Jorge H. Brito
Jorge H. Brito
The accompanying Notes 1 through 22 and exhibits A through L,
N, O and the consolidated financial statements are an integral part of these financial statements.
Jorge H. Brito
Jorge H. Brito
The accompanying Notes 1 through 22 and exhibits A through L,
N, O and the consolidated financial statements are an integral part of these financial statements.
Jorge H. Brito
(2) See Note 9. and Exhibit K.
The accompanying Notes 1 through 22 and exhibits A through L,
N, O and the consolidated financial statements are an integral part of these financial statements.
Jorge H. Brito
Jorge H. Brito
The accompanying Notes 1 through 22 and exhibits A through L,
N, O and the consolidated financial statements are an integral part of these financial statements.
Jorge H. Brito
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures
stated in thousands of pesos, except for where indicated)
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1.
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BRIEF HISTORY OF THE BANK
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Macro Compañía
Financiera S.A. was created in 1977 as a non-banking financial institution. In May 1988, it received the authorization to operate
as a commercial bank and it was incorporated as Banco Macro S.A. Subsequently, as a result of the merger process with other entities,
it adopted other names (among them, Banco Macro Bansud S.A.) and since August 2006, Banco Macro S.A. (hereinafter, the Bank).
The Bank´s shares have
been publicly listed on the BCBA (Buenos Aires Stock Exchange) since November 1994, and as from March 24, 2006, they are listed
on the New York Stock Exchange (NYSE).
Since 1994, Banco Macro S.A.’s
market strategy was mainly focused on the regional areas outside the City of Buenos Aires. Following this strategy, in 1996, Banco
Macro S.A. started the process to acquire entities and assets and liabilities during the privatization of provincial and other
banks.
In 2001, 2004, 2006 and 2010,
the Bank acquired the control of Banco Bansud S.A., Nuevo Banco Suquía S.A., Nuevo Banco Bisel S.A. and Banco Privado de
Inversiones S.A. (see Note 2.6.), respectively. Such entities merged with and into Banco Macro S.A. in December 2003, October 2007,
August 2009 and December 2013, respectively. In addition, during fiscal year 2006, Banco Macro S.A. acquired control over Banco
del Tucumán S.A.
The Bank currently offers traditional
bank products and services to companies, including those operating in regional economies, as well as to individuals, thus reinforcing
the Bank's objective to be a multi-services bank.
In addition, the Bank performs
certain transactions through its subsidiaries, Banco del Tucumán S.A., Macro Bank Limited (an entity organized under the
laws of Bahamas), Macro Securities S.A., Macro Fiducia S.A. and Macro Fondos SGFCI S.A.
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2.1.
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Agreement with the Misiones Provincial Government
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The Bank and the Misiones Provincial
Government entered into a special-relationship agreement whereby the Bank was appointed, for a term of five years since January
1, 1996, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.
On November 25, 1999, and December
28, 2006, extensions to such agreement were agreed upon, making it currently effective through December 31, 2019.
As of March 31, 2014 and December
31, 2013, the deposits held by the Misiones Provincial Government with the Bank amounted to 1,494,314 and 1,178,587 (including
72,887 and 62,915 related to court deposits), respectively.
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2.2.
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Agreement with the Salta Provincial Government
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The Bank and the Salta Provincial
Government entered into a special-relationship agreement whereby the Bank was appointed, for a term of ten years as from March
1, 1996, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.
On February 22, 2005, such
agreement was extended through March 1, 2016.
As of March 31, 2014 and December
31, 2013, the deposits held by the Salta Provincial Government with the Bank amounted to 1,294,165 and 1,508,357 (including 229,528
and 200,346 related to court deposits), respectively.
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2.3.
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Agreement with the Jujuy Provincial Government
|
The Bank and the Jujuy Provincial
Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since January 12,
1998, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.
On April 29, 2005, such agreement
was extended through November 4, 2014.
As of March 31, 2014 and December
31, 2013, the deposits held by the Jujuy Provincial Government with the Bank amounted to 1,095,186 and 758,639 (including 114,918
and 103,063 related to court deposits), respectively.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
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2.4.
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Banco del Tucumán S.A.
|
Banco del Tucumán S.
A. entered into special-relationship agreements with the Tucumán Provincial Government and with the Municipality of San
Miguel de Tucumán, appointing it their exclusive financial agent, as well as revenue collection and obligation payment
agent, through 2011 and 2013, respectively.
On June 30, 2010, the service
agreement with the Tucumán Provincial Government was extended through July 8, 2021, while the agreement executed with the
Municipality of San Miguel de Tucumán was automatically extended through July 8, 2018, as set forth in the original agreement.
As of March 31, 2014 and December
31, 2013, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán with
Banco del Tucumán S.A. amounted to 1,868,888 and 1,720,895 (including 523,772 and 502,803 related to court deposits), respectively.
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2.5.
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Uniones Transitorias de Empresas (joint ventures)
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a)
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Banco Macro S.A. - Siemens Itron
Business Services S.A.
|
On April 7, 1998, the Bank
entered into a joint venture agreement with Siemens Itron Business Services S.A., in which each holds a 50% equity interest, whereby
a provincial data processing center would be provided to manage tax-related issues, to modernize tax collection systems and procedures
in the Province of Salta, and to manage and perform the recovery of taxes and municipal assessments payable.
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b)
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Banco Macro Bansud S.A. - Montamat
& Asociados S.R.L.
|
On October 22, 2004, the Bank
entered into a UTE (joint venture) agreement with Montamat & Asociados S.R.L under the name “BMB M&A – Unión
Transitoria de Empresas”, in which each holds a 50% equity interest. The purpose of such agreement is to render audit services
related to oil and gas royalties and fiscal easements in the Province of Salta to optimize tax collection in such province.
Since the purpose for which
the joint venture was established no longer exists, the Executive Committee of the UTE resolved to dissolve and liquidate the
UTE.
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c)
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Banco Macro S.A. – Gestiva
S.A.
|
On May 4, 2010, and August
15, 2012, the Bank and Gestiva S.A. entered into a joint venture under the name “Banco Macro S.A. – Gestiva S.A. –
Unión Transitoria de Empresas” which is jointly controlled and is engaged in providing a comprehensive tax processing
and management system for the Province of Misiones, its administration and collection of taxes thereof. The Bank has a 5% interest
in its capital stock.
As of March 31, 2014 and December
31, 2013, the net assets of such joint ventures recorded and consolidated in the Bank’s financial statements through the
equity method amounted to 15,894 and 12,688, respectively.
Also, as of March 31, 2014
and 2013, net income recorded through the method mentioned in the previous paragraph amounted to 9,016 and 5,947, respectively.
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2.6.
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Legal merger of Banco Privado de Inversiones S.A.
|
On March 7, 2013, the Boards
of Directors of Banco Macro S.A. and Banco Privado de Inversiones S.A entered into a “Preliminary merger agreement",
which established the merger of the latter with and into Banco Macro S.A. retroactively effective since January 1, 2013, based
on the financial statements of the banks as of December 31, 2012.
On June 10, 2013, the special
general shareholders’ meetings of Banco Macro S.A. and Banco Privado de Inversiones S.A., approved the preliminary merger
agreement, the special purpose consolidated merger balance sheet as of December 31, 2012, the shares exchange relationship and
the corresponding increase in capital of the absorbing entity.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
The share exchange relationship
was agreed at 0.106195 of a common share of Banco Macro S.A. per common share of Banco Privado de Inversiones S.A. Therefore,
the minority shareholders of Banco Privado de Inversiones S.A. are entitled to receive 0.106195 shares of Banco Macro S.A. for
each common share they hold in Banco Privado de Inversiones S.A.’s capital stock. Consequently, Banco Macro S.A. will issue
77,860 Class B shares of common stock with a face value of Ps 1.
On July 10, 2013, after the
term within which the Bank’s creditors could file objections elapsed, the "final merger agreement" was signed.
Finally, on December 23, 2013,
the Board of Directors of the Central Bank, through Resolution N° 303, authorized Banco Privado de Inversiones S.A. to merge
with and into Banco Macro S.A. (see also Note 3.2.) and on January 23, 2014, the CNV (Argentine Securities Commission) gave its
approval, which was registered in the Public Registry of Commerce on March 19, 2014. Additionally, on January 23, 2014 the CNV
authorized the public offering of 77,860 shares to be delivered in an exchange relationship to the minority shareholders of former
Banco Privado de Inversiones S.A. As of the date of issuance of these financial statements, the quotation of such shares was pending
approval by the BCBA.
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3.
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SIGNIFICANT ACCOUNTING POLICIES
|
These financial statements,
which are taken from the Bank’s books of account, are stated in thousands of pesos and have been prepared in accordance
with Central Bank rules and the Argentine professional accounting standards effective in the City of Buenos Aires (see Note 5.).
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3.1.
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Consolidated financial statements
|
As required under Central
Bank rules, the Bank presents consolidated financial statements with its subsidiaries Banco del Tucumán S.A., Macro Bank
Limited, Macro Securities S.A., Macro Fiducia S.A. and Macro Fondos SGFCI S.A. as supplementary information.
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3.2.
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Comparative information
|
As required under Central
Bank rules, the balance sheet as of March 31, 2014 and supplementary information, are presented comparatively with those of the
prior fiscal year, while the statements of income, changes in shareholders’ equity and cash flows for the three-month period
ended March 31, 2014, are presented comparatively with data for the same period in the prior fiscal year.
Additionally, as a result
of the merger described in Note 2.6., the Bank’s financial statements and supplementary information as of March 31, 2013,
were restated for comparative purposes, and as a result, we consolidated the stand-alone statements of income, changes in shareholders’
equity and cash flows of Banco Macro S.A. and former Banco Privado de Inversiones S.A., as of March 31, 2013. The merger effects
were not material.
Argentine professional accounting
standards effective in the City of Buenos Aires establish that the financial statements should be stated in constant pesos. The
adjustment methodology and the need to make those adjustments are required by Technical Resolutions (TR) No. 6 and No. 17 issued
by FACPCE (Argentine Federation of Professional Councils in Economic Sciences), which were amended by TR No. 39, issued by the
mentioned Federation on October 4, 2013. These standards establish mainly, the existence of an inflation rate accumulated over
a three-year period reaching or exceeding 100%, considering the domestic wholesale price index of the INDEC (Argentine Institute
of Statistics and Censuses), as a fact that identifies an inflation context that warrants adjusting the financial statements so
that they are stated in constant currency as of the related date.
The Bank’s financial
statements recognize the changes in the peso purchasing power until February 28, 2003, when the adjustments to reflect those changes
were discontinued, as provided by the professional accounting standards effective in the City of Buenos Aires and as required
by Presidential Decree 664/2003, General Resolution No. 4/2003 of the Business Association Regulatory Agency, Central Bank Communiqué
“A” 3,921 and CNV General Resolution No. 441.
However, the interpretation
of the financial statements should consider the fact that, in recent fiscal years, there have been significant changes in the
prices for relevant economic variables, such as salary cost, interest and exchange rates, which do not require such adjustments
according to the abovementioned regulations.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
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3.4.
|
Significant accounting judgments, estimates and assumptions
|
The preparation of financial
statements requires the Bank to make, in certain cases, estimates to determine the book values of assets and liabilities, income,
expenses and contingencies, as well as the disclosure thereof, as of each date of accounting information filing. The Bank´s
records are based on the best estimate regarding the probability of occurrence of different future events and, therefore, the
final amount may differ from such estimates, which may have a positive or negative impact on future fiscal years.
The main valuation methods
used to prepare the accompanying financial statements as of March 31, 2014 and 2013 and December 31, 2013, were as follows:
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a)
|
Assets and
liabilities denominated in foreign currency:
|
The assets and liabilities
denominated in US dollars were valued at Central Bank benchmark US dollar exchange rate effective as of the closing date of transactions
on the last respective business day. Additionally, assets and liabilities denominated in other foreign currencies were translated
at the exchange rate communicated by the Central Bank´s dealing room. Foreign exchange differences were recorded in the
related statements of income.
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b)
|
Government
and private securities:
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b.1)
|
Government securities - Holdings
booked at market value:
|
They were valued at the quoted
prices or present values reported by the Central Bank, as the case may be. Differences in quoted prices and present values were
recorded in the related statements of income.
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b.2)
|
Government securities - Holdings
booked at amortized cost:
|
As set forth in Central Bank
Communiqué “A” 5180, as supplemented, they were valued at acquisition cost increased by the accrued internal
rate of return, net of the related offset account, also compared with the present values calculated by the Bank. The acquisition
value previously mentioned is related to the present value of each security at acquisition date.
As required under Central Bank
Communiqué “A” 5506, BAADEs (Argentine saving bonds for the economy development) were valued at acquisition
cost increased by the accrued internal rate of return.
As of March 31, 2014 and December
31, 2013, the present value calculated by the Bank for these securities amounted to 431,047 and 254,767, respectively.
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b.3)
|
Listed Instruments issued by
the Central Bank – Holdings booked at market value:
|
They were valued at the quoted
price as of the last respective business day. Differences in quoted prices were recorded in the related statements of income.
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b.4)
|
Instruments issued by the Central
Bank – Holdings booked at amortized cost:
|
Holdings with no volatility published
by the Central Bank were valued at acquisition cost plus accrued interest, exponentially applying the internal rate of return
as per their issuance terms and conditions. The accruals of the internal rate of return mentioned above were recorded in the related
statements of income.
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c)
|
Guaranteed
loans – Presidential Decree No. 1387/2001:
|
As set forth in Central Bank
Communiqués “A” 4898, “A” 5180, as supplemented, the guaranteed loans issued by the Argentine Government
under Presidential Decree No. 1387/01 were valued at the specific acquisition value of each security, increased by accrued income
including the benchmark stabilization coefficient (CER), net of the related offset account, compared in turn with the present
values reported by the Central Bank.
As of March 31, 2014 and December
31, 2013, the present value reported by the Central Bank for these securities amounted to 395,362 and 300,386, respectively.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
Interest has been accrued according
to a compound interest formula in the period in which it was generated, except interest on transactions in foreign currency and
those whose maturity does not exceed 92 days, on which interest has been accrued according to a simple interest formula.
The Bank suspends the interest
accrual whenever loan payments are not settled (generally, after 90 days) or when the recoverability of the collection of principal
or interest accrued is doubtful. Accrued interest is considered part of the loan balance when determining the allowances for loan
losses. Afterwards, interest is only recognized on a cash basis.
Receivables and payables have
been indexed by the CER, wherever applicable, as follows:
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|
e.1)
|
Guaranteed loans: as explained
in Note 3.5.c).
|
|
|
e.2)
|
Deposits and other assets and
liabilities: the CER as of the last respective business day was applied.
|
|
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f)
|
Allowance
for loan losses and provision for contingent commitments:
|
These provisions have been
calculated based on the estimated uncollectibility risk of the Bank's credit portfolio, which, among other factors, results from
the evaluation of the degree of debtors compliance and the guarantee/security supporting the respective transactions, considering
Central Bank Communiqué “A” 2950, as supplemented, and the Bank’s provisioning policies.
When loans covered by specific
allowances are settled or generate a reversal of the allowances recorded in the current period, and in cases where the allowances
set in prior years exceed what is considered necessary, the excess allowance is reversed with effects on income for the current
period.
The recovery of receivables
previously classified under “Debit-balance control memorandum accounts - Receivables classified as irrecoverable”
are recorded directly in the related statements of income.
The Bank assesses the credit
risk related to possible commitments and determines the appropriate amount of allowances to be recorded. The allowances related
to amounts recorded in memorandum accounts, contingent commitments, are included under “Provisions”.
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g)
|
Other receivables
from financial intermediation and Other liabilities from financial intermediation:
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|
g.1)
|
Amounts receivable from spot
and forward sales pending settlement and amounts payable for spot and forward purchases
pending settlement:
|
They were valued based on
the prices agreed upon for each transaction, plus related premiums accrued.
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|
g.2)
|
Securities and foreign currency
to be received for spot and forward purchases pending settlement and to be delivered
for spot and forward sales pending settlement:
|
|
|
i.
|
With volatility (active market):
they were valued at the effective quoted prices for each of them at the last respective
business day. Differences in quoted prices were recorded in the related statements of
income.
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|
ii.
|
Without volatility (without
active market): they were valued at their cost value increased exponentially by their
internal rate of return. Such accruals were recorded in the related statements of income.
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g.3)
|
Debt securities and certificates
of participation in financial trusts:
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|
i.
|
Debt securities: they were valued
as provided by Central Bank Communiqué “A” 4414, at their cost value,
increased exponentially by their internal rate of return, translated into pesos according
to the method described in Note 3.5.a), as the case may be.
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NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
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ii.
|
Other certificates of participation:
they were stated at cost or face value increased as the case may be, by interest accrued
until the last respective business day, translated into Argentine pesos according to
the method described in Note 3.5.a), as appropriate.
|
The values recorded, net of allowances,
do not exceed the recoverable values from the respective trusts.
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g.4)
|
Unlisted corporate bonds purchased:
|
They were valued by the accrual
method based on their internal rate of return, as provided by Central Bank Communiqué "A" 4414 and supplementary
regulations. Such accruals were recorded in the related statements of income.
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g.5)
|
Non subordinated corporate bonds
issued:
|
They were valued at the amount
due for principal and interest accrued, translated into pesos pursuant to the method described in Note 3.5.a). Such accruals were
recorded in the related statements of income.
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h)
|
Receivables from
financial leases:
|
In accordance with Central
Bank Communiqué “A” 5047, as supplemented, they were valued according to the discounted value of the sum of
minimum installments pending collection (excluding any contingent installments), from the previously agreed residual value and
the purchase options, for the financial lease agreements in which the Bank acts as lessor. The discounted value is calculated
by applying the imputed interest rate of each lease agreement.
The effective financial lease
agreements do not represent significant amounts with respect to the total financing granted by the Bank. Additionally, their characteristics
are among the usual ones for this kind of transactions, and there are no differentiating issues of any kind compared with the
transactions agreed on the Argentine financial market. These transactions are distributed among the Bank’s customers, and
there are no pre-established contingent installments or automatic renewal clauses.
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i)
|
Investments
in other companies:
|
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|
i.1)
|
In controlled financial institutions,
supplementary and authorized activities: they were valued by the equity method.
|
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|
i.2)
|
In non-controlled financial
institutions, supplementary and authorized activities:
|
|
|
i.
|
In pesos: they were valued at acquisition
cost, plus the nominal value of share-dividends received, restated as explained in Note
3.3., as the case may be.
|
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|
ii.
|
In foreign currency: they were
valued at the acquisition cost in foreign currency, plus the nominal value of share-dividends
received, translated into pesos in accordance with the criterion stated in Note 1.3.
to the consolidated financial statements.
|
Such net values do not exceed
the values calculated by the equity method on the basis of the latest financial statements published by the companies.
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i.3)
|
In other non-controlled companies:
they were valued at acquisition cost, plus the nominal value of share-dividends received,
restated as described in Note 3.3., as the case may be, net of allowances for impairment
in value. Such net values do not exceed the values calculated by the equity method on
the basis of the latest financial statements published by the companies.
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j)
|
Bank premises
and equipment, other assets and intangible assets:
|
They were valued at their acquisition
cost, restated as explained in Note 3.3., less the related accumulated depreciation and amortization, calculated based on their
estimated useful life using the straight line method.
|
|
k)
|
Valuation
of derivatives:
|
|
|
k.1)
|
Interest rate swap: this included
the equivalent in pesos of the notional value in relation to which the Bank agreed to
charge or pay a spread between fixed and variable rates.
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
k.2)
|
Forward transactions without
delivery of underlying asset: they were valued at the quoted price of the underlying
assets upon maturity, as of the last respective business day. Differences in quoted prices
were recorded in the related statements of income.
|
|
|
k.3)
|
Put options taken: valued at
the agreed-upon exercise price.
|
See also Note 11.
The Bank charges these payments
directly to expenses.
|
|
m)
|
Provisions
included in liabilities:
|
The Bank carries certain contingent
liabilities related to current or future claims, lawsuits and other proceedings, including those related to labor and other obligations.
Liabilities are recorded when it is probable that future costs will be incurred and whenever such costs may be reasonably estimated.
|
|
n)
|
Subordinated
corporate bonds:
|
They were valued at the amount
due for principal and interest accrued, translated into pesos pursuant to the method described in Note 3.5.a). Such accruals were
recorded in the related statements of income.
|
|
o)
|
Shareholders’
equity accounts:
|
They are restated as explained
in Note 3.3., except for the "Capital stock" account which has been kept at its original value. The adjustment resulting
from its restatement as explained in such note was included in the "Adjustments to shareholders’ equity" account.
|
|
p)
|
Statement-of-income
accounts:
|
|
|
p.1)
|
The accounts comprising monetary
transactions (financial income (expense), service-charge income (expense), provision
for loan losses, administrative expenses, among others) were computed at their historical
amounts on a monthly accrual basis.
|
|
|
p.2)
|
The accounts reflecting the
effects on income from the sale, retirement or consumption of non-monetary assets were
computed on the basis of the amounts of such assets, which were restated as mentioned
in Note 3.3.
|
|
|
p.3)
|
The income (loss) from equity
interests in subsidiaries were computed on the basis of such companies’ income
(loss).
|
|
|
3.6.
|
Statement of cash flows and cash equivalents
|
The Bank considers “cash
and cash equivalents” to include the following accounts: Cash and Government and private securities which mature less than
90 days from their date of acquisition. Below is a breakdown of the reconciliation of the “Cash” item on the Statement
of cash flows with the related balance sheet accounts:
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
03/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
7,709,249
|
|
|
|
11,236,860
|
|
|
|
7,961,589
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government and private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at market value
|
|
|
15,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Instruments issued by the Central Bank
|
|
|
2,009,247
|
|
|
|
12,980
|
|
|
|
1,120,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
9,732,376
|
|
|
|
11,249,840
|
|
|
|
9,082,167
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
4.
|
INCOME TAX AND MINIMUM PRESUMED
INCOME TAX
|
The Bank calculates income
tax by applying the effective 35% rate to the estimated taxable income for each period, without considering the effect of temporary
differences between book and taxable income.
In 1998, Law No. 25,063 established
minimum presumed income tax for a ten-year term. At present, after subsequent extensions, such tax is effective through December
30, 2019. This tax is supplementary to income tax, while the latter is levied on the taxable income for the year, minimum presumed
income tax is a minimum levy assessment by applying 1% over 20% of certain assets as provided by the law for financial institutions.
Therefore, the Bank’s tax obligation for each year will be equal to the higher of these taxes. However, if minimum presumed
income tax exceeds income tax in a given tax year, such excess may be computed as a payment on account of any income tax in excess
of minimum presumed income tax that may occur in any of the following ten years, once accumulated net operating losses (NOLs)
have been used.
As March 31, 2014 and 2013,
the Bank estimated an income tax charge of 644,000 and 263,000, respectively; hence, no minimum presumed income tax should be
assessed for the three-month periods ended on such dates.
Additionally, as of March 31,
2014, the Bank made income tax prepayments for 739,909 for the 2013 fiscal year, which will be applied to the tax amount assessed
in the 2013 tax return.
Finally, and as a result of
the merger of former Banco Privado de Inversiones S.A. with and into the Bank, the Bank carries 3,460 in “Other receivables”
in connection with a minimum presumed income tax credit and prepayments for 132, which will be used by the Bank to pay income
tax for fiscal 2013.
|
|
5.
|
DIFFERENCES BETWEEN CENTRAL
BANK RULES AND THE ARGENTINE PROFESSIONAL ACCOUNTING STANDARDS EFFECTIVE IN THE CITY
OF BUENOS AIRES
|
Argentine professional accounting
standards effective in the City of Buenos Aires differ, in certain valuation and disclosure aspects, from Central Bank accounting
standards. The differences between those standards, which the Bank identified and deemed material to these financial statements,
are as follows:
The main items with differences
in valuation matters as of March 31, 2014 and December 31, 2013 are as follows:
|
|
|
Adjustments under professional accounting standards
|
|
|
|
|
Stand-alone financial statements
|
|
|
Consolidated financial statements
|
|
|
|
|
to equity
|
|
|
to total
income /
(loss) (1)
|
|
|
to equity
|
|
|
to total
income /
(loss) (1)
|
|
|
Item
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
03/31/2014
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
03/31/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government securities and assistance to the government sector (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government securities - Holdings booked at amortized cost
|
|
|
(1,465
|
)
|
|
|
34,828
|
|
|
|
(36,293
|
)
|
|
|
(331
|
)
|
|
|
35,162
|
|
|
|
(35,493
|
)
|
|
Instruments issued by the Central Bank and booked at amortized cost
|
|
|
12,331
|
|
|
|
41
|
|
|
|
12,290
|
|
|
|
12,331
|
|
|
|
41
|
|
|
|
12,290
|
|
|
Guaranteed loans – Presidential Decree No. 1,387/01
|
|
|
(11,305
|
)
|
|
|
(13,614
|
)
|
|
|
2,309
|
|
|
|
(11,305
|
)
|
|
|
(13,614
|
)
|
|
|
2,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business combinations (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of Nuevo Banco Bisel S.A.
|
|
|
(90,244
|
)
|
|
|
(92,636
|
)
|
|
|
2,392
|
|
|
|
(90,244
|
)
|
|
|
(92,636
|
)
|
|
|
2,392
|
|
|
Other
|
|
|
(56,887
|
)
|
|
|
(58,060
|
)
|
|
|
1,173
|
|
|
|
(56,887
|
)
|
|
|
(58,060
|
)
|
|
|
1,173
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
|
Adjustments under professional accounting standards
|
|
|
|
|
Stand-alone financial statements
|
|
|
Consolidated financial statements
|
|
|
|
|
to equity
|
|
|
to total
income /
(loss) (1)
|
|
|
to equity
|
|
|
to total
income /
(loss) (1)
|
|
|
Item (contd.)
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
03/31/2014
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
03/31/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interests in other companies (c)
|
|
|
28,807
|
|
|
|
25,012
|
|
|
|
3,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred assets – Income tax (d)
|
|
|
167,080
|
|
|
|
92,016
|
|
|
|
75,064
|
|
|
|
194,753
|
|
|
|
116,694
|
|
|
|
78,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets (e)
|
|
|
1,958
|
|
|
|
1,717
|
|
|
|
241
|
|
|
|
1,958
|
|
|
|
1,717
|
|
|
|
241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities – Provisions (f)
|
|
|
(86,917
|
)
|
|
|
(67,994
|
)
|
|
|
(18,923
|
)
|
|
|
(86,917
|
)
|
|
|
(67,994
|
)
|
|
|
(18,923
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
(36,642
|
)
|
|
|
(78,690
|
)
|
|
|
42,048
|
|
|
|
(36,642
|
)
|
|
|
(78,690
|
)
|
|
|
42,048
|
|
|
|
(1)
|
Additionally, according to the
Argentine professional accounting standards effective in the City of Buenos Aires, individual
and consolidated income for the three-month period ended March 31, 2013, would have increased
by 52,676.
|
|
|
(a)
|
Holdings of government securities,
instruments issued by the Central Bank and credit assistance to the nonfinancial government
sector: these holdings and financing are valued based on the specific regulations and
standards issued by the Argentine government and the Central Bank, which set forth, among
other issues, the use of present values, technical values and offset accounts, as explained
in Notes 3.5.b.2), 3.5.b.4) and 3.5.c). Pursuant to the Argentine professional accounting
standards effective in the City of Buenos Aires, the securities, instruments and assistance
mentioned in those notes should be stated at their market and/or present values, as the
case may be. In addition, current Central Bank regulations establish that financing to
the nonfinancial government sector is not subject to loan-loss provisioning, whereas
the Argentine professional accounting standards effective in the City of Buenos Aires
require that assets in general to be compared with their recoverable value every time
financial statements are prepared.
|
|
|
(b)
|
Business combinations: under
the standards set forth by Central Bank, business acquisitions are recorded according
to the book values of the acquired company and, if the purchase price exceeds the book
value, the excess amount is recorded in the acquiring company´s books as a positive
goodwill. On the other hand, if the purchase price is lower than book value, the difference
is recorded in the acquiring company´s books as a negative goodwill. If the goodwill
is positive, Central Bank standards establish that such goodwill should be amortized
under the straight-line method based on an estimated useful life of ten years. If the
goodwill is negative, Central Bank Communiqué “A” 3984 establishes
specific amortization methods; the maximum amortization allowed per year is 20%.
|
According to the Argentine
professional accounting standards effective in the City of Buenos Aires, business combinations are recorded based on the market
values of the acquired company’s identifiable net assets and the difference between the purchase price and the identifiable
net asset measurement value is recorded as either a positive or a negative goodwill, as the case may be. If a positive goodwill
is recognized, this goodwill will be amortized systematically over the estimated useful life, unless it has an indefinite useful
life considering the estimates made by the Bank´s Management, in which case it shall not be amortized, but compared with
its recoverable value as of each year-end. If a negative goodwill is recognized due to expected losses or future expenses of the
acquired entity and which should not have been recorded as liabilities as of the acquisition date, it will either be charged to
the statement of income according to the change in specific circumstances that gave rise to it or systematically, taking into
account an average weighted useful life of the acquired entity’s assets subject to depreciation and amortization.
|
|
(c)
|
Subsidiary Banco del Tucumán
S.A. prepares its financial statements in conformity with Central Bank rules which differ
from the Argentine professional accounting standards effective in the City of Buenos
Aires.
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
(d)
|
Income tax: The Bank and its
subsidiaries determine income tax applying the effective rate to the estimated taxable
income, without considering the effect of the temporary differences between book and
taxable income. According to the Argentine professional accounting standards effective
in the City of Buenos Aires, income tax should be booked following the deferred tax method,
according to which (i) in addition to the current tax payable, either an asset (if certain
conditions are met) or a liability is recognized for deferred taxes related to the tax
effect of the temporary differences between the book and tax valuation of assets and
liabilities, and (ii) a tax expense (income) is recognized in relation to the portion
involving the current tax expense (income) as well as the one involving the deferred
tax expense (income), resulting from the creation and reversal of the abovementioned
temporary differences in the year. Under Argentine professional accounting standards
effective in the City of Buenos Aires, a deferred tax asset is recognized when there
are unused NOLs or tax credits that can be deducted from future taxable income, provided
they are likely.
|
|
|
(e)
|
The Bank recorded interest
rate swap agreements under memorandum accounts in conformity with Central Bank accounting
standards. According to the Argentine professional accounting standards effective in
the City of Buenos Aires, the measurement of derivative financial instruments should
be made at their net realizable value if they have quoted prices, or lacking this, using
mathematical models that are appropriate in relation to the instrument’s characteristics
and using variables that can be verified.
|
|
|
(f)
|
The Bank books the effects
of the Argentine Supreme Court rulings dated December 27, 2006, and August 28, 2007,
upon payment of such precautionary measures, in conformity with Central Bank indications
in the notice dated August 4, 2008. According to the Argentine professional accounting
standards effective in the City of Buenos Aires, the Bank should have recorded a liability
related to this item.
|
|
|
5.2.
|
Disclosure standards
|
|
|
a)
|
The Bank did not classify its
assets and liabilities as current or noncurrent based on the time they are expected to
be turned into cash or cash equivalents or on the time when the latter become due and
payable, as required by the Argentine professional accounting standards effective in
the City of Buenos Aires.
|
|
|
b)
|
There are differences between
the cash flow information disclosed and the requirements established by the Argentine
professional accounting standard effective in the City of Buenos Aires such as the lack
of segregation of the interest earned and paid by the Bank, considering that this statement
is prepared according to specific standards applicable to financial institutions.
|
|
|
c)
|
There are differences between
the disclosure required by the Argentine professional accounting standards in the City
of Buenos Aires and the disclosure made by the Bank regarding its income statement items,
as this statement is prepared according to specific standards applicable to financial
institutions.
|
|
|
d)
|
The supplementary information
presented by the Bank, is the information specifically required by Central Bank regulations.
This regulation does not contemplate all disclosure requirements of the Argentine professional
accounting standards in the City of Buenos Aires, such as the disclosure of due dates
for all receivables and payables together with their interest rates or adjustments, certain
information about transactions with related parties, the exchange rate applicable to
different foreign currencies assets and liabilities at the end of the period, etc.
|
|
|
6.
|
BREAKDOWN OF THE ITEMS INCLUDED
IN “OTHER” AND MAIN SUBACCOUNTS
|
The breakdown of the “Other”
account in the balance sheet and statement of income is as follows:
|
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
6.1)
|
Loans – Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loans
|
|
|
3,872,620
|
|
|
|
4,097,387
|
|
|
|
Export financing and prefinancing
|
|
|
1,282,471
|
|
|
|
1,013,383
|
|
|
|
|
|
|
5,155,091
|
|
|
|
5,110,770
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
6.2)
|
Other receivables from financial intermediation -
Other receivables not covered by debtor classification standards
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities issued by financial trusts
|
|
|
490,319
|
|
|
|
423,682
|
|
|
|
Certificates of participation in financial trusts
|
|
|
255,566
|
|
|
|
273,933
|
|
|
|
|
|
|
745,885
|
|
|
|
697,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.3)
|
Other receivables – Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sundry receivables
|
|
|
206,998
|
|
|
|
200,714
|
|
|
|
Security deposits
|
|
|
149,283
|
|
|
|
134,079
|
|
|
|
Advanced prepayments
|
|
|
35,792
|
|
|
|
40,531
|
|
|
|
Tax prepayments
|
|
|
3,091
|
|
|
|
2,781
|
|
|
|
Other
|
|
|
16,728
|
|
|
|
12,723
|
|
|
|
|
|
|
411,892
|
|
|
|
390,828
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.4)
|
Deposits - Nonfinancial government sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time deposits
|
|
|
2,167,286
|
|
|
|
1,425,462
|
|
|
|
Checking accounts
|
|
|
2,067,397
|
|
|
|
1,898,509
|
|
|
|
Savings accounts
|
|
|
232,220
|
|
|
|
385,790
|
|
|
|
Investment accounts
|
|
|
188,346
|
|
|
|
187,565
|
|
|
|
Accrued interest, adjustments and listed price differences payable
|
|
|
41,731
|
|
|
|
27,973
|
|
|
|
Other
|
|
|
590,249
|
|
|
|
571,857
|
|
|
|
|
|
|
5,287,229
|
|
|
|
4,497,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.5)
|
Deposits - From the non-financial private sector and
foreign residents - Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expired time deposits
|
|
|
539,428
|
|
|
|
497,450
|
|
|
|
Unemployment fund for workers of the construction industry
|
|
|
168,738
|
|
|
|
166,772
|
|
|
|
Attachments
|
|
|
148,599
|
|
|
|
132,396
|
|
|
|
Security deposits
|
|
|
2,479
|
|
|
|
2,040
|
|
|
|
Other
|
|
|
40,825
|
|
|
|
29,357
|
|
|
|
|
|
|
900,069
|
|
|
|
828,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.6)
|
Other liabilities from financial intermediation - Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase financing payables
|
|
|
913,492
|
|
|
|
815,696
|
|
|
|
Other payment orders pending settlement
|
|
|
481,159
|
|
|
|
411,831
|
|
|
|
Collections and other transactions on account and behalf of others
|
|
|
347,457
|
|
|
|
239,308
|
|
|
|
Other withholdings and additional withholdings
|
|
|
344,504
|
|
|
|
345,333
|
|
|
|
Miscellaneous not subject to minimum cash requirements
|
|
|
221,028
|
|
|
|
254,458
|
|
|
|
Miscellaneous subject to minimum cash requirements
|
|
|
93,638
|
|
|
|
101,056
|
|
|
|
Sociedad Seguro de Depósitos (SEDESA) – Purchase of preferred
shares of former
Nuevo Banco Bisel S.A. (see Note 7.)
|
|
|
87,186
|
|
|
|
87,186
|
|
|
|
Retirement pension payment orders pending settlement
|
|
|
43,569
|
|
|
|
29,253
|
|
|
|
Other
|
|
|
77,143
|
|
|
|
56,163
|
|
|
|
|
|
|
2,609,176
|
|
|
|
2,340,284
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
6.7)
|
Other Liabilities - Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes payable (net of prepayments)
|
|
|
1,363,369
|
|
|
|
877,909
|
|
|
|
Salaries and payroll taxes payable
|
|
|
236,657
|
|
|
|
159,677
|
|
|
|
Miscellaneous payables
|
|
|
133,494
|
|
|
|
121,262
|
|
|
|
Withholdings on salaries
|
|
|
32,059
|
|
|
|
38,106
|
|
|
|
Prepayment for the sale of assets
|
|
|
6,958
|
|
|
|
4,859
|
|
|
|
|
|
|
1,772,537
|
|
|
|
1,201,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.8)
|
Memorandum accounts – Debit-balance accounts – Control
– Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checks and securities in custody – ANSES (Argentine social security administration)
|
|
|
35,311,246
|
|
|
|
29,197,830
|
|
|
|
Securities in custody – Other
|
|
|
5,724,940
|
|
|
|
4,708,604
|
|
|
|
Checks and securities not yet collected
|
|
|
2,791,720
|
|
|
|
2,989,649
|
|
|
|
Checks and securities to be debited
|
|
|
881,489
|
|
|
|
836,416
|
|
|
|
Managed portfolios (see Note 12.)
|
|
|
643,151
|
|
|
|
603,851
|
|
|
|
Checks and securities to be collected
|
|
|
113,949
|
|
|
|
93,324
|
|
|
|
|
|
|
45,466,495
|
|
|
|
38,429,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03/31/2014
|
|
|
03/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.9)
|
Financial income – Interest on other loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal loans
|
|
|
992,319
|
|
|
|
721,892
|
|
|
|
Other
|
|
|
283,802
|
|
|
|
199,906
|
|
|
|
|
|
|
1,276,121
|
|
|
|
921,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.10)
|
Financial income – Net income from government and private
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government securities
|
|
|
189,223
|
|
|
|
89,282
|
|
|
|
Financial trusts
|
|
|
40,879
|
|
|
|
9,166
|
|
|
|
Other
|
|
|
11,082
|
|
|
|
2,345
|
|
|
|
|
|
|
241,184
|
|
|
|
100,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.11)
|
Financial income – Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign-currency transactions offset
|
|
|
153,608
|
|
|
|
4,984
|
|
|
|
Premiums on reverse repurchase agreements with the financial sector
|
|
|
43,418
|
|
|
|
26,217
|
|
|
|
Interests on loans for export prefinancing and financing
|
|
|
19,129
|
|
|
|
11,777
|
|
|
|
Other
|
|
|
819
|
|
|
|
|
|
|
|
|
|
|
216,974
|
|
|
|
42,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.12)
|
Financial expense – Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover tax and municipal assessments
|
|
|
224,877
|
|
|
|
136,627
|
|
|
|
Premiums on repurchase agreements with the financial sector
|
|
|
296
|
|
|
|
516
|
|
|
|
Other
|
|
|
|
|
|
|
212
|
|
|
|
|
|
|
225,173
|
|
|
|
137,355
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
|
|
03/31/2014
|
|
|
03/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
6.13)
|
Service-charge income - Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debit and credit card income
|
|
|
224,701
|
|
|
|
155,591
|
|
|
|
Rental of safe deposit boxes
|
|
|
18,595
|
|
|
|
16,384
|
|
|
|
Service commissions – Joint ventures (see Note 2.5.)
|
|
|
16,179
|
|
|
|
11,309
|
|
|
|
Other
|
|
|
67,428
|
|
|
|
54,624
|
|
|
|
|
|
|
326,903
|
|
|
|
237,908
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.14)
|
Service-charge expense - Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debit and credit card expenses
|
|
|
108,448
|
|
|
|
77,654
|
|
|
|
Turnover tax and municipal assessments
|
|
|
45,270
|
|
|
|
31,870
|
|
|
|
Commissions paid to lending agents
|
|
|
22,336
|
|
|
|
30,008
|
|
|
|
Other
|
|
|
11,881
|
|
|
|
7,159
|
|
|
|
|
|
|
187,935
|
|
|
|
146,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.15)
|
Administrative expenses – Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security services
|
|
|
52,657
|
|
|
|
37,285
|
|
|
|
Maintenance, conservation and repair expenses
|
|
|
49,873
|
|
|
|
36,907
|
|
|
|
Electric power and communications
|
|
|
29,184
|
|
|
|
21,900
|
|
|
|
Leases
|
|
|
23,494
|
|
|
|
15,316
|
|
|
|
Stationery and office supplies
|
|
|
4,826
|
|
|
|
3,806
|
|
|
|
Insurance
|
|
|
3,891
|
|
|
|
3,083
|
|
|
|
|
|
|
163,925
|
|
|
|
118,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.16)
|
Other income – Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other adjustments and interest on other receivables
|
|
|
15,986
|
|
|
|
2,811
|
|
|
|
Services provided to Banco del Tucumán S.A.
|
|
|
2,309
|
|
|
|
2,170
|
|
|
|
Gain on sale of bank premises and equipment, and other assets
|
|
|
470
|
|
|
|
144
|
|
|
|
Other
|
|
|
4,757
|
|
|
|
10,310
|
|
|
|
|
|
|
23,522
|
|
|
|
15,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.17)
|
Other expense – Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal assessment
|
|
|
12,831
|
|
|
|
8,140
|
|
|
|
Turnover tax
|
|
|
1,782
|
|
|
|
840
|
|
|
|
Donations
|
|
|
|
|
|
|
3,490
|
|
|
|
Other
|
|
|
4,906
|
|
|
|
1,988
|
|
|
|
|
|
|
19,519
|
|
|
|
14,458
|
|
As of March 31, 2014 and December
31, 2013 the following Bank’s assets are restricted:
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
|
Item
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
Government and private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Argentine
Government bond in Argentine pesos at private Badlar + 300 basics points, maturing 2015 and Argentine Government bond in Argentine
pesos at private Badlar + 275 basics points, maturing in 2014, used as security in favor of SEDESA (1)
|
|
|
92,107
|
|
|
|
89,333
|
|
|
• Argentine
Government bond in Argentine pesos at private Badlar + 275 basics points, maturing in 2014, securing the role of custodian
of FGS (sustainability guarantee fund) investments
|
|
|
80,899
|
|
|
|
80,513
|
|
|
• Argentine
Government bond in Argentine pesos at private Badlar + 275 basics points, maturing in 2014, for the performance of forward
foreign currency trading transactions
|
|
|
61,124
|
|
|
|
55,136
|
|
|
• Secured
Bonds under Presidential Decree No. 1579/02 as security for a loan received from Banco de Inversión y Comercio Exterior
S.A. (BICE)
|
|
|
40,932
|
|
|
|
33,775
|
|
|
• Other
government and private securities
|
|
|
9,942
|
|
|
|
8,967
|
|
|
Subtotal government
and private securities
|
|
|
285,004
|
|
|
|
267,724
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Guaranteed
Loans under Presidential Decree No. 1387/01 – Global 17 at a variable rate provided as guarantee in favor of the Central
Bank in relation to the auctions of advances intended for the production sector under the Bicentennial Production Financing
Program
|
|
|
48,900
|
|
|
|
43,263
|
|
|
Subtotal Loans
|
|
|
48,900
|
|
|
|
43,263
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
Special
guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar
entities
|
|
|
535,464
|
|
|
|
511,178
|
|
|
•
Interests
resulting in contributions made in the Bank´s capacity by contributory partner of the following venture funds: (2)
|
|
|
|
|
|
|
|
|
|
-
Risk
Fund of Garantizar SGR (mutual guarantee association), with an original contribution of 20,000 made on December 13, 2012
|
|
|
22,039
|
|
|
|
21,268
|
|
|
-
Risk
Fund of Los Grobo SGR, with an original contribution of 20,000 made on December 12, 2012
|
|
|
24,073
|
|
|
|
21,241
|
|
|
-
Risk
Fund of Intergarantías SGR, with an original contribution of 3,000 made on December 30, 2013
|
|
|
3,000
|
|
|
|
3,000
|
|
|
Subtotal other receivables
from financial intermediation
|
|
|
584,576
|
|
|
|
556,687
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
Security
deposits related to credit card transactions
|
|
|
144,140
|
|
|
|
129,094
|
|
|
•
Sundry
receivables includes an item related to the attachment ordered in the context of a claim initiated by Buenos Aires City tax
authorities on turnover tax differences.
|
|
|
827
|
|
|
|
827
|
|
|
•
Other
guarantee security.
|
|
|
5,143
|
|
|
|
4,985
|
|
|
Subtotal
other receivables
|
|
|
150,110
|
|
|
|
134,906
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,068,590
|
|
|
|
1,002,580
|
|
|
|
(1)
|
As replacement for the preferred
shares of former Nuevo Banco Bisel S.A. to secure to SEDESA the price payment and the
fulfillment of all the obligations assumed in the purchase and sale agreement dated May
28, 2007, maturing on August 11, 2021.
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
(2)
|
In order to keep tax benefits
related to these contributions, they must be maintained between two and three years from
the date they were made.
|
|
|
8.
|
TRANSACTIONS WITH RELATED
PARTIES
|
The receivables/payables and
income (loss) from transactions performed with subsidiaries and affiliates are as follows (see also Note 4. to the consolidated
financial statements):
|
|
|
Banco del
Tucumán
S.A.
|
|
|
Macro
Bank
Limited
|
|
|
Macro
Securities S.A.
|
|
|
Other
subsidiaries
and related
parties
(1)
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
|
|
|
|
5,849
|
|
|
|
|
|
|
|
|
|
|
|
5,849
|
|
|
|
4,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
270,193
|
|
|
|
270,193
|
|
|
|
202,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
22,060
|
|
|
|
103,909
|
|
|
|
125,969
|
|
|
|
137,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables from financial leases
|
|
|
|
|
|
|
|
|
|
|
9,579
|
|
|
|
11,224
|
|
|
|
20,803
|
|
|
|
10,055
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables
|
|
|
375
|
|
|
|
|
|
|
|
|
|
|
|
401
|
|
|
|
776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items pending allocation
|
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
|
|
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
396
|
|
|
|
5,849
|
|
|
|
31,639
|
|
|
|
385,727
|
|
|
|
423,611
|
|
|
|
355,172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
1,040
|
|
|
|
28,377
|
|
|
|
141,174
|
|
|
|
170,591
|
|
|
|
117,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
22,262
|
|
|
|
|
|
|
|
22,262
|
|
|
|
96,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
|
|
|
1,040
|
|
|
|
50,639
|
|
|
|
141,174
|
|
|
|
192,853
|
|
|
|
214,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEMORANDUM ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit-balance accounts – Contingent
|
|
|
923
|
|
|
|
|
|
|
|
|
|
|
|
1,030
|
|
|
|
1,953
|
|
|
|
1,953
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
|
Banco del
Tucumán
S.A.
|
|
|
Macro
Bank
Limited
|
|
|
Macro
Securities
S.A.
|
|
|
Other
subsidiaries
and related
parties
(1)
|
|
|
03/31/2014
|
|
|
03/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income
|
|
|
21
|
|
|
|
|
|
|
|
239
|
|
|
|
3,548
|
|
|
|
3,808
|
|
|
|
2,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expense
|
|
|
(50
|
)
|
|
|
|
|
|
|
|
|
|
|
(5,151
|
)
|
|
|
(5,201
|
)
|
|
|
(2,870
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service-charge income
|
|
|
7
|
|
|
|
1
|
|
|
|
6
|
|
|
|
220
|
|
|
|
234
|
|
|
|
366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
|
|
|
2,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,524
|
|
|
|
2,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income / (loss)
|
|
|
2,499
|
|
|
|
1
|
|
|
|
245
|
|
|
|
(1,383
|
)
|
|
|
1,362
|
|
|
|
2,415
|
|
|
|
(1)
|
Includes amounts generated by
the Bank with its subsidiaries and its related parties regarding transactions performed
in the normal course of business, under normal market conditions, in terms of interest
rates and prices, as well as guarantees required.
|
The Bank’s subscribed
and paid-in capital as of March 31, 2014, amounted to 594,563. Since December 31, 2011, the Bank’s capital stock has changed
as follows.
|
As of December 31, 2011
|
|
|
594,485
|
|
|
|
|
|
|
|
|
Capital stock increase approved by the General Special
Shareholders’ Meeting of June 10, 2013 (1)
|
|
|
78
|
|
|
|
|
|
|
|
|
As of March 31, 2014
|
|
|
594,563
|
|
|
|
(1)
|
Related to the capital increase
in the amount of 77,860 Class B shares of common stock with a face value of Ps 1, each
one entitled to one vote, to be issued and delivered to the minority shareholders of
former Banco Privado de Inversiones S.A., in the merger process with Banco Macro S.A.
(see also Note 2.6.).
|
Moreover, during fiscal year
2011, the Bank acquired a total of 10,000,000 proprietary registered Class B shares of common stock for a total amount of 92,919.
The Bank´s General Shareholder´s Meeting could decide to sell those shares during a three-year term from the acquisition
thereof. After such term, capital stock shall be reduced by operation of law for an amount equal to the nominal value of shares
held in portfolio, which will be canceled. The three-year term will be effective on September, 2014.
|
|
10.
|
CORPORATE BONDS ISSUANCE
|
The corporate bond liabilities
recorded in the accompanying financial statements amount to:
|
Corporate Bonds
|
|
Original value
|
|
|
Residual face
value as of
03/31/2014
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated
– Class 1
|
|
USD
|
150,000,000
|
(a.1)
|
|
USD
|
150,000,000
|
|
|
|
1,234,986
|
|
|
|
981,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-subordinated
– Class 2
|
|
USD
|
150,000,000
|
(a.2)
|
|
USD
|
106,395,000
|
|
|
|
864,276
|
|
|
|
718,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
2,099,262
|
|
|
|
1,699,186
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures
stated in thousands of pesos, except for where indicated)
On September 1, 2006, June
4, 2007 and April 26, 2011, the general regular shareholders’ meeting approved the creation, and subsequent extension, of
a Global Program for the Issuance of Simple Corporate Bonds in a short, medium or long term, either subordinated or non-subordinated,
with or without guarantee, in accordance with the provisions of Law No, 23,576, as amended by Law No, 23,962, and further applicable
regulations, up to a maximum amount outstanding at any time during the term of the program of USD 1,000,000,000 (one billion US
dollars), or an equal amount in other currencies, under which it will be possible to issue different classes and/or series of
corporate bonds denominated in US dollars or other currencies and reissue the successive classes or series to be amortized.
|
|
a.1)
|
On December 18, 2006, under
the abovementioned Global Program, Banco Macro S.A. issued the 1st series of Class 1
subordinated Notes for a face value of USD 150,000,000 (US dollars one hundred and fifty
million). The main characteristics of this issuance are:
|
|
|
-
|
Computable
to the Bank’s required minimum capital (computable equity), as established by Communiqué
“A” 4576.
|
|
|
-
|
The
Notes fall due within a 30-year term, with full amortization upon maturity (December
18, 2036), with full redemption option in 10 years since the issuance date.
|
|
|
-
|
Interest
payments will be made with a semiannual frequency (June 18 and December 18, every year).
|
|
|
-
|
During
the first 10 years, the interest rate will be a fixed one (9.75%), and a variable one
for the remaining years (six-month LIBOR, plus 7.11%). As established by Communiqué
“A” 4576, the interest rate payable can be increased only once over the life
of the instrument and subsequent to the 10-year term since their issuance.
|
|
|
-
|
They
do not include covenants that change the subordination order.
|
|
|
-
|
No
interest on the Notes will neither fall due and payable if: (i) payments of such interest
is the distributable amount, as defined in the pricing supplement dated November 23,
2006; (ii) there is a general prohibition by the Central Bank; (iii) the Bank is subject
to the provisions of sections 34 or 35 bis, Financial Institutions Law; (iv) the Bank
is receiving financial assistance from Central Bank for illiquidity under Article
17 of Central Bank Charter; (v) the Bank is not in compliance with or has failed to comply
in a timely basis with reporting obligations to the Central Bank; and/or (vi) the Bank
is not in compliance with minimum capital requirements (both on an individual and consolidated
basis levels) or with minimum cash reserves (on average).
|
|
|
-
|
Unpaid
interest is not cumulative.
|
|
|
-
|
They
have authorizations both for their public offering and their listing on domestic or foreign
stock exchanges or markets.
|
|
|
-
|
In
no case, the payment of financial services may exceed net unappropriated retained earnings
as per the financial statements for the last fiscal year, with an external auditor’s
report, which should be appropriated to a reserve created to such end, as established
by Communiqué “A” 4576 (see Note 22.b)).
|
The
Bank used the funds derived from such issuance to grant loans.
|
|
a.2)
|
On January 29, 2007, the Bank
issued the 1st series of Class 2 non-subordinated simple corporate bonds at a fixed rate
of 8.5% p.a., not convertible into shares, fully amortizable upon maturity (February
1, 2017) for a face value of USD 150,000,000 (one hundred and fifty million US dollars),
under the terms and conditions set forth in the price supplement dated January 10, 2007.
Interest is paid semiannually on February 1 and August 1 of every year.
|
Additionally, the Bank has
the option to redeem such issuance, either fully or partially, at any time and from time to time. The Bank used the funds derived
from such issuance to grant loans.
On August 16, 2007, the Securities
and Exchange Commission (SEC) authorized the abovementioned exchange offers mentioned in a.1) and a.2).
|
|
11.
|
DERIVATIVE FINANCIAL INSTRUMENTS
|
The Bank performs transactions
that involve derivative financial instruments, as established by Central Bank rules and Argentine professional accounting standards
effective in Buenos Aires City. Such instruments mainly relate to:
|
|
-
|
Forward
transactions involving securities and foreign currency.
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures
stated in thousands of pesos, except for where indicated)
|
|
-
|
Forward
transactions without delivery of the underlying asset.
|
Such transactions were valued
as explained in Notes 3.5.g.1), 3.5.g.2) and 3.5.k).
Positions of transactions effective
as of March 31, 2014 and December 31, 2013 are as follows:
|
Transaction
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
Net position of repurchase
agreements
|
|
|
(3,152,344
|
)
|
|
|
(569,919
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net asset position of forward transactions
without delivery of the underlying asset (a)
|
|
|
694,814
|
|
|
|
806,959
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps (b)
|
|
|
50,000
|
|
|
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Position of put options taken (c)
|
|
|
8,204
|
|
|
|
6,676
|
|
Net income (loss) resulting
from these transactions for the three-month periods ended March 31, 2014 and 2013, amount to income (loss):
|
Transaction
|
|
03/31/2014
|
|
|
03/31/2013
|
|
|
|
|
|
|
|
|
|
|
Premiums on reverse repurchase agreements
|
|
|
43,418
|
|
|
|
26,217
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums on repurchase agreements
|
|
|
(296
|
)
|
|
|
(516
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap
|
|
|
819
|
|
|
|
(212
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign-currency transactions offset
|
|
|
153,608
|
|
|
|
4,984
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
197,549
|
|
|
|
30,473
|
|
|
|
(a)
|
It is related mainly to negotiation
transactions of forward foreign currency exchange rates, carried out through ROFEX and
MAE. The differences of such trading transactions are settled on a daily basis based
on the prices agreed upon and their quoted price upon maturity; the underlying asset
is not delivered or received.
|
|
|
(b)
|
As of March 31, 2014 and December
31, 2013, this is related to swap agreements entered into with the Central Bank entitling
the Bank to collect, on a monthly basis the positive difference between the Badlar interest
rate in Argentine pesos and interest rates ranging from 15% to 16.50% nominal interest
rate p.a., applied on a total of notional values of 50,000 and 85,000, respectively.
In the event that the difference between the rates is negative, the Bank shall be required
to pay the difference. The agreements will expire before October 31, 2014. The purpose
of these transactions is to place medium- and long-term loans in accordance with Central
Bank Communiqué “A” 4776, as supplemented.
|
|
|
(c)
|
As of March 31, 2014, this includes
a put option taken with Carpoint S.A. of a property received by the Bank as payment of
loans granted by it. The price was set at USD 1,024,250, and the option’s exercise
period is between September 24, 2015, and September 23, 2016, both dates inclusive.
|
As of March 31, 2014 and December
31, 2013, the Bank manages the following portfolios:
|
|
|
Managed portfolio as of
|
|
|
Item
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
•
On
March 1, 1996, former Banco de Salta S.A. (which was absorbed by the Bank) and the Salta Provincial Government entered into
an Agreement to Manage the Loan Portfolio of Banco Provincial de Salta (in liquidation) related to the nonfinancial private
sector.
|
|
|
14,036
|
|
|
|
14,039
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures
stated in thousands of pesos, except for where indicated)
|
|
|
Managed portfolio as of
|
|
|
Item (Cont.)
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
•
On
August 11, 1998, former Banco de Jujuy S.A. (which was absorbed by the Bank) and the Jujuy provincial Government entered into
an agreement to manage the loan portfolio of the former Banco de la Provincia de Jujuy and to provide a monthly report on
the tasks performed.
|
|
|
42,026
|
|
|
|
42,082
|
|
|
|
|
|
|
|
|
|
|
|
|
•
On
April 6, 2001, through Provincial Decree No. 806, the Ministry of the Treasury of the Province of Salta approved an extension
to the “Contract for the service of collecting, processing and arranging information, managing the loan portfolio and
performing collection procedures related to the receivables of the IPDUV (Provincial Institute of Urban and Housing Development)"
entered into on March 27, 2001, between such Agency and the former Banco Macro S.A.,
|
|
|
106,689
|
|
|
|
107,875
|
|
|
|
|
|
|
|
|
|
|
|
|
•
On
August 19, 2002, ABN AMRO Bank N.V. Sucursal Argentina, as trustee, the former Scotiabank Quilmes S.A., as trustor, Banco
Comafi S.A., as collecting agent and manager and the former Banco Bansud S.A. (currently Banco Macro S.A.), entered into an
“Agreement for the LAVERC financial trust’s collection administration and management”.
|
|
|
74,167
|
|
|
|
74,069
|
|
|
|
|
|
|
|
|
|
|
|
|
•
On
June 30, 2006, the Bank and Macro Fiducia S.A. entered into a management and custody agreement regarding the “RETUC
1” trust loan portfolio.
|
|
|
58,380
|
|
|
|
58,169
|
|
|
|
|
|
|
|
|
|
|
|
|
•
On
November 22, 2012 and 2013, the Bank (trustor) and Macro Fiducia S.A. (trustee), created the financial trusts Fideicomiso
Financiero Privado “SECANE I” and “SECANE II”, respectively; in the trusts agreement the trustor assumes
the role of collection agent, administration and custodian.
|
|
|
181,319
|
|
|
|
183,845
|
|
|
|
|
|
|
|
|
|
|
|
|
•
Other
portfolios managed by the Bank.
|
|
|
166,534
|
|
|
|
123,772
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
643,151
|
|
|
|
603,851
|
|
As of March 31, 2014, the Bank,
in its capacity as Depository Company, held in custody the interest in Mutual Funds subscribed by third parties and assets from
the following mutual funds:
|
Fund
|
|
Shares of interest
|
|
|
Equity
|
|
|
Assets (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pionero Pesos
|
|
|
249,889,114
|
|
|
|
474,009
|
|
|
|
446,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pionero Renta Ahorro
|
|
|
116,301,702
|
|
|
|
302,656
|
|
|
|
309,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pionero F F
|
|
|
121,027,057
|
|
|
|
275,428
|
|
|
|
312,801
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pionero Renta
|
|
|
39,239,539
|
|
|
|
241,178
|
|
|
|
239,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pionero Acciones
|
|
|
1,141,254
|
|
|
|
6,604
|
|
|
|
6,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pionero Renta Dólares
|
|
|
6,027
|
|
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pionero Empresas FCI Abierto PYMES
|
|
|
100,000
|
|
|
|
121
|
|
|
|
97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pionero Consumo
|
|
|
100,000
|
|
|
|
117
|
|
|
|
114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argenfunds Renta Pesos
|
|
|
78,080
|
|
|
|
73
|
|
|
|
69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argenfunds Renta Argentina
|
|
|
78,080
|
|
|
|
76
|
|
|
|
72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argenfunds Ahorro Pesos
|
|
|
279,614,669
|
|
|
|
388,930
|
|
|
|
420,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argenfunds Renta Privada
|
|
|
184,287,915
|
|
|
|
257,106
|
|
|
|
278,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argenfunds AB PYMES
|
|
|
5,966,486
|
|
|
|
6,665
|
|
|
|
6,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
These amounts reflect the mutual
funds’ assets and are recorded under the “Checks and securities in custody”
memorandum account.
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures
stated in thousands of pesos, except for where indicated)
|
|
14.
|
BANK DEPOSIT GUARANTEE INSURANCE
SYSTEM
|
Law No. 24,485, and Presidential
Decree No, 540/1995, provided for the organization of a Bank Deposit Guarantee Insurance System, characterized as being limited,
mandatory and for valuable consideration, designed to provide coverage for risks inherent in bank deposits, subsidiary and supplementary
to the bank deposit privileges and protection offered by the system created by Financial Institutions Law. Such law also provided
for the organization of SEDESA to manage the Deposit Guarantee Fund. Such company was organized in August 1995. The Bank holds
a 9.2428% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 10752
of February 18, 2014.
This system shall cover the
deposits (up to the amount of 120) in Argentine pesos and foreign currency with the participating institutions as checking accounts,
savings accounts, certificates of deposit or any other modes determined by the Central Bank, as long as the requirements under
Presidential Decree No. 540/1995 and any others established by the enforcement agency, are fulfilled. On the other hand, Central
Bank established that the deposits made by other financial institutions, those made by persons related to the Bank, and deposits
of securities, among others, must be excluded from the deposit guarantee system.
The Bank is related to different
types of trusts. The different trust agreements are disclosed below, according to the Bank’s business purpose:
|
|
15.1.
|
Financial trusts for investment purposes
|
As of March 31, 2014 and December
31, 2013, the amounts recorded in the Bank’s financial statements for holdings of certificates of participation (net of
allowances for 223,832 as of both dates) and debt securities in financial trusts under “Other receivables from financial
intermediation - Other not covered by debtor classification standards” were as follows:
|
Financial trust
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
Certificates of participation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Frávega Créditos XII (a)
|
|
|
27,642
|
|
|
|
44,717
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
4,092
|
|
|
|
5,384
|
|
|
Subtotal certificates of participation
|
|
|
31,734
|
|
|
|
50,101
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting agreements (b)
|
|
|
343,506
|
|
|
|
281,187
|
|
|
|
|
|
|
|
|
|
|
|
|
Loma Blanca (c)
|
|
|
97,999
|
|
|
|
98,412
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (d)
|
|
|
48,814
|
|
|
|
44,083
|
|
|
Subtotal debt securities
|
|
|
490,319
|
|
|
|
423,682
|
|
|
Total
|
|
|
522,053
|
|
|
|
473,783
|
|
|
|
(a)
|
Frávega Créditos XII Trust
|
On November 29, 2013, Frávega
SACI e I, as trustor, collection agent and beneficiary, Macro Fiducia S.A. as trustee and Banco Sáenz S.A. as the loan
portfolio manager, entered into a trust agreement called Fideicomiso Financiero Privado Frávega Créditos XII, whereby
the trust issued Class “A” and Class “B” certificates of participation.
The purpose of the trust is
to pay the certificates of participation in full once the receivables and promissory notes transferred by the trustor have been
collected. Upon expiration of the trust, holders of Class “B” certificates of participation will receive the remaining
receivables.
As of March 31, 2014 and December
31, 2013, the Bank was the direct beneficiary of 100% of the Class “A” certificates of participation issued by Fideicomiso
Financiero Privado Frávega Créditos XII.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures
stated in thousands of pesos, except for where indicated)
|
|
(b)
|
Underwriting agreements
|
It relates to prepayments towards
the placement price of trust securities of the financial trusts under public offerings, made by the Bank through underwriting
agreements (Consubond, Mila, Accicom, Pvcred, CCF Créditos and Credial). The assets managed for these trusts are mainly
related to securitizations of consumer loans. Trust securities are placed once the public offering is authorized by the CNV. Upon
expiry of the placement period, once all trust securities have been placed on the market, the Bank recovers the disbursements
made, plus an agreed-upon compensation (“underwriting Price”). If after making the best efforts, such trust securities
cannot be placed, the Bank (“Underwriter”) will retain the securities subject to underwriting.
|
|
(c)
|
Fideicomiso Loma Blanca
|
On December 6, 2011, Isolux
Ingeniería S.A. and Isolux Corsán Argentina S.A. (trustors) and Nación Fideicomisos S.A. (trustee), entered
into the trust called “Fideicomiso Financiero Loma Blanca Serie I”.
The purpose of the trust consists
in the set-up, start-up, operation and maintenance of all four awarded wind farms, located in the Municipality of Trelew, Province
of Chubut.
As of the date of issuance
of these financial statements, the Class A debt securities acquired by the Bank account for 14% of the total trust issues. The
final amortization of such debt securities will operate on March 16, 2016.
It includes, among others,
Chubut oil & gas royalties, which manages assigned receivables and rights on oil & gas royalties for the purpose of financing
production projects, infrastructure works in the Province of Chubut and financial investments aimed at increasing the state’s
interest in the energy sector.
According to the latest accounting
information available as of the date of issuance of these financial statements, the corpus assets of the abovementioned trusts,
exceed the carrying amount in the related proportions.
Additionally, Note 8.1. to
the consolidated financial statements, includes a list of the holdings for investment held by the Bank´s subsidiaries.
|
|
15.2.
|
Trusts created using financial assets transferred by the
Bank
|
The Bank transferred financial
assets (loans) to trusts for the purpose of issuing and selling securities the collection of which is guaranteed by the cash flow
resulting from such assets or group of assets. This way the funds that were originally used to finance the loans are obtained
earlier.
As of March 31, 2014 and December
31, 2013, considering the latest available accounting information as of the date of the financial statements, the assets managed
through Macro Fiducia S.A. (subsidiary) of this type of trusts amounted to 12,833 and 10,754, respectively.
Additionally, Note 8.2. to
the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but
created with corpus assets transferred by the Bank’s subsidiaries.
|
|
15.3.
|
Trusts guaranteeing loans granted by the Bank
|
As it is common in the Argentine
banking market, the Bank requires, in some cases, that the debtors present certain assets or entitlements to receive assets in
a trust as a guarantee for the loans granted. This way, the risk of losses is minimized and access to the security is guaranteed
in case of the debtor's noncompliance.
Trusts usually act as conduits
to collect cash from the debtor’s flow of operations and send it to the bank for the payment of the debtor’s loans
and thus ensure compliance with the obligations assumed by the trustor and guaranteed through the trust.
Additionally, other guarantee
trusts manage specific assets, mainly real property.
Provided there is no noncompliance
or delays by debtor in the obligations assumed with the beneficiary, the Trustee shall not execute the guaranty and all excess
amounts as to the value of the obligations are reimbursed by the Trustee to the debtor.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures
stated in thousands of pesos, except for where indicated)
As of March 31, 2014 and December
31, 2013, considering the latest available accounting information as of the date of the financial statements, the assets managed
by the Bank, Macro Fiducia S.A. and Banco del Tucumán S.A. (subsidiaries) amounted to 746,722 and 750,214, respectively.
|
|
15.4.
|
Trusts in which the Bank acts as trustee (administration)
|
The Bank performs management
duties of the corpus assets directly according to the agreements, performing only trustee duties and has no other interests in
the trust.
In no case shall the Trustee
be liable with its own assets or for any obligation deriving from the performance as trustee. Such obligations do not imply any
type of indebtedness or commitment for the trustee and they will be fulfilled only through trust assets. In addition, the trustee
will not encumber the corpus assets or dispose of them beyond the limits established in the related trust agreements. The fees
earned by the Bank from its role as trustee are calculated according to the terms and conditions of the agreements.
Trusts usually manage funds
derived from the activities performed by trustors, for the following main purposes:
|
|
-
|
Guaranteeing, in favor of the
beneficiary the existence of the resources required to finance and/or pay certain obligations,
such as the payment of amortization installments regarding work or service certificates,
and the payment of invoices and fees stipulated in the related agreements.
|
|
|
-
|
Promoting the production development
of the private economic sector at a provincial level.
|
|
|
-
|
Being a party to public work
concession agreements granting road exploitation, management, keeping and maintenance.
|
As of March 31, 2014 and December
31, 2013, considering the latest available accounting information as of the date of the financial statements, the assets managed
by the Bank amounted to 570,869 and 510,516, respectively.
Additionally, Note 8.3. to
the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but
managed by the Bank’s subsidiaries.
|
|
16.
|
COMPLIANCE WITH REQUIREMENTS
TO ACT IN THE CAPACITY OF AGENTS BELONGING TO DIFFERENT CATEGORIES OF AGENTS DEFINED
BY THE CNV
|
On September 5, 2013, the CNV
issued General Resolution No. 622, as mentioned in Note 21. Considering Banco Macro S.A.’s current operations, and according
to the different categories of agents established by the abovementioned Resolution, the Bank is in the process of registering
with this agency for the following agent categories: custody of collective investment products (AC PIC FCI), placement and distribution
of mutual funds (Acyd FCI), financial trustees (FF) and nonfinancial trustees (FNOF), and clearing and settlement and integral
trading agent (ALyC and AN - integral).
The Bank’s shareholder´s
equity exceeds the minimum amount required by this regulation, amounting to 24,625, while the required minimum of liquid assets
is 14,000, which are made up of available assets in accounts with the Central Bank.
|
|
17.
|
MINIMUM CASH AND MINIMUM
CAPITAL REQUIREMENTS
|
|
|
17.1.
|
Accounts identifying compliance with the minimum cash requirements:
|
The items computed by the
Bank to constitute the minimum cash requirement effective for March 2014 are listed below, indicating the balances as of month-end
of the related accounts:
|
Item
|
|
03/31/2014
|
|
|
|
|
|
|
|
Cash
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in Central Bank accounts
|
|
|
4,988,698
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
Special guarantee accounts with the Central Bank
|
|
|
535,464
|
|
|
|
|
|
|
|
|
Total
|
|
|
5,524,162
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures
stated in thousands of pesos, except for where indicated)
|
|
17.2.
|
Minimum capital requirements:
|
As the table disclosed, the
minimum capital requirements measured on an individual basis, effective for March 2014, along with its computable capital as of
the end of that month:
|
Item
|
|
03/31/2014
|
|
|
|
|
|
|
|
Minimum capital requirement
|
|
|
4,152,723
|
|
|
|
|
|
|
|
|
Computable capital
|
|
|
8,628,269
|
|
|
|
|
|
|
|
|
Excess amount
|
|
|
4,475,546
|
|
|
|
18.1
|
The AFIP (Federal Public Revenue
Agency) and provincial tax authorities have reviewed the tax returns filed by the Bank
related to income tax, minimum presumed income tax and other taxes (mainly turnover tax)
for the fiscal years prior to 2005.
|
The most significant ongoing
claims arising from the previous paragraph are detailed below:
|
|
a)
|
AFIP challenged the income tax
returns filed by the former Banco Bansud S.A. (for the fiscal years since June 30, 1995,
through June 30, 1999, and of the irregular six-month period ended December 31, 1999)
and by the former Banco Macro S.A. (for the fiscal years ended since December 31, 1998,
through December 31, 2000).
|
The matter under discussion
that has not been resolved as yet and on which the regulatory agency bases its position is the impossibility of deducting credits
that have collateral security, an issue that has been addressed by the Federal Administrative Tax Court and the Argentine Supreme
Court in similar cases, which have issued resolutions that are favorable to the Bank’s position.
|
|
b)
|
City of Buenos Aires tax authorities
attributed a turnover tax difference to Banco Macro S.A. for fiscal period 2002, in relation
to the treatment of the compensation bond, over which a precautionary measure was issued
in 2009 in favor of the Bank.
|
|
|
c)
|
City of Buenos Aires tax authorities
attributed a turnover tax difference to former Banco Privado de Inversiones for fiscal
periods 2002 and 2003. In February 2009, a complaint was filed to challenge the assessment
with the Federal Administrative Tax Court, which is pending proceedings. City of Buenos
Aries government filed an action for payment and secured a provisional attachment in
the amount of 827 (see also Note 7.).
|
Additionally, there are other
appeals filed with the Tax Court, which are not relevant.
|
|
18.2
|
Moreover,
as a result of a lawsuit filed in 2007 by consumers’ association “ADECUA”
claiming about various aspects related to the collection of the “life insurance”
charge for products marketed by former Banco Privado de Inversiones S.A., on November
29, 2010, the parties reached a settlement agreement, approved by the Federal Commercial
Court in and for the City of Buenos Aires No. 3, clerk’s office No. 5, and complied
with by the Bank.
|
However, on March 22, 2013,
the judge hearing the case ordered to adjust the performance of the agreement, as regards the reimbursement of the funds to the
customers from whom the charge had been collected, a resolution which was appealed by the Bank.
Additionally, there are other
claims initiated by consumers’ associations.
|
|
18.3
|
Finally,
the Bank and its directors were notified about the opening of financial and exchange
proceedings by the Central Bank and other proceedings filed by the UIF (Financial Information
Unit). According to the above mentioned agencies position, they are mainly related to
regulatory breaches over transactions conducted by Bank customers. These proceedings
were or will be challenged or appealed in the administrative field and / or in court,
as the case may be.
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures
stated in thousands of pesos, except for where indicated)
The Bank’s Management
and its tax and legal advisors believe there are no additional significant effects to those already recognized in the books that
may result from the final outcome of such claims.
|
|
19.
|
CHANGES IN THE ARGENTINE
MACROECONOMIC ENVIRONMENT, AND THE SITUATIONS OF THE FINANCIAL AND CAPITAL SYSTEM AND
THE BANK
|
The
financial and capital markets
The international and local
macroeconomic context generates a certain degree of uncertainty regarding its future progress as a result of the contractions
in growth levels, the volatility of financial assets and the foreign exchange market, among other issues, which has been observed
with various degrees of intensity over the last few years. In addition, at a local level, there was an increase in the volatility
of government and private securities and in interest rates, as well as somewhat significant changes in the prices for other relevant
economic variables, such as salary costs, the prices of the main raw materials and the exchange rate.
Specifically in connection
with the Argentine foreign exchange market, as from October 2011, the Federal Government imposed certain restrictions to access
to the MUyLC (single and free foreign exchange market). Moreover, during the first quarter of 2014, there was a strong appreciation
of foreign currency and a rise in interest rates, both deposit and lending rates.
Lastly, on December 27, 2012,
a new Capital Markets Law was enforced, as enacted by Presidential Decree No. 1023/2013 dated July 29, 2013, and CNV General Resolution
No. 622 dated September 5, 2013. At present, although the regulations provide for a transition period, the law is undergoing a
process of gradual implementation and analysis by the various market agents. In addition, several filings and requests for clarification
have been filed with the agency, which has issued various interpretations and extensions.
Therefore, the Bank’s
Management permanently monitors the change of the abovementioned situations in international and local markets, to determine the
possible actions to adopt and to identify the possible impacts on its financial situation that may need to be reflected in the
financial statements for future periods.
Legal
actions
The Argentine economic and
financial situation worsened in late 2001, when the Argentine government suspended payments on the sovereign debt and imposed
severe restrictions on cash withdrawals from financial institutions.
The measures adopted by the
Federal Executive Government with respect to the public emergency in political, economic, financial and foreign exchange matters
triggered a number of legal actions (known as
recursos de amparo –
constitutional rights protection actions), brought
by individuals and companies against the Federal Government, the Central Bank and the financial institutions for considering that
Public Emergency Law and its supplementary regulations are unconstitutional.
In the specific case of deposits
denominated in foreign currency, in some cases, the courts ordered the reimbursement of such deposits, either in foreign currency
or at free foreign exchange rate at the time of reimbursement until a final judgment is issued with respect to the constitutionality
of the conversion into pesos.
Some of these claims were treated
by the Argentine Supreme Court, which issued resolutions on lower-court decisions for each particular case and in different manners.
On December 27, 2006, the Argentine
Supreme Court revoked prior instance judgments that ordered the reimbursement of deposits in US dollars and decided that depositors
are entitled to reimbursement of their deposits switched to pesos at the Ps, 1.40-to-USD 1 exchange rate, adjusted by the CER
through the payment date, and interest should be applied to such amount at a rate of 4% p.a., which may not be compounded through
the payment date.
As regards courts deposit in
US dollars, on March 20, 2007, the Argentine Supreme Court ruled that principal should be reimbursed with no deterioration in
value whatsoever, and that the sums should be kept in their original currency.
As of March 31, 2014 and December
31, 2013, the Bank recorded the additional payables related to such regulation under the “Provisions” account in the
amount of 17,460 and 14,208 at the stand-alone level, respectively, and a total of 29,227 and 23,301 at consolidated level, respectively.
The Bank´s Management believes that there would be no additional significant effects, other than those recognized in accounts
that could derive from the final outcome of such actions.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures
stated in thousands of pesos, except for where indicated)
|
|
20.
|
RESTRICTION ON EARNINGS
DISTRIBUTION
|
|
|
a)
|
Among other issues, the Regular
Shareholders’ Meeting held on April 29, 2014, decided as follows:
|
|
|
a.1)
|
Apply 488,713
out of “Unappropriated retained earnings” to set the legal reserve related
to 20% of income for the year ended December 31, 2013, according to Central Bank standards.
|
|
|
a.2)
|
Apply 95,326
out of “Unappropriated retained earnings” to set a special reserve for interest
to be paid upon the maturities taking place in June and December 2014, as established
in the issuance conditions for the 1
st
series of Class 1 Corporate Bonds mentioned
in Note 10.a.1) and as established by Central Bank Communiqué “A”
4576.
|
|
|
a.3)
|
Distribute
cash dividends up to the amount of 596,254. Such distribution is pending approval by
Central Bank.
|
|
|
a.4)
|
Apply 488,713
out of “Unappropriated retained earnings” to set an optional reserve for
future distributions of earnings, as established in Central Bank Communiqué “A”
5273.
|
|
|
b)
|
Under Law No. 25,063, dividends
to be distributed in cash or in kind in excess of taxable income accumulated as of the
end of the fiscal year immediately preceding the payment or distribution date shall be
subject to a 35% income tax withholding as a single and definitive payment. For this
purpose, income to be considered in each year will result from adding dividends or earnings
from other corporations not computed in the calculation of those earnings in the same
tax period(s) to the earnings determined under application of Income Tax Law, and deducting
the tax paid for the tax period(s) in which the earnings, or the related proportional
amount, being distributed were generated.
|
Additionally, from the amendments
introduced by Law No. 26,893, with effect from September 23, 2013, distributions of dividends (except for shares) to individuals
of the country or foreign individuals or legal entities shall be subject to a 10% income tax.
|
|
c)
|
As established by CNV General
Resolution No. 593, the Shareholders’ Meeting considering financial statements
with retained earnings should specifically decide how they will be used.
|
|
|
d)
|
Through Communiqué “A”
5485 as supplemented, the Central Bank establishes the general procedure for distributing
earnings. According to that procedure, earnings may only be distributed upon express
authorization by the Central Bank, provided there are no records of the Bank having received
financial aid from the Central Bank due to illiquidity or shortages in payments of minimum
capital, and there are no penalties imposed by UIF, weighted to be significant, among
other previous conditions listed in the abovementioned communiqué.
|
Therefore, earnings may only
be distributed as long as the Bank has income after deducting, on a nonaccounting basis, from unappropriated retained earnings
and the voluntary reserve for future distribution of earnings, the amounts of the legal and statutory reserves which are mandatory,
the positive net difference between the book value and market value or present value reported by the Central Bank, as the case
may be, of government debt securities and/or instruments issued by the Central Bank not valued at market price, among other items.
Lastly, the maximum amount
to be distributed cannot exceed the excess payments of the required capital minimum considering, for this purpose only, an increasing
adjustment of 75% of the required amount.
|
|
21.
|
FINANCIAL STATEMENTS PUBLICATION
|
Under Communiqué “A”
760, the Central Bank prior intervention is not required for the publication of these financial statements.
|
|
22.
|
ACCOUNTING PRINCIPLES –
EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH
|
These financial statements
are presented on the basis of the accounting standards set forth by the Central Bank and, except for the effects of the matters
mentioned in Note 5., in accordance with argentine professional accounting standards effective in the City of Buenos Aires. Certain
accounting practices applied by the Bank may not conform with accounting principles generally accepted in other countries.
Jorge H. Brito
Chairperson
EXHIBIT A
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF MARCH 31, 2014 AND DECEMBER, 31
2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
03/31/2014
|
|
|
Name
|
|
Market
or
Present
Value
|
|
|
Book
balance
|
|
|
Book
balance
|
|
|
Position
without
options (1)
|
|
|
Options
|
|
|
Final
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GOVERNMENT AND PRIVATE SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GOVERNMENT SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at market value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal government bonds in pesos at Badlar Private
+ 3% - Maturity: 2015
|
|
|
|
|
|
|
359,357
|
|
|
|
467,411
|
|
|
|
360,911
|
|
|
|
|
|
|
|
360,911
|
|
|
Federal government bonds in pesos at Badlar +
2% - Maturity: 03-28-2017
|
|
|
|
|
|
|
194,520
|
|
|
|
|
|
|
|
194,520
|
|
|
|
|
|
|
|
194,520
|
|
|
Federal government bonds in US dollars at 7%
- Maturity: 2015
|
|
|
|
|
|
|
150,181
|
|
|
|
44,126
|
|
|
|
151,365
|
|
|
|
|
|
|
|
151,365
|
|
|
Province of Neuquén guarantee Treasury
Bills Class 1 in US dollars - Maturity: 05-23-2014
|
|
|
|
|
|
|
134,162
|
|
|
|
|
|
|
|
134,162
|
|
|
|
|
|
|
|
134,162
|
|
|
Secured bonds in pesos under Presidential Decree
No. 1579/02 at 2% - Maturity: 02-04-2018
|
|
|
|
|
|
|
71,142
|
|
|
|
256,946
|
|
|
|
47,783
|
|
|
|
|
|
|
|
47,783
|
|
|
Discount bonds denominated in pesos at 5.83%
- Maturity: 2033
|
|
|
|
|
|
|
33,578
|
|
|
|
25,834
|
|
|
|
14,579
|
|
|
|
|
|
|
|
14,579
|
|
|
Debt Securities of the Province of Neuquén
Series 1 Class I in US dollars - Maturity: 06-12-2016
|
|
|
|
|
|
|
28,331
|
|
|
|
26,970
|
|
|
|
28,331
|
|
|
|
|
|
|
|
28,331
|
|
|
Consolidation bonds in pesos - 7° Serie -
Maturity: 01-04-2016
|
|
|
|
|
|
|
25,936
|
|
|
|
3,012
|
|
|
|
27,698
|
|
|
|
|
|
|
|
27,698
|
|
|
Consolidation bonds in pesos - 8° Serie
|
|
|
|
|
|
|
25,499
|
|
|
|
3,378
|
|
|
|
795
|
|
|
|
|
|
|
|
795
|
|
|
Debt Securities of the Province of Entre Ríos in
pesos Class 1 - Maturity: 08-06-2016
|
|
|
|
|
|
|
23,790
|
|
|
|
|
|
|
|
23,790
|
|
|
|
|
|
|
|
23,790
|
|
|
Other
|
|
|
|
|
|
|
67,943
|
|
|
|
376,105
|
|
|
|
62,887
|
|
|
|
|
|
|
|
62,887
|
|
|
Subtotal holdings booked at market value
|
|
|
|
|
|
|
1,114,439
|
|
|
|
1,203,782
|
|
|
|
1,046,821
|
|
|
|
|
|
|
|
1,046,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government securities under repo transactions
with Central Bank of Argentina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount Bonds in US dollars 2033 (Reg. By Arg
Law)
|
|
|
|
|
|
|
83,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal government bonds in US dollars at 7%
- Maturity: 2017
|
|
|
|
|
|
|
|
|
|
|
88,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal government securities under repo transactiones
with Central Bank of Argentina
|
|
|
|
|
|
|
83,490
|
|
|
|
88,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal government bonds in pesos at Badlar Private
+ 2.5% - Maturity: 2019
|
|
|
189,545
|
|
|
|
199,182
|
|
|
|
|
|
|
|
199,182
|
|
|
|
|
|
|
|
199,182
|
|
|
Argentine saving bond for the economy development
in US dollars at 4% - Maturity 07-27-2016
|
|
|
128,222
|
|
|
|
119,765
|
|
|
|
98,437
|
|
|
|
119,765
|
|
|
|
|
|
|
|
119,765
|
|
|
Province of Buenos Aires Treasury Bills in pesos
– Maturity: 05-29-2014
|
|
|
103,184
|
|
|
|
103,184
|
|
|
|
98,759
|
|
|
|
103,184
|
|
|
|
|
|
|
|
103,184
|
|
|
Province of Entre Ríos Treasury Bills
- Maturity: 06-26-2014
|
|
|
10,096
|
|
|
|
10,095
|
|
|
|
|
|
|
|
10,095
|
|
|
|
|
|
|
|
10,095
|
|
|
Province of Neuquén guarantee Treasury
Bills Class 1 in US dollars - Maturity: 05-23-2014
|
|
|
|
|
|
|
|
|
|
|
37,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities Class 1
- Chubut development and infraestructure bond in US dollars at 4% - Maturity: 10-21-2019
|
|
|
|
|
|
|
|
|
|
|
10,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Holdings booked at amortized cost
|
|
|
|
|
|
|
432,226
|
|
|
|
245,007
|
|
|
|
432,226
|
|
|
|
|
|
|
|
432,226
|
|
Jorge H. Brito
Chairperson
EXHIBIT A
(Continued)
DETAIL OF GOVERNMENT AND
PRIVATE SECURITIES
AS OF MARCH 31, 2014 AND
DECEMBER, 31 2013
(Translation of financial statements
originally issued in Spanish - See Note 22)
(Figures stated in thousands
of pesos)
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
03/31/2014
|
|
|
Name
|
|
Market
value or
Present
Value
|
|
|
Book
balance
|
|
|
Book
balance
|
|
|
Position
without
options (1)
|
|
|
Options
|
|
|
Final
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSTRUMENTS ISSUED BY THE CENTRAL
BANK OF ARGENTINA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills at market
value - Own portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 04-09-2014
|
|
|
|
|
|
|
142,370
|
|
|
|
|
|
|
|
142,370
|
|
|
|
|
|
|
|
142,370
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 04-16-2014
|
|
|
|
|
|
|
19,802
|
|
|
|
|
|
|
|
19,802
|
|
|
|
|
|
|
|
19,802
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 04-03-2014
|
|
|
|
|
|
|
731
|
|
|
|
|
|
|
|
731
|
|
|
|
|
|
|
|
731
|
|
|
Central Bank of Argentina
Internal Bills in pesos – Maturity: 01-02-2014
|
|
|
|
|
|
|
|
|
|
|
12,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Central Bank of Argentina Internal Bills
at market value - Own Portfolio
|
|
|
|
|
|
|
162,903
|
|
|
|
12,980
|
|
|
|
162,903
|
|
|
|
|
|
|
|
162,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills - Under
Repo Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 10-01-2014
|
|
|
|
|
|
|
2,803,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 01-28-2015
|
|
|
|
|
|
|
195,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 03-19-2014
|
|
|
|
|
|
|
|
|
|
|
21,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 02-05-2014
|
|
|
|
|
|
|
|
|
|
|
21,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 01-29-2014
|
|
|
|
|
|
|
|
|
|
|
12,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 06-11-2014
|
|
|
|
|
|
|
|
|
|
|
12,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 10-15-2014
|
|
|
|
|
|
|
|
|
|
|
11,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
Internal Bills in pesos – Maturity: 11-26-2014
|
|
|
|
|
|
|
|
|
|
|
4,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Central Bank of Argentina Internal Bills
- Under repo Transactions
|
|
|
|
|
|
|
2,998,577
|
|
|
|
85,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills at amortized
cost - Own Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 05-21-2014
|
|
|
|
|
|
|
821,128
|
|
|
|
|
|
|
|
821,128
|
|
|
|
|
|
|
|
821,128
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 05-07-2014
|
|
|
|
|
|
|
820,632
|
|
|
|
|
|
|
|
820,632
|
|
|
|
|
|
|
|
820,632
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 06-11-2014
|
|
|
|
|
|
|
365,401
|
|
|
|
|
|
|
|
417,114
|
|
|
|
|
|
|
|
417,114
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 05-14-2014
|
|
|
|
|
|
|
293,254
|
|
|
|
|
|
|
|
293,254
|
|
|
|
|
|
|
|
293,254
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 05-28-2014
|
|
|
|
|
|
|
196,428
|
|
|
|
|
|
|
|
196,428
|
|
|
|
|
|
|
|
196,428
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 07-10-2014
|
|
|
|
|
|
|
185,443
|
|
|
|
|
|
|
|
185,443
|
|
|
|
|
|
|
|
185,443
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 06-04-2014
|
|
|
|
|
|
|
181,051
|
|
|
|
|
|
|
|
181,051
|
|
|
|
|
|
|
|
181,051
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 08-27-2014
|
|
|
|
|
|
|
34,094
|
|
|
|
|
|
|
|
34,094
|
|
|
|
|
|
|
|
34,094
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 06-11-2014
|
|
|
|
|
|
|
20,836
|
|
|
|
|
|
|
|
20,836
|
|
|
|
|
|
|
|
20,836
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 06-25-2014
|
|
|
|
|
|
|
12,296
|
|
|
|
|
|
|
|
12,296
|
|
|
|
|
|
|
|
12,296
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 05-28-2014
|
|
|
|
|
|
|
10,610
|
|
|
|
|
|
|
|
10,610
|
|
|
|
|
|
|
|
10,610
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 05-14-2014
|
|
|
|
|
|
|
8,738
|
|
|
|
|
|
|
|
8,738
|
|
|
|
|
|
|
|
8,738
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 09-10-2014
|
|
|
|
|
|
|
6,407
|
|
|
|
|
|
|
|
6,407
|
|
|
|
|
|
|
|
6,407
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 08-27-2014
|
|
|
|
|
|
|
3,725
|
|
|
|
|
|
|
|
3,725
|
|
|
|
|
|
|
|
3,725
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 08-13-2014
|
|
|
|
|
|
|
3,335
|
|
|
|
|
|
|
|
3,335
|
|
|
|
|
|
|
|
3,335
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 03-11-2014
|
|
|
|
|
|
|
2,509
|
|
|
|
|
|
|
|
2,509
|
|
|
|
|
|
|
|
2,509
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 04-30-2014
|
|
|
|
|
|
|
1,939
|
|
|
|
|
|
|
|
1,939
|
|
|
|
|
|
|
|
1,939
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 02-25-2014
|
|
|
|
|
|
|
868
|
|
|
|
|
|
|
|
868
|
|
|
|
|
|
|
|
868
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 01-10-2014
|
|
|
|
|
|
|
850
|
|
|
|
|
|
|
|
850
|
|
|
|
|
|
|
|
850
|
|
|
Central Bank of Argentina
Bills in USD payables in dollars – Maturity: 07-30-2014
|
|
|
|
|
|
|
536
|
|
|
|
|
|
|
|
536
|
|
|
|
|
|
|
|
536
|
|
|
Subtotal Central Bank of Argentina Internal Bills
at amortized cost - Own portfolio
|
|
|
|
|
|
|
2,970,080
|
|
|
|
|
|
|
|
3,021,793
|
|
|
|
|
|
|
|
3,021,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Notes at market value
- Own portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 04-23-2014
|
|
|
|
|
|
|
288,525
|
|
|
|
|
|
|
|
288,525
|
|
|
|
|
|
|
|
288,525
|
|
|
Subtotal Central Bank of Argentina Notes at market
value - Own portfolio
|
|
|
|
|
|
|
288,525
|
|
|
|
|
|
|
|
288,525
|
|
|
|
|
|
|
|
288,525
|
|
|
Subtotal Instruments issued by the Central Bank
of Argentina
|
|
|
|
|
|
|
6,420,085
|
|
|
|
98,044
|
|
|
|
3,473,221
|
|
|
|
|
|
|
|
3,473,221
|
|
Jorge H. Brito
Chairperson
EXHIBIT A
(Continued)
DETAIL OF GOVERNMENT AND
PRIVATE SECURITIES
AS OF MARCH 31, 2014 AND
DECEMBER, 31 2013
(Translation of financial statements
originally issued in Spanish - See Note 22)
(Figures stated in thousands
of pesos)
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
03/31/2014
|
|
|
Name
|
|
Market
value or
Present
Value
|
|
|
Book
balance
|
|
|
Book
balance
|
|
|
Position
without
options (1)
|
|
|
Options
|
|
|
Final
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSTRUMENTS ISSUED BY THE CENTRAL
BANK OF ARGENTINA (Continued)
|
|
|
|
|
|
|
6,420,085
|
|
|
|
98,044
|
|
|
|
3,473,221
|
|
|
|
|
|
|
|
3,473,221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Notes - Under Repo
Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 04-23-2014
|
|
|
|
|
|
|
|
|
|
|
39,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Central Bank of Argentina Notes - Under
repo Transactions
|
|
|
|
|
|
|
|
|
|
|
39,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Notes at amortized
cost - Own portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Notes in pesos
with variable coupon (Badlar rate) + 2.5% – Maturity: 08-20-2014
|
|
|
|
|
|
|
591,616
|
|
|
|
|
|
|
|
622,718
|
|
|
|
|
|
|
|
622,718
|
|
|
Central Bank of Argentina Internal Notes in pesos
with variable coupon (Badlar rate) + 2.5% – Maturity: 06-18-2014
|
|
|
|
|
|
|
490,959
|
|
|
|
|
|
|
|
490,959
|
|
|
|
|
|
|
|
490,959
|
|
|
Central Bank of Argentina Internal Notes in pesos
with variable coupon (Badlar rate) + 2.5% – Maturity: 07-23-2014
|
|
|
|
|
|
|
388,674
|
|
|
|
|
|
|
|
409,399
|
|
|
|
|
|
|
|
409,399
|
|
|
Central Bank of Argentina Internal Notes in pesos
with variable coupon (Badlar rate) + 2.5% – Maturity: 09-24-2014
|
|
|
|
|
|
|
25,213
|
|
|
|
|
|
|
|
25,213
|
|
|
|
|
|
|
|
25,213
|
|
|
Central Bank of Argentina
Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% – Maturity: 04-23-2014
|
|
|
|
|
|
|
|
|
|
|
35,647
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Central Bank of Argentina Notes at amortized
cost - Own portfolio
|
|
|
|
|
|
|
1,496,462
|
|
|
|
35,647
|
|
|
|
1,548,289
|
|
|
|
|
|
|
|
1,548,289
|
|
|
Total Instruments issued
by the Central Bank of Argentina
|
|
|
|
|
|
|
7,916,547
|
|
|
|
173,031
|
|
|
|
5,021,510
|
|
|
|
|
|
|
|
5,021,510
|
|
|
Total Government securities
|
|
|
|
|
|
|
9,546,702
|
|
|
|
1,710,748
|
|
|
|
6,500,557
|
|
|
|
|
|
|
|
6,500,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total government and private
Securities
|
|
|
|
|
|
|
9,546,702
|
|
|
|
1,710,748
|
|
|
|
6,500,557
|
|
|
|
|
|
|
|
6,500,557
|
|
(1) Position without options as of March 31, 2014, includes
“Holdings” plus: “spot and forward purchases pending settlement", less “deposits” and "spot
and forward sales pending settlement".
Jorge H. Brito
Chairperson
|
EXHIBIT
B
|
|
|
|
FINANCING-FACILITIES
CLASSIFICATION BY SITUATION
|
|
AND
GUARANTEES RECEIVED
|
|
AS
OF MARCH 31, 2014 AND DECEMBER, 31 2013
|
|
(Translation
of financial statements originally issued in Spanish - See Note 22)
|
|
(Figures
stated in thousands of pesos)
|
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In normal situation
|
|
|
16,148,705
|
|
|
|
15,697,070
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
1,063,520
|
|
|
|
1,052,533
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
2,943,223
|
|
|
|
2,910,554
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
12,141,962
|
|
|
|
11,733,983
|
|
|
|
|
|
|
|
|
|
|
|
|
Subject to special monitoring
|
|
|
97,062
|
|
|
|
102,511
|
|
|
In observation
|
|
|
|
|
|
|
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
533
|
|
|
|
1,993
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
29,543
|
|
|
|
35,970
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
66,986
|
|
|
|
64,548
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled
|
|
|
24,223
|
|
|
|
22,650
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
13,826
|
|
|
|
13,060
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
10,397
|
|
|
|
9,590
|
|
|
|
|
|
|
|
|
|
|
|
|
With high risk of insolvency
|
|
|
264,848
|
|
|
|
222,106
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
121,986
|
|
|
|
75,006
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
142,862
|
|
|
|
147,100
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
11,603
|
|
|
|
8,385
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
3,657
|
|
|
|
3,729
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
7,946
|
|
|
|
4,656
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Commercial
|
|
|
16,546,441
|
|
|
|
16,052,722
|
|
Jorge H. Brito
Chairperson
|
EXHIBIT
B
|
|
(Continued)
|
|
|
|
FINANCING-FACILITIES
CLASSIFICATION BY SITUATION
|
|
AND
GUARANTEES RECEIVED
|
|
AS
OF MARCH 31, 2014 AND DECEMBER, 31 2013
|
|
(Translation
of financial statements originally issued in Spanish - See Note 22)
|
|
(Figures
stated in thousands of pesos)
|
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
CONSUMER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
21,005,452
|
|
|
|
20,972,447
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
338,546
|
|
|
|
314,530
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
1,600,642
|
|
|
|
1,633,217
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
19,066,264
|
|
|
|
19,024,700
|
|
|
|
|
|
|
|
|
|
|
|
|
Low risk
|
|
|
399,870
|
|
|
|
316,744
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
2,601
|
|
|
|
1,578
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
14,051
|
|
|
|
13,948
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
383,218
|
|
|
|
301,218
|
|
|
|
|
|
|
|
|
|
|
|
|
Medium risk
|
|
|
230,132
|
|
|
|
206,596
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
362
|
|
|
|
1,063
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
8,865
|
|
|
|
6,047
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
220,905
|
|
|
|
199,486
|
|
|
|
|
|
|
|
|
|
|
|
|
High risk
|
|
|
144,475
|
|
|
|
124,120
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
|
|
|
|
576
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
5,025
|
|
|
|
4,859
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
139,450
|
|
|
|
118,685
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
61,058
|
|
|
|
62,241
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
121
|
|
|
|
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
8,819
|
|
|
|
9,065
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
52,118
|
|
|
|
53,176
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable according to Central Bank's rules
|
|
|
153
|
|
|
|
284
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
153
|
|
|
|
284
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Consumer
|
|
|
21,841,140
|
|
|
|
21,682,432
|
|
|
Total
|
|
|
38,387,581
|
|
|
|
37,735,154
|
|
Jorge H. Brito
Chairperson
|
EXHIBIT
C
|
|
|
|
FINANCING-FACILITIES
CONCENTRATION
|
|
AS
OF MARCH 31, 2014 AND DECEMBER, 31 2013
|
|
(Translation
of financial statements originally issued in Spanish - See Note 22)
|
|
(Figures
stated in thousands of pesos)
|
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
Number
of customers
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 largest customers
|
|
|
3,019,338
|
|
|
|
7.87
|
|
|
|
2,321,319
|
|
|
|
6.15
|
|
|
50 next largest customers
|
|
|
3,717,649
|
|
|
|
9.68
|
|
|
|
3,855,621
|
|
|
|
10.22
|
|
|
100 next largest customers
|
|
|
2,820,180
|
|
|
|
7.35
|
|
|
|
2,724,057
|
|
|
|
7.22
|
|
|
Other customers
|
|
|
28,830,414
|
|
|
|
75.10
|
|
|
|
28,834,157
|
|
|
|
76.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
38,387,581
|
|
|
|
100.00
|
|
|
|
37,735,154
|
|
|
|
100.00
|
|
Jorge H. Brito
Chairperson
EXHIBIT D
BREAKDOWN BY FINANCING TERMS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
|
|
|
Terms
remaining to maturity
|
|
|
|
|
|
Item
|
|
Matured
|
|
|
Up
to 1
month
|
|
|
Over
1
month and
up to 3
months
|
|
|
Over
3
months
and up to 6
months
|
|
|
Over
6
months
and up to
12 months
|
|
|
Over
12
months
and up to
24 months
|
|
|
Over
24
months
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-financial government sector
|
|
|
18
|
|
|
|
85,782
|
|
|
|
3,074
|
|
|
|
41,663
|
|
|
|
83,327
|
|
|
|
130,536
|
|
|
|
376,848
|
|
|
|
721,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial sector
|
|
|
|
|
|
|
309,769
|
|
|
|
13,155
|
|
|
|
9,087
|
|
|
|
15,700
|
|
|
|
2,233
|
|
|
|
|
|
|
|
349,944
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-financial private sector and foreign residents
|
|
|
451,479
|
|
|
|
12,585,524
|
|
|
|
5,398,250
|
|
|
|
3,465,186
|
|
|
|
3,234,554
|
|
|
|
5,083,447
|
|
|
|
7,097,949
|
|
|
|
37,316,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
451,497
|
|
|
|
12,981,075
|
|
|
|
5,414,479
|
|
|
|
3,515,936
|
|
|
|
3,333,581
|
|
|
|
5,216,216
|
|
|
|
7,474,797
|
|
|
|
38,387,581
|
|
Jorge H. Brito
Chairperson
EXHIBIT E
DETAIL OF INVESTMENT IN OTHER COMPANIES
AS OF MARCH 31, 2014 AND DECEMBER, 31
2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information on the issuer
|
|
|
|
03/31/2014
|
|
12/31/2013
|
|
|
Data
from latest financial statements
|
|
Name
|
|
Class
|
|
Unit
face
value
|
|
|
Votes
per
share
|
|
|
Number
|
|
|
Amount
|
|
|
Amount
|
|
|
Main
business activity
|
|
Period
/
Year-end
date
|
|
|
Capital
stock
|
|
|
Shareholders'
equity
|
|
|
Income
(loss) for
the period /
year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In financial institutions,
supplementary and authorized activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In Argentina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco del
Tucumán S.A.
|
|
Common
|
|
|
100
|
|
|
|
1
|
|
|
|
395,341
|
|
|
|
679,687
|
|
|
|
618,886
|
|
|
Financial institution
|
|
|
03-31-14
|
|
|
|
43,960
|
|
|
|
755,779
|
|
|
|
67,608
|
|
|
Macro Securities S.A.
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
12,776,680
|
|
|
|
63,210
|
|
|
|
54,676
|
|
|
Brokerage house
|
|
|
03-31-14
|
|
|
|
12,886
|
|
|
|
62,333
|
|
|
|
7,750
|
|
|
Macro Fiducia S.A.
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
6,475,143
|
|
|
|
14,239
|
|
|
|
12,714
|
|
|
Services
|
|
|
03-31-14
|
|
|
|
6,567
|
|
|
|
14,887
|
|
|
|
1,624
|
|
|
Macro Fondos SGFCI S.A.
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
327,183
|
|
|
|
5,523
|
|
|
|
4,362
|
|
|
Mutual funds management
|
|
|
03-31-14
|
|
|
|
1,713
|
|
|
|
27,433
|
|
|
|
5,551
|
|
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro
Bank Limited
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
9,816,899
|
|
|
|
347,149
|
|
|
|
279,298
|
|
|
Financial institution
|
|
|
03-31-14
|
|
|
|
9,817
|
|
|
|
347,149
|
|
|
|
67,851
|
|
|
Subtotal
subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,109,808
|
|
|
|
969,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Non-subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In Argentina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banelco S.A.
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
1,071,716
|
|
|
|
2,500
|
|
|
|
2,500
|
|
|
Network administration
|
|
|
12-31-12
|
|
|
|
23,599
|
|
|
|
62,631
|
|
|
|
25,777
|
|
|
Provincanje S.A.
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
600,000
|
|
|
|
603
|
|
|
|
603
|
|
|
Swap of securities
|
|
|
12-31-12
|
|
|
|
7,200
|
|
|
|
6,743
|
|
|
|
(962
|
)
|
|
Visa Argentina S.A.
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
1,141,503
|
|
|
|
3,554
|
|
|
|
3,554
|
|
|
Business services
|
|
|
05-31-13
|
|
|
|
15,000
|
|
|
|
265,120
|
|
|
|
203,787
|
|
|
COEL S.A.
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
86,236
|
|
|
|
138
|
|
|
|
138
|
|
|
Financial Services
|
|
|
12-31-12
|
|
|
|
1,000
|
|
|
|
3,106
|
|
|
|
500
|
|
|
ACH S.A.
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
110,500
|
|
|
|
196
|
|
|
|
196
|
|
|
Electronic information services
|
|
|
12-31-12
|
|
|
|
650
|
|
|
|
266
|
|
|
|
(105
|
)
|
|
Mercado Abierto Electrónico S.A.
|
|
Common
|
|
|
1,200
|
|
|
|
1
|
|
|
|
8
|
|
|
|
121
|
|
|
|
121
|
|
|
Electronic market
|
|
|
12-31-13
|
|
|
|
242
|
|
|
|
24,899
|
|
|
|
8,677
|
|
|
Argentina Clearing S.A.
|
|
Common
|
|
|
2,500
|
|
|
|
1
|
|
|
|
30
|
|
|
|
31
|
|
|
|
31
|
|
|
Services
|
|
|
07-31-13
|
|
|
|
10,250
|
|
|
|
44,699
|
|
|
|
13,201
|
|
|
Garantizar SGR
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
10,000
|
|
|
|
10
|
|
|
|
10
|
|
|
Mutual guarantee association
|
|
|
12-31-13
|
|
|
|
18,578
|
|
|
|
905,856
|
|
|
|
24,217
|
|
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco Latinoamericano
de Exportaciones S.A.
|
|
Common
|
|
|
10
|
|
|
|
1
|
|
|
|
7,303
|
|
|
|
632
|
|
|
|
514
|
|
|
Financial institution
|
|
|
12-31-13
|
|
|
|
1,824,910
|
|
|
|
5,592,131
|
|
|
|
552,420
|
|
|
Banco
Latinoamericano de Exportaciones S.A.
|
|
Com "E"
|
|
|
1
|
|
|
|
1
|
|
|
|
3,729
|
|
|
|
469
|
|
|
|
382
|
|
|
Financial institution
|
|
|
12-31-13
|
|
|
|
1,824,910
|
|
|
|
5,592,131
|
|
|
|
552,420
|
|
|
Subtotal
non-subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,254
|
|
|
|
8,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
in financial institutions, supplementary and authorized activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,118,062
|
|
|
|
977,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
other companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Non-subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In Argentina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,573
|
|
|
|
1,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SWIFT
S.A.
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
5
|
|
|
|
39
|
|
|
|
32
|
|
|
Services
|
|
|
12-31-12
|
|
|
|
973,323
|
|
|
|
1,638,274
|
|
|
|
90,222
|
|
|
Total
in other companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,612
|
|
|
|
1,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,119,674
|
|
|
|
979,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) As of March 31, 2014 and December 31, 2013 the Bank booked
allowances for impairment in value amounting to 344 for both dates (see Exhibit J).
Jorge H. Brito
Chairperson
EXHIBIT F
MOVEMENT OF BANK PREMISES AND EQUIPMENT
AND OTHER ASSETS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
|
|
|
Net book
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
for
the period
|
|
|
Net
book
|
|
|
Item
|
|
value
at
beginning of
fiscal year
|
|
|
Increases
|
|
|
Transfers
|
|
|
Decreases
|
|
|
Years
of
useful
life
|
|
|
Amount
|
|
|
value
at end
of the
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buildings
|
|
|
375,089
|
|
|
|
9,338
|
|
|
|
15,638
|
|
|
|
170
|
|
|
|
50
|
|
|
|
4,269
|
|
|
|
395,626
|
|
|
Furniture and facilities
|
|
|
86,216
|
|
|
|
5,838
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
3,249
|
|
|
|
88,805
|
|
|
Machinery and equipment
|
|
|
173,736
|
|
|
|
84,360
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
17,345
|
|
|
|
240,751
|
|
|
Vehicles
|
|
|
32,237
|
|
|
|
1,114
|
|
|
|
|
|
|
|
127
|
|
|
|
5
|
|
|
|
3,382
|
|
|
|
29,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
667,278
|
|
|
|
100,650
|
|
|
|
15,638
|
|
|
|
297
|
|
|
|
|
|
|
|
28,245
|
|
|
|
755,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Works in progress
|
|
|
117,785
|
|
|
|
54,243
|
|
|
|
(12,743
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
159,285
|
|
|
Works of art
|
|
|
1,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,170
|
|
|
Prepayments for the purchase of assets
|
|
|
20,195
|
|
|
|
2,000
|
|
|
|
(720
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,475
|
|
|
Foreclosed assets
|
|
|
8,908
|
|
|
|
|
|
|
|
|
|
|
|
69
|
|
|
|
50
|
|
|
|
20
|
|
|
|
8,819
|
|
|
Leased buildings
|
|
|
570
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50
|
|
|
|
1
|
|
|
|
569
|
|
|
Stationery and office supplies
|
|
|
10,066
|
|
|
|
15,001
|
|
|
|
|
|
|
|
11,253
|
|
|
|
|
|
|
|
|
|
|
|
13,814
|
|
|
Other assets
|
|
|
200,937
|
|
|
|
5,453
|
|
|
|
(2,175
|
)
|
|
|
8,082
|
|
|
|
50
|
|
|
|
319
|
|
|
|
195,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
359,631
|
|
|
|
76,697
|
|
|
|
(15,638
|
)
|
|
|
19,404
|
|
|
|
|
|
|
|
340
|
|
|
|
400,946
|
|
Jorge H. Brito
Chairperson
EXHIBIT G
DETAIL OF INTANGIBLE ASSETS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
|
|
|
Net book
|
|
|
|
|
|
Amortization for
the period
|
|
|
Net book
|
|
|
Item
|
|
value at
beginning of
fiscal year
|
|
|
Increases
|
|
|
Years of
useful
life
|
|
|
Amount
|
|
|
value at end
of the
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill (a)
|
|
|
58,788
|
|
|
|
|
|
|
|
10
|
|
|
|
3,513
|
|
|
|
55,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organization and development costs (b)
|
|
|
271,759
|
|
|
|
39,991
|
|
|
|
5
|
|
|
|
25,303
|
|
|
|
286,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
330,547
|
|
|
|
39,991
|
|
|
|
|
|
|
|
28,816
|
|
|
|
341,722
|
|
|
|
(a)
|
Related to the difference between the total price of the transaction and the value by the equity method of Banco del Tucumán
S.A., former Nuevo Banco Bisel S.A. and former Banco Privado de Inversiones S.A. acquisitions.
|
|
|
(b)
|
Includes the cost of information technology projects hired from independent parties and leasehold improvements.
|
Jorge H. Brito
Chairperson
EXHIBIT H
DEPOSIT CONCENTRATION
AS OF MARCH 31, 2014 AND DECEMBER, 31
2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
Number of customers
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 largest customers
|
|
|
4,585,194
|
|
|
|
11.00
|
|
|
|
3,926,242
|
|
|
|
10.16
|
|
|
50 next largest customers
|
|
|
5,928,151
|
|
|
|
14.23
|
|
|
|
5,256,030
|
|
|
|
13.60
|
|
|
100 next largest customers
|
|
|
2,722,221
|
|
|
|
6.53
|
|
|
|
2,457,322
|
|
|
|
6.36
|
|
|
Other customers
|
|
|
28,437,024
|
|
|
|
68.24
|
|
|
|
27,007,610
|
|
|
|
69.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
41,672,590
|
|
|
|
100.00
|
|
|
|
38,647,204
|
|
|
|
100.00
|
|
Jorge H. Brito
Chairperson
EXHIBIT I
BREAKDOWN OF DEPOSITS, OTHER LIABILITIES
FROM FINANCIAL INTERMEDIATION AND
SUBORDINATED CORPORATE BONDS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
|
|
|
Terms remaining to maturity
|
|
|
|
|
|
Item
|
|
Up to 1
month
|
|
|
Over 1
month and
up to
3
months
|
|
|
Over 3
months
and up to
6 months
|
|
|
Over 6
months
and up to
12 months
|
|
|
Over 12
months
and up to
24
months
|
|
|
Over 24
months
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
33,188,164
|
|
|
|
7,549,106
|
|
|
|
777,415
|
|
|
|
146,778
|
|
|
|
10,128
|
|
|
|
999
|
|
|
|
41,672,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
6,370
|
|
|
|
894
|
|
|
|
1,124
|
|
|
|
2,847
|
|
|
|
6,228
|
|
|
|
4,648
|
|
|
|
22,111
|
|
|
Banks and International Institutions
|
|
|
53,477
|
|
|
|
10,150
|
|
|
|
244,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
308,205
|
|
|
Non-subordinated corporate bonds
|
|
|
|
|
|
|
|
|
|
|
12,073
|
|
|
|
|
|
|
|
|
|
|
|
852,203
|
|
|
|
864,276
|
|
|
Financing received from Argentine financial institutions
|
|
|
7,964
|
|
|
|
2,196
|
|
|
|
3,313
|
|
|
|
6,700
|
|
|
|
13,727
|
|
|
|
31,217
|
|
|
|
65,117
|
|
|
Other
|
|
|
2,320,942
|
|
|
|
193,028
|
|
|
|
5,858
|
|
|
|
1,599
|
|
|
|
563
|
|
|
|
87,186
|
|
|
|
2,609,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,388,753
|
|
|
|
206,268
|
|
|
|
266,946
|
|
|
|
11,146
|
|
|
|
20,518
|
|
|
|
975,254
|
|
|
|
3,868,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
33,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,201,470
|
|
|
|
1,234,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
35,576,917
|
|
|
|
7,788,890
|
|
|
|
1,044,361
|
|
|
|
157,924
|
|
|
|
30,646
|
|
|
|
2,177,723
|
|
|
|
46,776,461
|
|
Jorge H. Brito
Chairperson
EXHIBIT J
CHANGES IN ALLOWANCES AND PROVISIONS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
|
|
|
Balances at
beginning of
|
|
|
Increases
|
|
|
Decreases
|
|
|
Balances at
end of the
|
|
|
Breakdown
|
|
fiscal
year
|
|
|
(1)
|
|
|
Charge
off
|
|
|
Reversals
|
|
|
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For uncollectibility risk and impairment
in value
|
|
|
931,960
|
|
|
|
151,625
|
|
|
|
108,648
|
|
|
|
121
|
|
|
|
974,816
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For uncollectibility risk and impairment in value
|
|
|
230,011
|
|
|
|
3,329
|
|
|
|
829
|
|
|
|
|
|
|
|
232,511
|
|
|
Receivables from financial leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For uncollectibility risk
|
|
|
4,945
|
|
|
|
|
|
|
|
58
|
|
|
|
|
|
|
|
4,887
|
|
|
Investments in other companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For impairment in value
|
|
|
344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
344
|
|
|
Other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For uncollectibility risk
|
|
|
6,742
|
|
|
|
663
|
|
|
|
|
|
|
|
321
|
|
|
|
7,084
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowances
|
|
|
1,174,002
|
|
|
|
155,617
|
|
|
|
109,535
|
|
|
|
442
|
|
|
|
1,219,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent commitments
|
|
|
4,806
|
|
|
|
|
|
|
|
435
|
|
|
|
|
|
|
|
4,371
|
|
|
For other contingencies
|
|
|
107,116
|
|
|
|
5,101
|
|
|
|
4,853
|
|
|
|
|
|
|
|
107,364
|
|
|
Difference from court deposits
dollarization
|
|
|
14,208
|
|
|
|
3,252
|
|
|
|
|
|
|
|
|
|
|
|
17,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Provisions
|
|
|
126,130
|
|
|
|
8,353
|
|
|
|
5,288
|
|
|
|
|
|
|
|
129,195
|
|
(1) See notes 3.5.f). and 3.5.n).
Jorge H. Brito
Chairperson
EXHIBIT K
CAPITAL STRUCTURE
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
|
Shares
|
|
Capital stock
|
|
|
|
|
|
|
|
Votes per
|
|
|
Issued
|
|
|
Own
|
|
|
Pending
|
|
|
|
|
|
Class
|
|
Stock number
|
|
|
share
|
|
|
Outstanding
|
|
|
Portfolio (1)
|
|
|
issuance (1)
|
|
|
Paid in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered common stock A
|
|
|
11,235,670
|
|
|
|
5
|
|
|
|
11,236
|
|
|
|
|
|
|
|
|
|
|
|
11,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered common stock B
|
|
|
583,327,358
|
|
|
|
1
|
|
|
|
573,249
|
|
|
|
10,000
|
|
|
|
78
|
|
|
|
583,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
594,563,028
|
|
|
|
|
|
|
|
584,485
|
|
|
|
10,000
|
|
|
|
78
|
|
|
|
594,563
|
|
(1) See Note 9.
Jorge H. Brito
Chairperson
EXHIBIT L
FOREIGN CURRENCY BALANCES
AS OF MARCH 31, 2014 AND DECEMBER, 31
2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
Total Parent
|
|
|
|
|
|
|
|
|
|
|
company and
|
|
|
Total per currency
|
|
|
|
|
|
|
|
Argentine
|
|
|
|
|
|
Pound
|
|
|
Swiss
|
|
|
Danish
|
|
|
Canadian
|
|
|
Australian
|
|
|
Neozalen
|
|
|
|
|
|
Swedish
|
|
|
Norwegian
|
|
|
Uruguayans
|
|
|
Chilean
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items
|
|
branches
|
|
|
US dollar
|
|
|
sterling
|
|
|
franc
|
|
|
krone
|
|
|
dollar
|
|
|
dollar
|
|
|
dollar
|
|
|
Yen
|
|
|
krone
|
|
|
krone
|
|
|
peso
|
|
|
peso
|
|
|
Guarani
|
|
|
Real
|
|
|
Euro
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
3,599,859
|
|
|
|
3,551,610
|
|
|
|
3,737
|
|
|
|
828
|
|
|
|
127
|
|
|
|
574
|
|
|
|
146
|
|
|
|
230
|
|
|
|
305
|
|
|
|
39
|
|
|
|
405
|
|
|
|
1,322
|
|
|
|
927
|
|
|
|
772
|
|
|
|
11,469
|
|
|
|
27,368
|
|
|
|
5,245,008
|
|
|
Government and private securities
|
|
|
666,421
|
|
|
|
665,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
503
|
|
|
|
393,573
|
|
|
Loans
|
|
|
2,397,992
|
|
|
|
2,397,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,876,819
|
|
|
Other receivables from financial intermediation
|
|
|
453,699
|
|
|
|
447,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,674
|
|
|
|
281,830
|
|
|
Receivables from financial leases
|
|
|
9,584
|
|
|
|
9,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,986
|
|
|
Investments in other companies
|
|
|
348,289
|
|
|
|
348,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
280,226
|
|
|
Other receivables
|
|
|
77,548
|
|
|
|
77,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,964
|
|
|
Items pending allocation
|
|
|
1,268
|
|
|
|
1,268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
7,554,660
|
|
|
|
7,499,234
|
|
|
|
3,737
|
|
|
|
828
|
|
|
|
127
|
|
|
|
574
|
|
|
|
146
|
|
|
|
230
|
|
|
|
305
|
|
|
|
39
|
|
|
|
405
|
|
|
|
1,322
|
|
|
|
927
|
|
|
|
772
|
|
|
|
11,469
|
|
|
|
34,545
|
|
|
|
8,155,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
2,729,705
|
|
|
|
2,729,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,461,071
|
|
|
Other liabilities from financial intermediation
|
|
|
1,899,116
|
|
|
|
1,877,562
|
|
|
|
285
|
|
|
|
221
|
|
|
|
|
|
|
|
421
|
|
|
|
|
|
|
|
|
|
|
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,594
|
|
|
|
1,785,933
|
|
|
Other liabilities
|
|
|
2,884
|
|
|
|
2,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,346
|
|
|
Subordinated corporate bonds
|
|
|
1,234,986
|
|
|
|
1,234,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
981,142
|
|
|
Items pending allocation
|
|
|
103
|
|
|
|
102
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
5,866,794
|
|
|
|
5,845,239
|
|
|
|
286
|
|
|
|
221
|
|
|
|
|
|
|
|
421
|
|
|
|
|
|
|
|
|
|
|
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,594
|
|
|
|
5,230,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEMORANDUM ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEBIT-BALANCE ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(except contra debit-balance accounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
1,224,629
|
|
|
|
1,224,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17
|
|
|
|
1,015,408
|
|
|
Control
|
|
|
1,114,158
|
|
|
|
1,055,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,807
|
|
|
|
923,080
|
|
|
Derivatives
|
|
|
8,204
|
|
|
|
8,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,676
|
|
|
CREDIT-BALANCE ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(except contra credit-balance accounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
157,573
|
|
|
|
157,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
172,687
|
|
|
Control
|
|
|
22
|
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
130
|
|
Jorge H. Brito
Chairperson
EXHIBIT N
CREDIT ASSISTANCE TO RELATED PARTIES
AS OF MARCH 31, 2014 AND DECEMBER, 31
2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
|
Item
|
|
03/31/2014 (1)
|
|
|
12/31/2013 (1)
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
127,842
|
|
|
|
59,980
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
127,842
|
|
|
|
59,980
|
|
|
Documents
|
|
|
|
|
|
|
4,150
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
|
|
|
|
1,776
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
|
|
|
|
2,374
|
|
|
Mortgage and pledge
|
|
|
10,673
|
|
|
|
11,568
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
10,110
|
|
|
|
10,441
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
563
|
|
|
|
1,127
|
|
|
Personal
|
|
|
1,464
|
|
|
|
309
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
1,464
|
|
|
|
309
|
|
|
Credit cards
|
|
|
26,740
|
|
|
|
23,641
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
26,740
|
|
|
|
23,641
|
|
|
Other
|
|
|
61,102
|
|
|
|
64,396
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
61,102
|
|
|
|
64,396
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans
|
|
|
227,821
|
|
|
|
164,044
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
2,072
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables from financial leases and other
|
|
|
11,626
|
|
|
|
10,514
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent Commitments
|
|
|
1,953
|
|
|
|
1,953
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in other companies
|
|
|
1,110,283
|
|
|
|
970,411
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,351,683
|
|
|
|
1,148,994
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowances / Provisions
|
|
|
2,538
|
|
|
|
1,910
|
|
(1) As of March 31, 2014 and December 31, 2013 all debtors are
classified in performing situation.
Jorge H. Brito
Chairperson
EXHIBIT O
DERIVATIVE FINANCIAL INSTRUMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
Originally
|
|
|
|
|
|
Weighted daily
|
|
|
|
|
|
|
|
Purpose of the
|
|
|
|
|
|
|
|
agreed
|
|
|
Residual
|
|
|
average term of
|
|
|
|
|
|
Type of
|
|
transactions
|
|
Underlying
|
|
Type of
|
|
Negotiation environment
|
|
weighted monthly
|
|
|
weighted monthly
|
|
|
settlement of
|
|
|
|
|
|
contract
|
|
performed
|
|
asset
|
|
settlement
|
|
or counter-party
|
|
average
term
|
|
|
average
term
|
|
|
differences
|
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
|
|
Intermediation - own account
|
|
Other
|
|
With delivery of underlying asset
|
|
Over The Counter - Residents
in Argentina - Non-financial sector
|
|
|
36
|
|
|
|
30
|
|
|
|
|
|
|
|
8,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo transactions
|
|
Intermediation - own account
|
|
Federal government securities
|
|
With delivery of underlying asset
|
|
MAE (over-the-counter electronic market)
|
|
|
1
|
|
|
|
1
|
|
|
|
|
|
|
|
3,152,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
|
|
Intermediation - own account
|
|
Foreign currency
|
|
Daily settlement of differences
|
|
MAE (over-the-counter electronic market)
|
|
|
6
|
|
|
|
2
|
|
|
|
1
|
|
|
|
3,716,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward
|
|
Intermediation - own account
|
|
Foreign currency
|
|
Maturity settlement of differences
|
|
Over The Counter - Residents in
Argentina - Non-financial sector
|
|
|
4
|
|
|
|
3
|
|
|
|
30
|
|
|
|
340,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Swaps
|
|
Intermediation - own account
|
|
Other
|
|
Other
|
|
MAE (over-the-counter electronic market)
|
|
|
60
|
|
|
|
5
|
|
|
|
30
|
|
|
|
50,000
|
|
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF MARCH 31, 2014 AND DECEMBER, 31
2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A.
|
|
CASH
|
|
|
|
|
|
|
|
|
|
|
|
Cash on hand
|
|
|
2,888,987
|
|
|
|
3,232,931
|
|
|
|
|
Due from banks and correspondents
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
5,639,162
|
|
|
|
8,937,649
|
|
|
|
|
Local Other
|
|
|
20,868
|
|
|
|
26,423
|
|
|
|
|
Foreign
|
|
|
885,367
|
|
|
|
663,118
|
|
|
|
|
Other
|
|
|
501
|
|
|
|
408
|
|
|
|
|
|
|
|
9,434,885
|
|
|
|
12,860,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B.
|
|
GOVERNMENT AND PRIVATE SECURITIES
(Exhibit I)
|
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at market value
|
|
|
2,027,582
|
|
|
|
1,928,841
|
|
|
|
|
Government securities under repo transactions with Central Bank of Argentina
|
|
|
83,490
|
|
|
|
88,928
|
|
|
|
|
Holdings booked at amortized cost
|
|
|
437,592
|
|
|
|
250,513
|
|
|
|
|
Instruments issued by the Central Bank of Argentina
|
|
|
8,381,595
|
|
|
|
173,031
|
|
|
|
|
Investments in listed private securities
|
|
|
3
|
|
|
|
3
|
|
|
|
|
|
|
|
10,930,262
|
|
|
|
2,441,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C.
|
|
LOANS
|
|
|
|
|
|
|
|
|
|
|
|
To the non-financial government sector
|
|
|
693,295
|
|
|
|
640,158
|
|
|
|
|
To the financial sector
|
|
|
|
|
|
|
|
|
|
|
|
Interfinancing - (granted call)
|
|
|
256,000
|
|
|
|
308,023
|
|
|
|
|
Other financing to Argentine financial institutions
|
|
|
38,785
|
|
|
|
55,711
|
|
|
|
|
Accrued interest, adjustments, foreign exchange and quoted price differences receivable
|
|
|
576
|
|
|
|
1,163
|
|
|
|
|
To the non-financial private sector and foreign residents
|
|
|
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
4,622,530
|
|
|
|
4,449,988
|
|
|
|
|
Documents
|
|
|
4,333,892
|
|
|
|
4,320,772
|
|
|
|
|
Mortgage loans
|
|
|
2,292,055
|
|
|
|
2,308,916
|
|
|
|
|
Pledge loans
|
|
|
1,416,459
|
|
|
|
1,429,414
|
|
|
|
|
Personal loans
|
|
|
13,875,130
|
|
|
|
13,873,830
|
|
|
|
|
Credit cards
|
|
|
7,157,454
|
|
|
|
6,841,356
|
|
|
|
|
Other
|
|
|
5,260,929
|
|
|
|
5,206,630
|
|
|
|
|
Accrued interest, adjustments, foreign exchange and quoted price differences receivable
|
|
|
809,875
|
|
|
|
779,436
|
|
|
|
|
less: Unearned discount
|
|
|
(194,805
|
)
|
|
|
(186,547
|
)
|
|
|
|
less: Allowances (Note 5.)
|
|
|
(1,054,354
|
)
|
|
|
(1,006,495
|
)
|
|
|
|
|
|
|
39,507,821
|
|
|
|
39,022,355
|
|
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF MARCH 31, 2014 AND DECEMBER, 31
2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
D.
|
|
OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
694,563
|
|
|
|
648,015
|
|
|
|
|
Amounts receivable from spot and forward sales pending settlement
|
|
|
3,720,964
|
|
|
|
774,525
|
|
|
|
|
Securities and foreign currency receivables from spot and forward purchases pending settlement
|
|
|
320,181
|
|
|
|
208,774
|
|
|
|
|
Unlisted corporate bonds
|
|
|
320,105
|
|
|
|
270,690
|
|
|
|
|
Receivables from forward transactions without delivery of underlying asset
|
|
|
743
|
|
|
|
167
|
|
|
|
|
Other receivables not covered by debtors classification standards
|
|
|
814,705
|
|
|
|
763,238
|
|
|
|
|
Other receivables covered by debtors classification standards
|
|
|
286,064
|
|
|
|
246,284
|
|
|
|
|
Accrued interest receivables covered by debtors classification standards
|
|
|
757
|
|
|
|
846
|
|
|
|
|
less: Allowances (Note 5.)
|
|
|
(234,932
|
)
|
|
|
(232,290
|
)
|
|
|
|
|
|
|
5,923,150
|
|
|
|
2,680,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E.
|
|
RECEIVABLES FROM FINANCIAL LEASES
|
|
|
|
|
|
|
|
|
|
|
|
Receivables from financial leases
|
|
|
379,234
|
|
|
|
385,717
|
|
|
|
|
Accrued interest and adjustments
|
|
|
5,989
|
|
|
|
5,158
|
|
|
|
|
less: Allowances (Note 5.)
|
|
|
(4,976
|
)
|
|
|
(5,015
|
)
|
|
|
|
|
|
|
380,247
|
|
|
|
385,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.
|
|
INVESTMENTS IN OTHER COMPANIES
|
|
|
|
|
|
|
|
|
|
|
|
In financial institutions
|
|
|
1,099
|
|
|
|
893
|
|
|
|
|
Other
|
|
|
13,913
|
|
|
|
13,883
|
|
|
|
|
less: Allowances (Note 5.)
|
|
|
(1,352
|
)
|
|
|
(1,330
|
)
|
|
|
|
|
|
|
13,660
|
|
|
|
13,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G.
|
|
OTHER RECEIVABLES
|
|
|
|
|
|
|
|
|
|
|
|
Receivables from sale of assets
|
|
|
5,893
|
|
|
|
6,116
|
|
|
|
|
Minimum presumed income tax-credit
|
|
|
3,460
|
|
|
|
3,460
|
|
|
|
|
Other
|
|
|
450,935
|
|
|
|
432,289
|
|
|
|
|
Accrued interest and adjustments receivable on from sale of assets
|
|
|
247
|
|
|
|
235
|
|
|
|
|
Other accrued interest and adjustments receivable
|
|
|
32
|
|
|
|
172
|
|
|
|
|
less: Allowances (Note 5.)
|
|
|
(7,271
|
)
|
|
|
(6,929
|
)
|
|
|
|
|
|
|
453,296
|
|
|
|
435,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H.
|
|
BANK PREMISES AND EQUIPMENT, NET
|
|
|
823,545
|
|
|
|
735,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I.
|
|
OTHER ASSETS
|
|
|
405,853
|
|
|
|
364,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
J.
|
|
INTANGIBLE ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
55,275
|
|
|
|
58,788
|
|
|
|
|
Organization and development costs
|
|
|
300,769
|
|
|
|
285,191
|
|
|
|
|
|
|
|
356,044
|
|
|
|
343,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
K.
|
|
ITEMS PENDING ALLOCATION
|
|
|
12,312
|
|
|
|
11,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
68,241,075
|
|
|
|
59,295,034
|
|
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF MARCH 31, 2014 AND DECEMBER, 31
2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
L.
|
|
DEPOSITS
|
|
|
|
|
|
|
|
|
|
|
|
From the non-financial government sector
|
|
|
7,529,216
|
|
|
|
6,580,041
|
|
|
|
|
From the financial sector
|
|
|
25,191
|
|
|
|
26,874
|
|
|
|
|
From the non-financial private sector and foreign residents
|
|
|
|
|
|
|
|
|
|
|
|
Checking accounts
|
|
|
8,607,346
|
|
|
|
8,602,700
|
|
|
|
|
Savings accounts
|
|
|
7,954,810
|
|
|
|
8,440,709
|
|
|
|
|
Time deposits
|
|
|
21,306,692
|
|
|
|
18,416,520
|
|
|
|
|
Investment accounts
|
|
|
156,525
|
|
|
|
199,003
|
|
|
|
|
Other
|
|
|
950,988
|
|
|
|
878,032
|
|
|
|
|
Accrued interest, adjustments, foreign exchange and quoted price differences payable
|
|
|
383,052
|
|
|
|
283,139
|
|
|
|
|
|
|
|
46,913,820
|
|
|
|
43,427,018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M.
|
|
OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
22,267
|
|
|
|
21,994
|
|
|
|
|
Banks and International Institutions
|
|
|
305,577
|
|
|
|
325,664
|
|
|
|
|
Non-subordinated Corporate Bonds
|
|
|
852,203
|
|
|
|
693,483
|
|
|
|
|
Amounts payable for spot and forward purchases pending settlement
|
|
|
387,843
|
|
|
|
241,942
|
|
|
|
|
Securities and foreign currency to be delivered under spot and forward sales pending settlement
|
|
|
3,751,905
|
|
|
|
863,570
|
|
|
|
|
Financing received from Argentine financial institutions
|
|
|
|
|
|
|
|
|
|
|
|
Interfinancing (received call)
|
|
|
8,504
|
|
|
|
|
|
|
|
|
Other financing received from Argentine financial institutions
|
|
|
24,153
|
|
|
|
25,159
|
|
|
|
|
Accrued interest payable
|
|
|
7
|
|
|
|
96
|
|
|
|
|
Receivables from forward transactions without delivery of underlying asset
|
|
|
|
|
|
|
27,867
|
|
|
|
|
Other
|
|
|
2,714,591
|
|
|
|
2,440,877
|
|
|
|
|
Accrued interest, adjustments, foreign exchange and quoted price differences payable
|
|
|
47,154
|
|
|
|
57,079
|
|
|
|
|
|
|
|
8,114,204
|
|
|
|
4,697,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.
|
|
OTHER LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
Fees
|
|
|
10,156
|
|
|
|
11,224
|
|
|
|
|
Other
|
|
|
1,906,154
|
|
|
|
1,314,477
|
|
|
|
|
|
|
|
1,916,310
|
|
|
|
1,325,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
O.
|
|
PROVISIONS
(Note
5.)
|
|
|
166,337
|
|
|
|
159,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P.
|
|
SUBORDINATED CORPORATE BONDS
|
|
|
1,234,986
|
|
|
|
981,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q.
|
|
ITEMS PENDING ALLOCATION
|
|
|
5,312
|
|
|
|
7,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINORITY INTERESTS IN SUBSIDIARIES
|
|
|
76,337
|
|
|
|
69,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
58,427,306
|
|
|
|
50,667,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
9,813,769
|
|
|
|
8,627,431
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
68,241,075
|
|
|
|
59,295,034
|
|
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF MARCH 31, 2014 AND DECEMBER, 31
2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
MEMORANDUM ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEBIT-BALANCE ACCOUNTS
|
|
|
67,944,806
|
|
|
|
61,359,882
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
11,943,547
|
|
|
|
11,983,952
|
|
|
Guarantees received
|
|
|
11,564,380
|
|
|
|
11,593,922
|
|
|
Other not covered by debtors classification standards
|
|
|
146
|
|
|
|
167
|
|
|
Contingent debit-balance contra accounts
|
|
|
379,021
|
|
|
|
389,863
|
|
|
|
|
|
|
|
|
|
|
|
|
Control
|
|
|
51,403,702
|
|
|
|
43,775,080
|
|
|
Receivables classified as irrecoverable
|
|
|
1,357,167
|
|
|
|
1,256,611
|
|
|
Other
|
|
|
49,393,618
|
|
|
|
41,803,691
|
|
|
Control debit-balance contra accounts
|
|
|
652,917
|
|
|
|
714,778
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives
|
|
|
4,115,034
|
|
|
|
5,083,287
|
|
|
Notional value of put options taken
|
|
|
8,204
|
|
|
|
6,676
|
|
|
Notional value of forward transactions without delivery of underlying asset
|
|
|
2,375,822
|
|
|
|
2,916,785
|
|
|
Interest rate swap
|
|
|
50,000
|
|
|
|
50,000
|
|
|
Derivatives debit-balance contra accounts
|
|
|
1,681,008
|
|
|
|
2,109,826
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust activity
|
|
|
482,523
|
|
|
|
517,563
|
|
|
Trust funds
|
|
|
482,523
|
|
|
|
517,563
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT-BALANCE ACCOUNTS
|
|
|
67,944,806
|
|
|
|
61,359,882
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
11,943,547
|
|
|
|
11,983,952
|
|
|
Other guarantees provided covered by debtors classification standards
|
|
|
97,470
|
|
|
|
129,681
|
|
|
Other guarantees provided not covered by debtors classification standards
|
|
|
151,748
|
|
|
|
151,489
|
|
|
Other covered by debtors classification standards
|
|
|
129,803
|
|
|
|
108,693
|
|
|
Contingent credit-balance contra accounts
|
|
|
11,564,526
|
|
|
|
11,594,089
|
|
|
|
|
|
|
|
|
|
|
|
|
Control
|
|
|
51,403,702
|
|
|
|
43,775,080
|
|
|
Checks to be credited
|
|
|
652,917
|
|
|
|
714,778
|
|
|
Control credit-balance contra accounts
|
|
|
50,750,785
|
|
|
|
43,060,302
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives
|
|
|
4,115,034
|
|
|
|
5,083,287
|
|
|
Notional value of forward transactions without delivery of underlying asset
|
|
|
1,681,008
|
|
|
|
2,109,826
|
|
|
Derivatives credit-balance contra account
|
|
|
2,434,026
|
|
|
|
2,973,461
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust activity
|
|
|
482,523
|
|
|
|
517,563
|
|
|
Trust activity credit-balance contra accounts
|
|
|
482,523
|
|
|
|
517,563
|
|
The accompanying Notes 1 through 8 to the consolidated financial
statements and Exhibit I are an integral part of these financial statements, which are part of the stand-alone financial statements
of Banco Macro S.A. and should be read together with them.
Jorge H. Brito
Chairperson
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE-MONTH PERIODS ENDED MARCH
31, 2014 AND 2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
|
|
03/31/2014
|
|
|
03/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
A.
|
|
FINANCIAL INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Interest on cash and due from banks
|
|
|
60
|
|
|
|
60
|
|
|
|
|
Interest on loans to the financial sector
|
|
|
13,219
|
|
|
|
10,265
|
|
|
|
|
Interest on overdrafts
|
|
|
351,660
|
|
|
|
228,000
|
|
|
|
|
Interest on documents
|
|
|
248,032
|
|
|
|
126,649
|
|
|
|
|
Interest on mortgage loans
|
|
|
115,727
|
|
|
|
67,625
|
|
|
|
|
Interest on pledge loans
|
|
|
62,220
|
|
|
|
42,467
|
|
|
|
|
Interest on credit card loans
|
|
|
408,071
|
|
|
|
222,823
|
|
|
|
|
Interest on financial leases
|
|
|
20,260
|
|
|
|
15,810
|
|
|
|
|
Interest on other loans
|
|
|
1,468,670
|
|
|
|
1,051,712
|
|
|
|
|
Net income from government and private securities
|
|
|
270,966
|
|
|
|
100,858
|
|
|
|
|
Interest on other receivables from financial intermediation
|
|
|
910
|
|
|
|
929
|
|
|
|
|
Income from guaranteed loans - Presidential Decree No. 1,387/01
|
|
|
20,258
|
|
|
|
12,064
|
|
|
|
|
CER (Benchmark Stabilization Coefficient) adjustment
|
|
|
36,895
|
|
|
|
16,387
|
|
|
|
|
CVS (Salary Variation Coefficient) adjustment
|
|
|
251
|
|
|
|
155
|
|
|
|
|
Difference in quoted prices of gold and foreign currency
|
|
|
678,932
|
|
|
|
102,087
|
|
|
|
|
Other
|
|
|
220,122
|
|
|
|
49,068
|
|
|
|
|
|
|
|
3,916,253
|
|
|
|
2,046,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B.
|
|
FINANCIAL EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Interest on checking accounts
|
|
|
138
|
|
|
|
92
|
|
|
|
|
Interest on savings accounts
|
|
|
11,059
|
|
|
|
9,997
|
|
|
|
|
Interest on time deposits
|
|
|
1,120,384
|
|
|
|
667,156
|
|
|
|
|
Interest on interfinancing received loans (received call)
|
|
|
17
|
|
|
|
979
|
|
|
|
|
Interest on other financing from financial institutions
|
|
|
4
|
|
|
|
2
|
|
|
|
|
Interest on other liabilities from financial intermediation
|
|
|
22,103
|
|
|
|
14,774
|
|
|
|
|
Interest on subordinated bonds
|
|
|
29,152
|
|
|
|
18,466
|
|
|
|
|
Other interest
|
|
|
812
|
|
|
|
818
|
|
|
|
|
CER adjustment
|
|
|
3,196
|
|
|
|
1,185
|
|
|
|
|
Contribution to Deposit Guarantee Fund
|
|
|
19,018
|
|
|
|
15,855
|
|
|
|
|
Other
|
|
|
246,968
|
|
|
|
151,159
|
|
|
|
|
|
|
|
1,452,851
|
|
|
|
880,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS INTERMEDIATION MARGIN - GAIN
|
|
|
2,463,402
|
|
|
|
1,166,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C.
|
|
PROVISION FOR LOAN LOSSES
|
|
|
131,302
|
|
|
|
128,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D.
|
|
SERVICE-CHARGE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Related to lending transactions
|
|
|
17,249
|
|
|
|
38,649
|
|
|
|
|
Related to deposits
|
|
|
622,183
|
|
|
|
452,282
|
|
|
|
|
Other commissions
|
|
|
16,273
|
|
|
|
11,324
|
|
|
|
|
Other
|
|
|
363,545
|
|
|
|
262,206
|
|
|
|
|
|
|
|
1,019,250
|
|
|
|
764,461
|
|
Jorge H. Brito
Chairperson
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE-MONTH PERIODS ENDED MARCH
31, 2014 AND 2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
|
|
03/31/2014
|
|
|
03/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
E.
|
|
SERVICE-CHARGE EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
|
62,490
|
|
|
|
46,009
|
|
|
|
|
Other
|
|
|
202,454
|
|
|
|
158,465
|
|
|
|
|
|
|
|
264,944
|
|
|
|
204,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.
|
|
ADMINISTRATIVE EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses
|
|
|
697,704
|
|
|
|
529,615
|
|
|
|
|
Directors' and statutory auditors' fees
|
|
|
71,186
|
|
|
|
15,758
|
|
|
|
|
Other professional fees
|
|
|
38,746
|
|
|
|
30,651
|
|
|
|
|
Advertising and publicity
|
|
|
21,047
|
|
|
|
21,265
|
|
|
|
|
Taxes
|
|
|
68,948
|
|
|
|
47,329
|
|
|
|
|
Depreciation of equipment
|
|
|
30,427
|
|
|
|
22,966
|
|
|
|
|
Amortization of organization costs
|
|
|
27,614
|
|
|
|
19,621
|
|
|
|
|
Other operating expenses
|
|
|
179,571
|
|
|
|
128,797
|
|
|
|
|
Other
|
|
|
87,351
|
|
|
|
62,516
|
|
|
|
|
|
|
|
1,222,594
|
|
|
|
878,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN
|
|
|
1,863,812
|
|
|
|
719,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G.
|
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Income from long-term investments
|
|
|
4,527
|
|
|
|
2,862
|
|
|
|
|
Penalty interest
|
|
|
12,556
|
|
|
|
8,910
|
|
|
|
|
Recovered loans and allowances reversed
|
|
|
20,599
|
|
|
|
35,187
|
|
|
|
|
CER adjustments
|
|
|
38
|
|
|
|
17
|
|
|
|
|
Others
|
|
|
24,081
|
|
|
|
14,571
|
|
|
|
|
|
|
|
61,801
|
|
|
|
61,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H.
|
|
OTHER EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Penalty interest and charges payable to the Central Bank of Argentina
|
|
|
1,442
|
|
|
|
13
|
|
|
|
|
Charges for other receivables uncollectibility and other allowances
|
|
|
12,734
|
|
|
|
9,866
|
|
|
|
|
Depreciation and loss of other assets
|
|
|
1,144
|
|
|
|
464
|
|
|
|
|
Goodwill amortization
|
|
|
3,513
|
|
|
|
3,513
|
|
|
|
|
Other
|
|
|
21,231
|
|
|
|
15,919
|
|
|
|
|
|
|
|
40,064
|
|
|
|
29,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINORITY INTEREST IN SUBSIDIARIES
|
|
|
(6,835
|
)
|
|
|
(3,917
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME BEFORE INCOME TAX - GAIN
|
|
|
1,878,714
|
|
|
|
747,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I.
|
|
INCOME TAX
|
|
|
692,376
|
|
|
|
289,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME FOR THE PERIOD - GAIN
|
|
|
1,186,338
|
|
|
|
457,925
|
|
The accompanying Notes 1 through 8 to the consolidated
financial statements and Exhibit I are an integral part of these financial statements, which are part of the stand-alone financial
statements of Banco Macro S.A. and should be read together with them.
Jorge H. Brito
Chairperson
CONSOLIDATED STATEMENTS OF
CASH FLOWS
FOR THE THREE-MONTH PERIODS
ENDED MARCH 31, 2014 AND 2013
(Translation of financial statements
originally issued in Spanish -
See Note 22 to the stand-alone
financial statements)
(Figures stated in thousands
of pesos)
|
|
|
03/31/2014
|
|
|
03/31/2013
|
|
|
CHANGES IN CASH AND CASH EQUIVALENTS (Note 1.5.)
|
|
|
|
|
|
|
|
|
|
Cash at the beginning of the fiscal year
|
|
|
13,512,271
|
|
|
|
10,526,353
|
|
|
Cash at the end of the period
|
|
|
12,345,465
|
|
|
|
10,821,164
|
|
|
Net (decrease) / increase in cash
|
|
|
(1,166,806
|
)
|
|
|
294,811
|
|
|
|
|
|
|
|
|
|
|
|
|
CAUSES OF CHANGES IN CASH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
Net collections / (payments) for:
|
|
|
|
|
|
|
|
|
|
Government and private securities
|
|
|
(2,999,897
|
)
|
|
|
(201,152
|
)
|
|
Loans
|
|
|
|
|
|
|
|
|
|
To the financial sector
|
|
|
82,755
|
|
|
|
(154,847
|
)
|
|
To the non-financial government sector
|
|
|
3,373
|
|
|
|
10,176
|
|
|
To the non-financial private sector and foreign residents
|
|
|
2,011,135
|
|
|
|
288,390
|
|
|
Other receivables from financial intermediation
|
|
|
(2,982,662
|
)
|
|
|
(655,007
|
)
|
|
Receivables from financial leases
|
|
|
25,873
|
|
|
|
(14,455
|
)
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
From the financial sector
|
|
|
(1,683
|
)
|
|
|
(4,054
|
)
|
|
From the non-financial government sector
|
|
|
797,313
|
|
|
|
817,306
|
|
|
From the non-financial private sector and foreign residents
|
|
|
1,540,108
|
|
|
|
1,363,768
|
|
|
Other liabilities from financial intermediation
|
|
|
|
|
|
|
|
|
|
Financing facilities from the financial sector (received calls)
|
|
|
(113
|
)
|
|
|
6,295
|
|
|
Others (except liabilities included under financing activities)
|
|
|
325,678
|
|
|
|
(574,725
|
)
|
|
Collections related to service-charge income
|
|
|
1,017,657
|
|
|
|
759,973
|
|
|
Payments related to service-charge expenses
|
|
|
(254,667
|
)
|
|
|
(197,483
|
)
|
|
Administrative expenses paid
|
|
|
(1,092,354
|
)
|
|
|
(842,555
|
)
|
|
Payment of organization and development costs
|
|
|
(43,192
|
)
|
|
|
(25,175
|
)
|
|
Net collections from penalty interest
|
|
|
12,555
|
|
|
|
8,897
|
|
|
Differences from payments related to court orders
|
|
|
(347
|
)
|
|
|
(1,801
|
)
|
|
Collections of dividends from other companies
|
|
|
540
|
|
|
|
|
|
|
Other collections related to other income and losses
|
|
|
20,159
|
|
|
|
20,986
|
|
|
Net payments from other operating activities
|
|
|
(569,018
|
)
|
|
|
(232,887
|
)
|
|
Payment of income tax / minimum presumed income tax
|
|
|
(202,456
|
)
|
|
|
(113,656
|
)
|
|
Net cash flows (used in) / generated by operating
activities
|
|
|
(2,309,243
|
)
|
|
|
257,994
|
|
Jorge H. Brito
Chairperson
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE-MONTH PERIODS ENDED MARCH
31, 2014 AND 2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
03/31/2014
|
|
|
03/31/2013
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
Net payments for bank premises and equipment
|
|
|
(115,611
|
)
|
|
|
(36,280
|
)
|
|
Net payments for other assets
|
|
|
(41,455
|
)
|
|
|
(14,371
|
)
|
|
Other collections for investing activities
|
|
|
|
|
|
|
6,389
|
|
|
Net cash flows used in investing activities
|
|
|
(157,066
|
)
|
|
|
(44,262
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
Net collections / (payments) for:
|
|
|
|
|
|
|
|
|
|
Non-subordinated corporate bonds
|
|
|
(36,255
|
)
|
|
|
(22,532
|
)
|
|
Central Bank of Argentina:
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(95
|
)
|
|
|
(859
|
)
|
|
Banks and International Institutions
|
|
|
(22,328
|
)
|
|
|
(69,204
|
)
|
|
Financing received from Argentine financial institutions
|
|
|
(771
|
)
|
|
|
(446
|
)
|
|
Net cash flows used in financing activities
|
|
|
(59,449
|
)
|
|
|
(93,041
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Financial income and holding gains on cash and cash equivalents
|
|
|
1,358,952
|
|
|
|
174,120
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) / increase in cash
|
|
|
(1,166,806
|
)
|
|
|
294,811
|
|
The accompanying Notes 1 through 8 to the consolidated financial
statements and Exhibit I are an integral part of these financial statements, which are part of the stand-alone financial statements
of Banco Macro S.A. and should be read together with them.
Jorge H. Brito
Chairperson
CONSOLIDATED STATEMENTS OF DEBTORS BY
SITUATION
AS OF MARCH 31, 2014 AND DECEMBER, 31
2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In normal situation
|
|
|
16,533,266
|
|
|
|
16,157,610
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
1,065,086
|
|
|
|
1,054,102
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
3,014,656
|
|
|
|
2,991,706
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
12,453,524
|
|
|
|
12,111,802
|
|
|
|
|
|
|
|
|
|
|
|
|
Subject to special monitoring
|
|
|
99,144
|
|
|
|
102,511
|
|
|
In observation
|
|
|
|
|
|
|
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
533
|
|
|
|
1,993
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
30,673
|
|
|
|
35,970
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
67,938
|
|
|
|
64,548
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled
|
|
|
24,223
|
|
|
|
22,650
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
13,826
|
|
|
|
13,060
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
10,397
|
|
|
|
9,590
|
|
|
|
|
|
|
|
|
|
|
|
|
With high risk of insolvency
|
|
|
264,848
|
|
|
|
222,106
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
121,986
|
|
|
|
75,006
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
142,862
|
|
|
|
147,100
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
11,603
|
|
|
|
8,385
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
3,657
|
|
|
|
3,729
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
7,946
|
|
|
|
4,656
|
|
|
Subtotal Commercial
|
|
|
16,933,084
|
|
|
|
16,513,262
|
|
Jorge H. Brito
Chairperson
CONSOLIDATED STATEMENTS OF
DEBTORS BY SITUATION
AS OF MARCH 31, 2014 AND DECEMBER,
31 2013
(Translation of financial statements
originally issued in Spanish -
See Note 22 to the stand-alone
financial statements)
(Figures stated in thousands
of pesos)
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
CONSUMER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
23,939,521
|
|
|
|
23,892,347
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
338,909
|
|
|
|
315,925
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
1,684,993
|
|
|
|
1,713,576
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
21,915,619
|
|
|
|
21,862,846
|
|
|
|
|
|
|
|
|
|
|
|
|
Low risk
|
|
|
430,985
|
|
|
|
341,018
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
2,601
|
|
|
|
1,683
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
15,366
|
|
|
|
16,884
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
413,018
|
|
|
|
322,451
|
|
|
|
|
|
|
|
|
|
|
|
|
Medium risk
|
|
|
252,831
|
|
|
|
225,864
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
428
|
|
|
|
1,185
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
10,640
|
|
|
|
7,137
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
241,763
|
|
|
|
217,542
|
|
|
|
|
|
|
|
|
|
|
|
|
High risk
|
|
|
166,752
|
|
|
|
144,006
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
|
|
|
|
576
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
5,216
|
|
|
|
5,013
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
161,536
|
|
|
|
138,417
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
64,408
|
|
|
|
65,486
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
121
|
|
|
|
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
8,972
|
|
|
|
9,218
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
55,315
|
|
|
|
56,268
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable according to Central Bank's rules
|
|
|
156
|
|
|
|
287
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
156
|
|
|
|
287
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Consumer
|
|
|
24,854,653
|
|
|
|
24,669,008
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
41,787,737
|
|
|
|
41,182,270
|
|
The accompanying Notes 1 through 8 to the consolidated financial
statements and Exhibit I are an integral part of these financial statements, which are part of the stand-alone financial statements
of Banco Macro S.A. and should be read together with them.
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish –
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
1.
|
SIGNIFICANT ACCOUNTING POLICIES
AND SUBSIDIARIES
|
|
|
1.1.
|
Valuation and disclosure criteria:
|
According to the procedures
provided by Central Bank rules - Communiqué “A” 2227, as supplemented - and FACPCE TR No. 21, the Bank has
consolidated line-by-line (i) its balance sheets as of March 31, 2014 and December 31, 2013 and (ii) the statements of income
and cash flows for the three-month periods ended March 31, 2014 and 2013, with the financial statements of the subsidiaries listed
in Note 1.2. as of each respective date.
The financial statements of
the Bank’s subsidiaries have been prepared based on methods similar to those applied by the Bank to prepare its own financial
statements, with respect to assets and liabilities valuation and disclosure, income (loss) measurement and restatement procedures,
as explained in Note 3. to the Bank’s stand-alone financial statements.
The receivables/payables and
transactions between the companies were eliminated in the consolidation process.
|
|
1.2.
|
List of subsidiaries:
|
The table below shows the
treatment given to the equity interests that Banco Macro S.A. holds in subsidiaries (percentage of equity interest and votes held
directly or indirectly as of March 31, 2014):
|
|
|
Banco Macro S.A.’s
direct equity interest
|
|
Banco Macro S.A.’s
direct and indirect
equity interest
|
|
|
|
|
Shares
|
|
Percentage of
|
|
|
Percentage of
|
|
|
Company
|
|
Type
|
|
Number
|
|
|
Capital
stock
|
|
|
Possible
votes
|
|
|
Capital
stock
|
|
|
Possible
votes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco del Tucumán S.A.
|
|
Common
|
|
|
395,341
|
|
|
|
89.932
|
%
|
|
|
89.932
|
%
|
|
|
89.932
|
%
|
|
|
89.932
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro Bank Limited (a)
|
|
Common
|
|
|
9,816,899
|
|
|
|
99.999
|
%
|
|
|
99.999
|
%
|
|
|
99.999
|
%
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro Securities S.A. (b) and (c)
|
|
Common
|
|
|
12,776,680
|
|
|
|
99.154
|
%
|
|
|
99.154
|
%
|
|
|
99.921
|
%
|
|
|
99.932
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro Fiducia S.A.
|
|
Common
|
|
|
6,475,143
|
|
|
|
98.605
|
%
|
|
|
98.605
|
%
|
|
|
98.605
|
%
|
|
|
98.605
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro Fondos SGFCI S.A.
|
|
Common
|
|
|
327,183
|
|
|
|
19.100
|
%
|
|
|
19.100
|
%
|
|
|
99.936
|
%
|
|
|
100.00
|
%
|
|
|
(a)
|
Consolidated with Sud Asesores
(ROU) S.A. (voting rights: 100%, equity interest: 1,298).
|
|
|
(c)
|
Consolidated with Macro Fondos SGFCI S.A. (percentage of
capital stock and votes 80.90%).
|
|
|
(d)
|
The indirect equity interest of Banco Macro S.A. comes
from Macro Fiducia S.A.
|
|
|
1.3.
|
Methods of incorporating foreign subsidiaries:
|
The financial statements of
Macro Bank Limited were adapted to Central Bank rules. Also, as they are originally stated in US dollars, they were translated
into pesos following the procedures indicated below:
|
|
a)
|
Assets and liabilities were
converted at the reference exchange rate at the closing of transactions on the last business
day of the three-month period ended March 31, 2014, and the year ended December 31, 2013.
|
|
|
b)
|
Figures related to the owners’
contributions (capital stock, additional paid-in capital and irrevocable capital contributions)
were translated applying the effective exchange rates as of the date on which such contributions
were paid in.
|
|
|
c)
|
Retained earnings were estimated
by the difference between assets, liabilities and owners’ contributions, translated
into pesos, as indicated above.
|
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish –
See Note 22 to the stand-alone financial
statements)
|
|
d)
|
The amounts of the accounts
in the statements of income for the three-month periods ended March 31, 2014 and 2013,
were converted into pesos, as described in (a) above, In both cases, the difference between
the sum of the amounts thus obtained and lump-sum income (loss) for each period (difference
between retained earnings at beginning of fiscal year and retained earnings at period)
was recorded in “Other income – Income from long-term investments”
and “Financial income – Difference in quoted prices of gold and foreign currency”
or “Financial expense – Difference in quoted prices of gold and foreign currency”,
as the case may be, in the stand-alone and consolidated financial statements, respectively.
|
The main figures included
in the consolidated financial statements arising from the figures of Macro Bank Limited (consolidated with Sud Asesores (ROU)
S.A.) as of March 31, 2014, considering the translation process mentioned above are as follows:
|
|
|
Macro
Bank Limited
|
|
|
|
|
In thousands of
USD
|
|
|
In thousands of
Ps.
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
245,725
|
|
|
|
1,968,207
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
202,384
|
|
|
|
1,621,058
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
43,341
|
|
|
|
347,149
|
|
|
|
1.4.
|
The table below shows total assets,
liabilities, shareholders’ equity and income (loss) of Banco Macro S.A. and each
of its subsidiaries as of March
31, 2014:
|
|
|
|
Banco
Macro S.A.
|
|
|
Banco del
Tucumán S.A.
|
|
|
Macro
Bank
Limited
(1)
|
|
|
Other
subsidiaries
(2)
|
|
|
Eliminations
|
|
|
Banco
Macro S.A.
(consolidated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
61,913,704
|
|
|
|
5,363,189
|
|
|
|
1,968,207
|
|
|
|
176,987
|
|
|
|
1,181,012
|
|
|
|
68,241,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
52,099,935
|
|
|
|
4,607,410
|
|
|
|
1,621,058
|
|
|
|
98,795
|
|
|
|
108
|
|
|
|
58,427,306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
9,813,769
|
|
|
|
755,779
|
|
|
|
347,149
|
|
|
|
78,192
|
|
|
|
1,181,120
|
|
|
|
9,813,769
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
|
|
|
1,186,338
|
|
|
|
67,608
|
|
|
|
67,851
|
|
|
|
10,154
|
|
|
|
145,613
|
|
|
|
1,186,338
|
|
|
|
(1)
|
Figures related to Macro Bank Limited consolidated with
Sud Asesores (ROU) S.A.
|
|
|
(2)
|
Figures related to the subsidiaries
Macro Securities S.A., (consolidated with Macro Fondos Sociedad Gerente de Fondos Comunes
de Inversión S.A.) and Macro Fiducia S.A.
|
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish –
See Note 22 to the stand-alone financial
statements)
|
|
1.5.
|
Statement of cash flows and cash
equivalents
|
The Bank and its subsidiaries
consider “Cash and cash equivalents” to be the Cash account and Government and private securities which mature less
than 90 days since their date of acquisition, Below is a breakdown of the reconciliation of the “Cash” item in the
consolidated statement of cash flows with the related consolidated balance sheets accounts:
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
03/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
9,434,885
|
|
|
|
12,860,529
|
|
|
|
9,270,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government and private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at market value
|
|
|
784,958
|
|
|
|
638,762
|
|
|
|
430,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Instruments issued by the Central Bank
|
|
|
2,125,622
|
|
|
|
12,980
|
|
|
|
1,120,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
12,345,465
|
|
|
|
13,512,271
|
|
|
|
10,821,164
|
|
|
|
2.
|
INCOME TAX AND MINIMUM PRESUMED
INCOME TAX
|
In addition to what was mentioned
in Note 4 to the Bank´s stand alone financial statements, the following shows the situation of the main subsidiaries.
As of March 31, 2014 and 2013,
subsidiary Banco del Tucumán S.A. estimated income tax in the amount of 44,100 and 24,400, respectively; hence, no minimum
presumed income tax should be assessed.
In addition, as of March 31,
2014, the Bank made income tax prepayments for 83,837 for the 2013 tax year, which will be applied to the tax amount assessed
in the 2013 tax return.
In addition to the assets broken
down in Note 7. to the stand-alone financial statements, certain assets are restricted as follows:
|
Item
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
3.1. Banco del Tucumán S.A.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Special
guarantee checking accounts opened in the Central Bank for transactions related to the electronic clearing houses and similar
entities
|
|
|
78,859
|
|
|
|
71,136
|
|
|
Subtotal other receivables from financial intermediation
|
|
|
78,859
|
|
|
|
71,136
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Deposits mainly provided in guarantee for the credit card transaction and related to court deposits.
|
|
|
8,558
|
|
|
|
8,175
|
|
|
Subtotal other receivables
|
|
|
8,558
|
|
|
|
8,175
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
87,417
|
|
|
|
79,311
|
|
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish –
See Note 22 to the stand-alone financial
statements)
|
Item
|
|
03/31/2014
|
|
|
12/31/2012
|
|
|
|
|
|
|
|
|
|
|
3.2. Macro Securities S.A.:
|
|
|
|
|
|
|
|
|
|
Investments in other companies
|
|
|
|
|
|
|
|
|
|
•
Other
|
|
|
1,453
|
|
|
|
1,453
|
|
|
Total
|
|
|
1,453
|
|
|
|
1,453
|
|
|
|
4.
|
TRANSACTIONS WITH RELATED
PARTIES
|
In relation to the transactions
performed by the Bank’s subsidiaries with parties related to Macro Group, as part of the ordinary course of business, and
in addition to those described in Note 8. to the stand-alone financial statements, the consolidated financial statements as of
March 31, 2014 and December 31, 2013, include assets amounted to 8,576 and 80,055, mainly generated by Loans and Other receivables
from financial intermediation, liabilities amounted to 642,741 and 494,816 generated by Deposits, and memorandum accounts amounted
to 725,057 and 537,998, mainly generated by Items in custody, respectively.
Additionally, as of March 31,
2014 and 2013, net income generated by those transactions amounted to 1,144 and 1,946, respectively.
Lastly, the balances as of
those dates for transactions between Macro Group companies amounted to 579 and 472, respectively. Net income from those transactions
for the periods in the above mentioned dates amount to 2 and 2, respectively. Both balances and income were eliminated in the
consolidation process.
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish –
See Note 22 to the stand-alone financial
statements)
|
|
5.
|
CHANGES IN ALLOWANCES AND
PROVISIONS
|
The following are the changes
in the Bank’s allowances and provisions consolidated with its subsidiaries as of March 31, 2014:
|
|
|
Balances at
|
|
|
|
|
|
Decreases
|
|
|
|
|
|
Breakdown
|
|
beginning
of fiscal
year
|
|
|
Increases
|
|
|
Charge off
|
|
|
Reversals
|
|
|
Balances at
end of the
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For loans
|
|
|
1,006,495
|
|
|
|
162,713
|
|
|
|
114,362
|
|
|
|
492
|
|
|
|
1,054,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For other receivables from financial intermediation
|
|
|
232,290
|
|
|
|
4,400
|
|
|
|
836
|
|
|
|
922
|
|
|
|
234,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For receivables from financial leases
|
|
|
5,015
|
|
|
|
19
|
|
|
|
58
|
|
|
|
|
|
|
|
4,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For interests in other companies
|
|
|
1,330
|
|
|
|
22
|
|
|
|
|
|
|
|
|
|
|
|
1,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For other receivables
|
|
|
6,929
|
|
|
|
667
|
|
|
|
|
|
|
|
325
|
|
|
|
7,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,252,059
|
|
|
|
167,821
|
|
|
|
115,256
|
|
|
|
1,739
|
|
|
|
1,302,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For contingent commitments
|
|
|
4,806
|
|
|
|
|
|
|
|
435
|
|
|
|
|
|
|
|
4,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For other contingencies
|
|
|
131,274
|
|
|
|
6,353
|
|
|
|
4,888
|
|
|
|
|
|
|
|
132,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For differences from court deposits dollarization
|
|
|
23,301
|
|
|
|
5,926
|
|
|
|
|
|
|
|
|
|
|
|
29,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
159,381
|
|
|
|
12,279
|
|
|
|
5,323
|
|
|
|
|
|
|
|
166,337
|
|
|
|
6.
|
DERIVATIVE FINANCIAL INSTRUMENTS
|
Below is a breakdown of the
volumes, in absolute values, by type of derivative financial instrument involved in the transactions between the Bank and its
subsidiaries, which are effective as of March 31, 2014 and December 31, 2013:
|
Type of contract / underlying asset
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
Futures / foreign currency
|
|
|
3,716,397
|
|
|
|
4,591,016
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo transactions / Federal Government Securities
|
|
|
3,715,013
|
|
|
|
841,502
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward contracts / foreign currency
|
|
|
340,433
|
|
|
|
435,595
|
|
|
|
|
|
|
|
|
|
|
|
|
Swaps / Other
|
|
|
50,000
|
|
|
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Options / Other
|
|
|
8,204
|
|
|
|
6,676
|
|
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish –
See Note 22 to the stand-alone financial
statements)
Additionally, positions of
transactions effective as of March 31, 2014 and December 31, 2013 are as follows:
|
Transaction
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
Net position of repurchase agreements
|
|
|
(3,446,231
|
)
|
|
|
(515,602
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net asset position of forward transactions without delivery of the underlying asset
|
|
|
394,814
|
|
|
|
806,959
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap
|
|
|
50,000
|
|
|
|
50,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Position of put options taken
|
|
|
8,204
|
|
|
|
6,676
|
|
In addition to what was mentioned
in Note 12 to the Bank’s stand-alone financial statements, as of March 31, 2014 and December 31, 2013, Banco del Tucumán
S.A., manages the following portfolios:
|
|
|
Managed portfolio as of
|
|
|
Item
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
• On
December 31, 2008, the Bank and Macro Fiducia S.A. entered into a management and custody agreement regarding the “BATUC
1” trust loan portfolio.
|
|
|
15,994
|
|
|
|
16,031
|
|
|
|
|
|
|
|
|
|
|
|
|
• On October 30, 2012, Banco del Tucumán S.A., Banco de Valores S.A. and Banco Macro S.A. entered into a management and custody agreement regarding the “Fideicomiso Financiero Tucumán Personal I” financial trust loan portfolio.
|
|
|
9,529
|
|
|
|
19,454
|
|
|
|
|
|
|
|
|
|
|
|
|
• Other managed portfolios.
|
|
|
17,883
|
|
|
|
16,194
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
43,406
|
|
|
|
51,679
|
|
In addition to what was mentioned
in Note 15. to the Bank’s stand-alone financial statements, the subsidiaries have the following trust agreements as of March
31, 2014 and December 31, 2013:
|
|
8.1.
|
Financial trusts for investment purposes
|
|
Financial trust
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
Certificates of participation:
|
|
|
|
|
|
|
|
|
|
Sat Sapem I
|
|
|
13,570
|
|
|
|
14,614
|
|
|
Tucumán Personal I
|
|
|
9,529
|
|
|
|
9,191
|
|
|
Subtotal certificates of participation
|
|
|
23,099
|
|
|
|
23,805
|
|
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2014
(Translation of financial statements originally
issued in Spanish –
See Note 22 to the stand-alone financial
statements)
|
Financial trust (Cont.)
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
Secubono Credinea 101
|
|
|
1,009
|
|
|
|
|
|
|
Supervielle Créditos 77
|
|
|
1,000
|
|
|
|
|
|
|
Megabono
|
|
|
|
|
|
|
717
|
|
|
Subtotal debt securities
|
|
|
2,009
|
|
|
|
717
|
|
|
Total
|
|
|
25,108
|
|
|
|
24,522
|
|
|
|
8.2.
|
Trusts created using financial assets transferred by the
Bank’s subsidiaries.
|
In addition to what has been
mentioned in Note 15.2., to the stand-alone financial statements, which includes the trusts created with financial assets transferred
by Banco Macro S.A., subsidiary Banco del Tucumán S.A. transferred financial assets (loans) to trusts for the purpose of
issuing and selling securities, the collection of which is guaranteed by the cash flow resulting from such assets or group of
assets. This way, the funds originally used to finance loans are recovered earlier, increasing the entities lending capacity.
As of March 31, 2014 and December
31, 2013, considering the latest available accounting information as of the date of the financial statements, the trusts’
assets managed by the trustors of these types of trusts amount to 9,678 and 19,586, respectively.
|
|
8.3.
|
Trusts in which the Bank’s subsidiaries act as trustees
(administration).
|
As mentioned in Note 15.3.
to the stand-alone financial statements, and in addition to those included in that note, in these trusts the Bank, through Macro
Fiducia S.A. (subsidiary) only carries out administrative duties regarding the corpus assets, in accordance with the agreements.
As of March 31, 2014 and December
31, 2013, considering the latest available accounting information as of the date of the financial statements, the trusts’
assets managed through Macro Fiducia S.A. (subsidiary) of these types of trusts amount to 380,735 and 392,985, respectively.
Jorge H. Brito
Chairperson
EXHIBIT I
CONSOLIDATED DETAIL OF GOVERNMENT AND
PRIVATE SECURITIES
AS OF MARCH 31, 2014 AND DECEMBER, 31
2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
Name
|
|
Market or
Present
Value
|
|
|
Book balance
|
|
|
Book balance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GOVERNMENT AND PRIVATE SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GOVERNMENT SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government securities at market value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal government bonds in pesos
at Badlar Private + 3% - Maturity: 2015
|
|
|
|
|
|
|
363,129
|
|
|
|
471,066
|
|
|
Federal government bonds in pesos at Badlar +
2% - Maturity: 03-28-17
|
|
|
|
|
|
|
194,520
|
|
|
|
|
|
|
Federal government bonds in US dollars at 7%
- Maturity: 2015
|
|
|
|
|
|
|
181,358
|
|
|
|
44,193
|
|
|
Province of Neuquén guarantee Treasury
Bills Class 1 in US dollars - Maturity: 05-23-2014
|
|
|
|
|
|
|
134,162
|
|
|
|
|
|
|
Secured bonds in pesos under Presidential Decree
No. 1579/02 at 2%- Maturity: 02-04-2018
|
|
|
|
|
|
|
133,593
|
|
|
|
308,235
|
|
|
Debt Securities of the Province of Neuquén
Series 1 Class I in US dollars - Maturity: 06-12-2016
|
|
|
|
|
|
|
55,191
|
|
|
|
50,566
|
|
|
Discount bonds denominated in pesos at 5.83%
- Maturity: 2033
|
|
|
|
|
|
|
34,065
|
|
|
|
26,176
|
|
|
Consolidation bonds in pesos - 7° Serie -
Maturity: 01-04-2016
|
|
|
|
|
|
|
26,547
|
|
|
|
3,427
|
|
|
Consolidation bonds in pesos - 8° Serie
|
|
|
|
|
|
|
25,536
|
|
|
|
3,381
|
|
|
Debt Securities of the Province of Entre Ríos
in pesos Class 1 - Maturity: 08-06-2016
|
|
|
|
|
|
|
23,790
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
70,733
|
|
|
|
383,035
|
|
|
Subtotal holdings booked
at market value - Local
|
|
|
|
|
|
|
1,242,624
|
|
|
|
1,290,079
|
|
|
- Foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury Bill - Maturity 04-03-14
|
|
|
|
|
|
|
688,842
|
|
|
|
|
|
|
Treasury Bill - Maturity 04-24-14
|
|
|
|
|
|
|
96,116
|
|
|
|
|
|
|
Treasury Bill - Maturity 01-16-14
|
|
|
|
|
|
|
|
|
|
|
560,546
|
|
|
Treasury Bill - Maturity
01-09-14
|
|
|
|
|
|
|
|
|
|
|
78,216
|
|
|
Subtotal holdings booked
at market value - Foreign
|
|
|
|
|
|
|
784,958
|
|
|
|
638,762
|
|
|
Subtotal holdings booked
at market value
|
|
|
|
|
|
|
2,027,582
|
|
|
|
1,928,841
|
|
|
Government securities under repo transactions
with Central Bank of Argentina
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount Bonds in US dollars 2033 (Reg. By Arg
Law)
|
|
|
|
|
|
|
83,490
|
|
|
|
|
|
|
Federal government bonds
in US dollars at 7% - Maturity: 2017
|
|
|
|
|
|
|
|
|
|
|
88,928
|
|
|
Subtotal government securities
under repo transactions with Central Bank of Argentina
|
|
|
|
|
|
|
83,490
|
|
|
|
88,928
|
|
|
Government securities at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal government bonds in pesos at Badlar Private
+ 2.5% - Maturity: 2019
|
|
|
189,545
|
|
|
|
199,182
|
|
|
|
|
|
|
Argentine saving bond for the economy development
in US dollars at 4% - Maturity 07-27-2016
|
|
|
147,822
|
|
|
|
119,765
|
|
|
|
98,437
|
|
|
Province of Buenos Aires Treasury Bills in pesos
– Maturity: 05-29-2014
|
|
|
103,184
|
|
|
|
103,184
|
|
|
|
98,759
|
|
|
Province of Entre Ríos Treasury Bills
- Maturity: 06-26-2014
|
|
|
10,096
|
|
|
|
10,095
|
|
|
|
|
|
|
Province of Tucumán Bonds - 1° Series
in pesos - Maturity: 2018
|
|
|
5,517
|
|
|
|
4,210
|
|
|
|
4,225
|
|
|
Province of Tucumán Bonds - 2° Series
in dollars at 9.45% - Maturity: 2015
|
|
|
1,110
|
|
|
|
1,156
|
|
|
|
1,281
|
|
|
Province of Neuquén guarantee Treasury
Bills Class 1 in US dollars – Maturity: 05-23-2014
|
|
|
|
|
|
|
|
|
|
|
37,435
|
|
|
Debt Securities Class 1
- Chubut development and infraestructure bond in US dollars at 4% - Maturity: 10-21-2019
|
|
|
|
|
|
|
|
|
|
|
10,376
|
|
|
Subtotal government securities
at amortized cost
|
|
|
|
|
|
|
437,592
|
|
|
|
250,513
|
|
Jorge H. Brito
Chairperson
EXHIBIT I
(Continued)
CONSOLIDATED DETAIL OF GOVERNMENT
AND PRIVATE SECURITIES
AS OF MARCH 31, 2014 AND DECEMBER,
31 2013
(Translation of financial statements
originally issued in Spanish -
See Note 22 to the stand-alone
financial statements)
(Figures stated in thousands
of pesos)
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
Name
|
|
Market
or
Present
Value
|
|
|
Book
balance
|
|
|
Book
balance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSTRUMENTS ISSUED BY THE CENTRAL
BANK OF ARGENTINA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills at market
value – Own Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 04-09-2014
|
|
|
|
|
|
|
237,018
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 04-16-2014
|
|
|
|
|
|
|
19,802
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 04-03-2014
|
|
|
|
|
|
|
5,719
|
|
|
|
|
|
|
Central Bank of Argentina
Internal Bills in pesos – Maturity: 01-02-2014
|
|
|
|
|
|
|
|
|
|
|
12,980
|
|
|
Subtotal Central Bank of
Argentina Internal Bills at market value – Own Portfolio
|
|
|
|
|
|
|
262,539
|
|
|
|
12,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills - Under
Repo Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 10-01-2014
|
|
|
|
|
|
|
3,164,326
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 01-28-2015
|
|
|
|
|
|
|
195,334
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 03-19-2014
|
|
|
|
|
|
|
|
|
|
|
21,817
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 02-05-2014
|
|
|
|
|
|
|
|
|
|
|
21,330
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 01-29-2014
|
|
|
|
|
|
|
|
|
|
|
12,750
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 06-11-2014
|
|
|
|
|
|
|
|
|
|
|
12,591
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 10-15-2014
|
|
|
|
|
|
|
|
|
|
|
11,902
|
|
|
Central Bank of Argentina
Internal Bills in pesos – Maturity: 11-26-2014
|
|
|
|
|
|
|
|
|
|
|
4,674
|
|
|
Subtotal Central Bank of
Argentina Internal Bills - Under repo Transactions
|
|
|
|
|
|
|
3,359,660
|
|
|
|
85,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills at amortized
cost - Own Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 05-21-2014
|
|
|
|
|
|
|
823,549
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 05-07-2014
|
|
|
|
|
|
|
820,632
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 06-11-2014
|
|
|
|
|
|
|
365,401
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 05-14-2014
|
|
|
|
|
|
|
293,254
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 05-28-2014
|
|
|
|
|
|
|
196,428
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 07-10-2014
|
|
|
|
|
|
|
185,443
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 06-04-2014
|
|
|
|
|
|
|
181,051
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 08-27-2014
|
|
|
|
|
|
|
34,094
|
|
|
|
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 06-11-2014
|
|
|
|
|
|
|
20,836
|
|
|
|
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 06-25-2014
|
|
|
|
|
|
|
12,296
|
|
|
|
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 05-28-2014
|
|
|
|
|
|
|
10,610
|
|
|
|
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 05-14-2014
|
|
|
|
|
|
|
9,597
|
|
|
|
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 09-10-2014
|
|
|
|
|
|
|
6,407
|
|
|
|
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 08-27-2014
|
|
|
|
|
|
|
3,725
|
|
|
|
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 08-13-2014
|
|
|
|
|
|
|
3,335
|
|
|
|
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 03-11-2014
|
|
|
|
|
|
|
2,509
|
|
|
|
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 04-30-2014
|
|
|
|
|
|
|
1,939
|
|
|
|
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 02-25-2014
|
|
|
|
|
|
|
868
|
|
|
|
|
|
|
Central Bank of Argentina Bills in USD payables
in dollars – Maturity: 01-10-2014
|
|
|
|
|
|
|
850
|
|
|
|
|
|
|
Central Bank of Argentina
Bills in USD payables in dollars – Maturity: 07-30-2014
|
|
|
|
|
|
|
536
|
|
|
|
|
|
|
Subtotal Central Bank of
Argentina Internal Bills at amortized cost - Own Portfolio
|
|
|
|
|
|
|
2,973,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Notes at market value
- Own portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 04-23-2014
|
|
|
|
|
|
|
289,574
|
|
|
|
|
|
|
Subtotal Central Bank of
Argentina Notes at market value - Own portfolio
|
|
|
|
|
|
|
289,574
|
|
|
|
|
|
|
Subtotal instruments issued
by the Central Bank of Argentina
|
|
|
|
|
|
|
6,885,133
|
|
|
|
98,044
|
|
Jorge H. Brito
Chairperson
EXHIBIT I
(Continued)
CONSOLIDATED DETAIL OF GOVERNMENT AND
PRIVATE SECURITIES
AS OF MARCH 31, 2014 AND DECEMBER, 31
2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
03/31/2014
|
|
|
12/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market or
|
|
|
|
|
|
|
|
|
|
|
Present
|
|
|
|
|
|
|
|
|
Name
|
|
Value
|
|
|
Book
balance
|
|
|
Book
balance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSTRUMENTS ISSUED BY THE CENTRAL
BANK OF ARGENTINA (Continued)
|
|
|
|
|
|
|
6,885,133
|
|
|
|
98,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Notes - Under Repo
Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity 04-23-2014
|
|
|
|
|
|
|
|
|
|
|
39,340
|
|
|
Subtotal
Central Bank of Argentina Notes - Under repo Transactions
|
|
|
|
|
|
|
|
|
|
|
39,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Notes at amortized
cost - Own portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Notes in pesos
with variable coupon (Badlar rate) + 2.5% – Maturity: 08-20-2014
|
|
|
|
|
|
|
591,616
|
|
|
|
|
|
|
Central Bank of Argentina Internal Notes in pesos
with variable coupon (Badlar rate) + 2.5% – Maturity: 06-18-2014
|
|
|
|
|
|
|
490,959
|
|
|
|
|
|
|
Central Bank of Argentina Internal Notes in pesos
with variable coupon (Badlar rate) + 2.5% – Maturity: 07-23-2014
|
|
|
|
|
|
|
388,674
|
|
|
|
|
|
|
Central Bank of Argentina Internal Notes in pesos
with variable coupon (Badlar rate) + 2.5% – Maturity: 09-24-2014
|
|
|
|
|
|
|
25,213
|
|
|
|
|
|
|
Central Bank of Argentina Internal Notes in pesos
with variable coupon (Badlar rate) + 2.5% – Maturity: 04-23-2014
|
|
|
|
|
|
|
|
|
|
|
35,647
|
|
|
Subtotal Central Bank of
Argentina Internal Notes at amortized cost - Own portfolio
|
|
|
|
|
|
|
1,496,462
|
|
|
|
35,647
|
|
|
Total Instruments issued
by the Central Bank of Argentina
|
|
|
|
|
|
|
8,381,595
|
|
|
|
173,031
|
|
|
Total Government securities
|
|
|
|
|
|
|
10,930,259
|
|
|
|
2,441,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS IN LISTED PRIVATE SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tenaris S.A.
|
|
|
|
|
|
|
2
|
|
|
|
2
|
|
|
Siderar S.A.
|
|
|
|
|
|
|
1
|
|
|
|
1
|
|
|
Total investment in listed
private securities
|
|
|
|
|
|
|
3
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total government and private
securities
|
|
|
|
|
|
|
10,930,262
|
|
|
|
2,441,316
|
|
Jorge H. Brito
Chairperson