BANCO MACRO S.A. (Incorporated in the Republic of Argentina) Global Medium-Term Note Program

Total Page:16

File Type:pdf, Size:1020Kb

BANCO MACRO S.A. (Incorporated in the Republic of Argentina) Global Medium-Term Note Program BASE PROSPECTUS US$700,000,000 BANCO MACRO S.A. (incorporated in the Republic of Argentina) Global Medium-Term Note Program We may from time to time issue notes in one or more series under our Global Medium-Term Note Program. The maximum aggregate principal amount of all notes we may have outstanding under this program at any time is limited to US$700,000,000 (or its equivalent in other currencies). We will describe the specific terms and conditions of each series of notes in a Final Terms. Notes issued under this program may: • be denominated in U.S. dollars or another currency or currencies; • have maturities of no less than 30 days from the date of issue; • bear interest at a fixed or floating rate or be issued on a non-interest bearing basis; and • provide for redemption at our option or at the holder’s option. We may redeem all, but not part, of a series of notes, at our option, upon the occurrence of specified Argentine tax events at a price equal to 100% of the principal amount plus accrued and unpaid interest. Unless otherwise specified in the Final Terms applicable to a series of notes, the notes will constitute our direct, unconditional, unsecured and unsubordinated obligations and will rank at all times at least pari passu in right of payment with all our other existing and future unsecured and unsubordinated indebtedness (other than obligations preferred by statute or by operation of law). We may apply to have the notes of a series listed on the Luxembourg Stock Exchange for trading on the Euro MTF, the market of the Luxembourg Stock Exchange, and listed on the Buenos Aires Stock Exchange (Bolsa de Comercio de Buenos Aires). We cannot assure you, however, that these applications will be accepted. Notes may be issued under this program that will not be listed on any securities exchange, and the Final Terms applicable to a series of notes will specify whether or not the notes in such series will be listed on the Luxembourg Stock Exchange for trading on the Euro MTF, on the Buenos Aires Stock Exchange or on any other securities exchange. We expect that certain series of notes, as described in the applicable Final Terms, will be eligible for trading on the PORTAL Market or on the Mercado Abierto Electrónico S.A. (“MAE”). See “Risk Factors” commencing on pages I-5 and II-10 for a discussion of certain risks that you should consider prior to making an investment in the notes. The applicable Final Terms to any series of notes may describe additional risks you should consider. This program has not been rated by any rating agency. If series of notes under this program will be rated, we will provide the ratings and information relating to such ratings in the applicable Final Terms. The notes issued under this program have not been registered under the U.S. Securities Act of 1933, as amended, or the “Securities Act”, or any state securities laws. Unless the notes are registered under the Securities Act, the notes may be offered only in transactions that are exempt from registration under the Securities Act and the securities laws of other jurisdictions. Accordingly, we will only offer and sell notes registered under the Securities Act or in transactions exempt from registration under the Securities Act to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) or in compliance with Regulation S under the Securities Act. For a description of certain restrictions on resale and transfer of the notes, see “Transfer Restrictions” in this Base Prospectus. We may offer the notes issued under this program directly or through one or more dealers that we may designate from time to time, who may purchase notes, as principal, from us for resale to investors and other purchasers at varying prices relating to prevailing market prices as determined by any such dealer at the time of resale or, if so agreed, at a fixed offering price. In addition, we may agree with a dealer that it may utilize its reasonable efforts to place our notes on an agency basis as specified in the applicable Final Terms. Any such dealers will be set forth in the applicable Final Terms. We reserve the right to withdraw, cancel or modify any offering of notes contemplated by this Base Prospectus or any Final Terms without notice. See “Plan of Distribution.” This Base Prospectus may only be used for the purpose for which it has been published. Arranger Credit Suisse Dealers Citi Credit Suisse Raymond James UBS Investment Bank This Base Prospectus is dated as of November 2, 2007 In this Base Prospectus, we use the terms “we,” “us,” “our” and the “bank” to refer to Banco Macro S.A. and its subsidiaries on a consolidated basis. The information provided in this Base Prospectus that relates to the Republic of Argentina (“Argentina”) and its economy is based upon publicly available information, and we do not make any representation or warranty with respect thereto. Argentina, and any governmental agency or political subdivision thereof, does not in any way guarantee, and their credit does not otherwise back, our obligations in respect of the notes. You should rely only on the information contained in this Base Prospectus and any pricing or other supplements. We have not, and the dealers have not, authorized anyone to provide you with information that is different from the information contained in this Base Prospectus and any pricing or other supplements. The information in this Base Prospectus is accurate only as of the date of this Base Prospectus, regardless of the time of delivery of this Base Prospectus or when any sale of the notes occurs. In making your decision whether to invest in the notes, you must rely on your own examination of us and the terms of the offering, including the merits and risks involved. You should not construe the contents of this Base Prospectus as legal, business or tax advice. You should consult your own attorney, business advisor or tax advisor. The distribution of this Base Prospectus or any part of it, including any Final Terms, and the offering, sale and delivery of the notes in certain jurisdictions may be restricted by law. We and the dealers require persons into whose possession this Base Prospectus comes to become familiar with and to observe such restrictions. This Base Prospectus does not constitute an offer to sell or a solicitation of an offer to buy any notes in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation nor does this Base Prospectus constitute an invitation to subscribe for or purchase any notes. For a description of restrictions on offers, sales and deliveries of the notes and on the distribution of this Base Prospectus and other offering material relating to the notes, see “Transfer Restrictions” and “Plan of Distribution.” The notes have not been recommended by any U.S. federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this document. Any representation to the contrary is a criminal offense. The notes issued under this program will qualify as “obligaciones negociables” under Argentine Law No. 23,576, as amended (the “Negotiable Obligations Law”), and Joint Resolution No. 470-1738/2004, as amended (the “Joint Resolution 470-1738/2004”), issued by the Argentine securities commission (Comisión Nacional de Valores or “CNV”) and the Argentine tax authority (Administración Federal de Ingresos Públicos), and will be entitled to the benefits set forth in, and subject to the procedural requirements of, such law and resolution and Argentine Decree No. 677/2001. The creation of this program was approved by resolution of our shareholders at a meeting held on September 1, 2006 and by resolution of our Board of Directors approved on September 19, 2006. An increase in the program from US$400,000,000 to US$700,000,000 was approved by resolution of our shareholders at a meeting held on June 4, 2007. The offering of the notes under this program has been authorized by the CNV pursuant to Resolution No. 15,480, dated September 28, 2006, and Resolution No. 15,702, dated August 16, 2007. The CNV authorization means only that the information requirements of the CNV have been satisfied. The CNV has not rendered any opinion in respect of the accuracy of the information contained in this Base Prospectus. In addition, in order to issue and offer any series of notes under this program, we are required to file with the CNV a pricing and/or other supplement describing the particular terms and conditions of the relevant notes, updating our financial and accounting information for each fiscal year and quarter (if we have approved financial statements for such year or quarter) and providing other information relating to any subsequent material events or developments. Offers of the notes to the public in Argentina will be made by a substantially identical Base Prospectus in the Spanish language. The notes will not qualify for the Argentine deposit insurance system established pursuant to Argentine Law No. 24,485, as amended, and will not benefit from the priority right granted to depositors pursuant to Article 49(d) and (e) of the Argentine Law No. 21,526, as amended (the “Financial Institutions Law”). The notes will not be secured by any floating lien or special guarantee nor will the notes be guaranteed by any other means or by any other entity. i TABLE OF CONTENTS Page Page INTRODUCTION TO BASE OVERVIEW OF BANCO MACRO S.A.
Recommended publications
  • CARTERAS MERVAL Y M.AR 2011
    COMPOSICIÓN DE LA CARTERA DEL INDICE MERVAL MERVAL INDEX PORTFOLIO AND WEIGHTS PRIMER TRIMESTRE DE 2011 TERCER TRIMESTRE DE 2011 - First Quarter 2011 - - Third Quarter 2011 - Especie % Especie % Especie % Especie % -Stock- -Stock- -Stock- -Stock- Grupo Financiero Galicia 18.32% Banco Hipotecario 3.98% Grupo Financiero Galicia 15.65% Petrobras Energía 3.30% Tenaris 15.53% Edenor 3.61% Petroleo Brasileiro 10.26% Edenor 3.02% Petroleo Brasileiro 11.48% Transener 3.13% Telecom Argentina 9.81% Molinos 2.61% Pampa Energía 7.82% Banco Macro 3.07% Tenaris 9.07% Banco Patagonia 2.57% Telecom Argentina 7.18% Petrobras Energía 2.82% Pampa Energía 7.75% Mirgor 2.52% Siderar 5.79% YPF 1.81% Banco Francés 6.10% Ledesma 2.36% Banco Francés 4.90% Molinos 1.31% YPF 5.60% Transener 2.22% Aluar 4.01% Ledesma 1.25% Siderar 4.96% Banco Hipoetecario 2.06% Banco Patagonia 3.98% Banco Macro 4.66% Comercial del Plata 1.85% Aluar 3.64% SEGUNDO TRIMESTRE DE 2011 CUARTO TRIMESTRE DE 2011 - Second Quarter 2011 - - Fourth Quarter 2011 - Especie % Especie % Especie % Especie % -Stock- -Stock- -Stock- -Stock- Grupo Financiero Galicia 15.85% Banco Hipotecario 3.72% Grupo Financiero Galicia 18.45% Edenor 2.94% Petroleo Brasileiro 12.29% Edenor 3.67% Tenaris 14.56% Aluar 2.79% Tenaris 9.82% YPF 3.49% Telecom Argentina 8.85% Petrobrás Argentina S:A. 2.75% Pampa Energía 8.85% Petrobras Energía 3.18% Banco Macro 7.32% Molinos 2.07% Telecom Argentina 8.03% Transener 3.16% Pampa Energía 7.13% Comercial del Plata 1.81% Siderar 5.80% Banco Macro 3.15% Petroleo Brasileiro 6.87%
    [Show full text]
  • Annual Report Edenor Table of Contents
    2010 annual report Edenor table of contents Introduction Concession Area 3 Supervisory and Administration Bodies – 2010 Fiscal Year 5 Board of Directors 5 Supervisory Committee 6 Call to Meeting 7 CHAPTER 1: Economic Context and Regulatory Framework a. Argentine Economic Situation 10 b. Energy Sector 11 c. Regulation and Control 13 CHAPTER 2: Analysis of the Economic-Financial Operations and Results a. Relevant Data 15 b. Analysis of the Financial and Equity Condition 17 c. Investment 18 d. Financial Debt and Description of Main Sources of Funding 21 e. Description of Main Sources of Funding 23 f. Analysis of Financial Results 25 g. Main Economic Ratios 26 h. Allocation of Income/(Loss) for the Year 26 i. Business Management 26 j. Large Customers 28 k. Rates 30 l. Energy Purchase 33 m. Energy Losses 34 n. Delinquency Management 35 o. Technical Management 37 p. Service Quality 41 q. Product Quality 42 CHAPTER 3: SUPPORT TASKS a. Human Resources 44 b. It and Telecommunication 47 CHAPTER 4: RELATED PARTIES a. Description of the Economic Group 51 b. Most Significant Operations with Related Parties 53 CHAPTER 5: Business Social Responsibility a. Business Social Responsibility 56 b. Industrial Safety 58 c. Public Safety 58 d. Management of Quality 60 e. Environmental Management 61 f. Educational Programs 61 g. Actions with the Community 62 SCHEDULE I - Corporate Governance Report CNV General Resolution 516/2007 65 FINANCIAL STATEMENTS 72 3 CONCESSION AREA Edenor exclusively renders distribution and and Río de La Plata avenue. In the Province of marketing services of electrical energy to all Buenos Aires, it comprises the Districts Belén de users connected to the power supply network Escobar, General Las Heras, General Rodríguez, in the following area: In the Capital City: the former General Sarmiento (which now includes area defined by Dock “D”, street with no name, San Miguel, Malvinas Argentinas and José C.
    [Show full text]
  • Tablas De Comisiones En El Sistema Financiero Argentino
    Tablas de Comisiones en el Sistema Financiero Argentino Caja de Ahorros Cuenta Corriente Paquete Premium Paquete Básico Paquete Previsional con adelanto de Haberes Jubilatorios Tarjetas de Crédito Información al 01.05.2016 Caja de ahorros Las Caja de Ahorros son gratuitas en su apertura, mantenimiento Para las cuentas sueldo/previsionales, las entidades no pueden y en la provisión de una tarjeta de débito a cada titular al momen- cobrar por extracciones por hasta el total del haber dentro del to de la apertura de la cuenta. sistema bancario, o sea que a diferencia de las caja de ahorros, no También son gratuitas todas las operaciones por ventanilla, las pueden cobrar por retiros en cajeros de otras entidades, indepen- transferencias bancarias y las operaciones que se realicen a través dientemente de las redes. de cajeros automáticos y terminales de autoservicio dentro de alguna sucursal de la misma entidad de la que es cliente. Tiene costo el uso de cajeros automáticos de otros bancos y de los que estén instalados fuera de las sucursales bancarias, como por ejemplo supermercados, shoppings y estaciones de servicio aún cuando sean de la propia entidad. Denominación Apertura Provisión Emi- Reposi- Uso de Uso de Uso de Uso de Uso de Tasa Entidad y mante- tarjeta sión de ción de cajeros cajeros cajeros cajeros cajero Efectiva nimiento débito a tarjeta Tarjetas automá- auto- auto- auto- automá- Mínima de titulares de débi- de dé- ticos en máticos máticos máticos tico en el cuenta en la to adicio- bito por sucursa- fuera de de otros de otros exterior apertura nal robo o les de la sucursa- bancos- bancos- mensual extravío entidad les ban- misma distinta carias red red (por ej: super- mer- cados, shop- pings) Banco Credicoop $ 0,00 $ 0,00 $ 0,00 $ 10,29 $ 0,00 $ 10,89 $ 10,89 $ 12,10 U$S 3.00 0,25% Cooperativo Limitado Banco de Galicia $ 0,00 $ 0,00 $ 0,00 $ 33,18 $ 0,00 $ 0,00 $ 12,80 $ 14,60 $ 5 más 0,01% y Buenos Aires S.A.
    [Show full text]
  • Apresentação Do Powerpoint
    Investor Relations April 2019 COMPANY REPRESENTATIVES Jorge Scarinci, CFA Nicolás A. Torres Chief Financial Officer Investor Relations DICLAIMER The information contained in this presentation is confidential and has been prepared solely for informational purposes. This presentation contains forward-looking statements which are based largely on our current beliefs, expectations and projections about future events and financial trends affecting our business. Many important factors could cause our actual results to differ substantially from those anticipated in our forward-looking statements among other things: inflation; changes in interest rates and the cost of deposits; government regulation; adverse legal or regulatory disputes or proceedings; credit and other risks of lending, such as increases in defaults by borrowers; fluctuations and declines in the value of Argentine public debt; competition in banking, financial services; deterioration in regional and national business and economic conditions in Argentina; and fluctuations in the exchange rate of the peso. Banco Macro financial results presented as of December 31, 2018 are stated in accordance with Central Bank Rules. 2 AGENDA 01. Section I - BMA Business Overview 02. Section II - BMA Strengths and Opportunities 03. Section III - BMA Financial Performance 04. Section IV - Financial System & Argentine Economy 05. Section V - Appendix 3 SECTION I BMA Business Overview MACRO IN A NUTSHELL 01 A Leading Private Sector Bank in Argentina 02 Presence in Fast Growing Segments 03 Strong Profitability
    [Show full text]
  • ALADI - LISTA DE ENTIDADES AUTORIZADAS a OPERAR POR EL CPCR (Datos Actualizados Al 16/03/2020
    ALADI - LISTA DE ENTIDADES AUTORIZADAS A OPERAR POR EL CPCR (Datos actualizados al 16/03/2020 PAIS COD SICAP ENTIDAD PLAZA ARGENTINA 0014 BANCO BICA S.A. BUENOS AIRES ARGENTINA 0017 BANCO CENTRAL DE LA REPUBLICA ARGENTINA BUENOS AIRES ARGENTINA 0027 BANCO CREDICOOP COOPERATIVO LTDO. BUENOS AIRES ARGENTINA 0037 BANCO DE GALICIA Y BUENOS AIRES S.A. BUENOS AIRES ARGENTINA 0040 BANCO DE LA CIUDAD DE BUENOS AIRES BUENOS AIRES ARGENTINA 0042 BANCO DE LA NACION ARGENTINA BUENOS AIRES ARGENTINA 0043 BANCO DE LA PAMPA SOC.ECONOMIA MIXTA BUENOS AIRES ARGENTINA 0044 BANCO DE LA PROVINCIA DE BUENOS AIRES BUENOS AIRES ARGENTINA 0045 BANCO DE LA PCIA. DE CORDOBA S.A. BUENOS AIRES ARGENTINA 0047 BANCO DE FORMOSA S.A. BUENOS AIRES ARGENTINA 0055 BANCO DEL CHUBUT S.A. BUENOS AIRES ARGENTINA 0068 NUEVO BANCO DEL CHACO SA BUENOS AIRES ARGENTINA 0072 BANCO PROVINCIA DE TIERRA DEL FUEGO BUENOS AIRES ARGENTINA 0084 BBVA BANCO FRANCES S.A. BUENOS AIRES ARGENTINA 0094 BANCO ITAU ARGENTINA S.A. BUENOS AIRES ARGENTINA 0098 BANCO MARIVA S.A. BUENOS AIRES ARGENTINA 0100 BANCO PATAGONIA S.A. BUENOS AIRES ARGENTINA 0104 BANCO MUNICIPAL DE ROSARIO ROSARIO ARGENTINA 0118 BANCO SANTANDER RIO S.A. BUENOS AIRES ARGENTINA 0119 HSBC BANK ARGENTINA S.A. BUENOS AIRES ARGENTINA 0128 BANCO SUPERVIELLE S.A. BUENOS AIRES ARGENTINA 0135 BNP PARIBAS BUENOS AIRES ARGENTINA 0154 CITIBANK N.A. BUENOS AIRES ARGENTINA 0182 BANCO MACRO BANSUD S.A. BUENOS AIRES ARGENTINA 0209 BANCO DE INVERSION Y COMERCIO EXTERIOR S.A. BUENOS AIRES ARGENTINA 0222 BANCO CMF S.A. BUENOS AIRES ARGENTINA 0227 DEUTSCHE BANK S.A.
    [Show full text]
  • Informe Merval 30-06-2021
    INFORME MERVAL 30-06-2021 MATEO MARCHIONI SOCIEDAD DE BOLSA “PROFESIONALISMO, INTEGRIDAD, TRANSPARENCIA Y PRUDENCIA” Tel. 54 9 11 5238-5555 Avenida 25 de Mayo 298 2do www.mmsb.com.ar Instagram:mateomarchionisb piso. CABA-. Tabla de contenido Contenido S&P MERVAL _______________________________________________________________ 1 S&P MERVAL _______________________________________________________________ 2 TERNIUM ARGENTINA S.A.-TXAR- _____________________________________________ 3 GRUPO FINANCIERO GALICIA.-GGAL- __________________________________________ 4 GRUPO FINANCIERO GALICIA.-GGAL- _________________________________________ 5 GRUPO FINANCIERO GALICIA.-GGAL- __________________________________________ 6 BANCO MACRO.-BMA- _______________________________________________________ 7 BANCO MACRO S.A.-BMA- ___________________________________________________ 8 BOLSAS Y MERCADOS ARGENTINOS S.A. -BYMA- __________________________ 9 PAMPA ENERGIA S.A. –PAMP- ________________________________________________ 10 PAMPA ENERGIA S.A. –PAMP- ________________________________________________ 11 BANCO DE VALORES –VALO- ________________________________________________ 12 TRANSPORTADORA GAS DEL SUR S.A. –TGS- _______________________________ 13 TRANSPORTADORA GAS DEL SUR S.A. –TGS- _______________________________ 14 RESUMEN ________________________________________________________________ 15 INFORMACIÓN DE CONTACTO. _______________________________________________ 16 INFORMACIÓN DE LA COMPAÑÍA. ____________________________________________ 16 S&P MERVAL COMPONENTES
    [Show full text]
  • Banco Macro S.A
    BANCO MACRO S.A. Financial Statements as of December 31, 2016, together with the Independent Auditor´s report CONTENTS Independent Auditor´s report Cover Balance sheets Statements of income Statements of changes in shareholders’ equity Statements of cash flows Notes to the financial statements Exhibits A through L, N and O Consolidated balance sheets Consolidated statements of income Consolidated statements of cash flows Consolidated statements of debtors by situation Notes to the consolidated financial statements with subsidiaries Earning distribution proposal INDEPENDENT AUDITORS’ REPORT To the Directors of BANCO MACRO S.A. Registered office: Sarmiento 447 Buenos Aires City I. Report on the financial statements Introduction 1. We have audited (a) the accompanying financial statements of BANCO MACRO S.A. (“the Bank”) and (b) the accompanying consolidated financial statements of BANCO MACRO S.A. and its subsidiaries, which comprise the related balance sheets as of December 31, 2016, and the statements of income, changes in shareholders’ equity and cash flows and cash equivalents for the fiscal year then ended, and (c) a summary of the significant accounting policies and additional explanatory information. Responsibility of the Bank’s Management and Board in connection with the financial statements 2. The Bank’s Management and Board of Directors are in charge of the preparation and fair presentation of these financial statements in accordance with the accounting standards set forth by the BCRA (Central Bank of Argentina) and are also in charge of performing the internal control procedures that they may deem necessary to allow for the preparation of financial statements that are free from material misstatement, either due to error or irregularities.
    [Show full text]
  • Stochastic Discount Factor Approach to International Risk-Sharing: Evidence from Fixed Exchange Rate Episodes
    Tjalling C. Koopmans Research Institute Tjalling C. Koopmans Research Institute Utrecht School of Economics Utrecht University Janskerkhof 12 3512 BL Utrecht The Netherlands telephone +31 30 253 9800 fax +31 30 253 7373 website www.koopmansinstitute.uu.nl The Tjalling C. Koopmans Institute is the research institute and research school of Utrecht School of Economics. It was founded in 2003, and named after Professor Tjalling C. Koopmans, Dutch-born Nobel Prize laureate in economics of 1975. In the discussion papers series the Koopmans Institute publishes results of ongoing research for early dissemination of research results, and to enhance discussion with colleagues. Please send any comments and suggestions on the Koopmans institute, or this series to [email protected] ontwerp voorblad: WRIK Utrecht How to reach the authors Please direct all correspondence to the first author. Metodij Hadzi-Vaskov Utrecht University Utrecht School of Economics Janskerkhof 12 3512 BL Utrecht The Netherlands. E-mail: [email protected] Clemens J.M. Kool Utrecht University Utrecht School of Economics Janskerkhof 12 3512 BL Utrecht The Netherlands. E-mail: [email protected] This paper can be downloaded at: http://www.koopmansinstitute.uu.nl Utrecht School of Economics Tjalling C. Koopmans Research Institute Discussion Paper Series 07-33 Stochastic Discount Factor Approach to International Risk-Sharing: Evidence from Fixed Exchange Rate Episodes Metodij Hadzi-Vaskov Clemens J.M. Kool Utrecht School of Economics Utrecht University March 2008 Abstract This paper presents evidence of the stochastic discount factor approach to international risk-sharing applied to fixed exchange rate regimes.
    [Show full text]
  • International Borrowing and Macroeconomic Performance in Argentina
    This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences Volume Author/Editor: Sebastian Edwards, editor Volume Publisher: University of Chicago Press Volume ISBN: 0-226-18497-8 Volume URL: http://www.nber.org/books/edwa06-1 Conference Date: December 16-18, 2004 Publication Date: May 2007 Title: International Borrowing and Macroeconomic Performance in Argentina Author: Kathryn M. E. Dominguez, Linda L. Tesar URL: http://www.nber.org/chapters/c0156 7 International Borrowing and Macroeconomic Performance in Argentina Kathryn M. E. Dominguez and Linda L. Tesar 7.1 Introduction In the early 1990s Argentina was the darling of international capital markets and viewed by many as a model of reform for emerging markets. Early in his presidency, Carlos Menem embarked on a bold set of economic policies, including the adoption of a currency board that pegged the Ar- gentine peso to the dollar, a sweeping privatization program for state- owned enterprises, an overhaul of the banking system, and privatization of the public pension system. The business press marveled over the rapid turnaround in the Argentine economy. Although there were some concerns about the appropriateness and sustainability of the dollar anchor and whether the fiscal reforms were more rhetoric than reality, the policies ap- peared to have conquered inflation and set the country on a course of steady economic growth. By the end of the 1990s, however, Argentina’s situation had dramatically changed. The country had weathered the financial crises in Mexico and Asia, and, despite the volatility of capital flows, Argentina’s currency board remained intact and forecasts of future growth were relatively posi- tive.
    [Show full text]
  • Apresentação Do Powerpoint
    Relación con Inversores Junio de 2021 REPRESENTANTES DE LA COMPAÑÍA Jorge Scarinci, CFA Nicolás Torres Chief Financial Officer Relación con Inversores AVISO LEGAL La información contenida en esta presentación es confidencial y ha sido preparada únicamente para fines informativos. Esta presentación contiene proyecciones futuras que se basan mayormente en nuestras creencias, expectativas y proyecciones actuales sobre eventos futuros y tendencias financieras que afectan nuestro negocio. Muchos factores importantes pueden hacer que nuestros resultados reales difieran sustancialmente de los adelantados en nuestras proyecciones futuras entre otras cosas: inflación; variaciones de tasas de interés y el costo de depósitos; regulaciones gubernamentales; litigios o acciones legales o regulatorias adversas; riesgo crediticio u otros riesgos de préstamos, tales como aumento de defaults por parte de los tomadores de préstamos; fluctuaciones y bajas del valor de la deuda pública argentina; competencia en servicios bancarios y financieros; deterioro de las condiciones económicas y empresariales regionales y nacionales en Argentina; y fluctuaciones de la tasa de interés del peso. Los resultados financieros de Banco Macro presentados al 31 de Marzo de 2021 están expresados de acuerdo con las Normas del Banco Central. 2 TEMARIO 01. Sección I - Presentación General del Negocio de BMA 02. Sección II - Fortalezas y Oportunidades de BMA 03. Sección III - Desempeño Financiero de BMA 04. Sección IV - El Sistema Financiero y la Economía Argentina 05. Sección V - Apéndice 3 SECCIÓN I Presentación General del Negocio de BMA MACRO EN RESUMEN 01 Un Banco Líder del Sector Privado en Argentina 02 Presencia en Segmentos de Crecimiento Rápido 03 Fuerte Rentabilidad y Retornos 04 Cartera de Préstamos Diversificada y Prudente Gestión de Riesgo 05 Liquidez y Ratios de Capital Robustos 5 5 UN MODELO DE NEGOCIOS EXITOSO Y FOCO ESTRATÉGICO Estrategia del Banco Macro Jujuy » Modelo de negocio mejorado para aumentar la eficiencia y Misiones las capacidades de ventas cruzadas.
    [Show full text]
  • Growth,Instability and the Convertibility Crisis in Argentina
    CEPAL CEPALREVIEW REVIEW 77 • AUGUST 77 2002 25 Growth, instability and the convertibility crisis in Argentina José María Fanelli Centro de Estudios de Estado The Argentine economy is currently going through the y Sociedad (CEDES), Buenos Aires deepest and most prolonged recession of the postwar period: [email protected] a devastating panorama that contrasts vividly with its significant growth in 1991-1998. In this article we will analyse the macroeconomic dimensions of the crisis which led to the abandonment of convertibility. Firstly, we will identify some structural weaknesses of the Argentine economy that are a source of macroeconomic instability. In particular, we will study the role of the imperfect access to international capital markets, the limited openness, the lack of financial depth and the nominal and policy rigidities, as well as the role of the errors in expectations and volatility. Secondly, we will examine the sequence of disturbances (shocks) in 1998-1999, concluding that the simultaneity of many of them aggravated their effects and that, under the convertibility régime, the economy was not prepared to face such consequences. Finally, we will briefly outline the policies that the country should apply in order to restore macroeconomic and financial stability. GROWTH, INSTABILITY AND THE CONVERTIBILITYAUGUST CRISIS2002 IN ARGENTINA • JOSÉ MARÍA FANELLI 26 CEPAL REVIEW 77 • AUGUST 2002 I Introduction The Argentine economy is currently undergoing the capacity is roughly the same as in late 1998, when the deepest and longest recessionary process of the postwar recession began. We frequently hear people saying period. This process began in late 1998 and, as time “How can this be happening if there was no war that passed and the successive stabilization attempts failed, destroyed our productive capacity!” the agents increasingly perceived that the country was In a nutshell, if we were to assume that per capita entering the obscure realm of economic depression.
    [Show full text]
  • Macroeconomía Del Desarrollo
    62 S E R I E I R E S macroeconomía del desarrollo Equilibrium real exchange rates, misalignment and competitiveness in the Southern Cone Peter J. Montiel Economic Development Division Santiago Chile, Dec ember 2007 This document was prepared by Peter J. Montiel, consultant of the Economic Development Division, Economic Commission for Latin America and the Caribbean (ECLAC). The views expressed in this document, which has been reproduced without formal editing, are those of the author and do not necessarily reflect the views of the Organization. United Nations Publication ISSN printed version 1680-8843 ISSN online version 1680-8851 ISBN: 978-92-1-121653-0 LC/L.2850-P Sales No.: E.07.II.G.174 Copyright © United Nations , December 2007. All rights reserved Printed in United Nations, Santiago de Chile Applications for the right to reproduce this work are welcomed and should be sent to the Secretary of the Publications Board, United Nations Headquarters New York, N.Y. 10017, U.S.A. Member States and their governmental institutions may reproduce this work without prior authorization, but are requested to mention the source and inform the United Nations of such reproduction. CEPAL - SERIE Macroeconomía del desarrollo N° 62 Contents Abstract ........................................................................................5 I. Introduction ................................................................................7 II. Sustainability in the real exchange rate ......................... 11 III. Fundamental determinants of equilibrium
    [Show full text]