ANNUAL REPORT 2011 LIST
ACTIVE MEMBERS
American Express Bank Ltd. S.A. Banco Bradesco Argentina S.A. Banco de la República Oriental del Uruguay Banco Itaú Argentina S.A. Banco Santander Río S.A. BBVA Banco Francés S.A. BNP Paribas Citibank N.A. Deutsche Bank 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 2011 LIST
ASSOCIATED MEMBERS
Banco Latinoamericano de Exportaciones Bank of America N.A. Crédit Agricole Corporate and Investiment Bank 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 2011 LIST
BOARD OF DIRECTORS
President
Claudio Cesario (*)
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 (Sucursal Buenos Aires) 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 DE LA REPÚBLICA ORIENTAL DEL URUGUAY Alejandro Álvarez Izetta
Honorary President
Julio J. Gómez
(*) Mario Vicens, until April 27th
ANNUAL REPORT 2011 LIST
ACCOUNTS AUDITORS
Titular
BANCO BRADESCO ARGENTINA S.A. Helio A. Antonio
ANNUAL REPORT 2011 LIST
SPECIAL COMMITTEES
FINANCIAL AFFAIRS AND CAPITAL MARKETS Coordinating Secretaries Alberto Estrada - BBVA Banco Francés S.A. Gabriel Ribisich - Banco Santander Río S.A. Alternate Coordinating Secretary Fabio Saraniti - Banco Itaú Argentina S.A. LEGAL AFFAIRS Coordinating Secretary Analía Schnaidman - HSBC Bank Argentina S.A. Alternate Coordinating Secretary 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 Secretary Pío Rueda - Banco Santander Río S.A. INSURANCE BANKING Coordinating Secretary Enrique Schneider - American Express Bank 1 BASEL II Alternate Coordinating Secretary Adrián Sciarreta - Standard Bank Argentina S.A. TRUSTS Coordinating Secretary Atilio Serenelli - HSBC Bank Argentina S.A. 1
Until October 2011
ANNUAL REPORT 2011 LIST
TAXATION Coordinating Secretary Luis Irigoyen - BBVA Banco Francés S.A. Alternate Coordinating Secretaries Fernando Alesón - Citibank N.A. Claudio Di Lello - HSBC Bank Argentina S.A. ACCOUNTING AND REPORTING STANDARDS Coordinating Secretary Juan José Pardo - HSBC Bank Argentina S.A. Alternate Coordinating Secretary Jorge Achával - Banco Santander Río S.A. TRANSACTIONS Coordinating Secretary Pedro Telwak - Banco Santander Río S.A. Alternate Coordinating Secretary Javier Michelesi - BBVA Banco Francés S.A. FOREIGN TRADE TRANSACTIONS Coordinating Secretary Luis Martínez - HSBC Bank Argentina S.A. Alternate Coordinating Secretaries Alejandro Chiaradía - BBVA Banco Francés S.A. Luis Demarco - Banco Santander Río S.A. 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.
ANNUAL REPORT 2011 LIST
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 Secretaries Sergio Scattolini - Banco Santander Río S.A. 2 Diego Sanz - Banco Santander Río S.A. 3 RELATIONS AND COMMUNICATIONS Coordinating Secretary Oscar Correa - Banco Santander Río S.A. Alternate Coordinating Secretary Alejandro Cerviño - Citibank N.A. CREDIT RISK Coordinating Secretary Darío Mangano - HSBC Bank Argentina S.A. BANK SECURITY Coordinating Secretary Daniel Alí - Banco Itaú Argentina S.A. Alternate Coordinating Secretary Roberto Veltri - Citibank N.A.
2 3
Until July 2011 Until December 2011
ANNUAL REPORT 2011 LIST
TECHNOLOGY, ORGANIZATION AND SYSTEMS Coordinating Secretary To be appointed SUBCOMMITTEE OF 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. SUBCOMMITTE OF 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 SUBCOMMITTEE Coordinating Secretary Enrique Rubinstein - Standard Bank Argentina S.A.
ANNUAL REPORT 2011 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) ARGENTINE SOYA ASSOCIATION (ACSOJA) Pablo Bullrich - Banco Santander Río S.A. ARGENTINE BANK MARKETING ASSOCIATION (AMBA) Claudio Cesario - ABA President (Member) CENTRAL BANK OF ARGENTINA Argentine Interbank Committee on Means of Payment Directors: Pedro Telwak - Banco Santander Río S.A. Javier Aníbal Michelesi - BBVA Banco Francés S.A. Technical Committee: Incumbents 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.
Sub-committe on Fixed Term Deposits: Incumbent Ricardo Leggieri - Standard Bank Argentina S.A. Alternate Daniel Víctor Martínez - Banco Santander Río S.A. Sub-committee on Electronic Means of Payment: Incumbent Renato Otmarich - Banco Santander Río S.A. Alternate Carlos Daniel Bestilleiro - BBVA Banco Francés S.A.
ANNUAL REPORT 2011 LIST
Sub-committee on Direct Debit: Incumbent Julia Langwagen - Standard Bank Argentina S.A. Alternate Christian Ruiz - Banco Santander Río S.A. Sub-committee on Transfers: Incumbent Flavio Jesús Boncore - Standard Bank Argentina S.A. Alternate Christian Ruiz - Banco Santander Río S.A. Sub-committee of Treasurers: Incumbents Julián Bianchi - Banco Santander Río S.A. Rubén Osvaldo Pécora - Citibank NA. Alternates Carlos D’Elío - BBVA Banco Francés S.A. Alejandro Casola - Banco Itaú Argentina S.A. BUENOS AIRES STOCK EXCHANGE Board Claudio Cesario - ABA President SELF-REGULATING BOARD - BANK 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. Subcommittee on Tax Reform Natalia Miranda - ABA Committees Coordinator ARGENTINE EPISCOPATE "Turning Inhabitants into Citizens" Forum - Justice and Peace Committee Claudio Cesario - ABA President (Incumbent) Rubén Mattone - ABA Communications and Institutional Relations Manager (Alternate) FELABAN Incumbent Governor in Argentina: Claudio Cesario - ABA President
ANNUAL REPORT 2011 LIST
AFIP SOCIAL SECURITY PARTICIPATION FORUM Natalia Miranda - ABA Committees Coordinator (Incumbent) Pablo Cattarelli - Banco Santander Rio S.A. (Alternate) AFIP TAX PARTICIPATION FORUM Luis Irigoyen - BBVA Banco Francés S.A. (Incumbent) Lisandro López - Tax Advisory Firm (Alternate) EXPORT.AR FOUNDATION Claudio Cesario - ABA President (Alternate) 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 Claudio Cesario - ABA President (Member) MERCOSUR Group of Mercosur Bank Associations María Elena Deligiannis - ABA Technical Manager Mercosur No. 4 "Financial Affairs" Working Sub Group Financial System Committee María Elena Deligiannis - ABA Technical Manager Andrea Rupp - ABA Committees Coordinator Prevention of Money Laundering and the Financing of Terrorism Committee Natalia Miranda - ABA Committees Coordinator MINISTRY OF LABOR, EMPLOYMENT AND SOCIAL SECURITY Negotiating Committee of the Collective Bargaining Agreement for the Banking Sector Incumbent Members Daniel Agudo - BBVA Banco Francés S.A. María Elena Deligiannis - ABA Technical Manager Julián Arturo de Diego - Labor Adviser Alternate Member Alejandro Ortiz Quintero - HSBC Bank Argentina S.A.
ANNUAL REPORT 2011 LIST
Follow up Committee on the Solidary Contribution and Union Dues Auditing Agreement María Elena Deligiannis - ABA Technical Manager Diego Sanz - Banco Santander Río S.A. MINISTRY OF INTERNAL AFFAIRS - STANDING COMMITTEE ON BANK SECURITY Daniel Alí - Banco Itaú Argentina S.A. (Incumbent) Roberto Veltri - Citibank N.A. (Alternate) MUNICIPALITY OF GENERAL PUEYRREDÓN - BANK SECURITY COMMISSION Martín Zaballa - Banco Itaú Argentina S.A. UNITED NATIONS GLOBAL COMPACT - BOARD OF DIRECTORS OF THE LOCAL NETWORK Claudio Cesario - ABA President (Incumbent) Rubén Mattone - ABA Communications and Institutional Relations Manager (Alternate) ARGENTINE UNION OF SERVICE ENTITIES (UDES) Claudio Cesario - ABA President (1st Vicepresident) Rubén Mattone - ABA Communications and Institutional Relations Manager (Alternate)
ANNUAL REPORT 2011 LIST
AREAS AND PERSONS IN CHARGE
BOARD President Claudio Cesario 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 2011
LETTER FROM THE PRESIDENT
2011 was marked by a typical election atmosphere, which was naturally reflected in the development of the economy over the year. The pre-election expectations on how the political landscape would unfold after October 26 were mainly felt in the foreign exchange market. As it usually happens in the run-up to presidential elections, there was pressure by individuals and companies towards the dollarization of bank portfolios. Authorities reacted swiftly to such pressure and, with the support and follow-up of banks, adopted a number of measures intended to prevent larger effects. Added to our domestic environment was a complex international landscape, particularly in the euro-zone, where some States with serious financial problems sparked uncertainty about the global economic outlook for fear of potential "contagion" effects. However, the Latin American region so far has either come away unscathed or proved partially insulated from such effects; as a result, much of the activity performed by global corporations was targeted to these emerging economies. The performance of the Argentine financial system in 2011 should therefore be analyzed in this context: despite the challenges raised by various international crises and domestic problems, the system has successfully managed to overcome them. The system’s sound health is based on the absence of currency mismatches and on low household and corporate debt levels. In fact, the debt ratio with the public sector was one of the lowest ever recorded, just 10% of all assets (3% in private banks), which made it possible to channel any excess to increase funding to the private sector, a situation which has been observed over the last years. This increase should not be underestimated as it was funded with deposits that, on average, did not exceed 35 days. Looking forward, banks are faced with the challenge of fostering savings and making them grow. This objective is vital and necessary for the development of the country. If savings do not increase, credit to the private sector is unlikely to continue growing. More importantly, there can be no credit without savings; if there is no credit, then investments cannot be promoted and Argentina becomes less competitive and fails to pursue its development path. Savings and credit as a percentage of GDP are still very low and far from the levels observed in comparable countries of the region. Hence, this situation is an opportunity for growth, in line with the objective of sustainable economic development. Yet, this savings growth process will unfold over time and so long as it is understood that deposits are owned by depositors who, in placing their money with the bank, should get a yield compared to other investment opportunities, or at the very least, should find capital preservation. A second significant challenge is to increase bank service penetration, which has the potential to fight against the informal economy; if unsuccessful, an important segment of the population is deprived of the benefits of bank services. ABA is strongly committed to this
ANNUAL REPORT 2011
objective and has been actively working with the Central Bank to such end. In 2011, the entity submitted to the Argentine monetary authority a paper that is based on a study of the geographic outreach of the financial system in the country. The study proposes a number of alternatives to further bank service penetration that go beyond the opening of traditional branches. The proposal promotes channeling certain bank services through external merchants, miniagencies, mobile branches, etc. in order to provide such services to less densely populated areas, and to give the public immediate direct access without time restrictions in densely populated areas. This scheme -which might be implemented shortly- supplements and enhances the tools already promoted by the Central Bank, such as the universal free account, the financial payment check, and zero or low cost bank transfers. ABA proposal draws on successful experiences in Brazil, Peru and Colombia. As a matter of fact, the drive towards bank service penetration into underbanked or unbanked segments is one of the three major commitments I assumed when I succeeded Mario Vicens as president of ABA on April 27. The other two commitments are built on the importance of contributing to better understand the problems that affect the corporate sector in the country and on deepening our professional support towards shedding light on and addressing sector related issues. In this sense, we at ABA have interacted actively with other associations of the corporate sector not only to tighten institutional relations but also to offer sector-wide solutions and specific knowledge of regulations. As regards efforts to enhance legislative actions, the contributions made towards anti-money laundering and counter terrorism financing legislation are especially noteworthy. ABA bank members have more than 20 years international experience in this field, and many of them apply more stringent rules in this area due to internal bank policies. As a matter of fact, there is a lot they can contribute in this field. By way of example, a consensus was reached with lawmakers in order to extend from 30 to 150 days the period required by law to report suspicious transactions; this extension was key to making bank controls more operationally efficient. The House of Deputies has yet to approve an amending bill -already approved by the Senate- which introduces the necessary adjustments to add predictability and transparency to regulations in force. Such amendments were the result of collaborative work between ABA and other trade and professional associations and are mostly intended to avoid duplication of penalties which are borne by the person required to report and the compliance officer, the need to apply a progressive penalty system, eliminate the obstacles imposed to car manufacturers and to clarify what the role of accountants and notaries public should be in this respect. On the other hand, as regards the search for consensus called for by the Argentine President in the Industrial Conference at the UIA (Argentine Industrial Association), it should be
ANNUAL REPORT 2011
noted that ABA has renewed its commitment to continue working with authorities so that savings and credit growth become key drivers of the country’s sustainable development. We, at ABA, firmly believe that a country’s economic development should be built on an adequate interaction of the industrial, agricultural, service, bank and other sectors, as well as the indispensable role played by the labor sector.
Claudio Cesario President
ANNUAL REPORT 2011 Index Page Chapter 1: Performance of the Argentine Economy.................................................... 1 Introduction ............................................................................................................................................. 1 The Macroeconomic Environment ................................................................................................... 2 The Balance of Payments ..................................................................................................................... 2 Foreign Trade .......................................................................................................................................... 2 Employment and Wages....................................................................................................................... 3 Government Accounts ......................................................................................................................... 3 Government Debt.................................................................................................................................. 3 Chapter 2: Monetary Policy and Changes in Central Bank Regulations .................... 5 Monetary Policy Performance ............................................................................................................. 5 Interest Rates ........................................................................................................................................... 5 Central Bank Reserves........................................................................................................................... 6 Monetary Base Development .............................................................................................................. 7 Outcome of the 2011 Monetary Program ........................................................................................ 7 Monetary Program 2012 ....................................................................................................................... 8 Major Regulatory Changes ................................................................................... 9 Increase in the Coverage Limit of the Deposit Guarantee Insurance.............................. 9 New Regulations on the Valuation of Government Securities.......................................... 9 Immediate Fund Transfers .......................................................................................................10 Guidelines for Financial Entities Governance .....................................................................10 Risk Management Guidelines for Financial Entities ..........................................................11 Truncated Checks and Image Transmission - National Payment System ....................11 Financing Limit for Micro-Businesses ...................................................................................12 Payment of Salaries, Social Security Benefits and Social Aid Plans ................................12 Access to the Single Free Exchange Market ........................................................................12 Chapter 3: The Financial System............................................................................... 14 Introduction ...........................................................................................................................................14 Financial System Performance...........................................................................................................15 Share of Loans and Deposits by Group of Entities .....................................................................19 Financing for SMEs .............................................................................................................................19 Statistic Appendix: Tables 1 to 49 .............................................................................. 22 EXHIBIT ................................................................................................................... 72 Principal Banking, Exchange and Financial Policy Measures .....................................................72
ANNUAL REPORT 2011 Chapter I: Performance of the Argentine Economy
Chapter 1: Performance of the Argentine Economy Introduction The economic path followed by Argentina by the end of 2010 continued in the first half of 2011. Output continued to grow, coupled with a decline in the unemployment rate and an external trade surplus. On the other hand, the general public followed an increasing trend toward dollarization of their investments, which boosted bank deposits in foreign currency. On the political front, there were open primary elections for the nomination of the candidates to run for the elections that would be held in October. Both during primary elections and in the October elections, the Frente para la Victoria (governing party) won the elections and Cristina Fernรกndez de Kirchner was elected for a second term, together with Amado Boudou (who had been Minister of Economy and Finance until then), as Vicepresident. When Boudou took office as Vicepresident, Hernรกn Lorenzino -who had been Secretary of Finance- was appointed to head the Ministry of Economy. As a result of the outcome of the elections, the governing party obtained most seats at both houses of Congress, which helped speed up certain laws after they took office. Before yearend, many bills were enacted -all of them during extraordinary sessions called by the Executive Power, including the 2012 Budget Act, the extension of economic emergency law, extension of the tax on bank credits and debits (financial transactions tax), the excise tax on cigarettes and export duties on hydrocarbons, the amendment to the Criminal Code (as part of the fight against money laundering), the power to modify through an executive order the tax free allowance for income tax purposes, and the declaration of public interest for the manufacturing and marketing of newsprint paper. On the national front, the Frente para la Victoria maintained its leadership in many provinces, while in other districts, such as the City of Buenos Aires, San Luis and Santa Fe, candidates of opposing parties were elected. Hence, the new term of office which started on December 10 reaffirmed the economic path that had been pursued. Internationally, global economic activity slowed down more than expected. In many developed economies, financial markets were weak and some euro zone countries had difficulty obtaining financing. Against this backdrop, the Federal Reserve announced that it would keep interest rates low at least through 2013. In the Euro zone, actions were taken including medium term liquidity facilities offered at a low cost by the European Central Bank, Greece debt exchange with private sector bondholders and the anticipated implementation of the European Stability Facility. On the other hand, in the second half of the year, commodity prices fell although they ended the year in positive territory, compared to the end of the previous year. These conditions bode for more uncertainty in the international landscape over the following year. 1
ANNUAL REPORT 2011 Chapter I: Performance of the Argentine Economy
The Macroeconomic Environment Based on recent preliminary data, the GDP for 2011 grew by 8.9%, slightly below the 9.2% rate in 2010, but above the growth rate experienced in prior years. Thus, GDP growth has averaged an annual 7.7% since 2002. Private consumption continued to be the main driver of aggregate demand, although in the last quarter of the year, its growth rate declined on a year-on-year basis. Yet, private consumption accounts for 78.9% of the GDP. On the other hand, gross fixed investment increased to a share of 24.5% of GDP although it also slowed in the fourth quarter of the year. Industrial output -as measured by the Industrial Monthly Estimate prepared by the INDECincreased by 6.5% over 2011, below the 9.7% of 2010 but above the 0.1% of 2009. Installed capacity utilization reached its high since 2002, with an average 78.7% in 2011, above the 77.7% recorded in 2010. Yet, it should be noted that performance has been mixed among sectors both in terms of installed capacity utilization and their development over the year. The Balance of Payments The current account broke even in 2011. Even though trade in goods ran a surplus of USD 13.5 billion, the services and income subaccounts recorded deficits of USD 2.23 billion and USD 10.82 billion, respectively. The capital and financial account recorded a deficit of USD 2.2 billion, mainly due to capital flight from the non-financial private sector in the amount of USD 10.26 billion. Finally, despite the controls established by the AFIP (Argentine Revenue Administration) to access the exchange market, the Banco Central reserves shrank by USD 6.108 billion, particularly in the second half of the year. Foreign Trade Argentine exports increased by 24% to USD 84.3 billion between 2010 and 2011. Unlike the previous year, most of the increase was attributable to a combined rise in prices, which contributed to a 16% increase, whereas the volume exported has contributed the other 6%. Imports grew by 31% to USD 73.9 billion. This increase results mostly from a rise in the quantities imported (19%) and, to a lesser extent, from price increases (10%). Consequently, the balance of trade for the full year stood at a USD 10.3 billion, an 11% decline on the previous year. As regards foreign trade with different trade blocs, it should be noted that the major regional trade partners (both related to imports and exports) are members of the MERCOSUR, where the balance of trade recorded a USD 1.9 billion deficit. They are followed by the major Asian countries (with a deficit of USD 2.4 billion), the European Union (with a surplus worth USD 2.6 billion) and the NAFTA (deficit of USD 3.2 billion). Also worthy of 2
ANNUAL REPORT 2011 Chapter I: Performance of the Argentine Economy
note is the significant trade surplus with Chile (USD 3.66 billion), which accounts for a 35% of the overall balance for 2011. 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) increased to 43.0%, slightly above the level recorded at the end of last year. On the other hand, unemployment -which stood at 6.7% down from 7.3% in 2010- was among the historically lowest levels. Underemployment was 8.5%, slightly above the 8.4% level recorded at the end of 2010. According to the index prepared by the INDEC, there was a noticeable improvement in average wages. The general wage level increased by 29.5% y-o-y, the largest increase since 2011. Unlike previous years, wages in the formal private sector grew at the fastest rate (35.6%) followed by the informal private sector (32.8%) and the public sector (9.7%). 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 31.3% in total remuneration of employees contributing to the system, which means an increase of the monthly salary to ARS 5,318 for the period. Government Accounts In 2011, the national tax revenue (excluding nontax revenue) reached 30.0% of the GDP against 28.4% for the prior year. In nominal terms, total tax revenues increased by 31.8% per year, down from 34.4% in 2010. Especially worthy of note was the increase in VAT (32.5%) and income tax (41.7%) revenue. Both taxes account for 78% of the Argentine Tax Administration’s revenue, excluding the social security system. Revenue from the tax on bank debits and credits increased by 34.6% and represents 6.7% of overall tax revenue. Current expenditure increased by 36.5% (against 30.4% last year), thus recording the largest rise over the past years. The primary surplus narrowed to ARS 4.921 billion (0.3% of GDP) from ARS 25.10 billion in 2010. The financial result showed a deficit of ARS 30.66 billion, against a surplus of ARS 3.068 billion in 2010. Government Debt Until the third quarter, government debt amounted to USD 175 billion (excluding holdout debt which was not tendered in 2005 and 2010 debt exchanges), which means an increase of almost USD 11 billion in the period (6.7%). Including holdout debt, total government debt would rise to USD 186.5 billion. 3
ANNUAL REPORT 2011 Chapter I: Performance of the Argentine Economy
Thirty eight per cent of total debt is denominated in pesos (21% is CER-indexed debt while most of the other 17% is floating-rate debt). Forty nine per cent is denominated in US Dollars followed by an 11% which is denominated in Euros. Government debt average life is 11.1 years, with government securities and Treasury bills averaging 13.2 years. On the other hand, the weighted average interest rate of non-CER indexed debt amounted to 14% while CER-indexed debt was priced at 3.4%. Meanwhile, the average interest rate on USD and EUR denominated debt stood at 3.5% and 4.8%, respectively. It should be noted that a major part of debt maturing in 2011 was repaid out of the proceeds of Non-Transferable Bills in exchange of free available international reserves of the BCRA that were used to fund the Argentine Debt Repayment Fund created by Executive Order 2054/2010 and the Fund for the service of debt owed to international organizations (Executive Order 276/2011) in the amount of USD 7.504 billion and USD 2.212 billion, respectively. During the first quarters of the year, USD 6.719 million of such funds was used for debt servicing. It should also be noted that 52.5% of debt is held by the public sector, such as the Anses (through the Guarantee Fund for the Sustainability of the Argentine Integrated Retirement System), the Central Bank and the Banco de la Naci贸n Argentina. Based on the amount of debt, it is followed by the private sector that holds 33%, while the remaining debt is held by bilateral and multilateral organizations and the Paris Club.
4
ANNUAL REPORT 2011 Chapter II: Monetary Policy and Changes in Central Bank Regulations
Chapter 2: Monetary Policy and Changes in Central Bank Regulations Monetary Policy Performance Year 2011 was featured by growth in loans to the private sector, which in the first half was driven by an increase in private sector deposits, a trend seen in late 2010. However, there was a flattening out in the second half, with the rate of growth of private sector deposits declining from around 35% per annum in the first half to 25% in the second half. This trend was seen both in term deposits and in savings accounts. On the other hand, loans to the private sector grew at a somewhat higher rate compared to deposits. In 2011, total loans to the private sector increased by 48.1%, led mainly by business credit facilities which grew around 60% on a year basis. Consumer loans (both personal and credit card loans) also had a dynamic performance although at lower rates and for smaller amounts, compared to commercial loans. Finally, there was a notable recovery in secured loans (both mortgage and pledge loans) which reached annualized growth rates of up to 50%, and ended the year with rates of approximately 45%. It should be noted that the higher growth of loans to the private sector vis-a-vis growth in private sector deposits was sustainable thanks to the liquidity margins in the financial system. However, in the fourth quarter, the lending capacity of private sector deposits fell short of granted loans, which led to less available credit and higher interest rates, with the consequent accommodation of loan growth to the actual resources available in the financial system. During the last two months of the year, the financial system was once again faced with and had to weather challenging events that affected some variables involved with its business. The prior validation requirement imposed by the Argentine Revenue Administration (AFIP) in order to have access to the foreign exchange market led to a mass withdrawal of foreign currency deposits by the non-financial private sector. Despite the withdrawal of almost one fifth of deposits in two months, the system was not seriously affected, thanks to the coordinated work of financial entities and the Central Bank, who provided the necessary funds to face such withdrawals. Since 2002, foreign currency resources can only be lent to debtors who generate revenues in the same currency; thus, the bank system does not experience currency mismatches, although term mismatches are possible. Given the liquidity of this segment, mainly through deposits held by financial entities with the Central Bank, it was possible to honor all such withdrawals in due time and course, which was fundamental for this trend to revert. Interest Rates In the first half of the year, interest rates hovered around the same levels seen in late 2010. However, there were two facts that changed this situation. On the one hand, loans to the private sector increased at a faster rate than deposits, and thus the excess liquidity was absorbed. On the other hand, the National Administration of Social Security (Anses) 5
ANNUAL REPORT 2011 Chapter II: Monetary Policy and Changes in Central Bank Regulations
increased the resources of the Guarantee Fund for Sustainability invested in term deposits with banks. However, effective August, the Anses decided to modify the structure of investments by reducing deposits with banks, mainly private sector entities. Both factors caused a shortage of funds which led banks to pursue a more aggressive approach to deposit-taking, translating into increased rates on deposits. Such increase was mainly seen in the wholesale sector and weighted on the BADLAR 1 rate of private sector banks, which rose from around 11% p.a.to more than 20% p.a. in the last quarter of the year. Rates on term deposits also increased from around 9.5% p.a. in the first half of the year to 14/15% p.a. in the last quarter. This increase tickled through, though to a lower degree, to the lending rates. In the case of loan advances to companies for up to ARS 10 million, rates rose from 11% p.a. in the first half of the year to more than 23% in November, but then started to decline. As regards new loans granted to the non-financial private sector, rates rose with respect to the average recorded a year earlier as a result of increases over the last months of the year. INTEREST RATES ON LOANS IN PESOS In Annual Nominal % Type of Loan
Year 2003
Year 2004
Year 2005
Year 2006
Year 2007
Year 2008
Year 2009
Year 2010
Year 2011
2011-2010 Change
Overdrafts
40.6
16.3
15.8
17.1
17.4
21.7
23.1
19.2
20.3
1.1
Other advances
24.7
11.6
10.1
12.7
15.3
20.8
23.4
19.2
18.4
-0.9
Promissory notes
17.7
10.8
10.3
12.6
14.1
19.3
19.8
15.2
16.5
1.3
Mortgage loans
18.0
12.0
11.3
11.7
11.2
12.8
15.8
14.4
14.9
0.4
Pledge loans
19.7
13.3
10.3
9.9
11.3
17.5
22.2
17.4
19.1
1.7
Consumer loans
54.3
30.4
27.3
26.5
26.0
28.3
31.1
30.7
31.0
0.3
Credit cards
45.9
29.7
25.9
24.7
25.7
30.8
34.3
30.3
30.6
0.2
Central Bank Reserves By the end of 2011, the Central Bank reserves reached around USD 46 billion, which means a USD 5.8 billion decline over the year. Even though there were net purchases in the amount of USD 3.3 billion, mainly derived from the trade balance, there was also a decline of USD 9.4 billion, which mostly pertain to resources transferred to the Argentine Debt Repayment Fund (created by Executive Order 298/10).
1
BADLAR: Rate on term deposits with denominations higher than one million pesos, for a term of 30 to 35 days.
6
ANNUAL REPORT 2011 Chapter II: Monetary Policy and Changes in Central Bank Regulations
The flight of foreign currency deposits referred to at the beginning of this chapter led to a decline of USD 6.4 billion over the last quarter of the year, even though this trend had reverted in the last days of the year. Monetary Base Development The monetary base increased by 39% over 2011, which represents approximately 62.5% million. The major development factor was the national public sector, both through temporary transfers and from the transfer of resources intended to fund the Argentine Debt Repayment Fund, which overall explains the 52% annual change in the monetary base. The other significant factors were the bills and notes issued by the Central Bank. Throughout the year, the Central Bank raised ARS 4.2 billion on a net basis; after paying the relevant interest, the effect was almost ARS 15 billion (which accounts for a 24% change in the monetary base). The net purchase of foreign currency to the private sector led to an increase in the monetary base of ARS 13.3 billion, or 21%. Sixty per cent of the increase in the monetary base pertains to cash held by the public, which means a 33% rise in this indicator. The remaining 40% came to form part of financial institutions reserve requirements, whether in the form of cash held at the branches to maintain the technical reserve requirement or in the form of deposits with the Central Bank. Outcome of the 2011 Monetary Program In 2011, the Central Bank met the Monetary Program targets, both on a quarterly and annual basis. The M2 recorded an increase of 29% over the year, higher than the figure established in the base scenario which foresaw a rise of 27.9% over the period. Thus it falls within the range defined by the monetary authority. In turn, the M2 for the private sector increased 30.7% over the year, in excess of the estimates for the base scenario, but within the established guidelines. The above cited increase in loans to the private sector in national currency (49.2%) over the year, driven mainly by commercial facilities, helped foster growth of monetary aggregates. Moreover, the Central Bank continued to call for bids under the Bicentenary Program for Production Financing and by the end of 2011 ARS 4.11 billion had been assigned to financial entities, ARS 1.943 billion of which have already been disbursed. Interventions by the monetary authority in the FX market accumulated purchases for USD 3.335 billion. The public sector also drove the increase in monetary aggregates, both through Temporary Transfers granted to them and through the transfer of earnings from the monetary authority to the Treasury. Growth in term deposits by the private sector accelerated to 31.8% p.a. by the end of 2011, and contributed to the M3 increase, which expanded by 30.4% over the year. 7
ANNUAL REPORT 2011 Chapter II: Monetary Policy and Changes in Central Bank Regulations
Monetary Program 2012 The Central Bank was based on seven major lines of action in devising the Monetary Program 2012: 1) to control of monetary aggregates; 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 macroregulation of short-term financial flows; 6) to pursue regulation and supervision of the financial system; and, 7) to promote universal access to financial services. It should be noted that the Monetary Program 2012 was performed at the end of 2011 when the new Central Bank Charter had not yet been approved. The base scenario was prepared using the main economic variables included in the 2012 National Budget Bill. The scenario foresees global growth slowing, particularly in the developed economies, although it did not resemble the scenario in 2008. This means moderate growth is expected in business activity and trade. The scenario also factors in potentially high volatility of commodities and other assets, although the probability of a significant fall off current levels is low. A more pessimistic scenario -compared to the base case used in the Monetary Programestimates that major trading partners may actively apply policies to foster business activity. In this context, the local level of business activity continues to be driven by the domestic market, supported by the continued increase in the wage bill (as a result of both a higher payroll and higher salaries), investment, and various economic policy measures intended to sustain the level of business activity. A lower level of external asset accumulation is expected in a context of continued household and corporate financing. The investment rate would stand at around 25% of GDP, following a higher reinvestment of profits. GDP would grow between 4.5% and 7.5%, with growth in industrial activity (as a result of import substitution), agriculture and the service industry. The GDP deflator index would increase between 12% and 17% while the CPI computed by the Index would rise 9.2%, as indicated in the 2012 Budget Bill. On the other hand, exports would rise 7% while imports would grow 10%, with a trade balance of approximately USD 8.9 billion. Credit to the private sector would grow by around ARS 80 billion, which would lead to high growth albeit at a lower rate than 2011. Moreover, net FX purchases are estimated at USD 9 billion, together with the transfer of the Central Bank 2011 earnings to the Treasury and Temporary Transfers. Moreover, the 2012 Budget provides for the use of reserves for repayment of government debt in a maximum amount of USD 5.6 billion. Monetary easing resulting from these factors would be partly sterilized through repos and the placement of LEBAC and NOBAC (bills and notes issued by the Central Bank) in an amount estimated at approximately 30% of FX purchases. In turn, the calls for bids would continue under the Bicentenary Program for Financing Productive Activities, at the same rate seen in the second half of 2011.
8
ANNUAL REPORT 2011 Chapter II: Monetary Policy and Changes in Central Bank Regulations
Hence, the base scenario set an M2 growth target of 26.4% in 2012 (26.2% in M2 of the private sector), with a performance range of ±4%. 2012 MONETARY PROGRAM – BASE SCENARIO (In Million Pesos and % Change) Target
Total M2 Mar. 2012
M2 Private Sector Dec. 2012
Jun. 2012
Sep. 2012
Dec. 2012
265,452
281,433
297,122
322,351
285,189
Quarterly change
6.2%
6.3%
4.6%
7.0%
…
Rate of growth against Dec-10 (in %)
6.2%
12.9%
18.1%
26.4%
26.2%
Monthly average balance (in millions ARS)
Nominal values are adjusted considering final values for 2011. To verify compliance with the Monetary Program, a ±4% performance range will be considered in respect of the monthly averages of the M2 and M2 of the private sector under the Base Scenario. As regards M2 of the private sector, only annual targets are set.
Major Regulatory Changes Increase in the Coverage Limit of the Deposit Guarantee Insurance (Communication "A" 5170) In early 2011, the Central Bank decided to increase the coverage limit of the Deposit Guarantee Insurance by ARS 30,000 to ARS 120,000. The prior increase had been set in 1998. Following this decision, the coverage amount approximates that of other countries in the region, such as Uruguay or Brazil. New Regulations on the Valuation of Government Securities (Communication "A" 5180/5188) Effective March 2011, the Central Bank established new valuation rules applicable to government securities, which replaced all valuation criteria then in force, and allowing financial entities to start applying the new criteria back to balance sheets closed as of December 2010.
9
ANNUAL REPORT 2011 Chapter II: Monetary Policy and Changes in Central Bank Regulations
The new regulations defined two asset groups: those accounted for at fair market value, and those accounted for at acquisition cost plus yield, thus making a distinction between assets used in trading and those used in long-term investments. Basically, government securities (including LEBACS and NOBACS) whose volatility and present value are published by the Central Bank, and the trusts who hold them as underlying assets, shall be accounted for at fair market value. An allowance not to exceed 10% may be established if the Board of Directors of the entity has a policy in place in this respect. In addition, the asset group valued at acquisition cost plus yield includes medium term and long term securities held to maturity, such as loans and government bonds to be held to maturity. Should the financial entity record a tax loss as a result of applying the new valuation criteria, entities may choose to defer such loss in 60 monthly equal and consecutive installments. Immediate Fund Transfers (Communication "A" 5194/6) For the purpose of reducing the use of cash, the Central Bank provided that financial entities should adopt the necessary procedures for their clients to carry out immediate fund transfers through ATMs and via Internet ("home banking"). In the case of peso transactions, this possibility became effective as from April 25 2011, where transfers were allowed in the amount of ARS 10,000 per day, per account through ATMs, and ARS 50,000 via home banking. The deadline for implementation of USD transfers was May 31, 2011, with maximum amounts of USD 2,500 in the case of ATMs and USD 12,500 via home banking. These transactions may be carried out 24 hours a day, provided they are performed between same denomination accounts; they are credited immediately during working days, between 8 a.m. and 6 p.m. Financial entities may extend business hours as well as allow transfers of higher amounts. Guidelines for Financial Entities Governance (Communication "A" 5201) Effective 2012, banks are required to have a corporate governance code in line with the guidelines established by the Central Bank, which are based on best practices applied in developed countries. The corporate governance code should be entity-wide as an integral part of risk management, taking into account the guidelines established by regulations, depending on the size, complexity, economic weight and risk profile of the financial entity and economic group it belongs to.
10
ANNUAL REPORT 2011 Chapter II: Monetary Policy and Changes in Central Bank Regulations
The corporate governance code defines how the Board of Directors and Senior Management of a financial entity manage their business and activities, all of which has an impact on how they: Define the policies to meet corporate objectives. Ensure that the entity’s activities are compliant with the security and solvency levels required and with applicable rules and regulations. Define the risks to be assumed by the entity. Protect the interests of depositors. Are accountable to shareholders and take into account other relevant stakeholders’ interests. Conduct their daily operations. The regulations establish the features that should be met by the Board, Senior Management, committees, internal and external audits, incentive policies to employees, other personnel, other organizational policies. Risk Management Guidelines for Financial Entities (Communication "A" 5203) The Central Bank also determined that financial entities should have an integral process for risk management in place as from 2012, based on the guidelines set forth in Communication "A" 5203 The guidelines established by the Central Bank are based on best practices applied to risk management, including credit, liquidity, market, interest rate and operational risk, as well as conducting stress tests. Truncated Checks and Image Transmission - National Payment System (Communication "A" 5224) Effective September 30, 2011, the Central Bank decided no image would be transmitted for truncated checks up to ARS 10,000. In other words, financial entities that accept check deposits should retain items and transmit only the relevant electronic information to the Clearing House when the amount does not exceed ARS 10,000. In the event of checks for larger denominations, front and back images of the items are to be transmitted.
11
ANNUAL REPORT 2011 Chapter II: Monetary Policy and Changes in Central Bank Regulations
Financing Limit for Micro-Businesses was Increased from ARS 15,000 to ARS 30,000 (Communication "A" 5226) The Central Bank raised from ARS 15,000 to ARS 30,000 the maximum outstanding principal for loans to micro-businesses, that is, loans granted to low-income individuals to meet their cash needs related to productive, commercial and service activities, training of micro-entrepreneurs and funding to be applied to improvement of single family home. Payment of Salaries, Social Security Benefits and Social Aid Plans by the National Government (Communication "A" 5231, implementing Act 26,704) The Central Bank issued Communication "A" 5231 implementing Act 26,704 and regulated the operation of free accounts for payment of social benefits by the Argentina Integrated Social Security System, the Non-Contributory Pension System, and for payment of salaries, pensions or social security benefits by the provinces of the City of Buenos Aires. In the case of payroll and social security accounts, withdrawals shall be made at the counter, through ATMs, home banking transfers, debit card purchases, etc. It should be noted accountholders may withdraw money through ATMs operated throughout the country by any financial entity, with no limits on withdrawal amounts (except where expressly agreed upon for safety reasons and/or as a result of equipment operational restrictions), number of withdrawals, or any distinction between clients and non-clients. A semi-annual statement of account will be issued for free including the detailed activity of the account; it is to be sent to the accountholder’s address unless otherwise expressly indicated by the account-holder. Additionally, the ATM system of the depository financial entity shall provide without cost a printout including the balance of the account and the last ten transactions, and a copy of the social security payment receipts for the amounts credited to the account over the past two months, if so required by the Anses or any other payment administration entity. In the savings accounts for payment of social aid plans or programs, only universal allowance per child may be credited (Dec 1602/09 or benefits from social aid programs implemented by the National Government or other jurisdictions (sections 3 and 4 of Act 26.704), tax refunds, promotions by the financial entity and any other related items, in pesos. Access to the Single Free Exchange Market The most important measures related to the FX market adopted during 2011 are described below:  Obligation to convert export proceeds from the oil, gas and mining industries into local currency (Communication "A" 5235 and Decree 1722/11). 12
ANNUAL REPORT 2011 Chapter II: Monetary Policy and Changes in Central Bank Regulations
Repatriation of investments held by insurance companies offshore. (Ruling 36,162 by the Superintendency of Insurance). Obligation to ask for the AFIP's authorization to acquire FX through financial entities duly authorized by the Central Bank to operate in the FX market. (Communication "A" 5239 and Ruling 3210/11, AFIP). Requirements were set for the purchase of USD 20,000 per calendar month and new requirements for the repayment of foreign indebtedness (Communication "A" 5198). External asset accumulation by residents (Communication "A" 5236) Purchase of foreign currency with no specific purpose (Communication "A" 5198). Advances were no longer necessary prerequisites for loan transactions to be converted into the local FX market and for the conversion of export proceeds into local currency (Communication "A" 5225). Follow up of the obligation to convert export proceeds into local currency (Communication "A" 5233). Further requirements were imposed for those acquiring external assets at more than USD 250,000 per annum, who are supposed to show evidence that such resources are financially and fiscally justified (Communication "A" 5236). More regulations to govern non-resident investments, so that in order to purchase local companies, make capital contributions or invest in real estate, non residents shall have to convert FX into local currency in the local FX market at the time of the investment in order to be able to later repatriate funds without the need to have the Central Bank authorization (Communication "A" 5237).
13
ANNUAL REPORT 2011 Chapter III: The Financial System
Chapter 3: The Financial System Introduction The year 2011 saw a steady increase in loans to the private sector, with resources coming from private sector deposits, which are the main funding source for the financial system. In the first six months, deposits grew more strongly only to slow a little in the second half. This situation caused a mismatch between the larger growth in loans and the lower growth in deposits, which fostered an increase in interest rates -mainly on deposits. Towards the end of the year, interest rates went down when bank deposits resumed their growth momentum. In the fourth quarter, the conditions imposed by the AFIP (Revenue Administration) to purchase foreign currency in the FX market led some depositors to withdraw their deposits in foreign currency. The joint efforts of entities and authorities to provide the necessary liquidity in foreign currency in bank branches helped overcome this situation fast and, before yearend, it was almost back to normal. 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.
Year 2011
The fast growth in loans is attributable to the application of the lending capacity resulting from private sector deposits in pesos. On the other hand, the withdrawal of almost 20% of private sector deposits in foreign currency was overcome seamlessly.
14
ANNUAL REPORT 2011 Chapter III: The Financial System
Many initiatives promoted by the Central bank and implemented by financial entities to foster the use of bank payment methods, such as immediate transfers, reduction of costs in online banking, financial payment checks, and free universal accounts, are tools that contribute to improve access to bank services, as well as increase the use of bank instruments by sectors that do not use them regularly.
Debits / Private Sector Current Accounts Balances and Debits and Credits Tax Revenue %
25
2.0
20 1.5 15 1.0 10 0.5
5 0
1997
1999
2001
2003
2005
2007
2009
2011
0
Debits / Current Accounts Balances Tax Revenue /GDP (%)
However, there still are factors that continue to hinder these objectives, such as the tax on bank credit and debits, which is an incentive to continue to operate in cash. In turn, in order for the financial system to continue to provide credit to the private sector, a larger share of domestic savings should necessarily be channeled through the formal markets, as it happens in countries with highly developed banking systems. Financial System Performance The large increase in loans during 2011 was the major driver behind the improvement in the net interest income margin in the financial system. Interest income reached 4.6% of net assets, against 4.3% recorded in 2010. This increase was mainly attributable to the significant rise in loans over the year. Despite this improved interest income, the financial margin of the banking system declined from 8.5% of net assets 15
ANNUAL REPORT 2011 Chapter III: The Financial System
in 2010 to 8% in 2011, as a result of lower returns on government securities and the CER and CVS adjustments. Main Sources of Income and Expenses Financial System Description
2010
2011
In Millions of Pesos
Change (%)
Financial Margin
35,490
43,665
23.0
Financial Margin excl. Securities
22,041
29,445
33.6
Fee Income
16,089
21,407
33.1
Total Income
51,579
65,072
26.2
Total Income excl. Securities
38,130
50,852
33.4
-28,756
-36,353
26.4
Administration Expenses
Private Sector Banks Description
2010
2011
In Millions of Pesos
Change (%)
Financial Margin
21,837
27,234
24.7
Financial Margin excl. Securities
14,373
20,876
45.2
Fee Income
11,345
15,243
34.4
Total Income
33,182
42,477
28.0
Total Income excl. Securities
25,718
36,119
40.4
-18,819
-23,821
26.6
Administration Expenses
Given the increase in loans to the private sector in an economic growth environment, the delinquency rate in the financial system's loan portfolio has been kept at all-time lows. The non-performing private sector loan portfolio was reduced to 1.4% with a provisioning level which largely exceeds the delinquency levels, which has supported the solvency of the financial system. As to the financial system performance, bad debt write-offs amounted to 0.7% of net assets, slightly below last year's 0.8%, although they are still higher than the 0.5% recorded in 2006. On the other hand, administration expenses increased by 26.4% over the year, against a 23% increase in the financial margin, and a 26.2% growth in total income. Given that 75% of administration costs relate to both direct and indirect labor costs, most of the increase relates 16
ANNUAL REPORT 2011 Chapter III: The Financial System
to salary increases. The incidence of administration expenses reached 6.7% of net assets for the whole financial system and 7.8% in the case of private sector banks, against 4.1% and 4.6%, respectively, in 2004. As it can be seen over the past years, the banking sector has one of the highest average salaries in the economy. In 2011, the average total salary of banking sector employees topped the ARS 11,000 per month, in an environment of increased hiring. It should also be noted that since late 2004 until late 2011, the financial system added 340 branches, 98 of which were opened over the past year. In addition, in 2011 1,900 ATMs were installed to reach a network of 14700 ATMs. The increase in ATMs is significant since by late 2004 there were little over 6,100 units, which makes an increase of 140% by late 2011.
Number of Branches 4,162
4,200 4,100 3,989
4,009
4,035
4,064
4,000 3,923 3,879
3,900 3,822 3,800 3,700 3,600
Dec. 2004
Dec. 2005
Dec. 2006
Dec. 2007
Dec. 2008
Dec. 2009
Dec. 2010
Dec. 2011
17
ANNUAL REPORT 2011 Chapter III: The Financial System
Number of ATMs
16,000
14,707
14,000
12,806 11,144
12,000
9,808
10,000 8,000
8,377 6,121
6,521
7,362
6,000 4,000 2,000 0
Dec. 2004
Dec. 2005
Dec. 2006
Dec. 2007
Dec. 2008
Dec. 2009
Dec. 2010
Dec. 2011
During 2011, the financial system contributed ARS 12.8 billion to public revenue, 52% of which related to income tax, followed by turnover tax, with a 31%. Hence, the lower financial margin coupled with a heavier tax burden and higher administration expenses led to a net income of 2.7% of net assets in 2011, somewhat below 2.8% recorded in 2010. In the private sector banks, net income declined slightly from 3.2% to 3% of net assets, while return on equity amounted to 25.3% for the whole financial system, in line with the 25.6% recorded by private sector banks. The financial system is sound as reflected by the capitalization levels of banking entities which largely exceed the Central Bank requirements. By the end of 2011, the capital-to-riskweighted assets ratio amounted to 15.5%, which is 62% higher than the regulatory requirement. Finally, it should be noted that as loans to private sector increases as a percentage of bank assets, the exposure to the public sector is reduced. In this respect, at the end of 2011, the public sector (excluding Central Bank notes) only accounted for 10,2% of the net assets of the overall financial system, and only 2,8% in the case of private banks.
18
ANNUAL REPORT 2011 Chapter III: The Financial System
Share of Loans and Deposits by Group of Entities Based on information available as of December 2011, international banks take 37.3% of private sector deposits in the financial system, against 31.6% by state-owned banks. They are followed by local private sector banks with 30.7%, whereas the remaining 0,5% remains with non-banking financial institutions, such as financial companies and credit unions. Deposits of Private Sector December 2011 Non-Banking Financial Institutions
Local Private Banks 31%
0%
Loans to the Private Sector December 2011 Local Private Banks 32%
Non-Banking Financial Institutions
4%
Public Banks 32%
International Banks
37%
Public Banks 30%
International Banks
34%
As regards loans to the private sector, international banks account for a 34.0% share of the system, whereas local private banks and State-owned banks have 32.2% and 30.3% shares, respectively, with non-banking financial institutions representing the remaining 3.5%. The largest share of international banks is attributable to two factors. For one thing, growth over the past year has been larger than the financial system average. Added to this is the acquisition of a private sector local financial entity by an international bank. 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 2011, it has increased steadily at an average rate of 33% per annum, with broad-based growth across all types of credit facilities. In 2011, such financing has increased by 25% against 2010 and account for 30% of total new loans granted to companies and 18% of new loans as a whole. These figures bear witness to
19
ANNUAL REPORT 2011 Chapter III: The Financial System
the increasing importance that banks are giving to SMEs financial aid, as compared to companies and total financing. Another figure that confirms the importance of SMEs in the whole financial system is that although corporate loans below ARS 2.5 million represent 10% of total financing granted to the corporate sector, they are granted to 95% of the client base (legal persons). New Loans for Less than a Million Pesos or Dollars Granted to Companies Millions of Pesos 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0
Year 2002
Year 2003
Year 2004
Year 2005
Year 2006
Year 2007
Year 2008
Year 2009
Year 2010
Year 2011
20
ANNUAL REPORT 2011 Chapter III: The Financial System
Loans to Companies for less than a Million Pesos or Dollars Dec. 2002 = 100
280 260 240 220 200 180 160 140 120 100 80 60 Dec. 2002
Dec. 2003
Dec. 2004
Dec. 2005
Dec. 2006
Dec. 2007
Dec. 2008
Dec. 2009
Dec. 2010
Dec. 2011
SMB Companies - Total
21
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 1: Deposits in Domestic Currency
Monthly average of daily balances (in millions of Pesos) Period
Current Accounts
Savings Accounts
Time Deposits (1)
Total
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
December December December December December December December December December December December December December December December December December December December
3,129 4,909 6,214 6,993 7,011 10,514 12,178 12,648 12,580 11,952 8,309 23,305 24,720 32,581 40,595 47,485 57,143 77,026 81,712
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 26,039 30,168 37,851 39,394 45,394
2,955 5,998 8,903 9,622 7,343 8,756 12,057 13,577 12,791 12,024 5,872 33,435 38,150 41,783 48,572 64,968 79,446 83,023 90,100
8,064 13,665 19,770 21,858 19,042 25,207 31,836 34,432 33,719 31,900 18,681 65,885 77,424 95,980 115,206 142,621 174,439 199,443 217,206
2010
January February March April May June July August September October November December
82,674 83,712 82,895 86,477 91,208 94,291 96,897 98,734 100,764 105,540 106,745 112,070
46,106 46,259 46,146 45,894 45,824 47,630 51,944 49,970 50,866 52,649 52,912 58,034
90,878 93,572 101,213 104,746 113,022 117,199 120,404 128,637 134,613 137,877 141,615 138,366
219,659 223,543 230,254 237,117 250,053 259,120 269,245 277,341 286,243 296,067 301,272 308,470
2011
January February March April May June July August September October November December
117,966 116,731 119,200 123,155 129,940 134,148 131,590 135,023 137,731 139,070 139,006 143,330
59,384 59,757 60,291 61,741 63,602 64,759 74,742 72,812 69,574 70,477 68,928 75,626
138,938 153,079 158,946 163,135 166,557 170,257 175,020 180,092 187,688 189,021 194,068 186,047
316,288 329,566 338,438 348,031 360,099 369,165 381,352 387,926 394,992 398,568 402,002 405,003
(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. 22
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 2: Deposits in Foreign Currency
Monthly average of daily balances (in millions of dollars) Period
Current Accounts
Demand Deposits
Saving Accounts
Time Deposits
Deposits on behalf of Central Bank
Total
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
December December December December December December December December December December December December December December December December December December December December December December December
… … … … … … 292 351 441 472 646 684 829 781 2,442 26 52 25 10 4 4 11 8
12 16 42 597 782 839 392 482 493 1,092 1,528 2,119 1,695 1,162 2,385 327 218 249 266 312 … … …
… … … … 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 1,459 1,937 2,400 3,578 5,034
… … 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 2,090 3,055 4,179 5,097 6,013
994 1,487 538 177 145 … … … … … … … … … … … … … … … … …
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 1,768 3,768 3,825 5,308 6,583 8,687 11,056
2010
January February March April May June July August September October November December
8 9 9 10 12 13 13 13 13 14 15 17
… … … … … … … … … … … …
4,957 4,749 5,096 8,665 9,391 8,784 8,416 7,307 7,551 8,319 8,773 8,661
6,056 5,908 5,882 5,901 5,984 6,089 6,109 6,166 6,213 6,257 6,219 6,316
… … … … … … … … … … … …
11,022 10,666 10,987 14,576 15,386 14,886 14,538 13,486 13,777 14,590 15,006 14,994
2011
January February March April May June July August September October November December
17 8 5 6 7 8 7 8 7 7 6 6
… … … … … … … … … … … …
8,584 8,199 7,950 8,142 8,344 7,998 7,786 7,810 7,371 7,376 6,062 5,624
6,509 6,480 6,476 6,496 6,609 6,731 6,893 7,054 7,274 7,396 7,043 6,492
… … … … … … … … … … … …
15,110 14,687 14,432 14,645 14,960 14,736 14,686 14,872 14,651 14,778 13,111 12,122
Source: ABA based on "Statistical Bulletin", "Daily Information on Deposits, Credit and Cash in Foreign Currency" and "Main Liabilities of Financial System", Central Bank.
23
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 3: Monetary Aggregates
(in millions of Pesos of December of 2011) Period
M1
M2
M3
M1 + Foreign Currency Demand Deposits
M3 + Total Deposits in Foreign Currency
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
December December December December December December December December December December December December December December December
64,927 80,435 93,570 99,774 98,151 90,877 66,345 69,273 106,842 127,964 146,300 162,231 178,283 202,024 204,576
82,541 102,450 121,887 131,541 130,434 121,151 84,237 89,277 137,852 170,996 192,819 211,949 234,144 255,826 261,443
110,129 134,926 166,804 184,101 179,905 167,091 107,589 162,614 219,138 254,174 279,594 319,017 351,394 369,214 374,316
65,860 81,999 95,744 102,578 100,675 92,820 71,173 70,505 107,642 128,778 147,131 163,197 178,297 202,063 204,607
105,240 130,816 159,057 174,083 177,579 172,850 131,952 92,289 143,086 182,194 204,347 228,192 254,821 285,582 303,522
2010
January February March April May June July August September October November December
207,405 204,318 199,868 201,442 207,053 211,873 219,254 220,915 223,140 229,099 231,181 243,544
264,481 260,794 255,465 256,189 261,185 267,593 279,486 278,359 281,132 288,603 290,486 308,015
376,980 375,031 377,406 381,139 394,696 404,697 419,102 426,233 434,603 444,432 449,209 461,727
207,436 204,353 199,903 201,480 207,099 211,926 219,305 220,967 223,190 229,155 231,241 243,612
306,413 301,881 297,901 312,677 321,214 326,041 336,691 331,457 335,564 346,333 350,030 367,650
2011
January February March April May June July August September October November December
253,746 250,017 251,344 254,641 261,692 268,128 270,904 274,240 274,918 275,069 276,769 287,646
319,120 315,256 316,577 320,834 329,282 336,315 348,900 349,526 346,192 346,716 346,304 363,272
472,072 482,379 488,553 495,731 506,285 515,585 531,539 535,735 538,466 538,873 542,080 549,319
253,814 250,051 251,364 254,667 261,722 268,159 270,935 274,272 274,946 275,098 276,796 287,672
379,279 374,330 374,831 380,382 390,378 396,666 409,519 411,520 407,799 409,095 402,157 415,249
Note: Monetary aggregates include public sector´s deposits. Source:
24
ANNUAL REPORT 2011 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 2011
M1
M2
M3
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 10.4 12.8 13.5 13.4 13.4 12.9 12.7 16.2 22.2
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 13.4 17.1 18.0 17.7 17.5 16.7 16.3 20.6 28.1
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 23.8 25.9 27.0 26.5 26.8 25.6 24.0 30.9 43.1
M1 + Foreign Currency Demand Deposits 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 10.7 13.0 13.6 13.5 13.4 12.9 12.7 16.2 22.2
M3 + Total Deposits in Foreign Currency 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 14.4 19.1 20.1 20.0 19.7 19.0 19.8 25.2 33.3
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.
25
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 5: Monetary Aggregates in Real Terms (1)
Monthly average of daily balances (in millions of Pesos of December of 2011) 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 2009
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
18,823 21,858 18,169 16,030 15,308 13,933 21,574 28,628 37,523 40,733 38,587 41,439 48,200 50,811 49,499 45,215 33,301 33,745 54,171 63,106 73,777 83,975 93,949 96,827 102,212
24,255 21,740 14,170 11,222 15,696 8,201 14,300 20,780 25,607 27,415 26,339 38,996 45,370 48,963 48,653 45,662 33,044 51,023 52,672 64,858 72,523 78,257 84,334 105,197 102,364
43,078 43,599 32,338 27,253 31,005 22,134 35,874 49,408 63,130 68,147 64,927 80,435 93,570 99,774 98,151 90,877 66,345 84,768 106,842 127,964 146,300 162,231 178,283 202,024 204,576
14,612 14,850 12,825 9,512 4,625 11,580 9,050 11,673 19,175 20,550 17,614 22,015 28,317 31,767 32,283 30,274 17,892 20,020 31,009 43,032 46,519 49,718 55,862 53,802 56,867
57,690 58,449 45,163 36,765 35,629 33,714 44,923 61,081 82,305 88,698 82,541 102,450 121,887 131,541 130,434 121,151 84,237 104,788 137,852 170,996 192,819 211,949 234,144 255,826 261,443
45,680 66,050 58,179 74,563 36,268 10,617 13,507 25,388 36,685 37,719 27,588 32,476 44,916 52,560 49,470 45,940 23,353 73,201 81,286 83,178 86,775 107,068 117,249 113,388 112,873
103,370 124,499 103,342 111,328 71,897 44,330 58,430 86,468 118,991 126,417 110,129 134,926 166,804 184,101 179,905 167,091 107,589 177,989 219,138 254,174 279,594 319,017 351,394 369,214 374,316
2010
January February March April May June July August September October November December
105,061 102,118 99,997 98,283 99,311 101,568 106,897 107,415 108,260 109,817 111,541 119,045
102,344 102,200 99,871 103,158 107,742 110,305 112,357 113,500 114,879 119,282 119,641 124,499
207,405 204,318 199,868 201,442 207,053 211,873 219,254 220,915 223,140 229,099 231,181 243,544
57,076 56,476 55,596 54,747 54,131 55,720 60,232 57,443 57,992 59,504 59,305 64,470
264,481 260,794 255,465 256,189 261,185 267,593 279,486 278,359 281,132 288,603 290,486 308,015
112,499 114,237 121,941 124,951 133,511 137,104 139,615 147,875 153,471 155,829 158,723 153,713
376,980 375,031 377,406 381,139 394,696 404,697 419,102 426,233 434,603 444,432 449,209 461,727
2011
January February March April May June July August September October November December
123,882 122,577 122,372 122,606 123,602 126,878 133,586 134,631 133,821 133,692 136,540 144,316
129,864 127,440 128,972 132,035 138,090 141,249 137,318 139,610 141,097 141,377 140,229 143,330
253,746 250,017 251,344 254,641 261,692 268,128 270,904 274,240 274,918 275,069 276,769 287,646
65,374 65,239 65,234 66,193 67,590 68,187 77,995 75,285 71,274 71,647 69,535 75,626
319,120 315,256 316,577 320,834 329,282 336,315 348,900 349,526 346,192 346,716 346,304 363,272
152,952 167,123 171,976 174,898 177,003 179,269 182,639 186,209 192,275 192,157 195,776 186,047
472,072 482,379 488,553 495,731 506,285 515,585 531,539 535,735 538,466 538,873 542,080 549,319
(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. 26
ANNUAL REPORT 2011 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 2009
December 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 92,793
3,872 716 27 47 31 91 88 6,703 10,953 20,396 22,988 15,972 28,660 34,297 43,413 55,105
16,218 12,741 13,158 15,221 15,551 15,139 14,293 16,876 28,719 49,112 58,826 61,980 84,818 104,874 123,660 147,898
... 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 6,925
16,218 15,010 18,137 21,536 24,898 24,802 23,541 12,123 28,486 49,066 64,317 67,403 86,484 107,114 131,546 154,823
... 456 1,049 478 1,620 1,827 1,016 171 79 559 486 1,227 2,041 3,232 1,118 6,300
2010
January February March April May June July August September October November December
95,667 93,943 93,297 92,744 94,856 97,868 103,404 104,858 106,245 110,620 112,839 119,694
55,655 53,292 55,078 68,828 73,237 71,852 72,139 68,438 69,380 73,843 75,965 77,086
151,322 147,234 148,375 161,572 168,093 169,721 175,542 173,296 175,625 184,463 188,804 196,780
11,430 17,024 13,535 14,766 16,088 15,802 15,021 13,267 13,087 12,220 12,407 9,376
162,752 164,258 161,910 176,339 184,182 185,522 190,563 186,563 188,712 196,683 201,211 206,156
1,574 1,059 25,706 12,543 12,129 12,390 9,752 10,871 7,517 5,724 9,750 6,871
2011
January February March April May June July August September October November December
126,740 127,658 128,825 129,874 131,576 137,194 145,175 147,649 148,677 149,277 152,703 165,181
76,432 74,758 72,291 74,017 77,431 74,442 75,153 77,665 75,596 75,511 70,426 70,868
203,173 202,417 201,116 203,891 209,008 211,636 220,328 225,314 224,273 224,788 223,129 236,049
11,787 11,113 12,947 13,385 13,645 10,311 6,911 12,034 10,590 9,834 9,797 12,071
214,960 213,530 214,063 217,276 222,653 221,947 227,239 237,349 234,863 234,622 232,926 248,120
28,466 39,198 36,427 35,301 33,324 33,165 28,735 16,457 15,540 13,652 11,482 7,986
(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.
27
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 7: Central Bank´s Reserves (1)
Monthly average of daily balances Period
Liquid Reserves (2)
Government Securities (3)
Total
In Millions of US Dollars
Monetary Liabilities (4) In Millions of Pesos
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
December 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 47,717
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 47,717
14,059 14,190 15,551 15,139 14,293 16,876 28,719 49,112 58,826 61,980 84,818 104,874 123,660 147,898
2010
January February March April May June July August September October November December
48,116 47,959 47,682 47,552 48,471 49,229 50,449 50,210 50,920 51,607 52,236 52,132
... ... ... ... ... ... ... ... ... ... ... ...
48,116 47,959 47,682 47,552 48,471 49,229 50,449 50,210 50,920 51,607 52,236 52,132
151,322 147,234 148,375 161,572 168,093 169,721 175,542 173,296 175,625 184,463 188,804 196,780
2011
January February March April May June July August September October November December
52,365 52,427 52,287 51,637 51,987 52,094 51,852 50,388 49,421 48,038 46,465 45,983
... ... ... ... ... ... ... ... ... ... ... ...
52,365 52,427 52,287 51,637 51,987 52,094 51,852 50,388 49,421 48,038 46,465 45,983
203,173 202,417 201,116 203,891 209,008 211,636 220,328 225,314 224,273 224,788 223,129 236,049
(1) Market values. (2) Bills, deposits in current accounts, demand and time deposits, gold and ALADI. (3) It includes bonds used as collateral for repos transactions. (4) Currency + Financial institutions deposits in Central Bank. Source: ABA based on "Reserves and Monetary Base" and "Foreign Currency Assets and Monetary Liabilities", Central Bank.
28
ANNUAL REPORT 2011 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
63,330.6
2001
December
51,462.6
2002
December
36,041.7
2003
December
30,927.3
2004
December
38,941.6
2005
December
52,829.7
2006
December
74,884.7
2007
December
105,466.1
2008
December
129,721.5
2009
December
140,319.5
2010
January
142,022.6
2011
February
142,542.1
March
144,738.8
April
149,523.1
May
154,422.3
June
157,903.0
July
161,735.1
August
165,943.7
September
170,675.5
October
177,951.2
November
184,057.2
December
192,393.1
January
198,599.7
February
203,351.0
March
208,017.8
April
214,117.4
May
221,767.1
June
229,944.2
July
241,734.6
August
249,644.8
September
261,248.2
October
271,119.4
November
279,073.8
December
284,970.8
Source: ABA based on "Main Assets of Financial System", B.C.R.A.
29
ANNUAL REPORT 2011 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
December
2010
January February March April May June July August September October November December
2011
January February March April May June July August September October November December
Overdrafts
Promissory Notes
Mortgage Loans
Pledge Loans
Consumer Credit Cards Others Loans Financing
Total
-26.7 -23.0 -6.9 41.8 32.8 34.1 21.1 10.9 16.2
-29.1 -33.4 -10.2 41.1 61.0 47.8 39.6 15.3 2.5
-4.7 -28.6 -18.6 -6.1 0.2 14.6 42.4 29.6 -0.5
-25.0 -38.9 -41.5 26.3 39.6 61.1 58.6 31.9 -7.2
-10.9 -45.1 -13.1 79.3 70.9 82.0 61.8 31.5 8.6
-9.2 -42.8 9.4 38.7 64.0 42.1 48.8 35.9 20.9
-26.1 -5.8 -15.5 18.0 4.1 18.4 16.1 15.8 27.6
-18.7 -30.0 -14.2 25.9 35.7 41.7 40.8 23.0 8.2
10.4 6.2 4.9 9.0 13.3 13.5 12.2 13.1 8.5 17.6 19.0 18.2
6.4 6.1 4.1 9.2 12.2 12.8 20.3 30.0 40.6 46.9 52.8 57.7
-1.4 -1.2 -0.5 0.3 1.1 2.0 2.4 3.3 6.4 7.8 9.7 11.6
-5.3 -3.3 0.0 2.7 6.1 8.4 12.1 14.8 17.0 23.1 26.8 31.6
10.3 11.9 13.2 14.9 16.9 18.4 20.7 22.4 24.5 26.7 28.8 31.0
23.3 25.1 28.8 32.0 34.1 39.5 41.8 43.8 44.2 44.3 44.6 48.7
33.7 33.4 32.4 35.3 36.0 34.5 28.3 27.9 29.9 35.8 41.5 45.5
9.6 9.6 9.8 13.0 15.5 16.8 19.3 23.0 26.4 30.9 34.0 37.1
21.9 30.0 29.3 24.7 23.6 27.8 32.7 31.4 40.2 38.1 40.7 40.3
63.2 67.2 68.0 67.0 67.0 68.5 67.3 64.3 62.2 60.2 55.6 46.4
14.3 15.0 15.2 15.2 16.6 18.4 21.2 24.5 26.8 29.1 31.3 33.2
36.9 43.3 47.9 52.0 55.9 61.8 65.2 70.3 73.9 75.2 77.6 74.4
33.3 35.2 36.5 38.5 40.2 43.0 44.9 46.8 48.8 49.6 49.9 47.7
47.0 49.0 51.6 46.9 45.5 45.2 46.6 46.4 50.8 48.2 50.5 51.6
39.9 35.1 34.7 37.2 38.2 38.6 66.5 75.9 81.0 79.9 72.1 65.5
39.8 42.7 43.7 43.2 43.6 45.6 49.5 50.4 53.1 52.4 51.6 48.1
Source: ABA based on "Main Assets of Financial System", B.C.R.A.
30
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 10: Bank Credit
(in millions of Pesos) End of:
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
2011
December December December December December December December December December December December December December December December December December December December December January February March April May June July August September October November December January February March April May June July August September October November December
To Public Sector In In Domestic Foreign Currency Currency 5,325 6,596 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 79,651 101,102 108,225 114,477 115,984 126,278 134,280 135,298 138,898 145,882 147,323 154,589 154,680 143,744 164,109 166,780 178,750 177,285 178,979 183,963 182,057 183,308 177,362 175,213 174,784 150,002
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 12,910 9,746 10,452 10,253 10,155 9,782 10,032 10,087 9,212 9,539 9,286 9,321 10,319 7,193 7,255 7,029 6,722 6,728 8,336 7,058 6,946 7,086 7,701 7,666 9,821
Total 6,972 10,332 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 87,712 114,013 117,971 124,929 126,236 136,433 144,062 145,330 148,985 155,094 156,862 163,876 164,001 154,063 171,302 174,035 185,780 184,007 185,707 192,299 189,115 190,253 184,448 182,915 182,450 159,823
To Private Sector In In Total Domestic Foreign Currency Currency 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 72,778 100,117 120,098 133,118 132,078 133,614 136,295 140,528 145,092 148,559 150,942 154,681 160,558 165,902 171,424 179,455 182,855 186,371 189,466 195,663 203,701 212,278 220,972 228,806 239,919 248,709 254,157 262,484
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 21,827 21,881 22,294 23,507 24,739 24,940 24,261 25,478 26,686 27,597 28,584 29,762 31,420 33,355 34,486 35,692 36,882 37,470 38,784 40,370 42,070 42,510 43,601 43,893 42,782
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 85,266 117,491 141,567 154,945 153,959 155,907 159,801 165,267 170,032 172,820 176,420 181,367 188,155 194,486 201,186 210,874 216,210 220,857 225,158 232,545 241,172 251,062 261,342 270,876 282,428 292,309 298,050 305,266
Source: ABA based on "Statistical Bulletin", Central Bank.
31
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 11: Nominal Bank Credit by Currency
(in millions of Pesos) End of:
In Domestic Currency
In Foreign Currency
Loans
Resources Earned on Loans
Total
Loans
Resources Earned on Loans
Total
Total
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
December December December December December December December December December December December December December December December December December December December December
5,856 12,228 18,729 23,693 25,824 24,402 26,916 29,479 31,540 31,541 28,848 18,560 84,510 90,727 107,961 129,174 141,234 170,585 191,236 229,049
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 5,172
12,563 19,776 24,131 28,307 29,664 27,246 28,269 30,843 32,217 32,141 29,404 19,018 98,919 102,773 120,165 140,413 150,647 178,438 199,749 234,221
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 34,451
394 761 835 791 977 1,161 1,030 1,079 1,106 1,135 1,212 1,344 207 105 95 91 147 246 340 287
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 34,737
17,725 33,085 45,609 56,436 63,844 67,554 73,874 85,406 95,865 98,850 96,688 86,093 143,206 136,681 151,353 163,231 174,386 200,991 229,279 268,958
2010
January February March April May June July August September October November December
234,991 242,789 246,921 261,383 273,822 278,427 284,230 294,675 301,968 314,126 319,598 316,565
5,312 5,302 5,358 5,423 5,550 5,430 5,610 5,888 5,913 6,365 6,506 6,633
240,303 248,091 252,279 266,806 279,372 283,857 289,840 300,563 307,881 320,492 326,104 323,198
31,335 32,458 33,458 34,604 34,441 34,044 35,327 35,664 36,888 37,619 38,829 41,476
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 41,739
271,930 280,837 286,038 301,700 314,094 318,151 325,405 336,461 345,017 358,362 365,187 364,937
2011
January February March April May June July August September October November December
340,068 346,153 361,654 366,213 375,876 389,573 395,983 405,024 410,031 416,265 421,363 404,712
6,897 6,997 6,562 6,734 6,804 6,668 7,046 7,090 7,250 7,657 7,578 7,774
346,965 353,151 368,216 372,947 382,680 396,241 403,029 412,113 417,280 423,922 428,941 412,486
40,277 41,467 42,427 43,305 43,909 46,854 47,153 48,731 49,301 50,992 51,223 52,261
271 275 294 299 289 267 275 285 295 310 337 342
40,547 41,742 42,721 43,604 44,198 47,120 47,428 49,016 49,596 51,302 51,560 52,603
387,512 394,892 410,937 416,552 426,879 443,362 450,457 461,129 466,876 475,224 480,501 465,089
Source: ABA based on "Statistical Bulletin", Central Bank..
32
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 12: Bank Credit in Real Terms (1)
(in millions of Pesos of December of 2011) End of:
In Domestic Currency Loans
Resources Earned on Loans
In Foreign Currency Total
Loans
Resources Earned on Loans
Total Total
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
December December December December December December December December December December December December December December December December December December December December
45,171 55,886 79,275 97,633 101,232 91,679 99,827 109,822 122,095 121,983 110,215 73,807 185,021 193,312 214,918 230,770 232,758 251,757 261,179 286,939
51,733 34,500 22,867 19,014 15,053 10,685 5,018 5,082 2,622 2,318 2,124 1,824 31,547 25,665 24,295 20,080 15,512 11,591 11,626 6,479
96,904 90,386 102,141 116,647 116,285 102,363 104,845 114,905 124,717 124,301 112,339 75,631 216,568 218,977 239,213 250,849 248,270 263,348 272,806 293,418
36,782 57,350 87,376 112,653 130,154 147,077 165,318 199,257 242,108 253,605 252,438 261,394 96,507 72,025 61,898 40,601 38,880 32,921 39,867 43,158
3,040 3,478 3,536 3,258 3,829 4,363 3,822 4,019 4,280 4,390 4,629 5,346 452 223 189 162 243 362 464 359
39,821 60,828 90,912 115,911 133,983 151,440 169,140 203,276 246,388 257,995 257,067 266,739 96,959 72,248 62,087 40,764 39,123 33,284 40,331 43,517
136,726 151,214 193,053 232,558 250,269 253,803 273,985 318,181 371,105 382,296 369,405 342,371 313,527 291,225 301,300 291,613 287,393 296,631 313,136 336,936
2010
January February March April May June July August September October November December
290,898 296,410 297,489 311,803 323,463 325,715 329,581 338,745 344,271 355,026 358,210 351,675
6,576 6,473 6,455 6,469 6,556 6,352 6,505 6,768 6,742 7,194 7,292 7,369
297,474 302,883 303,944 318,272 330,019 332,068 336,086 345,513 351,012 362,221 365,502 359,044
38,789 39,626 40,310 41,279 40,685 39,826 40,963 40,997 42,056 42,517 43,519 46,077
361 352 363 346 332 292 276 269 282 284 285 291
39,151 39,978 40,673 41,625 41,017 40,118 41,239 41,267 42,338 42,801 43,804 46,368
336,625 342,861 344,617 359,896 371,036 372,185 377,325 386,780 393,351 405,022 409,306 405,412
2011
January February March April May June July August September October November December
374,367 377,911 391,301 392,618 399,450 410,195 413,221 418,782 420,051 423,171 425,072 404,712
7,593 7,639 7,100 7,220 7,231 7,021 7,353 7,330 7,427 7,784 7,644 7,774
381,960 385,550 398,401 399,838 406,681 417,216 420,574 426,113 427,478 430,956 432,716 412,486
44,339 45,271 45,905 46,427 46,663 49,334 49,206 50,387 50,506 51,838 51,674 52,261
298 300 318 321 307 281 287 295 302 316 340 342
44,637 45,571 46,223 46,748 46,970 49,615 49,492 50,681 50,808 52,153 52,014 52,603
426,597 431,122 444,624 446,586 453,651 466,831 470,067 476,794 478,286 483,109 484,730 465,089
(1) Deflated by the combined price index. Source: ABA based on "Statistical Bulletin", Central Bank. e INDEC.
33
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 13: Interest Rates
(Annual nominal, as a percentage) Period
On Deposits In Domestic Currency
Savings Accounts
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Time Deposits (1)
BADLAR Private Banks
On Loans In Foreign Currency
Overdrafts to Companies up to $10 Millions (1 to 7 days)
Savings Accounts
In Domestic Currency
In Domestic Currency
30 days
30 days
Time Deposits (1)
Interbank Rate
Domestic Prime Rate
In Foreign Currency 30 days
90 days
14.5 9.4 8.0 9.2 9.3 10.0 18.9
2010
2011
(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. 34
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 14: Lending Rates in Pesos
(Annual nominal, as a percentage)
In Domestic Currency Period
Overdrafts
Promissory Notes
Mortgage Loans
Pledge Loans
Consumer Loans and Credit Cards
Consumer Loans
Credit Cards Financing
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Average Average Average Average Average Average Average Average Average Average Average Average Average Average Average
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 23.1
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 19.8
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 15.8
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 22.2
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 31.0
... ... ... ... ... ... ... 40.7 45.9 29.7 25.9 24.7 25.7 30.8 34.3
... ... ... ... ... ... ... 51.4 54.8 30.7 27.7 27.2 26.1 27.4 30.2
2010
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 26.3
16.0 15.8 15.3 15.4 14.7 15.0 15.2 15.1 15.6 14.9 14.7 22.1
14.2 14.5 14.7 13.7 13.9 13.9 14.2 14.6 15.2 14.7 14.9 16.5
17.6 17.9 17.4 17.8 17.5 17.3 17.1 17.2 17.0 17.3 17.1 24.9
31.1 30.3 30.0 29.5 29.6 29.7 31.9 31.7 31.1 31.1 31.6 33.9
32.8 31.9 31.5 30.7 30.4 29.8 29.4 28.9 29.3 29.6 30.9 36.4
30.5 29.7 29.3 29.0 29.3 29.6 32.9 33.0 32.3 32.0 32.1 33.1
Average
19.9
15.8
14.6
18.0
31.0
31.0
31.1
January February March April May June July August September October November December
18.8 18.5 19.2 18.9 18.8 18.3 18.5 18.9 19.1 21.4 25.2 26.3
15.3 15.3 15.2 14.7 15.5 15.0 15.4 15.6 15.6 18.2 20.5 22.1
14.0 14.2 14.0 14.9 14.4 14.9 14.9 14.8 15.1 15.1 15.8 16.5
16.8 17.1 17.3 17.3 17.8 18.0 18.0 18.9 19.4 20.4 22.9 24.9
30.4 29.6 30.3 30.1 30.1 29.7 31.2 31.2 31.0 31.6 32.7 33.9
29.2 29.2 29.4 29.3 29.3 29.1 29.5 29.8 30.3 31.4 33.9 36.4
30.8 29.9 30.8 30.5 30.5 30.0 32.1 32.3 31.4 31.7 32.0 33.1
Average
20.2
16.5
14.9
19.1
31.0
30.6
31.3
2011
Corresponds to weighted averages of loans granted within the month of the report. Source: ABA based on "Statistical Bulletin", Central Bank.
35
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 15: Lending Rates in Foreign Currency
(Annual nominal, as a percentage)
In Foreign Currency Period
Promissory Notes
Mortgage Loans
Pledge Loans
Consumer Loans and Credit Cards
Consumer Loans
Credit Cards Financing
23.8 23.5 23.3 23.4 24.8 25.6 28.2 ... ... ... ... ... ... ...
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 23.1
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 19.8
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 15.8
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 22.2
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 31.0
... ... ... ... ... ... ... 40.7 45.9 29.7 25.9 24.7 25.7 30.8 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 26.3
16.0 15.8 15.3 15.4 14.7 15.0 15.2 15.1 15.6 14.9 14.7 22.1
14.2 14.5 14.7 13.7 13.9 13.9 14.2 14.6 15.2 14.7 14.9 16.5
17.6 17.9 17.4 17.8 17.5 17.3 17.1 17.2 17.0 17.3 17.1 24.9
31.1 30.3 30.0 29.5 29.6 29.7 31.9 31.7 31.1 31.1 31.6 33.9
32.8 31.9 31.5 30.7 30.4 29.8 29.4 28.9 29.3 29.6 30.9 36.4
Average
...
19.9
15.8
14.6
18.0
31.0
31.0
January February March April May June July August September October November December
... ... ... ... ... ... ... ... ... ... ... ...
18.8 18.5 19.2 18.9 18.8 18.3 18.5 18.9 19.1 21.4 25.2 26.3
15.3 15.3 15.2 14.7 15.5 15.0 15.4 15.6 15.6 18.2 20.5 22.1
14.0 14.2 14.0 14.9 14.4 14.9 14.9 14.8 15.1 15.1 15.8 16.5
16.8 17.1 17.3 17.3 17.8 18.0 18.0 18.9 19.4 20.4 22.9 24.9
30.4 29.6 30.3 30.1 30.1 29.7 31.2 31.2 31.0 31.6 32.7 33.9
29.2 29.2 29.4 29.3 29.3 29.1 29.5 29.8 30.3 31.4 33.9 36.4
Average
...
20.2
16.5
14.9
19.1
31.0
30.6
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Average Average Average Average Average Average Average Average Average Average Average Average Average Average Average
2010
2011
Overdrafts
Corresponds to weighted averages of loans granted within the month of the report. Source: ABA based on "Statistical Bulletin", Central Bank.
36
ANNUAL REPORT 2011 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 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 2011
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 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 52 52
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 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 80 80
Source: ABA based on Central Bank's data.
37
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 17: Employees Period
Public Banks
Private Banks
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 2011( 1 )
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 37,660 37,968
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 58,988 61,274
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 96,648 99,242
(1) Corresponds to September. Source: ABA based on Central Bank's data.
38
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 18: Number of Accounts Period
Time Deposits
Savings Accounts
Current Accounts
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
December December December December December December December December December December December December December December December December December
914,703 821,084 786,613 1,064,878 1,176,916 1,318,297 1,304,517 1,521,687 1,643,408 1,848,985 1,928,096 2,080,318 1,593,350 1,256,816 937,550 902,696 915,960
4,590,900 5,550,187 4,530,047 4,191,733 4,861,662 5,931,610 6,059,221 6,712,506 8,742,034 12,084,360 13,196,919 13,790,783 17,764,496 11,329,351 12,571,963 14,093,178 16,612,092
1,567,078 1,507,362 1,536,493 1,755,346 1,744,156 1,861,979 1,703,932 1,881,238 2,286,945 2,908,606 3,221,887 3,204,233 3,260,707 2,638,476 2,032,786 2,286,472 2,600,613
2006
March June September December
970,244 1,034,620 1,114,441 1,331,322
16,613,368 17,067,082 17,525,072 18,143,891
2,569,251 2,638,351 2,658,044 2,725,302
2007
March June September December
1,423,693 1,473,840 1,457,850 1,401,380
18,571,899 18,979,879 19,415,880 20,040,778
2,849,496 2,835,035 2,944,744 3,055,815
2008
March June September December
1,442,142 1,364,026 1,418,959 1,355,674
20,326,072 20,394,806 20,797,243 18,729,168
3,138,950 3,236,852 3,348,293 3,354,292
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 21,239,897
3,353,989 3,414,936 3,460,996 3,197,251
2010
March June September December
1,385,185 1,414,353 1,484,154 1,480,857
21,039,240 21,205,567 22,009,238 22,761,084
3,232,356 3,322,853 3,196,732 3,262,965
2011
March June September
1,528,345 1,569,750 1,598,052
22,939,343 23,536,492 23,992,028
3,315,151 3,418,234 3,473,972
Source: ABA based on "Financial System Indicators", "Statistical Bulletin" and Information on Financial Institutions, Central Bank.
39
ANNUAL REPORT 2011 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 December November
1987 1988 1989 1990 1991 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Public Banks
Private Banks
2,005 2,026 2,039 1,970 1,905 1,776 1,710 1,621 1,455 1,461 1,391 1,358 1,377 1,391 1,733 1,737 1,608 1,561 1,412 1,428 1,421 1,436 1,443 1,462
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 2,528 2,609
Non-Banking Financial Institutions 227 160 107 87 75 60 59 51 45 45 42 56 63 73 58 59 53 100 99 110 108 108 79 80
Total Financial System 4,785 4,783 4,768 4,528 4,325 4,317 4,304 4,069 4,063 4,165 4,379 4,381 4,302 4,273 3,946 3,876 3,822 3,879 3,923 3,989 4,009 4,035 4,050 4,151
(1) Including head offices. Source: ABA based on Central Bank's data.
40
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 20: Branches, Geographical Distribution (1)
As of November 30, 2011 Provinces
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 Total
Public Banks
Private Banks
Total Banking System
Non-Banking Financial Institutions
Total Financial System
160 1,302 515 14 232 41 43 59 25 5 5 91 12 35 14 60 23 9 7 6 11 70 8 5 12 1,462
612 1,997 736 9 182 23 16 33 96 13 25 14 13 113 50 25 45 44 28 37 28 354 43 12 58 2,609
772 3,299 1,251 23 414 64 59 92 121 18 30 105 25 148 64 85 68 53 35 43 39 424 51 17 70 4,071
17 63 37 1 4 1 1 0 1 0 1 0 1 4 1 1 0 1 2 2 0 3 1 0 1 80
789 3,362 1,288 24 418 65 60 92 122 18 31 105 26 152 65 86 68 54 37 45 39 427 52 17 71 4,151
(1) Including head offices. Source: ABA based on "Information on Financial Institutions", Central Bank.
41
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 21: ATMs, Geographical Distribution
As of November 30, 2011 Provinces
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 Total
Public Banks
Private Banks
Total Banking System
Non-Banking Financial Institutions
Total Financial System
578 3,001 1,378 59 570 101 139 98 32 7 13 70 11 92 18 103 50 23 11 13 18 119 11 40 25 3,579
2,555 8,446 3,204 36 737 78 64 133 337 73 162 34 60 419 213 110 220 290 164 120 118 1,402 147 39 286 11,001
3,133 11,447 4,582 95 1,307 179 203 231 369 80 175 104 71 511 231 213 270 313 175 133 136 1,521 158 79 311 14,580
3 5 0 0 1 0 0 0 0 0 0 0 0 3 0 0 0 0 1 0 0 0 0 0 0 8
3,136 11,452 4,582 95 1,308 179 203 231 369 80 175 104 71 514 231 213 270 313 176 133 136 1,521 158 79 311 14,588
Source: ABA based on "Information on Financial Institutions", Central Bank.
42
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 22: Assets and Liabilities Structure Item
December 2008
December 2009
December 2010
November 2011
In Millions of Pesos
%
In Millions of Pesos
%
In Millions of Pesos
%
In Millions of Pesos
%
Assets
346,762
100.0
387,382
100.0
510,304
100.0
617,661
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
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
88,213 118,160 223,896 199,202 5,018 25,907 -6,232
17.3 23.2 43.9 39.0 1.0 5.1 -1.2
88,281 113,533 318,051 284,818 9,109 31,157 -7,033
14.3 18.4 51.5 46.1 1.5 5.0 -1.1
41,336 6,793 27,709
11.9 2.0 8.0
37,091 6,990 25,158
9.6 1.8 6.5
43,882 7,377 28,777
8.6 1.4 5.6
53,755 8,063 35,977
8.7 1.3 5.8
Liabilities
305,382
88.1
339,047
87.5
452,752
88.7
549,604
89.0
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
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
376,344 258,528 919 116,898
73.7 50.7 0.2 22.9
449,619 313,891 1,001 134,727
72.8 50.8 0.2 21.8
57,662 6,113 4,670 8,578 38,301 11,503
16.6 1.8 1.3 2.5 11.0 3.3
52,114 5,150 3,458 4,478 39,028 15,080
13.5 1.3 0.9 1.2 10.1 3.9
60,029 3,483 4,019 4,832 47,694 16,379
11.8 0.7 0.8 0.9 9.3 3.2
81,087 6,923 6,416 6,508 61,240 18,898
13.1 1.1 1.0 1.1 9.9 3.1
41,380
11.9
48,335
12.5
57,552
11.3
68,057
11.0
Stockholders' Equity
Source: ABA based on "Information on Financial Institutions", Central Bank.
43
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 23: Terms for Assets and Liabilities
As of November 30, 2011 (in millions of Pesos) Assets
Due Portfolio
1 Month
3 6 12 24 Months Months Months Months
More than 24 Months
Total
Public Sector Financial Sector Non-Financial Private Sector and Foreign Residents Liquid Assets
26 47
389 6,216
1,471 1,411
4,843 1,512
432 2,263
5,840 2,372
21,451 1,320
34,451 15,141
3,768 ...
82,543 88,281
39,531 ...
37,695 ...
36,446 ...
39,589 ...
92,808 ...
332,380 88,281
Total
3,841
177,428
42,412
44,050
39,141
47,802
115,579
470,253
3 6 12 24 Months Months Months Months
More than 24 Months
Total
Liabilities
1 Month
Deposits Demand Deposits Others Other Financial Intermediation Obligations Central Bank International Banks and Institutions Unsubordinated Notes Financing Received by Local Financial Institutions Others
245,248 101,877 143,371 28,389 393 122 176
78,508 ... 78,508 2,101 6 187 460
12,977 ... 12,977 2,296 48 121 367
9,897 ... 9,897 4,662 249 35 1,301
1,093 ... 1,093 4,349 339 25 1,687
101,896 101,877 19 5,351 819 57 2,932
449,619 203,753 245,866 47,147 1,853 547 6,923
4,643 23,056
1,354 93
1,582 178
2,824 253
2,156 142
1,108 436
13,668 24,158
1
28
0
3
53
1,909
1,994
273,638
80,638
15,273
14,562
5,495
109,155
498,761
Subordinated Notes Total
Source: ABA based on "Information on Financial Institutions", Central Bank.
44
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 24: Terms for Assets and Liabilities
As of November 30, 2011 (as % of liabilities) Assets
Due Portfolio
1 Month
3 Months
6 Months
12 Months
24 Months
More than 24 Months
Total
Public Sector Financial Sector Non-Financial Private Sector and Foreign Residents Liquid Assets
0.0 0.0
0.1 1.2
0.3 0.3
1.0 0.3
0.1 0.5
1.2 0.5
4.3 0.3
6.9 3.0
0.8 ...
16.5 17.7
7.9 ...
7.6 ...
7.3 ...
7.9 ...
18.6 ...
66.6 17.7
Total
0.8
35.6
8.5
8.8
7.8
9.6
23.2
94.3
Liabilities
1 Month
3 Months
6 Months
12 Months
24 Months
More than 24 Months
Total
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
49.2 20.4 28.7 5.7 0.1 0.0 0.0
15.7 ... 15.7 0.4 0.0 0.0 0.1
2.6 ... 2.6 0.5 0.0 0.0 0.1
2.0 ... 2.0 0.9 0.0 0.0 0.3
0.2 ... 0.2 0.9 0.1 0.0 0.3
20.4 20.4 0.0 1.1 0.2 0.0 0.6
90.1 40.9 49.3 9.5 0.4 0.1 1.4
0.9 4.6 0.0
0.3 0.0 0.0
0.3 0.0 0.0
0.6 0.1 0.0
0.4 0.0 0.0
0.2 0.1 0.4
2.7 4.8 0.4
Total
54.9
16.2
3.1
2.9
1.1
21.9
100.0
0.6
0.5
2.9
2.7
8.7
1.1
0.9
Assets / Liabilities Ratio
Source: ABA based on "Information on Financial Institutions", Central Bank.
45
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 25: Terms for Assets and Liabilities
As of November 30, 2011 (Percentage term structure) Assets
Due 1 3 6 12 24 Portfolio Month Months Months Months Months
More than 24 Months
Total
Public Sector Financial Sector Non-Financial Private Sector and Foreign Residents Liquid Assets
0.1 0.3
1.1 41.1
4.3 9.3
14.1 10.0
1.3 14.9
17.0 15.7
62.3 8.7
100.0 100.0
1.1 ...
24.8 100.0
11.9 ...
11.3 ...
11.0 ...
11.9 ...
27.9 ...
100.0 100.0
Total
0.8
37.7
9.0
9.4
8.3
10.2
24.6
100.0
More than 24 Months
Total
Liabilities
1 3 6 12 24 Month Months Months Months 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
54.5 50.0 58.3 60.2 21.2 22.3 2.5
17.5 ... 31.9 4.5 0.3 34.3 6.6
2.9 ... 5.3 4.9 2.6 22.1 5.3
2.2 ... 4.0 9.9 13.4 6.4 18.8
0.2 ... 0.4 9.2 18.3 4.5 24.4
22.7 50.0 0.0 11.3 44.2 10.4 42.4
100.0 100.0 100.0 100.0 100.0 100.0 100.0
34.0 95.4 0.0
9.9 0.4 1.4
11.6 0.7 0.0
20.7 1.0 0.2
15.8 0.6 2.7
8.1 1.8 95.7
100.0 100.0 100.0
Total
54.9
16.2
3.1
2.9
1.1
21.9
100.0
Source: ABA based on "Information on Financial Institutions", Central Bank.
46
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 26: Loans and Deposits (in millions of Pesos) Period
Loans Public Banks
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
December December December December December December December December December December December December December December December December December December December December December November
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 78,418 115,243
Private Banks
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 98,069 139,276 193,094
Deposits
NonBanking Financial Institutions 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 6,150 9,715
Total Financial System 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 99,940 127,931 149,975 164,044 223,844 318,051
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 99,818 116,292 176,465 205,251
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 94,095 116,719 135,711 154,387 198,662 242,903
NonBanking Financial Institutions 60 223 451 490 588 324 371 336 390 352 393 226 196 216 211 289 496 767 688 1,173 1,217 1,465
Total Financial System 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 94,635 116,655 136,492 170,898 205,550 236,217 271,853 376,344 449,619
Source: ABA based on "Statements of Financial Institutions", "Financial Statements of Financial Institutions" and Information on Financial Institutions, Central Bank.
47
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 27: Loans 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 2011
December December December December December December December December December December December December December December December December December December December December December November
Loans
Deposits
Public Banks
Private Banks
NonBanking Financial Institutions
Total Financial System
Public Banks
Private Banks
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 35.0 36.2
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 62.2 60.7
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 3.1
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
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 46.9 45.7
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 52.8 54.0
NonBanking Financial Institutions
Total Financial System
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 0.3
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Source: ABA based on "Statements of Financial Institutions", "Financial Statements of Financial Institutions" and Information on Financial Institutions, Central Bank.
48
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 28: Information by Group of Institutions
November 2011 (in millions of Pesos) Group
Public Federal Banks Public Provincial and Municipal
Assets
Stockholders' Equity
Loans To Private Sector (1)
Deposits of Private Sector
160,627
15,866
43,063
45,866
92,393
7,965
43,482
55,058
Public Banks
253,019
23,831
86,545
100,924
International Banks
181,654
21,053
97,591
116,458
Local Private
150,682
18,922
80,204
79,409
Cooperatives
20,614
1,514
10,757
15,636
Private Banks
352,949
41,489
188,552
211,503
Banks Total
605,969
65,319
275,097
312,427
11,692
2,737
9,722
1,465
617,661
68,057
284,818
313,891
Non-Banking Financial Institutions Total Financial System
(1) Net of provisions. Source: ABA based on "Information on Financial Institutions", Central Bank.
49
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 29: Information by Group of Institutions
November 2011 (as a percentages) Group
Assets
Stockholders' Equity
Loans To Private Sector (1)
Deposits of Private Sector
Public Federal Banks
26.0
23.3
15.1
14.6
Public Provincial and Municipal
15.0
11.7
15.3
17.5
Public Banks
41.0
35.0
30.4
32.2
International Banks
29.4
30.9
34.3
37.1
Local Private
24.4
27.8
28.2
25.3
Cooperatives
3.3
2.2
3.8
5.0
Private Banks
57.1
61.0
66.2
67.4
Banks Total
98.1
96.0
96.6
99.5
1.9
4.0
3.4
0.5
100.0
100.0
100.0
100.0
Non-Banking Financial Institutions Total Financial System
(1) Net of provisions. Source: ABA based on "Information on Financial Institutions", Central Bank.
50
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 30: Income Statement – Financial System
(as a percentage of net assets)
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)
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
5.7 4.0
5.7 3.8
1.1 -0.5 1.3 -0.5 1.1 -0.3 1.9 -1.1 -4.2 -0.3 -0.2
3.1 0.9 1.0 0.4 1.0 -0.2 2.0 -0.8 -4.1 -0.3 -0.1
4.6 1.5 1.5 0.4 1.2 0.1 2.3 -0.6 -4.6 -0.4 -0.3
5.8 1.8 1.3 0.4 2.2 0.1 2.7 -0.5 -5.1 -0.5 -0.3
5.7 2.2 1.0 0.5 1.9 0.1 3.1 -0.7 -5.5 -0.6 -0.4
6.7 3.1 0.9 0.8 1.4 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
8.5 4.3 0.6 0.5 3.2 -0.1 3.8 -0.8 -6.9 -1.0 -1.2
8.0 4.6 0.3 0.6 2.6 3.9 -0.7 -6.7 -1.1 -1.2
-0.4 -0.6 0.9
-0.2 -0.9 0.8
-0.2 -0.9 0.8
-0.3 -1.1 1.2
-0.3 -0.7 0.9
-0.6 -0.3 0.5
-0.1 -0.2 0.3
-0.1 -0.2 0.5
-0.1 -0.1 0.5
...
...
...
...
...
...
...
...
...
-22.7
-4.2
7.0
14.3
11.0
13.4
19.2
24.4
25.3
(1)
0.1 1.2 0.4 2.8 -2.4 -5.8 -0.4 -0.3
0.2 1.2 0.5 3.0 -2.6 -6.1 -0.5 -0.2
6.5 -1.7 3.9 2.8 1.7 -0.1 1.9 -4.7 -4.4 -0.3 -0.2
... ...
... ...
... ...
...
...
0.4
0.6
...
...
...
...
...
-0.2
-1.8 -5.8
-59.2
(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.
51
...
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 31: Ratios - Financial System
(as a percentage)
Liquidity Credit to Loans To Private Public Private Sector NonSector Sector Performing Loans (4)
Capital Exposure to Private Sector (5)
ROA ROE
(1)
(2)
(3)
(6)
1996
22.3
16.9
50.8
16.2
24.9
0.6
1997
26.1
16.2
47.7
13.8
22.5
1.0
1998
23.1
16.2
48.4
12.2
20.6
0.5
1999
25.0
18.0
44.9
14.0
24.7
0.2
2000
23.4
17.3
39.9
16.0
26.2
‌
2001
19.6
23.0
42.7
19.1
21.9
‌
2002
22.8
48.9
20.8
38.6
16.6
-8.9
2003
29.1
47.0
18.1
33.5
11.5
-2.9
2004
29.6
40.9
19.6
18.6
1.1
-0.5
2005
20.1
31.5
25.8
7.6
-2.5
0.9
2006
22.5
22.5
31.0
4.5
-0.8
1.9
2007
23.0
16.3
38.2
3.2
-1.5
1.5
2008
27.9
12.7
39.4
3.1
-1.7
1.6
2009
28.6
14.4
38.3
3.5
-1.3
2.3
2010
28.0
12.2
39.8
2.1
-3.2
2.8
2011
24.7
10.4
47.4
1.4
-4.3
2.7
(7)
Efficiency
Capital Requirement Compliance
(8)
(9)
Excess of Minimum Capital Requirement (10)
(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.
52
Minimum Capital Requirement (estimated) (11)
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 32: Non-Performing Loans - Financial System
(as a percentage)
Dec. 2000
Dec. 2001
Dec. 2002
Dec. 2003
Dec. 2004
Dec. 2005
Dec. 2006
Dec. 2007
Dec. 2008
Dec. 2009
Dec. 2010
Dec. 2011
Non-performing Loans
12.9
13.1
18.1
17.7
10.7
5.2
3.4
2.7
2.7
3.0
1.8
1.2
Non-performing - Private Sector
16.0
19.1
38.6
33.5
18.6
7.6
4.5
3.2
3.1
3.5
2.1
1.4
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
72.0
77.0
98.0
115.0
108.0
115.0
117.0
115.0
148.0
176.0
(Non-performing Loans - Provisions) / Total Financing
5.0
4.4
5.0
4.1
0.2
-0.8
-0.3
-0.4
-0.5
-0.5
-0.9
-0.9
(Non-performing Loans - Provisions) / Equity
26.2
21.6
18.2
13.3
0.8
-2.6
-0.9
-1.6
-1.8
-1.7
-3.6
-4.6
Source: "Report on Banks", Central Bank.
53
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 33: Income Statement - Private Banks
(as a percentage of net assets)
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 )
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
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
9.0 6.1 0.1 0.7 2.1 ... 5.0 -0.9 -7.8 -1.4 -1.4
... ... 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
... ... 0.6 ... 3.0 3.0
0.8
1.4
-79.0
-19.1
-8.1
4.1
15.3
10.9
15.2
22.9
24.5
25.6
(1)
(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.
54
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 34: Ratios - Private Banks
(as a percentages)
Liquidity Credit to Loans To Private Public Private Sector NonSector Sector Performing Loans
Capital Exposure to Private Sector
ROA
(5)
(6)
(1)
(2)
(3)
(4)
1996
23.6
13.5
51.0
11.1
21.6
0.6
1997
26.9
13.7
46.7
8.5
14.3
0.7
1998
22.8
13.6
47.6
7.7
13.2
0.5
1999
24.3
16.1
44.6
8.9
11.5
0.3
2000
24.1
14.7
38.4
9.8
13.4
0.1
2001
23.6
20.8
45.4
14.0
11.4
0.2
2002
24.8
50.0
22.4
37.4
19.0
-11.3
2003
27.6
47.7
19.9
30.4
12.9
-2.5
2004
29.2
41.6
22.5
15.3
3.6
-1.0
2005
21.5
28.5
31.1
6.3
-0.4
0.
2006
23.7
16.3
37.9
3.6
-1.4
2.
2007
25.7
9.5
46.6
2.5
-2.0
1.
2008
34.1
6.3
44.0
2.8
-1.8
1.
2009
29.8
6.1
43.3
3.3
-1.6
3.
2010
26.0
4.4
50.3
2.0
-3.4
3.
2011
26.7
3.2
54.5
1.4
-4.3
3.
ROE Efficiency
(7)
-79.0
(8)
168.0
Capital Excess of Minimum Requirement Minimum Capital Compliance Capital Requirement Requirement (estimated) (9)
(10)
(11)
...
(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.
55
ANNUAL REPORT 2011 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
Dec. 2010
Dec. 2011
Non-performing Loans
8.3
9.9
19.8
15.7
8.9
4.4
2.9
2.2
2.5
3.1
1.9
1.3
Non-performing - Private Sector
9.8
14.0
37.4
30.4
15.3
6.3
3.6
2.5
2.8
3.3
2.0
1.4
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
71.0
73.0
89.0
103.0
114.0
123.0
119.0
116.0
144.0
167.0
(Non-performing loans - Provisions) / Total Financing
2.7
2.4
5.7
4.2
1.0
-0.1
-0.4
-0.5
-0.5
-0.5
-0.8
-0.9
(Non-performing Loans - Provisions) / Equity
13.4
11.4
20.0
14.4
3.4
-0.4
-1.4
-2.1
-1.9
-1.7
-3.4
-4.4
Source: "Report on Banks", Central Bank.
56
ANNUAL REPORT 2011 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 2011
December December December December December December December December December December December December December December December December December December December December December December December November
Top 5
Top 10
Top 15
Top 20
Others
Number of 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 56.71 56.80
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 76.96 77.13
... ... ... ... ... 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 87.26 87.20
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 92.06 92.17
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 7.94 7.83
175 176 170 166 167 167 168 127 120 113 104 92 89 85 78 75 73 71 72 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.
57
ANNUAL REPORT 2011 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 2011
December December December December December December December December December December December December December December December December December December November
Top 5
Top 10
Top 15
Top 20
Others
Number of 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 54.02 52.71
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 73.66 73.54
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 84.50 83.84
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 89.34 89.08
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 10.66 10.92
167 168 127 120 113 104 92 89 85 78 75 73 71 72 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.
58
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 38: Tranches of Deposits
As of November 30, 2011 Tramos From
Individual To
Number
Amount
Legal Persons Number
In Millions of Pesos
Amount
Total Number
In Millions of Pesos
Amount In Millions of Pesos
0 300 301 500 501 1,000 1,001 2,500 2,501 5,000 5,001 10,000 10,001 25,000 25,001 50,000 50,001 100,000 100,001 250,000 250,001 500,000 500,001 1,000,000 1,000,001 2,500,000 2,500,001 5,000,000 5,000,001 10,000,000 10,000,001 25,000,000 25,000,001 50,000,000 50,000,001 100,000,000 100,000,001
15,022,945 835,614 1,224,303 2,043,954 1,803,011 1,582,642 1,535,732 766,002 444,135 242,869 50,728 15,346 5,087 1,034 331 116 26 8 2
698 334 920 3,436 6,440 10,983 23,460 25,495 28,551 32,504 14,931 8,762 6,031 2,831 1,879 1,533 699 328 225
1,305,438 149,937 215,475 232,010 147,841 121,633 126,332 78,114 65,034 64,761 32,288 20,357 15,032 6,115 3,546 2,357 757 253 203
147 53 141 342 488 792 1,837 2,638 4,368 9,675 10,433 12,936 21,001 18,788 21,859 31,898 28,482 15,537 99,926
16,328,383 985,551 1,439,778 2,275,964 1,950,852 1,704,275 1,662,064 844,116 509,169 307,630 83,016 35,703 20,119 7,149 3,877 2,473 783 261 205
845 387 1,062 3,778 6,928 11,774 25,297 28,134 32,919 42,179 25,364 21,698 27,033 21,619 23,738 33,431 29,182 15,865 100,152
Total
25,573,885
170,042
2,587,483
281,343
28,161,368
451,385
Source: ABA based on "Information on Financial Institutions", Central Bank.
59
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 39: Deposits of Private Sector, Geographical Distribution Province
IV Q 2010
IV Q 2011
Change
Change
In Millions of Pesos Total del País Capital Federal Buenos Aires Greater Buenos Aires Rest of Buenos Aires Catamarca Córdoba Corrientes Chaco Chubu t 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
255,831.8 120,096.7 58,254.6 29,823.0 28,431.6 650.4 17,094.9 1,752.8 2,317.1 3,479.4 3,970.4 589.1 1,372.5 1,670.8 523.8 6,466.0 1,807.4 2,675.3 2,495.5 2,918.4 2,058.0 1,193.8 1,965.2 16,006.6 1,692.9 1,434.4 3,346.0
324,274.4 151,547.9 74,372.0 37,498.7 36,873.3 892.5 20,881.7 2,412.7 2,784.9 5,029.9 5,056.6 849.1 1,828.6 2,168.1 727.8 8,569.2 2,240.7 3,510.4 3,243.4 3,442.2 2,591.4 1,548.1 2,356.4 19,694.8 2,119.3 2,070.1 4,336.6
Share %
68,442.6 31,451.2 16,117.4 7,675.7 8,441.7 242.1 3,786.8 659.9 467.7 1,550.5 1,086.2 260.0 456.1 497.3 204.0 2,103.2 433.3 835.1 747.9 523.8 533.4 354.3 391.3 3,688.2 426.4 635.8 990.6
26.8 26.2 27.7 25.7 29.7 37.2 22.2 37.7 20.2 44.6 27.4 44.1 33.2 29.8 38.9 32.5 24.0 31.2 30.0 17.9 25.9 29.7 19.9 23.0 25.2 44.3 29.6
100.0 46.7 22.9 11.6 11.4 0.3 6.4 0.7 0.9 1.6 1.6 0.3 0.6 0.7 0.2 2.6 0.7 1.1 1.0 1.1 0.8 0.5 0.7 6.1 0.7 0.6 1.3
Source: ABA based on "Statistical Bulletin", Central Bank.
60
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 40: Loans by Type Type of Loan
December 2008
December 2009
December 2010
November 2011
In Millions of Pesos
%
In Millions of Pesos
%
In Millions of Pesos
%
In Millions of Pesos
17,083
11.4
20,570
12.5
25,907
11.6
31,157
9.8
4,793
3.2
4,052
2.5
5,018
2.2
9,109
2.9
132,844
88.6
145,247
88.5
199,202
89.0
284,818
89.6
Overdrafts
15,503
10.3
17,798
10.8
20,680
9.2
31,031
9.8
Promissory Notes
24,628
16.4
27,041
16.5
42,093
18.8
60,253
18.9
Mortgage Loans
18,861
12.6
18,572
11.3
21,101
9.4
27,227
8.6
7,799
5.2
7,367
4.5
9,836
4.4
16,386
5.2
Consumer Loans
26,874
17.9
29,314
17.9
38,688
17.3
55,911
17.6
Others
36,534
24.4
42,597
26.0
63,853
28.5
89,829
28.2
2,645
1.8
2,558
1.6
2,953
1.3
4,183
1.3
-4,744
-3.2
-5,824
-3.6
-6,232
-2.8
-7,033
-2.2
149,975
100.0
164,044
100.0
223,896
100.0
318,051
100.0
Public Sector Financial Sector Private Sector ( 1 )
Pledge Loans
Interest Accrued Provisions Total
%
(1) It includes loans to foreign residents. Source: ABA based on "Information on Financial Institutions", Central Bank.
61
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 41: Financing by Activity Amounts
Activity
Interest Rates
Change
IV Q 2010
Unidentified
IV Q 2011
Millions of Pesos
NonPerforming Loans %
Share %
IV Q 2010
IV Q 2011
IV Q 2010
IV Q 2011
Difference %
Change %
Differerence from Average %
6,857.3
9,721.1
2,863.8
41.8
3.0
10.2
9.4
22.5
27.3
4.8
21.3
2.0
Indiviual Employees
71,467.8
104,163.5
32,695.7
45.7
32.2
5.0
4.3
28.2
29.2
1.0
3.6
3.9
Primary Production
27,614.2
40,780.3
13,166.1
47.7
12.6
2.1
1.7
15.9
19.0
3.1
19.2
-6.3
Manufacturing Industry
35,520.3
52,966.8
17,446.5
49.1
16.4
2.7
2.9
14.3
20.0
5.8
40.5
-5.3
Electricity, gas and water
3,399.3
4,625.0
1,225.6
36.1
1.4
2.2
1.8
20.4
24.9
4.5
22.0
-0.4
Construction
5,042.6
7,088.3
2,045.7
40.6
2.2
6.9
4.9
20.2
27.7
7.5
37.1
2.4
Commerce
15,753.9
23,321.9
7,568.0
48.0
7.2
2.6
2.2
17.7
24.6
6.8
38.5
-0.7
Services
24,461.5
33,764.4
9,302.9
38.0
10.4
6.7
5.4
20.9
28.1
7.2
34.3
2.8
Public Administration, Defense and Social Security
22,044.8
28,707.5
6,662.7
30.2
8.9
0.1
0.2
28.5
29.8
1.2
4.3
4.5
Financial Intermediation
10,263.2
17,990.4
7,727.2
75.3
5.6
4.5
2.7
17.2
18.8
1.6
9.2
-6.5
Total
222,425.0
323,129.1 100,704.2
45.3
100.0
3.9
3.4
22.0
25.3
3.3
15.1
...
Private Sector
190,116.9
276,431.2
45.4
85.5
4.3
3.8
21.4
25.2
3.8
17.6
-0.0
86,314.3
Source: ABA based on "Statistical Bulletin", Central Bank.
62
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 42: Financing by Activity
(as a percentage)
Primary Production 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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 12.4 12.6
Manufacturing Industry 23.9 20.8 20.6 19.5 18.0 18.5 19.4 18.1 16.5 14.6 11.5 9.3 7.7 8.8 12.6 16.2 17.0 16.5 16.4 15.5 16.0 16.4
Electricity, Gas and Water
Construction Commerce
7.4 3.0 1.3 2.5 2.0 2.1 2.1 2.0 2.2 1.8 1.6 1.5 2.2 1.2 1.1 0.9 1.2 1.4 1.4 1.4 1.5 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 2.3 2.2
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 7.1 7.2
Services
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 25.6 24.9
Individual Employees 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 32.1 32.2
NonIdentified
Total
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 3.1 3.0
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Source: ABA based on "Statistical Bulletin", Central Bank.
63
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 43: Non-Performing Loans by Activity
As a percentage on total financing of each activity Primary Manufacturing Production Industry
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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 2.1 1.7
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 2.9
Electricity, Gas and Water
Construction Commerce Services
3.3 62.8 7.4 3.3 4.1 1.3 1.8 0.8 1.2 1.3 2.1 2.7 59.1 68.6 56.1 45.9 25.5 12.2 4.3 3.1 2.2 1.8
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 4.9
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 2.2
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 3.7 2.9
Individual Employees
NonIdentified
Total
2.8 7.6 7.2 9.1 12.5 29.9 22.7 15.0 14.7 15.0 21.8 25.8 37.8 24.3 17.5 10.2 10.2 7.5 6.7 8.0 5.0 4.3
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 10.1 9.4
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 3.9 3.4
Source: ABA based on "Statistical Bulletin", Central Bank.
64
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 44: Loans to Private Sector, Geographical Distribution Montos Province
IV Q 2010
IV Q 2011
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
190,116.9 96,427.0 34,761.1 17,689.2 17,071.9 375.1 12,195.5 1,048.8 1,624.8 2,364.9 3,019.3 454.9 1,016.8 1,480.4 485.4 3,915.5 2,244.2 2,293.5 1,363.8 2,712.4 946.4 624.3 1,268.9 13,762.3 1,081.3 1,079.8 3,570.3
276,431.2 135,420.2 51,978.7 26,805.5 25,173.2 487.2 18,578.9 1,868.4 2,702.5 3,363.1 4,653.8 685.8 1,452.9 2,183.7 662.7 6,006.5 3,464.1 3,426.7 2,004.8 4,339.9 1,469.4 909.2 1,476.2 20,329.8 1,518.7 1,748.5 5,699.0
86,314.3 38,993.2 17,217.6 9,116.2 8,101.3 112.2 6,383.4 819.6 1,077.7 998.2 1,634.6 230.9 436.1 703.3 177.4 2,091.0 1,219.9 1,133.1 641.0 1,627.5 523.1 284.8 207.3 6,567.6 437.4 668.7 2,128.7
Share
NonPerforming
% 45.4 40.4 49.5 51.5 47.5 29.9 52.3 78.2 66.3 42.2 54.1 50.8 42.9 47.5 36.5 53.4 54.4 49.4 47.0 60.0 55.3 45.6 16.3 47.7 40.5 61.9 59.6
100.0 49.0 18.8 9.7 9.1 0.2 6.7 0.7 1.0 1.2 1.7 0.2 0.5 0.8 0.2 2.2 1.3 1.2 0.7 1.6 0.5 0.3 0.5 7.4 0.5 0.6 2.1
3.8 3.9 3.8 5.0 2.6 3.1 2.4 3.6 2.7 4.0 2.9 5.6 2.8 2.6 10.8 4.2 2.1 3.5 9.0 3.4 4.5 7.7 4.0 2.4 5.8 4.0 8.9
Source: ABA based on "Statistical Bulletin", Central Bank.
65
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 45: Interest Rates on Loans to Private Sector, Geographical Distribution Province
IV Q 2010
IV Q 2011
Difference
Change
Difference from Average
17.6 20.0 11.4 12.2 10.4 8.0 14.7 23.3 22.6 9.2 9.0 18.2 32.2 18.2 4.4 7.6 31.6 1.5 12.1 25.3 19.2 -0.7 5.9 31.4 6.9 8.7 22.2
… -1.5 2.9 3.1 2.7 2.1 -1.2 0.1 4.1 1.0 1.1 4.4 5.6 -2.9 2.0 0.1 4.0 0.9 4.0 3.1 3.4 0.9 5.4 0.0 8.2 0.5 -0.9
% 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
21.4 19.7 25.2 25.2 25.3 25.3 21.0 20.5 23.9 24.0 24.2 25.1 23.4 18.9 26.1 23.5 22.2 25.7 26.1 22.6 24.0 26.3 28.9 19.2 31.2 23.6 19.9
25.2 23.7 28.1 28.3 28.0 27.3 24.0 25.3 29.3 26.2 26.4 29.6 30.9 22.3 27.3 25.3 29.2 26.1 29.2 28.3 28.7 26.1 30.6 25.2 33.4 25.7 24.3
3.8 4.0 2.9 3.1 2.6 2.0 3.1 4.8 5.4 2.2 2.2 4.6 7.5 3.4 1.1 1.8 7.0 0.4 3.1 5.7 4.6 -0.2 1.7 6.0 2.2 2.1 4.4
Source: ABA based on "Statistical Bulletin", Central Bank.
66
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 46: Financing by Tranches
As of November 30, 2011 Tranches From
Individual To
Number
Amount
Legal Persons Number
In Millions of Pesos 0 301 501 1,001 2,501 5,001 10,001 25,001 50,001 100,001 200,001 500,001 1,000,001 2,500,001 5,000,001 10,000,001 25,000,001 50,000,001 100,000,001 Total
300 500 1,000 2,500 5,000 10,000 25,000 50,000 100,000 200,000 500,000 1,000,000 2,500,000 5,000,000 10,000,000 25,000,000 50,000,000 100,000,000
Individual
Legal Persons
Amount
Number
Amount
Number
Amount
In Millions of Pesos
%
%
%
%
308,880 374,539 835,614 1,792,755 1,796,791 1,798,817 1,858,639 883,712 352,799 123,286 44,195 5,604 1,905 318 113 44 7 1 1
81.7 168.2 662.7 3,136.0 6,621.9 12,950.8 29,688.8 30,741.7 23,836.6 16,904.3 12,447.3 3,750.3 2,770.4 1,081.3 762.8 654.8 226.4 72.9 148.7
9,774 5,176 6,094 8,824 9,236 11,983 14,841 11,196 11,346 11,576 13,578 7,542 6,154 2,630 1,600 1,169 498 287 296
2.4 2.3 4.7 15.2 34.4 86.3 242.6 405.9 817.9 1,662.3 4,373.1 5,304.8 9,586.2 9,280.3 11,260.6 18,275.5 17,516.6 19,725.2 136,668.1
3.0 3.7 8.2 17.6 17.7 17.7 18.3 8.7 3.5 1.2 0.4 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.1 0.1 0.5 2.1 4.5 8.8 20.2 21.0 16.2 11.5 8.5 2.6 1.9 0.7 0.5 0.4 0.2 0.0 0.1
7.3 3.9 4.6 6.6 6.9 9.0 11.1 8.4 8.5 8.7 10.1 5.6 4.6 2.0 1.2 0.9 0.4 0.2 0.2
0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.3 0.7 1.9 2.3 4.1 3.9 4.8 7.8 7.4 8.4 58.1
10,178,020
146,707.5
133,800
235,264.4
100.0
100.0
100.0
100.0
Source: ABA based on "Information on Financial Institutions", Central Bank.
67
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 47: Financing by Tranches and Situation
As of November 30, 2011 (as a percentages) 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
83.3 84.1 85.1 87.5 89.6 90.4 93.1 95.5 95.3 95.6 95.6 96.1 95.8 96.3 97.3 97.8 98.0 97.6 99.5
83.1 84.1 85.2 87.7 89.7 90.5 93.4 95.6 95.3 95.7 95.5 96.1 95.9 96.3 97.4 97.8 98.1 98.0 99.7
3.6 3.3 3.2 3.2 2.9 2.7 2.0 1.2 1.0 0.7 0.7 0.9 0.9 0.6 0.4 0.6 0.7 ... ...
3.6 3.3 3.2 3.1 2.8 2.7 1.9 1.2 1.0 0.7 0.8 0.9 0.9 0.6 0.4 0.6 0.7 ... ...
13.1 12.6 11.7 9.3 7.5 6.8 4.9 3.2 3.7 3.7 3.7 3.0 3.3 3.0 2.3 1.7 1.3 2.4 0.5
13.3 12.6 11.6 9.1 7.5 6.7 4.7 3.2 3.8 3.7 3.7 3.0 3.3 3.0 2.2 1.7 1.2 2.0 0.3
89.2
96.4
2.7
0.8
8.1
2.8
(1) Includes categories 1 and 2. (2) Includes categories 3 and 4. (3) Includes categories 5 and 6. Source: ABA based on "Information on Financial Institutions", Central Bank.
68
ANNUAL REPORT 2011 STATISTICAL APPENDIX
TABLE 48: Concentration of Credit Assistance
As of November 30, 2011 Number of Institutions
Individual Number
Amount
Legal Persons Number
Total
6,595,458 2,391,417 808,000 263,348 119,797
55,064.1 47,886.8 24,976.5 11,007.3 7,772.7
10,178,020
146,707.5
Legal Persons
Amount
Number
Amount
Number
Amount
In Millions of Pesos
%
%
%
%
33,261.9 41,530.2 20,493.0 20,450.5 119,528.7
64.8 23.5 7.9 2.6 1.2
37.5 32.6 17.0 7.5 5.3
71.4 16.7 6.2 2.6 3.0
14.1 17.7 8.7 8.7 50.8
133,800 235,264.4
100.0
100.0
100.0
100.0
In Millions of Pesos
1 2 3 4 5 or more
Individual
95,592 22,366 8,295 3,477 4,070
Source: ABA based on "Information on Financial Institutions", Central Bank.
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TABLE 49: Minimum Reserves Requirements
(as a percentage)
Since Item
January 2008
November 2008
19
19
2. Deposits in savings accounts and basic accounts. 2.1. In Pesos. (except 14). 2.2. In Foreign Currency.
19 30
19 20
3. Custody accounts, special accounts for closed savings groups, "Unemployment fund for construction workers", "Salaries", "Special current accounts for legal persons" and "Savings accounts to universal assitance for social protection of children - Dec. 1602/09". 3.1. In Pesos (except 14). 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 14). 4.2. In Foreign Currency.
19 30
19 20
5. Unused overdrafts 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
1. Deposits in current accounts and demand deposits in cooperative credit unions.
6. Deposits in current accounts made by non-banking financial institutions computable for compliance of their minimum reserves 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)
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ANNUAL REPORT 2011 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. 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.
14 11 7 2 0
14 11 7 2 0
35 28 20 10 6 0 0
20 15 10 5 2 0 0
10. Obligations towards the Trust Fund For Assistance to Financial Institutions and Insurance Companies.
0
0
11. Demand an time deposits made under Court order with funds originating in lawsuits, and their immobilized funds. 11.1. In Pesos: 11.2. In Foreign Currency:
10 15
10 10
12. Deposits of Trust Funds. 12.1. In Pesos: 12.2. In Foreign Currency:
19 40
19 20
13. Special deposits linked to foreign capital inflows -Decree 616/05-
100
100
14. Deposits and other demand obligations in pesos (except "Unemployment fund for construction workers"), which interest rate were higher than 15% of the average BADLAR interest rate of private banks.
100
100
15. Transferable time deposits certificates of public sector, denominated in pesos, with an option to be payed off in the next 30 days since its initial date.
16
16
Note: The Central Bank determine a temporary reduction of daily minimum requirement from 50% to 30% since 12-6-2010 to 4-30-2011.
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EXHIBIT Principal Banking, Exchange and Financial Policy Measures
Communication "B" 9991. (January 3, 2011) The Argentine Central Bank (BCRA) reminded the effectiveness of the new provisions enabling the implementation of the Universal Free Bank Account; the provisions that set maximum charges and/or commissions applicable to the transfer of funds service between peso-denominated accounts; and those relative to the provision and use of the financial payment check, known as cheque cancelatorio. Communication "B" 9994. (January 3, 2011) The BCRA called for the Third Auction of funds for general purpose loans to be held on January 7, 2011, under the BCRA Advance Scheme which provides resources to financial entities to be used for financing the productive sector. Press release 49797. (January 7, 2011) It published the outcome of the third auction of funds under the BCRA Advance Scheme which provides resources to financial entities to be used for financing the productive sector. The total amount of auctioned resources amounted to ARS 470 million against aggregate bids of ARS 455 million, and was awarded to 5 financial entities. Communication "B" 9999. (January 7, 2011) It provided that, effective January 10, 2011, it would be possible to conduct transactions to settle DVP (Delivery Versus Payment) through the SIOPEL system of the Argentina Overthe-Counter market known as (MAE), with all items being authorized to being held at the Center for the Registration and Settlement of Public Debt Instruments (CRyL). Communication "A" 5170. OPASI - 2 - 424. (January 11, 2011) The Central Bank increased the coverage limit of the Deposit Guarantee Insurance from ARS 30,000 to ARS 120,000.
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Communication "B" 10007. (January 19, 2011) The Central Bank reminded the effectiveness of Communication "B" 9932 regarding upgrade of the Central Bank’s private external communications network. In this respect, it was informed that upon expiration of the term established for the implementation of such Communication, the BCRA cannot assure resources and applications will either operate or be available for use by entities who fail to finalize the upgrade of their communications links with the BCRA by April 30, 2011. Communication "A" 5175. RUNOR - 1 - 959. (January 24, 2011) The BCRA published the regulatory operating instructions of Ley 26,637 relative to the implementation of security measures to be complied with by financial entities. The requirements to be complied with by financial entities are: installation of side partitions at tellers and ATMs; application of technical requirements already in force for the construction of armored-plated treasury rooms to the facilities used to provide safe deposit boxes for rent; and adoption of different technical means and rules to effect the prohibition of mobile equipment use. Communication "B" 10010. (January 24, 2011) It clarified matters related to the effective rules of the safety device control, operation and maintenance program and security cabin instructions and orders, respectively, to be included in each financial entity's safety/security plan. In this respect, and in light of the current dynamics of crime, it clarified that such provisions call for an ongoing revision of the safety/security plan to include any mechanism/procedures designed to assure the effective and timely articulation of all the measures needed to facilitate the immediate intervention of jurisdictional security bodies in order to aid effectively in the compliance of such bodies' mission, in the face of any specific situation or potential risk affecting or likely to affect the security of the institution, the staff, the clients, and the public at large. Communication "A" 5177. RUNOR - 1 - 960. (January 27, 2011) The Regulatory Authority made some clarifications regarding the BCRA’s Advance Scheme which provides resources to financial entities to be used for financing the productive sector, and extended the expiration date for presentation of the Regime until February 21, 2011.
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Communication "B" 10012. (January 27, 2011) With relation to the Credit Facility for Production Development and Competitiveness in Mendoza province, the BCRA held the first auction of the Facility Funds on February 16, 2011, whereby it distributed a total amount of ARS 18 million to be onlent for financing investment projects, capital goods, working capital or technical assistance. Communication "A" 5179. RUNOR - 1 - 864. (January 28, 2011) The temporary reduction of the daily minimum requirement in pesos to 30% was extended until April 30, 2011. Communication "A" 5180. LISOL - 1 - 531, OPRAC - 1 - 652 and CONAU - 1 - 943. (February 14, 2011) The rules on valuation of non-financial public debt instruments and the Central Bank’s monetary regulation were amended. Among the major changes was the substitution of the valuation criteria applicable to such instruments as from March 1, 2011 and the elimination of the total value limitation on government securities held in Investment Accounts and Special Investment Accounts relative to total assets. It also provided that financial entities will be able to capitalize any loss that may arise as of March 1, 2011 from the application of the valuation rules, and write it off over 60 equal and consecutive monthly installments, at most, starting April 2011, with an annual write off of at least 1% against Adjusted Stockholders Equity (locally called Responsabilidad Patrimonial Computable or RPC) as of December 31, 2010. Communication "A" 5181. CAMEX -1 - 667. (February 14, 2011) Effective February 15, 2011, changes were made to the transfers of funds received and transferred abroad. In this regard, minimum identification guidelines were established for transferors and transferees that are to be used in this type of transactions. Communication "A" 5183. RUNOR - 1 - 961, LISOL - 1 - 532, OPASI - 2 - 425 and OPRAC - 1 - 653. (February 16, 2011). The BCRA modified the rules governing the performance of custodian and registrar functions. In this respect, certain parts of the consolidated text concerning Minimum Capital Requirement of financial entities were updated and modified to incorporate the Guarantee Fund for the Sustainability of the Argentine Integrated Retirement System (FGS) in place of
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ANNUAL REPORT, 2011 EXHIBIT
the retirement and pension funds. In addition, the rules on Investments made with funds from the Retirement and Pension Funds were repealed. Asset rating. On the other hand, for as long as the suspension of the Financial Entities Assessment system subsists, new provisions will apply in order to comply with the rating requirements, insofar as they are applicable. The changes also affect the rules on collateral asset allocation in particular, temporary rating requirements, and supplementary services of financial activity and permitted activities. Communication "A" 5184. CAMEX - 1 - 668. (February 17, 2011) New provisions were announced regarding the regulatory framework for access to the local exchange market for payments made by or to be made to Official Export Credit Agencies deriving from transactions made under ALADI's Agreement on Reciprocal Payments, service of principal and related income, financing disbursed by the Agency abroad to finance infrastructure works in the country in respect of completed works, works in progress and future works, upon completion of a series of conditions established in this Circular. Press release 49819. (February 17, 2011) It published the outcome of the first auction of funds under the Credit Program for Production Development and Competitiveness of Mendoza province, held on February 16, 2011. The total funds auctioned with IDB Funds amounted to ARS 18 million. The auction was oversubscribed by 92% at ARS 34.48 million. As a consequence, the funds offered were awarded in full. Seven (7) entities were awarded. Communication "A" 5188. CONAU - 1 - 948 and LISOL - 1 - 533. (February 25, 2011) Clarifications were made regarding the valuation of non-financial public debt instruments and monetary regulation of such Institution, as follows:
 Financial entities should specify the business model upon which management of
their government securities is based, indicating the proportion of securities that may be valued at fair market value when using the margin indicated in 2.2.9 of Section 2 (government securities that may be valued market fair value but are accounted for at cost plus yield) but are valued at cost plus yield method instead.
 Securities which cease to appear in the lists of volatilities or present values published by the BCRA should be classified under "Cost plus Yield" segment and recorded at book value.
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Securities received through exchange, datio in solutum or swap of other
government debt securities expressly admitted for such purposes by the competent national authority, which as of February 28, 2011 are classified under "Investment accounts" may be accounted for at book value in accordance with the valuation method set forth in 2.2.3 of the rule referred to above, upon incorporation.
Assets delivered as collateral for advances granted by the BCRA for underwriting
of bonds contemplated in sections 10, 11 and 12 of Executive Order No. 905/02 registered as per the provisions of section 17 of the above cited executive order may continue to be valued under such method (value admitted for collateralization purposes, adjusted for inflation by application of the CER, where necessary).
National government securities allocated to margin accounts for securities trading and intermediation transactions, provided for entities recording permissible excesses to the limits of credit risk partition for financing the nonfinancial government sector shall be registered in accordance with Section 1 (market fair value and allowance for valuation fluctuations), notwithstanding its computation at cost plus yield for purposes of determining the margin.
Communication "B" 10033. (March 3, 2011) The BCRA held the fourth Auction of funds for general purpose loans on March 4, 2011 under the BCRA Advance Scheme which provides resources to financial entities to be used for financing the productive sector. The total disbursable amount is ARS 260 million. Communication "A" 5190. CONAU - 1 - 950. (March 10, 2011) The term for submitting the Business and Projection Plan corresponding to, 2011-2013 period was extended until April 18, 2011. Press release No. 49829. (March 10, 2011) The BCRA released the results of the fourth auction of funds for general purpose loans under the BCRA Advance Scheme which provides resources to financial entities to be used for financing the productive sector. The total amount of auctioned resources amounted to ARS 260 million and bids were received for ARS 231.7 million. The amounts were awarded to six (6) entities.
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Communication "A" 5192. SINAP - 1 - 23. (March 11, 2011) It updated the form of registered fixed-term deposit certificates established by the rules on Payment instrument characteristics issued by financial entities. Communication "A" 5193. LISOL -1 - 534. (March 14, 2011) The Rules on Credit Risk Exposure Limits were amended in respect of the limits to be observed by any one financial entity providing financing to another local financial entity, within the country or to foreign branches, including balances in correspondent accounts, excluding accounts that are computed for purposes of the minimum cash requirement in local or foreign currency. Communications "A" 5194. SINAP - 1 - 24, LISOL - 1 - 535 and OPASI - 2 - 426. (March 18, 2011) The Central Bank authorized immediate transfers of funds, both in pesos and in dollars, through automatic tellers and "home banking" sites. The deadline for entities to complete the implementation of peso- and dollar-denominated transfers was April 25, 2011 and May 31, 2011, respectively. Furthermore, maximum amounts were fixed for each type of transfer, which amounts may be increased by financial entities. Entities shall transfer up to ARS 10,000 per day and account for transactions originated in automatic tellers, and up to ARS 50,000 for transactions conducted via Internet-"home banking". In addition, entities shall transfer up to USD 2,500 per day and account for transactions originated in automatic tellers, and up to USD 12,500 for transactions conducted via Internet-"home banking". Communication "A" 5195. SINAP - 1 - 25. (March 18, 2011) It set forth the operating instructions that should be followed by financial entities regarding immediate fund transfers provided for by the BCRA through Communication "A" 5194. In this regard, it was established that each financial entity shall define the authentication mechanism users should employ to operate in each such channel, in accordance with the entity’s security measures. The communication also established that participating entities and clearing service providers shall conduct a series of controls over on-line transactions and set out the distribution of responsibilities between financial entities and the above mentioned providers.
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Communication "A" 5196. SINAP - 1 - 26. (March 18, 2011) It informed the provisions that will rule the guarantees to be granted in favor of Electronic Clearing Houses as from the implementation of immediate fund transfers. Communication "C" 58265. (April 4, 2011) The BCRA established that in respect of guarantees granted by the funds specified below, the entities shall apply the specific treatment contemplated for funds issued by reciprocal guarantee companies filed with the Registry of Reciprocal Guarantee Companies at the Superintendency of Financial and Exchange Entities, namely: Fondo de Garantías Buenos Aires S.A.P.E.M. (FOGABA); System of guarantees of Entre Ríos province (SIGAER), through the Guarantee fund of Entre Ríos province (FOGAER); Guarantee fund for micro, small and medium-sized companies (FoGaPyME). Communication "A" 5200. CIRMO - 3 - 43. (April 8, 2011) The Central Bank informed the issuance of 100-peso bills Series T, which shall incorporate the change in typography introduced for already printed Series "S" bills. They are characterized by: horizontal numbering - with equally sized digits - visible on the bottom left angle and the upper right angle on the front of each bill. Communication "B" 10065. (April 8, 2011) The BCRA recommended that entities should exhibit -in the area of tellers of all their branches- an information poster specifying the characteristics of 100-peso bills Series "T". Communication "B" 10073. (April 25, 2011) A new procedure was created to register the returns of immediate fund transfers. Communication "B" 10086. (May 5, 2011) The Regulatory Authority called the Seventh Auction of Funds of the Credit Program for Production and Employment Promotion in San Juan province (IDB loan) -in this case with IDB’s resources- scheduled for May 11, 2011.
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Press release 49682. (May 20, 2011) The BCRA released the results of the Seventh Auction of Funds of the Credit Program for Production and Employment Promotion in San Juan province (IDB loan). Auctioned resources totaled ARS 18,1 million. Bids received (ARS 19,275 million) exceeded the auctioned amount by 6.5%. Funds were awarded to eight (8) banks. Communication "B" 10087. (May 5, 2011) The Central Bank requested that the relevant tests be conducted on the new institutional scheme of courier service and file transfer. To such aim, the homologation environment was set up on March 28, 2011 for the performance of free tests. Every entity had to verify that it met the conditions for utilizing the services available in such environment, contemplating technical aspects and changes to be made in their internal processes and/or procedures. Communication "A" 5201. RUNOR - 1 - 964. (May 9, 2011) It provided that financial entities should have effectively implemented a Corporate Governance Code as from January 2, 2012, which takes into consideration the guidelines established in this regulation. Such Code shall specify the manner the entity’s Board of Directors and the Upper Management run their activities and businesses. Communication "B" 10091. (May 13, 2011) The Central Bank held the fifth auction of funds under the Program for financing the productive sector, which awarded the full auction amount, i.e.: ARS 280 million. Press release 49867. (May 20, 2011) The BCRA released the results of the fifth auction of funds intended for general purpose loans targeted at the productive sector for ARS 280 million, held on May 20, 2011. Bids were received for ARS 305.1 million in excess of the auctioned amount. Communication "B" 10095. (May 17, 2011) The Regulatory Authority communicated that based upon the information as of January 2, 2012, in the task SISCEN-0018 "Interest rates on loans", entities should state the purpose of personal loans as specified by borrower.
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Communication "A" 5203. RUNOR - 1 - 965, LISOL - 1 - 537 and OPRAC - 1 - 654. (May 23, 2011) The Central Bank approved the Guidelines for risk management of financial entities and established that, effective January 2, 2012, entities should have in place a comprehensive process for risk management that should include supervision by the Board of Directors and the Upper Management in order to identify, assess, follow up, control and mitigate all material risks, to wit: credit, liquidity, market, interest rate and operating risk for managing: credit, liquidity, market, interest rate and operational risks. Such guidelines constitute risk management good practices and are not substitutes for the specific requirements established by Central Bank Regulations; in addition, they should be implemented in conformity with the powers conferred upon the Board of Directors by the Shareholders’ Meeting or the corporation’s management body exercising similar functions and within the context of the legal provisions in force. Interbank Committee on Means of Payment of Argentina Bulletin 436. (June 10, 2011) The Central Bank informed that the new methodology and price scale for direct debits will apply to debits submitted as from June, 2011 and settled as from July, 2011. Communication "A" 5204. OPASI - 2 - 427. (June 14, 2011) The Regulatory Authority modified the procedure for closing Savings Accounts used to pay the Universal Allowance per Child for Social Protection purposes. In this regard, it indicated that closing of such accounts shall operate as indicated by the ANSES, as opposed to presently automatic closing when the account remains dormant for 180 running days. Communication "B" 10117. (June 23, 2011) The Regulatory Authority released Ruling UIF 62/11 to the financial system, whereby it extends the term for making the regulatory changes required to meet the provisions in section 37 of Ruling 37/11 of the Financial Information Unit (UIF) until August 15, 2011. Importantly, though the cited section, the UIF established that pursuant to the regulatory functions of the BCRA, Communication "A" 5162 is supplementary to Ruling 37/11 of the Financial Information Unit, and paragraphs 1.3.2.1 and 1.6.3 concerning KYC rules and control and preventive procedures, respectively, should be amended.
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Press release. (June 27, 2011) The Central Bank decided to consolidate and publicize through the Internet the financing offer for small and medium-sized companies available in the financial system. To this aim, it will publish both in its institutional website www.bcra.gov.ar and in the site targeted at financial consumer education (Bank Client Portal,www.clientebancario.gov.ar ) a list of links to the websites of each financial entity that holds active credit lines intended for small and medium-sized companies (SMEs). Communication "A" 5207. SINAP - 1 - 27, OPASI - 2 - 428. (June 27, 2011) Effective July 1, 2011, the entities having automatic teller machines and/or allowing their clients to operate through the home banking system should exhibit at all their branches and near their automatic tellers - as permitted by the physical space available - information posters on the basic characteristics of immediate fund transfers. Communication "C" 58880. (June 28, 2011) Within the framework of the Agreement on Reciprocal Payments and Credits of ALADI, the presidents of the Central Banks of Argentina and Brazil signed a bilateral agreement that allows execution under the Agreement of international trade service operations required to carry out civil engineering works intended for the construction of infrastructure and industrial facilities. Communication "B" 10120. (June 29, 2011) Effective July 1, 2011, the Central Bank of Brazil modified the methodology to calculate the real/dollar exchange rate (PTAX), which is to be published after 1:00 p.m. Consequently, the time for acceptance of payment records was established between 08:00 a.m. and 1:00 p.m. By around 05:00 p.m., the BCRA will announce the amount in pesos that the entity should pay through the electronic payment system (MEP) on the following business day. Communication "A" 5208. CAMEX - 1 - 670. (July 1, 2011) A series of provisions were issued regarding payments made abroad for the importation of goods. Communication "A" 5210. RUNOR - 1 - 966. (July 12, 2011) It modified the procedure for the transfer of funds seized by the Ministry of Labor, Employment and Social Security ordered through the Judicial Service of Notice System.
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Communication "C" 59003. (July 14, 2011) The Regulatory Authority extended the term for termination of the operational procedure DK6 - Judicial Payments until September 30, 2011. Further, the rule requested that entities should provide any means necessary to finalize adaptation of procedures to applicable regulations with the established term. Communication "B" 10137. (July 22, 2011) The Central Bank called entities to participate in the sixth auction of funds under the BCRA Advance Scheme which provides resources to financial entities to be used for financing the productive sector, which auction would be held on July 29, 2011, for a total disbursable amount of ARS 300 million. Press release 49901. (July 29, 2011) The BCRA released the results of the sixth auction of funds under BCRA Advance Scheme which provides resources to financial entities to be used for financing the productive sector. A total of ARS 292 million was awarded. The amounts were awarded to six (6) entities. The six auctions conducted awarded a total of ARS 1,828.7 million among 12 financial entities. Communication "A" 5212. OPASI - 2 - 429. (August 1, 2011) It established that funds credited in accounts for judicial use shall be at no cost to the originator and/or depositor, irrespective of the means employed and the credit amount involved. Furthermore, the transfer of funds intended for judicial use accounts shall be at no cost or commissions to the originator. The receiving entity shall verify that the account receiving the funds is classified as an account for judicial use. It further provided that as from September 1, 2011, the transfers made from sight accounts for judicial use shall be treated as immediate fund transfers. In addition, the Communication stated that financial entities should adjust their transfer commission collection scheme to the regulation in force, notwithstanding any additional services offered to facilitate mass charging of such transactions in the systems offered to clients (and providing no charge is made to amounts related to the transferred amounts) and any charges passed on to clients for applicable taxes, withholdings, etc. Communication "B" 10154. (August 10, 2011) Financial entities were informed on Ruling No.3,552 of the Supreme Court of Justice of Buenos Aires province, which modified the procedure to handle judicial accounts, deposits and orders of payment so that the relevant communications should include the CBU number and the consolidated text of the cited Court’s Ruling on the matter. 82
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Communication "B" 10157. (August 12, 2011) The seventh auction of funds for general purpose loans was held under the BCRA Advance Scheme which provides resources to financial entities to be used for financing the productive sector. Press release 49911. (August 19, 2011) The Seventh Auction of funds for general purpose loans was held on August 19, 2011. A total of ARS 834.80 million was awarded out of a total bid of ARS 850 million. The amounts were awarded to four (4) entities. The seven auctions conducted awarded a total of ARS 2,663.50 million among 12 financial entities. Communication "A" 5218. RUNOR - 1 - 971. (August 19, 2011) It provided that financial and currency exchange entities, as well as exchange brokers and representatives of foreign financial entities not authorized to operate in the country should abide by the provisions of Act 25,246, as amended, on the Prevention of Money Laundering, the supplementary rules issued by the UIF and the provisions on this matter issued by the BCRA. In this regard, from the time of this Communication, the consolidated BCRA’s text on the matter only establishes: a) the obligation to forward to the BCRA a certified copy of the compliance officer appointment at the UIF; b) maintenance of the database: "Information system for the prevention of money laundering and other illegal activities (LAVDIN)", increasing the amount of individual transactions to be included therein from ARS 30,000 to ARS 40,000 and those accumulated daily from ARS 1,000 to ARS 5,000; and c) limitations to the payment of checks over the counter in excess of ARS 50,000 and disbursements of cash financing in excess of ARS 50,000. Elsewhere in the rules on Corporate Governance, a "Committee on Control and Prevention of Asset Laundering and Terrorism Financing" is included in the list of recommended specialized committees. Importantly, the rules on the matter provide that in order to maximize the impartiality of the Specialized Committees, it is recommended that most of its members be independent. Communication "A" 5219. RUNOR - 1 - 972. (August 30, 2011) The entities offering credit to SMEs and having a website should post information on this type of financing. This requirement has to be complied with within 10 business days from the issue date of this Communication.
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The entities without a webpage or which do not offer credit to SMEs had to send an e-mail to the BCRA within the term indicated above informing the inapplicability of this Communication. Communication "A" 5220. CAMEX - 1 - 671. (August 30, 2011) The BCRA extended for 180 successive days as from September 1, 2011 (formerly effective until August 31, 2011) the provision allowing access to the local exchange market to make deposits abroad, where foreign currency is purchased by legal persons residing in the country other than entities authorized to operate in the exchange market, for the subsequent application to a specific purpose, provided certain conditions are met. Furthermore, it extended for 180 successive days effective September 1, 2011 (formerly effective until August 31, 2011) the provision allowing access to the local exchange market where foreign currency is purchased by companies residing in the country, subject to no amount limitation, in order to perform direct investments abroad in the production of goods and provision of non-financial services, without any requirement of further specific application, provided certain conditions established in this Circular are met. Communication "A" 5222. CONAU - 1 - 954. (September 6, 2011) The BCRA published the External Auditor Special Report form to be submitted quarterly to the ANSES by entities that hold assets of the Guarantee Fund for the Sustainability of the Argentine Integrated Retirement System (FGS) under custody, where such assets exceed five times the adjusted stockholders equity at the end of each reporting period. Filing of the cited report should take place within 45 days following each quarter end. Communication "A" 5224. SINAP - 1 - 28. (September 9, 2011) The amount of truncated checks without image available. As from September 30, 2011, check depositary entities have to retain documents and transfer the relevant electronic information to the Clearing House for amounts less than or equal to ARS 10,000 (ten thousand pesos). For checks in excess of that amount, depositary entities have to retain the documents and transfer, in addition to the electronic record, the front and back images of the check. Also, the depositary entities, regardless of the amount, have to send the front and back image of all the other documents subject to clearing. Communication "B" 10174. (September 9, 2011) The Central Bank held the eighth auction of funds for general purpose loans intended to finance the productive sector on September 6, 2011, for a total disbursable amount of ARS 300 million, under the Productive Financing Program.
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Press release 49925. (September 16, 2011) The result of the Eighth Auction of funds was released. A total amount of ARS 253 million was awarded to four financial entities. The 8 auctions conducted to that date awarded a total of ARS 2,916.50 million among 12 entities. Communication "A" 5225. CAMEX - 1 - 672. (September 12, 2011) Effective September 13, 2011, the rules set forth by Communication "A" 4443 and supplementary rules were modified in respect of advance revenues and export pre-financing. In this regard, it clarified that as of the settlement date of pre-financing proceeds, the exporter should not delay in relevant shipments within the established terms (there was no indication as to the specific items this requirement applied to, so it would also apply to export advance payments). Communication "A" 5226. OPRAC - 1 - 658. (September 16, 2011) The Central Bank restated the individual loan limit for micro-entrepreneurs. The principal owed by any client at any time should not exceed ARS 30,000 (formerly ARS 15,000). Communication "A" 5227. CONAU - 1 - 955. (September 23, 2011) An item was added into Section B "General Exchange Position" of the "Exchange Transaction Reporting Regime", related to daily negotiations and expirations of foreign currency forward transactions, for USD equivalent, conducted and cash settled in the country in local currency. The incorporation of this information did not modify the definition, or the limits, or the manner to calculate the General Exchange Position. As for the "Forward Transactions" Reporting Regime, trades should be reported by aggregating the transactions conducted each day which share the requested attributes; tax identification and denomination of the counterparty to the transaction were added as attributes. The amendments to the Exchange Transaction Reporting Regime came into effect for information released as from October 11, 2011, and the Term Transaction Reporting Regime became effective for the information corresponding to the second statistical week of October.
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Communication "A" 5230. SINAP - 1 - 29. (September 26, 2011) In furtherance of the "Know your client" policy, the BCRA recommended that special precautions be adopted prior to conducting a transfer in order to continue to pursue the computer fraud mitigation risk policy. It also recommended that mechanisms be in place to strengthen the authentication of transferors and transferees and to follow up on transactions in order to detect identity alterations and unusual behavior, with even greater emphasis where an entity decides to increase the amounts for immediate transfers. Additionally, it allowed entities to adopt, under its own responsibility, the following courses of action:
 Deferral of the effective transfer (debits and/or credits) where the transaction is
found to be inconsistent with the security parameters adopted by the entity: until 06:00 p.m., at the latest, of the same day, for transfers ordered before 01:00 p.m.; or until 01:00 p.m. of the following business day for transfers ordered after 01:00 p.m. Within the times specified above the entity shall proceed to conduct or reject the transfer, depending on the outcome of such evaluation.
 The reversal of debits and/or credits where the inconsistency of the transaction
with respect to the above cited parameters is detected after effecting the relevant debit and/or credit.
Communication "B" 10185. (September 26, 2011) Based on the information corresponding to January 1, 2012, the daily task SISCEN-0001 "Interbank interest rate" will be discontinued. As a consequence, the BAIBOR rate for all terms will no longer be published as from such date. Communication "B" 10189. (October 3, 2011) The Eighth Auction of Funds -this time with provincial resources- was held on October 12, 2011 under the Credit Program for Production and Employment Promotion in San Juan province. Communication "A" 5231. OPASI - 2 - 431. (October 18, 2011) Pursuant to Act 26,704, the BCRA modified the rules applicable to payroll accounts, effective October 20, 2011. The social security accounts were created with the same characteristics as the payroll accounts, which will be denominated in pesos and opened at the branch or office of the
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paying financial entity in which the beneficiary receives its pay. Should the beneficiary receive more than one benefit at the same paying entity, a single account must be opened. With relation to the withdrawals of funds from payroll and social security accounts, it was established that in order to allow full withdrawal of the account balance through the automatic tellers, the financial entities may contemplate, with no cost to the worker or beneficiary, rounding up of the payable amount, advancing funds for up to ARS 49.99 as per the money available at the automatic tellers, and discounting this amount from the following pay credited to the account. Furthermore, the obligation was established for financial entities to provide, as from January 2, 2012, free of charge, at the entity's automatic tellers, the certificates of liquidation of social security benefits credited in the last twelve months. Furthermore, the provisions on the special savings account created to pay the Universal Allowance per Child were modified in order that the same be used to pay any of the social aid plans or programs implemented by the National Government and the different provinces. Importantly, the rule increases the activity free of charge conducted in these accounts to all transactions performed through the automatic tellers of any entity in the country, and adds the possibility to withdraw cash over the counter at the depositary entity without any limits on the amount or the number of withdrawals when it is conducted at the account holding branch. Additionally, effective January 2, 2012, the obligation is established that each entity’s automatic tellers should inform the effective date of the following payment of the universal allowance per child as indicated by the ANSES. Communication "A" 5233. CAMEX - 1 - 673. (October 24, 2011) Some provisions were established relative to the follow up of the obligation to convert export proceeds into local currency as from October 25, 2011. Communication "B" 10209. (October 24, 2011) The Central Bank introduced a number of amendments to the regulations announced through Communication "B" 9911 regarding the BCRA Advance Scheme which provides resources to financial entities to be used for financing the productive sector. As for the crediting of funds, financial entities shall have an additional term of up to 360 successive days to make any relevant disbursements (the term was originally 180 days) whenever, given the particulars of a project, there remain any outstanding stages for the crediting of the relevant funds. The paragraph on Global Amortization Schedules was modified. In the case of loans with successive disbursements requested within the term of 180 running days calculated from the
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business day following notice of the results of each auction and/or the additional term of 360 successive days (previously 180 days), the different payment schedules of each stage shall maintain the expiration dates reported -in the relevant part- in the first global schedule. Lastly, it established that in the case of a shared loan, the first request for funds made by any one of the participating financial entities shall proceed upon submission by all of them of the Affidavit provided for in Exhibit IX of Communication "B" 9911. Communication "A" 5235. CAMEX - 1 - 674. (October 28, 2011) It issued the measures related to the follow-up mechanism of the obligation to trade foreign currency export proceeds as per the provisions in the Executive Order 1722/11. In this regard, Communications "A" 3971, "A" 3978, as supplemented, were repealed - for exports of goods related to mining and hydrocarbon undertakings formalized as from October 26, 2011. For transactions formalized on or before October 25, 2011, the entities in charge of following them up may consider the obligation to convert foreign currency proceeds into local currency duly met under the terms of Communications "A" 3971, "A" 3978 as supplemented, only on condition that reliable evidence is provided to support actual collection of the relevant shipment on or before October 25, 2011. Communication "A" 5236. CAMEX - 1 - 675. (October 28, 2011) It issued a series of provisions effective October 28, 2011 relative to external asset accumulation by residents. Among the measures adopted, the BCRA tightened the requirements already applicable to the buyers of external assets in excess of USD 250,000 over one calendar year; such requirements intend to demonstrate that the funds applied to the purchase are supported both from the tax and financial points of view. It further specified the requirements for non-business legal persons to have access to the local FX market, making it clear that civil code partnerships not filed with any mandatory non-tax public registry cannot access the local FX market without prior authorization of the BCRA. Communication "A" 5237. CAMEX - 1 - 676. (October 28, 2011) Effective October 28, 2011, it issued the provisions relative to access to the local exchange market for: repatriation of direct investments in the country under various types of arrangements; transfer of investment rights among residents abroad; direct investments in the country for acquisitions of local assets by nonresidents from foreign companies which are directly or indirectly owned by Argentine residents; and repatriation operations of direct 88
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investments which are subject to the established requirements and cannot demonstrate compliance as of the date of access to the local exchange market. Communication "A" 5238. CIRMO - 3 - 44. (October 28, 2011) It was established that, during November 2011, financial entities - upon prior authorization of the BCRA, may surrender damaged bills of ARS 2, ARS 5, ARS 10 and ARS 20 denominations and keep them under their custody in their respective vaults in the city of Buenos Aires on behalf and account of the BCRA until the monetary authority orders the transfer of such bills to the Central Treasury. The amount corresponding to the damaged bills surrendered by financial entities to the BCRA shall be credited to the financial entities’ corresponding current accounts. To such end, for purposes of identifying each set of bills under custody of financial entities, the latter shall follow a clear relation between the information on the bills surrendered, which are to be assigned a sequential order number, and the lots of bills included in such set, which should be kept under certain conditions established by the relevant regulation. Communication "A" 5239. CAMEX - 1 - 677. (October 28, 2011) A regulation was issued for the implementation of General Ruling 3210/11 by the AFIP, related to the FX Transactions Validation Scheme (known as COC in Spanish) effective October 31, 2011. It was established that, as from October 31, 2011, financial entities should consult and record all FX sale transactions made by their clients subject to the COC Scheme implemented by the Federal Revenue Administration (AFIP), whose system will indicate whether the transaction is "Validated" or "Inconsistent". International organizations, official export credit agencies, diplomatic and consular authorities registered in the country, or local governments shall not be subject to this Scheme. Sales of foreign currency for external asset formation by residents without obligation to apply them later for specific purposes should also be validated by the AFIP. Communication "A" 5240. CAMEX - 1 - 678. (October 31, 2011) Effective November 1, 2011, the validation requirement established by the FX Transaction Validation Scheme implemented by the AFIP through General Ruling 3210/11 was exempted for transactions carried out by individuals within 15 running days as from October 31, 2011 for purposes of applying the proceeds of mortgage loans in local currency granted by local financial entities for the purchase of a home, and insofar as the amount acquired is applied simultaneously to payment of home being financed with the loan.
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Communication "A" 5241. CAMEX - 1 - 679. (October 31, 2011) Effective November 1, 2011 a number of rules were put in place that govern FX transactions for tourism and trips by nonresidents. CommuniquĂŠ "A" 5242. CAMEX - 1 - 680. (November 1, 2011) The regulatory entity provided a thirty (30) day exemption from FX transaction controls established by the AFIP applicable to the proceeds of pension entitlements collected abroad. CommuniquĂŠ "C" 59839 (November 4, 2011) In view of the inconveniences that still remained for payment of certain benefits/entitlements being disputed in court-mainly benefits payable by the National Social Security Administration and the Ministry of Social Development- via direct crediting to bank accounts, the Central Bank reestablished the "Operations DK6 - Judicial Payments" for a term of 90 days as from November 7, 2011, in order to make the corresponding transfers. Furthermore, the rule established that financial entities should put in place, as soon as possible, all necessary means to open accounts with the corresponding CBU so as to facilitate payment to beneficiaries via credit to their respective accounts. Communication "A" 5244. CAMEX - 1 - 681. (November 10, 2011) Effective November 11, 2011, new regulations superseded Communication A 4970 as regards application of FX proceeds of goods and service exports to the service of principal and interest of new financial debt. Communication "A" 5245. CAMEX - 1 - 682. (November 11, 2011) The Central Bank consolidated in one same text the various Communications issued in order to implement the FX Transaction Control Scheme established by AFIP under General Ruling 3210/11. This new consolidated text clarified that all FX transactions should be validated and recorded in the COC Scheme, with some exceptions listed in which the validation requirement shall not apply. Communication "A" 5246. REMON - 1 - 867. (November 11, 2011) Effective November 1, 2011, the daily minimum cash contribution in FX was modified.
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Communication "B" 10224 (November 11, 2011) and Press Release 49953. (November 21, 2011) The BCRA informed that the Ninth Auction of funds for general purpose loans was held on November 18, 2011 under the BCRA Advance Scheme which provides resources to financial entities to be used for financing the productive sector. A total amount of ARS 498.4 million was awarded to three financial entities out of a ARS 550 million total offer. The 9 auctions conducted during the year awarded a total sum of ARS 3,414.90 million among 13 financial entities. Communication "A" 5248. CREFI - 2 - 75 y RUNOR - 1 - 976. (November 14, 2011) Various regulations were consolidated in one text in order to include as part of track records to directors, managers and financial entities as well as representatives of foreign financial institutions the verification that they have not been convicted of money laundering and/or the financing of terrorism. It also includes the obligation to verify they are not included in lists of terrorists prepared by the UN Security Council. Communication "A" 5249. CAMEX - 1 - 683. (November 14, 2011) As part of the FX Transactions Validation Scheme (General Ruling AFIP 3210/11) the exemption established for local currency mortgage loans was extended as from November 15, 2011, until an information system is implemented for local financial entities to inform the AFIP of any extension of housing mortgage loans. Communication "A" 5254. CAMEX - 1 - 684. (November 17, 2011) Effective November 8,, 2011, the Central Bank established that conversion of FX proceeds through the Single Free Exchange Market made by insurance companies for purposes of complying with Ruling 36.162/11 of the Superintendencia de Seguro de la Naci贸n (Argentine Insurance Commission) would not be taken into consideration in computing the 2,000,000 USD limitation per calendar month set forth under section 1.b. of Communication A 4377. Communication "A" 5256. CAMEX - 1 - 685. (November 29, 2011) The exemption of FX controls provided by the AFIP through General Ruling 3210/2011 applicable to FX proceeds of pension entitlements/benefits collected abroad was extended from November 30, 2011 through December 30, 2011.
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Communication "B" 10226 (November 14, 2011) It set forth the operational rules to be complied with in surrendering and holding under custody damaged bills, pursuant to the provisions of Communication "A" 5238. Communication "B" 10231 (November 18, 2011) It informed the technical aspects applicable the Messaging Scheme for Reporting Excess Pesos and Surrendering Damaged Bills under Custody. It detailed effective dates, registry design, technical specifications and errors reported by the system and the template of documents of the new application. Amendments came into force effective November 18, 2011. Communication "A" 5258. CIRMO - 3 - 45. (December 7, 2011) The Central Bank announced that it would print the ARS 2 denominated coin in commemoration of the two-hundredth anniversary of the May Revolution. Communication "B" 10246 and Press Release 49967. (December 13, 2011) The BCRA called the Tenth Auction of funds for general purpose loans to be held on December 16, 2011, under the BCRA Advance Scheme which provides resources to financial entities to be used for financing the productive sector. The total of ARS 740 million was auctioned, and ARS 700 million (or 95%) were awarded only to one financial entity. The 10 auctions conducted during the year awarded a total sum of ARS 4,114.90 million among 13 financial entities. Communication "B" 10248. (December 15, 2011) Due to Christmas and New Year Eve, the Central Bank established that on December 23 and 30, 2011, banks will operate until 3 pm, and December 26 and January 2, 2012 would be bank holiday. Communication "B" 10255 (December 22, 2011) Financial entities were advised to post in the cash sector of all of their branches an information poster describing the characteristics of ARS 2, which shall be no less than 21 cm wide x 29.7 cm height.
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Communication "A" 5259. OPRAC - 1 - 662 and LISOL - 1 - 543. (December 27, 2011) Pursuant to the provisions on non-financial public sector financing, the BCRA decided not to impose limitations on financial entitites buying Municipal Treasury Bills to be issued by the Municipality of R铆o Cuarto, province of C贸rdoba, in the amount of USD 12,000,000, provided they do not exceed the maximum limits applicable to credit aids to the nonfinancial public sector. Communication "C" 60197 (December 27, 2011) The Central Bank announced bank holidays during 2012. Communication "A" 5260. CAMEX - 1 - 686. (December 28, 2011) The exemption of FX transaction controls established by the AFIP was extended as from January 3, 2012, until all specific arrangements are in place, as determined by the Federal Revenue Administration (AFIP), for the FX pensions collected abroad. Communication "A" 5261. CAMEX - 1 - 687. (December 29, 2011) The BCRA established that as from January 1, 2012, the sale of foreign currency to clients for "tourism and recreational purposes" shall be subject to prior authorization pursuant to the FX Transaction Validation Scheme implemented by AFIP. Such validation shall not be required when the sale of foreign currency pertains to: Transfers abroad to pay for purchases made by credit card or funds withdrawn from ATMs abroad via debited to local accounts, sales to nonresidents contemplated in section I of Communication "A" 5241 as supplemented, and sales to tour operators registered as such with AFIP.
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