposits of Private Sector
Public Federal Banks
26.0
21.7
13.8
15.1
Public Provincial and Municipal
15.9
10.7
14.0
17.8
Public Banks
41.9
32.4
27.8
32.9
International Banks
26.4
28.3
33.4
33.4
Local Private
27.0
32.6
32.1
28.1
Cooperatives
3.2
2.2
3.7
5.2
Private Banks
56.6
63.1
69.2
66.7
Banks Total
98.6
95.5
97.0
99.6
1.4
4.5
3.0
0.4
100.0
100.0
100.0
100.0
Non-Banking Financial Institutions Total Financial System (1) Net of provisions. Source:
57
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 30: Income Statement - Financial System (as a percentage of net assets) 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
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 1.4 0.4 3.6 -0.9 -6.1 -0.8 -0.4
8.6 4.3 0.4 0.8 3.3 -0.1 3.9 -1.1 -6.7 -1.0 -1.3
8.6 4.3 0.6 0.5 3.3 -0.1 3.8 -0.8 -6.8 -1.0 -1.2
(1)
Financial Margin Interest Income CER and CVS Return Difference in Valuation Public Bonds Return Other Financial Income Net Income on Services Non-Collectibility Expenses Operating Expenses Tax Burdens Income Tax Adjustments on Public Debt Valuation (2) Judicial Injunctions Amortization Miscellaneous Monetary Adjustments Total Return (3 ) Adjusted Return (4 ) ROE (3 )
5.7 4.0
5.7 3.8
...
...
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
-0.2
-0.2
-0.3
-0.3
-0.6
-0.1
-0.1
...
...
...
0.4
0.6
-0.9 0.8
-0.9 0.8
-1.1 1.2
-0.7 0.9
-0.3 0.5
-0.2 0.3
-0.2 0.4
...
...
...
...
...
...
...
...
...
...
...
...
...
...
-1.8 -5.8 -8.9 -8.9
-0.6 0.9 -2.9 -1.9
-0.5 0.7
0.9 2.0
1.9 3.4
1.5 2.5
1.6 2.5
2.3 2.6
2.8 3.0
...
-0.2
-59.2
-22.7
-4.2
7.0
14.3
11.0
13.4
19.2
24.3
(1) In Pesos of December 2002. (2) Communication "A" 3911. Valuation adjustments according to Communication "A" 4084 are included in "Public bonds return". (3) As of January 2008, data to calculate financial system consolidated result is available. This indicator excludes results and asset headings related to shares and participation in other local financial institutions. (4) Judicial injunctions amortization and Public Sector revaluation are not included. Source: "Report on Banks", Central Bank.
58
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 31: Ratios - Financial System (as a percentages) Liquidity Credit (1) to Public Sector (2)
Capital Loans Private Exposure to Sector to Private Private NonSector Sector Performing (3) (5) Loans
ROA (6)
ROE Efficiency (7)
(8)
Capital Requirement Compliance (9)
Excess of Minimum Minimum Capital Capital Requirement Requirement (estimated) (10)
(11)
(4)
1996
22.3
16.9
50.8
16.2
24.9
0.6
4.1
142.0
23.8
64.0
14.5
1997
26.1
16.2
47.7
13.8
22.5
1.0
6.3
136.0
20.8
73.0
12.0
1998
23.1
16.2
48.4
12.2
20.6
0.5
3.9
138.0
20.3
49.0
13.6
1999
25.0
18.0
44.9
14.0
24.7
0.2
1.7
142.0
21.0
54.0
13.6
2000
23.4
17.3
39.9
16.0
26.2
…
…
147.0
20.1
58.0
12.7
2001
19.6
23.0
42.7
19.1
21.9
…
-0.2
143.0
21.4
54.0
13.9
2002
22.8
48.9
20.8
38.6
17.3
-8.9
-59.2
189.0
…
…
…
2003
29.1
47.0
18.1
33.5
12.4
-2.9
-22.7
69.0
14.5
116.0
6.7
2004
29.6
40.9
19.6
18.6
-1.0
-0.5
-4.2
125.0
14.0
185.0
4.9
2005
20.1
31.5
25.8
7.6
-4.1
0.9
7.0
151.0
15.3
173.0
5.6
2006
22.5
22.5
31.0
4.5
-3.3
1.9
14.3
167.0
16.9
134.0
7.2
2007
23.0
16.3
38.2
3.2
-3.0
1.5
11.0
160.0
16.9
93.0
8.8
2008
27.9
12.7
39.4
3.1
-3.3
1.6
13.4
167.0
16.9
90.0
8.9
2009
28.6
14.5
38.3
3.5
-2.8
2.3
19.2
185.0
18.8
100.0
9.4
2010
28.0
12.2
39.8
2.3
-4.5
2.8
24.3
182.0
17.7
86.0
9.5
(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) / Total Assets. (3) (Loans to Private Sector + leasing) / Total Assets. (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 (estimated). Source: "Report on Banks", Central Bank.
59
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 32: Non-Performing Loans - Financial System As a percentage Dic. 2000
Dic. 2001
Dic. 2002
Dic. 2003
Dic. 2004
Dic. 2005
Dic. 2006
Dic. 2007
Dic. 2008
Dic. 2009
Nov. 2010
Non-performing Loans
12.9
13.1
18.1
17.7
10.7
5.2
3.4
2.7
2.7
3.0
2.0
Non-performing - Private Sector
16.0
19.1
38.6
33.5
18.6
7.6
4.5
3.2
3.1
3.5
2.3
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
126.2
156.5
5.0
4.4
4.7
3.7
-0.3
-1.3
-1.0
-0.8
-0.8
-0.8
-1.1
(Non-performing Loans - Provisions) / Equity 26.2
21.6
17.2
11.9
-1.0
-4.1
-3.3
-3.0
-3.3
-2.9
-4.5
(Non-performing Loans - Provisions) / Total Financing
Source: "Report on Banks", Central Bank
60
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 33: Income Statement - Private Banks (as a percentage of net assets) 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
(1)
Financial Margin Interest Income CER and CVS Return Difference in Valuation Public Bonds Return Other Financial Income Net Income on Services Non-Collectibility Expenses Operating Expenses Tax Burdens Income Tax Adjustments on Public Debt Valuation ( 2 ) Judicial Injunctions Amortization Miscellaneous Monetary Adjustments Total Return ( 3 ) Adjusted Return ( 4 ) ROE ( 3 )
6. 2 4.1 ... 0.2 1.4 0.5 2.9 -2.5 -6.0 -0 .4 -0.4
6.4 4.3 ... 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
9.8 5.3 0.1 0.8 3.7 ... 4.6 -1.4 -7.4 -1.2 -1.5
9.3 5.5 0.1 0.6 3.2 -0.1 4.8 -1.0 -8.0 -1.2 -1.2
... ... 0.4 ... 0.1 0.1
... ... 0.7 ... 0.2 0.2
... ... -3.0 -7.5 -11.3 -11.3
-0.6 -0.7 1.0 ... -2.5 -1.2
... -1.0 0.7 ... -1.0 0.2
-0.2 -1.0 0.9 ... 0.5 1.6
-0.1 -0.9 1.2 ... 2.2 3.2
-0.1 -0.9 1.0 ... 1.6 2.6
-0.2 -0.4 0.5 ... 1.9 2.5
... -0.2 0.2 ... 3.0 3.2
... -0.2 0.6 ... 3.2 3.3
0.8
1.4
-79.0
-19.1
-8.1
4.1
15.3
10.9
15.2
22.9
24.4
(1) In Pesos of December 2002. (2) Communication "A" 3911. Valuation adjustments according to Communication "A" 4084 are included in "Public bonds return". (3) As of January 2008, data to calculate financial system consolidated result is available. This indicator excludes results and asset headings related to shares and participation in other local financial institutions. (4) Judicial injunctions amortization and Public Sector revaluation are not included. Source: "Report on Banks", Central Bank.
61
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 34: Ratios - Private Banks (as a percentages) Private Liquidity Credit to Loans to Capital (1) Private Sector Non- Exposure Public Sector Performing to Private Sector (2) (3) Loans Sector (4)
(5)
ROA ROE Efficiency (6)
(7)
(8)
Capital Requirement Compliance (9)
Excess of Minimum Minimum Capital Capital Requirement Requirement (estimated) (10)
(11)
1996
23.6
13.5
51.0
11.1
21.6
0.6
4.1
144.0
15.9
33.0
12.0
1997
26.9
13.7
46.7
8.5
14.3
0.7
6.3
135.0
15.4
47.0
10.5
1998
22.8
13.6
47.6
7.7
13.2
0.5
4.3
139.0
14.6
27.0
11.5
1999
24.3
16.1
44.6
8.9
11.5
0.3
2.3
146.0
18.9
60.0
11.8
2000
24.1
14.7
38.4
9.8
13.4
0.1
0.8
152.0
18.0
49.0
12.1
2001
23.6
20.8
45.4
14.0
11.4
0.2
1.4
151.0
17.6
43.0
12.3
2002
24.8
50.0
22.4
37.4
18.6
-11.3 -79.0
168.0
…
…
…
2003
27.6
47.7
19.9
30.4
11.2
-2.5 -19.1
93.0
14.0
88.0
7.4
2004
29.2
41.6
22.5
15.3
1.9
-1.0
-8.1
115.0
15.1
157.0
5.9
2005
21.5
28.5
31.1
6.3
-2.2
0.5
4.1
136.0
17.8
155.0
7.0
2006
23.7
16.3
37.9
3.6
-3.0
2.2
15.3
158.0
18.6
116.0
8.6
2007
25.7
9.5
46.6
2.5
-3.6
1.6
10.9
152.0
19.2
87.0
10.3
2008
34.1
6.3
44.0
2.8
-3.4
1.9
15.2
166.0
18.3
86.0
9.8
2009
29.8
6.2
43.3
3.3
-3.1
3.0
22.9
195.0
22.6
121.0
10.2
2010
26.0
4.5
50.3
2.2
-4.4
3.2
24.4
176.0
20.3
99.0
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) / Total Assets. (3) (Loans to Private Sector + leasing) / Total Assets. (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 (estimated). Source: "Report on Banks", Central Bank.
62
ANNUAL REPORT 2010 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
2.1
Non-performing - Private Sector
9.8
14.0
37.4
30.4
15.3
6.3
3.6
2.5
2.8
3.3
2.2
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
152.3
(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
-1.1
(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
-4.4
Source: "Report on Banks", Central Bank.
63
Nov. 2010
ANNUAL REPORT 2010 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 2010
December December December December December December December December December December December December December December December December December December December December December December September
Top 5
Top 10
Top 15
Top 20
Restantes
Number of Banks
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 54.15 56.06
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 76.10 76.47
... ... ... ... ... 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 86.50 86.79
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 91.44 91.64
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 8.56 8.36
175 176 170 166 167 167 168 127 120 113 104 92 89 85 78 75 73 71 72 72 72 72 72
Source: ABA based on "Statements of Financial Institutions", "Financial Statements of Financial Institutions" and "Information on Financial Institutions", Central Bank.
64
ANNUAL REPORT 2010 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 2010
December December December December December December December December December December December December December December December December December September
Top 5
Top 10
Top 15
Top 20
Restantes
Number of Banks
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 50.96 52.74
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 71.95 72.67
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 83.54 83.68
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 88.28 88.41
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 11.72 11.59
167 168 127 120 113 104 92 89 85 78 75 73 71 72 72 72 72 72
Source: ABA based on "Statements of Financial Institutions", "Financial Statements of Financial Institutions" and "Information on Financial Institutions", Central Bank.
65
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 38: Tranches of Deposits As of September of 2010 Tramos From
Individual To
Number
Amount
Legal Persons Number
Amount
Total Number
Amount
In
In
In
of Pesos
of Pesos
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
15,223,510 876,074 1,300,755 2,109,760 1,700,763 1,428,658 1,398,822 669,919 364,917 180,485 34,864 10,963 3,634 889 255 82 31 9 …
701 321 939 3,391 5,776 9,160 19,048 19,781 20,766 21,662 9,541 5,523 3,919 1,877 1,279 1,015 450 460 …
1,122,842 101,613 150,633 167,645 105,493 92,764 100,876 65,920 55,318 53,401 26,349 16,996 13,273 4,872 3,228 1,815 726 379 298
62 48 124 302 432 693 1,714 2,390 3,887 8,164 8,678 10,520 16,817 14,905 18,488 24,095 15,632 13,649 75,997
16,346,352 977,687 1,451,388 2,277,405 1,806,256 1,521,422 1,499,698 735,839 420,235 233,886 61,213 27,959 16,907 5,761 3,483 1,897 757 388 298
763 369 1,063 3,693 6,208 9,853 20,762 22,171 24,653 29,826 18,219 16,043 20,736 16,782 19,767 25,110 16,082 14,110 75,997
Total
25,304,390
125,608
2,084,441
216,599
27,388,831
342,206
Source:
66
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 39: Deposits of Private Sector, Geographical Distribution Provinces
IV Q 2009
IV Q 2010 In
Total del País Capital Federal Buenos Aires Greater Buenos Aires Rest of Buenos Aires Cat amar ca Córdoba Corrientes Chaco Chubu t Entre Ríos F o r m osa Jujuy La Pampa La Rioja Mendoza Mi si ones Neuquén Río Negro Salta San Juan San Luis Santa Cruz Santa Fe Santiago del Estero Tierra del Fuego Tucumán
197,370.9 96,060.4 41,997.6 22,123.8 19,873.8 486.1 12,953.9 1,274.5 1,549.5 2,576.5 2,985.9 412.7 1,129.3 1,288.0 430.8 5,501.0 1,331.5 2,200.3 1,947.9 2,249.0 1,588.3 903.8 1,479.0 12,332.5 1,210.6 934.7 2,547.1
Change
Change
illions of Pesos 255,836.8 119,878.7 58,383.2 29,882.3 28,501.0 653.4 17,163.3 1,760.5 2,323.2 3,490.4 3,987.7 540.5 1,378.6 1,678.3 526.2 6,482.8 1,814.0 2,687.7 2,505.9 2,928.6 2,0 18.6 1,197.9 1,861.7 16,075.2 1,700.4 1,440.4 3,359.7
Share %
58,465.9 23,818.3 16,385.7 7,758.5 8,627.2 167.3 4,209.4 485.9 773.7 914.0 1,001.8 127.9 249.2 390.3 95.4 981.7 482.5 487.4 558.0 679.6 430.3 294.0 382.7 3,742.7 489.8 505.7 812.6
29.6 24.8 39.0 35.1 43.4 34.4 32.5 38.1 49.9 35.5 33.5 31.0 22.1 30.3 22.1 17.8 36.2 22.2 28.6 30.2 27.1 32.5 25.9 30.3 40.5 54.1 31.9
100.0 46.9 22.8 11.7 11.1 0.3 6.7 0.7 0.9 1 .4 1.6 0.2 0.5 0.7 0.2 2.5 0.7 1.1 1.0 1.1 0.8 0.5 0.7 6.3 0.7 0.6 1.3
Source: ABA based on "Statistical Bulletin", Central Bank.
67
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 40: Loans by Type Type of Loan
December 2007 In
%
of Pesos Public Sector
December 2008 In
%
of Pesos
December 2009 In
%
of Pesos
November 2010 In
%
of Pesos
16,583
13.0
17,083
11.4
20,570
12.5
24,159
11.3
5,030
3.9
4,793
3.2
4,052
2.5
5,175
2.4
Private Sector ( 1 )
110,406
86.3
132,844
88.6
145,247
88.5
189,933
89.1
Overdrafts
14,295
11.2
15,503
10.3
17,798
10.8
21,813
10.2
Promissory Notes
23,218
18.1
24,628
16.4
27,041
16.5
37,951
17.8
Mortgage Loans
14,616
11.4
18,861
12.6
18,572
11.3
20,606
9.7
6,041
4.7
7,799
5.2
7,367
4.5
9,406
4.4
Consumer Loans
20,760
16.2
26,874
17.9
29,314
17.9
37,463
17.6
Others
29,364
23.0
36,534
24.4
42,597
26.0
59,790
28.0
2,112
1.7
2,645
1.8
2,558
1.6
2,905
1.4
-4,088
-3.2
-4,744
-3.2
-5,824
-3.6
-6,113
-2.9
127,931
100.0
149,975
100.0
164,044
100.0
213,155
100.0
Financial Sector
Pledge Loans
Interest accrued Provisions Total
(1) It includes loans to foreign residents. Source:
68
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 41: Financing by Activity Amounts
Activity
Interest Rates
Change
IV Q 2009
IV Q 2010
In
Nonperforming Loans (%) %
Share %
IV Q 2009
IV Q 2010
IV Q 2009
IV Q 2010
Difference %
Change %
Difference from Average %
-3.6
-14.5
-1.0
of Pesos Unidentified
7,457.9
6,838.7
-619.2
-8.3
3.1
16.9
10.3
24.4
20.9
Indiviual Employees
52,919.4
71,236.4
18,317.1
34.6
32.0
8.9
5.1
30.1
28.2
-1.8
-6.1
6.3
Primary Production
21,027.7
27,691.3
6,663.6
31.7
12.4
4.0
2.2
16.6
15.9
-0.7
-4.3
-6.0
Manufacturing Industry
24,514.2
35,654.7
11,140.5
45.4
16.0
5.7
2.7
15.0
14.2
-0.8
-5.4
-7.7
Electricity, gas and water
2,155.2
3,441.2
1,286.0
59.7
1.5
4.1
2.3
18.1
20.6
2.4
13.5
-1.3
Construction
3,901.7
5,072.4
1,170.7
30.0
2.3
13.8
6.9
20.2
20.2
-0.0
-0.0
-1.7
Commerce
10,157.5
15,716.3
5,558.8
54.7
7.1
5.1
2.6
19.4
17.6
-1.7
-8.9
-4.2
Services
17,716.8
24,488.7
6,771.8
38.2
11.0
7.9
6.8
25.0
20.9
-4.1
-16.4
-1.0
Public Administration, Defense and Social Security
17,732.2
22,098.7
4,366.5
24.6
9.9
0.7
0.1
27.6
28.5
0.9
3.2
6.6
5,863.9
10,188.6
4,324.8
73.8
4.6
5.7
4.6
17.3
17.3
-0.0
-0.3
-4.6
Total
163,446.6
222,427.1
58,980.5
36.1
100.0
6.9
4.0
23.5
21.9
-1.6
-6.8
...
Private Sector
139,850.4
190,139.7
50,289.3
36.0
85.5
7.7
4.4
23.2
21.4
-1.9
-8.0
-0.5
Financial Intermediation
Source: ABA based on "Statistical Bulletin", Central Bank.
69
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 42: Financing by Activity As a percentage Primary Production
Manufacturing Industry
Electricity, Gas and Water
Construction Commerce
Services
Individual Employees
NonIdentified
Total
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
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 16.4 15.5
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 1.4
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 2.3
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 6.2
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 23.0 25.4
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 33.9 33.1
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 3.3
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
2010
12.4
16.0
1.5
2.3
7.1
25.5
32.0
3.1
100.0
Source: ABA based on "Statistical Bulletin", Central Bank.
70
ANNUAL REPORT 2010 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 2010
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 3.1 4.0 2.2
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 2.4 4.4 2.7
Construction Commerce Services Individual Employees
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 4.3 3.1 2.3
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 8.5 13.6 6.9
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 4.9 2.6
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 4.1 4.1 3.8
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 6.7 8.0 5.1
NonIdentified
Total
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 22.0 21.9 10.3
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 5.4 6.3 4.0
Source: ABA based on "Statistical Bulletin", Central Bank.
71
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 44: Loans to Private Sector, Geographical Distribution Province
IV Q 2009
IV Q 2010
Change
Change
In 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
139,850.4 73,012.5 23,378.5 11,412.3 11,966.2 298.4 8,825.5 741.5 1,313.3 1,758.4 2,413.1 339.1 734.7 1,171.9 400.6 3,100.6 1,573.2 1,664.2 1,036.1 2 , 0 0 6. 1 677.1 464.9 9 4 3. 5 9 , 76 9. 1 825.0 756.8 2,645.7
190,139.7 96,336.1 34,766.8 17,632.0 17,134.8 376.6 12,228.1 1,051.2 1,550.8 2,371.9 3,027.7 456.0 1,020.8 1,484.2 486.6 3,927.8 2,255.4 2,297.3 1,367.7 2 , 72 1 . 3 953.6 628.6 1,272.1 13,805.7 1,087.0 1,082.6 3,583.8
50,289.3 23,323.6 11,388.3 6,219.7 5,168.6 78.2 3,402.6 309.7 237.5 613.5 614.5 116.8 286.1 312.3 85.9 827.1 682.1 633.1 331.6 715. 2 276.4 163.7 328.6 4,036.6 262.0 325.7 938.0
Share
Nonperforming
% 36.0 31.9 48.7 54.5 43.2 26.2 38.6 41.8 18.1 34.9 25.5 34.4 38.9 26.6 21.4 26.7 43.4 38.0 32.0 35.7 40.8 35.2 34.8 41.3 31.8 43.0 35.5
100.0 50.7 18.3 9.3 9.0 0.2 6.4 0.6 0.8 1.2 1.6 0.2 0.5 0.8 0.3 2.1 1.2 1.2 0.7 1.4 0.5 0.3 0.7 7.3 0.6 0.6 1.9
4.4 4.2 5.0 6.1 3.9 6.0 3.3 6.6 4.8 4.8 2.3 6.7 3.3 3.6 12.4 5.6 2.4 5.1 6.5 3.4 6.4 7.7 4.1 3.5 6.7 4.7 9.0
Source: ABA based on "Statistical Bulletin", Central Bank.
72
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 45: Interest Rates on Loans to Private Sector, Geographical Distribution Province
IV Q 2009
IV Q 2010
Difference
Change
Difference from Average
-8.0 -6.7 -11.7 -19.3 -2.9 -5.2 -7.9 -20.2 9.8 -7.0 0.1 - 14. 2 -7.8 -11.8 4 .5 -1 3 .1 -4.1 -4.9 8.5 -3.7 -16.1 -6.1 -5.1 -11.7 0.6 -10.2 -14.6
... -1.6 3.6 3.4 3.9 3.8 -0.6 -1.0 4 .8 2 .5 2.8 3.7 1.9 -2.6 4 .8 1. 9 0. 7 3.9 4.7 1.1 1.7 4.5 7.5 -2.3 9.7 2.3 -1.8
% 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
23.2 21.2 28.3 30.7 26.0 26 .5 22.6 25.5 23.8 25 . 7 24.1 2 9. 2 25.2 21 . 3 25 . 0 2 6. 8 23.0 26.6 24.0 23.3 2 7. 5 2 7 .5 30.4 2 1. 6 30.9 26.3 23.0
21.4 19.8 25.0 24.8 25.2 25.1 20.8 20.3 26.2 23.9 24.2 25.1 23 .2 18.8 26.1 23.3 22.0 25.3 26.0 22.5 23.1 25.8 28.9 19.1 31.0 23.6 19. 6
-1.9 -1.4 -3.3 -5.9 -0.7 -1.4 -1.8 - 5. 1 2.3 -1.8 0.0 -4.2 -2.0 - 2 .5 1 .1 -3 .5 -0.9 -1.3 2.0 -0.9 -4 .4 -1.7 -1.5 -2.5 0.2 -2.7 -3.4
Source: ABA based on "Statistical Bulletin", Central Bank.
73
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 46: Financing by Tranches As of 30 of September of 2010 Tranches From
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
Individual To
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
Number
Amount
Legal Persons Number
Individual
Legal Persons
Amount
Number
Amount
Number
Amount
In
In
%
%
%
%
of Pesos
of Pesos
363,004 453,480 1,009,628 1,891,879 1,687,441 1,555,810 1,460,975 520,934 181,840 74,076 21,821 2,657 830 171 40 19 2 ... 1
96.0 203.9 800.0 3,255.7 6,188.9 11,169.5 22,927.5 17,827.0 12,357.0 10,207.0 6,052.8 1,786.2 1,208.9 589.6 263.2 287.9 73.4 ... 100.2
5,599 3,768 4,980 8,105 9,420 10,730 14,479 11,268 11,110 10,652 11,186 5,590 4,267 1,790 1,108 828 359 190 210
1.4 1.7 3.9 14.1 34.9 78.5 237.8 407.0 802.9 1,523.0 3,554.9 3,924.6 6,657.8 6,269.2 7,840.8 12,776.7 12,561.1 13,216.2 86,077.0
3.9 4.9 10.9 20.5 18.3 16.9 15.8 5.6 2.0 0.8 0.2 0.0 0.0 0.0 0.0 0.0 0.0 ... 0.0
0.1 0.2 0.8 3.4 6.5 11.7 24.0 18.7 13.0 10.7 6.3 1.9 1.3 0.6 0.3 0.3 0.1 ... 0.1
4.8 3.3 4.3 7.0 8.1 9.3 12.5 9.7 9.6 9.2 9.7 4.8 3.7 1.5 1.0 0.7 0.3 0.2 0.2
0,0 0,0 0,0 0,0 0,0 0,1 0,2 0,3 0,5 1,0 2,3 2,5 4,3 4,0 5,0 8,2 8,1 8,5 55,2
9,224,608
95,394.7
115,639
155,983.5
100.0
100.0
100.0
100.0
Source:
74
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 47: Financing by Tranches and Situation As of 30 of September of 2010 (as a percentage) Tranches (1) 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
Performing (1) Number Debt of Amount Debtors
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
Non-Performing (2) Number Debt of Amount Debtors
Non-Collectible (3) Number Debt of Amount Debtors
83.9 85.4 85.8 86.6 87.6 88.3 91.3 92.0 90.7 92.4 91.9 93.3 92.8 94.2 95.5 96.5 96.9 96.0 99.2
83.8 85.4 85.9 86.7 87.6 88.4 91.5 91.9 90.7 92.5 92.0 93.3 93.0 94.2 95.6 96.3 97.0 96.3 99.5
4.4 3.7 3.7 3.6 3.6 3.4 2.4 1.6 1.3 0.9 1.1 1.5 2.0 1.5 1.1 1.1 0.9 0.5 ...
4.4 3.7 3.7 3.6 3.6 3.3 2.3 1.6 1.3 0.9 1.2 1.5 2.0 1.5 1.0 1.3 0.9 0.4 ...
11.6 10.9 10.5 9.7 8.8 8.4 6.3 6.4 8.0 6.7 7.0 5.2 5.2 4.3 3.4 2.4 2.2 3.5 0.8
11,8 10,9 10,4 9,7 8,8 8,3 6,2 6,5 8,0 6,6 6,8 5,3 5,0 4,3 3,3 2,4 2,1 3,3 0,5
87. 5
94.3
3.4
1.3
9.1
4.4
(1) Includes categories 1 and 2. (2) Includes categories 3 and 4. (3) Includes categories 5 and 6. Source:
75
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 48: Concentration of Credit Assistance As of 30 of September of 2010 Number of Institutions
Individual
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 or more
6,093,307 2,142,802 692,565 209,793 86,141
37,285.3 31,445.8 15,687.3 6,552.8 4,423.4
83,137 19,443 6,916 2,899 3,244
26,369.0 28,651.6 12,982.8 12,528.0 75,452.2
66.1 23.2 7.5 2.3 0.9
39.1 33.0 16.4 6.9 4.6
71.9 16.8 6.0 2.5 2.8
16.9 18.4 8.3 8.0 48.4
Total
9,224,608
95,394.7
115,639
155,983.5
100.0
100.0
100.0
100.0
Source:
76
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 49: Minimum Reserves Requirements (as a percentage) Since Item
January 2008
November 2008
1. Deposits in current accounts (except 16) and demand deposits in cooperative credit unions.
19
19
2. Deposits in savings accounts. 2.1. In Pesos (except 16). 2.2. In Foreign Currency.
19 30
19 20
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.
19 30
19 20
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.
19 30
19 20
5. Unused overdraft funds.
19
19
100
100
14 11 7 2 0
14 11 7 2 0
35 28 20 10 6 0
20 15 10 5 2 0
0
0
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)
77
ANNUAL REPORT 2010 STATISTICAL APPENDIX
TABLE 49: Minimum Reserves 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.
14 11 7 2 0
14 11 7 2 0
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.
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
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 in the next 30 days since its initial date. Nota: A two-months period was complied to June-July and October-November.
78
ANNUAL REPORT 2010 APPENDIX
APPENDIX Principal Banking, Exchange and Financial Policy Measures
Communication "B" 9733. (January 14, 2010). The Argentine Central Bank (B.C.R.A.) made some clarifications in relation to Communication "A" 4981 which defined the rules applicable to "Representatives of foreign financial entities not authorized to operate in the country". Communication "B" 9741. (January 18, 2010). The Communication established the new guidelines governing financial entities’ activity in sight accounts held at the B.C.R.A. in foreign currency. Some of the changes include the introduction of two SIOPEL sessions for transactions in USD, which are to operate between 10 am and 10.30 am and between 3 pm and 3.30 pm. Moreover, debits to the accounts of operating entities shall be automatically recorded by the B.C.R.A. without the need for authorization by any such entity. Communication "A" 5034. OPASI - 2 - 408. (January 22, 2010). The Regulatory Authority increased to ARS 400,000 the minimum amount of long-term deposits for individuals domiciled in the country, joint-stock companies, limited liability companies, cooperatives, credit unions, union health schemes, civil associations, foundations and professional employers unions with legal personality to be deemed qualified investors. Such amount is also set as the minimum value for any issue of debt instruments by financial entities and for any collateral to be provided to secure debt instruments issued by companies. Communication "A" 5035. OPASI - 2 - 409. (January 22, 2010). Pursuant to Act 26,579 related to adulthood, the Regulatory Authority has modified rules governing savings and basic bank accounts, thus eliminating special procedures applicable to people between 18 and 21 years old.
79
ANNUAL REPORT 2010 APPENDIX
Communication "A" 5036. OPRAC - 1 - 636 and LISOL - 1 - 513. (January 28, 2010). The B.C.R.A. provided that, where trust assets are taxes, rates, duties, specific charges or similar concepts applicable to mass services and such payments are made by consumers or taxpayers who ultimately bear such tax or rate burdens, even though such payments to companies or collection entities (passive taxpayers) are made by different persons, it shall no longer be required that revenue derived from persons liable to the payment of such taxes/rates assigned to the trust or trust fund, considered individually, upon creation of such trust or trust fund, be computed for a share not to exceed 2.5% of all amounts included in the projected demand for the service, as applicable. Communication "B" 9756. (February 9, 2010). It reports the pro rata contribution by each financial entity as of December 2009 in the trust that controls SEDESA. In this respect, it reminded that its capital stock amounts to ARS 1,000,000 and the State shareholding amounts to ARS1. Communication "A" 5050. OPASI - 1 - 860. (March 22, 2010). It made some changes as to who can hold LEBACs and NOBACs issued exclusively for domestic investors. In first place, Private Pension Funds (AFJPs) were replaced by the ANSES. The regulation included Mutual Funds with unit holders resident in the country, and established that Mutual Fund portfolios shall not hold more than 20% of LEBACs and NOBACs for domestic investors where redemptions are settled as T+0 (Money Market Funds); this limit is raised to 40% where Mutual Funds settle redemptions under T+1 terms (Short-Term Fixed Income Funds), calculated as a % of each Mutual Fund’s Net Asset Value. It further clarified that trusts may not hold units/shares in these Funds if they are listed financial trusts authorized by the National Securities & Exchange Commission created for the purpose of securitizing mortgage loans or consumer credit, or to finance the real economy in Argentina, or else where they are unlisted financial trusts created for the purpose of funding regional developments and/or the construction of public works, or wherever the National State and/or Provincial and/or Municipal Governments are involved (as Trustor, Trustee, Beneficiary or Remainderman). Communication "A" 5051. CONAU - 1 - 916. (March 18, 2010). The Central Bank introduced changes to the Business Plan and Projections for the period 2010-2012 and extended the deadline until April 19, 2010. Moreover, it reported the macroeconomic assumptions underlying the projections for the period under review.
80
ANNUAL REPORT 2010 APPENDIX
Communication "B" 9791. (March 30, 2010). Effective May 3, 2010, the B.C.R.A. opened a space on its web page that shows retail exchange rates offered in the City of Buenos Aires by various entities relative to the USD and the EUR. Communication "A" 5058. CAMEX - 1 - 656. (March 31, 2010). Some provisions governing external asset accumulation for a specific purpose were reinstated from April 5, 2010 through August 31, 2010. Communication "A" 5060. CAMEX - 1 - 657. (April 6, 2010). Effective April 7, 2010 a new regime and new rules were established in order to access the local exchange market to pay for the import of goods into Argentina. Communication "B" 9801. (April 7, 2010). The Central Bank provided an increase in custody account holdings maintained at the CRyL (Center for the Registration and Settlement of Public Debt Instruments) which are to be used for assets owned by public sector and private sector entities. Communication "A" 5062. OPRAC - 1 - 639 and LISOL - 1 - 516. (April 8, 2010). It provided that trusts or trust funds created for specific purposes may be financed without prior authorization by the B.C.R.A. provided regulatory conditions are met. For such purpose, the Board of Directors of the lending entity should approve the financing transaction and an external auditor should issue a special report if the financial aid exceeds ARS 10 million, or 15% of the Adjusted Stockholders Equity (locally called Responsabilidad Patrimonial Computable, or RPC). It also eliminated the Debtor Information compliance requirement whereby loan portfolio managers of state financial entities already privatized or in the process of privatizing or winding up are to report debtors in arrears. Communication "A" 5065. CONAU - 1 - 922. (April 9, 2010). The B.C.R.A. introduced a new requirement to the Monthly Accounting Information Regime known as "Seguimiento de Pagos de Importaciones (Import Payment Tracking)", which became effective on July 1, 2010.
81
ANNUAL REPORT 2010 APPENDIX
Communication "A" 5068. OPASI - 2 - 410. (April 19, 2010). Effective May 1, 2010, it was provided that interest shall not be recognized on balances deposited in checking accounts, special checking accounts for legal persons, or in sight accounts maintained at credit unions. Communication "A" 5069. OPRAC - 1- 641 and LISOL - 1 - 518. (April 23, 2010). It included temporary advances to national universities in the rules for financing the nonfinancial public sector. Communication "A" 5072. CONAU - 1 - 923. (May 7, 2010). It was further provided that no earnings distribution shall be admitted while the minimum capital fails to meet the requirement adjusted for earnings distribution and increased by 30%, or in case minimum cash falls short of the projected requirement including the distribution of earnings. Communication "B" 9825. (May 10, 2010). The B.C.R.A. informed that Ruling 277/10 issued by the National Institute of Statistics and Census (INDEC) extended by 30 days the 120 day term originally established to take part in the Census after mandatory term and obtain the "Certificate of Request for Belated Participation in the Census", established by section 2 of Ruling 994/09 of the INDEC. Communication "A" 5075. CONAU - 1 - 925. (May 13, 2010). Schedule "C" was added to the Import Payment Tracking Information Regime used to report events of noncompliance with the terms established by Foreign Exchange Rules applicable to the payment of imported goods. Press release 49,681. (May 19, 2010). The B.C.R.A. announced data related to the first six months following the implementation of the Center of Reported Lost, Stolen or Altered Checks. In this regard, it was reported that during such period financial entities received claims and reported to the Center more than 200,000 checks. Queries related to this topic were increasingly higher and in May they reached a daily average of more than 15,000. Besides, 20% of the inquirers adopted the "Reported Checks" page under their favorite pages and have now direct access to it.
82
ANNUAL REPORT 2010 APPENDIX
Communication "B" 9832. (May 20, 2010). The B.C.R.A. indicated that, as informed by the National Institute of Statistics and Census, as from May 17, 2010 through October 31, 2010 the Submission System for Belated Farming Census Forms would be made available on its web site (www.indec.mecon.gov.ar) in order to enable compliance with the Farming Census by agricultural producers whose business had not been surveyed either during the National Farming Census 2008 or in the post-census period established from October 1, 2009 to that date. This includes agricultural producers who had not been surveyed for census purposes and who had applied to the Registry for Belated Census opened by the INDEC pursuant to Ruling 994/09 and in force until May 17, 2010. Communication "A" 5078. REMON - 1 - 861. (May 26, 2010). The definition of resident was modified for purposes of holding LEBACs and NOBACs issued exclusively for domestic investors. Communication "A" 5079. CREFI - 2 - 64 and RUNOR - 1 - 924. (May 27, 2010). The Regulatory Entity established that agencies or offices may be established in jurisdictions with less than 30,000 inhabitants, thus eliminating the original scheme which provided for a radius of a number of kilometers depending on the area where the agency/office was intended to be established. Furthermore, it clarified that agencies and offices may report operationally to a branch or head office that belongs to another category. The agency should operate for at least 24 months, and would have an exclusivity term for the establishment of units within a radius of 30 kilometers for a term of 18 months as from the effective date of this provision or 12 months from the actual opening of such agency, whichever is longer. Furthermore, the rule added the following to the list of activities that may be carried out by agencies: payment of checks for up to ARS 10,000, repayment of loans by direct debit system, insurance related products, and opening of checking accounts. Finally, the rule created the Temporary Service Office for vacation periods and an automatic system for the approval of applications to establish agencies/offices. Communication "A" 5082. CREFI - 2 - 65. (May 31, 2010). Cash dispensers and self-service information terminals were incorporated to the regulations governing the establishment of ATMs.
83
ANNUAL REPORT 2010 APPENDIX
Communication "A" 5085. CAMEX - 1 - 658. (June 7, 2010). It informed that effective June 8, 2010 some amended and some new rules were introduced governing access to the local foreign exchange market for external asset accumulation by residents who are not entities licensed to operate in the foreign exchange market.
The resulting rules were the outcome of collaborative work between the B.C.R.A., the AFIP (Revenue Administration) and the UIF (Financial Intelligence Unit) to combat money laundering and tax evasion, in order to provide more transparency to the market without hindering the access to bills or foreign currency.
The ceiling for the purchase of foreign currency without specific purpose remained at USD 2 million per calendar month both for individuals and legal persons.
The major modification introduced was that, in buying foreign currency in amounts higher than USD 250,000 in a given calendar year, the selling entity should verify that the amounts of money purchased match the Income Tax and Personal Asset Tax Returns of the purchaser (or the balance sheet, if a legal person) or, otherwise, check whether it may be justified by subsequent events or income.
The foreign exchange operator is always expected to confirm that the exchange operation is authentic, that is, verify that the funds belong to the person who is conducting it and not to any other person. In the event of a net worth increase after filing the tax return, the bank entity will have to require any further source documentation to support the transaction.
It further provided that the pesos used for the purchase of foreign currency should derive from funds deposited at a sight bank account held by the purchaser where the amount purchased in all entities, on the aggregate, exceeds USD 20,000 per month, both for bills and foreign exchange transactions. The purchaser may acquire up to USD 20,000 per month with cash pesos without any additional requirement.
The client should sign an affidavit where it states that the indicated limits have not been exceeded (USD 20,000 per month not sourced from a bank account in pesos and USD 250,000 per year without the need to provide evidence of the purchasers' financial position).
84
ANNUAL REPORT 2010 APPENDIX
Communication "A" 5086. CAMEX - 1 - 659. (June 7, 2010). Effective June 11, 2010 the Central Bank introduced changes to the rules related to the purchase and sale of securities with USD in the Single Free Exchange Market (MULC in Spanish). In this regard, it was provided that local financial entities shall access the local foreign exchange market through the relevant exchange certificates in order to meet their foreign currency needs for proprietary trading purposes, insofar as it refers to: external financing executed in the form of repos, primary underwriting of foreign currency bonds issued by the National Government, and certain transactions with securities eligible for listing in selfregulated exchanges and securities markets in the country. Communication "A" 5089. OPRAC - 1 - 644 and LISOL - 1 - 521. (Jun 14, 2010). It established the conditions whereby the B.C.R.A. shall grant advances to financial entities to be used for financing the productive sector. The indicated advances shall have a maximum term of 5 years, with interest payable on a monthly basis. All advances to be granted to each entity shall not exceed 100% of its adjusted stockholders equity on the second month prior to the auction, considered on an individual non-consolidated basis. Such limitation shall not apply to state banks whose transactions are secured by the national, provincial, municipal States and the government of the city of Buenos Aires. Funds shall be used for the financing of new investment projects selected by competent authorities under promotion and incentive schemes established by the National Congress. It is clearly stated that such funds may not be used for the acquisition of a going-concern or land, or fir the financing of working capital. Nor shall they be applied to refinancing aid previously granted by the same entity. The total financial cost of such advances to clients shall be fixed by the Central Bank at the time of the auction and it shall remain the same for the whole term of the financing. Moreover, financings shall be in pesos and their average term should not exceed two years and a half at the time of granting; to such end, principal repayment maturities are to be structured based on the characteristics and terms of the project to be financed. Communication "A" 5091. OPASI - 2 - 411, LISOL - 1 - 522 and SERVI - 1 - 60. (June 25, 2010). The Central Bank regulated the operation of "payroll bank accounts" established by Act 26,590. In this respect, financial entities were given a term to adjust their systems to the new operational rules by July 12, 2010. Furthermore, they were required to reimburse to the respective account holders before that date any fees not admitted by section 124 of the Employment Contract Law that may have been charged as from May 14, 2010 in accounts destined to the payment of salaries.
85
ANNUAL REPORT 2010 APPENDIX
Accounts where employees are deposited their salaries and that already opened by May 14, 2010 should continue to be used for the payment of salaries by being converted into "payroll accounts" under the terms established in this regulation. Communication "A" 5093. OPASI - 2 - 412, LISOL - 1 - 523, OPRAC - 1 - 645 and RUNOR - 1 - 928. (June 29, 2010). The B.C.R.A. issued the new "Correspondent Accounts" rules which apply to new accounts opened as from August 1, 2010 in the case of correspondent accounts in foreign financial entities that were already operational and/or where its establishment is formalized by such date, such accounts should be governed by this regime as from October 1, 2010. The major modification was the introduction of new control rules on these accounts to prevent money laundering and/or the financing of terrorism. In this regard, it was established that in order to open these accounts a manual for the prevention of money laundering and the financing of terrorism should be submitted, along with special auditor reports, the approval of the Board of Directors or Executive Board of the financial entity, etc. Communication "C" 56,355. (July 2, 2010). The B.C.R.A. requested information from financial entities on the number of claims, complaints and withholdings of false bills, with indication of the branch or office where they were originated and geographic location. Such request was later temporarily cancelled. Communication "A" 5099. CAMEX - 1 - 660. (July 16, 2010). Effective July 19, 2010 the Central Bank introduced modified and new rules for the repayment of external financial debt owed by local governments related to loans made by non residents and the issuance of external bonds and other debt securities. Communication "A" 5100. REMON - 1 - 862. (July 16, 2010). The Regulatory Authority broadened the list of eligible holders for LEBACs and NOBACs issued exclusively to local residents to include "other legal persons resident in the country provided that such instruments mature no later than three months as from the date of effective acquisition either in the primary or secondary market". Like individuals (natural persons), legal persons residing in the country may choose to keep them at the CRyL (Center for the Registration and Settlement of Public Debt Instruments) under the custody of a bank entity.
86
ANNUAL REPORT 2010 APPENDIX
Communication "A" 5103. CONAU - 1 - 929 and RUNOR - 1 - 933. (July 21, 2010). It announced the new procedural rules for the implementation of a new Information Report known as "Data Base - Register", which initially had to be submitted in full and later updated on a monthly basis. It should report any natural or legal person with whom one or more contractual relations are established, either on a one-time, frequent or permanent basis, in relation to transactions admitted by each type of entity, with the exception of foreign exchange transactions. The Circular started to apply to information related to October 2010. Communication "A" 5106. CREFI - 2 - 66. (July 26, 2010). The B.C.R.A. established that entities should segregate executive from management functions, depending on the group under which it is classified by the rules and the order established by such rule. To this respect, three large groups were defined:
Group A (integrated by entities whose deposits represent 1% or more of the total deposits in the financial system): They should segregate executive from management functions in all cases.
Group B (formed by entities with deposits that do not exceed the threshold defined for Group A and that, furthermore, do not meet the conditions to be classified under Group C): In this case, the Comité de Evaluación de Idoneidad y Experiencia del B.C.R.A. (a committee in charge of assessing qualifications and experience) shall determine whether the overlapping of functions may or may not be admitted.
Group C (comprising entities with deposits not exceeding 0.25% of the total deposits of the financial system, and/or who, while not belonging to Group "A", have a deposit/adjusted stockholders equity ratio below 100%): no separation of executive and management functions is required for these activities, and such separation is left at the discretion of the entity itself. To this respect, executive functions were defined as those related to the implementation of policies established by the Board of Directors or equivalent governing body of the financial entity, such as Managing Director, CEO or General Manager, and imply a functional subordination to the President (or equivalent authority) of the entity. In contrast, management functions are defined as those inherent to the Board of Directors or equivalent authority of the financial entity. The provisions of this rule apply to the approvals and renewals of members of the board (or equivalent authority) granted as from July 26, 2010 and to approvals previously granted, as from the subsequent meeting of shareholders or partners, not no exceed in any case May 31, 2011.
87
ANNUAL REPORT 2010 APPENDIX
Communication "A" 5107. CREFI - 2 - 67. (July 30, 2010). The Central Bank authorized state commercial banks of the second-tier group to raise deposits from international lending and investing organizations in amounts not to exceed ARS 2 million (for a minimum of 180 days) or ARS 1 million for a minimum term of 365 days. Communication "A" 5115. CREFI - 2 - 68 and LISOL - 1 - 526. (August 20, 2010). The B.C.R.A. established that information submitted by any such international body in a language other than Spanish is required to be translated into Spanish. Communication "A" 5116. OPRAC - 1 - 647. (August 23, 2010). Pursuant to Ruling 21/10 of the SME and Regional Development Secretary of the Ministry of Industry, total sales figures used to classify companies into micro, small and medium sized companies were updated. Communication "A" 5117. OPASI - 2 - 414. (September 6, 2010). The rules governing term deposits and investments redefined qualified investors to include trusts or trust funds where the beneficiary or trustee belongs to the non-financial public sector (second paragraph, section 1.1 of the rules on "Financing Non-Financial Public Sector") and the Guarantee Fund for the Sustainability of the Argentine Integrated Retirement System. The rule also included financial trusts governed by section 19 of Act 24,441 and trusts other than those indicated above who enter into transactions in excess of ARS 400,000. Finally, Pension and Retirement Funds were replaced by Private Fund Management Companies (AFJP) who have amended their corporate purpose pursuant to the provisions of section 6 of Act 26,425, where they conduct fund management activities. Communication "A" 5118. CAMEX - 1 - 662. (September 6, 2010). It provided that as from September 7, 2010 foreign exchange proceeds from non residents to be used for the purchase of local currency for export purposes may be settled in the local exchange market without the need for the one year reserve requirement of 30% of the funds, to the extent certain conditions listed in this Circular are met.
88
ANNUAL REPORT 2010 APPENDIX
Communication "A" 5119. RUNOR - 1 - 939. (September 9, 2010). It informs that the AFIP entered into an agreement with the Ministry of Labor, Employment and Social Security whereby effective October 1, 2010 official letters issued in collection enforcement proceedings brought about by that Ministry are to be reported by means of the Judicial Service of Notice System. Furthermore, it amended the text that creates the Judicial Service of Notice System to adapt it to Ruling 250/10 issued by the AFIP which, following the Supreme Court ruling in the case Intercorp, provides that attachments may only be levied upon prior judicial order duly rendered. Communication "A" 5120. RUNOR - 1 - 940. (September 13, 2010). The rules on minimum safety standards in financial entities were modified to include the following:
Depending on the layout and design of each establishment, each entity shall have visual barriers to protect the privacy of transactions carried out over the counter; such barriers shall be made of a material such that cashiers can see to the public behind the protective structures but not vice-versa.
A number administration system or arrangement should be put in place. The required closed-circuit television was changed from analogical to digital, and included the installation of cameras on the streets to record people circulating, entering and leaving the bank and the loading and unloading of money from armor vans, in order to secure the recording quality of images that contribute to the investigation and resolution of criminal activity.
Money should be loaded from the back of ATMs. The Security Officer shall be a person with the corresponding educational certification to hold that office or else, someone who can certify experience of at least five years in performing security-related functions at financial institutions.
Terms established for the implementation of such measures:
89
ANNUAL REPORT 2010 APPENDIX
Measure
Term
Cities
Closed-circuit television.
One year as from the publication of this regulation.
City of Buenos Aires, Great Buenos Aires, large cities.
18 months as from September Other parts of the country. 13, 2010. Visual barriers and number administration systems.
90 running days as from the date following publication of this regulation.
City of Buenos Aires, Great Buenos Aires, large cities.
180 running days as from the date following publication of this regulation.
Other parts of the country.
ATMs
Two years as from the publication of this regulation.
Bank Security Officer
The appointment shall be made within 90 running days as from the date following publication of this regulation.
Communication "A" 5122. CIRMO - 3 - 37. (September 14, 2010). Central Bank introduced modifications as regards noncompliance with the requirement to change cash for coins at the request of clients. To this respect, the amount banks are required to change in the City of Buenos Aires and Greater Buenos Aires at the request of their clients or the public in general, whether nor not clients, was increased to ARS 200. In the case of entities in the provinces, the required amount was increased to ARS 100 for the term of 30 days as from publication of this regulation, and subsequently would be raised to ARS 200. Communication "A" 5125. OPRAC - 1 - 648. (September 17, 2010). In the rules governing the temporary advances to the public sector, the exclusions section was broadened to include all non-financial public sectors.
90
ANNUAL REPORT 2010 APPENDIX
Communication "A" 5126. CAMEX - 1 - 663. (September 21, 2010). Effective September 22, 2010 the rules on external asset accumulation by residents were modified. To this respect, purchase of foreign exchange for the accumulation of external assets to be later applied to specific purposes and to make direct investments abroad, which had become ineffective on August 31, 2010 was reinstated to continue in force until February 28, 2011. It also modified Communication "A" 5085 as regards the computation of limits applicable to transactions in foreign currency other than USD, as it established that pesos settled at each transaction should be computed at the benchmark exchange rate of the bank day immediately preceding the transaction date. Communication "A" 5127. OPASI - 2 - 415. (September 24, 2010). Effective October 18, 2010, the B.C.R.A. approved the text of the "Universal Free Bank Account" and provided that financial entities are required to put in place any measure that may be necessary in order that, effective November 1 2010, clients may order electronic fund transfers from the financial entity originating the transfer between deposit accounts in pesos, in amounts of at least ARS 10,000 per day. It further established, effective November 1, 2010, the maximum charges and/or commissions that may be applied by financial entities for the transfer of funds service between accounts denominated in pesos. Finally, it established that the service including the provision and use of the "cheque cancelatorio" (certified settlement check) shall be governed by the provisions to be issued from time to time to such effect. Communication "B" 9913. (September 29, 2010). The Central Bank held the first auction of funds for general purpose loans on October 1, 2010 under the Bicentennial Program - Advances from the B.C.R.A. to be used for financing the productive sector. Press release 49,745. (October 4, 2010). The Regulatory Authority announced the launch of a survey on International Financial Reporting Standards (IFRS) directed to all financial and foreign exchange entities, which was presented at a meeting held at the Central Bank on September 29, 2010 with the attendance of representatives of Bank Associations.
91
ANNUAL REPORT 2010 APPENDIX
Communication "A" 5129. OPASI - 2 - 416. (October 1, 2010). It extended until November 1, 2010 the term to meet the requirements of the regulation on "Correspondent Accounts" established by Communication "A" 5093, which are accounts opened by local financial and exchange entities in foreign financial entities and vice-versa, which were operational as of August 1, 2010. Communication "B" 9926. (November 8, 2010). In relation to the Exchange System with delivery in Regional Treasuries, the B.C.R.A. provided that, as from the date of this Circular Letter, the entities may adjust the asked price for US Dollar bills without exceeding the "offer price" established by the Argentine Central Bank, which can be found on the web page of this entity. This restriction shall remain in force until depletion of the amount distributed through regional treasuries by way of sale of bills to the public in all of the branches to which bills were distributed, or until the fifth labor day following settlement of this exchange. Communication "B" 9932. (October 18, 2010). The B.C.R.A. informed that it decided to update its external communications network, and included a description of technical features and implementation approaches to the Entity’s communication links. The implementation of this new form of communication shall be carried out within 90 days as from the publication of this Communication.
Communication "A" 5130. CONAU - 3 - 38 and RUNOR - 1 - 943. (October 22, 2010). The B.C.R.A. approved the text for Section 8 "Certified settlement checks" of the "Monetary Circulation" rules and empowered the Subgerencia General de Medios de Pago (General Payment Division) to issue Circular "B" and announce the effective date of such operation. The certified settlement check shall be provided by the B.C.R.A., without indication of amount or currency denomination. Checks issued in US Dollars may only be used for real estate transactions. Only two endorsements will be allowed by individuals. Legal persons are required to deposit the checks in their respective accounts and are not allowed to endorse them. The ultimate payee of the check shall cash it at a bank where it holds an account and has registered signature. Service rendered by banks will be free.
92
ANNUAL REPORT 2010 APPENDIX
Communication "B" 9948. (November 9, 2010). The Central Bank advised on the implementation of procedures for the registration of transactions involving the sale and cashing out of certified settlement checks. Additionally, it outlined the procedures put in place for the submission of information to the Central Bank and to access the data base of these instruments. Communication "A" 5133. OPASI - 2 - 417, CREFI - 2 - 69 and RUNOR - 1 - 946. (October 29, 2010). Modifications were introduced to the rules on "Correspondent Accounts" established by Communication "A" 5093. In this respect, it clarified that in the section related to "Provision of correspondent bank service to financial entities - Vostro account" current rules do not apply to the opening of depositary accounts at local or foreign financial institutions and/or by local and foreign financial institutions, insofar as they are exclusively used for proprietary collection and payment transactions in the local market. Furthermore, along the lines of the modification described above, it established that in the section related to "Request for the correspondent bank service in financial entities - Nostro Account" national financial entities are empowered to request the opening of correspondent accounts at financial entities in the country or abroad in order to carry out eligible transactions on behalf of third parties. It was further clarified that these rules shall not apply to the opening of depositary accounts in financial entities located in the country or abroad (recorded under memorandum accounts for financial reporting purposes). Finally, as regards the documentation to be obtained from correspondent financial entities abroad, requirements were adapted to customary use and practice of international trade, and the following public information was considered valid for such purpose: a) financial entities’ bylaws information; b) information on the financial position of financial entities; c) management staff of financial entities; d) copy of the certificate of the Patriot Act of financial entities; and e) adherence to the Wolsfberg Principles, signed by the relevant entities, and published on their web sites or disseminated by external companies specialized in providing financial entities sensitive data. Communication "A" 5134. CAMEX - 1 - 664. (November 1, 2010). The provisions governing access to the Single Free Foreign Exchange Market included previously unforeseen scenarios in the case of payments for the import of goods: goods entered through a free trade zone by a resident user hired by a non-resident user who owns the goods; payment for goods to be used in hydrocarbons production and treatment (offshore); payments of goods destined for sale in duty-free stores; etc.
93
ANNUAL REPORT 2010 APPENDIX
Communication "A" 5135. CAMEX - 1 - 665. (November 1, 2010). Effective November 2, 2010 various modifications were introduced in relation to different foreign exchange transactions. Communication "A" 5136. RUNOR - 1 - 947. (November 2, 2010). The B.C.R.A. announced a set of minimum standards that supplement the bank security measures already established, particularly in relation to the closed-circuit digital TV. It provided that technical features of the components of the Digital Recording System should be established by each entity based on their own strategy for surveillance and identification of persons and situations. Furthermore, it defined four scenarios for the localization of equipment to capture and record images, and it also outlined the technical specifications:
Scenario 1: Cameras in indoor common use rooms installed in areas with transit of people and money/value items within internal limits. Persons move or stay in the area for a short time; the aim is to have a minimum quality that would allow to identify general traits.
Scenario 2: Cameras in locations to capture outdoor images, habitually in entry and exit areas in each establishment. Movements occur at a faster pace, and in this case the purpose is to identify objects and behaviors in the environment.
Scenario 3: Cameras in specific locations with a limited capture range under controlled conditions and located inside electronic devices, points located near people (counters, waiting lines, cashiers, restricted access doors, etc.). Persons are not moving or move more slowly than in the previous scenarios; therefore, the focus quality should be such as it may allow capturing images for the identification of people’s physical traits.
Scenario 4: Close shots in specific places. In addition to the preceding requirements, in the first three scenarios, all establishments should also have a high definition camera in each public access place; such camera should be located in such a way as to get a close shot of each person entering, and another vandalproof camera to be located at the lobby where ATMs are operating 24 hours a day. Such cameras should meet some minimum technical characteristics outlined in the Circular Letter. Furthermore, the following aspects should be taken into consideration: camera orientation and limits to persons and values transit; identification points, data correlation, shots oriented to specific scenarios and counter light images.
94
ANNUAL REPORT 2010 APPENDIX
Communication "A" 5137. OPASI - 2 - 418. (November 2, 2010). Effective November 15, 2010, the B.C.R.A. provided that financial entities are required to display information posters outlining all basic characteristics of the Universal Free Account and the costs for transfers between peso denominated accounts in their head-offices, all access places to branches and in any other location where accounts are opened and transfers made. Communication "B" 9953. (November 15, 2010). The B.C.R.A. held the second auction of funds for loans under the Bicentennial Program for Productive Sector Financing. Communication "A" 5145. CONAU - 1 - 934. (November 17, 2010). The Judicial Ruling Information Regime was suspended, and it was filed for the last time with the information returns due on December 2010. Communication "B" 9957. (November 18, 2010). It informed that the operational rules governing the certified settlement check would enter into force on November 23, 2010.
Communication "A" 5146. CIRMO - 3 - 39. (November 23, 2010). Effective November 26, 2010, it was provided that financial entities should display information posters with the basic characteristics of the certified settlement check in their head-offices, all access places to the branches and where-ever account opening, deposit and payment transactions are carried out. Communication "B" 9959. (November 23, 2010). It informed the new technical and operational specifications of the foreign exchange trading regime corresponding to the export of goods, particularly referring to shipping permits not yet complied and subject to collection procedures. Communication "A" 5147. OPASI - 2 - 419. (November 23, 2010). Effective December 1, 2010, the B.C.R.A. allowed the opening of "Sight Accounts for Judicial Use".
95
ANNUAL REPORT 2010 APPENDIX
The financial entities that take deposits on behalf of judicial cases should establish these accounts to be held under the name of the court and as part of the judicial action reported in each case. It was clarified that the financial entities that as of November 23, 2010 had accounts denominated in foreign currency other than US Dollars under the name of any court were authorized to operate in those currencies insofar as they served notice of such situation upon the B.C.R.A. no later than December 1, 2010 informing of the foreign currency of such accounts. Communication "B" 9961. (November 25, 2010). It clarifies that the provisions governing the service that involves the transfer between deposit accounts in pesos should be consistently applied both as regards their free nature and as regards maximum fees, irrespective of the type of client. Furthermore, the rule pointed out that the threshold of ARS 10,000 per day established for transfers to be free of charge shall be assigned automatically without need for express request by the client. Communication "B" 9962. (November 26, 2010). As regards the identification on bank statements of any payments from the ANSES on account of family allowances or universal allowance per child, the Communication clarified that credited funds described as "family allowances" (SUAF) or "universal allowance per child" (UHVI) should be identified in the statements of account (or in the transactions receipts issued by ATMs) of the relevant payees with the legend "ANSES SUAF/UHVI" so that there is no doubt that the paying entity is the Administraci贸n Nacional de Seguridad Social (National Social Security Administration, or ANSES). Communication "A" 5148. OPASI - 2 - 419. (November 26, 2010). It described the procedural rules for the implementation of the Information Scheme identified as "Universal Free Account - Holders". The entities are expected to report the information requested through the exclusive Internet site for B.C.R.A. entities as per the instructions outlined in this Circular Letter. The first presentation of data was scheduled for December 10, 2010, with news having to be reported on a daily basis. This Comm. was extended until December 27, 2010 by Communication "A" 5156.
96
ANNUAL REPORT 2010 APPENDIX
Communication "A" 5149. OPASI - 2 - 420. (November 26, 2010). The minimum term to exercise the early repayment option provided by the non-transferrable registered certificates in pesos belonging to sector public holders was reduced from 10 to 3 days. Communication "A" 5152. REMON - 1 - 863. (December 6, 2010). The daily minimum requirement in pesos was reduced from 50% to 30%. This reduction shall be temporary and remain in force from December 6, 2010 through January 31, 2011. The Communication also eliminated the section that allowed making the minimum cash payment out of special collateralized accounts held in the B.C.R.A. due to operations with certified settlement checks. Press release 49,778. (December 6, 2010). The Central Bank announced that it would issue the new Series S of 100-peso bills, to be added to the already existing series still in circulation. Communication "A" 5153. CIRMO - 3 - 40. (December 7, 2010). It communicated the modification introduced in the typography of 100-peso bills printed under Series "S". They bear the following features: horizontal numbers of equal size digits on the left bottom corner and the right upper corner on the front side of each bill. Communication "B" 9975. (December 7, 2010). The Central Bank recommended that financial entities should display an information poster in the counters area of each establishment that should advise on the features of Series S 100peso bills by reproducing the model form attached to this Communication. Communication "A" 5154. OPRAC - 1 - 650 and LISOL - 1 - 527. (December 10, 2010). The B.C.R.A. amended the rules on "Financing the non-financial public sector" and eliminated the affiliates of financial entities from the provisions on limitations on the non-financial public sector financial aid. The B.C.R.A amended the rules on "Financing the non-financial public sector" and eliminated the affiliates of financial entities from the provisions on limitations on the nonfinancial public sector financial aid.
97
ANNUAL REPORT 2010 APPENDIX
Communication "A" 5157. CREFI - 2 - 70. (December 31, 2010). The rules on branch and mobile office authorization were modified. To this respect, authorization for mobile offices was no longer limited to state financial entities of provinces, municipalities and the City of Buenos Aires, and included entities acting as fiscal agents of local governments. In addition, the amount of loans that may be disbursed in cash in establishments intended for the provision of specific services was increased from ARS 5,000 to ARS 10,000. Communication "C" 57,511. (December 12, 2010). The B.C.R.A. informed national holidays that will be observed by financial entities during 2011. Press Release 49,787. (December 20, 2010). The Central Bank informed that financial entities shall be open to the public on Thursday 23, Friday 24, Thursday 30 and Friday 31 December 2010 during full office hours. There will not be check clearing services on Friday 24 and 31. Therefore, none of those days will be accounted for the purpose of crediting checks to bank accounts. Neither shall there be EFTs between accounts on those days, whereas salaries will be creditable only until 1pm. Communication "A" 5160. SINAP - 1 - 22. (December 20, 2010). In view of the implementation of the Uniform Federal Clearing System and considering that all checks and other items subject to clearing presented for collection are to be kept by depositary institutions, the Central Bank implemented an image storing process for such documents. Such process shall be called "Image Repository" and its purpose is to allow consultation of all images of cleared items, so that financial entities may have access to such images while conducting post-clearing tasks, thus minimizing operational time devoted to such tasks. This procedure is being operated and managed by Electronic Clearing Houses, and financial entities may implement as many repositories as Electronic Clearing Houses are authorized by the B.C.R.A., which shall be interrelated. Furthermore, all participating entities shall be required to send all images of cleared items presented for payment by depositary institutions. Receipt and storage of such images by such repositories shall not accrue any cost whatsoever to such institutions.
98
ANNUAL REPORT 2010 APPENDIX
Consulting images stored in the above indicated repositories shall be optional; thus, current image exchange systems for cleared or rejected effects shall remain in force until the CEC (repository administrator) implements the automatic generation of image files for rejections and claims; upon such implementation, the rejected files and claims sessions are to be discontinued. The binding requirement to submit all images of effects subject to clearing presented for payment by depositary institutions shall become effective starting January 3, 2011. Press Release 49,790. (December 23, 2010). The Central Bank's Board of Directors granted a petition made by the Bank Association and decided that December 24 and 31 would be national holiday for financial entities employees and urged financial entities and foreign exchange houses to follow suit and adopt similar measures for their respective employees. Furthermore, it provided a special initiative for ATM cash loading as it is traditionally organized during these types of holidays. Communication "B" 9985. (December 23, 2010). It informed that, as established by the B.C.R.A. Board of Directors, December 24 and 31 2010 would be holiday for its employees, as anticipated by X 400 issued on December 23, 2010, thus rendering Communication "B" 9989 ineffective. As a result, there won't be electronic payment systems, payment arrangement operations, Center for the Registration and Settlement of Public Debt Instruments and the Treasury.
Communication "A" 5162. RUNOR - 1 - 955 and OPASI 2 - 422. (December 23, 2010). The B.C.R.A. introduced modifications to the money-laundering and terrorism financing prevention rules. Moreover, in relation to correspondent accounts, it established the obligation to close them if it is verified that transfers are made without all information required by foreign exchange rules applicable; in any such case, the correspondent relation with the foreign correspondent can only be re-established after two years have elapsed from closing.
99
ANNUAL REPORT 2010 APPENDIX
Communication "B" 9986 (December 27, 2010). The Regulatory Entity informed that the 24th and the 31th of December would be treated as non-labor working days as regards issuance of Exchange Transactions Reporting Regime, in which case the provisions included in each Paragraph should be observed. Furthermore, it was also clarified that, in relation to Transparency Enhancement Information Regime, the confirmation data corresponding to December shall be effected on Thursday 30. Communication "A" 5164. OPASI - 2 - 423, LISOL - 1 - 528 and SERVI - 1 - 61. (December 29, 2010). Some modifications were introduced to regulations on "Savings deposits, payroll accounts, universal free account and special free accounts". To this respect, deposits covered by SEDESA now include the "Universal Free Account" and the minimum cash requirements applicable to this type of accounts was established. Communication "A" 5166. CONAU - 1 - 939. (December 29, 2010). The B.C.R.A. published the procedural rules for the integration of the new Information Regime to B.C.R.A. advance application that are intended to fund productive projects as benchmark, affective as from January 2011. (presentation in February 2011). The entities that have recorded advances by the B.C.R.A. credited to them shall provide information in this respect. The filing shall expire the tenth day of the month following the report under review. Communication "A" 5167. CREFI - 2 - 71. (July-December, 2010). The rules on branch opening were modified. To this respect, the B.C.R.A. will take into account whether the application to open a branch should be associated to the simultaneous application for opening the same number of branches or special service offices (agencies) in cities, municipalities or districts under categories III or IV. Some exceptions were included to this association requirement. Additionally, it established an extension period of six months after the first year originally granted to financial entities to start up operations in any branch as from their authorization.
100
ANNUAL REPORT 2010 APPENDIX
Communication "A" 5168. LISOL - 1 - 529 and CREFI - 2 - 72. (December 30, 2010). Modifications were introduced to the distribution of some jurisdictions included under Categories I to IV in the tables used for computation of the minimum core capital requirement. Modifications were also introduced in the requirements for the opening of credit unions branches.
101