##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 20-F
 
  o
    
    Registration statement pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934
 or
 þ
    
    Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 for the fiscal year ended December 31, 2009
 or
 o
    
    Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 for the transition period from  to
 or
 o
    
    Shell Company Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 Date of the event requiring this shell company report.
 Commission file number: 001-32827
 BANCO MACRO S.A.
  Macro Bank, Inc.
 Argentina
 Sarmiento 447, City of Buenos Aires, Argentina  (Address of registrants principal executive offices)
 
 th     (Name, telephone, e-mail and/or facsimile member and address of company contact person)
 Title of Each Class
    
    Name of Each Exchange On Which RegisteredAmerican Depositary Shares
    
    New York Stock ExchangeClass B ordinary shares, par value Ps. 1.00 per share
    
    New York Stock Exchange(*)9.75% Fixed/Floating Rate Non-Cumulative JuniorSubordinated Bonds Due 20368.50% Notes Due 201710.750% Argentine Peso-Linked Notes Due 2012
 
 (*)
    
    Ordinary shares of Banco Macro S.A. are not listed for trading but only in connection
with the registration of American Depositary Shares which are evidenced by American
Depositary Receipts. 
  None
  9.75% Fixed/Floating Rate Non-Cumulative Junior Subordinated Bonds Due 2036
 8.50% Notes Due 2017
 10.750% Argentine Peso-Linked Notes Due 2012
  11,235,670 Class A ordinary shares, par value Ps. 1.00 per share
583,249,498 Class B ordinary shares, par value Ps. 1.00 per share
 
  o þ
  o þ
  þ o
  o o
  Large accelerated filer þ
    
    Accelerated filer o
    
    Non-accelerated filer o
  U.S. GAAP o
    
    International Financial Reporting
    
    Other þStandards as issued by the InternationalAccounting Standards Board o
   o þ
  o þ
   o o
 Please send copies of notices and communications from the Securities and Exchange Commission to:
 Hugo N. L. Bruzone
Bruchou, Fernández Madero & Lombardi 
Ing. Butty 275, 12th Floor 
C1001AFA  Buenos Aires, Argentina
    
    Andrés de la Cruz
Cleary Gottlieb Steen & Hamilton LLP
One Liberty Plaza
New York, New York 10006-1470




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##### 



Table of Contents
 PagePART I
    
    
    3Item 1. Identity of Directors, Senior Management and Advisers
    
    
    3Item 2. Offer Statistics and Expected Timetable
    
    
    3Item 3. Key Information
    
    
    3Item 4. Information on the Bank
    
    
    16Item 4A. Unresolved Staff Comments
    
    
    58Item 5. Operating and Financial Review and Prospects
    
    
    58Item 6. Directors, Senior Management and Employees
    
    
    76Item 7. Major Shareholders and Related Party Transactions
    
    
    86Item 8. Financial Information
    
    
    88Item 9. The Offer and Listing
    
    
    90Item 10. Additional Information
    
    
    91Item 11. Quantitative and Qualitative Disclosure About Market Risk
    
    
    100Item 12. Description of Securities Other Than Equity Securities
    
    
    101PART II
    
    
    102Item 13. Defaults, Dividend Arrearages and Delinquencies
    
    
    102Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
    
    
    102Item 15. Controls and Procedures
    
    
    103Item 16A. Audit Committee Financial Expert
    
    
    104Item 16B. Code of Ethics
    
    
    104Item 16C. Principal Accountant Fees and Services
    
    
    104Item 16D. Exemptions from the Listing Standards for Audit Committees
    
    
    105Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
    
    
    105Item 16F. Change in Registrants Certifying Accountant
    
    
    107Item 16G. Corporate Governance
    
    
    107PART III
    
    
    110Item 17. Financial Statements
    
    
    110Item 18. Financial Statements
    
    
    110Item 19. Exhibits
    
    
    110Exhibit 1.1Exhibit 12.1Exhibit 12.2Exhibit 13.1Exhibit 13.2




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Certain defined terms
 
 Banco Central de la República Argentina,
 Presentation of certain financial and other information. Accounting practices
   
    
    Banco del Tucumán S.A. (Banco del Tucumán)
    
    Macro Bank Limited (an entity organized under the laws of Bahamas)
    
    Macro Securities S.A. Sociedad de Bolsa
    
    Sud Inversiones & Análisis S.A.
    
    Macro Fondos S.G.F.C.I.S.A.
   www.bcra.gov.ar
 Rounding
  Market position
   1




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Our internet site is not part of this annual report
 www.macro.com.ar
 Cautionary statement concerning forward-looking statements
  
    
    changes in general economic, business, political, legal, social or other conditions in
Argentina and worldwide;
 
    
    effects of the global financial markets and economic crisis;
 
    
    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 and other
delinquencies;
 
    
    increase in the provisions for loan losses;
 
    
    fluctuations and declines in the value of Argentine public debt;
 
    
    decrease in deposits, customers loss and revenue losses;
 
    
    competition in banking, financial services and related industries and the loss of market
share;
 
    
    cost and availability of funding;
 
    
    deterioration in regional business and economic conditions;
 
    
    technological changes, changes in consumer spending and saving habits, and inability to
implement new technologies;
 
    
    fluctuations and declines in the exchange rate of the peso; and
 
    
    the risk factors discussed
under Item 3.D  Risk factors.
    2




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##### Table of Contents



PART I
 
 Item 1.
    
    Identity of Directors, Senior Management and Advisers
  
 Item 2.
    
    Offer Statistics and Expected Timetable
  
 Item 3.
    
    Key Information
 A. Selected Financial Data
      Year Ended December 31,2005
    
    
    2006 (1)(2)
    
    
    2007 (1)
    
    
    2008 (1)
    
    
    2009(in thousands of pesos, except for number of shares,net income per share and dividends per share)Consolidated Income StatementCentral Bank Rules:Financial income
    
    
    749,583
    
    
    
    1,155,207
    
    
    
    1,890,422
    
    
    
    3,029,860
    
    
    
    3,860,452Financial expense
    
    
    (302,909
    )
    
    
    (394,897
    )
    
    
    (805,265
    )
    
    
    (1,342,062
    )
    
    
    (1,511,607
    )Gross intermediation margin
    
    
    446,674
    
    
    
    760,310
    
    
    
    1,085,157
    
    
    
    1,687,798
    
    
    
    2,348,845Provision for loan losses
    
    
    (70,309
    )
    
    
    (59,773
    )
    
    
    (94,717
    )
    
    
    (297,606
    )
    
    
    (197,512
    )Service charge income
    
    
    302,758
    
    
    
    452,232
    
    
    
    662,326
    
    
    
    891,700
    
    
    
    1,050,275Service charge expense
    
    
    (59,510
    )
    
    
    (93,323
    )
    
    
    (150,282
    )
    
    
    (172,401
    )
    
    
    (226,599
    )Administrative expenses
    
    
    (462,497
    )
    
    
    (679,874
    )
    
    
    (997,466
    )
    
    
    (1,270,002
    )
    
    
    (1,522,420
    )Other income
    
    
    218,884
    
    
    
    234,807
    
    
    
    183,525
    
    
    
    188,450
    
    
    
    121,977Other expense
    
    
    (79,212
    )
    
    
    (109,900
    )
    
    
    (98,915
    )
    
    
    (103,328
    )
    
    
    (158,294
    )Minority Interest in subsidiaries
    
    
    
    
    
    
    (3,178
    )
    
    
    (2,083
    )
    
    
    (3,354
    )
    
    
    (5,092
    )Income Tax
    
    
    (34,042
    )
    
    
    (76,961
    )
    
    
    (92,345
    )
    
    
    (261,207
    )
    
    
    (659,250
    )Net income
    
    
    262,746
    
    
    
    424,340
    
    
    
    495,200
    
    
    
    660,050
    
    
    
    751,930Net income per share (3)
    
    
    0.43
    
    
    
    0.64
    
    
    
    0.72
    
    
    
    1.00
    
    
    
    1.26Dividends per share (6)
    
    
    0.10
    
    
    
    0.15
    
    
    
    0.25
    
    
    
    0.25
    
    
    
    0.35Dividends
per share in US$ (6)
    
    
    0.04
    
    
    
    0.05
    
    
    
    0.08
    
    
    
    0.07
    
    
    
    0.09Number of shares outstanding (in thousands)
    
    
    608,943
    
    
    
    683,943
    
    
    
    683,979
    
    
    
    608,437
    
    
    
    594,485U.S. GAAP: (4)Net income before extraordinary items
    
    
    463,795
    
    
    
    360,879
    
    
    
    385,537
    
    
    
    631,171
    
    
    
    993,769Extraordinary Gain
    
    
    
    
    
    
    41,705
    
    
    
    
    
    
    
    
    
    
    
    Less: Net income attributable to the non-controlling interest
    
    
    
    
    
    
    (2,920
    )
    
    
    (1,497
    )
    
    
    (2,928
    )
    
    
    (7,484
    )Net income attributable to the controlling interest
    
    
    463,795
    
    
    
    399,664
    
    
    
    384,040
    
    
    
    628,243
    
    
    
    986,285Net income per share before extraordinary item(s)
    
    
    0.76
    
    
    
    0.54
    
    
    
    0.56
    
    
    
    0.95
    
    
    
    1.66Net income per share for extraordinary gain
    
    
    
    
    
    
    0.06
    
    
    
    
    
    
    
    
    
    
    
    Total net income per share (5)
    
    
    0.76
    
    
    
    0.60
    
    
    
    0.56
    
    
    
    0.95
    
    
    
    1.66Weighted average number of shares outstanding (in thousands)
    
    
    608,943
    
    
    
    666,478
    
    
    
    683,952
    
    
    
    658,124
    
    
    
    595,634
 (1)
    
    See note 4.2 to our audited consolidated financial statements for the year ended December
31, 2009.(2)
    
    The results of operations of Banco del Tucumán and Nuevo Banco Bisel are consolidated with
Banco Macro from May 5 and August 11, 2006, respectively (in the case of Nuevo Banco Bisel through
August 18, 2009, date on which it merged with and into us).(3)
    
    Net income in accordance with Central Bank Rules divided by weighted average number of
outstanding shares.(4)
    
    See note 35 to our audited consolidated financial statements for the year ended December 31,
2009 for a summary of significant differences between Central Bank Rules and U.S. GAAP.(5)
    
    Net income in accordance with U.S. GAAP divided by weighted average number of shares
outstanding.(6)
    
    Includes cash dividends approved by the shareholders meetings for each of such fiscal years.  3




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As of December 31,(in thousands of pesos)2005
    
    
    2006 (1)(2)
    
    
    2007 (1)
    
    
    2008 (1)
    
    
    2009Consolidated Balance SheetCentral Bank Rules:AssetsCash and due from banks and correspondents
    
    
    1,189,129
    
    
    
    2,626,908
    
    
    
    3,117,426
    
    
    
    3,523,897
    
    
    
    5,016,192Government and private securities
    
    
    2,991,764
    
    
    
    3,222,955
    
    
    
    3,950,725
    
    
    
    4,779,299
    
    
    
    6,981,144Loans:to the non-financial government sector
    
    
    645,342
    
    
    
    774,273
    
    
    
    732,481
    
    
    
    744,507
    
    
    
    206,484to the financial sector
    
    
    80,511
    
    
    
    436,930
    
    
    
    161,702
    
    
    
    80,423
    
    
    
    90,916to the non-financial private sector and foreign residents
    
    
    2,948,799
    
    
    
    5,524,483
    
    
    
    9,335,656
    
    
    
    10,893,376
    
    
    
    11,247,452Allowances for loan losses
    
    
    (247,532
    )
    
    
    (208,581
    )
    
    
    (220,422
    )
    
    
    (438,348
    )
    
    
    (448,045
    )Other assets
    
    
    1,879,809
    
    
    
    2,106,186
    
    
    
    2,645,978
    
    
    
    2,847,118
    
    
    
    3,765,095Total assets
    
    
    9,487,822
    
    
    
    14,483,154
    
    
    
    19,723,546
    
    
    
    22,430,272
    
    
    
    26,859,238Average assets
    
    
    9,357,401
    
    
    
    11,796,936
    
    
    
    17,691,769
    
    
    
    21,865,952
    
    
    
    23,964,067Liabilities and shareholders equityDeposits:from the non-financial government sector
    
    
    822,687
    
    
    
    1,295,630
    
    
    
    1,774,121
    
    
    
    3,937,961
    
    
    
    3,613,924from the financial sector
    
    
    5,208
    
    
    
    5,078
    
    
    
    13,310
    
    
    
    22,438
    
    
    
    14,052from the non-financial private sector and foreign residents
    
    
    5,737,431
    
    
    
    8,770,309
    
    
    
    11,803,718
    
    
    
    11,867,958
    
    
    
    14,964,890Other liabilities from financial intermediation and other liabilities
    
    
    1,241,793
    
    
    
    1,492,949
    
    
    
    2,813,065
    
    
    
    3,157,646
    
    
    
    4,222,152Provisions
    
    
    178,150
    
    
    
    77,738
    
    
    
    101,333
    
    
    
    83,004
    
    
    
    88,275Subordinated corporate bonds
    
    
    12,047
    
    
    
    507,844
    
    
    
    490,695
    
    
    
    521,681
    
    
    
    572,473Items pending allocation
    
    
    854
    
    
    
    2,052
    
    
    
    1,644
    
    
    
    2,105
    
    
    
    3,987Minority interest in subsidiaries
    
    
    
    
    
    
    11,143
    
    
    
    12,640
    
    
    
    15,568
    
    
    
    20,684Total liabilities
    
    
    7,998,170
    
    
    
    12,162,743
    
    
    
    17,010,526
    
    
    
    19,608,361
    
    
    
    23,500,437Shareholders equity
    
    
    1,489,652
    
    
    
    2,320,411
    
    
    
    2,713,020
    
    
    
    2,821,911
    
    
    
    3,358,801Average shareholders equity
    
    
    1,333,163
    
    
    
    1,920,559
    
    
    
    2,461,668
    
    
    
    2,778,572
    
    
    
    3,055,736U.S. GAAP: (3)Shareholders equity attributable to the controlling interest
    
    
    1,191,692
    
    
    
    1,956,242
    
    
    
    2,222,361
    
    
    
    2,221,199
    
    
    
    3,269,875Non-controlling interests
    
    
    
    
    
    
    11,143
    
    
    
    12,640
    
    
    
    15,568
    
    
    
    23,052Shareholders equity
    
    
    1,191,692
    
    
    
    1,967,385
    
    
    
    2,235,001
    
    
    
    2,236,767
    
    
    
    3,292,927
 (1)
    
    See note 4.2 to our audited consolidated financial statements for the year ended December
31, 2009.(2)
    
    The results of operations of Banco del Tucumán and Nuevo Banco Bisel are consolidated with
Banco Macro from May 5 and August 11, 2006, respectively (in the case of Nuevo Banco Bisel through
August 18, 2009, date on which it merged with and into us).(3)
    
    See note 35 to our audited consolidated financial statements for the year ended December 31,
2009 for a summary of significant differences between Central Bank Rules and U.S. GAAP.  4




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As of and for the year ended December 31,2005
    
    
    2006 (1)(2)
    
    
    2007 (1)
    
    
    2008 (1)
    
    
    2009Selected consolidated ratios:Profitability and performanceNet interest margin (%) (3)
    
    
    5.23
    
    
    
    7.11
    
    
    
    6.85
    
    
    
    7.93
    
    
    
    12.56Fee income ratio (%) (4)
    
    
    40.40
    
    
    
    37.30
    
    
    
    37.90
    
    
    
    34.57
    
    
    
    30.90Efficiency ratio (%) (5)
    
    
    59.11
    
    
    
    56.07
    
    
    
    57.08
    
    
    
    49.23
    
    
    
    44.79Ratio of earnings to fixed charges (excluding interest on deposits) (6)
    
    
    3.01
    x
    
    
    6.76
    x
    
    
    4.28
    x
    
    
    6.00
    x
    
    
    10.65
    xRatio of earnings to fixed charges (including interest on deposits) (7)
    
    
    2.14
    x
    
    
    2.49
    x
    
    
    1.88
    x
    
    
    1.80
    x
    
    
    2.06
    xFee income as a percentage of administrative expense (%)
    
    
    68.34
    
    
    
    66.52
    
    
    
    66.40
    
    
    
    70.21
    
    
    
    68.99Return on average equity (%)
    
    
    19.71
    
    
    
    22.09
    
    
    
    20.12
    
    
    
    23.76
    
    
    
    24.61Return on average assets (%)
    
    
    2.81
    
    
    
    3.60
    
    
    
    2.80
    
    
    
    3.02
    
    
    
    3.14LiquidityLoans as a percentage of total deposits (%)
    
    
    55.97
    
    
    
    66.88
    
    
    
    75.27
    
    
    
    74.03
    
    
    
    62.09Liquid assets as a percentage of total deposits (%) (8)
    
    
    58.64
    
    
    
    61.92
    
    
    
    51.25
    
    
    
    48.80
    
    
    
    53.70CapitalTotal equity as a percentage of total assets (%)
    
    
    15.70
    
    
    
    16.02
    
    
    
    13.76
    
    
    
    12.58
    
    
    
    12.51Regulatory capital as a percentage of risk-weighted assets (%)
    
    
    31.03
    
    
    
    31.31
    
    
    
    26.81
    
    
    
    22.95
    
    
    
    27.38Asset QualityNon-performing loans as a percentage of total loans (%) (9)
    
    
    5.34
    
    
    
    2.01
    
    
    
    1.55
    
    
    
    2.64
    
    
    
    3.25Allowances as a percentage of total loans
    
    
    6.74
    
    
    
    3.10
    
    
    
    2.15
    
    
    
    3.74
    
    
    
    3.88Allowances as a percentage of non-performing loans (%) (9)
    
    
    126.20
    
    
    
    154.25
    
    
    
    138.77
    
    
    
    141.81
    
    
    
    119.45Differences due to court orders (Amparos)as a percentage of equity (%)
    
    
    2.90
    
    
    
    3.22
    
    
    
    3.72
    
    
    
    1.26
    
    
    
    1.50OperationsNumber of branches
    
    
    254
    
    
    
    433
    
    
    
    427
    
    
    
    416
    
    
    
    408Number of employees
    
    
    5,054
    
    
    
    7,585
    
    
    
    7,914
    
    
    
    7,973
    
    
    
    7,863
 (1)
    
    See note 4.2 to our audited consolidated financial statement for the year ended December
31, 2009.(2)
    
    The results of operations of Banco del Tucumán and Nuevo Banco Bisel are consolidated with
Banco Macro from May 5 and August 11, 2006, respectively (in the case of Nuevo Banco Bisel through
August 18, 2009, date on which it merged with and into us).(3)
    
    Net interest income divided by average interest earning assets.(4)
    
    Service charge income divided by the sum of gross intermediation margin and service charge
income.(5)
    
    Administrative expenses divided by the sum of gross intermediation margin and service charge
income.(6)
    
    For the purpose of computing the ratio of earnings to fixed charges excluding interest on
deposits, earnings consist of income before income taxes plus fixed charges; fixed charges
excluding interest on deposits consist of gross interest expense minus interest on deposits.(7)
    
    For the purpose of computing the ratio of earnings to fixed charges including interest on
deposits, earnings consist of income before income taxes plus fixed charges; fixed charges
including interest on deposits is equal to gross interest expense.(8)
    
    Liquid assets include cash, LEBACs and NOBACs, interbank loans and overnight loans to highly
rated companies.(9)
    
    Non-performing loans include all loans to borrowers classified as 3-troubled/medium risk, 4-with high risk of insolvency/high risk, 5-irrecoverable and 6-irrecoverable According to Central Banks rules under the Central Bank loan classification system.  5




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B. Capitalization and Indebtedness
  C. Reasons for the Offer and Use of Proceeds
  D. Risk Factors
 You should carefully consider the risks described below with all of the other information included
in the annual report before deciding to invest in our Class B shares or our ADSs or our notes. If
any of the following risks actually occur, they may materially harm our business and our financial
condition and results of operations. As a result, the market price of our Class B shares or our
ADSs or our notes could decline and you could lose part or all of your investment.
 Investors should carefully read this annual report in its entirety. They should also take into
account and evaluate, among other things, their own financial circumstances, their investment
goals, and the following risk factors.
 Risks relating to Argentina
 Argentinas current growth and stabilization may not be sustainable
  
    
    incomplete normalization of the financial systems of the main developed economies and recent
events in the European financial markets;
    
    abrupt changes in the monetary and fiscal policies of the main economies worldwide;
    
    reversal of capital flows due to domestic and international uncertainty;
    
    uncertainty with respect to debt restructuring, the payment capacity of the Argentine public
sector and the possibilities of procuring international financing;
    
    increase in inflation affecting competitiveness and economic growth;
    
    poor development of the credit market;
    
    low level of investment;
    
    evolution of the exchange rate;
    
    increase in public expenditure affecting the economy and the fiscal accounts;
    
    possible reversal in the trade balance;
    
    significant decrease in prices of main commodities exported by Argentina;
    
    wage and price controls; and
    
    political and social tensions.
  6




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The Argentine economy could be adversely affected by economic developments in other global markets
        Abrupt changes in the fiscal and monetary policies of the main economies worldwide might cause
recessive effects on our economy
      7




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##### Table of Contents



The domestic and international uncertainty might cause a reversal of the capital flows
   Argentinas ability to obtain financing from international markets is limited, which may impair its
ability to implement reforms and foster economic growth
   
    
    In February 2007, ICSID tribunals issued a judgment against Argentina in a US$208
million suit initiated by Siemens for indemnity in the failure to complete a contract in
2001 concerning personal identification documents. The revision and annulment proceedings
in this case were discontinued as a consequence of a settlement reached between the
parties. Consequently, as of the date of this annual report, this procedure is concluded.
 
    
    In May 2007, ICSID tribunals ordered Argentina to pay US$106 million to Enron
Corporation and Ponderosa Assets LP, shareholders of the local gas distributor
Transportadora de Gas del Sur, in connection with tariff adjustments. This dispute is
currently pending before an ICSID Tribunal/Annulment Panel.
 
    
    In July 2007, ICSID tribunals ordered Argentina to pay US$57.4 million to LG&E Energy
Corp., LG&E Capital Corp. and LG&E International Inc., in connection with the decrease in
value of their shares in Distribuidora de Gas del Centro, Distribuidora de Gas Cuyana and
Gas Natural BAN. In this case, the tribunal recognized the state of emergency in place that
justified the measures taken by the government. In addition, the annulment proceeding in
this case, pursued by both parties, has been suspended.
 
    
    In August 2007, ICSID tribunals ordered Argentina to pay US$105 million to Compañía de
Aguas del Aconquija S.A. and Vivendi Universal in connection with the termination of the
water concession agreement executed with such company in the province of Tucumán. This
dispute is currently pending before an ICSID Tribunal/Annulment Panel.
 
    
    In September 2007, ICSID tribunals ordered Argentina to pay US$172 million to Sempra
Energy International due to the depreciation of its shareholdings in Sodigas Pampeana and
Sodigas Sur (shareholders, in turn, of the local concessionaries of the gas distribution
service in Argentina, Camuzzi Gas Pampeana and Camuzzi Gas del Sur), as a consequence of
the economic measures adopted by the Argentine government in 2002. This dispute is
currently pending before an ICSID Tribunal/Annulment Panel.
 
    
    In September 2008, and although it recognized the state of emergency in place that
justified certain extraordinary measures by the Argentine government, ICSID tribunals ordered Argentina to pay US$2.8
million to Continental Casualty Company. This dispute is currently pending before an ICSID
Tribunal/Annulment Panel.
     8




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##### Table of Contents



Inflation may rise again, causing adverse effects on the Argentine long-term credit markets as well
as the Argentine economy in general
    Significant devaluation of the peso against the U.S. dollar may adversely affect the Argentine
economy as well as our financial performance
   Significant appreciation of the peso against the U.S. dollar may adversely affect the Argentine
economy
  The high public expenditure could result in long lasting adverse consequences for the Argentine
economy
   9




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##### Table of Contents



Government measures to preempt, or in response to, social unrest may adversely affect the Argentine
economy
  Exchange controls and restrictions on transfers abroad and capital inflow restrictions have
limited, and can be expected to continue to limit, the availability of international credit and may
impair our ability to make payments on our obligations
  Risks Relating to the Argentine Financial System
 The health of Argentinas financial system depends on a return of the long-term credit market,
which is currently recovering at a relatively slow pace
    The health of the financial system depends upon the ability of financial institutions, including
us, to retain the confidence of depositors, after having overcome the crisis
    The asset quality of financial institutions, including us, is still affected by the exposure to
public sector debt
   10




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##### Table of Contents



Letras del
Banco Central Notas del Banco Central
 Our asset quality and that of other financial institutions may deteriorate if the Argentine private
sector is affected by the international financial crisis
     Risks Relating to Us
 Our target market may be the most adversely affected by economic recessions
   Our controlling shareholders have the ability to direct our business and their interests could
conflict with yours
  We will continue to consider acquisition opportunities, which may not be successful
  
    
    unforeseen difficulties in integrating operations and systems;
 
    
    problems assimilating or retaining the employees of acquired businesses;
    
    challenges retaining customers of acquired businesses;
 
    
    unexpected liabilities or contingencies relating to the acquired businesses; and
 
    
    the possibility that management may be distracted from day-to-day business concerns by
integration activities and related problem solving.
  11




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##### Table of Contents



We depend on key personnel for our current and future performance
  Increased competition and consolidation in the banking industry may adversely affect our operations
   Reduced spreads without corresponding increases in lending volumes could adversely affect our
profitability
   Differences in the accounting standards between Argentina and certain countries with highly
developed capital markets, such as the United States, may make it difficult to compare our
financial statements and reported earnings with companies in other countries and the United States
  Risks relating to our Class B Shares and the ADSs
 Holders of our Class B shares and the ADSs may not receive any dividends
  Holders of our Class B shares and the ADSs located in the United States may not be able to exercise
preemptive rights
   12




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##### Table of Contents



Non-Argentine companies that own our Class B shares directly and not as ADSs may not be able to
exercise their rights as shareholders unless they are registered in Argentina
 Inspección General de Justicia,
 You may not be able to sell your ADSs at the time or the price you desire because an active or
liquid market may not develop
  The relative volatility and illiquidity of the Argentine securities markets may substantially limit
your ability to sell Class B shares underlying the ADSs at the price and time you desire
  Our shareholders may be subject to liability for certain votes of their securities
  Our
Class B shares or the ADSs might be characterized as stock in a passive foreign investment
company for U.S. federal income tax purposes
  Risks relating to our Notes
 The notes are effectively subordinated to our secured creditors and our depositors
 pari passu
    13




---



##### Table of Contents



Exchange controls and restrictions on transfers abroad may impair your ability to receive payments
on the notes
   We may redeem the notes prior to maturity
  As a financial institution, any bankruptcy proceeding against us would be subject to intervention
by the Central Bank, which may limit remedies otherwise available and extend the duration of
proceedings
  Holders of notes may find it difficult to enforce civil liabilities against us or our directors,
officers and controlling persons
 domicilio social
 Risk relating to our 9.75% Fixed/Floating Rate Non-Cumulative Junior Subordinated Bonds Due 2036
(the 2036 Notes)
 Interest on the Notes may be limited to the extent we do not have sufficient Distributable Amounts
    14




---



##### Table of Contents



We may be prevented by the Central Bank or Argentine banking regulations from making interest or
other payments on or in respect of the 2036 Notes
   The 2036 Notes are unsecured and subordinated and, in the event of our bankruptcy, the 2036 Notes
will rank junior to our unsubordinated obligations and certain of our subordinated obligations
   If we do not satisfy our obligations under the 2036 Notes, your remedies will be limited
  The ratings of the 2036 Notes may be lowered or withdrawn depending on various factors, including
the rating agencys assessment of our financial strength and Argentine sovereign risk
  The U.S. federal income tax treatment of the 2036 Notes is unclear
    15




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##### Table of Contents



Risks relating to our 10.750% Argentine Peso-Linked Notes Due 2012 (the 2012 Notes)
 A devaluation of the Argentine peso will result in a loss of principal and interest in U.S. dollar
terms, which could affect the value of our 2012 Notes
  In circumstances where we can satisfy our payment obligations in respect of the 2012 Notes by
transferring Argentine pesos to accounts located in Argentina, you may not be able to obtain U.S.
dollars or transfer funds outside Argentina
  Certain definitions
 pari passu
   
 Item 4.
    
    Information on the Bank
 A. History and development of the Bank
 sociedad anónima sociedades anónimas sociedades anónimas.
  Our History  Banco Macro S.A.
    16




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##### Table of Contents



Banco del Tucumán
    Nuevo Banco Bisel
    th
    Banco Privado de Inversiones
   17




---



##### Table of Contents



B. Business Overview
  
    
    Ps.26,859.2 million (US$7,074.4 million) in total assets;
 
    
    Ps.11,247.5 million (US$2,962.4 million) in loans to the non-financial private sector;
 
    
    Ps.18,592.9 million (US$4,897.1 million) in total deposits;
 
    
    approximately 2,544,000 retail customers and 71,124 corporate customers that provide us
with approximately 2.6 million clients; and
 
    
    approximately 1,132,000 employee payroll accounts for private sector customers and
provincial governments.
  Plan Sueldo Plan Sueldo
 The Argentine economic recovery
      18




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##### Table of Contents



Our competitive strengths
  
    
    Strong financial position and consistent profitability. We believe we have emerged from
the economic crisis as one of the strongest banks in Argentina, as measured by
profitability and balance sheet strength.
 
    
    As of December 31, 2009, we have achieved profitability for the last 32 consecutive
quarters, being the only bank in Argentina to do so, with a return on average equity of
19.7%, 22.1%, 20.1%, 23.8% and 24.6% for 2005, 2006, 2007, 2008 and 2009, compared to
7.5%, 14.8%, 11.2%, 13.7% and 19.6% respectively, for the Argentine banking system as a
whole.
 
    
    Our shareholders equity as of December 31, 2009 and 2008, as calculated under Central
Bank Rules, was Ps. 3,358.8 million and Ps. 2,821.9 million, respectively, and our
shareholders equity under U.S. GAAP at December 31, 2009 and 2008 was Ps. 3,293.6 and Ps.
2,236.8 million, respectively.
 
    
    Strong presence in fast-growing target customer market. We have achieved a leading
position with low- and middle-income individuals and among small and medium-sized
businesses, generally located outside of the City of Buenos Aires, which have been
relatively underserved by the banking system. As of December 31, 2009, loans for less than
Ps.20,000 accounted for 40% of our total private sector loans. Based on our experience,
this target market offers significant growth opportunities and a stable base of
depositors.
 
    
    High exposure to export-led growth. Given the geographical location of the customers we
target, we have acquired banks with a large number of branches outside of the City of
Buenos Aires with the aim of completing our national coverage. Therefore, we are currently
the leading bank, based on the number of branches, in the Argentine provinces of Salta,
Jujuy, Tucumán and Misiones and one of the leading banks in Córdoba, Santa Fe, Río Negro
and Tierra del Fuego. Most of these provinces engage in economic activities primarily
concentrated in areas such as agriculture, mining, cargo transportation, edible oils,
ranching and tourism, which have been benefiting from the export-driven growth in the
Argentine economy as a result of the devaluation of the peso.
 
    
    Largest private-sector branch network in Argentina. With 408 branches, we have the most
extensive branch network among private-sector banks in Argentina. We consider our branch
network to be our key distribution channel for marketing our products and services to our
entire customer base with a personalized approach. In line with our strategy,
approximately 94% of these branches are located outside of the City of Buenos Aires,
whereas 81% of the total branches for the Argentine financial system as a whole are
located outside this area, which we believe better positions us to focus on our target
market.
 
    
    Loyal customer base. We have a loyal customer base, as evidenced in part by the quick
recovery of our deposit base after the crisis. We believe that our customers are loyal to
us due to our presence in traditionally underserved markets and to our Plan Sueldo payroll
services. We have benefited from Argentine regulations that require all employees to
maintain Plan Sueldo accounts for the direct deposit of their wages. In addition, we
emphasize face-to-face relationships with our customers and offer them personalized
advice.
 
    
    Exclusive financial agent for four Argentine provinces. We perform financial agency
services for the governments of the provinces of Salta, Jujuy, Misiones and Tucumán in
northern Argentina. As a result, each provincial governments bank accounts are held in
our bank and we provide all their employees with Plan Sueldo accounts, giving us access to
substantial low cost funding and a large number of loyal customers.
 
    
    Strong and experienced management team and committed shareholders. We are led by a
committed group of shareholders who have transformed our bank from a small wholesale bank
to one of the strongest and largest banks in Argentina. Jorge Horacio Brito and Delfín
Jorge Ezequiel Carballo have active senior executive roles in our management and each
possesses more than 20 years of experience in the banking industry.
 Our strategy
    19




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##### Table of Contents




    
    Focus on underserved markets with strong growth potential. We intend to continue
focusing on both low- and middle-income individuals and small and medium-sized businesses,
most of which have traditionally been underserved by the Argentine banking system and are
generally located outside of the City of Buenos Aires, where competition is relatively
weaker and where we have achieved a leading presence. We believe that these markets offer
attractive opportunities given the low penetration of banking services and limited
competition. We believe the provinces outside of the City of Buenos Aires that we serve
are likely to grow faster than the Argentine economy as a whole because their
export-driven economies have benefited from the devaluation of the peso and higher prices
for agricultural products and commodities.
 
    
    Further expand our customer base. We intend to continue growing our customer base,
which is essential to increasing interest and fee-based revenues. To attract new customers
we intend to:
 
    
    Utilize our extensive branch network. We intend to utilize our extensive branch
network, which we consider our key distribution channel, to market our products and
services to our entire customer base. We utilize a personalized approach to attract
new customers by providing convenient and personalized banking services close to
their homes and facilities.
 
    
    Offer medium- and long-term credit. We intend to capitalize on the increased
demand for long-term credit that we believe will accompany the expected economic
growth in Argentina. We intend to use our strong liquidity and our capital base to
offer a more readily available range of medium- and long-term credit products than
our competitors.
 
    
    Focus on corporate banking customers, strengthening financing to the small
business segment.
 
    
    Expand our share in the agricultural and livestock industry and those
export-related activities, introducing a product specially designed for this sector
(Campo XXI).
 
    
    Expand Plan Sueldo payroll services. We will continue to actively market our Plan
Sueldo payroll services, emphasizing the benefits of our extensive network for
companies with nationwide or regional needs.
 
    
    Expand our financial agency services to new provinces. We intend to take
advantage of our experience as a financial agent to provincial governments in
Argentina to expand these services into new provinces.
 
    
    Offer personalized service. We offer our clients a menu of products and
personalized, face-to-face advice to help them select the banking services that best
respond to their needs.
 
    
    Focus on efficiency and cost control. We intend to increase our efficiency creating new
economies of scale, and reducing costs in connection with the integration of merged
entities (Banco Macro, Nuevo Banco Suquía and Nuevo Banco Bisel). We have been working on
upgrading our information systems and other technology in order to further reduce our
operating costs and to support larger transaction volumes nationally. We have completed
the integration of Nuevo Banco Suquía during the second half of 2007 and the integration
of Nuevo Banco Bisel during the second half of 2009.
 
    
    Extend existing corporate relationships to their distributors and suppliers. We have
established relationships with major corporations in Argentina and will focus our
marketing efforts on providing services to their distributors, suppliers, customers and
employees, including providing working capital financing and Plan Sueldo payroll services.
 
    
    Increase cross-selling. We plan to increase cross-selling of products and services to
our existing clients. Since almost all of our clients have a checking and savings account,
we have a significant opportunity to expand our relationships with them through other
products such as credit cards, loans and insurance. For example, strong cross-selling
opportunities lie with our Plan Sueldo clients, of whom only 21.5% currently have personal
loans from us.
 Our products and services
   20




---



##### Table of Contents



Retail Customers
 Overview
      Savings and checking accounts and time deposits
   Approximate numberof retail accountsProduct
    
    (as of December 31, 2009)SavingsTotal savings accounts
    
    
    1,903,566Plan Sueldo(private sector)
    
    
    559,051Plan Sueldo(public sector)
    
    
    572,675Retirees
    
    
    400,114Open market
    
    
    371,726CheckingChecking accounts
    
    
    174,046Electronic account accessDebit cards
    
    
    1,420,971
 Lending products and services
   21




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##### Table of Contents



Loans to retail customers (in pesos except where noted)(as of December 31, 2009)CreditPersonal
    
    
    
    
    
    
    Mortgage
    
    
    
    
    
    
    Pledged
    
    
    cardloans
    
    
    Documents (1)
    
    
    loans
    
    
    Overdrafts
    
    
    loans (2)
    
    
    loans
    
    
    OthersPercentage of gross retail private
sector loan portfolio
    
    
    64.7
    %
    
    
    6.3
    %
    
    
    6.3
    %
    
    
    3.0
    %
    
    
    2.4
    %
    
    
    14.3
    %
    
    
    2.9
    %Total customers with outstanding loans
    
    
    513,374
    
    
    
    9,306
    
    
    
    7,475
    
    
    
    211,932
    
    
    
    2,475
    
    
    
    470,804
    
    
    
    5,415Average gross loan amount
    
    
    5,683
    
    
    
    4,940
    
    
    
    51,874
    
    
    
    677
    
    
    
    57,470
    
    
    
    1,722
    
    
    
    29,398
 (1)
    
    Factoring, check cashing advances and loans with promissory notes.(2)
    
    Primarily secured car loans.  Corporate Customers
 Overview
     Plan Sueldo payroll services
 Macrosueldos,
 Lending products and services
   22




---



##### Table of Contents



Short-term:
 Medium-to long-term:
   Loans to companies in excess ofPs.20,000 (as of December 31, 2009)Percentage of(in millions of
    
    
    corporate loanpesos)
    
    
    portfolioOverdrafts
    
    
    1,273.7
    
    
    
    25.6
    %Documents (1)
    
    
    1,030.7
    
    
    
    20.7
    %Pledged loans (2)
    
    
    121.9
    
    
    
    2.4
    %Mortgage loans
    
    
    371.7
    
    
    
    7.5
    %Other (3)
    
    
    2,133.8
    
    
    
    42.7
    %Corporate credit cards
    
    
    53.1
    
    
    
    1.1
    %Total
    
    
    4,984.9
    
    
    
    100.0
    %
 (1)
    
    Factoring, check cashing advances and promissory notes.(2)
    
    Primarily securing cargo transportation equipment.(3)
    
    Mostly structured loans (medium- and long-term). Transaction services
  Payments to suppliers.
 Collection services.
 Datanet and Interpymes.
  Tax collection and financial agency services.
  23




---



##### Table of Contents



Our distribution network
  As of December 31, 2009Market Share of% of
    
    
    total branches inProvince
    
    Branches
    
    
    Total
    
    
    each provinceCity of Buenos Aires
    
    
    24
    
    
    
    5.9
    %
    
    
    3.1
    %Buenos Aires (rest)
    
    
    52
    
    
    
    12.7
    %
    
    
    4.1
    %Catamarca
    
    
    1
    
    
    
    0.2
    %
    
    
    4.5
    %Chaco
    
    
    2
    
    
    
    0.5
    %
    
    
    3.3
    %Chubut
    
    
    4
    
    
    
    1.0
    %
    
    
    4.4
    %Córdoba
    
    
    62
    
    
    
    15.2
    %
    
    
    15.4
    %Corrientes
    
    
    3
    
    
    
    0.7
    %
    
    
    5.0
    %Entre Ríos
    
    
    6
    
    
    
    1.5
    %
    
    
    5.0
    %Formosa
    
    
    
    
    
    
    
    
    
    
    Jujuy
    
    
    15
    
    
    
    3.7
    %
    
    
    48.4
    %La Pampa
    
    
    2
    
    
    
    0.5
    %
    
    
    1.9
    %La Rioja
    
    
    2
    
    
    
    0.5
    %
    
    
    7.7
    %Mendoza
    
    
    13
    
    
    
    3.2
    %
    
    
    9.0
    %Misiones
    
    
    35
    
    
    
    8.6
    %
    
    
    54.7
    %Neuquén
    
    
    4
    
    
    
    1.0
    %
    
    
    6.3
    %Río Negro
    
    
    7
    
    
    
    1.7
    %
    
    
    10.6
    %Salta
    
    
    25
    
    
    
    6.1
    %
    
    
    48.1
    %San Juan
    
    
    1
    
    
    
    0.2
    %
    
    
    2.9
    %San Luis
    
    
    1
    
    
    
    0.2
    %
    
    
    2.3
    %Santa Cruz
    
    
    2
    
    
    
    0.5
    %
    
    
    5.3
    %Santa Fe
    
    
    116
    
    
    
    28.4
    %
    
    
    26.9
    %Santiago del Estero
    
    
    1
    
    
    
    0.2
    %
    
    
    2.0
    %Tierra del Fuego
    
    
    2
    
    
    
    0.5
    %
    
    
    11.8
    %Tucumán
    
    
    28
    
    
    
    6.9
    %
    
    
    44.4
    %TOTAL
    
    
    408
    
    
    
    100.0
    %
    
    
    10.1
    %
 Source: Central Bank
 Credit risk management
 Credit policy
  
    
    we seek to maintain a high quality portfolio that is diversified among customers;
 
    
    decisions regarding loan amounts are made following conservative parameters based upon
the customers capital, cash flow and profitability, in the case of companies, and the
customers income and asset base, in the case of individuals;
 
    
    the term of the loans offered to meet the customers needs must be appropriate for the
purpose of the loan and the customers ability to repay the loan;
 
    
    transactions must be appropriately secured according to the loans term and the level
of risk involved, and in the case of lending to small and medium-sized companies, we
request personal guarantees from the companys owners; and
 
    
    we continuously monitor credit portfolios and customer payment performance.
 Loan application process
    24




---



##### Table of Contents



Credit risk rating
 5 to 7.
 Credit monitoring and review process
  Technology
         Competition
  Banking industry
  Scale
   25




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##### Table of Contents



2005
    
    
    2006
    
    
    2007
    
    
    2008
    
    
    2009(millions of pesos)Total Assets (1)
    
    
    218,453
    
    
    
    244,070
    
    
    
    285,719
    
    
    
    333,723
    
    
    
    368,091Total Deposits (1)
    
    
    127,382
    
    
    
    155,345
    
    
    
    191,653
    
    
    
    229,090
    
    
    
    253,985Gross Private Sector Loans (1)
    
    
    47,972
    
    
    
    66,896
    
    
    
    93,091
    
    
    
    123,964
    
    
    
    137,559
 Source: Central Bank
 (1)
    
    Twelve-month average. Profitability
    2005
    
    
    2006
    
    
    2007
    
    
    2008
    
    
    2009Net income (in millions of pesos)
    
    
    1,932
    
    
    
    4,473
    
    
    
    3,961
    
    
    
    5,357
    
    
    
    8,103Return on average equity
    
    
    7.5
    %
    
    
    14.8
    %
    
    
    11.2
    %
    
    
    13.7
    %
    
    
    18.0
    %Return on average assets
    
    
    0.9
    %
    
    
    1.8
    %
    
    
    1.4
    %
    
    
    1.6
    %
    
    
    2.2
    %
 Source: Central Bank
 Asset Quality
    2005
    
    
    2006
    
    
    2007
    
    
    2008
    
    
    2009Non-performing Credit Portfolio
    
    
    5.2
    %
    
    
    3.4
    %
    
    
    2.7
    %
    
    
    2.7
    %
    
    
    3.0
    %Non-performing Credit Portfolio  Private Sector
    
    
    7.6
    %
    
    
    4.5
    %
    
    
    3.2
    %
    
    
    3.1
    %
    
    
    3.5
    %
 Source: Central Bank
  26




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##### Table of Contents



Competitive landscape
  Market Share(% share of totalprivate sector loansPrivate Sector Loans
    
    Ps.
    
    
    for the Argentine(As of December 31, 2009)
    
    Million
    
    
    financial system)1 BANCO DE LA NACION ARGENTINA (1)
    
    
    21,223
    
    
    
    14.6
    %2 BANCO SANTANDER RIO S.A.
    
    
    13,737
    
    
    
    9.5
    %3 BANCO DE GALICIA Y BUENOS AIRES S.A.
    
    
    11,494
    
    
    
    7.9
    %4 BANCO MACRO S.A. (2)
    
    
    11,248
    
    
    
    7.7
    %5 BBVA BANCO FRANCES S.A.
    
    
    9,903
    
    
    
    6.8
    %6 BANCO DE LA PROVINCIA DE BUENOS AIRES (1)
    
    
    9,177
    
    
    
    6.3
    %7 HSBC BANK ARGENTINA S.A.
    
    
    6,986
    
    
    
    4.8
    %8 BANCO DE LA CIUDAD DE BUENOS AIRES (1)
    
    
    5,832
    
    
    
    4.0
    %9 BANCO CREDICOOP COOPERATIVO LIMITADO
    
    
    5,447
    
    
    
    3.7
    %10 CITIBANK N.A.
    
    
    5,348
    
    
    
    3.7
    %OTHERS
    
    
    44,881
    
    
    
    30.9
    %TOTAL
    
    
    145,277
    
    
    
    100.0
    %
 Source: Central Bank
 (1)
    
    Public sector banks.(2)
    
    From our consolidated financial statements. Market Share(% share of equityEquity
    
    Ps.
    
    
    for the Argentine(As of December 31, 2009)
    
    Million
    
    
    financial system)1 BANCO DE
LA NACION ARGENTINA (1)
    
    
    8,998
    
    
    
    18.7
    %2 BANCO MACRO S.A. (2)
    
    
    3,359
    
    
    
    7.0
    %3 BANCO SANTANDER RIO S.A.
    
    
    3,084
    
    
    
    6.4
    %4 BBVA BANCO FRANCES S.A.
    
    
    2,926
    
    
    
    6.1
    %5 BANCO HIPOTECARIO S.A.
    
    
    2,778
    
    
    
    5.8
    %6 BANCO DE GALICIA Y DE BUENOS AIRES S.A.
    
    
    2,127
    
    
    
    4.4
    %7 HSBC BANK ARGENTINA S.A.
    
    
    1,969
    
    
    
    4.1
    %8 BANCO PATAGONIA S.A.
    
    
    1,854
    
    
    
    3.9
    %9 CITIBANK S.A.
    
    
    1,814
    
    
    
    3.8
    %10 BANCO DE LA PROVINCIA DE BUENOS AIRES (1)
    
    
    1,651
    
    
    
    3.4
    %OTHERS
    
    
    17,581
    
    
    
    36.5
    %TOTAL
    
    
    48,141
    
    
    
    100.0
    %
 Source: Central Bank
 (1)
    
    Public sector banks.(2)
    
    From our consolidated financial statements. Market Share(% share of totaldeposits for theTotal Deposits
    
    Ps.
    
    
    Argentine(As of December 31, 2009)
    
    Million
    
    
    financial system)1 BANCO DE
LA NACION ARGENTINA (1)
    
    
    67,121
    
    
    
    24.6
    %2 BANCO DE LA PROVINCIA DE BUENOS AIRES (1)
    
    
    25,198
    
    
    
    9.2
    %3 BANCO SANTANDER RIO S.A.
    
    
    19,399
    
    
    
    7.1
    %4 BANCO MACRO (2)
    
    
    18,593
    
    
    
    6.8
    %5 BBVA BANCO FRANCES S.A.
    
    
    18,374
    
    
    
    6.7
    %6 BANCO DE GALICIA Y DE BUENOS AIRES S.A.
    
    
    17,083
    
    
    
    6.3
    %7 HSBC BANK ARGENTINA S.A.
    
    
    11,821
    
    
    
    4.3
    %8 BANCO DE
LA CIUDAD DE BUENOS AIRES (1)
    
    
    11,182
    
    
    
    4.1
    %9 BANCO CREDICOOP COOPERATIVO LIMITADO
    
    
    10,915
    
    
    
    4.0
    %10 CITIBANK N.A.
    
    
    9,197
    
    
    
    3.4
    %OTHERS
    
    
    63,676
    
    
    
    23.4
    %TOTAL
    
    
    272,559
    
    
    
    100.0
    %
 Source: Central Bank
 (1)
    
    Public sector banks.(2)
    
    From our consolidated financial statements.  27




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##### Table of Contents



Net Income
    
    Ps.(12 months ended December 31, 2009)
    
    Million1 BANCO DE LA NACION ARGENTINA S.A. (1)
    
    
    1,1862 BANCO SANTANDER RIO S.A.
    
    
    1,1143 BANCO MACRO S.A. (2)
    
    
    7524 BBVA BANCO FRANCES S.A.
    
    
    6685 CITIBANK N.A.
    
    
    5786 BANCO PATAGONIA S.A.
    
    
    4247 BANCO DE SAN JUAN S.A.
    
    
    4218 NUEVO BANCO DE SANTA FE SOCIEDAD ANONIMA
    
    
    3199 HSBC BANK ARGENTINA S.A.
    
    
    30510 DEUTSCHE BANK S.A.
    
    
    262OTHERS
    
    
    2,074TOTAL
    
    
    8,103
 Source: Central Bank
 (1) Public sector banks.
 (2) From our consolidated financial statements.
   As of December 31, 2009Banking System
    
    
    Banco MacroMarket Share(% share oftotal ofbranches in% of
    
    
    
    
    
    
    % of
    
    
    eachProvince
    
    Branches
    
    
    Total
    
    
    Branches
    
    
    Total
    
    
    province)CITY OF BUENOS AIRES
    
    
    774
    
    
    
    19.2
    %
    
    
    24
    
    
    
    5.9
    %
    
    
    3.1
    %BUENOS AIRES (PROVINCE)
    
    
    1,259
    
    
    
    31.2
    %
    
    
    52
    
    
    
    12.7
    %
    
    
    4.1
    %CATAMARCA
    
    
    22
    
    
    
    0.5
    %
    
    
    1
    
    
    
    0.2
    %
    
    
    4.5
    %CHACO
    
    
    61
    
    
    
    1.5
    %
    
    
    2
    
    
    
    0.5
    %
    
    
    3.3
    %CHUBUT
    
    
    90
    
    
    
    2.2
    %
    
    
    4
    
    
    
    1.0
    %
    
    
    4.4
    %CORDOBA
    
    
    402
    
    
    
    10.0
    %
    
    
    62
    
    
    
    15.2
    %
    
    
    15.4
    %CORRIENTES
    
    
    60
    
    
    
    1.5
    %
    
    
    3
    
    
    
    0.7
    %
    
    
    5.0
    %ENTRE RIOS
    
    
    119
    
    
    
    2.9
    %
    
    
    6
    
    
    
    1.5
    %
    
    
    5.0
    %FORMOSA
    
    
    18
    
    
    
    0.4
    %
    
    
    0
    
    
    
    0.0
    %
    
    
    0.0
    %JUJUY
    
    
    31
    
    
    
    0.8
    %
    
    
    15
    
    
    
    3.7
    %
    
    
    48.4
    %LA PAMPA
    
    
    103
    
    
    
    2.6
    %
    
    
    2
    
    
    
    0.5
    %
    
    
    1.9
    %LA RIOJA
    
    
    26
    
    
    
    0.6
    %
    
    
    2
    
    
    
    0.5
    %
    
    
    7.7
    %MENDOZA
    
    
    145
    
    
    
    3.6
    %
    
    
    13
    
    
    
    3.2
    %
    
    
    9.0
    %MISIONES
    
    
    64
    
    
    
    1.6
    %
    
    
    35
    
    
    
    8.6
    %
    
    
    54.7
    %NEUQUÉN
    
    
    64
    
    
    
    1.6
    %
    
    
    4
    
    
    
    1.0
    %
    
    
    6.3
    %RIO NEGRO
    
    
    66
    
    
    
    1.6
    %
    
    
    7
    
    
    
    1.7
    %
    
    
    10.6
    %SALTA
    
    
    52
    
    
    
    1.3
    %
    
    
    25
    
    
    
    6.1
    %
    
    
    48.1
    %SAN JUAN
    
    
    35
    
    
    
    0.9
    %
    
    
    1
    
    
    
    0.2
    %
    
    
    2.9
    %SAN LUIS
    
    
    44
    
    
    
    1.1
    %
    
    
    1
    
    
    
    0.2
    %
    
    
    2.3
    %SANTA CRUZ
    
    
    38
    
    
    
    0.9
    %
    
    
    2
    
    
    
    0.5
    %
    
    
    5.3
    %SANTA FE
    
    
    431
    
    
    
    10.7
    %
    
    
    116
    
    
    
    28.4
    %
    
    
    26.9
    %SANTIAGO DEL ESTERO
    
    
    51
    
    
    
    1.3
    %
    
    
    1
    
    
    
    0.2
    %
    
    
    2.0
    %TIERRA DEL FUEGO
    
    
    17
    
    
    
    0.4
    %
    
    
    2
    
    
    
    0.5
    %
    
    
    11.8
    %TUCUMAN
    
    
    63
    
    
    
    1.6
    %
    
    
    28
    
    
    
    6.9
    %
    
    
    44.4
    %TOTAL
    
    
    4,035
    
    
    
    100.0
    %
    
    
    408
    
    
    
    100.0
    %
    
    
    10.1
    %
  28




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##### Table of Contents



MarketShare of
    
    
    
    
    
    
    MarketMarket
    
    
    Branches
    
    
    Branches
    
    
    
    
    
    
    Share of
    
    
    % ofNumber of
    
    
    Total
    
    
    Share of
    
    
    in City of
    
    
    in City of
    
    
    Branches in
    
    
    Branches in
    
    
    Branches inProvinces
    
    
    Number of
    
    
    Branches in
    
    
    Buenos
    
    
    Buenos
    
    
    the Rest of
    
    
    Rest of
    
    
    the Rest ofServed
    
    
    Branches
    
    
    Argentina
    
    
    Aires
    
    
    Aires
    
    
    Country
    
    
    Country
    
    
    Country1 BANCO MACRO S.A. (2)
    
    
    23
    
    
    
    408
    
    
    
    10
    %
    
    
    24
    
    
    
    3
    %
    
    
    384
    
    
    
    12
    %
    
    
    94
    %2 BANCO HIPOTECARIO
    
    
    24
    
    
    
    50
    
    
    
    1
    %
    
    
    4
    
    
    
    1
    %
    
    
    46
    
    
    
    1
    %
    
    
    92
    %3 BANCO DE LA NACION ARGENTINA (1)
    
    
    24
    
    
    
    624
    
    
    
    15
    %
    
    
    63
    
    
    
    8
    %
    
    
    561
    
    
    
    17
    %
    
    
    90
    %4 COMPAÑIA FINANCIERA ARGENTINA S.A.
    
    
    18
    
    
    
    59
    
    
    
    1
    %
    
    
    8
    
    
    
    1
    %
    
    
    51
    
    
    
    2
    %
    
    
    86
    %5 BANCO CREDICOOP COOPERATIVO LIMITADO
    
    
    20
    
    
    
    246
    
    
    
    6
    %
    
    
    37
    
    
    
    5
    %
    
    
    209
    
    
    
    6
    %
    
    
    85
    %6 BANCO PATAGONIA S.A.
    
    
    24
    
    
    
    137
    
    
    
    3
    %
    
    
    37
    
    
    
    5
    %
    
    
    100
    
    
    
    3
    %
    
    
    73
    %7 BANCO SANTANDER RIO S.A.
    
    
    21
    
    
    
    261
    
    
    
    6
    %
    
    
    80
    
    
    
    10
    %
    
    
    181
    
    
    
    6
    %
    
    
    69
    %8 BANCO DE GALICIA Y BUENOS AIRES S.A.
    
    
    24
    
    
    
    237
    
    
    
    6
    %
    
    
    77
    
    
    
    10
    %
    
    
    160
    
    
    
    5
    %
    
    
    68
    %9 STANDARD BANK ARGENTINA S.A.
    
    
    18
    
    
    
    100
    
    
    
    2
    %
    
    
    33
    
    
    
    4
    %
    
    
    67
    
    
    
    2
    %
    
    
    67
    %10 BBVA BANCO FRANCES
    
    
    24
    
    
    
    242
    
    
    
    6
    %
    
    
    82
    
    
    
    11
    %
    
    
    160
    
    
    
    5
    %
    
    
    66
    %OTHER
    
    
    24
    
    
    
    1,671
    
    
    
    41
    %
    
    
    329
    
    
    
    43
    %
    
    
    1,342
    
    
    
    41
    %
    
    
    78
    %TOTAL
    
    
    24
    
    
    
    4,035
    
    
    
    100.0
    %
    
    
    774
    
    
    
    100.0
    %
    
    
    3,261
    
    
    
    100.0
    %
    
    
    81
    %
 Source: Central Bank
 (1)
    
    Public sector banks.(2)
    
    Includes the branches of Banco Macro and Banco del Tucumán.  29




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##### Table of Contents



Argentine Banking Regulation
 Overview
       Banking regulations
  Permitted activities and investments
  Responsabilidad Patrimonial Computable
  30




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##### Table of Contents



Operations and activities that banks are not permitted to perform
  LIQUIDITY AND SOLVENCY REQUIREMENTS
 Minimum capital requirements
   Description of Argentine Tier 1 and Tier 2 Capital Regulations
 Responsabilidad Patrimonial Computable
    Requirements for subordinated debt to be computed as Tier 1 Capital
     31




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##### Table of Contents



pari passu
    Counterparty risk
     Type of Asset
    
    WeightingCash and cash equivalents
    
    
    0-20
    %Government BondsWith market risk capital requirements and Central Bank monetary control instruments including those registered as available of sale and investment accounts
    
    
    0
    %Other domestic bonds (without Central Government collateral)
    
    
    100
    %OECD Central Government bondsrated AA or higher
    
    
    20
    %LoansTo the non-financial private sector 
 With preferred collateral under the form of:Cash, time deposit certificates issued by the creditor institution and given as security
    
    
    0
    %A guarantee by Reciprocal Guarantee Companies authorized by the Central Bank, export credit insurance, documentary credits
    
    
    50
    %Mortgages
    
    
    50%-100
    %Pledges
    
    
    50%-100
    %To the non-financial public sector
    
    
    100
    %To the financial sectorPublic financial entities with the collection of federal taxes as collateral
    
    
    50
    %To foreign financial institutions or to financial institutions backed by them (rated AA or higher or investment grade)
    
    
    0%-20
    %Other credits from financial intermediation
    
    
    0%-100
    %Assets subject to financial leasing
    
    
    50%-100
    %Other assets
    
    
    0%-100
    %Guarantees and contingent liabilities
    
    
    0%-100
    %
  32




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##### Table of Contents



CAMELBIG Rating
    
    K Factor1
    
    
    0.972
    
    
    1.003
    
    
    1.054
    
    
    1.105
    
    
    1.15
 Interest rate risk
     Market risk
      33




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##### Table of Contents



Temporary regulations
  Alpha1 (applied
    
    
    Alpha2 (appliedto public sector
    
    
    to interestPeriod
    
    financing)
    
    
    rate risk)January/December 2004
    
    
    0.05
    
    
    
    0.20January/December 2005
    
    
    0.15
    
    
    
    0.40January/December 2006
    
    
    0.30
    
    
    
    0.70January/December 2007
    
    
    0.50
    
    
    
    1.00January/December 2008
    
    
    0.75
    
    
    
    1.00As from January 2009
    
    
    1.00
    
    
    
    1.00
  Consequences of a failure to meet minimum capital requirements
     Operational Risk
    
    
    internal fraud,
    
    external fraud,
    
    employment practices and workplace safety,
    
    clients, products and business practices,
    
    damage to physical assets,
    
    business disruption and system failures, and
    
    execution, delivery and process management.
    a)
    
    Identification and assessment: the identification process should consider both internal
and external factors that could adversely affect the development of the processes and
projections done according to the business strategies defined by the Bank. Financial
entities should use internal data, establishing a process to register frequency, severity,
categories and other relevant aspects of the OR loss events. This should be complemented
with other tools, such as self-risk assessments, risk mapping and key risk indicators.
  34




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##### Table of Contents



b)
    
    Monitoring: an effective monitoring process is required, for quickly detecting and
correcting deficiencies in the policies, processes and procedures for managing OR. In
addition to monitoring operational loss events, banks should identify forward-looking
indicators that enable them to act upon these risks appropriately.
 c)
    
    Control and mitigation: financial entities must have an appropriate control system for
ensuring compliance with a documented set of internal policies, which involves periodic
reviews (at least annually) of control strategies and risk mitigation, and should adjust
them if necessary.
    Minimum cash requirements
       Rate (%)Rate (%)
    
    
    (ForeignItem
    
    (pesos)
    
    
    Currency)1-Checking account deposits
    
    
    19
    
    
    
    2-Savings account deposits
    
    
    19
    
    
    
    203-Legal custody accounts, special accounts for savings clubs, Unemployment Fund for Construction Industry Workers, Salary payment, special
checking accounts for legal entities and social security savings accounts
    
    
    19
    
    
    
    204-Other demand deposits and liabilities, pension and social security benefits credited by ANSES (Government Social Security Agency) pending
collection and immobilized reserve funds for liabilities covered by these regulations
    
    
    19
    
    
    
    205-Unused balances of advances in checking accounts under executed overdraft agreements
    
    
    19
    
    
    
    6-Deposits in checking accounts of non-bank financial institutions, computed for purposes of meeting their required minimum cash reserve
    
    
    100
    
    
    
    1007-Time deposits, liabilities under acceptances, repurchase agreements (including responsibilities for sale or transfer of credits to agents
different from financial institutions), stock-exchange repos (cautions and stock exchange passive repos), constant term investments, with an
option for early termination or for renewal for a specified term and variable income, and other fixed-term liabilities, except rescheduled
deposits included in the following items 11 and 12 and 13 and 15 of this table:(i) Up to 29 days
    
    
    14
    
    
    
    20(ii) From 30 days to 59 days
    
    
    11
    
    
    
    15(iii) From 60 days to 89 days
    
    
    7
    
    
    
    10(iv) From 90 days to 179 days
    
    
    2
    
    
    
    5(v) From 180 days to 365 days
    
    
    
    
    
    
    2(vi) More than 365 days
    
    
    
    
    
    
    8-Liabilities due to foreign facilities (not executed by means of time deposits or debt securities)
    
    
    
    
    
    
    9-Securities (including Negotiable Obligations)a- Debt issued from 01/01/02, including restructured liabilities
    
    
    
    
    
    
    (i) Up to 29 days
    
    
    14
    
    
    
    20(ii) From 30 days to 59 days
    
    
    11
    
    
    
    15(iii) From 60 days to 89 days
    
    
    7
    
    
    
    10(iv) From 90 days to 179 days
    
    
    2
    
    
    
    5(v) From 180 days to 365 days
    
    
    
    
    
    
    2(vi) More than 365 days
    
    
    
    
    
    
    b- Others
    
    
    
    
    
    
    10-Liabilities owing to the Trust Fund for Assistance to Financial and Insurance Institutions
    
    
    
    
    
    
    11-Demand and time deposits made upon a court order with funds arising from cases pending before the court, and the related immobilized balances
    
    
    10
    
    
    
    1012-Deposits that constitute assets of a mutual fund
    
    
    19
    
    
    
    2013-Special deposits related to inflows of funds. Decree 616/2005
    
    
    
    
    
    
    10014-Deposits and other liabilities in pesos (excluding the Unemployment Fund for Construction Industry Workers) which return is higher than
the 15% of BADLAR rates average, corresponding to the preceding month
    
    
    100
    
    
    
    15-Time deposits in nominative, non-transferable peso-denominated certificates, belonging to public sector holders, with the right to demand
early withdrawal in less than 30 days from its setting up
    
    
    16
    
    
    
    
  35




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##### Table of Contents



(i)
    
    Cash in treasury, cash in custody at other financial institutions and cash in transit and
value carriers.(ii)
    
    Accounts maintained by financial institutions with the Central Bank in pesos.(iii)
    
    Accounts of minimum cash maintained by financial institutions with the Central Bank in U.S.
dollars, or other foreign currency.(iv)
    
    Special guarantee accounts for the benefit of electronic clearing houses and to cover
settlement of credit card and ATM transactions.(v)
    
    Checking accounts maintained by non-bank financial institutions with commercial banks for the
purpose of meeting the minimum reserve requirement.(vi)
    
    Special guarantee accounts maintained with the Central Bank for transactions involving
cheque cancelatorio (a check similar to a cashiers check that may be purchased from a bank to
pay a third party).(vii)
    
    Special accounts maintained with the Central Bank opened by the ANSES (Argentine Social
Security Administration).(viii)
    
    Special accounts maintained by financial institutions with the Central Bank in public
securities and securities issued by the Central Bank.     Internal liquidity policies of financial institutions
   36




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##### Table of Contents



Credit risk
   Risk concentration:
 
    
    three times the institutions RPC for the previous month, without considering the
operations involving local financial institutions (domestic or foreign headquarters or
branches); or
 
    
    five times the institutions RPC for the previous month if operations involving local
financial institutions are considered.
 Diversification of risk:
 Degree of risk:
 Foreign exchange system
  Mercado Único y Libre de Cambios
   Foreign currency lending capacity
   37




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##### Table of Contents



General Exchange Position
     Foreign Currency Net Global Position
    
    
    Negative foreign currency net global position (liabilities exceeding assets): as from January
1, 2007 (Communications A 4577 and 4598) the limit is 15%, but it can be extended up to 15
p.p. provided the entity records at the same time: a) medium and long-term financings in pesos
to non-financial private sector (mid and long-term financings are those exceeding 4 years,
weighting capital maturity without considering CER) under certain conditions for an amount
equivalent to the increase of said limit; and b) an increase in the minimum capital requirement
equivalent to the increase of the general limit of the negative foreign currency net global
position.
 
    
    Positive net global position (assets exceeding liabilities): this limit cannot exceed the
lesser of:
 1.
    
    30% of the Computable Net Worth.
 2.
    
    Own liquid funds (which refer to the RPC minus fixed assets and loans to
related clients).
   Fixed assets and other items
   
    
    Shares of local companies
    
    Miscellaneous receivables
    
    Property and equipment
    
    Other assets
    
    Organization and development expenses
    
    Goodwill
    
    Financings granted to related clients.
  38




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##### Table of Contents



st
 Debt classification and loan loss provisions
 Credit portfolio
   Commercial loans classification
  Classification
    
    CriteriaIn normal situation
    
    Borrowers for whom there is no doubt as to their ability to comply with their payment
obligations.Subject to special monitoring
Under observation
    
    Borrowers that among other criteria are up to 90 days past due and, although
considered to be able to meet all their financial obligations, are sensitive to
changes that could compromise their ability to honor debts without timely corrective
measures.Subject to special monitoring
Tracking under negotiation or with
refinancing agreement
    
    Borrowers who are unable to comply with their obligations as agreed with the Bank and
therefore, formally state their intention to refinance such debts, no later than 60
days after being past due. The borrower must enter into a refinancing agreement with
the lender within 90 days (if up to two lenders are involved) or 180 days (if more
than two lenders are involved) after the date on which the obligations became due. If
no agreement has been reached within the established deadline, the borrower must be
reclassified to the next category according to the indicators established for each
level.Troubled
    
    Borrowers with difficulties honoring their financial obligations under the loan on a
regular basis, which, if uncorrected, may result in losses to the Bank.With high risk of insolvency
    
    Borrowers who are highly unlikely to honor their financial obligations under the loan.Irrecoverable
    
    Loans classified as irrecoverable at the time they are reviewed (although the
possibility might exist that such loans might be collected in the future).
The borrower will not meet its financial obligations with the Bank.Irrecoverable according to Central
Banks rules
    
    (a) Borrower has defaulted on its payment obligations under a loan for more than 180
calendar days according to the corresponding report provided by the Central Bank,
which report includes (1) financial institutions liquidated by the Central Bank, (2)
residual entities created as a result of the privatization of public financial
institutions, or in the privatization or dissolution process, (3) financial
institutions whose licenses have been revoked by the Central Bank and find themselves
subject to judicial liquidation or bankruptcy proceedings and (4) trusts in which
SEDESA is a beneficiary, and/or (b) certain kinds of foreign borrowers (including
banks or other financial institutions that are not subject to the supervision of the
Central Bank or similar authority of the country in which they are incorporated) that
are not classified as investment grade by any of the rating agencies approved by
the Central Bank.
  39




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##### Table of Contents



Consumer and housing loans classification
  Classification
    
    CriteriaPerforming
    
    If all payments on loans are current or less than 31 calendar days overdue and, in the case
of checking account overdrafts, less than 61 calendar days overdue.Low Risk
    
    Loans upon which payment obligations are overdue for a period of more than 31 and up to 90,
calendar days.Medium Risk
    
    Loans upon which payment obligations are overdue for a period of more than 90 and up to 180
calendar days.High Risk
    
    Loans having payment obligations overdue for more than 180 calendar days and up to one year
or if it is subject to judicial or out-of-court bankruptcy proceedings.Irrecoverable
    
    Loans in which payment obligations are more than one year overdue or the debtor is
insolvent or in bankruptcy or liquidation.Irrecoverable according to Central
Banks rules
    
    Same criteria as for commercial loans in the Irrecoverable according to Central Banks rules category.
 Minimum credit provisions
  With Preferred
    
    
    Without PreferredCategory
    
    Guarantees
    
    
    GuaranteesIn normal situation and Performing
    
    
    1
    %
    
    
    1
    %In observation and Low risk
    
    
    3
    %
    
    
    5
    %In negotiation or with rollover agreement
    
    
    6
    %
    
    
    12
    %Troubled and Medium Risk
    
    
    12
    %
    
    
    25
    %With high risk of insolvency and High Risk
    
    
    25
    %
    
    
    50
    %Irrecoverable
    
    
    50
    %
    
    
    100
    %Irrecoverable by according to Central Banks rule
    
    
    100
    %
    
    
    100
    %
   Minimum frequency for classification review
   40




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##### Table of Contents



Allowances for loan losses
  Priority rights of depositors
  Mandatory deposit insurance system
  Seguro de Depósitos Sociedad Anónima,
     Capital markets
  sociedades de bolsa, sociedad de bolsa sociedad de bolsa.
  fondos comunes de
inversión
  41




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##### Table of Contents



Financial institutions in economic difficulties
 plan de
regularización y saneamiento, interventor,
 Dissolution and liquidation of financial institutions
   Money laundering
          42




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##### Table of Contents



Merger, consolidation and transfer of goodwill
  Financial System Restructuring Unit
  C. Organizational Structure
 Subsidiaries
  Banco Macro S.A.sdirect and indirect equity interestPercentage ofSubsidiary
    
    Capital Stock and possible votesBanco del Tucumán S.A. (1)
    
    
    89.932
    %Macro Bank Limited (2)(3)
    
    
    99.999
    %Macro Securities S.A. Sociedad de Bolsa (1)
    
    
    99.921
    %Sud Inversiones & Análisis S.A. (1)
    
    
    98.605
    %Macro Fondos S.G.F.C.I. S.A. (1)
    
    
    99.936
    %
 (1)
    
    Country of residence: Argentina(2)
    
    Country of residence: Bahamas(3)
    
    Consolidates with Sud Asesores (ROU) S.A. (100% of capital stock and voting rights) D. Property, plants and equipment
 Property
  Selected Statistical Information
 Operating and Financial Review and
Prospects
  43




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##### Table of Contents



Average balance sheets, interest earned on interest-earning assets and interest paid on
interest-bearing liabilities
  Years Ended December 31,2007 (1)
    
    
    2008 (1)
    
    
    2009Interest
    
    
    Average
    
    
    
    
    
    
    Interest
    
    
    Average
    
    
    
    
    
    
    Interest
    
    
    AverageAverage
    
    
    Earned/
    
    
    Nominal
    
    
    Average
    
    
    Earned/
    
    
    Nominal
    
    
    Average
    
    
    Earned/
    
    
    NominalBalance
    
    
    (Paid)
    
    
    Rate
    
    
    Balance
    
    
    (Paid)
    
    
    Rate
    
    
    Balance
    
    
    (Paid)
    
    
    Rate(in thousands of pesos, except percentages)ASSETSInterest-earning assetsGovernment securities (2)Pesos
    
    
    3,923,881
    
    
    
    421,477
    
    
    
    10.74
    %
    
    
    4,346,565
    
    
    
    540,302
    
    
    
    12.43
    %
    
    
    5,124,739
    
    
    
    785,628
    
    
    
    15.33
    %Dollars
    
    
    181,080
    
    
    
    15,598
    
    
    
    8.61
    %
    
    
    215,732
    
    
    
    (5,785
    )
    
    
    (2.68
    %)
    
    
    486,811
    
    
    
    420,898
    
    
    
    86.46
    %Total
    
    
    4,104,961
    
    
    
    437,075
    
    
    
    10.65
    %
    
    
    4,562,297
    
    
    
    534,517
    
    
    
    11.72
    %
    
    
    5,611,550
    
    
    
    1,206,526
    
    
    
    21.50
    %LoansPrivate and financial SectorPesos
    
    
    6,162,786
    
    
    
    1,041,645
    
    
    
    16.90
    %
    
    
    8,552,950
    
    
    
    1,786,608
    
    
    
    20.89
    %
    
    
    8,633,930
    
    
    
    2,008,428
    
    
    
    23.26
    %Dollars
    
    
    1,228,829
    
    
    
    78,815
    
    
    
    6.41
    %
    
    
    1,821,403
    
    
    
    143,916
    
    
    
    7.90
    %
    
    
    2,225,961
    
    
    
    189,730
    
    
    
    8.52
    %Total
    
    
    7,391,615
    
    
    
    1,120,460
    
    
    
    15.16
    %
    
    
    10,374,353
    
    
    
    1,930,524
    
    
    
    18.61
    %
    
    
    10,859,891
    
    
    
    2,198,158
    
    
    
    20.24
    %Public SectorPesos
    
    
    767,970
    
    
    
    51,575
    
    
    
    6.72
    %
    
    
    755,364
    
    
    
    38,058
    
    
    
    5.04
    %
    
    
    302,441
    
    
    
    24,197
    
    
    
    8.00
    %Total
    
    
    767, 970
    
    
    
    51,575
    
    
    
    6.72
    %
    
    
    755,364
    
    
    
    38,058
    
    
    
    5.04
    %
    
    
    302,441
    
    
    
    24,197
    
    
    
    8.00
    %Deposits with the Central BankPesos
    
    
    1,377,853
    
    
    
    10,908
    
    
    
    0.79
    %
    
    
    1,677,710
    
    
    
    9,386
    
    
    
    0.56
    %
    
    
    
    
    
    
    
    
    
    
    0.00
    %Dollars
    
    
    568,821
    
    
    
    7,474
    
    
    
    1.31
    %
    
    
    598,344
    
    
    
    4,998
    
    
    
    0.84
    %
    
    
    
    
    
    
    
    
    
    
    0.00
    %Total
    
    
    1,946,674
    
    
    
    18,382
    
    
    
    0.94
    %
    
    
    2,276,054
    
    
    
    14,384
    
    
    
    0.63
    %
    
    
    
    
    
    
    
    
    
    
    0.00
    %Other assetsPesos
    
    
    1,289,250
    
    
    
    138,041
    
    
    
    10.71
    %
    
    
    1,078,256
    
    
    
    174,081
    
    
    
    16.14
    %
    
    
    1,075,212
    
    
    
    194,537
    
    
    
    18.09
    %Dollars
    
    
    417,109
    
    
    
    23,663
    
    
    
    5.67
    %
    
    
    539,237
    
    
    
    46,871
    
    
    
    8.69
    %
    
    
    1,118,378
    
    
    
    87,515
    
    
    
    7.83
    %Total
    
    
    1,706,359
    
    
    
    161,704
    
    
    
    9.48
    %
    
    
    1,617,493
    
    
    
    220,952
    
    
    
    13.66
    %
    
    
    2,193,590
    
    
    
    282,052
    
    
    
    12.86
    %Total interest-earning assetsPesos
    
    
    13,521,740
    
    
    
    1,663,646
    
    
    
    12.30
    %
    
    
    16,410,845
    
    
    
    2,548,435
    
    
    
    15.53
    %
    
    
    15,136,322
    
    
    
    3,012,790
    
    
    
    19.90
    %Dollars
    
    
    2,395,839
    
    
    
    125,550
    
    
    
    5.24
    %
    
    
    3,174,716
    
    
    
    190,000
    
    
    
    5.98
    %
    
    
    3,831,150
    
    
    
    698,143
    
    
    
    18.22
    %Total
    
    
    15,917,579
    
    
    
    1,789,196
    
    
    
    11.24
    %
    
    
    19,585,561
    
    
    
    2,738,435
    
    
    
    13.98
    %
    
    
    18,967,472
    
    
    
    3,710,933
    
    
    
    19.56
    %Non interest-earning assetsCash and due from banksPesos
    
    
    404,796
    
    
    
    
    
    
    
    
    
    
    
    539,344
    
    
    
    
    
    
    
    
    
    
    
    687,021
    
    
    
    Dollars
    
    
    455,163
    
    
    
    
    
    
    
    
    
    
    
    286,879
    
    
    
    
    
    
    
    
    
    
    
    513,818
    
    
    
    Euros
    
    
    14,590
    
    
    
    
    
    
    
    
    
    
    
    8,589
    
    
    
    
    
    
    
    
    
    
    
    11,312
    
    
    
    Other
    
    
    2,002
    
    
    
    
    
    
    
    
    
    
    
    1,405
    
    
    
    
    
    
    
    
    
    
    
    1,045
    
    
    
    Total
    
    
    876,551
    
    
    
    
    
    
    
    
    
    
    
    836,217
    
    
    
    
    
    
    
    
    
    
    
    1,213,196
    
    
    
    Investments in other companiesPesos
    
    
    14,529
    
    
    
    
    
    
    
    
    
    
    
    16,911
    
    
    
    
    
    
    
    
    
    
    
    9,755
    
    
    
    Dollars
    
    
    1,552
    
    
    
    
    
    
    
    
    
    
    
    1,275
    
    
    
    
    
    
    
    
    
    
    
    1,015
    
    
    
    Total
    
    
    16,081
    
    
    
    
    
    
    
    
    
    
    
    18,186
    
    
    
    
    
    
    
    
    
    
    
    10,770
    
    
    
    Property and equipment and miscellaneous and intangible
assets and items pending of allocationPesos
    
    
    771,073
    
    
    
    
    
    
    
    
    
    
    
    801,674
    
    
    
    
    
    
    
    
    
    
    
    763,325
    
    
    
    Total
    
    
    771,073
    
    
    
    
    
    
    
    
    
    
    
    801,674
    
    
    
    
    
    
    
    
    
    
    
    763,325
    
    
    
    Allowance for loan lossesPesos
    
    
    (174,992
    )
    
    
    
    
    
    
    
    
    
    
    (203,344
    )
    
    
    
    
    
    
    
    
    
    
    (367,163
    )
    
    
    Dollars
    
    
    (27,271
    )
    
    
    
    
    
    
    
    
    
    
    (39,776
    )
    
    
    
    
    
    
    
    
    
    
    (59,278
    )
    
    
    Total
    
    
    (202,263
    )
    
    
    
    
    
    
    
    
    
    
    (243,120
    )
    
    
    
    
    
    
    
    
    
    
    (426,441
    )
    
    
    
  44




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##### Table of Contents



Years Ended December 31,2007 (1)
    
    
    2008 (1)
    
    
    2009Interest
    
    
    Average
    
    
    
    
    
    
    Interest
    
    
    Average
    
    
    
    
    
    
    Interest
    
    
    AverageAverage
    
    
    Earned/
    
    
    Nominal
    
    
    Average
    
    
    Earned/
    
    
    Nominal
    
    
    Average
    
    
    Earned/
    
    
    NominalBalance
    
    
    (Paid)
    
    
    Rate
    
    
    Balance
    
    
    (Paid)
    
    
    Rate
    
    
    Balance
    
    
    (Paid)
    
    
    Rate(in thousands of pesos, except percentages)Other assetsPesos
    
    
    271,428
    
    
    
    
    
    
    
    
    
    
    
    578,682
    
    
    
    
    
    
    
    
    
    
    
    1,942,877
    
    
    
    Dollars
    
    
    41,280
    
    
    
    
    
    
    
    
    
    
    
    288,686
    
    
    
    
    
    
    
    
    
    
    
    1,492,830
    
    
    
    Euros
    
    
    40
    
    
    
    
    
    
    
    
    
    
    
    66
    
    
    
    
    
    
    
    
    
    
    
    38
    
    
    
    Total
    
    
    312,748
    
    
    
    
    
    
    
    
    
    
    
    867,434
    
    
    
    
    
    
    
    
    
    
    
    3,435,745
    
    
    
    Total non interest-earning assetsPesos
    
    
    1,286,834
    
    
    
    
    
    
    
    
    
    
    
    1,733,267
    
    
    
    
    
    
    
    
    
    
    
    3,035,815
    
    
    
    Dollars
    
    
    470,724
    
    
    
    
    
    
    
    
    
    
    
    537,064
    
    
    
    
    
    
    
    
    
    
    
    1,948,385
    
    
    
    Euros
    
    
    14,630
    
    
    
    
    
    
    
    
    
    
    
    8,655
    
    
    
    
    
    
    
    
    
    
    
    11,350
    
    
    
    Other
    
    
    2,002
    
    
    
    
    
    
    
    
    
    
    
    1,405
    
    
    
    
    
    
    
    
    
    
    
    1,045
    
    
    
    Total
    
    
    1,774,190
    
    
    
    
    
    
    
    
    
    
    
    2,280,391
    
    
    
    
    
    
    
    
    
    
    
    4,996,595
    
    
    
    TOTAL ASSETSPesos
    
    
    14,808,574
    
    
    
    
    
    
    
    
    
    
    
    18,144,112
    
    
    
    
    
    
    
    
    
    
    
    18,172,137
    
    
    
    Dollars
    
    
    2,866,563
    
    
    
    
    
    
    
    
    
    
    
    3,711,780
    
    
    
    
    
    
    
    
    
    
    
    5,779,535
    
    
    
    Euros
    
    
    14,630
    
    
    
    
    
    
    
    
    
    
    
    8,655
    
    
    
    
    
    
    
    
    
    
    
    11,350
    
    
    
    Other
    
    
    2,002
    
    
    
    
    
    
    
    
    
    
    
    1,405
    
    
    
    
    
    
    
    
    
    
    
    1,045
    
    
    
    Total
    
    
    17,691,769
    
    
    
    
    
    
    
    
    
    
    
    21,865,952
    
    
    
    
    
    
    
    
    
    
    
    23,964,067
    
    
    
    LIABILITIESInterest-bearing liabilitiesSavings accountsPesos
    
    
    2,486,927
    
    
    
    27,313
    
    
    
    1.10
    %
    
    
    2,822,961
    
    
    
    29,508
    
    
    
    1.05
    %
    
    
    2,842,075
    
    
    
    31,500
    
    
    
    1.11
    %Dollars
    
    
    378,907
    
    
    
    3,070
    
    
    
    0.81
    %
    
    
    451,892
    
    
    
    2,734
    
    
    
    0.61
    %
    
    
    863,593
    
    
    
    2,017
    
    
    
    0.23
    %Total
    
    
    2,865,834
    
    
    
    30,383
    
    
    
    1.06
    %
    
    
    3,274,853
    
    
    
    32,242
    
    
    
    0.98
    %
    
    
    3,705,668
    
    
    
    33,517
    
    
    
    0.90
    %Time depositsPesos
    
    
    4,589,993
    
    
    
    421,823
    
    
    
    9.19
    %
    
    
    6,556,086
    
    
    
    873,787
    
    
    
    13.33
    %
    
    
    7,446,052
    
    
    
    1,079,924
    
    
    
    14.50
    %Dollars
    
    
    1,437,841
    
    
    
    47,923
    
    
    
    3.33
    %
    
    
    1,717,511
    
    
    
    63,970
    
    
    
    3.72
    %
    
    
    2,648,975
    
    
    
    68,260
    
    
    
    2.58
    %Total
    
    
    6,027,834
    
    
    
    469,746
    
    
    
    7.79
    %
    
    
    8,273,597
    
    
    
    937,757
    
    
    
    11.33
    %
    
    
    10,095,027
    
    
    
    1,148,184
    
    
    
    11.37
    %Borrowing from the Central BankPesos
    
    
    370,182
    
    
    
    37,344
    
    
    
    10.09
    %
    
    
    330,532
    
    
    
    33,713
    
    
    
    10.20
    %
    
    
    31,942
    
    
    
    1,856
    
    
    
    5,81
    %Total
    
    
    370,182
    
    
    
    37,344
    
    
    
    10.09
    %
    
    
    330,532
    
    
    
    33,713
    
    
    
    10.20
    %
    
    
    31,942
    
    
    
    1,856
    
    
    
    5.81
    %Borrowings from other financial institutionsPesos
    
    
    223,845
    
    
    
    20,394
    
    
    
    9.11
    %
    
    
    121,897
    
    
    
    11,847
    
    
    
    9.72
    %
    
    
    99,791
    
    
    
    9,269
    
    
    
    9.29
    %Dollars
    
    
    202,259
    
    
    
    13,967
    
    
    
    6.91
    %
    
    
    287,667
    
    
    
    19,539
    
    
    
    6.79
    %
    
    
    217,477
    
    
    
    17,190
    
    
    
    7.90
    %Total
    
    
    426,104
    
    
    
    34,361
    
    
    
    8.06
    %
    
    
    409,564
    
    
    
    31,386
    
    
    
    7.66
    %
    
    
    317,268
    
    
    
    26,459
    
    
    
    8.34
    %Corporate BondsPesos
    
    
    178,101
    
    
    
    19,082
    
    
    
    10.71
    %
    
    
    309,263
    
    
    
    34,055
    
    
    
    11.01
    %
    
    
    238,250
    
    
    
    25,631
    
    
    
    10.76
    %Dollars
    
    
    918,054
    
    
    
    86,444
    
    
    
    9.42
    %
    
    
    915,000
    
    
    
    83,911
    
    
    
    9.17
    %
    
    
    965,017
    
    
    
    89,439
    
    
    
    9.27
    %Total
    
    
    1,096,155
    
    
    
    105,526
    
    
    
    9.63
    %
    
    
    1,224,263
    
    
    
    117,966
    
    
    
    9.64
    %
    
    
    1,203,267
    
    
    
    115,070
    
    
    
    9.56
    %Other liabilitiesPesos
    
    
    412,865
    
    
    
    21,096
    
    
    
    5.11
    %
    
    
    450,926
    
    
    
    29,528
    
    
    
    6.55
    %
    
    
    72,774
    
    
    
    2,911
    
    
    
    4.00
    %Dollars
    
    
    217,335
    
    
    
    2,470
    
    
    
    1.14
    %
    
    
    31,530
    
    
    
    3,183
    
    
    
    10.10
    %
    
    
    
    
    
    
    
    
    
    
    0.00
    %Total
    
    
    630,200
    
    
    
    23,566
    
    
    
    3.74
    %
    
    
    482,456
    
    
    
    32,711
    
    
    
    6.78
    %
    
    
    72,774
    
    
    
    2,911
    
    
    
    4.00
    %Total Interest-bearing liabilitiesPesos
    
    
    8,261,913
    
    
    
    547,052
    
    
    
    6.62
    %
    
    
    10,591,665
    
    
    
    1,012,438
    
    
    
    9.56
    %
    
    
    10,730,884
    
    
    
    1,151,091
    
    
    
    10.73
    %Dollars
    
    
    3,154,396
    
    
    
    153,874
    
    
    
    4.88
    %
    
    
    3,403,600
    
    
    
    173,337
    
    
    
    5.09
    %
    
    
    4,695,062
    
    
    
    176,906
    
    
    
    3.77
    %Total
    
    
    11,416,309
    
    
    
    700,926
    
    
    
    6.14
    %
    
    
    13,995,265
    
    
    
    1,185,775
    
    
    
    8.47
    %
    
    
    15,425,946
    
    
    
    1,327,997
    
    
    
    8.61
    %Non-interest bearing liabilities and Shareholders equityDemand depositsPesos
    
    
    3,069,049
    
    
    
    
    
    
    
    
    
    
    
    3,665,895
    
    
    
    
    
    
    
    
    
    
    
    3,930,465
    
    
    
    Dollars
    
    
    6,680
    
    
    
    
    
    
    
    
    
    
    
    8,059
    
    
    
    
    
    
    
    
    
    
    
    17,092
    
    
    
    Total
    
    
    3,075,729
    
    
    
    
    
    
    
    
    
    
    
    3,673,954
    
    
    
    
    
    
    
    
    
    
    
    3,947,557
    
    
    
    
  45




---



##### Table of Contents



Years Ended December 31,2007 (1)
    
    
    2008 (1)
    
    
    2009Interest
    
    
    Average
    
    
    
    
    
    
    Interest
    
    
    Average
    
    
    
    
    
    
    Interest
    
    
    AverageAverage
    
    
    Earned/
    
    
    Nominal
    
    
    Average
    
    
    Earned/
    
    
    Nominal
    
    
    Average
    
    
    Earned/
    
    
    NominalBalance
    
    
    (Paid)
    
    
    Rate
    
    
    Balance
    
    
    (Paid)
    
    
    Rate
    
    
    Balance
    
    
    (Paid)
    
    
    Rate(in thousands of pesos, except percentages)Other liabilitiesPesos
    
    
    511,872
    
    
    
    
    
    
    
    
    
    
    
    906,424
    
    
    
    
    
    
    
    
    
    
    
    1,041,313
    
    
    
    Dollars
    
    
    185,904
    
    
    
    
    
    
    
    
    
    
    
    490,452
    
    
    
    
    
    
    
    
    
    
    
    464,579
    
    
    
    Euros
    
    
    6,045
    
    
    
    
    
    
    
    
    
    
    
    6,916
    
    
    
    
    
    
    
    
    
    
    
    10,944
    
    
    
    Other
    
    
    130
    
    
    
    
    
    
    
    
    
    
    
    75
    
    
    
    
    
    
    
    
    
    
    
    61
    
    
    
    Total
    
    
    703,951
    
    
    
    
    
    
    
    
    
    
    
    1,403,867
    
    
    
    
    
    
    
    
    
    
    
    1,516,897
    
    
    
    Minority InterestPesos
    
    
    34,112
    
    
    
    
    
    
    
    
    
    
    
    14,294
    
    
    
    
    
    
    
    
    
    
    
    17,931
    
    
    
    Total
    
    
    34,112
    
    
    
    
    
    
    
    
    
    
    
    14,294
    
    
    
    
    
    
    
    
    
    
    
    17,931
    
    
    
    Shareholders equityPesos
    
    
    2,461,668
    
    
    
    
    
    
    
    
    
    
    
    2,778,572
    
    
    
    
    
    
    
    
    
    
    
    3,055,736
    
    
    
    Total
    
    
    2,461,668
    
    
    
    
    
    
    
    
    
    
    
    2,778,572
    
    
    
    
    
    
    
    
    
    
    
    3,055,736
    
    
    
    Total non-interest bearing liabilities and shareholders
equityPesos
    
    
    6,076,701
    
    
    
    
    
    
    
    
    
    
    
    7,365,185
    
    
    
    
    
    
    
    
    
    
    
    8,045,445
    
    
    
    Dollars
    
    
    192,584
    
    
    
    
    
    
    
    
    
    
    
    498,511
    
    
    
    
    
    
    
    
    
    
    
    481,671
    
    
    
    Euros
    
    
    6,045
    
    
    
    
    
    
    
    
    
    
    
    6,916
    
    
    
    
    
    
    
    
    
    
    
    10,944
    
    
    
    Other
    
    
    130
    
    
    
    
    
    
    
    
    
    
    
    75
    
    
    
    
    
    
    
    
    
    
    
    61
    
    
    
    Total
    
    
    6,275,460
    
    
    
    
    
    
    
    
    
    
    
    7,870,687
    
    
    
    
    
    
    
    
    
    
    
    8,538,121
    
    
    
    TOTAL LIABILITIES AND SHAREHOLDERS EQUITYPesos
    
    
    14,338,614
    
    
    
    
    
    
    
    
    
    
    
    17,956,850
    
    
    
    
    
    
    
    
    
    
    
    18,776,329
    
    
    
    Dollars
    
    
    3,346,980
    
    
    
    
    
    
    
    
    
    
    
    3,902,111
    
    
    
    
    
    
    
    
    
    
    
    5,176,733
    
    
    
    Euros
    
    
    6,045
    
    
    
    
    
    
    
    
    
    
    
    6,916
    
    
    
    
    
    
    
    
    
    
    
    10,944
    
    
    
    Other
    
    
    130
    
    
    
    
    
    
    
    
    
    
    
    75
    
    
    
    
    
    
    
    
    
    
    
    61
    
    
    
    Total
    
    
    17,691,769
    
    
    
    
    
    
    
    
    
    
    
    21,865,952
    
    
    
    
    
    
    
    
    
    
    
    23,964,067
    
    
    
    
 (1)
    
    See note 4.2 to our audited consolidated financial statements for the year ended December 31,
2009.(2)
    
    Includes instruments issued by the Central Bank. The interest earned/paid includes changes due to mark-to-market of those securities. Changes in interest income and interest expense; volume and rate analysis
  December 2007/December 2006
    
    
    December 2008/December 2007
    
    
    December 2009/December 2008Increase (Decrease) Due to
    
    
    Increase (Decrease) Due to
    
    
    Increase (Decrease) Due toChanges in
    
    
    Changes in
    
    
    Changes inNet
    
    
    
    
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    
    
    
    
    NetVolume
    
    
    Rate
    
    
    Change
    
    
    Volume
    
    
    Rate
    
    
    Change
    
    
    Volume
    
    
    Rate
    
    
    Change(in thousands of pesos)ASSETSInterest-earning assetsGovernment securitiesPesos
    
    
    160,606
    
    
    
    (23,250
    )
    
    
    137,356
    
    
    
    52,542
    
    
    
    66,283
    
    
    
    118,825
    
    
    
    119,295
    
    
    
    126,031
    
    
    
    245,326Dollars
    
    
    (4,293
    )
    
    
    29,862
    
    
    
    25,569
    
    
    
    (929
    )
    
    
    (20,454
    )
    
    
    (21,383
    )
    
    
    234,376
    
    
    
    192,307
    
    
    
    426,683Total
    
    
    156,313
    
    
    
    6,612
    
    
    
    162,925
    
    
    
    51,613
    
    
    
    45,829
    
    
    
    97,442
    
    
    
    353,671
    
    
    
    318,338
    
    
    
    672,009LoansPrivate and financial sectorPesos
    
    
    399,688
    
    
    
    65,714
    
    
    
    465,402
    
    
    
    499,276
    
    
    
    245,687
    
    
    
    744,963
    
    
    
    18,838
    
    
    
    202,982
    
    
    
    221,820Dollars
    
    
    32,921
    
    
    
    6,690
    
    
    
    39,611
    
    
    
    46,822
    
    
    
    18,279
    
    
    
    65,101
    
    
    
    34,483
    
    
    
    11,331
    
    
    
    45,814Total
    
    
    432,609
    
    
    
    72,404
    
    
    
    505,013
    
    
    
    546,098
    
    
    
    263,966
    
    
    
    810,064
    
    
    
    53,321
    
    
    
    214,313
    
    
    
    267,634Public sectorPesos
    
    
    4,905
    
    
    
    (46,757
    )
    
    
    (41,852
    )
    
    
    (635
    )
    
    
    (12,882
    )
    
    
    (13,517
    )
    
    
    (36,236
    )
    
    
    22,375
    
    
    
    (13,861
    )DollarsTotal
    
    
    4,905
    
    
    
    (46,757
    )
    
    
    (41,852
    )
    
    
    (635
    )
    
    
    (12,882
    )
    
    
    (13,517
    )
    
    
    (36,236
    )
    
    
    22,375
    
    
    
    (13,861
    )
  46




---



##### Table of Contents



December 2007/December 2006
    
    
    December 2008/December 2007
    
    
    December 2009/December 2008Increase (Decrease) Due to
    
    
    Increase (Decrease) Due to
    
    
    Increase (Decrease) Due toChanges in
    
    
    Changes in
    
    
    Changes inNet
    
    
    
    
    
    
    
    
    
    
    Net
    
    
    
    
    
    
    
    
    
    
    NetVolume
    
    
    Rate
    
    
    Change
    
    
    Volume
    
    
    Rate
    
    
    Change
    
    
    Volume
    
    
    Rate
    
    
    Change(in thousands of pesos)Deposits with the Central BankPesos
    
    
    5,100
    
    
    
    2,983
    
    
    
    8,083
    
    
    
    1,678
    
    
    
    (3,200
    )
    
    
    (1,522
    )
    
    
    
    
    
    
    (9,386
    )
    
    
    (9,386
    )Dollars
    
    
    1,676
    
    
    
    (1,763
    )
    
    
    (87
    )
    
    
    247
    
    
    
    (2,723
    )
    
    
    (2,476
    )
    
    
    
    
    
    
    (4,998
    )
    
    
    (4,998
    )Total
    
    
    6,776
    
    
    
    1,220
    
    
    
    7,996
    
    
    
    1,925
    
    
    
    (5,923
    )
    
    
    (3,998
    )
    
    
    
    
    
    
    (14,384
    )
    
    
    (14,384
    )Other assetsPesos
    
    
    25,036
    
    
    
    17,068
    
    
    
    42,104
    
    
    
    (34,064
    )
    
    
    70,104
    
    
    
    36,040
    
    
    
    (551
    )
    
    
    21,007
    
    
    
    20,456Dollars
    
    
    (3,504
    )
    
    
    6,575
    
    
    
    3,071
    
    
    
    10,615
    
    
    
    12,593
    
    
    
    23,208
    
    
    
    45,319
    
    
    
    (4,675
    )
    
    
    40,644Total
    
    
    21,532
    
    
    
    23,643
    
    
    
    45,175
    
    
    
    (23,449
    )
    
    
    82,697
    
    
    
    59,248
    
    
    
    44,768
    
    
    
    16,332
    
    
    
    61,100Total interest-earning assetsPesos
    
    
    595,335
    
    
    
    15,758
    
    
    
    611,093
    
    
    
    518,797
    
    
    
    365,992
    
    
    
    884,789
    
    
    
    101,346
    
    
    
    363,009
    
    
    
    464,335Dollars
    
    
    26,800
    
    
    
    41,364
    
    
    
    68,164
    
    
    
    56,755
    
    
    
    7,695
    
    
    
    64,450
    
    
    
    314,178
    
    
    
    193,965
    
    
    
    508,143Total
    
    
    622,135
    
    
    
    57,122
    
    
    
    679,257
    
    
    
    575,552
    
    
    
    373,687
    
    
    
    949,239
    
    
    
    415,524
    
    
    
    556,974
    
    
    
    972,498LIABILITIESInterest-bearing liabilitiesSavings accountsPesos
    
    
    3,681
    
    
    
    (50
    )
    
    
    3,631
    
    
    
    3,513
    
    
    
    (1,318
    )
    
    
    2,195
    
    
    
    212
    
    
    
    1,780
    
    
    
    1,992Dollars
    
    
    176
    
    
    
    206
    
    
    
    382
    
    
    
    442
    
    
    
    (778
    )
    
    
    (336
    )
    
    
    962
    
    
    
    (1,679
    )
    
    
    (717
    )Total
    
    
    3,857
    
    
    
    156
    
    
    
    4,013
    
    
    
    3,955
    
    
    
    (2,096
    )
    
    
    1,859
    
    
    
    1,174
    
    
    
    101
    
    
    
    1,275Time depositsPesos
    
    
    140,958
    
    
    
    27,938
    
    
    
    168,896
    
    
    
    262,038
    
    
    
    189,926
    
    
    
    451,964
    
    
    
    129,075
    
    
    
    77,062
    
    
    
    206,137Dollars
    
    
    8,254
    
    
    
    8,502
    
    
    
    16,756
    
    
    
    10,417
    
    
    
    5,630
    
    
    
    16,047
    
    
    
    24,002
    
    
    
    (19,712
    )
    
    
    4,290Total
    
    
    149,212
    
    
    
    36,440
    
    
    
    185,652
    
    
    
    272,455
    
    
    
    195,556
    
    
    
    468,011
    
    
    
    153,077
    
    
    
    57,350
    
    
    
    210,427Borrowings from the Central BankPesos
    
    
    6,565
    
    
    
    18,356
    
    
    
    24,921
    
    
    
    (4,044
    )
    
    
    413
    
    
    
    (3,631
    )
    
    
    (17,350
    )
    
    
    (14,507
    )
    
    
    (31,857
    )Dollars
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    6,565
    
    
    
    18,356
    
    
    
    24,921
    
    
    
    (4,044
    )
    
    
    413
    
    
    
    (3,631
    )
    
    
    (17,350
    )
    
    
    (14,507
    )
    
    
    (31,857
    )Borrowings from other financial
institutionsPesos
    
    
    11,292
    
    
    
    792
    
    
    
    12,084
    
    
    
    (9,908
    )
    
    
    1,361
    
    
    
    (8,547
    )
    
    
    (2.053
    )
    
    
    (525
    )
    
    
    (2,578
    )Dollars
    
    
    3,680
    
    
    
    (9,676
    )
    
    
    (5,996
    )
    
    
    5,801
    
    
    
    (229
    )
    
    
    5,572
    
    
    
    (5,548
    )
    
    
    3,199
    
    
    
    (2,349
    )Total
    
    
    14,972
    
    
    
    (8,884
    )
    
    
    6,088
    
    
    
    (4,107
    )
    
    
    1,132
    
    
    
    (2,975
    )
    
    
    (7,601
    )
    
    
    2,674
    
    
    
    (4,927
    )Corporate BondsPesos
    
    
    18,403
    
    
    
    (336
    )
    
    
    18,067
    
    
    
    14,443
    
    
    
    530
    
    
    
    14,973
    
    
    
    (7,640
    )
    
    
    (784
    )
    
    
    (8,424
    )Dollars
    
    
    82,785
    
    
    
    2,047
    
    
    
    84,832
    
    
    
    (280
    )
    
    
    (2,253
    )
    
    
    (2,533
    )
    
    
    4,636
    
    
    
    892
    
    
    
    5,528Total
    
    
    101,188
    
    
    
    1,711
    
    
    
    102,899
    
    
    
    14,163
    
    
    
    (1,723
    )
    
    
    12,440
    
    
    
    (3,004
    )
    
    
    108
    
    
    
    (2,896
    )Other liabilitiesPesos
    
    
    15,331
    
    
    
    268
    
    
    
    15,599
    
    
    
    2,492
    
    
    
    5,940
    
    
    
    8,432
    
    
    
    (15,126
    )
    
    
    (11,491
    )
    
    
    (26,617
    )Dollars
    
    
    269
    
    
    
    3,228
    
    
    
    3,497
    
    
    
    (18,757
    )
    
    
    19,470
    
    
    
    713
    
    
    
    
    
    
    
    (3,183
    )
    
    
    (3,183
    )Total
    
    
    15,600
    
    
    
    3,496
    
    
    
    19,096
    
    
    
    (16,265
    )
    
    
    25,410
    
    
    
    9,145
    
    
    
    (15,126
    )
    
    
    (14,674
    )
    
    
    (29,800
    )Total interest-bearing liabilitiesPesos
    
    
    196,230
    
    
    
    46,968
    
    
    
    243,198
    
    
    
    268,534
    
    
    
    196,852
    
    
    
    465,386
    
    
    
    87,118
    
    
    
    51,535
    
    
    
    138,653Dollars
    
    
    95,164
    
    
    
    4,307
    
    
    
    99,471
    
    
    
    (2,377
    )
    
    
    21,840
    
    
    
    19,463
    
    
    
    24,052
    
    
    
    (20,483
    )
    
    
    3,569Total
    
    
    291,394
    
    
    
    51,275
    
    
    
    342,669
    
    
    
    266,157
    
    
    
    218,692
    
    
    
    484,849
    
    
    
    111,170
    
    
    
    31,052
    
    
    
    142,222
  47




---



##### Table of Contents



Interest-earning assets: net interest margin and spread
  Year Ended December 31,2007
    
    
    2008
    
    
    2009(in thousands of pesos, except percentages)Average interest-earning assetsPesos
    
    
    13,521,740
    
    
    
    16,410,845
    
    
    
    15,136,322Dollars
    
    
    2,395,839
    
    
    
    3,174,716
    
    
    
    3,831,150Total
    
    
    15,917,579
    
    
    
    19,585,561
    
    
    
    18,967,472Net interest income (1)Pesos
    
    
    1,116,594
    
    
    
    1,535,997
    
    
    
    1,861,699Dollars
    
    
    (28,324
    )
    
    
    16,663
    
    
    
    521,237Total
    
    
    1,088,270
    
    
    
    1,552,660
    
    
    
    2,382,936Net interest margin (2)Pesos
    
    
    8.26
    %
    
    
    9.36
    %
    
    
    12.30
    %Dollars
    
    
    (1.18
    )%
    
    
    0.52
    %
    
    
    13.61
    %Weighted average rate
    
    
    6.85
    %
    
    
    7.93
    %
    
    
    12.56
    %Yield spread nominal basis (3)Pesos
    
    
    5.68
    %
    
    
    5.97
    %
    
    
    9.18
    %Dollars
    
    
    0.42
    %
    
    
    0.90
    %
    
    
    14.45
    %Weighted average rate
    
    
    5.12
    %
    
    
    5.51
    %
    
    
    10.96
    %
 (1)
    
    Defined as interest earned less interest paid. Trading results from our portfolio of government
securities and from foreign exchange transactions are included in interest.(2)
    
    Net interest income (including income from government and private securities) divided by
average interest-earning assets.(3)
    
    Defined as the difference between the average nominal rate on interest-earning assets and the
average nominal rate on interest-bearing liabilities. Investment portfolio: government and private securities
  As of December 31,2007
    
    
    2008
    
    
    2009(in thousands of pesos)Government SecuritiesIn Pesos:Holdings in Special Investment AccountsFederal Government bonds at 2%  Maturity 2014
    
    
    
    
    
    
    3,582
    
    
    
    222,169Federal Government bonds at Badlar + 2.75  Maturity 2014
    
    
    
    
    
    
    
    
    
    
    191,384Secured bonds Decree No. 1,579/02  Maturity 2018
    
    
    
    
    
    
    23,769
    
    
    
    178,979Discount bonds at 5.83%  Maturity 2033
    
    
    
    
    
    
    22,201
    
    
    
    18,207Consolidation bonds. Sixth series  Maturity 2024
    
    
    
    
    
    
    4,122
    
    
    
    5,350Consolidation bonds of social security payable at 2%  Maturity 2010 and 2014
    
    
    
    
    
    
    83,847
    
    
    
    Subtotal Holdings in Special Investment Accounts
    
    
    
    
    
    
    137,521
    
    
    
    616,089Holdings for Trading or Financial IntermediationDiscount bonds at 5.83%  Maturity 2033
    
    
    18,746
    
    
    
    209,277
    
    
    
    9,752Consolidation bonds of social security payable at 2%  Maturity 2014
    
    
    15,458
    
    
    
    1,324
    
    
    
    7,525Federal Government Bonds at 2%  Maturity 2014
    
    
    13,840
    
    
    
    
    
    
    
    6,579Federal Government bonds at Badlar + 2.75%  Maturity 2014
    
    
    
    
    
    
    
    
    
    
    1,464Secured bonds Decree 1,579/02 at 2%  Maturity 2018
    
    
    38,299
    
    
    
    652
    
    
    
    1,433Federal Government bonds at Badlar + 300 Pbs  Maturity 2015
    
    
    
    
    
    
    
    
    
    
    1,064Consolidation bonds at 2%  Maturity 2016
    
    
    4,663
    
    
    
    1,523
    
    
    
    599Others
    
    
    66,509
    
    
    
    9,595
    
    
    
    1,501Subtotal Holdings for Trading or Financial Intermediation
    
    
    157,515
    
    
    
    222,371
    
    
    
    29,917
  48




---



##### Table of Contents



As of December 31,2007
    
    
    2008
    
    
    2009(in thousands of pesos)Unlisted Government SecuritiesArgentine Government bonds at Badlar + 3.50%  Maturity 2013
    
    
    
    
    
    
    51,864
    
    
    
    44,541Federal Government bonds at variable rate  Maturity 2013
    
    
    11,987
    
    
    
    10,385
    
    
    
    9,738Province of Tucuman bonds at 2%  Maturity 2018
    
    
    
    
    
    
    2,290
    
    
    
    1,984Consolidation bonds at 2%  Maturity 2010
    
    
    
    
    
    
    
    
    
    
    199Others
    
    
    52
    
    
    
    
    
    
    
    7Subtotal Unlisted Government Securities
    
    
    12,039
    
    
    
    64,539
    
    
    
    56,469Instruments Issued by The Central BankListed Central Bank bills and notes (Lebacs/Nobacs)
    
    
    3,478,246
    
    
    
    772,496
    
    
    
    264,485Unlisted Central Bank bills and notes (Lebacs/Nobacs)
    
    
    
    
    
    
    3,066,415
    
    
    
    4,385,936Subtotal Instruments Issued by Central Bank
    
    
    3,478,246
    
    
    
    3,838,911
    
    
    
    4,650,421Total Government Securities in pesos
    
    
    3,647,800
    
    
    
    4,263,342
    
    
    
    5,352,896In Foreign Currency:Holdings in Special Investment AccountsArgentine
Government bonds at 7%  Maturity 2015
    
    
    
    
    
    
    49,590
    
    
    
    38,881Federal Government bonds at Libor  Maturity 2012 and 2013
    
    
    
    
    
    
    236,110
    
    
    
    2,346Par Bonds at variable rate  Maturity 2038 (governed by Argentine legislation)
    
    
    
    
    
    
    1,450
    
    
    
    1,594Par bonds at
variable rate  Maturity 2038 (governed by New York State
legislation)
    
    
    
    
    
    
    382
    
    
    
    461Argentine
Government bonds at 7%  Maturity 2017
    
    
    
    
    
    
    23,252
    
    
    
    Subtotal Holdings in Special Investment Accounts
    
    
    
    
    
    
    310,784
    
    
    
    43,282Holding for Trading or Financial IntermediationArgentine Government bonds at 7%  Maturity 2017
    
    
    45,954
    
    
    
    1,633
    
    
    
    1,046,220Treasury Bills  Maturity 2010
    
    
    
    
    
    
    
    
    
    
    379,666Federal Government bonds al Libor  Maturity 2012
    
    
    140,870
    
    
    
    96,415
    
    
    
    52,874Argentine
Government bonds at 7%  Maturity 2015
    
    
    
    
    
    
    9,627
    
    
    
    1,544Others
    
    
    14,060
    
    
    
    14,421
    
    
    
    850Subtotal Holding for Trading or Financial Intermediation
    
    
    200,884
    
    
    
    122,096
    
    
    
    1,481,154Unlisted Government SecuritiesProvince of Cordoba debt securities at 12%  Maturity 2017
    
    
    
    
    
    
    
    
    
    
    19,160Province of
Tucuman bonds at Libor  Maturity 2015
    
    
    8,112
    
    
    
    5,419
    
    
    
    3,820Subtotal Unlisted Government Securities
    
    
    8,112
    
    
    
    5,419
    
    
    
    22,980Total Government Securities in foreign currency
    
    
    208,996
    
    
    
    438,299
    
    
    
    1,547,416Total Government Securities
    
    
    3,856,796
    
    
    
    4,701,641
    
    
    
    6,900,312Investments in Listed Private SecuritiesIn Pesos:Mutual Funds
    
    
    11,617
    
    
    
    5,544
    
    
    
    31,469Shares
    
    
    2,971
    
    
    
    378
    
    
    
    Other
    
    
    
    
    
    
    1
    
    
    
    1In Foreign Currency:Corporate Bonds
    
    
    23,595
    
    
    
    63,629
    
    
    
    43,047Mutual Funds
    
    
    19,690
    
    
    
    8,133
    
    
    
    6,359Commercial Papers
    
    
    30,402
    
    
    
    
    
    
    
    Shares
    
    
    5,681
    
    
    
    
    
    
    
    Total Private Securities
    
    
    93,956
    
    
    
    77,685
    
    
    
    80,876Total Government and Private Securities
    
    
    3,950,752
    
    
    
    4,779,326
    
    
    
    6,981,188Investments in Unlisted Private SecuritiesIn Pesos:Corporate Bonds (2) (3)
    
    
    190
    
    
    
    22,390
    
    
    
    9,099Certificates of Participation in Financial Trusts (1)
    
    
    438,331
    
    
    
    304,660
    
    
    
    343,070Debt Securities in Financial Trusts
    
    
    77,030
    
    
    
    185,381
    
    
    
    123,862In Foreign Currency:Corporate Bonds (2) (3)
    
    
    44,067
    
    
    
    60,104
    
    
    
    71,647Certificates of Participation in Financial Trusts (1)
    
    
    33,611
    
    
    
    33,149
    
    
    
    47,094Debt Securities in Financial Trust
    
    
    
    
    
    
    41,766
    
    
    
    82,925Total Investments in Unlisted Private Securities
    
    
    593,229
    
    
    
    647,450
    
    
    
    677,697Total
    
    
    4,543,981
    
    
    
    5,426,776
    
    
    
    7,658,885
 (1)
    
    The Bank booked allowances for impairment in value amounting to 224,193; 223,893 and
203,797 as of December 31, 2009, 2008 and 2007, respectively.(2)
    
    The Bank booked allowances for impairment in value amounting to 1,017, 4,637 and 321
as of December 31, 2009, 2008 and 2007, respectively.(3)
    
    Includes Repurchased Corporate Bonds by Ps. 9,051 and US$ 20,054 as of December 31,
2008.  49




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##### Table of Contents



Remaining maturity of government and private securities
  MaturingAfter
    
    
    After1 year
    
    
    5 yearsWithin
    
    
    but within
    
    
    but within
    
    
    After 10
    
    
    Without1 year
    
    
    5 years
    
    
    10 years
    
    
    years
    
    
    due date
    
    
    TotalBook value (in thousands of pesos)In Pesos:Holding in Special Investment accountsFederal Government bonds at 2%  Maturity 2014
    
    
    
    
    
    
    222,169
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    222,169Federal Government at Badlar + 2.75%  Maturity 2014
    
    
    
    
    
    
    191,384
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    191,384Secured bonds Decree 1,579/02 at 2%  Maturity 2018
    
    
    15,847
    
    
    
    75,973
    
    
    
    87,159
    
    
    
    
    
    
    
    
    
    
    
    178,979Discount bonds denominated at 5.83%  Maturity 2033
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,207
    
    
    
    
    
    
    
    18,207Consolidation bonds at 2%  Sixth series  Maturity 2024
    
    
    
    
    
    
    400
    
    
    
    2,664
    
    
    
    2,286
    
    
    
    
    
    
    
    5,350Holding for Trading or Financial Intermediation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Discount bonds denominated at 5.83%  Maturity 2033
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,752
    
    
    
    
    
    
    
    9,752Consolidation bonds of social security payable at 2%  Maturity 2014
    
    
    1,701
    
    
    
    5,824
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,525Federal Government bonds at 2%  Maturity 2014
    
    
    
    
    
    
    6,579
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,579Federal Government bonds at Badlar +2.75%  Maturity 2014
    
    
    
    
    
    
    1,464
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,464Secured bonds Decree 1,579/02 at 2%  Maturity 2018
    
    
    127
    
    
    
    608
    
    
    
    698
    
    
    
    
    
    
    
    
    
    
    
    1,433Federal government bonds at Badlar + 300Pbs  Maturity 2015
    
    
    
    
    
    
    709
    
    
    
    355
    
    
    
    
    
    
    
    
    
    
    
    1,064Consolidation bonds at 2%  Maturity 2016
    
    
    100
    
    
    
    399
    
    
    
    100
    
    
    
    
    
    
    
    
    
    
    
    599Others
    
    
    297
    
    
    
    220
    
    
    
    191
    
    
    
    793
    
    
    
    
    
    
    
    1,501Unlisted Government SecuritiesArgentine Government bonds at Badlar +3.50 %  Maturity 2013
    
    
    
    
    
    
    44,541
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    44,541Federal Government bonds at variable rate  Maturity 2013
    
    
    2,434
    
    
    
    7,304
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,738Province of Tucuman bonds at 2%  Maturity 2018
    
    
    176
    
    
    
    842
    
    
    
    966
    
    
    
    
    
    
    
    
    
    
    
    1,984Consolidation bonds at 2%  Maturity 2010
    
    
    199
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    199Others
    
    
    1
    
    
    
    5
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    7Instruments Issued by the Central Bank(1)Listed Central Bank External bills and notes (Lebacs/Nobacs)
    
    
    264,485
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    264,485Unlisted Central Bank External bills and notes (Lebacs/Nobacs)
    
    
    4,371,284
    
    
    
    14,652
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,385,936Total Government securities in pesos
    
    
    4,656,651
    
    
    
    573,073
    
    
    
    92,134
    
    
    
    31,038
    
    
    
    
    
    
    
    5,352,896In Foreign Currency:Holding in Special Investment AccountsArgentine Government bonds at 7%- Maturity 2015
    
    
    
    
    
    
    
    
    
    
    38,881
    
    
    
    
    
    
    
    
    
    
    
    38,881Federal Government bonds at Libor  Maturity 2012 and 2013
    
    
    735
    
    
    
    1,611
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,346Par bonds at variable rate- Maturity 2038 (governed by Argentine
legislation)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,594
    
    
    
    
    
    
    
    1,594Par bonds at variable rate -Maturity 2038 (governed by New York
legislation)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    461
    
    
    
    
    
    
    
    461Holding for Trading or Financial IntermediationArgentine Government bonds at 7%  Maturity 2017
    
    
    
    
    
    
    
    
    
    
    1,046,220
    
    
    
    
    
    
    
    
    
    
    
    1,046,220Treasury Bills  Maturity 2010
    
    
    379,666
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    379,666Federal
Government bonds at Libor  Maturity 2012
    
    
    17,625
    
    
    
    35,249
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    52,874Federal Government bonds at 7%  Maturity 2015
    
    
    
    
    
    
    
    
    
    
    1,544
    
    
    
    
    
    
    
    
    
    
    
    1,544Others
    
    
    86
    
    
    
    639
    
    
    
    
    
    
    
    125
    
    
    
    
    
    
    
    850
  50




---



##### Table of Contents



MaturingAfter
    
    
    After1 year
    
    
    5 yearsWithin
    
    
    but within
    
    
    but within
    
    
    After 10
    
    
    Without1 year
    
    
    5 years
    
    
    10 years
    
    
    years
    
    
    due date
    
    
    TotalBook value (in thousands of pesos)Unlisted Government SecuritiesProvince of Cordoba debt securities at 12%  Maturity 2017
    
    
    2,395
    
    
    
    9,580
    
    
    
    7,185
    
    
    
    
    
    
    
    
    
    
    
    19,160Province of Tucuman bonds at Libor  Maturity 2015
    
    
    637
    
    
    
    2,546
    
    
    
    637
    
    
    
    
    
    
    
    
    
    
    
    3,820Total Government securities in foreign currency
    
    
    401,144
    
    
    
    49,625
    
    
    
    1,094,467
    
    
    
    2,180
    
    
    
    
    
    
    
    1,547,416Total Government securities
    
    
    5,057,795
    
    
    
    622,698
    
    
    
    1,186,601
    
    
    
    33,218
    
    
    
    
    
    
    
    6,900,312Private SecuritiesInvestments in listed private securitiesIn Pesos:Mutual Funds
    
    
    31,469
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    31,469Others
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1In foreign currency:Corporate bonds
    
    
    34,452
    
    
    
    1,240
    
    
    
    7,355
    
    
    
    
    
    
    
    
    
    
    
    43,047Mutual Funds
    
    
    6,359
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,359Investments in unlisted private securitiesIn Pesos:Corporate Bonds (3)
    
    
    2,967
    
    
    
    5,942
    
    
    
    
    
    
    
    
    
    
    
    190
    
    
    
    9,099Certificates of Participation in Financial Trusts (2)
    
    
    2,243
    
    
    
    29,056
    
    
    
    
    
    
    
    10,591
    
    
    
    301,180
    
    
    
    343,070Debt Securities in Financial Trusts
    
    
    92,292
    
    
    
    20,323
    
    
    
    11,247
    
    
    
    
    
    
    
    
    
    
    
    123,862In foreign currency:Corporate Bonds (3)
    
    
    45,845
    
    
    
    25,802
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    71,647Certificates of Participation in Financial Trusts (2)
    
    
    
    
    
    
    47,094
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    47,094Debt Securities in Financial Trust
    
    
    82,925
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    82,925Total Private securities
    
    
    298,553
    
    
    
    129,457
    
    
    
    18,602
    
    
    
    10,591
    
    
    
    301,370
    
    
    
    758,573
 (1)
    
    As of December 31, 2009, Instruments Issued by the Central Bank includes Ps. 973,763
to fall due in 30 days, Ps. 466,005 to fall due in 60 days, Ps. 1,020,002 to fall due in
90 days, Ps. 2,175,999 to fall due from 120 to 180 days and Ps. 14,652 to fall due after
360 days.(2)
    
    The Bank booked allowances for impairment in value amounting to 224,193 as of December
31, 2009.(3)
    
    The Bank booked allowances for impairment in value amounting to 1,017 as of December
31, 2009. Loan portfolio
  As of December 31,2007
    
    
    2008
    
    
    2009(in thousands of pesos)To the non-financial government sector
    
    
    732,481
    
    
    
    744,507
    
    
    
    206,484To the financial sector (1)
    
    
    161,702
    
    
    
    80,423
    
    
    
    90,916To the non-financial private sector and foreign residentsOverdrafts (2)
    
    
    1,375,075
    
    
    
    1,556,433
    
    
    
    1,436,292Documents (3)
    
    
    1,213,669
    
    
    
    1,348,585
    
    
    
    1,412,551Mortgages loans
    
    
    619,781
    
    
    
    738,592
    
    
    
    746,762Pledged loans (4)
    
    
    347,989
    
    
    
    339,895
    
    
    
    262,508Consumer loans (5)
    
    
    3,929,579
    
    
    
    4,675,543
    
    
    
    4,956,690Other loans
    
    
    1,718,978
    
    
    
    2,071,927
    
    
    
    2,271,756Accrued Interest, adjustments, foreign exchange and quoted price differences receivables
    
    
    153,902
    
    
    
    195,026
    
    
    
    182,168Less: Unposted payments
    
    
    (69
    )
    
    
    (29
    )
    
    
    (29
    )Less: Unearned discounts
    
    
    (23,248
    )
    
    
    (32,596
    )
    
    
    (21,246
    )Less: Allowances
    
    
    (220,422
    )
    
    
    (438,348
    )
    
    
    (448,045
    )Total Loans
    
    
    10,009,417
    
    
    
    11,279,958
    
    
    
    11,096,807
 (1)
    
    Includes loans to financial institutions.(2)
    
    Overdrafts include overdraft lines of credit resulting from checking accounts.(3)
    
    Includes the face values of drafts, promissory notes and other bills transferred to us by
endorsement for which the assignor is liable, whenever the latter is an Argentine resident within
the non- financial private sector.(4)
    
    Includes the principal amounts actually lent of automobile and other collateral granted, for
which the obligator is part of the non-financial private sector.(5)
    
    Consumer loans include credit card loans and other consumer loans. Overdrafts to individuals
are included under Overdrafts.  51




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##### Table of Contents



Maturity composition of the loan portfolio
  MaturingAfter1 Year butAmount as of
    
    
    Within
    
    
    Within
    
    
    AfterDecember 31, 2009
    
    
    1 Year
    
    
    5 Years
    
    
    5 Years(in thousands of pesos, except percentages)To the non-financial government sector
    
    
    206,484
    
    
    
    15,285
    
    
    
    2,573
    
    
    
    188,626To the financial sector (1)
    
    
    90,916
    
    
    
    90,899
    
    
    
    17
    
    
    
    To the non-financial private sector and foreign residentsOverdrafts (2)
    
    
    1,462,536
    
    
    
    1,461,702
    
    
    
    834
    
    
    
    Documents (3)
    
    
    1,423,792
    
    
    
    1,383,480
    
    
    
    39,642
    
    
    
    670Mortgages loans
    
    
    767,438
    
    
    
    247,772
    
    
    
    334,627
    
    
    
    185,039Pledged loans (4)
    
    
    273,175
    
    
    
    149,878
    
    
    
    123,240
    
    
    
    57Consumer loans (5)
    
    
    5,003,389
    
    
    
    2,391,137
    
    
    
    2,577,479
    
    
    
    34,773Other loans
    
    
    2,317,122
    
    
    
    1,702,442
    
    
    
    546,263
    
    
    
    68,417Total loans
    
    
    11,544,852
    
    
    
    7,442,595
    
    
    
    3,624,675
    
    
    
    477,582Percentage of total loan portfolio
    
    
    100
    %
    
    
    64.5
    %
    
    
    31.4
    %
    
    
    4.1
    %
 (1)
    
    Includes loans to financial institutions.(2)
    
    Overdrafts include overdrafts lines of credit resulting from checking accounts.(3)
    
    Includes the face value of drafts, promissory notes and other bills transferred to us by
endorsement for which the assignor is liable, whenever the latter is an Argentine resident within
the non- financial private sector.(4)
    
    Includes the principal amount actually lent of automobile and other collateral granted, for
which the obligor is part of the non- financial private sector.(5)
    
    Consumer loans include credit card loans and other consumer loans. Overdrafts to individuals
are included under Overdrafts. Loansportfolio classification
 
 As of December 31,2007
    
    
    %
    
    
    2008
    
    
    %
    
    
    2009
    
    
    %(in thousands of pesos, except percentages)Loan PortfolioCategories1 - In normal situation/ performing
    
    
    9,927,876
    
    
    
    97.05
    %
    
    
    11,292,176
    
    
    
    96.36
    %
    
    
    10,963,274
    
    
    
    94.96
    %2 - Subject to special monitoring -in
observation- in negotiation or with
rollover agreement/ low risk
    
    
    143,128
    
    
    
    1.40
    %
    
    
    117,023
    
    
    
    1.00
    %
    
    
    206,477
    
    
    
    1.79
    %3 - Troubled/Medium risk
    
    
    52,059
    
    
    
    0.51
    %
    
    
    86,288
    
    
    
    0.74
    %
    
    
    130,649
    
    
    
    1.13
    %4 - With high risk of insolvency/ High risk
    
    
    62,856
    
    
    
    0.61
    %
    
    
    172,950
    
    
    
    1.48
    %
    
    
    188,058
    
    
    
    1.63
    %5 - Irrecoverable
    
    
    36,526
    
    
    
    0.36
    %
    
    
    48,434
    
    
    
    0.41
    %
    
    
    55,996
    
    
    
    0.49
    %6 - Irrecoverable according to Central
Banks rules
    
    
    7,394
    
    
    
    0.07
    %
    
    
    1,435
    
    
    
    0.01
    %
    
    
    398
    
    
    
    0.00
    %Total loans
    
    
    10,229,839
    
    
    
    100.00
    %
    
    
    11,718,306
    
    
    
    100.00
    %
    
    
    11,544,852
    
    
    
    100.00
    %
  52




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##### Table of Contents



Analysis of the allowance for loan losses
  Year Ended December 31,2005
    
    
    2006
    
    
    2007
    
    
    2008
    
    
    2009(in thousands of pesos, except percentages)Balance at the beginning of the year
    
    
    225,340
    
    
    
    247,532
    
    
    
    208,581
    
    
    
    220,422
    
    
    
    438,348Provisions for loan losses
    
    
    142,045
    (2)
    
    
    102,538
    (3)
    
    
    93,498
    
    
    
    314,532
    
    
    
    187,648Charge off (1)
    
    
    (119,853
    )
    
    
    (141,489
    )
    
    
    (81,657
    )
    
    
    (96,606
    )
    
    
    (177,951
    )Overdrafts
    
    
    (4,777
    )
    
    
    (31,584
    )
    
    
    (13,889
    )
    
    
    (9,314
    )
    
    
    (32,519
    )Personal loans
    
    
    (1,657
    )
    
    
    (4,411
    )
    
    
    (10,929
    )
    
    
    (47,527
    )
    
    
    (99,192
    )Credit Cards
    
    
    (993
    )
    
    
    (2,184
    )
    
    
    (5,751
    )
    
    
    (12,134
    )
    
    
    (16,892
    )Mortgage loans
    
    
    (41,518
    )
    
    
    (25,825
    )
    
    
    (8,071
    )
    
    
    (5,087
    )
    
    
    (5,096
    )Pledge loans
    
    
    (26,758
    )
    
    
    (4,323
    )
    
    
    (674
    )
    
    
    (2,686
    )
    
    
    (1,341
    )Documents
    
    
    (25,469
    )
    
    
    (39,974
    )
    
    
    (6,931
    )
    
    
    (5,296
    )
    
    
    (14,171
    )Other
    
    
    (18,681
    )
    
    
    (33,188
    )
    
    
    (35,412
    )
    
    
    (14,562
    )
    
    
    (8,740
    )Balance at the end of year
    
    
    247,532
    
    
    
    208,581
    
    
    
    220,422
    
    
    
    438,348
    
    
    
    448,045Charge-off/average loans (1)
    
    
    3.78
    %
    
    
    2.72
    %
    
    
    1.18
    %
    
    
    0.87
    %
    
    
    1.59
    %
 (1)
    
    Charge-off includes reversals.(2)
    
    Includes Ps. 74,775 thousand for the incorporation of Banco Empresario de Tucumán.(3)
    
    Includes Ps. 13,993 thousand and Ps. 28,443 thousand for the incorporations of Banco
del Tucumán and Nuevo Banco Bisel, respectively. 
 Allocation of the allowances for loan losses
  Year Ended December 31,2007
    
    
    2008
    
    
    2009(in thousands of pesos, except percentages)Overdrafts
    
    
    25,510
    
    
    
    11.57
    %
    
    
    64,107
    
    
    
    14.62
    %
    
    
    37,242
    
    
    
    8.31
    %Documents
    
    
    23,215
    
    
    
    10.53
    %
    
    
    42,003
    
    
    
    9.58
    %
    
    
    32,825
    
    
    
    7.33
    %Mortgage loans
    
    
    20,210
    
    
    
    9.17
    %
    
    
    26,378
    
    
    
    6.02
    %
    
    
    24,422
    
    
    
    5.45
    %Pledged loans
    
    
    8,608
    
    
    
    3.91
    %
    
    
    9,512
    
    
    
    2.17
    %
    
    
    9,664
    
    
    
    2.16
    %Personal loans
    
    
    70,375
    
    
    
    31.93
    %
    
    
    174,398
    
    
    
    39.79
    %
    
    
    195,643
    
    
    
    43.67
    %Credit cards
    
    
    17,658
    
    
    
    8.01
    %
    
    
    34,281
    
    
    
    7.82
    %
    
    
    33,915
    
    
    
    7.57
    %Other
    
    
    54,846
    
    
    
    24.88
    %
    
    
    87,669
    
    
    
    20.00
    %
    
    
    114,334
    
    
    
    25.52
    %TOTAL
    
    
    220,422
    
    
    
    100
    %
    
    
    438,348
    
    
    
    100
    %
    
    
    448,045
    
    
    
    100
    %
 Loans by Economic Activities
  2007
    
    
    2008
    
    
    2009Loan
    
    
    % of Loan
    
    
    Loan
    
    
    % of Loan
    
    
    Loan
    
    
    % of LoanPortfolio
    
    
    Portfolio
    
    
    Portfolio
    
    
    Portfolio
    
    
    Portfolio
    
    
    Portfolio(in thousands of pesos, except percentages)Retail Loans
    
    
    3,410,359
    
    
    
    33.34
    %
    
    
    4,023,725
    
    
    
    34.34
    %
    
    
    4,403,933
    
    
    
    38.15
    %Agricultural livestock- Forestry-
Fishing- Mining- Hunting
    
    
    1,050,102
    
    
    
    10.27
    %
    
    
    1,538,027
    
    
    
    13.12
    %
    
    
    1,910,164
    
    
    
    16.55
    %Construction
    
    
    411,725
    
    
    
    4.02
    %
    
    
    563,526
    
    
    
    4.81
    %
    
    
    1,112,702
    
    
    
    9.64
    %Other services
    
    
    970,585
    
    
    
    9.49
    %
    
    
    852,658
    
    
    
    7.28
    %
    
    
    858,936
    
    
    
    7.44
    %Retail and consumer products
    
    
    703,063
    
    
    
    6.87
    %
    
    
    831,741
    
    
    
    7.10
    %
    
    
    747,897
    
    
    
    6.48
    %Foodstuff and beverages
    
    
    700,917
    
    
    
    6.85
    %
    
    
    521,849
    
    
    
    4.45
    %
    
    
    637,814
    
    
    
    5.52
    %Financial Services
    
    
    408,002
    
    
    
    3.99
    %
    
    
    289,450
    
    
    
    2.47
    %
    
    
    290,331
    
    
    
    2.51
    %Governmental services
    
    
    861,852
    
    
    
    8.42
    %
    
    
    886,749
    
    
    
    7.57
    %
    
    
    258,784
    
    
    
    2.24
    %Real estate, business and leases
    
    
    59,512
    
    
    
    0.58
    %
    
    
    267,604
    
    
    
    2.28
    %
    
    
    236,555
    
    
    
    2.05
    %Transportation, storage and communications
    
    
    181,646
    
    
    
    1.78
    %
    
    
    263,999
    
    
    
    2.25
    %
    
    
    190,796
    
    
    
    1.65
    %Manufacturing and wholesales
    
    
    166,169
    
    
    
    1.62
    %
    
    
    283,555
    
    
    
    2.42
    %
    
    
    140,620
    
    
    
    1.22
    %Chemicals
    
    
    340,450
    
    
    
    3.33
    %
    
    
    608,157
    
    
    
    5.19
    %
    
    
    129,145
    
    
    
    1.12
    %Electricity, oil, water
    
    
    74,256
    
    
    
    0.73
    %
    
    
    170,950
    
    
    
    1.46
    %
    
    
    75,095
    
    
    
    0.65
    %Hotels and restaurants
    
    
    39,365
    
    
    
    0.38
    %
    
    
    32,325
    
    
    
    0.28
    %
    
    
    29,949
    
    
    
    0.26
    %Other
    
    
    851,836
    
    
    
    8.33
    %
    
    
    583,991
    
    
    
    4.98
    %
    
    
    522,131
    
    
    
    4.52
    %Total
    
    
    10,229,839
    
    
    
    100.00
    %
    
    
    11,718,306
    
    
    
    100.00
    %
    
    
    11,544,852
    
    
    
    100.00
    %
  53




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##### Table of Contents



Deposits
  Year ended December 31,2007
    
    
    2008
    
    
    2009(in thousands of pesos)Deposits in Domestic Bank OfficesNon-interest-bearing Demand Deposits (1)AveragePesos
    
    
    3,067,834
    
    
    
    3,665,382
    
    
    
    3,929,402Dollars
    
    
    6,180
    
    
    
    8,044
    
    
    
    13,179Total
    
    
    3,074,014
    
    
    
    3,673,426
    
    
    
    3,942,581Saving AccountsAveragePesos
    
    
    2,486,927
    
    
    
    2,822,961
    
    
    
    2,842,075Dollars
    
    
    297,472
    
    
    
    361,324
    
    
    
    542,740Total
    
    
    2,784,399
    
    
    
    3,184,285
    
    
    
    3,384,815Average nominal ratePesos
    
    
    1.10
    %
    
    
    1.05
    %
    
    
    1.11
    %Dollars
    
    
    0.39
    %
    
    
    0.46
    %
    
    
    0.34
    %Total
    
    
    1.02
    %
    
    
    0.98
    %
    
    
    0.99
    %Time DepositsAveragePesos
    
    
    4,589,993
    
    
    
    6,556,086
    
    
    
    7,446,052Dollars
    
    
    1,211,832
    
    
    
    1,490,885
    
    
    
    2,337,132Total
    
    
    5,801,825
    
    
    
    8,046,971
    
    
    
    9,783,184Average nominal ratePesos
    
    
    9.19
    %
    
    
    13.33
    %
    
    
    14.50
    %Dollars
    
    
    3.04
    %
    
    
    3.78
    %
    
    
    2.75
    %Total
    
    
    7.90
    %
    
    
    11.56
    %
    
    
    11.70
    %Deposits in Foreign Bank OfficesNon-interest-bearing Demand DepositsAveragePesos
    
    
    1,215
    
    
    
    513
    
    
    
    1,063Dollars
    
    
    500
    
    
    
    15
    
    
    
    3,913Total
    
    
    1,715
    
    
    
    528
    
    
    
    4,976Saving AccountsAveragePesos
    
    
    
    
    
    
    
    
    
    
    Dollars
    
    
    81,435
    
    
    
    90,568
    
    
    
    320,853Total
    
    
    81,435
    
    
    
    90,568
    
    
    
    320,853Average nominal rateDollars
    
    
    2.36
    %
    
    
    1.20
    %
    
    
    0.05
    %Total
    
    
    2.36
    %
    
    
    1.20
    %
    
    
    0.05
    %Time DepositsAverageDollars
    
    
    226,009
    
    
    
    226,626
    
    
    
    311,843Total
    
    
    226,009
    
    
    
    226,626
    
    
    
    311,843Average nominal rateDollars
    
    
    4.92
    %
    
    
    3.35
    %
    
    
    1.28
    %Total
    
    
    4.92
    %
    
    
    3.35
    %
    
    
    1.28
    %
 (1)
    
    Non-interest-bearing demand deposits consist of checking accounts.  54




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##### Table of Contents



Maturity of deposits at December 31, 2009
  MaturingAfter 3
    
    
    After 6Within 3
    
    
    but Within
    
    
    but Within
    
    
    After 12Total
    
    
    Months
    
    
    6 Months
    
    
    12 Months
    
    
    Months(in thousands of pesos)Checking accounts
    
    
    4,298,209
    
    
    
    4,298,209
    
    
    
    
    
    
    
    
    
    
    
    Savings accounts
    
    
    3,645,994
    
    
    
    3,645,994
    
    
    
    
    
    
    
    
    
    
    
    Time deposits
    
    
    10,107,235
    
    
    
    7,980,642
    
    
    
    1,233,711
    
    
    
    767,864
    
    
    
    125,018Investment accounts
    
    
    54,371
    
    
    
    16,279
    
    
    
    7,673
    
    
    
    29,687
    
    
    
    732Other
    
    
    487,057
    
    
    
    475,391
    
    
    
    880
    
    
    
    4,854
    
    
    
    5,932Total
    
    
    18,592,866
    
    
    
    16,416,515
    
    
    
    1,242,264
    
    
    
    802,405
    
    
    
    131,682
 Maturity of deposits at December 31, 2009 of outstanding time deposits and investment accounts
  MaturingAfter 3
    
    
    After 6Within 3
    
    
    but Within
    
    
    but Within
    
    
    After 12Total
    
    
    Months
    
    
    6 Months
    
    
    12 Months
    
    
    Months(in thousands of pesos)Domestic bank offices
    
    
    6,733,262
    
    
    
    4,696,450
    
    
    
    1,126,460
    
    
    
    784,962
    
    
    
    125,390Foreign bank offices
    
    
    231,536
    
    
    
    208,939
    
    
    
    20,988
    
    
    
    1,609
    
    
    
    Total
    
    
    6,964,798
    
    
    
    4,905,389
    
    
    
    1,147,448
    
    
    
    786,571
    
    
    
    125,390
 Short-term borrowings
  Year Ended December 31,2007
    
    
    2008
    
    
    2009Annualized
    
    
    
    
    
    
    Annualized
    
    
    
    
    
    
    AnnualizedAmount
    
    
    Rate
    
    
    Amount
    
    
    Rate
    
    
    Amount
    
    
    Rate(in thousands of pesos, except percentages)Central Bank of the Argentine Republic:Total amount outstanding at the end of the reported period
    
    
    72,526
    
    
    
    1.97
    %
    
    
    78,939
    
    
    
    1.95
    %
    
    
    1,363
    
    
    
    0.00
    %Average during year (1)
    
    
    70,068
    
    
    
    1.97
    %
    
    
    76,023
    
    
    
    1.96
    %
    
    
    1,590
    
    
    
    0.00
    %Maximum month-end balance
    
    
    72,526
    
    
    
    
    
    
    
    78,939
    
    
    
    
    
    
    
    2,168Banks and international organizations:Total amount outstanding at the end of the reported period
    
    
    7,279
    
    
    
    5.58
    %
    
    
    59,737
    
    
    
    4.92
    %
    
    
    227,214
    
    
    
    7.78
    %Average during year (1)
    
    
    125,827
    
    
    
    6.96
    %
    
    
    55,054
    
    
    
    4.38
    %
    
    
    121,662
    
    
    
    8.06
    %Maximum month-end balance
    
    
    166,178
    
    
    
    
    
    
    
    86,762
    
    
    
    
    
    
    
    227,214Corporate BondsTotal amount outstanding at the end of the reported period
    
    
    18,947
    
    
    
    8.76
    %
    
    
    16,518
    
    
    
    9.46
    %
    
    
    15,719
    
    
    
    9.24
    %Average during year (1)
    
    
    15,343
    
    
    
    8.97
    %
    
    
    16,612
    
    
    
    9.45
    %
    
    
    14,797
    
    
    
    9.30
    %Maximum month-end balance
    
    
    18,947
    
    
    
    
    
    
    
    17,063
    
    
    
    
    
    
    
    15,897Financing received from Argentine financial institutions:Total amount outstanding at the end of the reported period
    
    
    119,038
    
    
    
    6.75
    %
    
    
    31,846
    
    
    
    10.33
    %
    
    
    149,122
    
    
    
    9.45
    %Average during year (1)
    
    
    68,801
    
    
    
    6.56
    %
    
    
    96,294
    
    
    
    5.47
    %
    
    
    64,430
    
    
    
    9.11
    %Maximum month-end balance
    
    
    119,038
    
    
    
    
    
    
    
    166,146
    
    
    
    
    
    
    
    149,122OtherTotal amount outstanding at the end of the reported period
    
    
    412,975
    
    
    
    0.03
    %
    
    
    545,183
    
    
    
    0.02
    %
    
    
    652,330
    
    
    
    0.02
    %Average during year (1)
    
    
    341,471
    
    
    
    0.01
    %
    
    
    524,019
    
    
    
    0.02
    %
    
    
    620,873
    
    
    
    0.02
    %Maximum month-end balance
    
    
    412,161
    
    
    
    
    
    
    
    599,063
    
    
    
    
    
    
    
    652,330Subordinated corporate bonds:Total amount outstanding at the end of the reported period
    
    
    16,404
    
    
    
    8.03
    %
    
    
    2,740
    
    
    
    4.00
    %
    
    
    2,968
    
    
    
    4.00
    %Average during year (1)
    
    
    29,651
    
    
    
    8.25
    %
    
    
    21,056
    
    
    
    7.02
    %
    
    
    9,762
    
    
    
    4.00
    %Maximum month-end balance
    
    
    59,288
    
    
    
    
    
    
    
    36,987
    
    
    
    
    
    
    
    16,854Total Short Term
    
    
    647,169
    
    
    
    
    
    
    
    734,963
    
    
    
    
    
    
    
    1,048,716
 (1)
    
    Average balances are calculated from quarterly-end balances.  55




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##### Table of Contents



Return on equity and assets
  Year Ended December 31,2007
    
    
    2008
    
    
    2009(in thousands of pesos, except percentages)Net income
    
    
    495,200
    
    
    
    660,050
    
    
    
    751,930Average total assets
    
    
    17,691,769
    
    
    
    21,865,952
    
    
    
    23,964,067Average shareholders equity
    
    
    2,461,668
    
    
    
    2,778,572
    
    
    
    3,055,736Shareholders equity at the end of the fiscal year
    
    
    2,713,020
    
    
    
    2,821,911
    
    
    
    3,358,801Net income as a percentage of:Average total assets
    
    
    2.80
    %
    
    
    3.02
    %
    
    
    3.14
    %Average shareholders equity
    
    
    20.12
    %
    
    
    23.76
    %
    
    
    24.61
    %Declared cash dividends (2)
    
    
    170,995
    
    
    
    149,870
    
    
    
    208,070Dividend payout ratio (1)
    
    
    34.53
    %
    
    
    22.71
    %
    
    
    27.67
    %Average shareholders equity as a percentage of
Average Total Assets
    
    
    13.91
    %
    
    
    12.71
    %
    
    
    12.75
    %
 (1)
    
    Declared cash dividends stated as percentage of net income.(2)
    
    For the fiscal year ended December 31, 2009, the dividends approved by the shareholders
meeting held on April 6, 2010 have been authorized by the Central Bank on May 28, 2010. For the fiscal
year ended December 31, 2008 and 2007, the dividends paid in cash were Ps. 148,335 and 170,995,
respectively, based on the number of shares outstanding on such payment dates. Interest rate sensitivity
    Remaining Maturity at December 31, 2009Total0-1 Year
    
    
    1-5 Years
    
    
    5-10 Years
    
    
    Over 10 years
    
    
    Without due date
    
    
    (2)Interest-earning assets:Interest-bearing deposits in other banks
    
    
    363,041
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    363,041Government Securities
    
    
    5,057,795
    
    
    
    622,698
    
    
    
    1,186,601
    
    
    
    33,218
    
    
    
    
    
    
    
    6,900,312Goods in financial leasing
    
    
    113,705
    
    
    
    127,278
    
    
    
    9,256
    
    
    
    
    
    
    
    
    
    
    
    250,239Loans to non-financial government sector (1)
    
    
    15,285
    
    
    
    2,573
    
    
    
    174,551
    
    
    
    14,075
    
    
    
    
    
    
    
    206,484Loans to the private and financial sector (1)
    
    
    7,427,310
    
    
    
    3,622,102
    
    
    
    193,717
    
    
    
    95,239
    
    
    
    
    
    
    
    11,338,368Other assets
    
    
    260,725
    
    
    
    129,457
    
    
    
    18,602
    
    
    
    10,591
    
    
    
    301,370
    
    
    
    720,745Total Interest-Earning Assets
    
    
    13,237,861
    
    
    
    4,504,108
    
    
    
    1,582,727
    
    
    
    153,123
    
    
    
    301,370
    
    
    
    19,779,189Interest-bearing liabilities:Checking
    
    
    491,376
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    491,376Savings accounts
    
    
    3,645,994
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,645,994Time deposits
    
    
    9,982,217
    
    
    
    125,014
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    10,107,235Investment accounts
    
    
    53,639
    
    
    
    732
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    54,371Corporate Bonds
    
    
    15,719
    
    
    
    197,066
    
    
    
    403,950
    
    
    
    
    
    
    
    
    
    
    
    616,735Subordinated corporate bonds
    
    
    2,968
    
    
    
    
    
    
    
    
    
    
    
    569,505
    
    
    
    
    
    
    
    572,473Liabilities with Central Bank
    
    
    
    
    
    
    109
    
    
    
    108
    
    
    
    317
    
    
    
    
    
    
    
    534Liabilities with local financial companies
    
    
    149,122
    
    
    
    19,024
    
    
    
    21,825
    
    
    
    
    
    
    
    
    
    
    
    189,971Liabilities with bank and international
Organizations
    
    
    227,214
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    227,214Other liabilities
    
    
    79,317
    
    
    
    5,926
    
    
    
    
    
    
    
    75,687
    
    
    
    
    
    
    
    160,930Total Interest-Bearing Liabilities
    
    
    14,647,566
    
    
    
    347,871
    
    
    
    425,887
    
    
    
    645,509
    
    
    
    
    
    
    
    16,066,833Asset (Liability) Gap
    
    
    (1,409,706
    )
    
    
    4,156,237
    
    
    
    1,156,840
    
    
    
    (492,386
    )
    
    
    301,370
    
    
    
    3,712,355Cumulative Asset/Liability Gap
    
    
    (1,409,706
    )
    
    
    2,746,531
    
    
    
    3,903,371
    
    
    
    3,410,985
    
    
    
    3,712,355
    
    
    
    Cumulative sensitivity gap as a percentage of
total interest-earning assets
    
    
    (7.13
    )%
    
    
    13.89
    %
    
    
    19.73
    %
    
    
    17.25
    %
    
    
    18.77
    %
  56




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##### Table of Contents



Remaining Maturity at December 31, 2009Total0-1 Year
    
    
    1-5 Years
    
    
    5-10 Years
    
    
    Over 10 years
    
    
    Without due date
    
    
    (2)Interest-earning assets in Pesos:Government securities
    
    
    4,656,651
    
    
    
    573,073
    
    
    
    92,134
    
    
    
    31,038
    
    
    
    
    
    
    
    5,352,896Goods in financial leasing
    
    
    98,155
    
    
    
    79,685
    
    
    
    65
    
    
    
    
    
    
    
    
    
    
    
    177,905Loans to non-financial government sector (1)
    
    
    15,285
    
    
    
    2,573
    
    
    
    174,551
    
    
    
    14,075
    
    
    
    
    
    
    
    206,484Loans to the private and financial sector (1)
    
    
    5,808,203
    
    
    
    3,390,639
    
    
    
    162,063
    
    
    
    95,239
    
    
    
    
    
    
    
    9,456,144Other assets
    
    
    97,503
    
    
    
    55,321
    
    
    
    11,247
    
    
    
    10,591
    
    
    
    301,370
    
    
    
    476,032Total Interest-Earning Assets in Pesos
    
    
    10,675,797
    
    
    
    4,101,291
    
    
    
    440,060
    
    
    
    150,943
    
    
    
    301,370
    
    
    
    15,669,461Interest-bearing liabilities in Pesos:Checking
    
    
    93,621
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    93,621Saving accounts
    
    
    3,025,908
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,025,908Time deposits
    
    
    7,421,653
    
    
    
    124,841
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    7,546,498Investment accounts
    
    
    36,175
    
    
    
    591
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    36,766Corporate bonds
    
    
    1,412
    
    
    
    197,066
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    198,478Subordinated corporate bonds
    
    
    963
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    963Liabilities with Central Bank
    
    
    
    
    
    
    109
    
    
    
    108
    
    
    
    317
    
    
    
    
    
    
    
    534Liabilities with local financial institutions
    
    
    149,122
    
    
    
    19,024
    
    
    
    21,825
    
    
    
    
    
    
    
    
    
    
    
    189,971Other liabilities
    
    
    79,317
    
    
    
    5,926
    
    
    
    
    
    
    
    75,687
    
    
    
    
    
    
    
    160,930Total Interest-Bearing Liabilities in Pesos
    
    
    10,808,171
    
    
    
    347,557
    
    
    
    21,937
    
    
    
    76,004
    
    
    
    
    
    
    
    11,253,669Asset(Liability) Gap
    
    
    (132,375
    )
    
    
    3,753,734
    
    
    
    418,123
    
    
    
    74,939
    
    
    
    301,370
    
    
    
    4,415,792Cumulative Asset/Liability Gap
    
    
    (132,375
    )
    
    
    3,621,360
    
    
    
    4,039,483
    
    
    
    4,114,422
    
    
    
    4,415,792Cumulative sensitivity gap as a percentage of
total interest-earning assets
    
    
    (0.84
    )%
    
    
    23.11
    %
    
    
    25.78
    %
    
    
    26.26
    %
    
    
    28.18
    %
 Remaining Maturity at December 31, 2009Total0-1 Year
    
    
    1-5 Years
    
    
    5-10 Years
    
    
    Over 10 years
    
    
    Without due date
    
    
    (2)Interest-earning assets in foreign currencyInterest-bearing deposits in other banks
    
    
    363,041
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    363,041Government securities
    
    
    401,144
    
    
    
    49,625
    
    
    
    1,094,467
    
    
    
    2,180
    
    
    
    
    
    
    
    1,547,416Goods in financial leasing
    
    
    15,550
    
    
    
    47,593
    
    
    
    9,191
    
    
    
    
    
    
    
    
    
    
    
    72,334Loans to the private and financial sector (1)
    
    
    1,619,107
    
    
    
    231,463
    
    
    
    31,654
    
    
    
    
    
    
    
    
    
    
    
    1,882,224Other assets
    
    
    163,222
    
    
    
    74,136
    
    
    
    7,355
    
    
    
    
    
    
    
    
    
    
    
    244,713Total Interest-Earning Assets
    
    
    2,562,064
    
    
    
    402,817
    
    
    
    1,142,667
    
    
    
    2,180
    
    
    
    
    
    
    
    4,109,728Interest-bearing liabilities in foreign
currency:Checking
    
    
    397,755
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    397,755Saving accounts
    
    
    620,086
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    620,086Time deposits
    
    
    2,560,564
    
    
    
    173
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,560,737Investment accounts
    
    
    17,464
    
    
    
    141
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17,605Corporate bonds
    
    
    14,307
    
    
    
    
    
    
    
    403,950
    
    
    
    
    
    
    
    
    
    
    
    418,257Subordinated corporate bonds
    
    
    2,005
    
    
    
    
    
    
    
    
    
    
    
    569,505
    
    
    
    
    
    
    
    571,510Liabilities with Central Bank
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Liabilities with local financial
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Liabilities with banks and international
organizations
    
    
    227,214
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    227,214Other liabilities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total Interest-Bearing Liabilities
    
    
    3,839,395
    
    
    
    314
    
    
    
    403,950
    
    
    
    569,505
    
    
    
    
    
    
    
    4,813,164Asset (Liability) Gap
    
    
    (1,227,331
    )
    
    
    402,503
    
    
    
    738,717
    
    
    
    (567,325
    )
    
    
    
    
    
    
    (703,436
    )Cumulative Asset/Liability Gap
    
    
    (1,277,331
    )
    
    
    (874,828
    )
    
    
    (136,111
    )
    
    
    (703,436
    )
    
    
    (703,436
    )Cumulative sensitivity gap as a percentage of
total interest-earning assets
    
    
    (31.08
    )%
    
    
    (21.29
    )%
    
    
    (3.31
    )%
    
    
    (17.12
    )%
    
    
    (17.12
    )%
 (1)
    
    Loan amounts are stated before deducting the allowance for loan losses. Non-accrual loans are
included with loans as interest- earning asset.(2)
    
    Includes instruments issued by the Central Bank.  57




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##### Table of Contents



Item 4A.
    
    Unresolved Staff Comments
  
 Item 5.
    
    Operating and Financial Review and Prospects
   A. Operating results
 FINANCIAL PRESENTATION
   COMPARABILITY
    58




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##### Table of Contents



MACROECONOMIC CONTEXT
       OUR RESPONSE TO THE CONTEXT
   Commercial and balance sheet strategies
   59




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##### Table of Contents



Acquisitions
  Cost management
   Credit quality
     Year Ended December 31,2007
    
    
    2008
    
    
    2009Banco MacroAllowances/total loans
    
    
    2.2
    %
    
    
    3.7
    %
    
    
    3.9
    %Non-performing loans ratio
    
    
    1.6
    
    
    
    2.6
    
    
    
    3.3Allowances/lending (1)
    
    
    2.2
    %
    
    
    3.6
    %
    
    
    3.7
    %Non-performing lending ratio (2)
    
    
    1.5
    
    
    
    2.6
    
    
    
    3.2Financial SystemAllowances/lending (1)
    
    
    3.0
    %
    
    
    3.0
    %
    
    
    3.8
    %Non-performing lending ratio (2)
    
    
    2.7
    
    
    
    2.7
    
    
    
    3.0
 Source: Central Bank(1)
    
    Includes loans, other receivables from financial transactions, financial leases, memorandum
accountsother guarantees provided and unused portion of loans granted (included in Debtors
Rating Standards).(2)
    
    Non-performing lending
includes all lending to borrowers classified as 3-
troubled/medium risk, 4-with high risk of insolvency/high
risk, 5-irrecoverable and
6-irrecoverable According to Central Banks rules under the Central Bank loan classification system. Implementation of improved credit risk policies and procedures
   60




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##### Table of Contents



Implementation of shares repurchase program
     Repurchase of own Notes
  Date
    
    8.50% Notes 
Due 2017
    
    
    10.750% Argentine 
Peso-Linked 
Notes Due 2012January 2008
    
    
    9,500,000
    
    
    
    September 2008
    
    
    10,850,000
    
    
    
    October 2008
    
    
    12,375,000
    
    
    
    1,500,000November 2008
    
    
    1,300,000
    
    
    
    6,160,000December 2008
    
    
    8,530,000
    
    
    
    800,000February 2009
    
    
    
    
    
    
    200,000April 2009
    
    
    
    
    
    
    4,500,000May 2009
    
    
    1,050,000
    
    
    
    21,020,000August 2009
    
    
    
    
    
    
    1,825,000Total repurchased
    
    
    43,605,000
    
    
    
    36,005,000Total cancelled
    
    
    43,605,000
    
    
    
    36,005,000
   61




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##### Table of Contents



PRINCIPAL TRENDS AFFECTING OUR BUSINESS
  International context
   Argentine economic performance
    
    
    Consumer spending: after almost two years of recession, consumption is beginning to recover. In
addition, consumers see our products (personal and credit card loans) as a way of hedging against
inflation.
    
    Export levels: although the trade balance will be lower than the one registered in 2009, an
increase in the level of exports due to commodities and the automobile sector is expected.
    
    Soybean harvest record: after two years of low harvest levels, 2010 appears as an extraordinary
year for this commodity. In addition, the agricultural sector works as an engine for regional
economies.
    
    High inflation: high levels of public expenditure lead to the aggregate demand growing faster
than the offer, thus producing an upward adjustment in prices.
 Private sector lending
    
    
    Low cost of funds; high levels of liquidity. As a result of our low cost of funds and
our high level of liquidity, a key driver of our results is our ability to increase our
lending within the scope of our credit policy, as such lending is always at a positive
margin. Therefore, we have seen increases in our gross intermediation margin as our
private sector lending has increased.
 
    
    Growth prospects subject to development of inflation and long-term fixed rate lending.
We believe that the main obstacle preventing a faster recovery of Argentinas private
sector lending has been the uncertain outlook on long-term inflation, which has a
significant impact on both the supply of and demand for long-term loans as borrowers try
to hedge against inflation risk by borrowing at fixed rates while lenders hedge against
inflation risk by offering loans at floating rates. As a result, most of the increase in
the volume of private loans in the financial system until December 31, 2009 was
concentrated in short-term products. For example, the ratio of personal loans, overdrafts
and documents to GDP has increased from 3% in June 2003 to 6% as of December 31, 2009
while long-term loans represented by mortgages and secured loans have decreased from 3% to
2% of GDP during the same period (despite substantial GDP growth during the period).
 
    
    Stable intermediation spread. Based on the low banking penetration in Argentina, we
believe that the expected loan growth mix, with a larger participation of consumer loans
compared to commercial loans, will improve spreads. However, price competition could
offset this effect and intermediation spreads might remain stable.
  62




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##### Table of Contents



Private sector loan portfolio credit quality
    Organic growth complemented by strategic acquisitions
   RESULTS OF OPERATIONS
         63




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##### Table of Contents



YEAR ENDED DECEMBER 31, 2009 COMPARED TO YEAR ENDED DECEMBER 31, 2008 AND YEAR ENDED DECEMBER 31,
2008 COMPARED TO YEAR ENDED DECEMBER 31, 2007
 Net Income
  2007
    
    
    2008
    
    
    2009(in thousands of pesos)Financial income
    
    
    1,890,422
    
    
    
    3,029,860
    
    
    
    3,860,452Financial expenses
    
    
    (805,265
    )
    
    
    (1,342,062
    )
    
    
    (1,511,607
    )Gross intermediation margin
    
    
    1,085,157
    
    
    
    1,687,798
    
    
    
    2,348,845Provision for loan losses
    
    
    (94,717
    )
    
    
    (297,606
    )
    
    
    (197,512
    )Service charge income
    
    
    662,326
    
    
    
    891,700
    
    
    
    1,050,275Service charge expenses
    
    
    (150,282
    )
    
    
    (172,401
    )
    
    
    (226,599
    )Administrative expenses
    
    
    (997,466
    )
    
    
    (1,270,002
    )
    
    
    (1,522,420
    )Net other income
    
    
    84,610
    
    
    
    85,122
    
    
    
    (36,317
    )Income before income tax
    
    
    589,628
    
    
    
    924,611
    
    
    
    1,416,272Income tax
    
    
    (92,345
    )
    
    
    (261,207
    )
    
    
    (659,250
    )Minority Interest
    
    
    (2,083
    )
    
    
    (3,354
    )
    
    
    (5,092
    )Net income
    
    
    495,200
    
    
    
    660,050
    
    
    
    751,930
  Financial Income
  2007 (1)
    
    
    2008 (1)
    
    
    2009(in thousands of pesos)Interest on cash and due from banks
    
    
    19,917
    
    
    
    7,010
    
    
    
    363Interest on loans to the financial sector
    
    
    32,157
    
    
    
    15,584
    
    
    
    7,491Interest on overdrafts
    
    
    177,490
    
    
    
    357,215
    
    
    
    340,275Interest on documents (3)
    
    
    103,428
    
    
    
    184,852
    
    
    
    195,069Interest on mortgage loans
    
    
    68,065
    
    
    
    97,057
    
    
    
    104,016Interest on pledge loans (2)
    
    
    51,480
    
    
    
    64,499
    
    
    
    55,081Interest on credit card loans
    
    
    55,665
    
    
    
    117,952
    
    
    
    183,369Interest on other loans (4)
    
    
    578,737
    
    
    
    1,032,837
    
    
    
    1,243,788Interest on other receivables from financial intermediation
    
    
    18,471
    
    
    
    14,416
    
    
    
    74Income from government and private securities, net
    
    
    488,757
    
    
    
    641,299
    
    
    
    1,370,981Income from guaranteed loans (6)
    
    
    35,043
    
    
    
    37,043
    
    
    
    7,232Net income from options
    
    
    1,604
    
    
    
    261
    
    
    
    CER (Indexation by benchmark stabilization coefficient) (5)
    
    
    78,065
    
    
    
    70,477
    
    
    
    18,652CVS (Indexation by salary variation coefficient)
    
    
    1,605
    
    
    
    818
    
    
    
    728Difference in quoted prices of gold and foreign currency
    
    
    48,823
    
    
    
    143,094
    
    
    
    133,731Other (7)
    
    
    131,115
    
    
    
    245,446
    
    
    
    199,602Total financial income
    
    
    1,890,422
    
    
    
    3,029,860
    
    
    
    3,860,452
 (1)
    
    See note 4.2 to our audited consolidated financial statements for the year ended December 31, 2009.(2)
    
    Includes primarily income on secured car loans.(3)
    
    Includes income on factoring, check cashing advances and loans with promissory notes.(4)
    
    Includes interest on loans not classified under prior headings.(5)
    
    Includes CER accrued for all the assets subject to adjustment by CER.(6)
    
    Includes income on loans to the Argentine government that were issued in exchange for federal and provincial government bonds.(7)
    
    Principally results from forward foreign currency transactions and result from lending activity. 2009 and 2008
  64




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2008 and 2007
      December 31 2007
    
    
    December 31 2008
    
    
    December 31 2009vs.
    
    
    vs.
    
    
    vs.December 31 2006
    
    
    December 31 2007
    
    
    December 31 2008Changes in financial income
    
    Increase (Decrease)
    
    
    Increase (Decrease)
    
    
    Increase (Decrease)(in thousands of pesos)Due to changes in the volume of interest-earning assets
    
    
    622,135
    
    
    
    575,552
    
    
    
    415,524Due to changes in average nominal rates of interest-earning assets
    
    
    57,122
    
    
    
    373,687
    
    
    
    556,974Net change
    
    
    679,257
    
    
    
    949,239
    
    
    
    972,498
 December 31 2007
    
    
    December 31 2008
    
    
    December 31 2009vs.
    
    
    vs.
    
    
    vs.December 31 2006
    
    
    December 31 2007
    
    
    December 31 2008Changes in financial income due to changes in volume
    
    Increase (Decrease)
    
    
    Increase (Decrease)
    
    
    Increase (Decrease)(in thousands of pesos)Government securities
    
    
    156,313
    
    
    
    51,613
    
    
    
    353,671Loans to private and financial sector
    
    
    432,609
    
    
    
    546,098
    
    
    
    53,321Loans to public sector
    
    
    4,905
    
    
    
    (635
    )
    
    
    (36,236
    )Other assets
    
    
    28,308
    
    
    
    (21,524
    )
    
    
    44,768Net change
    
    
    622,135
    
    
    
    575,552
    
    
    
    415,524
  65




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##### Table of Contents



December 31 2007
    
    
    December 31 2008
    
    
    December 31 2009vs.
    
    
    vs.
    
    
    vs.December 31 2006
    
    
    December 31 2007
    
    
    December 31 2008Changes in financial income due to changes in nominal rates
    
    Increase (Decrease)
    
    
    Increase (Decrease)
    
    
    Increase (Decrease)(in thousands of pesos)Government securities
    
    
    6,612
    
    
    
    45,829
    
    
    
    318,338Loans to private and financial sector
    
    
    72,404
    
    
    
    263,966
    
    
    
    214,313Loans to public sector
    
    
    (46,757
    )
    
    
    (12,882
    )
    
    
    (22,375
    )Other assets
    
    
    24,863
    
    
    
    76,774
    
    
    
    1,948Net change
    
    
    57,122
    
    
    
    373,687
    
    
    
    556,974
 Financial expenses
  2007 (1)
    
    
    2008 (1)
    
    
    2009(in thousands of pesos)Interest on checking accounts
    
    
    19,968
    
    
    
    17,708
    
    
    
    16,423Interest on savings accounts
    
    
    11,372
    
    
    
    14,534
    
    
    
    17,094Interest on time deposits
    
    
    457,395
    
    
    
    933,881
    
    
    
    1,146,013Interest on interfinancing received loans (received call)
    
    
    4,608
    
    
    
    3,909
    
    
    
    2,679Interest on other financing from the financial institutions
    
    
    226
    
    
    
    28
    
    
    
    62Interest on other liabilities from financial intermediation (2)
    
    
    70,706
    
    
    
    91,083
    
    
    
    81,510Interest on subordinated corporate bonds
    
    
    49,858
    
    
    
    47,523
    
    
    
    54,874Other interest
    
    
    9,768
    
    
    
    8,762
    
    
    
    2,692Net loss from options
    
    
    
    
    
    
    
    
    
    
    1CER adjustment (3)
    
    
    43,717
    
    
    
    32,946
    
    
    
    4,341Contribution to Deposit Guarantee Fund
    
    
    20,182
    
    
    
    25,945
    
    
    
    30,038Other (4)
    
    
    117,465
    
    
    
    165,743
    
    
    
    155,880Total financial expenses
    
    
    805,265
    
    
    
    1,342,062
    
    
    
    1,511,607
 (1)
    
    See note 4.2 to our audited consolidated financial statements for the year ended December 31, 2009.(2)
    
    Includes lines of credit from other banks, repurchase agreements, liquidity assistance from the Central Bank.(3)
    
    Includes CER accrued for all the liabilities subject to adjustment by CER.(4)
    
    Mainly resulting from turn over tax. 2009 and 2008
   2008 and 2007
    66




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December 31 2007
    
    
    December 31 2008
    
    
    December 31 2009vs.
    
    
    vs.
    
    
    vs.December 31 2006
    
    
    December 31 2007
    
    
    December 31 2008Increase (Decrease)
    
    
    Increase (Decrease)
    
    
    Increase (Decrease)(in thousands of pesos)Financial Expense due to changes in
the volume of interest-bearing
liabilities
    
    
    291,394
    
    
    
    266,157
    
    
    
    111,170Financial Expense due to changes in
average nominal rates of
interest-bearing liabilities
    
    
    51,275
    
    
    
    218,692
    
    
    
    31,052Net change
    
    
    342,669
    
    
    
    484,849
    
    
    
    142,222
 December 31 2007
    
    
    December 31 2008
    
    
    December 31 2009vs.
    
    
    vs.
    
    
    vs.December 31 2006
    
    
    December 31 2007
    
    
    December 31 2008Changes in financial expense due to changes in volume
    
    Increase (Decrease)
    
    
    Increase (Decrease)
    
    
    Increase (Decrease)(in thousands of pesos)Deposits
    
    
    153,069
    
    
    
    276,410
    
    
    
    154,251Borrowings from Central Bank and other financial institutions
    
    
    21,537
    
    
    
    (8,515
    )
    
    
    (24,951
    )Corporate Bonds
    
    
    101,188
    
    
    
    14,163
    
    
    
    (3,004
    )Other liabilities
    
    
    15,600
    
    
    
    (16,265
    )
    
    
    (15,126
    )Net change
    
    
    291,394
    
    
    
    266,157
    
    
    
    111,170
 December 31 2007
    
    
    December 31 2008
    
    
    December 31 2009vs.
    
    
    vs.
    
    
    vs.December 31 2006
    
    
    December 31 2007
    
    
    December 31 2008Changes in financial expense due to changes in nominal rates
    
    Increase (Decrease)
    
    
    Increase (Decrease)
    
    
    Increase (Decrease)(in thousands of pesos)Deposits
    
    
    36,596
    
    
    
    193,460
    
    
    
    57,451Borrowings from Central Bank and other financial institutions
    
    
    9,472
    
    
    
    1,545
    
    
    
    (11,833
    )Corporate Bonds
    
    
    1,711
    
    
    
    (1,723
    )
    
    
    108Other liabilities
    
    
    3,496
    
    
    
    25,410
    
    
    
    (14,674
    )Net change
    
    
    51,275
    
    
    
    218,692
    
    
    
    31,052
 Provision for loan losses
 2009 and 2008
 2008 and 2007
  67




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##### Table of Contents



Service charge income
  2007 (1)
    
    
    2008 (1)
    
    
    2009(in thousands of pesos)Service charges on deposit accounts
    
    
    398,569
    
    
    
    587,426
    
    
    
    669,668Debit and credit card income
    
    
    95,644
    
    
    
    153,210
    
    
    
    171,746Other fees related to foreign trade
    
    
    15,947
    
    
    
    19,261
    
    
    
    26,682Credit-related fees
    
    
    53,995
    
    
    
    63,669
    
    
    
    60,741Capital markets and securities activities
    
    
    2,951
    
    
    
    2,517
    
    
    
    1,721Lease of safe-deposit boxes
    
    
    12,904
    
    
    
    16,282
    
    
    
    21,015Fees related to guarantees
    
    
    2,789
    
    
    
    1,750
    
    
    
    629Other (2)
    
    
    79,527
    
    
    
    47,585
    
    
    
    98,073Total service charge income
    
    
    662,326
    
    
    
    891,700
    
    
    
    1,050,275
 (1)
    
    See note 4.2 to our audited financial statements for the year ended December 31, 2009.(2)
    
    Includes insurance income. 2009 and 2008
 2008 and 2007
 Service charge expenses
   Administrative expenses
  2007(1)
    
    
    2008 (1)
    
    
    2009(in thousands of pesos)Personnel expenses
    
    
    589,021
    
    
    
    798,236
    
    
    
    966,963Directors and statutory auditors fees
    
    
    37,695
    
    
    
    26,941
    
    
    
    36,413Other professional fees
    
    
    42,428
    
    
    
    55,012
    
    
    
    65,533Advertising and publicity
    
    
    50,343
    
    
    
    53,178
    
    
    
    46,861Taxes
    
    
    53,914
    
    
    
    70,994
    
    
    
    79,784Depreciation of equipment
    
    
    42,723
    
    
    
    50,543
    
    
    
    53,993Amortization of organization costs
    
    
    17,923
    
    
    
    25,557
    
    
    
    33,317Maintenance, conservation and repair expenses
    
    
    36,930
    
    
    
    48,251
    
    
    
    68,620Security services
    
    
    35,487
    
    
    
    42,241
    
    
    
    47,668Electric power and communications
    
    
    32,206
    
    
    
    37,240
    
    
    
    46,054Lease payments
    
    
    18,686
    
    
    
    21,769
    
    
    
    34,638Insurance
    
    
    6,110
    
    
    
    6,090
    
    
    
    7,331Stationery and office supplies
    
    
    14,739
    
    
    
    15,335
    
    
    
    11,817Other
    
    
    19,261
    
    
    
    18,615
    
    
    
    23,428Total administrative expenses
    
    
    997,466
    
    
    
    1,270,002
    
    
    
    1,522,420
 (1)
    
    See note 4.2 to our audited consolidated financial statements for the year ended December 31, 2009. 2009 and 2008
 2008 and 2007
  68




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##### Table of Contents



Net other income
   Income tax
   B. Liquidity and Capital Resources
           69




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##### Table of Contents



Minimum capital requirements
  As of December 31,2007
    
    
    2008
    
    
    2009(in thousands of pesos, exceptratios and percentages)Calculation of excess capital:Allocated to assets at risk
    
    
    749,855
    
    
    
    939,296
    
    
    
    970,578Allocated to Bank premises and equipment, intangible assets and
equity investment assets
    
    
    95,729
    
    
    
    87,113
    
    
    
    95,705Market risk(1)
    
    
    127,445
    
    
    
    49,899
    
    
    
    39,764Interest rate risk
    
    
    102,343
    
    
    
    204,510
    
    
    
    201,451Government sector and securities in investment account
    
    
    38,609
    
    
    
    60,780
    
    
    
    36,544Incremental requirement
    
    
    36,202
    
    
    
    
    
    
    
    Required minimum capital under Central Bank Rules
    
    
    1,150,183
    
    
    
    1,341,598
    
    
    
    1,344,042Basic net worth
    
    
    2,697,416
    
    
    
    2,688,679
    
    
    
    3,193,973Complementary net worth
    
    
    461,405
    
    
    
    625,756
    
    
    
    691,107Deductions
    
    
    (189,145
    )
    
    
    (200,610
    )
    
    
    (176,784
    )Total capital under Central Bank Rules
    
    
    2,969,676
    
    
    
    3,113,825
    
    
    
    3,708,296Excess capital
    
    
    1,819,493
    
    
    
    1,772,227
    
    
    
    2,364,254Selected capital and liquidity ratios:Regulatory capital/risk weighted assets
    
    
    26.81
    %
    
    
    22.95
    %
    
    
    27.38
    %Average shareholders equity as a percentage of average total assets
    
    
    13.91
    %
    
    
    12.71
    %
    
    
    12.75
    %Total liabilities as a multiple of total shareholders equity
    
    
    6.27
    x
    
    
    6.95
    x
    
    
    7.00
    xCash as a percentage of total deposits
    
    
    22.94
    %
    
    
    22.26
    %
    
    
    26.98
    %Liquid assets as a percentage of total deposits (2)
    
    
    52.01
    %
    
    
    48.80
    %
    
    
    53.70
    %Loans as a percentage of total assets
    
    
    50.60
    %
    
    
    50.29
    %
    
    
    41.31
    %
 (1)
    
    Average Var for December.(2)
    
    Liquid assets include cash, LEBACs, NOBACs, interbanking loans and overnight loans to highly rated companies.   70




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##### Table of Contents



Funding
  As of December 312007 (1)
    
    
    2008 (1)
    
    
    2009(in thousands of pesos)DepositsFrom the non-financial government sector
    
    
    1,774,121
    
    
    
    3,937,961
    
    
    
    3,613,924From the financial sector
    
    
    13,310
    
    
    
    22,438
    
    
    
    14,052From the non-financial private sector and foreign residentsChecking accounts
    
    
    2,599,682
    
    
    
    2,581,060
    
    
    
    3,275,826Savings accounts
    
    
    2,780,350
    
    
    
    2,716,913
    
    
    
    3,445,577Time deposits
    
    
    5,907,005
    
    
    
    6,031,882
    
    
    
    7,711,471Investment accounts (2)
    
    
    63,063
    
    
    
    155,936
    
    
    
    52,286Other (3)
    
    
    391,176
    
    
    
    321,020
    
    
    
    416,503Accrued interest, adjustments, foreign exchange
and quoted price differences payable
    
    
    62,442
    
    
    
    61,147
    
    
    
    63,227Borrowing from Central Bank and financial institutionsCentral Bank
    
    
    347,896
    
    
    
    302,760
    
    
    
    1,897Banks and international institutions
    
    
    164,829
    
    
    
    232,422
    
    
    
    227,214Financing received from Argentine financial institutions
    
    
    160,296
    
    
    
    73,806
    
    
    
    189,971Other
    
    
    493,912
    
    
    
    627,140
    
    
    
    733,943Minority interest in subsidiaries
    
    
    12,640
    
    
    
    15,568
    
    
    
    20,684Non-subordinated Corporate Bonds
    
    
    799,537
    
    
    
    724,873
    
    
    
    616,735Subordinated Corporate Bonds
    
    
    490,695
    
    
    
    521,681
    
    
    
    572,473Shareholders equity
    
    
    2,713,020
    
    
    
    2,821,911
    
    
    
    3,358,801Total funding
    
    
    18,773,974
    
    
    
    21,148,518
    
    
    
    24,314,584
 (1)
    
    See note 4.2 to our audited consolidated financial statements for the year ended December 31, 2009.(2)
    
    Time deposit payable at the option of the depositor.(3)
    
    Includes, among others, expired time deposits and judicial deposits. Critical accounting policies
   Income tax
         71




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##### Table of Contents



Exposure to the Argentine Public Sector and Private Securities
 PGNs
          Government and private securities
 Instruments issued by the Central Bank and other unlisted securities
    72




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##### Table of Contents



Holdings in special investment accounts in accordance with Central Bank Rules
   Allowance for loan losses
           Credit card loans
   73




---



##### Table of Contents



Impaired loansNon Financial Private Sector and residents abroad
  Interest recognitionnon-accrual loans
   Intangible assetsJudgments due to court decisions related to foreign currency- denominated
deposits
     Business combination
    Fair value of financial and non-financial instruments
  
    
    Inclusion of nonfinancial assets and nonfinancial liabilities, which for the Bank primarily
related to other real estate owned.
    
    Estimation of fair value when the volume of level of activity for an asset or liability has
significantly decreased in relation to normal market activity; additional guidance to determine
when a transaction is not orderly; and enhanced disclosure of fair value measurements.
  74




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##### Table of Contents



a)
    
    Quoted prices for similar assets or liabilities in active markets;b)
    
    Quoted prices for identical or similar assets or liabilities in less-active markets;c)
    
    Pricing models whose inputs are observable for substantially the full term of the
asset or liability; andd)
    
    Pricing models whose inputs are derived principally from or corroborated by
observable market data through correlation or other means for substantially the full term
of the asset or liability.
      C. Research and Development, Patents and Licenses, Etc.
  D. Trend Information
   
    
    The use of bank services by state and private employees and retirees through the opening
of savings accounts.
 
    
    Granting of personal loans to state and private employees and retirees.
 
    
    The delivery of limited-risk credit cards as a result of diversification and the
automatic debit of the minimum account payment.
 
    
    Marketing of other types of services, such as insurance, interbank transfers, service
payments, etc.
  
    
    Creating an excellent source of resources with very low volatility and costs.
 
    
    Expanding the portfolio related to loans distributed among a significant number of
people, the risk in this type of financing being relatively low.
 
    
    Applying the markets lowest rates in personal loans and credit cards, thus enabling the
systematic growth of loan stock.
 
    
    Fixing strategic agreements with companies to allow the Bank to place commercial loans
in companies with profitable projects and growth prospects, and providing new individuals
accounts simultaneously to allow them to receive their salaries.
  75




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##### Table of Contents



E. Off-Balance Sheet Arrangements
   F. Contractual Obligations
  Payments due by periodLess than
    
    
    
    
    
    
    
    
    
    
    AfterTotal
    
    
    1 year
    
    
    1-3 years
    
    
    3-5 years
    
    
    5 years(in thousands of pesos)Contractual obligationsCentral Bank
    
    
    1,897
    
    
    
    1,363
    
    
    
    109
    
    
    
    
    
    
    
    425Banks and international institutions
    
    
    227,214
    
    
    
    227,214
    
    
    
    
    
    
    
    
    
    
    
    Corporate Bonds
    
    
    616,735
    
    
    
    15,719
    
    
    
    197,066
    
    
    
    
    
    
    
    403,950Financing received from Argentine financial institutions
    
    
    189,971
    
    
    
    149,122
    
    
    
    8,403
    
    
    
    10,621
    
    
    
    21,825Other
    
    
    733,943
    
    
    
    652,330
    
    
    
    4,528
    
    
    
    1,398
    
    
    
    75,687Operating leases
    
    
    48,700
    
    
    
    20,100
    
    
    
    19,191
    
    
    
    5,392
    
    
    
    4,017Subordinated corporate bonds
    
    
    572,473
    
    
    
    2,968
    
    
    
    
    
    
    
    
    
    
    
    569,505Total contractual obligations
    
    
    2,390,933
    
    
    
    1,068,816
    
    
    
    229,297
    
    
    
    17,411
    
    
    
    1,075,409Commercial commitmentsLines of credit
    
    
    29,449
    
    
    
    29,449
    
    
    
    
    
    
    
    
    
    
    
    Guarantees
    
    
    216,039
    
    
    
    54,853
    
    
    
    50,391
    
    
    
    12,683
    
    
    
    98,112Standby letters of credit
    
    
    221,226
    
    
    
    215,950
    
    
    
    5,276
    
    
    
    
    
    
    
    Total commercial commitments
    
    
    466,714
    
    
    
    300,252
    
    
    
    55,667
    
    
    
    12,683
    
    
    
    98,112
 
 Item 6.
    
    Directors, Senior Management and Employees
 A. Directors and Senior Management
   76




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DUTIES AND LIABILITIES OF DIRECTORS
   BOARD OF DIRECTORS
  Year ofYear First
    
    Expiration ofName
    
    Position
    
    Age
    
    Appointed
    
    TermJorge Horacio Brito
    
    Chairman
    
    57
    
    2002
    
    2011Delfín Jorge Ezequiel Carballo
    
    Vice Chairman
    
    57
    
    2002
    
    2011Jorge Pablo Brito
    
    Director
    
    30
    
    2002
    
    2011Marcos Brito
    
    Director
    
    27
    
    2007
    
    2011Juan Pablo Brito Devoto
    
    Director
    
    49
    
    2002
    
    2010Roberto Julio Eilbaum
    
    Director
    
    65
    
    2002
    
    2010Luis Carlos Cerolini
    
    Director
    
    55
    
    2002
    
    2010Carlos Enrique Videla
    
    Director
    
    64
    
    2002
    
    2009Alejandro Macfarlane
    
    Director
    
    44
    
    2005
    
    2009Guillermo Eduardo Stanley
    
    Director
    
    61
    
    2006
    
    2009Constanza Brito
    
    Director
    
    28
    
    2007
    
    2009Mario Eduardo Bartolomé
    
    Alternate director
    
    64
    
    2004
    
    2011Ernesto Eduardo Medina
    
    Alternate director
    
    42
    
    2002
    
    2011Delfin Federico Ezequiel Carballo
    
    Alternate director
    
    25
    
    2009
    
    2011Fernando Raúl García Pulles
    
    Alternate director
    
    54
    
    2007
    
    2011
  Year ofYear First
    
    Expiration ofName
    
    Position
    
    Age
    
    Appointed
    
    TermJorge Horacio Brito
    
    Chairman
    
    57
    
    2002
    
    2011Delfín Jorge Ezequiel Carballo
    
    Vice Chairman
    
    57
    
    2002
    
    2011Jorge Pablo Brito
    
    Director
    
    30
    
    2002
    
    2011Marcos Brito
    
    Director
    
    27
    
    2007
    
    2011Juan Pablo Brito Devoto
    
    Director
    
    50
    
    2002
    
    2010Roberto Julio Eilbaum
    
    Director
    
    65
    
    2002
    
    2010Luis Carlos Cerolini
    
    Director
    
    56
    
    2002
    
    2010Carlos Enrique Videla
    
    Director
    
    65
    
    2002
    
    2012Alejandro Macfarlane
    
    Director
    
    44
    
    2005
    
    2012Guillermo Eduardo Stanley
    
    Director
    
    61
    
    2006
    
    2012Constanza Brito
    
    Director
    
    28
    
    2007
    
    2012Rafael Magnanini (1)
    
    Director
    
    51
    
    2010
    
    2012Mario Eduardo Bartolomé
    
    Alternate director
    
    64
    
    2004
    
    2011Ernesto Eduardo Medina
    
    Alternate director
    
    43
    
    2002
    
    2011Delfin Federico Ezequiel Carballo
    
    Alternate director
    
    25
    
    2009
    
    2011Fernando Raúl García Pulles
    
    Alternate director
    
    54
    
    2007
    
    2011
 (1)
    
    Pending Central Bank approval  77




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##### Table of Contents



SENIOR MANAGEMENT
   Year FirstNames
    
    Position
    
    Age
    
    AppointedJorge Horacio Brito
    
    Chief Executive Officer
    
    57
    
    2002Delfín Jorge Ezequiel Carballo
    
    Chief Financial Officer
    
    57
    
    2002Juan Pablo Brito Devoto
    
    Chief Accounting Officer
    
    49
    
    2002Jorge Pablo Brito
    
    Coordinator of the Executive Committee
    
    30
    
    2006Guillermo Goldberg
    
    Deputy general manager
    
    52
    
    2005Ernesto Eduardo Medina
    
    Deputy general manager
    
    42
    
    2007Jorge Francisco Scarinci
    
    Financial and Investor relations manager
    
    39
    
    2006Ana María Magdalena Marcet
    
    Credit risk manager
    
    48
    
    2002Miguel Leon Gurfinkiel
    
    Government portfolio manager
    
    59
    
    2006Horacio Ricardo Sistac
    
    Corporate banking manager
    
    53
    
    2005Francisco Muro
    
    Retail banking manager
    
    36
    
    2008Brian Anthony
    
    Distribution and sales manager
    
    36
    
    2005Eduardo Roque Covello
    
    Operations manager
    
    52
    
    2004Máximo Eduardo Lanusse
    
    Administration manager
    
    36
    
    2007Daniel Hugo Violatti
    
    Accountancy and Tax manager
    
    47
    
    2003Constanza Brito
    
    Human Resources and Organization and processes manager
    
    28
    
    2005Carmen Esther Estévez
    
    Internal audit manager
    
    52
    
    2002Ernesto López
    
    Legal manager
    
    37
    
    2008María Milagro Medrano
    
    Institutional relations manager
    
    33
    
    2002Gerardo Adrian Alvarez
    
    Security and Fraud control manager
    
    40
    
    2008Miguel Angel Fernandez
    
    Systems manager
    
    53
    
    2009Alberto Figueroa
    
    Management Control and Relationship with Central Bank manager
    
    49
    
    2009Guillermo Powell
    
    Systems Security Manager
    
    50
    
    2009
  Asociación de Bancos Argentinos ADEBA) Banco del Tucumán S.A. Macro
Securities S.A. Sociedad de Bolsa Inversora Juramento S.A.
 ,
Banco del Tucumán S.A., Macro Securities S.A. Sociedad de Bolsa.
 Macro Warrants S.A., Inversora Juramento S.A., Banco del Tucumán
S.A., Sud Inversiones y Análisis S.A. Macro Securities S.A. Sociedad de Bolsa.
   78




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##### Table of Contents



Macro Bank,
and Sud Inversiones y Análisis S.A. Banco del Tucumán S.A. Macro
Securities S.A. Sociedad de Bolsa.
 Sud Inversiones y
Analisis S.A Banco del Tucumán S.A.
 Provincanje S.A. Banco del Tucumán S.A., Sud Inversiones y Análisis S.A., Macro Securities S.A.
Sociedad de Bolsa ACH S.A. Cámara Compensadora Electrónica.
  Empresa Distribuidora y Comercializadora Norte or Edenor
S.A
 Havanna S.A.
 Banco del Tucumán S.A.
   Estudio García Pulles-Calatrava & Asociados Estudio OFarrell
        79




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##### Table of Contents



Banco del Tucumán
S.A.
     B. Compensation
     80




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##### Table of Contents



C. Board Practices
 Corporate Governance
 www.macro.com.ar
 Independence of the Members of the Board of Directors and the Supervisory Committee
      Supervisory Committee
 sociedad anónima
   Year of
    
    CurrentName
    
    Position
    
    Age
    
    Appointment
    
    Term EndsAlejandro Almarza
    
    Syndic
    
    54
    
    2009
    
    April 2010Santiago Marcelo Maidana
    
    Syndic
    
    79
    
    2009
    
    April 2010Leonardo Pablo Cortigiani
    
    Syndic
    
    41
    
    2009
    
    April 2010Carlos Javier Piazza
    
    Alternate syndic
    
    51
    
    2009
    
    April 2010Horacio Della Rocca
    
    Alternate syndic
    
    57
    
    2009
    
    April 2010Alejandro Carlos Piazza
    
    Alternate syndic
    
    55
    
    2009
    
    April 2010
  81




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##### Table of Contents



Year of
    
    CurrentName
    
    Position
    
    Age
    
    Appointment
    
    Term EndsAlejandro Almarza
    
    Syndic
    
    55
    
    2010
    
    April 2011Santiago Marcelo Maidana
    
    Syndic
    
    80
    
    2010
    
    April 2011Leonardo Pablo Cortigiani
    
    Syndic
    
    41
    
    2010
    
    April 2011Carlos Javier Piazza
    
    Alternate syndic
    
    51
    
    2010
    
    April 2011Horacio Della Rocca
    
    Alternate syndic
    
    57
    
    2010
    
    April 2011Alejandro Carlos Piazza
    
    Alternate syndic
    
    55
    
    2010
    
    April 2011
  Macro
Securities S.A. Sociedad de Bolsa Sud Inversiones y Análisis S.A Banco del Tucumán
S.A.
 Macro
Securities S.A. Sociedad de Bolsa Sud Inversiones y Análisis S.A.
 Macro Securities S.A. Sociedad de Bolsa Sud Inversiones y Análisis S.A
 Macro Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversion S.A Macro Securities S.A. Sociedad de Bolsa Sud Inversiones y Análisis S.A
 of Macro Fondos S.A. Sociedad Gerente de Fondos Comunes de
Inversión S.A. Banco del Tucumán
S.A., Macro Securities S.A. Sociedad de Bolsa Sud
Inversiones y Análisis S.A.
 of Macro Fondos S.A. Sociedad Gerente
de Fondos Comunes de Inversión S.A. Macro Securities S.A. Sociedad de
Bolsa Sud Inversiones y Análisis S.A.
 Audit Committee
     Year ofName
    
    Position
    
    Age
    
    Appointment
    
    StatusGuillermo Eduardo Stanley
    
    Chairman
    
    61
    
    2007
    
    IndependentCarlos Enrique Videla
    
    Vice Chairman
    
    64
    
    2007
    
    IndependentAlejandro Macfarlane
    
    Member
    
    44
    
    2007
    
    IndependentFernando Raúl García Pulles
    
    Alternate Member
    
    54
    
    2007
    
    Independent
  82




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##### Table of Contents



Committees Reporting to the Board of Directors and to the CEO and the CFO
  Executive committee
  Name
    
    PositionJorge Horacio Brito
    
    ChairmanDelfín Jorge Ezequiel Carballo
    
    Vice ChairmanJorge Pablo Brito
    
    Director  coordinator
 Internal audit committee.
  Name
    
    PositionJorge Pablo Brito
    
    DirectorJuan Pablo Brito Devoto
    
    DirectorCarlos Enrique Videla
    
    Director  IndependentCarmen Estévez
    
    Internal audit manager  coordinator
 Systems.
   Name
    
    PositionJorge Pablo Brito
    
    DirectorJuan Pablo Brito Devoto
    
    DirectorGuillermo Goldberg
    
    Deputy general managerErnesto Eduardo Medina
    
    Deputy general managerMiguel Angel Fernandez
    
    Systems manager  coordinatorEduardo Roque Covello
    
    Operations managerBrian Anthony
    
    Distribution and Sales ManagerConstanza Brito
    
    Human Resources and Organization and Processes managerMaría Milagro Medrano
    
    Institutional relations managerDaniel Hugo Violatti
    
    Accountancy and Tax managerGuillermo Powell
    
    Systems security manager
  83




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##### Table of Contents



Senior credit committee.
 Name
    
    PositionJorge Horacio Brito
    
    ChairmanDelfín Jorge Ezequiel Carballo
    
    Vice ChairmanJorge Pablo Brito
    
    DirectorAna M. Marcet
    
    Credit Risk manager  coordinator
 Committee on assets and liabilities.
  Name
    
    PositionDelfin Jorge Ezequiel Carballo
    
    Vice ChairmanJorge Pablo Brito
    
    DirectorRoberto Eilbaum
    
    DirectorGuillermo Goldberg
    
    Deputy general managerJorge Scarinci
    
    Financial and Investor relations manager  coordinatorBrian Anthony
    
    Distribution and Sales managerHoracio Sistac
    
    Corporate banking managerFrancisco Muro
    
    Retail banking managerMarcos Brito
    
    Director
 Operational Risk committee
  Name
    
    PositionJorge Pablo Brito
    
    DirectorGuillermo Goldberg
    
    Deputy general managerErnesto Medina
    
    Deputy general managerAlberto Figueroa
    
    Management Control and Relationship with Central Bank
manager
 Anti-money laundering committee
  Name
    
    PositionLuis Cerolini
    
    DirectorRoberto Eilbaum
    
    DirectorErnesto Medina
    
    Deputy general managerAlfredo Cobos
    
    Responsible for Anti-money laundering sector  coordinatorAlberto Figueroa
    
    Management Control and Relationship with Central Bank manager
  84




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##### Table of Contents



Senior Legal Recovery committee.
  Name
    
    PositionLuis Cerolini
    
    DirectorJorge Pablo Brito
    
    DirectorJuan Pablo Brito Devoto
    
    DirectorErnesto López
    
    Legal manager-coordinatorAna M. Marcet
    
    Credit Risk managerMarcos Brito
    
    Director
 D. Employees
  As of December 31,Employees
    
    2007
    
    
    2008
    
    
    2009Headquarters
    
    
    2,713
    
    
    
    2,805
    
    
    
    2,775Branches
    
    
    5,201
    
    
    
    5,168
    
    
    
    5,088Total
    
    
    7,914
    
    
    
    7,973
    
    
    
    7,863
 E. Share Ownership
   Number of
    
    
    Number of
    
    
    Percentage of
    
    
    Percentage ofClass A
    
    
    Class B
    
    
    Capital stock
    
    
    Voting rightsShareholder Name
    
    shares owned
    
    
    shares owned
    
    
    (%)
    
    
    (%)Jorge Horacio Brito
    
    
    5,292,143
    
    
    
    117,431,806
    
    
    
    20.64
    %
    
    
    22.50
    %Delfín Jorge Ezequiel Carballo
    
    
    4,895,416
    
    
    
    108,408,833
    
    
    
    19.06
    %
    
    
    20.78
    %Juan Pablo Brito Devoto
    
    
    281,590
    
    
    
    6,310,409
    
    
    
    1.11
    %
    
    
    1.21
    %Jorge Pablo Brito
    
    
    
    
    
    
    500,000
    
    
    
    0.08
    %
    
    
    0.08
    %Luis Carlos Cerolini
    
    
    
    
    
    
    168,500
    
    
    
    0.03
    %
    
    
    0.03
    %Carlos Enrique Videla
    
    
    5,874
    
    
    
    72,843
    
    
    
    0.01
    %
    
    
    0.02
    %Total
    
    
    10,475,023
    
    
    
    232,892,391
    
    
    
    40.93
    %
    
    
    44.62
    %
   85




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##### Table of Contents



Number of
    
    
    Number of
    
    
    Percentage of
    
    
    Percentage ofClass A
    
    
    Class B
    
    
    Capital stock
    
    
    Voting rightsShareholder Name
    
    shares owned
    
    
    shares owned
    
    
    (%)
    
    
    (%)Jorge Horacio Brito
    
    
    5,292,143
    
    
    
    117,431,806
    
    
    
    20.64
    %
    
    
    22.50
    %Delfín Jorge Ezequiel Carballo
    
    
    4,895,416
    
    
    
    108,408,833
    
    
    
    19.06
    %
    
    
    20.78
    %Juan Pablo Brito Devoto
    
    
    281,590
    
    
    
    6,310,409
    
    
    
    1.11
    %
    
    
    1.21
    %Jorge Pablo Brito
    
    
    
    
    
    
    372,700
    
    
    
    0.06
    %
    
    
    0.06
    %Luis Carlos Cerolini
    
    
    
    
    
    
    137,000
    
    
    
    0.02
    %
    
    
    0.02
    %Carlos Enrique Videla
    
    
    5,874
    
    
    
    34,927
    
    
    
    0.01
    %
    
    
    0.01
    %Total
    
    
    10,475,023
    
    
    
    232,695,675
    
    
    
    40.90
    %
    
    
    44.58
    %
 
 Item 7.
    
    Major Shareholders and Related Party Transactions
 A. Major Shareholders
   Number of
    
    
    Number of
    
    
    
    
    
    
    Percentage of
    
    
    Percentage ofClass A
    
    
    Class B
    
    
    
    
    
    
    capital stock
    
    
    Voting rightsShareholder Name
    
    shares owned
    
    
    shares owned
    
    
    Total
    
    
    (%)
    
    
    (%)ANSES
    
    
    
    
    
    
    182,053,609
    
    
    
    182,053,609
    
    
    
    30.62
    %(1)
    
    
    28.47
    %Jorge Horacio Brito
    
    
    5,292,143
    
    
    
    117,431,806
    
    
    
    122,723,949
    
    
    
    20.64
    %
    
    
    22.50
    %Delfín Jorge Ezequiel Carballo
    
    
    4,895,416
    
    
    
    108,408,833
    
    
    
    113,304,249
    
    
    
    19.06
    %
    
    
    20.78
    %Other Shareholders
    
    
    1,048,111
    
    
    
    175,355,250
    
    
    
    176,403,361
    
    
    
    29.68
    %(2)
    
    
    28.25
    %Total
    
    
    11,235,670
    
    
    
    583,249,498
    
    
    
    594,485,168
    
    
    
    100.00
    %
    
    
    100.00
    %
 (1)
    
    Although ANSES holds capital stock for up to 30.62%, pursuant to section 8 of Law No.
26,425 and its cross-reference to section 76 of Law No. 24,241, such shareholders voting rights
are limited to 5%. In the shareholders meetings held on April 21, May 12 and 27, 2009, ANSES made
reserve of the right to vote without such limit.(2)
    
    The 20.95% of capital stock is held in the form of ADSs issued by The Bank of New York.   Number of
    
    
    Number of
    
    
    
    
    
    
    Percentage of
    
    
    Percentage ofClass A
    
    
    Class B
    
    
    
    
    
    
    capital stock
    
    
    Voting rightsShareholder Name
    
    shares owned
    
    
    shares owned
    
    
    Total
    
    
    (%)
    
    
    (%)ANSES
    
    
    
    
    
    
    182,210,297
    
    
    
    182,210,297
    
    
    
    30.65
    %(1)
    
    
    28.50
    %Jorge Horacio Brito
    
    
    5,292,143
    
    
    
    117,431,806
    
    
    
    122,723,949
    
    
    
    20.64
    %
    
    
    22.50
    %Delfín Jorge Ezequiel Carballo
    
    
    4,895,416
    
    
    
    108,408,833
    
    
    
    113,304,249
    
    
    
    19.06
    %
    
    
    20.78
    %Other Shareholders
    
    
    1,048,111
    
    
    
    175,198,562
    
    
    
    176,246,673
    
    
    
    29.65
    %(2)
    
    
    28.22
    %Total
    
    
    11,235,670
    
    
    
    583,249,498
    
    
    
    594,485,168
    
    
    
    100.00
    %
    
    
    100.00
    %
 (1)
    
    Although ANSES holds capital stock for up to 30.65%, pursuant to section 8 of Law No. 26,425
and its cross-reference to section 76 of Law No. 24,241, such shareholders voting rights are
limited to 5%. In the shareholders meetings held on April 21, May 12 and 27, 2009 and April 6, 2010
ANSES made reserve of the right to vote without such limit.(2)
    
    The 21.66% of capital stock is held in the form of ADSs issued by The Bank of New York.  86




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##### Table of Contents



Outstanding CapitalDate
    
    Stock (Ps.)
    
    
    Event
    
    Major ShareholdersDecember 31, 2006
    
    
    683,943,437
    
    
    
    
    Jorge H. Brito 19.81 %Delfín Jorge Ezequiel Carballo 17.72%Juan Pablo Brito Devoto 0.10%December 31, 2007
    
    
    683,943,437
    
    
    Transfer of shares
    
    Jorge H. Brito 18.87% (1)Delfín Jorge Ezequiel Carballo 16.80% (1)Juan Pablo Brito Devoto 0.10% (1)February 29, 2008
    
    
    683,978,973
    
    
    Capital Increase (2)
    
    Jorge H. Brito 18.17%Delfín Jorge Ezequiel Carballo 16.56%Juan Pablo Brito Devoto 0.98%December 31, 2008
    
    
    683,978,973
    
    
    Transfer of shares (3)
    
    Jorge H. Brito 18.17%Delfín Jorge Ezequiel Carballo 16.56%Juan Pablo Brito Devoto 0.98%ANSES 26.62%April 30, 2009
    
    
    623,978,973
    
    
    Capital Decrease (4)
    
    Jorge H. Brito 20.11%Delfín Jorge Ezequiel Carballo 18.15%Juan Pablo Brito Devoto 1.07%ANSES 29.18%September 30, 2009
    
    
    594,485,168
    
    
    Capital Increase/Decrease
(5) (6)
    
    Jorge H. Brito 20.78%Delfín Jorge Ezequiel Carballo 19.05%Juan Pablo Brito Devoto 1.11%ANSES 30.62%
 (1)
    
    Monthly movements mainly from November 2006 to May 2007.(2)
    
    On June 4 and June 5, 2007, shareholders meetings for Banco Macro and Nuevo Banco Suquía,
respectively, resolved to authorize the merger of Nuevo Banco Suquía into the Bank and an increase
in the capital stock of the Banks from Ps.683,943,437 to Ps.683,978,973, issuing 35,536 Class B
ordinary shares with a Ps. 1.00 par value each and the right to one vote per share, to be granted
to the minority shareholders of Nuevo Banco Suquía, as a result of the merger. Although this
capital increase was authorized in 2007, the new shares were issued on February 12, 2008.(3)
    
    On November 20, 2008, the Argentine Congress passed Law No. 26,425 unifying the Argentine
pension and retirement system into a system publicly administered by the National Social Security
Agency (Administración Nacional de la Seguridad Social), or ANSES, eliminating the retirement
savings system previously administered by private pension funds under the supervision of a
governmental agency. In accordance with the new law, private pension funds transferred all of the
assets administered by them under the retirement savings system to ANSES. These transferred assets
included shares of Banco Macro. ANSES is subject to the same investment rules, prohibitions and
restrictions that were applicable to the Argentine private pension funds under the retirement
savings system, including Sections 75 and 76 of Law 24,241, which limited the voting rights of
private pension funds in shareholders meetings to 5% of the relevant companys shares.(4)
    
    Related to the reduction of the capital stock by 60,000,000 registered Class B shares entitled
to 1 vote each with a face value of Ps. 1 per share. These shares were included in the Banks
portfolio and were acquired under section 68, Law No. 17,811, as a result of the macroeconomic
context and fluctuations that the capital market was going through in general. On April 21, 2009,
and after BCBA authorization, the Banks general ordinary and extraordinary shareholders meeting
and special shareholders meeting approved the abovementioned capital reduction. During July 2009,
the CNV authorized, the IGJ registered, and the Central Bank consented to the capital stock
reduction.(5)
    
    Related to the capital increase through the issuance of Ps. 1,147,887 of new common, registered
Class B shares with a face value of Ps. 1, each one entitled to one vote, delivered to the minority
shareholders of former Nuevo Banco Bisel, in the merger process with such bank.(6)
    
    Related to the reduction of the capital stock by 30,641,692 Class B registered shares each one
entitled to one vote, with a face value of ARS 1 per share. These shares were included in the
Banks portfolio and were acquired under section 68, Law No. 17,811 for the same reasons mentioned
in paragraph (4) above. On September 10, 2009, the Banks general ordinary and extraordinary
shareholders meeting approved the abovementioned capital reduction subject to the BCBAs consent.
Subsequently, the BCBA and the CNV approved such capital reduction, the IGJ recorded it and the
Central Bank acknowledged it. B. Related Party Transactions
    87




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C. Interest of experts and counsel
  
 Item 8.
    
    Financial Information
 A. Consolidated Statements and Other Financial Information
  Legal Proceedings
   Dividend Policy
 pari passu
  AggregateDividendPaymentBased on financial statements for year ended
    
    
    
    
    
    Dividends per Share
    
    
    (in millions ofDecember 31,
    
    Payment Dates
    
    
    (in pesos)
    
    
    pesos)2003
    
    July 2004
    
    
    0.10
    
    
    
    60.92004
    
    April 2005
    
    
    0.05
    
    
    
    30.42005
    
    May 2006
    
    
    0.10
    
    
    
    68.42006
    
    May 2007
    
    
    0.15
    
    
    
    102.62007
    
    May 2008
    
    
    0.25
    
    
    
    171.02008
    
    September 2009
    
    
    0.25
    
    
    
    149.9
    (2)2009
    
    
    Pending
    (1)
    
    0.35
    
    
    
    208.1
 (1)
    
    For the fiscal year ended December 31, 2009, dividends approved by the shareholders meeting
held on April 6, 2010 have been approved by the Central Bank on May 28, 2010. Payment date to be announced.(2)
    
    For the fiscal year ended December 31, 2008, dividends paid in cash were Ps. 148.3 million
based on the outstanding number of shares on the payment dates.  88




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##### Table of Contents



Central Bank and contractual limitations on distribution of dividends
          Amounts available for distribution and distribution approval process
     Legal reserve requirement
  B. Significant Changes
   89




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##### Table of Contents



Item 9.
    
    The Offer and Listing
 A. Offer and listing details
  Ps. per Class B ShareBanco Macro
    
    High
    
    
    Low2010:April
    
    
    10.80
    
    
    
    12.60March
    
    
    12.65
    
    
    
    10.25February
    
    
    10.95
    
    
    
    9.40January
    
    
    11.60
    
    
    
    10.302009:December
    
    
    11.30
    
    
    
    10.40November
    
    
    12.65
    
    
    
    10.302009
    
    
    12.65
    
    
    
    3.362008
    
    
    8.46
    
    
    
    2.122007
    
    
    12.30
    
    
    
    7.202006
    
    
    9.51
    
    
    
    5.322005
    
    
    5.45
    
    
    
    3.4720094th quarter
    
    
    12.65
    
    
    
    9.203rd quarter
    
    
    9.29
    
    
    
    5.902nd quarter
    
    
    6.55
    
    
    
    3.741st quarter
    
    
    4.19
    
    
    
    3.3620084th quarter
    
    
    6.15
    
    
    
    2.123rd quarter
    
    
    6.60
    
    
    
    5.002nd quarter
    
    
    8.46
    
    
    
    5.371st quarter
    
    
    8.16
    
    
    
    6.70
 Source: BCBA Bulletin.
  US$ per ADSBanco Macro (1)
    
    High
    
    
    Low2010:April
    
    
    32.31
    
    
    
    27.83March
    
    
    32.77
    
    
    
    26.01February
    
    
    28.88
    
    
    
    23.74January
    
    
    30.50
    
    
    
    27.352009:December
    
    
    29.97
    
    
    
    27.12November
    
    
    33.85
    
    
    
    26.962009
    
    
    33.85
    
    
    
    8.722008
    
    
    26.67
    
    
    
    4.922007
    
    
    39.11
    
    
    
    22.402006
    
    
    31.96
    
    
    
    18.3520094th quarter
    
    
    33.85
    
    
    
    23.953rd quarter
    
    
    24.46
    
    
    
    15.192nd quarter
    
    
    17.27
    
    
    
    9.631st quarter
    
    
    12.83
    
    
    
    8.7220084th quarter
    
    
    19.11
    
    
    
    4.923rd quarter
    
    
    21.62
    
    
    
    15.442nd quarter
    
    
    26.67
    
    
    
    16.611st quarter
    
    
    25.99
    
    
    
    20.86
 Source: Reuters
 (1)
    
    the Bank was first listed on NYSE in March 2006  90




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##### Table of Contents



B. Plan of Distribution
  C. Markets
   D. Selling Shareholders
  E. Dilution
  F. Expenses of the issue
  
 Item 10.
    
    Additional Information
 A. Share Capital
  B. Memorandum and Articles of Association
 General
 sociedad anónima, Sociedades Anónimas. sociedades anónimas.
    Corporate Purpose
   91




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Shareholders liability
  Redemption and rights of withdrawal
   Preemptive and accretion rights
     Voting rights
  Registration requirements of foreign companies that hold Class B shares directly
  Liquidation rights
   92




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##### Table of Contents



Ordinary and extraordinary meetings
 
 Notices of meetings
  Quorum and voting requirements
      93




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##### Table of Contents



Election of directors
  Anti-takeover provisions
  Form and transfer
  C. Material Contracts
  D. Exchange controls
 Exchange rates
   Exchange RatesAverage
    
    
    Period-High
    
    
    Low
    
    
    (1)
    
    
    end2005
    
    
    3.0523
    
    
    
    2.8592
    
    
    
    2.9230
    
    
    
    3.03152006
    
    
    3.1072
    
    
    
    3.0305
    
    
    
    3.0741
    
    
    
    3.06952007
    
    
    3.1797
    
    
    
    3.0553
    
    
    
    3.1156
    
    
    
    3.15102008
    
    
    3.4537
    
    
    
    3.0128
    
    
    
    3.1614
    
    
    
    3.45372009
    
    
    3.8545
    
    
    
    3.4497
    
    
    
    3.7301
    
    
    
    3.7967November 2009
    
    
    3.8192
    
    
    
    3.7988
    
    
    
    3.8110
    
    
    
    3.8102December 2009
    
    
    3.8205
    
    
    
    3.7920
    
    
    
    3.8070
    
    
    
    3.7967January 2010
    
    
    3.8230
    
    
    
    3.7942
    
    
    
    3.8042
    
    
    
    3.8230February 2010
    
    
    3.8677
    
    
    
    3.8310
    
    
    
    3.8512
    
    
    
    3.8598March 2010
    
    
    3.8763
    
    
    
    3.8543
    
    
    
    3.8627
    
    
    
    3.8763April 2010
    
    
    3.8862
    
    
    
    3.8682
    
    
    
    3.8761
    
    
    
    3.8862
 (1)
    
    Based on daily closing price. Exchange controls
    94




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##### Table of Contents



E. Taxation
 Material U.S. Federal Income Tax Considerations
  
    
    dealers in securities or currencies;
 
    
    insurance companies;
 
    
    tax-exempt organizations;
 
    
    traders in securities that elect to mark to market;
 
    
    certain financial institutions;
 
    
    partnerships or other pass-through entities;
 
    
    holders whose functional currency for U.S. federal income tax purposes is not the U.S.
dollar;
 
    
    U.S. expatriates;
 
    
    holders that hold Class B shares or ADSs as part of a hedge, straddle, conversion
transaction, constructive sale transaction or other integrated transaction;
 
    
    holders that own, directly, indirectly, or constructively, 10% or more of the total
combined voting power of our shares;
 
    
    real estate investment trusts; or
 
    
    regulated investment companies.
    95




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##### Table of Contents




    
    an individual who is a citizen or resident of the United States;
 
    
    a corporation, or any other entity taxable as a corporation, created or organized in or
under the laws of the United States, any state thereof or the District of Columbia;
 
    
    an estate the income of which is subject to U.S. federal income taxation regardless of
its source; or
 
    
    a trust if (i) a court within the United States is able to exercise primary supervision
over the administration of the trust and one or more U.S. persons have the authority to
control all substantial decisions of the trust or (ii) the trust has a valid election in
effect under applicable Treasury regulations to be treated as a U.S. person.
   Taxation of Dividends.
  
    
    the Class B shares generally will be includible in the gross income of a U.S. holder as
ordinary income on the day on which the dividends are received by the U.S. holder; or
 
    
    the Class B shares represented by ADSs generally will be includible in the gross income
of a U.S. holder as ordinary income on the day on which the dividends are received by the
depositary;
      96




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Taxation of Capital Gains.
   Passive Foreign Investment Companies.
     97




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(1)
    
    we receive a distribution from, or dispose of all or part of our interest in, the lower-tier
PFIC or(2)
    
    the U.S. holder disposes of all or part of its Class B shares or ADSs.
   Information Reporting and Backup Withholding.
  98




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##### Table of Contents



Material Argentine Tax Considerations
    
    
    Resident individuals. Pursuant to a reasonable construction of the AITL: (i) income
obtained from the sale, exchange or other disposition of our Class B shares or ADSs by
resident individuals who do not sell or dispose of Argentine shares on a regular basis
would not be subject to Argentine income tax; and (ii) although there still exists
uncertainty regarding this issue, income obtained from the sale, exchange or other
disposition of our Class B shares or ADSs by resident individuals who sell or dispose of
Argentine shares on a regular basis should be exempt from Argentine income tax.
 
    
    Foreign beneficiaries. Capital gains obtained by non-residents or foreign entities from
the sale, exchange or other disposition of our Class B shares or ADSs are exempt from
income tax. Pursuant to a reasonable construction of the AITL, and although the matter is
not completely free from doubt, such treatment should also apply to those foreign
beneficiaries that qualify as offshore entities.
 
    
    Local entities. Capital gains obtained by Argentine entities (in general, entities
organized or incorporated under Argentine law, certain traders and intermediaries, local
branches of non-Argentine entities, sole proprietorships and individuals carrying on
certain commercial activities in Argentina) derived from the sale, exchange or other
disposition of our Class B shares or ADSs are subject to income tax at the rate of 35%.
Losses arising from the sale of our Class B shares or ADSs can be offset against the same
type of income.
 valor
patrimonial proporcional
       F. Dividends and Paying Agents
  G. Statement by Experts
   99




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##### Table of Contents



H. Documents on Display
 http://www.sec.gov
   
    
    our annual reports; and
 
    
    summaries of all notices of general meetings of shareholders and other reports and
communications that are made generally available to our shareholders.
  I. Subsidiary Information
  
 Item 11.
    
    Quantitative and Qualitative Disclosure About Market Risk
 Market Risk
       
 2009Minimum
    
    
    39.8Maximum
    
    
    67.2Average
    
    
    56.8December 2009
    
    
    39.8
  Interest Rate Risk
   100




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2009Minimum
    
    
    198.3Maximum
    
    
    261.2Average
    
    
    227.8December 2009
    
    
    198.3
 Foreign Exchange Risk
  2009Minimum
    
    
    18.9Maximum
    
    
    37.0Average
    
    
    29.3December 2009
    
    
    22.0
 Equity and Commodity Price Risk
  
 Item 12.
    
    Description of Securities Other Than Equity Securities
    D
 American Depositary Shares
 Fees and Charges Applicable to ADS Holders
  Persons depositing or withdrawing shares must pay:
    
    For:US$5.00 (or less) per 100 ADSs (or portion thereof)
    
         Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property     Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminatesUS$02 (or less) per ADS (or portion thereof)
    
         Any cash distribution to ADS registered holdersA fee equivalent to the fee that would be payable if securities distributed had been shares and the shares had been
deposited for issuance of ADSs
    
         Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADS registered holders
  101




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Persons depositing or withdrawing shares must pay:
    
    For:Registration fees
    
         Registration of transfer of shares on our stock registry to or from the name of the depositary or its nominee or the custodian, or its nominee when
making deposits or withdrawalsExpenses of the depositary
    
         Cable, telex and facsimile transmissions    Conversion of foreign currencies into U.S. dollarsTaxes and other governmental charges the depositary or the custodian, have to pay on any ADS or share underlying an ADS
    
         As necessaryAny charges incurred by the depositary or its agents, including the custodian, for servicing the deposited securities
    
        As necessary
 Fees and Direct and Indirect Payments Made by the Depositary to us
 Past Fees and Payments
  Future Fees and Payments
   
 PART II
 
 Item 13.
    
    Defaults, Dividend Arrearages and Delinquencies
  
 Item 14.
    
    Material Modifications to the Rights of Security Holders and Use of Proceeds
   102




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##### Table of Contents



Item 15. Controls and Procedures
 Disclosure Controls and Procedures
   Managements Annual Report on Internal Control over Financial Reporting
   a)
    
    pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the Bank;
 b)
    
    provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that our receipts and expenditures are being made only in accordance with
authorizations of management and directors of the Bank; and
 c)
    
    provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Banks assets that could have a material effect on
the financial statements.
    Attestation Report of the Independent Registered Public Accounting Firm
  REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    103




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##### Table of Contents



Changes in Internal Control Over Financial Reporting
  
 Item 16A.
    
    Audit Committee Financial Expert
  
 Item 16B.
    
    Code of Ethics
 www.macro.com.ar
 
 Item 16C.
    
    Principal Accountant Fees and Services
 Fees Paid to the Banks Principal Accountant
 
 For the year ended December 31,Thousands of pesos
    
    2008
    
    
    2009Audit Fees
    
    
    9,097
    
    
    
    9,380Audit Related Fees
    
    
    442
    
    
    
    240Tax Fees
    
    
    
    
    
    
    All Other Fees
    
    
    35
    
    
    
    Total
    
    
    9,574
    
    
    
    9,620
 Audit Fees
   104




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##### Table of Contents



Audit-Related Fees
  Tax Fees
  All Other Fees
  Audit Committees Pre-approval Policies and Procedures
  
 Item 16D.
    
    Exemptions from the Listing Standards for Audit Committees
  
 Item 16E.
    
    Purchases of Equity Securities by the Issuer and Affiliated Purchasers
 Maximum number of shares/pesosTotal number of
    
    
    
    
    
    
    Total number of
    
    
    that may yet be purchased under theshares
    
    
    Average price
    
    
    shares purchased as
    
    
    programPeriod
    
    purchased
    
    
    paid per share
    
    
    part of the program
    
    
    in Shares
    
    
    in Ps.2008Month #1 January 1- 31
    
    
    291,432
    
    
    
    6.871
    
    
    
    291,432
    
    
    
    29,708,568
    
    
    
    207,997,588Month #2 February 1- 29
    
    
    1,148,000
    
    
    
    6.939
    
    
    
    1,439,432
    
    
    
    28,560,568
    
    
    
    200,030,622Month #3 March 1- 31
    
    
    
    
    
    
    
    
    
    
    1,439,432
    
    
    
    28,560,568
    
    
    
    200,030,622Month #4 April 1- 30
    
    
    
    
    
    
    
    
    
    
    1,439,432
    
    
    
    28,560,568
    
    
    
    200,030,622Month #5 May 1- 31
    
    
    3,580,870
    
    
    
    6.655
    
    
    
    5,020,302
    
    
    
    24,979,698
    
    
    
    176,261,596Month #6 June 1- 30
    
    
    7,970,482
    
    
    
    6.108
    
    
    
    12,990,784
    
    
    
    17,009,216
    
    
    
    115,048,015Month #7 July 1- 30
    
    
    14,752,394
    
    
    
    5.550
    
    
    
    27,743,178
    
    
    
    22,256,822
    
    
    
    112,030,278Month #8 August 1- 31
    
    
    14,560,016
    
    
    
    5.830
    
    
    
    42,303,194
    
    
    
    7,696,806
    
    
    
    40,293,946Month #9 September 1- 30
    
    
    5,143,270
    
    
    
    5.741
    
    
    
    47,446,464
    
    
    
    5,082,578
    
    
    
    10,767,691Month #10 October 1- 31
    
    
    13,219,536
    
    
    
    3.839
    
    
    
    60,666,000
    
    
    
    41,334,000
    
    
    
    152,055,524Month #11 November 1- 30
    
    
    12,252,676
    
    
    
    3.136
    
    
    
    72,918,676
    
    
    
    29,081,324
    
    
    
    124,147,791Month #12 December 1- 31
    
    
    2,622,842
    
    
    
    3.842
    
    
    
    75,541,518
    
    
    
    26,458,482
    
    
    
    112,213,1592009Month #1 January 1- 31
    
    
    4,158,482
    
    
    
    3.853
    
    
    
    79,700,000
    
    
    
    22,300,000
    
    
    
    97,531,279Month #2 February 1- 28
    
    
    6,520,000
    
    
    
    3.706
    
    
    
    86,220,000
    
    
    
    15,780,000
    
    
    
    67,587,946Month #3 March 1- 31
    
    
    3,352,873
    
    
    
    3.631
    
    
    
    89,572,873
    
    
    
    12,427,127
    
    
    
    61,462,567Month #4 April 1- 29
    
    
    1,068,819
    
    
    
    3.841
    
    
    
    90,641,692
    
    
    
    11,358,308
    
    
    
    57,564,636TOTAL
    
    
    90,641,692
    
    
    
    4.826
    
    
    
    90,641,692
    
    
    
    11,358,308
    
    
    
    57,564,636
  105




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##### Table of Contents



Repurchase original program and modifications
 1.
    
    On January 8, 2008, the Board of Directors decided to establish the following terms and
conditions for the acquisition of its own shares issued by Banco Macro under the provisions
of Section 68 of Law No. 17,811 (added by Decree No. 677/2001) and the rules of the CNV:
(a) maximum amount of the investment: up to Ps. 210,000,000; (b) maximum number of shares
to be acquired: up to 30,000,000 common, book entry, Class B shares with a par value of Ps.
1 (one Peso) each and entitled to 1 (one) vote per share, in the form of shares or ADSs
representing 10 shares each, which amount does not exceed the limitation of the 10% of the
capital of the Bank, as established by the applicable Argentine laws and regulations; (c)
payable price: between Ps. 6.50 per share and up to Ps. 7.00 per share, and (d) term for
the acquisition: 120 calendar days from the date of publication of the relevant information
in the BCBA Bulletin, subject to any renewal or extension to be duly informed to the public
in such Bulletin.
 2.
    
    In May 2008 the Board of Directors of the Bank decided to extend the term for the
acquisition of certain shares issued by the Bank for 30 additional calendar days and to
amend the price range fixing such range between Ps. 6.00 and up to Ps. 7.00 per share.
 3.
    
    In June 2008 the Board of Directors decided to extend the term for the acquisition of
 shares until July 6, 2008 and fixed the price range between Ps. 5.00 and up to Ps. 7.00 per
share.
 4.
    
    In July 2008 the Board of Directors of the Bank decided to increase the maximum amount
of funds to be applied to the repurchase of shares up to Ps. 290,000,000 and the maximum
number of shares subject to repurchase up to 50,000,000, to amend the price range of the
 shares, fixing such range between Ps. 4.00 and up to Ps. 7.00 per share and to extend the
term for the acquisition of shares until September 5, 2008.
 5.
    
    On September 4, 2008 the Board of Directors of the Bank decided to extend the maximum
number of shares subject to repurchase up to 52,529,042, to amend the price range of the
 shares, fixing such range between Ps. 4.00 and up to Ps. 6.00 per share and to extend the
term for the acquisition of shares until October 5, 2008.
 6.
    
    In October 2008 the Board of Directors of the Bank decided to increase the maximum
amount of funds to be applied to the repurchase of shares up to Ps. 390,000,000, the
maximum number of shares up to 68,000,000 and to amend the price range of the shares,
fixing such range between Ps. 1.00 and up to Ps. 6.00 per share.
 7.
    
    On October 29, 2008 the Board of Directors of the Bank decided to increase the maximum
amount of funds to be applied to the repurchase of shares up to Ps. 495,000,000, the
maximum number of shares up to 102,000,000, to amend the price range of the shares, fixing
such range between Ps. 0.01 and up to Ps. 4.00 per share and to extend the term for the
acquisition of shares until December 19, 2008. This term was subsequently extended until
April 30, 2009 by the Board of Directors meeting held on April 1, 2009.
  Purchases of Corporate Bonds by the Issuer and Affiliated Purchasers
 2017 Notes v/n
    
    
    2012 Notes v/nUS$
    
    
    US$Period
    
    (1)
    
    
    (2)2008January
    
    
    9,500,000
    
    
    
    September
    
    
    10,850,000
    
    
    
    October
    
    
    12,375,000
    
    
    
    1,500,000November
    
    
    1,300,000
    
    
    
    6,160,000December
    
    
    8,530,000
    
    
    
    800,000Total 2008
    
    
    42,555,000
    
    
    
    8,460,0002009February
    
    
    
    
    
    
    200,000April
    
    
    
    
    
    
    4,500,000May
    
    
    1,050,000
    
    
    
    21,020,000August
    
    
    
    
    
    
    1,825,000Total 2009
    
    
    1,050,000
    
    
    
    27,545,000Total Repurchased
    
    
    43,605,000
    
    
    
    36,005,000
  106




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##### Table of Contents



Item 16F.
    
    Change in Registrants Certifying Accountant
  
 Item 16G.
    
    Corporate Governance
       NYSE Corporate Governance Standards - Section 303.A
    
    Banco Macro Corporate Practices303A.01-Independent Directors-Listed companies
must have a majority of independent directors on
its Board of Directors.
    
    Neither Argentine law nor our by-laws require us to have a
majority of independent directors.303A.02-Independence Tests-No director qualifies
as independent unless the Board of Directors
affirmatively determines that the director has no material relationship with the listed company
(whether directly or as a partner, shareholder, or
officer of an organization that has a relationship
with the company), and emphasizes that the concern
is independence from management. The board is also
required, on a case by case basis, to express an
opinion with regard to the independence or lack of
independence, of each individual director.
    
    Pursuant to General Resolution No. 368/01 of the CNV, as
amended (T.O. 2001), a director is not independent if such
director is:(a)  a member of management or an employee of shareholders
who hold material holdings in the listed company or of
other entities in which these shareholders have material
holdings or over which these shareholders exercise a
material influence;(b)  is currently an employee or has, in the last three
years, been an employee of the listed company;(c)  a person who has a professional relationship or is part
of a company or professional association that maintains
professional relations with, or that receives remunerations
or fees (other than directors fees) from, the listed
company or from shareholders that have material holdings in
the listed company, or with a company in which such
shareholders have material holdings or exercise a material
influence;(d)  a person who has material holdings in the listed
company or in an entity that has material holdings in, or
exercises a material influence over, the listed company;
  107




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NYSE Corporate Governance Standards - Section 303.A
    
    Banco Macro Corporate Practices(e)  a person who provides goods or services to the listed
company or to shareholders that have material holdings in
or exercise a material influence over the listed company
and receives compensation for such services that is
substantially higher than that received as director of the
listed company; or(f)  the member is married or is a family member to an
individual who would not qualify as independent.
Material holdings are shareholdings, either directly or
indirectly, that represent at least 35% of the capital
stock of the relevant entity, or a smaller percentage when
the person has the right to elect one or more directors per
class of shares or by having entered into agreements with
other shareholders relating to the governance and the
management of the relevant entity or of its controlling
shareholders.303A.03-Executive Sessions-Non-management
directors of each listed company must meet at
regularly scheduled executive sessions without
management.
    
    Neither Argentine law nor our by-laws require the holding
of such meetings and we do not hold non-management
directors meetings.
Our by-laws provide, however, that the board shall meet as
often as required by the interests of the Bank and at least
once a month.303A.04-Nominating/Corporate Governance Committee-
Listed companies must have a nominating/corporate
governance committee composed entirely of
independent directors, with a written charter that
covers certain minimum specified duties.
    
    Neither Argentine law nor our by-laws require the
establishment of a nominating/corporate governance
committee. We do not have a nominating/corporate governance
committee. 
Directors are nominated and appointed by the shareholders.303A.05-Compensation Committee-Listed companies
must have a compensation committee composed
entirely of independent directors, with a written
charter that covers certain minimum specified
duties.
    
    Neither Argentine law nor our by-laws require the
establishment of a compensation committee. We do not have a
compensation committee.
The compensation of our directors is determined at the
annual ordinary shareholders meeting. Additionally, the
audit committee must issue an opinion regarding the
reasonableness and adequacy of such compensation.303A.06/07-Audit Committee/Requirements-Listed
companies must have an audit committee that
satisfies the requirements of Rule 10A-3 under the
Exchange Act.(a)  The audit committee must have a minimum of
three members. All of its members shall be
financially literate or must acquire such
financial knowledge within a reasonable period and
at least one of its members shall have experience
in accounting or financial administration. In
addition to any requirement of Rule 10A-3(b)(1),
all audit committee members must satisfy the
requirements for independence set out in Section
303A.02.(b)  If a member of the audit committee is
simultaneously a member of the audit committee of
more than three public companies, and the listed
company does not limit the number of audit committees on which its members may serve, then,
in each case the Board of Directors shall
determine whether the simultaneous service would
prevent such members from effectively serving on
the listed companys audit committee, and shall
disclose in the annual proxy statement of the
company or in the companys annual report on Form
10-K, which is filed with the SEC.
    
    (a)  Argentine law requires that the audit committee be
composed of three or more members from the Board of
Directors (with a majority of independent directors), all
of whom must be well-versed in business, financial or
accounting matters. In addition, we are not required to
satisfy the audit committee requirements of Rule 10A-3. All
of the members of our Audit Committee, as appointed on May
7, 2010, satisfy the independence requirements of Rule
10A-3.(b)  A comparable provision, relating to an audit committee
members simultaneous membership on the audit committee of
other public companies, does not exist under Argentine law
or CNV standards.(c)  The responsibilities of an audit committee, as provided
in Decree No. 677/2001 and the CNV standards, are
essentially the same as those provided for under Rule 10A-3
of the Exchange Act, including, but not limited to, the
following:A.  discussing the adequacy of its charter and reporting any
proposed changes to the Board of Directors;B.   overseeing the performance of internal control systems,
the administrative-accounting system and of all financial
information or other facts which could be submitted to the
controlling authorities in compliance with the applicable
reporting regime;
  108




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##### Table of Contents



NYSE Corporate Governance Standards - Section 303.A
    
    Banco Macro Corporate Practices(c)  The audit committee must have a written
charter that establishes the duties and
responsibilities of its members, including, at a
minimum, some of the duties and responsibilities
required by Rule 10A-3 of the Exchange Act and the
following responsibilities set forth in NYSE
Sections 303A.07(c)(iii)(A)-H) of the NYSE Manual.A.  at least annually, obtain and review a
report by the independent auditor
describing: the firms internal
quality-control procedures; any material
issues raised by the most recent internal
quality-control review, or peer review, of
the firm, or by any inquiry or investigation
by governmental or professional authorities,
within the preceding five years, respecting
one or more independent audits carried out
by the firm, and any steps taken to deal
with any such issues; and (to assess the
auditors independence) all relationships
between the independent auditor and the
listed company;B.   meet to review and discuss the listed
companys annual audited consolidated
financial statements and quarterly financial
statements with management and the
independent auditor, including reviewing the
companys specific disclosures under
Managements Discussion and Analysis of
Financial Condition and Results of
Operations;C.   discuss the listed companys earnings
press releases, as well as financial
information and earnings guidance provided
to analysts and rating agencies;D.   discuss policies with respect to risk
assessment and risk management;E.   meet separately, periodically, with
management, with internal auditors (or other
personnel responsible for the internal audit
function) and with independent auditors;F.   review with the independent auditor any
audit problems or difficulties and
managements response;G.  set clear hiring policies for employees
or former employees of the independent
auditors; andH.  report regularly to the Board of
Directors.(d)  303A.07(d) provides that each company must
have an internal audit function to provide
management and the audit committee with ongoing
assessments of the companys risk management
processes.
    
    C.  issuing an opinion about the Board of Directors
proposal for the appointment of the external auditors to be
retained by the Bank, and ensuring that auditors are
objective and independent;D.  reviewing external and internal auditors plans,
evaluating their performance, and issuing an opinion to
that end;E.  analyzing the different services provided by the
external auditors;F.  reporting on the fees invoiced by external auditors for
other related services that secure third-party reliability;G.  supervising the enforcement of the Banks risk
management information policies;H.  providing the market with full disclosure with respect to transactions that give rise to conflict of interests
with the Banks members or controlling shareholders;I.  issuing an opinion on the reasonableness of any proposal
regarding Directors, management fees and stock option plans
proposed by the Board of Directors;J.  issuing an opinion on the compliance with applicable
legal requirements and on the reasonableness of the terms
of any issuance of stock or convertible securities that
exclude or limit shareholders preferential subscription
rights;K.  assessing compliance with relevant
rules of conduct;L.  issuing a related-party transaction opinion as provided
by applicable regulations;M.  preparing an performance plan annually for each fiscal
year which is presented to the Banks Board of Directors
and the Supervisory Committee; andN.  complying with all other obligations imposed by
applicable laws and regulations.303A.08-Shareholder Approval of Equity
Compensation Plans-Shareholders must be given the
opportunity to vote on equity compensation plans
and material revisions thereto, except for
employment inducement awards, certain grants,
plans and amendments in the context of mergers and
acquisitions, and certain specific types of plans.
    
    We do not currently offer equity-based compensation to our
directors, executive officers or employees, and have no
policy on this matter.303A.09-Corporate Governance Guidelines-Listed
companies must adopt and disclose corporate
governance guidelines.
    
    Neither Argentine law nor our by-laws require the adoption
or disclosure of corporate governance guidelines. The CNV,
through General Resolution 516/07, issued a recommended
Code of Corporate Governance for listed companies. Using
the CNV recommended code as basis, on June 3, 2009, our
Board of Directors approved a Code of Corporate Governance
for the Bank.303A.10-Code of Business Conduct and Ethics-
Listed companies must adopt and disclose a code of
business conduct and ethics for directors,
officers and employees, and within four business
days disclose any waivers of the code for
directors or executive officers.
    
    Neither Argentine law nor our by-laws require the adoption
or disclosure of a code of business conduct. We, however,
have adopted a code of business conduct that applies to all
our employees. In addition, we have adopted a specific Code
of Ethics for our Directors and Senior Financial Officers.
  109




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NYSE Corporate Governance Standards - Section 303.A
    
    Banco Macro Corporate Practices303A.12 Certification Requirements-(a)  Each listed company CEO must certify to the
NYSE each year that he or she is not aware of any
violation by the company of NYSE corporate
governance listing standards, qualifying the
certification to the extent necessary.(b)  Each listed company CEO must promptly notify
the NYSE in writing after any executive officer of
the listed company becomes aware of any
non-compliance with any applicable provisions of
this Section 303A.(c)  Each listed company must submit an executed
Written Affirmation annually to the NYSE. In
addition, each listed company must submit an
interim written affirmation as and when required
by the interim written affirmation form specified
by the NYSE.
    
    Comparable provisions do not exist under Argentine law and
CNV standards.
Nevertheless, the Bank has complied with the certification
requirements under Section 303A.12 of the NYSE rules.
 
 PART III
 
 Item 17.
    
    Financial Statements
  
 Item 18.
    
    Financial Statements
  
 Item 19.
    
    Exhibits
 
 EXHIBIT INDEX
 Exhibit Number
    
    Description1.1
    *
    
    Amended and Restated Bylaws of the Bank, as amended on April 21, 2009.2.1
    
    
    Deposit Agreement among the registrant, The Bank of New York, as depositary, and the holders from
time to time of American depositary shares issued thereunder, including the form of American
depositary receipts, incorporated by reference to the Registration Statement on Form F-1, as
amended, filed by the Bank on March 20, 2006 (File No. 333-130901).8
    
    
    See Note 4.1 to our financial statements for information regarding our subsidiaries.12.1
    *
    
    Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.12.2
    *
    
    Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.13.1
    *
    
    Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.13.2
    *
    
    Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
 *
    
    Filed herein  110




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##### Table of Contents



SIGNATURE
  BANCO MACRO S.A.By:
    /s/ Jorge Horacio BritoName:
    Jorge Horacio BritoTitle:
    Chief Executive Officer   111




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##### Table of Contents



CONSOLIDATED FINANCIAL STATEMENTS AS OF AND FOR THE THREE YEARS ENDED DECEMBER 31, 2009,
TOGETHER WITH THE REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
  F - 1




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##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 BANCO MACRO S.A. and subsidiaries   City of Buenos Aires
 We have audited the accompanying consolidated balance sheets of BANCO MACRO S.A. (a bank organized under Argentine
legislation) and its subsidiaries (the Bank) as of December 31, 2009 and 2008, and the related consolidated statements
of income, shareholders equity and cash flows for each of the three years in the period ended December 31, 2009. These
financial statements are the responsibility of the Banks Management. Our responsibility is to express an opinion on
these financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United
States of America). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred  to above present fairly, in all material respects, the consolidated
financial position of BANCO MACRO S.A. and its subsidiaries as of December 31, 2009 and 2008, and the consolidated
results of their operations and their cash flows for each of the three years in the period ended December 31, 2009, in
accordance with Central Bank of Argentine Republic rules applicable to the consolidated financial statements, which
differ in certain respects from the accounting principles generally accepted in the United States of America (see note
35 to the consolidated financial statements). We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States
of America), the internal control over financial reporting of BANCO MACRO S.A. and its subsidiaries as of December 31,
2009, based on criteria established in Internal Control  Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated May 28, 2010 expressed an unqualified opinion thereon. City of Buenos Aires,
May 28, 2010 PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.

Member of Ernst & Young Global CARLOS M. SZPUNAR

Partner  F - 2




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 AS OF DECEMBER 31, 2009 AND 2008
 2009
    
    
    2008 (1)ASSETSCASHCash on hand
    
    
    1,304,922
    
    
    
    1,008,136Due from banks and correspondentsCentral Bank of Argentina
    
    
    2,910,020
    
    
    
    2,059,057Local Others
    
    
    11,454
    
    
    
    9,225Foreign
    
    
    789,559
    
    
    
    447,263Other
    
    
    237
    
    
    
    2165,016,192
    
    
    
    3,523,897GOVERNMENT AND PRIVATE SECURITIESHoldings in investment accounts
    
    
    659,371
    
    
    
    448,305Holdings for trading or financial intermediation
    
    
    1,511,071
    
    
    
    344,467Unlisted government securities
    
    
    79,449
    
    
    
    69,958Instruments issued by the Central Bank of Argentina
    
    
    4,650,421
    
    
    
    3,838,911Investments in listed private securities
    
    
    80,876
    
    
    
    77,685Less: Allowances
    
    
    (44
    )
    
    
    (27
    )6,981,144
    
    
    
    4,779,299LOANSTo the non-financial government sector
    
    
    206,484
    
    
    
    744,507To the financial sectorInterbank financing
    
    
    50,000
    
    
    
    42,030Other financing to Argentine financial institutions
    
    
    40,442
    
    
    
    37,836Accrued interest, adjustments, foreign exchange and
quoted price differences receivables
    
    
    474
    
    
    
    557To the non-financial private sector and foreign residentsOverdrafts
    
    
    1,436,292
    
    
    
    1,556,433Documents
    
    
    1,412,551
    
    
    
    1,348,585Mortgage loans
    
    
    746,762
    
    
    
    738,592Pledged loans
    
    
    262,508
    
    
    
    339,895Personal loans
    
    
    4,006,592
    
    
    
    3,806,442Credit cards
    
    
    950,098
    
    
    
    869,101Other
    
    
    2,271,756
    
    
    
    2,071,927Accrued interest, adjustments, foreign exchange and
quoted price differences receivables
    
    
    182,168
    
    
    
    195,026Less: Unposted payments
    
    
    (29
    )
    
    
    (29
    )Less: Unearned discount
    
    
    (21,246
    )
    
    
    (32,596
    )Less: Allowances
    
    
    (448,045
    )
    
    
    (438,348
    )11,096,807
    
    
    
    11,279,958
 (1)
    
    See note 4.2. to the accompanying consolidated financial statements.  F - 3




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##### Table of Contents



(Contd.)
 BANCO MACRO S.A. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 AS OF DECEMBER 31, 2009 AND 2008
 2009
    
    
    2008 (1)OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATIONCentral Bank of Argentina
    
    
    1,284,709
    
    
    
    412,305Amounts receivable from spot and forward sales pending settlement
    
    
    37,042
    
    
    
    494,737Securities and foreign currency receivable from spot and forward
purchases pending settlement
    
    
    536,560
    
    
    
    54,282Unlisted corporate bonds
    
    
    80,746
    
    
    
    53,389Receivables from forward transactions without delivery of underlying asset
    
    
    5,295
    
    
    
    109Other receivables not covered by debtors classification standards
    
    
    598,224
    
    
    
    597,319Other receivables covered by debtors classification standards
    
    
    69,296
    
    
    
    70,512Less: Allowances
    
    
    (231,219
    )
    
    
    (228,588
    )2,380,653
    
    
    
    1,454,065ASSETS SUBJECT TO FINANCIAL LEASESAssets subject to financial leases
    
    
    250,239
    
    
    
    360,781Less: Allowances
    
    
    (3,649
    )
    
    
    (5,391
    )246,590
    
    
    
    355,390INVESTMENTS IN OTHER COMPANIESIn financial institutions
    
    
    531
    
    
    
    483Other
    
    
    10,925
    
    
    
    15,561Less: Allowances
    
    
    (1,497
    )
    
    
    (247
    )9,959
    
    
    
    15,797OTHER RECEIVABLESReceivables from sale of assets
    
    
    12,231
    
    
    
    43,358Minimum presumed income tax  Tax credit
    
    
    10,280
    
    
    
    25,767Other
    
    
    357,483
    
    
    
    196,000Accrued interest and adjustments on receivables from sale of assets
    
    
    481
    
    
    
    2,502Less: Allowances
    
    
    (13,980
    )
    
    
    (15,838
    )366,495
    
    
    
    251,789BANK PREMISES AND EQUIPMENT, NET
    
    
    433,625
    
    
    
    430,842OTHER ASSETS
    
    
    114,342
    
    
    
    137,357INTANGIBLE ASSETSGoodwill
    
    
    55,045
    
    
    
    63,477Organization
and development costs, including Differences due to court orders
    
    
    155,529
    
    
    
    135,069210,574
    
    
    
    198,546ITEMS PENDING ALLOCATION
    
    
    2,857
    
    
    
    3,332TOTAL ASSETS
    
    
    26,859,238
    
    
    
    22,430,272
 (1)
    
    See note 4.2. to the accompanying consolidated financial statements.  F - 4




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##### Table of Contents



(Contd.)
 BANCO MACRO S.A. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 AS OF DECEMBER 31, 2009 AND 2008
 2009
    
    
    2008 (1)LIABILITIESDEPOSITSFrom the non-financial government sector
    
    
    3,613,924
    
    
    
    3,937,961From the financial sector
    
    
    14,052
    
    
    
    22,438From the non-financial private sector and foreign residentsChecking accounts
    
    
    3,275,826
    
    
    
    2,581,060Savings accounts
    
    
    3,445,577
    
    
    
    2,716,913Time deposits
    
    
    7,711,471
    
    
    
    6,031,882Investment accounts
    
    
    52,286
    
    
    
    155,936Other
    
    
    416,503
    
    
    
    321,020Accrued interest, adjustments, foreign exchange and quoted
price differences payables
    
    
    63,227
    
    
    
    61,14718,592,866
    
    
    
    15,828,357OTHER LIABILITIES FROM FINANCIAL INTERMEDIATIONCentral Bank of Argentina  Other
    
    
    1,897
    
    
    
    302,760Banks and international institutions
    
    
    219,743
    
    
    
    224,968Non-subordinated Corporate Bonds
    
    
    601,016
    
    
    
    708,354Amounts payable for spot and forward purchases pending settlement
    
    
    492,183
    
    
    
    68,499Securities and foreign currency to be delivered under spot and
forward sales pending settlement
    
    
    1,076,047
    
    
    
    679,495Put options sold premiums
    
    
    80
    
    
    
    Financing received from Argentine financial institutionsInterbank financing
    
    
    145,000
    
    
    
    25,000Other financing received from Argentine financial institutions
    
    
    18,957
    
    
    
    24,139Accrued interest payables
    
    
    78
    
    
    
    16Forward transactions amounts pending settlement without delivery
of underlying asset
    
    
    
    
    
    
    5,949Other
    
    
    732,686
    
    
    
    625,981Accrued interest, adjustments, foreign exchange and quoted price
differences payables
    
    
    50,383
    
    
    
    49,7833,338,070
    
    
    
    2,714,944OTHER LIABILITIESFees
    
    
    624
    
    
    
    676Other
    
    
    883,458
    
    
    
    442,026884,082
    
    
    
    442,702PROVISIONS
    
    
    88,275
    
    
    
    83,004SUBORDINATED CORPORATE BONDS
    
    
    572,473
    
    
    
    521,681ITEMS PENDING ALLOCATION
    
    
    3,987
    
    
    
    2,105MINORITY INTEREST IN SUBSIDIARIES
    
    
    20,684
    
    
    
    15,568TOTAL LIABILITIES
    
    
    23,500,437
    
    
    
    19,608,361SHAREHOLDERS EQUITY
    
    
    3,358,801
    
    
    
    2,821,911TOTAL LIABILITIES AND SHAREHOLDERS EQUITY
    
    
    26,859,238
    
    
    
    22,430,272
 (1)
    
    See note 4.2. to the accompanying consolidated financial statements. 
  F - 5




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 AS OF DECEMBER 31, 2009 AND 2008
 MEMORANDUM ACCOUNTS
 2009
    
    
    2008 (1)DEBIT-BALANCE ACCOUNTS
    
    
    12,204,355
    
    
    
    13,368,350Contingent
    
    
    4,430,261
    
    
    
    3,669,663Guarantees received
    
    
    3,963,188
    
    
    
    3,295,985Other not covered by debtors classification standards
    
    
    359
    
    
    
    346Contingent debit-balance contra accounts
    
    
    466,714
    
    
    
    373,332Control
    
    
    6,152,834
    
    
    
    5,435,013Receivables classified as irrecoverable
    
    
    797,220
    
    
    
    774,299Other
    
    
    5,094,428
    
    
    
    4,401,411Control debit-balance contra accounts
    
    
    261,186
    
    
    
    259,303Derivatives
    
    
    1,033,601
    
    
    
    3,598,362Notional value of call options taken
    
    
    25,229
    
    
    
    24,349Notional value of forward transactions without delivery of underlying asset
    
    
    461,234
    
    
    
    2,219,777Interest rate swap
    
    
    157,917
    
    
    
    39,422Derivatives debit-balance contra accounts
    
    
    389,221
    
    
    
    1,314,814Trust activity
    
    
    587,659
    
    
    
    665,312Trust funds
    
    
    587,659
    
    
    
    665,312
 (1)
    
    See note 4.2. to the accompanying consolidated financial statements.  F - 6




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##### Table of Contents



(Contd.)
 BANCO MACRO S.A. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 AS OF DECEMBER 31, 2009 AND 2008
 MEMORANDUM ACCOUNTS
 2009
    
    
    2008 (1)CREDIT-BALANCE ACCOUNTS
    
    
    (12,204,355
    )
    
    
    (13,368,350
    )Contingent
    
    
    (4,430,261
    )
    
    
    (3,669,663
    )Guarantees provided to the Central Bank of Argentina
    
    
    
    
    
    
    (141,353
    )Other guarantees provided covered by debtors classification standards
    
    
    (85,213
    )
    
    
    (84,136
    )Other guarantees provided not covered by debtors classification standards
    
    
    (130,826
    )
    
    
    (57,758
    )Other covered by debtors classification standards
    
    
    (250,675
    )
    
    
    (90,085
    )Contingent credit-balance contra accounts
    
    
    (3,963,547
    )
    
    
    (3,296,331
    )Control
    
    
    (6,152,834
    )
    
    
    (5,435,013
    )Checks to be credited
    
    
    (261,186
    )
    
    
    (259,303
    )Control credit-balance contra accounts
    
    
    (5,891,648
    )
    
    
    (5,175,710
    )Derivatives
    
    
    (1,033,601
    )
    
    
    (3,598,362
    )Notional value of call options sold
    
    
    (32,905
    )
    
    
    Notional value of put options sold
    
    
    (69,900
    )
    
    
    (99,826
    )Notional value of forward transactions without delivery of underlying
asset
    
    
    (286,416
    )
    
    
    (1,214,988
    )Derivatives credit-balance contra accounts
    
    
    (644,380
    )
    
    
    (2,283,548
    )Trust activity
    
    
    (587,659
    )
    
    
    (665,312
    )Trust activity credit-balance contra accounts
    
    
    (587,659
    )
    
    
    (665,312
    )
 (1)
    
    See note 4.2. to the accompanying consolidated financial statements. 
  F - 7




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 FOR THE YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007
 2009
    
    
    2008 (1)
    
    
    2007 (1)FINANCIAL INCOMEInterest on cash and due from banks
    
    
    363
    
    
    
    7,010
    
    
    
    19,917Interest on loans to the financial sector
    
    
    7,491
    
    
    
    15,584
    
    
    
    32,157Interest on overdrafts
    
    
    340,275
    
    
    
    357,215
    
    
    
    177,490Interest on documents
    
    
    195,069
    
    
    
    184,852
    
    
    
    103,428Interest on mortgage loans
    
    
    104,016
    
    
    
    97,057
    
    
    
    68,065Interest on pledged loans
    
    
    55,081
    
    
    
    64,499
    
    
    
    51,480Interest on credit card loans
    
    
    183,369
    
    
    
    117,952
    
    
    
    55,665Interest on other loans
    
    
    1,243,788
    
    
    
    1,032,837
    
    
    
    578,737Interest on other receivables from financial intermediation
    
    
    74
    
    
    
    14,416
    
    
    
    18,471Income from government and private securities, net
    
    
    1,370,981
    
    
    
    641,299
    
    
    
    488,757Income from guaranteed loans  Presidential Decree No. 1,387/01
    
    
    7,232
    
    
    
    37,043
    
    
    
    35,043Net income from options
    
    
    
    
    
    
    261
    
    
    
    1,604CER (Benchmark Stabilization Coefficient) adjustment
    
    
    18,652
    
    
    
    70,477
    
    
    
    78,065CVS (Salary Variation Coefficient) adjustment
    
    
    728
    
    
    
    818
    
    
    
    1,605Difference in quoted prices of gold and foreign currency
    
    
    133,731
    
    
    
    143,094
    
    
    
    48,823Other
    
    
    199,602
    
    
    
    245,446
    
    
    
    131,1153,860,452
    
    
    
    3,029,860
    
    
    
    1,890,422FINANCIAL EXPENSEInterest on checking accounts
    
    
    16,423
    
    
    
    17,708
    
    
    
    19,968Interest on savings accounts
    
    
    17,094
    
    
    
    14,534
    
    
    
    11,372Interest on time deposits
    
    
    1,146,013
    
    
    
    933,881
    
    
    
    457,395Interest on interfinancing received loans (received call)
    
    
    2,679
    
    
    
    3,909
    
    
    
    4,608Interest on other financing from financial institutions
    
    
    62
    
    
    
    28
    
    
    
    226Interest on other liabilities from financial intermediation
    
    
    81,510
    
    
    
    91,083
    
    
    
    70,706Interest on subordinated bonds
    
    
    54,874
    
    
    
    47,523
    
    
    
    49,858Other interest
    
    
    2,692
    
    
    
    8,762
    
    
    
    9,768Net expense from options
    
    
    1
    
    
    
    
    
    
    
    CER adjustment
    
    
    4,341
    
    
    
    32,946
    
    
    
    43,717Contribution to Deposit Guarantee Fund
    
    
    30,038
    
    
    
    25,945
    
    
    
    20,182Other
    
    
    155,880
    
    
    
    165,743
    
    
    
    117,4651,511,607
    
    
    
    1,342,062
    
    
    
    805,265GROSS INTERMEDIATION MARGIN  GAIN
    
    
    2,348,845
    
    
    
    1,687,798
    
    
    
    1,085,157PROVISION FOR LOAN LOSSES
    
    
    197,512
    
    
    
    297,606
    
    
    
    94,717SERVICE-CHARGE INCOMERelated to lending transactions
    
    
    60,741
    
    
    
    63,669
    
    
    
    53,995Related to deposits
    
    
    669,668
    
    
    
    587,426
    
    
    
    398,569Other commissions
    
    
    29,032
    
    
    
    23,528
    
    
    
    21,687Other
    
    
    290,834
    
    
    
    217,077
    
    
    
    188,0751,050,275
    
    
    
    891,700
    
    
    
    662,326
 (1)
    
    See note 4.2. to the accompanying consolidated financial statements.  F - 8




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##### Table of Contents



(Contd.)
 BANCO MACRO S.A. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 FOR THE YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007
 2009
    
    
    2008 (1)
    
    
    2007 (1)SERVICE-CHARGE EXPENSECommissions
    
    
    61,620
    
    
    
    57,077
    
    
    
    49,965Other
    
    
    164,979
    
    
    
    115,324
    
    
    
    100,317226,599
    
    
    
    172,401
    
    
    
    150,282ADMINISTRATIVE EXPENSESPersonnel expenses
    
    
    966,963
    
    
    
    798,236
    
    
    
    589,021Directors and statutory auditors  fees
    
    
    36,413
    
    
    
    26,941
    
    
    
    37,695Other professional fees
    
    
    65,533
    
    
    
    55,012
    
    
    
    42,428Advertising and publicity
    
    
    46,861
    
    
    
    53,178
    
    
    
    50,343Taxes
    
    
    79,784
    
    
    
    70,994
    
    
    
    53,914Depreciation of equipment
    
    
    53,993
    
    
    
    50,543
    
    
    
    42,723Amortization of organization costs
    
    
    33,317
    
    
    
    25,557
    
    
    
    17,923Other operating expenses
    
    
    216,128
    
    
    
    170,926
    
    
    
    144,158Other
    
    
    23,428
    
    
    
    18,615
    
    
    
    19,2611,522,420
    
    
    
    1,270,002
    
    
    
    997,466NET INCOME FROM FINANCIAL INTERMEDIATION
    
    
    1,452,589
    
    
    
    839,489
    
    
    
    505,018OTHER INCOMEIncome from long-term investments
    
    
    7,618
    
    
    
    25,847
    
    
    
    890Penalty interest
    
    
    23,884
    
    
    
    14,982
    
    
    
    7,580Recovered loans and allowances reversed
    
    
    46,921
    
    
    
    94,490
    
    
    
    133,118CER adjustment
    
    
    74
    
    
    
    95
    
    
    
    194Other
    
    
    43,480
    
    
    
    53,036
    
    
    
    41,743121,977
    
    
    
    188,450
    
    
    
    183,525OTHER EXPENSEPenalty interest and charges payable to the Central Bank of Argentina
    
    
    20
    
    
    
    181
    
    
    
    64Charge for other receivables uncollectibility and other allowances
    
    
    21,275
    
    
    
    37,242
    
    
    
    15,599Amortization of differences from deposits dollarization
    
    
    20,633
    
    
    
    29,509
    
    
    
    29,279Depreciation and loss of other assets
    
    
    6,847
    
    
    
    2,151
    
    
    
    5,303Goodwill amortization
    
    
    8,432
    
    
    
    8,439
    
    
    
    9,250Other
    
    
    101,087
    
    
    
    25,806
    
    
    
    39,420158,294
    
    
    
    103,328
    
    
    
    98,915MINORITY INTEREST IN SUBSIDIARIES
    
    
    (5,092
    )
    
    
    (3,354
    )
    
    
    (2,083
    )INCOME BEFORE INCOME TAX
    
    
    1,411,180
    
    
    
    921,257
    
    
    
    587,545INCOME TAX
    
    
    659,250
    
    
    
    261,207
    
    
    
    92,345NET INCOME FOR THE FISCAL YEAR
    
    
    751,930
    
    
    
    660,050
    
    
    
    495,200NET INCOME PER SHARE (2)  stated in pesos
    
    
    1.26
    
    
    
    1.00
    
    
    
    0.72
 (1)
    
    See note 4.2. to the accompanying consolidated financial statements.(2)
    
    See note 9. to the accompanying consolidated financial statements. 
  F - 9




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##### Table of Contents



(Contd.)
 BANCO MACRO S.A. AND SUBSIDIARIES
 STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY
 FOR THE YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007
 Adjustments
    
    
    Earnings reservedCapital
    
    
    Stock
    
    
    to
    
    
    
    
    
    
    Specialstock
    
    
    issuance
    
    
    shareholders
    
    
    
    
    
    
    Corporate
    
    
    
    
    
    
    UnappropriatedChanges
    
    (1)
    
    
    premium
    
    
    equity
    
    
    Legal
    
    
    Bonds
    
    
    Voluntary
    
    
    earnings (1)
    
    
    TotalBalances as of December 31, 2006
    
    
    683,979
    
    
    
    394,584
    
    
    
    4,511
    
    
    
    297,845
    
    
    
    
    
    
    
    211
    
    
    
    933,967
    
    
    
    2,315,097Merger of Nuevo Banco Bisel S.A.:- Balance of Nuevo Banco Bisel S.A.
    
    
    911,240
    
    
    
    33,086
    
    
    
    447
    
    
    
    17,318
    
    
    
    
    
    
    
    169
    
    
    
    (47,071
    )
    
    
    915,189- Merger effects (1)
    
    
    (910,092
    )
    
    
    (28,920
    )
    
    
    (447
    )
    
    
    (17,318
    )
    
    
    
    
    
    
    (169
    )
    
    
    47,071
    
    
    
    (909,875
    )Distribution of unappropriated earnings, as
approved by the Shareholders Meeting held on
April, 26, 2007:- Legal reserve
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    84,860
    
    
    
    
    
    
    
    
    
    
    
    (84,860
    )- Cash dividends (2)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (102,591
    )
    
    
    (102,591
    )- Special reserve  Corporate Bonds (3)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    45,515
    
    
    
    
    
    
    
    (45,515
    )Reversal of Special Reserve  Corporate Bonds (3)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (45,515
    )
    
    
    
    
    
    
    45,515Net income for the fiscal year
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    495,200
    
    
    
    495,200Balances as of December 31, 2007
    
    
    685,127
    
    
    
    398,750
    
    
    
    4,511
    
    
    
    382,705
    
    
    
    
    
    
    
    211
    
    
    
    1,241,716
    
    
    
    2,713,020Distribution of unappropriated earnings, as
approved by the Shareholders Meeting held on
April, 29,2008:- Legal reserve
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    99,038
    
    
    
    
    
    
    
    
    
    
    
    (99,038
    )- Cash dividends (2)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (170,995
    )
    
    
    (170,995
    )- Special reserve  Corporate Bonds (3)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    46,083
    
    
    
    
    
    
    
    (46,083
    )Reversal of Special Reserve  Corporate Bonds (3)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (46,083
    )
    
    
    
    
    
    
    46,083Own shares reacquired
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (380,164
    )
    
    
    (380,164
    )Net income for the fiscal year
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    660,050
    
    
    
    660,050Balances as of December 31, 2008
    
    
    685,127
    
    
    
    398,750
    
    
    
    4,511
    
    
    
    481,743
    
    
    
    
    
    
    
    211
    
    
    
    1,251,569
    
    
    
    2,821,911
  F - 10




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##### Table of Contents



(Contd.)
 BANCO MACRO S.A. AND SUBSIDIARIES
 STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY
 FOR THE YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007
 Adjustments
    
    
    Earnings reservedCapital
    
    
    Stock
    
    
    to
    
    
    
    
    
    
    Specialstock
    
    
    issuance
    
    
    shareholders
    
    
    
    
    
    
    Corporate
    
    
    
    
    
    
    UnappropriatedChanges
    
    (1)
    
    
    premium
    
    
    equity
    
    
    Legal
    
    
    Bonds
    
    
    Voluntary
    
    
    earnings (1)
    
    
    TotalOwn shares reacquired
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (56,665
    )
    
    
    (56,665
    )Capital Stock decrease approved by the
Shareholders Meeting of April 21, 2009 (4)
    
    
    (60,000
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    60,000Capital stock decrease approved by the
Shareholders meeting of September 10, 2009 (4)
    
    
    (30,642
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    30,642Distribution of unappropriated earnings, as
approved by the Shareholders Meeting held on
May, 12,2009:- Legal reserve
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    132,010
    
    
    
    
    
    
    
    
    
    
    
    (132,010
    )- Cash dividends (2)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (148,335
    )
    
    
    (148,335
    )- Special reserve  Corporate Bonds (3)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    50,510
    
    
    
    
    
    
    
    (50,510
    )- Tax on Personal Assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (10,040
    )
    
    
    (10,040
    )Reversal of Special Reserve  Corporate Bonds (3)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (50,510
    )
    
    
    
    
    
    
    50,510Net income for the fiscal year
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    751,930
    
    
    
    751,930Balances as of December 31, 2009
    
    
    594,485
    
    
    
    398,750
    
    
    
    4,511
    
    
    
    613,753
    
    
    
    
    
    
    
    211
    
    
    
    1,747,091
    
    
    
    3,358,801
 (1)
    
    Includes the retroactive accounting effects of legal merger of Nuevo Banco Bisel S.A.
mentioned in note 3.7. The legal capital structure is described in note 9. to the accompanying
consolidated financial statements. See notes 3.7. and 4.2. to the accompanying consolidated
financial statements.(2)
    
    Through resolutions of April 16, 2007, April 11, 2008 and September 4, 2009,
respectively, the Central Bank authorized the above mentioned cash dividends distribution.(3)
    
    See note 10. to the accompanying consolidated financial statements.(4)
    
    See notes 4.4.q.2) and 9. to the accompanying consolidated financial statements. 
  F - 11




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 FOR THE YEARS ENDED DECEMBER 31, 2009, 2008 AND 2007
 2009
    
    
    2008 (1)
    
    
    2007 (1)Changes in cash and cash equivalentsCash and cash equivalents at beginning of fiscal year
    
    
    3,523,897
    
    
    
    3,117,426
    
    
    
    2,626,908Cash and cash equivalents at end of fiscal year
    
    
    5,396,063
    
    
    
    3,523,897
    
    
    
    3,117,426Net increase in cash and cash equivalents
    
    
    1,872,166
    
    
    
    406,471
    
    
    
    490,518Causes of changes in cash and cash equivalentsOperating activitiesNet collections / (payments):- Government and private securities
    
    
    (516,662
    )
    
    
    80,038
    
    
    
    (68,837
    )- Loans- to the financial sector
    
    
    (2,801
    )
    
    
    95,190
    
    
    
    310,024- to the non-financial government sector
    
    
    58,098
    
    
    
    66,026
    
    
    
    36,674- to the non-financial private sector and foreign residents
    
    
    1,630,838
    
    
    
    236,273
    
    
    
    (2,687,238
    )- Other receivables from financial intermediation
    
    
    (228,120
    )
    
    
    (53,947
    )
    
    
    (509,249
    )- Assets subject to financial leases
    
    
    170,624
    
    
    
    85,202
    
    
    
    (31,295
    )- Deposits- from the financial sector
    
    
    (8,386
    )
    
    
    10,705
    
    
    
    8,232- from the non-financial government sector
    
    
    (532,281
    )
    
    
    1,981,008
    
    
    
    473,453- from the non-financial private sector and foreign residents
    
    
    2,083,281
    
    
    
    (668,310
    )
    
    
    2,614,398- Other liabilities from financial intermediation- financing facilities from the financial sector (received calls)
    
    
    117,083
    
    
    
    (866
    )
    
    
    (3,320
    )- others (except liabilities included under financing activities)
    
    
    475,800
    
    
    
    (91,712
    )
    
    
    278,226Collections related to service-change income
    
    
    1,043,723
    
    
    
    882,354
    
    
    
    658,863Payments related to service-charge expenses
    
    
    (220,860
    )
    
    
    (168,091
    )
    
    
    (146,606
    )Administrative expenses paid
    
    
    (1,405,088
    )
    
    
    (1,120,663
    )
    
    
    (873,034
    )Payments of organization and development expenses
    
    
    (44,144
    )
    
    
    (45,258
    )
    
    
    (57,438
    )Net collections from penalty interest
    
    
    23,874
    
    
    
    14,801
    
    
    
    7,569Differences from payments related to court orders
    
    
    (30,327
    )
    
    
    (16,733
    )
    
    
    (34,445
    )Collections of dividends from other companies
    
    
    6,397
    
    
    
    26,939
    
    
    
    636Other (payments)/collections related to other income and losses
    
    
    (25,351
    )
    
    
    (12,831
    )
    
    
    15,679Net (payments) / collections from other operating activities
    
    
    (38,934
    )
    
    
    6,636
    
    
    
    (14,711
    )Payment of income tax / minimum presumed income tax
    
    
    (350,396
    )
    
    
    (81,967
    )
    
    
    (80,183
    )Net cash flows generated in/(used in) operating activities
    
    
    2,206,368
    
    
    
    1,224,794
    
    
    
    (102,602
    )Investing activitiesNet payments for bank premises and equipment
    
    
    (34,329
    )
    
    
    (72,819
    )
    
    
    (77,661
    )Net (payments) / collections for other assets
    
    
    (1,080
    )
    
    
    23,731
    
    
    
    (1,559
    )Payments from purchases of investments in other companies
    
    
    
    
    
    
    (635
    )
    
    
    Collections from sales of investments in other companies
    
    
    150
    
    
    
    922
    
    
    
    33Other (payments) / collections for investing activities
    
    
    (8,138
    )
    
    
    5,032
    
    
    
    (1,678
    )Net cash flows used in investing activities
    
    
    (43,397
    )
    
    
    (43,769
    )
    
    
    (80,865
    )Financing activitiesNet (payments) / collections:- Non-subordinated corporate bonds
    
    
    (108,424
    )
    
    
    (133,211
    )
    
    
    749,464- Central Bank of Argentina- Other
    
    
    (76,814
    )
    
    
    (79,206
    )
    
    
    (53,681
    )- Banks and International Institutions
    
    
    (22,318
    )
    
    
    47,204
    
    
    
    (15,844
    )- Subordinated corporate bonds
    
    
    (56,225
    )
    
    
    (18,397
    )
    
    
    (13,240
    )- Financing received from Argentine financial institutions
    
    
    (5,171
    )
    
    
    (63,489
    )
    
    
    82,885Irrevocable capital
    
    
    
    
    
    
    
    
    
    
    182Payment of dividends
    
    
    (148,350
    )
    
    
    (171,004
    )
    
    
    (102,591
    )Other payments from financing activities- Own shares reacquired
    
    
    (56,665
    )
    
    
    (380,164
    )
    
    
    - Other collections
    
    
    
    
    
    
    
    
    
    
    (3,230
    )Net cash flows (used in)/generated in financing activities
    
    
    (473,967
    )
    
    
    (798,267
    )
    
    
    643,945Financial income and holding gains on cash and cash equivalents
    
    
    183,162
    
    
    
    23,713
    
    
    
    30,040Net increase in cash and cash equivalents
    
    
    1,872,166
    
    
    
    406,471
    
    
    
    490,518
 (1)
    
    See note 4.2. to the accompanying consolidated financial statements. 
  F - 12




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
 AS OF DECEMBER 31, 2009 AND 2008
  1.
    
    OVERVIEW OF THE BANK
 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).
 Banco Macro S.A.s shares have been publicly listed on the BCBA (Buenos Aires Stock Exchange)
since November 1994, and in March 24, 2006, it listed its shares on the New York Stock Exchange
(see also note 9).
 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 to acquire
entities and assets and liabilities during the privatization of provincial and other banks.
 In December 2001, 2004 and 2006, the Bank acquired control of Banco Bansud S.A., Nuevo Banco
Suquía S.A. (see note 3.5) and Nuevo Banco Bisel S.A. (see note 3.7), respectively. Such
entities merged with and into Banco Macro S.A. on December 2003, October 2007 and August 2009,
respectively.
 Additionally, during the fiscal year ended 2006, Banco Macro S.A. acquired 79.84% of the
capital stock of Banco del Tucumán S.A., totaling 89.93% of this capital stock in 2007.
 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, including mainly
Banco del Tucumán S.A., Macro Bank Limited (an entity organized under the laws of Bahamas),
Macro Securities S.A. Sociedad de Bolsa, Sud Inversiones & Análisis S.A. and Macro Fondos
S.G.F.C.I.S.A.
 The chart showing the organizational structure as of December 31, 2009 is disclosed in note
4.1. with the percentages indicating the ownership in each subsidiary.
 See also note 3.8.
 2.
    
    CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT AND THE SITUATIONS OF THE FINANCIAL SYSTEM
AND THE BANK
 The financial and capital markets
 During the year 2008 the financial markets of the worlds leading countries were rocked by
volatility, lack of liquidity and credit. Instead, in early 2009, although signs of a tendency
towards normalcy or initiation of a globaleconomic recovery are not consolidated, this
situation began turning around.
 In Argentina, stock markets had shown decreases in the prices of government and private
securities, as well as increases in interest rates, the country risk and in foreign exchange
rates, and the effects of the mentioned economic deceleration began to show. Furthermore, on
October, 2008, the AFJP (private pension fund managers) system was brought to an end.
 Starting from the second half of 2009, the abovementioned situation began a reversal process as
the country risk premium has dropped, government securities registered significant rises in
their listed prices and the foreign exchange and interest rates reduced their volatility.
  F - 13




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 On February 2, 2009, joint Resolutions 08/2009 and 05/2009 issued by the Secretariat of Finance
of the National Ministry of Economy and Public Finance, established a debt exchange transaction
of certain guaranteed loans for a new bond or promissory note referred to as Argentine Bond or
Promissory Note in Argentine pesos at the Badlar (the Badlar rate is a daily wholesale rate, an
average of the interest rates for time deposits above one million pesos offered by commercial
banks, based on Central Bank survey) interest rate + 275 basis points maturing in 2014, issued
on January 30, 2009, with maturity date of January 30, 2014, thereby extending the original
maturity date of such guaranteed loans to 2014. The annual interest rate paid on a quarterly
basis shall be 15.4% for the first year and Badlar rate plus 275 basis points for the rest of
the period.
 On January 29, 2009, and February 10, 2009, the Bank entered into an exchange agreement whereby
it exchanged the guaranteed loans for a book value of 277,832 and received Argentina bonds
(Bonar) at the Badlar interest rate + 275 basis points, in Argentine pesos maturing in 2014 for
a book value of 277,832. Under Central Bank rules, the accounting of the exchange did not have
impact in the consolidated financial statements of the Bank. As of December 31, 2009, the
remaining amount of such holdings was classified in special investment accounts (see note
4.4.b.1)i.).
 Additionally, in January and February 2009, as set forth by Central Bank Resolution No. 06/2009
the Bank decided to prepay the loans received to acquire Argentine Government bonds intended
for the depositors of former Nuevo Banco Suquía S.A and former Nuevo Banco Bisel S.A. (see note
7.2.b).
 On September 1, 2009, Joint Resolutions 216/2009 and 57/2009 issued by the Secretariat of
Finance of the National Ministry of Economy and Public Finance, established a debt exchange
transaction of certain guaranteed loans and government securities for a new bond or promissory
note referred to as Argentine Bond or Promissory Note in Argentine pesos at the Badlar
interest rate + 275 basis points maturing in 2014 and/or new bond or promissory note referred
to as Argentine Bond or Promissory Note in Argentine pesos at the Badlar interest rate + 300
basis points maturing in 2015, issued on September 10, 2009, due in 6 semi-annual
installments, the first 5 of which will be amortized at 16.66% and the last one at 16.70%,
principal payable on March 10 and September 10 of each year, beginning on March 10, 2013.
Interest is accrued and payable on a quarterly basis. As from the issuance date and through
September 10, 2011, the amount related to the 300 basis points margin will be capitalized at
Badlar rate and paid, and as from December 10, 2011, all interest will be paid in cash.
 The Bank executed an agreement on September 7, 2009, whereby it delivered government securities
with a book value of 19,061 and received Bonar Badlar + 275 basis points in Argentine pesos
maturing in 2014 for book value of 19,061, which were sold by December 31, 2009. Under Central
Bank rules, the accounting of the exchange did not have impact in the consolidated financial
statements of the Bank. Additionally, on September 9, 2009, it executed an agreement whereby it
delivered guaranteed loans for a book value of 1,022 in exchange for Bonar Badlar + 300 basis
points in Argentine pesos maturing in 2015 for a book value of 1,022, which were all classified
for trading or financial intermediation (see note 4.4.b.1)ii).
 On April 29, 2010 the National Government issued the Decree No. 563 which provides for the
restructuring of the National State debt for those bonds that were eligible for the exchange
provisions of Decree No. 1735 dated December 9, 2004 and had not been submitted to it. At the
date of issuance of these financial statements, the restructuring was in the launching stage.
 The accompanying consolidated financial statements should be read considering the circumstances
previously mentioned.
 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 (mainly, pesification of
deposits denominated in US dollars) 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.
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BANCO MACRO S.A. AND SUBSIDIARIES
 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 4% rate p.a., which may not be compounded through the payment date.
 With regards to court deposit in US dollars, on March 20, 2007, the Argentine Supreme Court
ruled establishing that the sums should be kept in their original currency.
 Taken into account the Central Bank rules (see note 4.4.l.2)), as of December 31, 2009, and
2008, the Bank booked in Intangible assets the amounts of 50,532 and 40,657, respectively,
net of related amortizations, with respect to the payments and provisions made by the bank in
relation to the previous order.
 Additionally, as of December 31, 2009 and 2008, the Bank recorded the additional liability
(representing the difference between the original deposit and the amount capitalized as
intangible asset) related to such regulation under the Provisions account in the amount of
19,979 and 18,233, respectively. Considering what has been mentioned in note 4.4.l.2), the
Banks Management believes that there would be no significant effects, other than those
recognized in accounts, that could derive from the final outcome of such actions.
 3.
    
    BANK OPERATIONS
 3.1.
    
    Agreement with the Misiones Provincial Government
 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.
 In addition, on November 25, 1999, and on December 28, 2006, extensions to such agreement
were agreed upon, making it currently effective through December 31, 2019.
 As of December 31 2009 and 2008, the deposits of the Misiones Provincial Government
amounted to 458,678 and 389,076 (including 61,159 and 52,889 related to court deposits),
respectively.
 3.2.
    
    Agreement with the Salta Provincial Government
 The Bank and the Salta Provincial Government entered into a special-relationship agreement
whereby the Bank was appointed, for a term of ten years since March 1, 1996, as the
Provincial Governments exclusive financial agent, as well as revenue collection and
obligation payment agent.
 In addition, on February 22, 2005, such agreement was extended through March 1, 2016.
 As of December 31 2009 and 2008, the deposits of the Salta Provincial Government amounted
to 259,912 and 453,723 (including 111,370 and 89,835 related to court deposits),
respectively.
 3.3.
    
    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.
 Additionally, on April 29, 2005, such agreement was extended through November 4, 2014.
 As of December 31 2009 and 2008, the deposits of the Jujuy Provincial Government amounted
to 347,028 and 384,868 (including 54,815 and 49,201 related to court deposits),
respectively.
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BANCO MACRO S.A. AND SUBSIDIARIES
 3.4.
    
    Uniones Transitorias de Empresas (joint ventures)
 a)
    
    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.
 As of December 31 2009 and 2008, the net assets of such joint venture recorded in the
Banks consolidated financial statements through the proportionate consolidation method
amounted to 3,986 and 4,153 respectively.
 Also, as of December 31 2009, 2008 and 2007, the net income recorded through the method
mentioned in the previous paragraph, amounted to 7,346, 7,217 and 8,311, respectively.
 b)
    
    Banco Macro Bansud S.A.  Montamat & Asociados S.R.L.
 On October 22, 2004, the Bank entered into an UTE (joint venture) agreement with
Montamat & Asociados S.R.L under the name BMB M&A  Unión Transitoria de Empresas, in
which each hold 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.
 As of December 31 2009 and 2008, the net assets of such joint venture recorded in the
Banks consolidated financial statements using the proportionate consolidation method
amounted to 10 and 4, respectively.
 Also, as of December 31 2009 and 2008, net loss booked under the method mentioned in
the previous paragraph was 12 and 78, respectively, while as of December 31, 2007, the
Bank recorded net income of 4,276.
 3.5.
    
    Legal Merger of Nuevo Banco Suquía S.A.
 On March 14, 2007, the Boards of Directors of Banco Macro S.A. and Nuevo Banco Suquía S.A.
entered into a Preliminary merger agreement, whereby Nuevo Banco Suquía S.A. would merge
with and into Banco Macro S.A. retroactively effective as from January 1, 2007, on the
basis of the financial statements of such banks as of December 31, 2006.
 On June 4 and 5, 2007, the General Regular and Special Shareholders Meetings of Banco
Macro S.A. and Nuevo Banco Suquía S.A., respectively, approved such preliminary merger
agreement, as well as the consolidated balance sheet for merger purposes as of December
31, 2006, and the shares exchange relationship. Furthermore, Banco Macro S.A.s
shareholders meeting mentioned above approved the capital stock increase of Ps.
683,943,437 to Ps. 683,978,973 through the issuance of 35,536 common registered Class B
shares with a face value of Ps. 1, each entitled to one vote, to be delivered to the
minority shareholders of the absorbed bank.
 During 2007, the Central Bank  ́s Board of Directors and the CNV (Argentine Securities
Commission) authorized such merger. Additionally, the CNV and the BCBA authorized the
public offering of shares to be delivered to the minority shareholders of Nuevo Banco
Suquía S.A.
 Finally, on October 16, 2007, Banco Macro S.A. carried out the merger of Nuevo Banco
Suquía S.A. with and into the former.
 On February 12, 2008, the shares issued were credited to the minority shareholders of the
absorbed bank.
 Under Central Bank rules, the accounting of the merger did not have a significant impact
on the consolidated financial statements of the Bank.
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BANCO MACRO S.A. AND SUBSIDIARIES
 3.6.
    
    Banco del Tucumán S.A.
 In line with its strategy to increase its market position in Argentinas provinces, on
November 24, 2005, the Bank signed a stock purchase agreement with Banco Comafi S.A. for
75% of the capital stock and voting rights of Banco del Tucumán S.A. Such event was
approved by the Central Bank on March 6, 2006, through Board of Governors Resolution No.
50, as well as by the Technical Coordination Department of the Economy and Production
Ministry on April 7, 2006.
 In this regard, on May 5, 2006, the Bank acquired 164,850 class A shares in Banco del
Tucumán S.A., representing 75% of its capital stock, and on the same date took control
over such institution.
 The Bank paid 45,961 in cash for the acquisition. In addition, the Bank shall pay over to
Banco Comafi S.A. 75% of the amounts to be recovered over the ten years following the date
of the abovementioned agreement related to consumer loan portfolio, for which an allowance
was fully recorded as of the purchase date. As of the date of acquisition, such
liabilities amounted to about 1,662 (as of December 31, 2009, it amounted to 68).
Consequently, the total acquisition price amounted to 47,623.
 Under Central Bank rules, Banco del Tucumán S.A.s net assets as of May 5, 2006 amounted
to 40,065.
 Therefore, pursuant Central Bank rules, the Bank recorded a positive goodwill amounting to
17,574, which arises from the difference between the total acquisition price (47,623) and
75% of Banco del Tucumán S.A.s shareholders equity as of such date (30,049). The
goodwill is amortized using the straight line method over ten years pursuant to Central
Bank rules.
 Additionally, from September through December 2006, Banco Macro S.A. acquired Class C
shares in Banco del Tucumán S.A., representing 4.84% of the capital stock, which gave rise
to an additional positive goodwill of 668.
 As of December 31, 2009, and 2008, the positive goodwill resulting from such acquisitions
was recorded under Intangible assets in the amount of 11,567 and 13,395, respectively
(net of amortizations for 6,676 and 4,849, respectively).
 Additionally, on November 28, 2006, the General Regular and Special Shareholders Meeting
of Banco del Tucumán S.A. approved a capital increase of 21,980, establishing an
additional paid-in capital of 26,171. During January 2007, Banco Macro S.A. subscribed the
total increase, thus increasing its overall interest in Banco del Tucumán S.A. to 89.93%.
 Also, according to the service agreement signed on August 15, 2001, Banco del Tucumán S.A.
will act as the exclusive financial agent of the Provincial Government until 2011. It also
acts as the exclusive financial agent of the Municipality of San Miguel del Tucumán.
 As of December 31, 2009 and 2008, the deposits held by the Tucumán Provincial Government
and the Municipality of San Miguel del Tucumán in Banco del Tucumán S.A. amounted to
426,832 and 405,577 (including 271,381 and 218,026 related to court deposits),
respectively.
 3.7.
    
    Legal merger of Nuevo Banco Bisel S.A.
 On March 19, 2009, the Boards of Directors of Banco Macro S.A. and Nuevo Banco Bisel S.A.
entered into a Preliminary merger agreement, which established the incorporation of the
latter to Banco Macro S.A. retroactively as from January 1, 2009, on the basis of the
financial statements of such banks as of December 31, 2008 (see also notes 4.2. and
7.1.f)).
 On May 27, 2009, the General Regular and Special Shareholders Meetings of Banco Macro
S.A. and Nuevo Banco Bisel S.A., respectively, approved such preliminary merger agreement,
as well as the consolidated special balance sheet for merger purposes as of December 31,
2008, and the exchange ratio. Furthermore, Banco Macro S.A.s Shareholders Meeting,
mentioned above, approved the capital stock increase through the issuance of 1,147,887
common registered Class B shares with a face value of Ps. 1, each entitled to one vote, to
be delivered to the minority shareholders of the absorbed bank (Sud Inversiones & Análisis
S.A. and Macro Securities S.A. Sociedades de Bolsa).
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BANCO MACRO S.A. AND SUBSIDIARIES
 Subsequently, the BCBA, the Central Bank and the CNV (Argentine securities commission),
authorized the abovementioned merger, which was registered with the IGJ (Business
Associations Regulatory Agency). Additionally, the CNV and the BCBA authorized the public
offering of shares to be delivered to the minority shareholders of former Nuevo Banco
Bisel S.A.
 Finally, on August 18, 2009, the Central Bank reported Nuevo Banco Bisel S.A.s merger
with and into Banco Macro S.A.
 In September 2009, the shares issued were accredited to the minority shareholders of the
bank merged with and into the Bank. Additionally, during October 2009, Sud Inversiones &
Análisis S.A. and Macro Securities S.A. Sociedad de Bolsa sold those shares to unrelated
parties. (see also note 4.2.).
 Under Central Bank rules, the accounting of the merger did not have a significant impact
on the consolidated financial statements of the Bank.
 3.8.
    
    Banco Privado de Inversiones S.A
 After a period of negotiations, the Bank signed a share purchase agreement, under which,
subject to satisfaction of certain conditions, including the approval of the transaction
by the Central Bank, will acquire shares representing 100% of share capital and votes of
Banco Privado de Inversiones S.A. for USD 23,3 millions.
 Banco Privado de Inversiones S.A. has a broad base of customers and businesses that will
provide volume and experience in the credit card business, in a region where the Bank
considers appropriate to expand their development.
 The transaction will enable the Bank to serve a greater number of customers with the
structure that currently owns, to complement lines of business and to achieve greater
economies of scale by providing, in addition, to Banco Privado S.A. a more efficient
financing structure and to their clients the access to a network with greater geographical
coverage.
 According to the last information published by the Central Bank, the following data are
disclosed as of December 31, 2009:
 Total assets: 442,620
 Total liabilities: 418,762
 Total shareholders equity: 23,858
 Number of branches: 2
 At the date of issuance of these consolidated financial statements, the Central Bank has
not issued a decision in this respect.
 4.
    
    SIGNIFICANT ACCOUNTING POLICIES
 The preparation of the Banks consolidated financial statements requires Management to make
estimates and assumptions to determine the recorded amounts of assets and liabilities, income,
expenses and contingencies, as well as the related disclosures, as of each balance sheet date.
However, uncertainty about theses assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of the asset or liability affected in
future periods.
 In the process of applying the Banks accounting policies, management has exercised judgment
and estimates in determining the amounts recognized in the financial statements.
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BANCO MACRO S.A. AND SUBSIDIARIES
 4.1.
    
    Consolidation and basis of presentation
 The Consolidated Financial Statements have been prepared in accordance with accounting
principles issued by the Central Bank (Central Bank rules).
 For the purpose of these consolidated financial statements, certain disclosures related to
formal legal requirements for reporting in Argentina have been omitted since they are not
required for SEC (Securities and Exchange Commission) reporting purposes.
 Under Central Banks rules and FACPCE (Federación Argentina de Consejos Profesionales de
Ciencias Económicas  Argentine Federation of Professional Council in Economic Sciences)
Technical Resolutions, Banco Macro S.A. has consolidated the following subsidiaries:
 Equity
    
    
    EquityInvestment
    
    
    InvestmentPercentage held of
    
    
    amounts as of
    
    
    amounts as ofShares
    
    
    Capital
    
    
    
    
    
    
    December 31,
    
    
    December 31,Company
    
    Class
    
    Number
    
    
    Stock
    
    
    Votes
    
    
    2009
    
    
    2008Banco del Tucumán S.A.
    
    Common
    
    
    395,341
    
    
    
    89.932
    %
    
    
    89.932
    %
    
    
    182,755
    
    
    
    137,741Macro Bank Limited (a)
    
    Common
    
    
    9,816,899
    
    
    
    99.999
    %
    
    
    99.999
    %
    
    
    164,576
    
    
    
    99,973Macro Securities S.A. Sociedad de Bolsa (b)
    
    Common
    
    
    12,776,680
    
    
    
    99.921
    %
    
    
    99.921
    %
    
    
    28,374
    
    
    
    17,477Sud Inversiones & Análisis S.A. (b)
    
    Common
    
    
    6,475,143
    
    
    
    98.605
    %
    
    
    98.605
    %
    
    
    14,509
    
    
    
    12,376Macro Fondos S.G.F.C.I. S.A. (b)
    
    Common
    
    
    327,183
    
    
    
    99.936
    %
    
    
    99.936
    %
    
    
    1,503
    
    
    
    1,180Nuevo Banco Bisel S.A. (c)
    
    Common
    
    
    841,682,603Preferred
    
    
    66,604,774
    
    
    
    99.997
    %
    
    
    99.997
    %
    
    
    
    
    
    
    1,384,059
 (a)
    
    Consolidates with Sud Asesores (ROU) S.A. (voting rights: 100%, equity interest:
817).(b)
    
    Until March 31, 2008, Macro Fondos S.G.F.C.I. S.A. was consolidated into Sud
Inversiones & Análisis S.A. As from such date it is consolidated into Macro Securities
S.A. Sociedad de Bolsa.(c)
    
    See note 3.7. Intercompany transactions were eliminated in the consolidation process.
 In addition, as of December 31, 2007, the Bank consolidated its financial statements with
Macro Valores S.A. and with Red Innova Administradora de Fondos de Inversión S.A. As of
that date, these subsidiaries were not significant.
 On March 19, 2008, Banco Macro S.A. sold its shares in Macro Valores S.A.
 As of December 31, 2008, Red Innova Administradora de Fondos de Inversión settled the full
amount of its liabilities and subsequently, in accordance with the decision approved by the
Shareholders Meeting held December 19, 2008, it distributed all of its assets
proportionately among its shareholders.
 Furthermore, the financial statements of Macro Bank Limited (consolidated with Sud Asesores
(ROU) S.A.) were conformed to the 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 translated at the reference exchange rate or the
exchange rate reported by the Central Bank trading room and effective for the foreign
currency at the closing of transactions on the last business day of the years ended
December 31, 2009 and 2008.
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BANCO MACRO S.A. AND SUBSIDIARIES
 (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.
 (d)
    
    The amounts of income were translated into pesos, as described in (a) above.
The difference between retained earnings at beginning of year and retained earnings at
year-end was recorded in Financial income  Difference in quoted prices of gold and
foreign currency or Financial expense  Difference in quoted prices of gold and
foreign currency accounts, as the case may be.
 4.2.
    
    Comparative information
 The consolidated financial statements as of December 31, 2009, are presented comparatively
with those of December 31, 2008 and 2007.
 Additionally, and mainly as a result of the legal merger of Nuevo Banco Bisel S.A.
described en note 3.7., the Bank made certain reclassifications in the consolidated
financial statements as of December 31, 2008 and 2007, so as to make them comparable with
the current consolidated financial statements.
 4.3.
    
    Restatement into constant pesos
 Professional accounting standards in Argentina establish that the financial statements
should be stated in constant pesos. In a monetary stability context, the nominal currency
is used as constant currency; however, during inflationary or deflationary periods,
financial statements are required to be stated in constant currency as of the latest
balance sheet date, recognizing the variations in the domestic wholesale price index
(domestic WPI) published by the INDEC (Argentine Institute of Statistics and Censuses), in
conformity with the restatement method under FACPCE Technical Resolution No. 6.
 The Banks consolidated financial statements reflect the changes in the peso purchasing
power through February 28, 2003, under Presidential Decree No. 664/03, IGJ General
Resolution No. 4/2003, CNV (Argentine Securities Commission) General Resolution No. 441,
and Central Bank Communiqué A 3,921. Professional accounting standards provide that the
restatement method established by Technical Resolution No. 6 should have been discontinued
as from October 1, 2003.
 Before February 28, 2003, the financial statements were restated in constant currency on a
monthly basis, using INDECs domestic WPI measurements. The restatement coefficient for a
given month resulted from dividing the index value at the end of the month by the value at
the beginning. The procedure is as follows:
 i)
    
    Assets and liabilities are classified into monetary and non-monetary.
 ii)
    
    Monetary assets and liabilities are those that are not adjusted for
inflation, but generate a monetary gain (loss). The effect of inflation is broken down
depending on its origin, i.e., monetary gain (loss) on financial intermediation,
monetary gain (loss) on other transactions and monetary gain (loss) on other operating
expenses.
 iii)
    
    Non-monetary assets and liabilities, shareholders equity and
statement-of-income accounts are restated.
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BANCO MACRO S.A. AND SUBSIDIARIES
 4.4.
    
    Valuation methods
 The main valuation methods used to prepare these consolidated financial statements as of
December 31, 2009, and 2008, were:
 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 last business day of each year.
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 statement of income for each year.
 b)
    
    Government and private securities:
 b.1)
    
    Listed:
 i.
    
    Holdings in special investment accounts: in accordance with the
provisions of Central Bank Communiqués A 4,676, 4,861 of June 5, 2007, and
October 30, 2008, as supplemented, the Bank chose to classify certain
government securities as Special investment accounts. These government
securities were valued at the acquisition cost defined in such communiqués,
increased by the accrual of the internal rate of return as from the date of
inclusion in this classification, net of the contra account, as further
described below.
 When the market value of each security is lower than the book value, the accrual
of the internal rate of return and the CER will be recorded in a contra balance
sheet account created for this purpose, until the book value equals the market
value. This contra account will be recognized in the income statement when the
market value of the securities is above their book value.
 As provided by Central Bank Communiqué A 5,024, as of December 31, 2010, such
valuation method should be fully settled, and no other holdings will be included
therein.
 ii.
    
    Holdings for trading or financial intermediation and instruments issued
by the Central Bank: they were valued at the quoted price of each security
effective at the last business day of each year. Differences in quoted market
values were recorded in the statement of income for each fiscal year.
 b.2)
    
    Unlisted:
 i.
    
    Unlisted government securities: they were valued in accordance with
Central Bank Communiqués A 4,898 and 3,911, respectively. Both communiqués,
that specifically develop valuation method for certain assistance to the
non-financial government sector, establish comparisons of present and book
values, as the case may be, as well as the potential use of contra accounts.
 In particular, in the case of holdings of government securities without
volatility published and included on the list of present values published by the
Central Bank, Communiqué A 4,898 provides that they should be valued at the
higher of the present value published by the Central Bank and the book value as
of January 31, 2009, net of interest collected after such date and the related
contra account, as further described below (book value).
 When the present value of these holdings is lower than their book value, the
accrual of interest and, if applicable, of the adjustment resulting from
applying CER will be recorded, on an accumulated basis, in a contra account
created to such end until the book value equals the present value, and such
contra account is reversed into income when the present value exceeds the book
value.
 The present values published by the Central Bank are based on the yield curve
for securities related to the same type of instrument, with normal and usual
quoted price and of similar duration, according to the methodology published by
such institution.
 ii.
    
    Instruments issued by the Central Bank: they were valued at their cost
value increased exponentially by their internal rate of return, as provided
by Central Bank Communiqué A 4,414.
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BANCO MACRO S.A. AND SUBSIDIARIES
 c)
    
    Guaranteed loans  Presidential Decree No. 1,387/01:
 As of December 31, 2009 and 2008, they were valued in accordance with Central Bank
Communiqués A 4,898 and 3,911, respectively. Both communiqués, that specifically
develop valuation method for certain loans to the non-financial government sector,
establish comparisons of present and book values, as the case may be, as well as the
potential use of contra accounts.
 Particularly, in the case of guaranteed loans issued by the Argentine Government under
Decree No. 1387/01, Communiqué A 4,898, establishes that they should be valued at the
higher of the present value published by the Central Bank and the book value as of
January 31, 2009, net of interest collected after such date and the related contra
account (book value) as further explained in note 4.4.b.2).i.
 As mentioned in note 2., in 2009, the Bank entered into exchange agreements whereby it
exchanged the guaranteed loans for a book value of 296,893 and received Argentina bonds
(Bonar) at the Badlar interest rate + 275 basis points, in Argentine pesos maturing in
2014 for the same amount. These transactions did not have any effects in the income
statement.
 As a consequence of such Communiqué as of December 31, 2008 the technical value of the
guaranteed loans totaled 850,452, while the book value was 722,757; thus, the discount
for those holding totaled 127,695. As of December 31, 2009 there was no discount to be
booked.
 d)
    
    Interest accrual:
 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.
 e)
    
    CER accrual:
 Receivables and payables have been indexed by the CER, wherever applicable, as follows:
 e.1)
    
    Holdings in special investment accounts and unlisted government
securities: as explained in notes 4.4.b.1).i. and 4.4.b.2).i., respectively.
 e.2)
    
    Guaranteed loans: as explained in note 4.4.c).
 e.3)
    
    Other loans and receivables from sale of assets: they were adjusted
according to Communiqué A 3,507, and supplementary regulations, which established
that payments made until September 30, 2002, were to be made under the original
conditions of each transaction and would be considered prepayments. Since February
3, 2002, principal was adjusted by the CER through each year-end, where applicable.
 e.4)
    
    Deposits and other assets and liabilities: they were adjusted by CER as
of the last business day of each year.
 f)
    
    Allowance for loan losses and provision for granted guarantees:
 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, under Central Bank Communiqué A 2,950, 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 year, 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 year.
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BANCO MACRO S.A. AND SUBSIDIARIES
 The recovery of receivables previously classified under Debit-balance control
memorandum accounts  Receivables classified as irrecoverable are charged directly to
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 granted guarantees are included under Provisions.
 g)
    
    Loans and deposits of government securities:
 They were valued at the quoted price of each security effective on the last business day
of each year, plus the related accrued interest. Differences in quoted market values
were recorded in the statement of income as of each year.
 h)
    
    Other receivables from financial intermediation and Other liabilities from
financial intermediation:
 h.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
through the end of each year.
 h.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)
    
    Listed: they were valued at the effective quoted prices for each of them
on the last business day of each year. Differences in quoted market values
were recorded in the statement of income for each year.
 ii)
    
    Unlisted: they were valued as provided by Central Bank Communiqué A
4,414, at their cost value increased exponentially by their internal rate of
return.
 h.3)
    
    Debt securities and certificates of participation in financial trusts:
 i.
    
    Debt securities: they were valued as provided by
Central Bank Communiqué A 4,414, at their cost value increased
exponentially by their internal rate of return, translated into pesos
pursuant to the method described in note 4.4.a), as the case may be.
 ii.
    
    Certificates of participation in the Fideicomiso
Financiero Suquía and Fideicomiso Financiero Bisel financial trust: they
were valued based on the cost of shareholders equity of former Nuevo Banco
Suquía S.A. and former Nuevo Banco Bisel S.A., respectively, plus interest
accrued, net of redemptions. As of December 31, 2009, and 2008, an
allowance was booked for the full amounts receivable booked on account of
such certificates, as they were deemed unrecoverable.
 iii.
    
    Other certificates of participation: they were stated
at amortized cost value increased, as the case may be, by interest accrued
until the last business day of each year, translated into pesos according
to the method described in note 4.4.a), as the case may be.
 The values recorded, net of allowances recorded, do not exceed the recoverable
values from the respective trusts.
 h.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 4,414 and supplementary regulations.
 h.5)
    
    Non-subordinated corporate bonds issued:
 They were valued at the amount due for principal and interest accrued as of each
year-end, translated into pesos pursuant to the method described in note 4.4.a), as
the case may be.
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BANCO MACRO S.A. AND SUBSIDIARIES
 i)
    
    Assets subject to financial leases:
 They were valued at the net investment in the lease less unearned income and calculated
in accordance with the conditions agreed upon in the respective agreements, by applying
the interest rate imputed therein.
 j)
    
    Investments in other companies:
 j.1)
    
    In non-controlled financial institutions (less than 50% ownership
interest), supplementary and authorized activities:
 i.
    
    In Argentine pesos: they were valued at acquisition cost,
plus the nominal value of share-dividends received, restated as explained in
note 4.3.
 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 4.4.a).
 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.
 j.2)
    
    In other non-controlled companies: they were valued at acquisition
cost, plus the nominal value of share-dividends received, restated as described in
note 4.3., 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.
 k)
    
    Bank premises and equipment and other assets:
 They were valued at their acquisition cost, restated as explained in note 4.3., less the
related accumulated depreciation calculated based on their estimated useful life using
the straight line method.
 l)
    
    Intangible assets:
 l.1)
    
    Goodwill and organization and development costs (except differences due
to court orders  Nondeductible for the determination of the computable equity):
they were valued at their cost, restated as explained in note 4.3., less the
related accumulated amortization, calculated under the straight line method over
their estimated useful life.
 l.2)
    
    Differences due to court orders (amparos)  Nondeductible for the
determination of the computable equity: represent the difference between the amount
of the original foreign currency translated at the exchange rate applied upon
payment of the recursos de amparo (constitutional rights protection actions) and
the amount recorded under Central Bank rules (convert into Argentine pesos at the
Ps. 1.4 to USD 1 exchange rate, or its equivalent in other currencies, plus CER).
Additionally, and as disclosed in Central Bank Communiqué A 3,916, since April
2003 the sums related to the amounts paid are amortized straight line over 60
months.
 In addition, the Central Bank informed the Bank through a notice dated August 4,
2008, that the permission established by Communiqué A 3,916 (allowing the
difference between the amount of the amparos and the amounts recorded as
liabilities to be capitalized as intangible assets) is applicable only to such
differences which were actually paid.
 m)
    
    Valuation of derivatives:
 m.1)
    
    Put options sold on Boden 2012 and 2013 coupons: such options were
valued at the exchange value of the bonds plus interest and the CER adjustment
accrued on the last business day of each year- end.
 m.2)
    
    Interest rate swap: this included the equivalent in pesos of the
notional value in relation to which the Bank agreed to pay / charge a variable
rate and charge / pay a fixed rate.
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BANCO MACRO S.A. AND SUBSIDIARIES
 m.3)
    
    Forward transactions without delivery of underlying asset: they were
valued at the quoted price of the underlying assets upon maturity, effective on
the last business day of each fiscal year. Differences in quoted market values
were recorded in the statement of income of each year.
 m.4)
    
    Put options purchased / call options sold: valued at the agreed-upon
exercise price.
 In all cases, see also note 33.
 n)
    
    Severance payments:
 The Bank charges these payments directly to income.
 o)
    
    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.
 p)
    
    Subordinated corporate bonds:
 They were valued at the amount due for principal and interest accrued as of each year,
translated into pesos pursuant to the method described in note 4.4.a).
 q)
    
    Shareholders equity accounts:
 q.1)
    
    They are restated as explained in note 4.3., except for the Capital Stock
account which has been kept at its original value. The adjustment resulting from
its restatement as explained in note 4.3. was included in the Adjustments to
Shareholders Equity account.
 q.2)
    
    The purchase cost of own shares reaquired was debited to the
Unappropriated earnings account. Furthermore, the face value of such shares was
reclassified from Outstanding shares to Shares in treasury. The decrease in own
shares reacquired as a result of the capital decrease was credited against
unappropriated retained earnings (see also note 9).
 r)
    
    Consolidated Statement of income accounts:
 r.1)
    
    Accounts reflecting monetary transactions occurred in the fiscal years
ended December 31, 2009, 2008 and 2007 (financial income and expenses,
service-charge income and service-charge expenses, provision for loan losses,
administrative expenses, etc.), were computed at their historical amount on a
monthly accrual basis.
 r.2)
    
    Accounts reflecting the effects of the sale, retirement or consumption of
non-monetary assets were computed on the basis of restated amounts of such assets,
restated as mentioned in note 4.3.
 s)
    
    Statement of cash flows:
 For the purpose of reporting cash flows, cash and cash equivalents include the following
accounts: Cash and Government and private securities which mature less than 90 days as
from their date of acquisition. As of December 31, 2009, such securities total 379,871,
while as of December 31, 2008 and 2007, the Bank had no such securities.
 5.
    
    INCOME TAX AND MINIMUM PRESUMED INCOME TAX (TOMPI)
 As required by Central
Banks rules, the Bank calculates income tax by applying the effective
35% rate to the estimated taxable income for each year, without considering the effect of
temporary differences between book and taxable income.
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BANCO MACRO S.A. AND SUBSIDIARIES
 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 the 1% over the 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 of December 31, 2009, 2008 and 2007, the Bank accrued income tax expense of 659,250, 261,207
and 92,345, respectively.
 As of December 31, 2009 and 2008, the Bank maintained a total amount of 10,280 and 25,767,
respectively, for minimum presumed income tax credit under Other receivables. Such credit is
considered as an asset because the Bank estimated that it will be used within 10 years, as
established by Central Bank Communiqué A 4,295, as supplemented. The Bank expects to use the
tax credit as of December 31, 2009 in 2010.
 In addition as of December 31, 2009 and 2008, the Bank made income tax prepayments for 173,927
and 46,092, respectively, which were recorded in the Other receivables account.
 6.
    
    DIFFERENCES BETWEEN CENTRAL BANK RULES AND PROFESSIONAL ACCOUNTING STANDARDS EFFECTIVE IN
ARGENTINA
 Through Resolution CD No. 93/2005, the CPCECABA (Professional Council in Economic Sciences of
the City of Buenos Aires) adopted technical resolutions and interpretations issued by FACPCE
governing board through April 1, 2005. Subsequently, the CPCECABA, through Resolutions 42/2006,
34 and 85/2008, and 25 and 52/2009, approved Technical Resolutions Nos. 23 through 27,
respectively. In this regard, Technical Resolutions No. 26 and 27 will be effective for the
annual or interim-period financial statements for the fiscal years beginning January 1, 2011.
 These professional accounting standards differ, in certain valuation and disclosure aspects,
from Central Bank rules. The differences between those standards, which the Bank deemed
significant to these consolidated financial statements, are as follows:
 6.1.
    
    Valuation standards
 a)
    
    Holdings recorded in special investment accounts, unlisted government
securities, unlisted instruments issued by Central Bank and guaranteed loans: they are
valued in accordance with the regulations and standards issued by the Argentine
Government and the Central Bank described in notes 4.4.b.1)i, 4.4.b.2) and 4.4.c).
Additionally, effective loan-loss provisioning regulations issued by Central Bank
establish that receivables from the nonfinancial government sector are not subject to
loan-loss provisioning, whereas professional accounting standards require receivables
to be compared with their recoverable value every time financial statements are
prepared.
 The Banks particular situation in connection with these holdings and financing is
as follows:
 a.1)
    
    Holdings in special investment accounts: As of December 31, 2009 and
2008, the Bank recorded 659,371 and 448,305, respectively, for certain portfolio of
Argentine government securities. According to the professional accounting
standards, as the Bank does not show indications of keeping such holdings through
their maturity, they should be valued at their market value. According to this
valuation method, assets as of December 31, 2009, would have increased by 237,913,
while assets as of December 31, 2008, would have decreased by 31,557.
 a.2)
    
    Holdings of unlisted government securities: as of December 31, 2009,
2008 and 2007, the Bank recorded 78,865, 69,182 and 19,329, respectively. According
to professional accounting standards, such assets should be stated at market value.
According to this valuation method, assets as of December 31, 2009 and 2007, would
have increased by 9,160 and 1,957, respectively, and as of December 31, 2008,
assets would have decreased by 21,639.
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BANCO MACRO S.A. AND SUBSIDIARIES
 a.3)
    
    Unlisted instruments issued by the Central Bank: as of December 31,
2009 and 2008, the Bank recorded unlisted portfolio and used in repo transactions
of Central Bank internal bills and notes for 4,860,850 and 2,636,437, respectively.
According to professional accounting standards, such assets should be stated at
market value. According to this valuation method, assets as of December 31, 2009
and 2008, would have decreased by 2,392 and 33,776, respectively.
 a.4)
    
    Guaranteed loans Decree No. 1,387/01: as of December 31, 2009, 2008 and
2007, the Bank recorded 190,412, 722,757 and 729,862, respectively. According to
professional accounting standards and considering the statements made in note
4.4.c), these assets should be valued at their present value. According to this
valuation method, assets as of December 31, 2009, would have increased by 8,805 and
decreased by 259,617 and 95,810, respectively.
 b)
    
    Intangible assets: as of December 31, 2009, 2008 and 2007, the Bank
capitalized under intangible assets 50,378, 40,090 and 51,975, respectively, net of
the related amortization amounts, related to the foreign exchange differences of the
reimbursement in original currency of certain deposits switched into pesos and the
effect of court deposits dollarization. Such accounting treatment differs from the
valuation and disclosure methods established by professional accounting standards,
which require charging to expense the abovementioned amounts. According to this
valuation method, assets as of December 31, 2009, 2008 and 2007, would have decreased
by 50,378, 40,090 and 51,975, respectively.
 c)
    
    As of December 31, 2009, 2008 and 2007, as mentioned in note 4.4.l.2), the
Bank recorded 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
professional accounting standards, as of December 31, 2009, 2008 and 2007, the Bank
should have recorded a liability of approximately 51,413, 46,923 and 63,014,
respectively. According to this valuation method, liability as of December 31, 2009,
2008 and 2007, would have increased by 51,413, 46,923 and 63,014, respectively.
 d)
    
    As of December 31, 2008, the Bank recorded 29,105 under Other receivables
from financial intermediation  nonsubordinated corporate bonds issued by the Bank
itself, mentioned in note 10.b.2) and b.3), respectively, valued as mentioned in note
4.4.h.4), and 56,738 under Other liabilities from financial intermediation and
recorded the liabilities generated by the issuance thereof valued as mentioned in note
4.4.h.5). According to professional accounting standards, such repurchased corporate
bonds should be considered settled. Consequently, liability as of December 31, 2008,
would have decreased by 27,633.
 e)
    
    Income tax: the Bank and its subsidiaries record income tax by applying the
effective rate to the estimated taxable income without considering the effect of
temporary differences between book and taxable income. In accordance with
professional accounting standards, income tax should be recognized through the
deferred tax method, which consists in recognizing (as receivable or payable) the tax
effect of temporary differences between the book and tax valuation of assets and
liabilities, and in subsequently charging them to income for the years in which such
differences are reversed, considering the possible effects of utilizing net operating
losses (NOLs) in the future. If the deferred tax method had been applied, as of
December 31, 2009, 2008 and 2007, the Bank would have recorded an additional asset of
46,667, 78,009 and 64,415, respectively.
 f)
    
    Business combinations: under the standards set forth by the Central Bank,
business acquisitions are recorded according to the book values of the acquired
company. Consequently, the difference between the purchase price and its interest
valued by the equity method in the books of the acquirer, is recorded as positive
goodwill (when the purchase price is higher than the interest valued by the equity
method) or negative goodwill (when the purchase price is lower than the interest
valued by the equity method), as the case may be. If 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 goodwill is
negative, Central Bank Communiqué A 3,984 establishes specific amortization methods;
the maximum amortization allowed per annum is 20%.
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BANCO MACRO S.A. AND SUBSIDIARIES
 According to professional accounting standards effective in Argentina, business
combinations are recorded based on the market values of the acquired companys
identifiable net assets. Consequently, the difference between the purchase price and
the identifiable net asset measurement value is recorded as positive or negative
goodwill, as the case may be. If goodwill is positive, such goodwill (i) will
depreciate systematically throughout the estimated useful life and (ii) will be
compared with its recoverable value as of each year-end. If goodwill is negative, such
goodwill will be allocated to income (loss) in accordance with the changes in the
specific circumstances that created such negative goodwill.
 The Banks specific situation in relation to how business combinations are recorded is
as follows:
 f.1)
    
    Acquisition of Banco Bansud S.A.: under Central Bank standards, the
Banks acquisition of Banco Bansud S.A. generated an original negative goodwill in
the amount of 365,560. As of December 31, 2009, 2008 and 2007, such goodwill was
fully amortized.
 According to professional accounting standards, the abovementioned purchase would
have generated an original negative goodwill in the amount of 39,722 and,
therefore, as of December 31, 2009, 2008 and 2007, the residual value of such
goodwill would have totaled 9,254, 9,609 and 11,944, respectively. Consequently,
assets as of December 31, 2009, 2008 and 2007, would have decreased by 9,254,
9,609 and 11,944, respectively.
 f.2)
    
    Acquisition of Nuevo Banco Suquía S.A.: under Central Bank standards,
the Banks acquisition of Nuevo Banco Suquia S.A. generated an original negative
goodwill in the amount of 483. As of December 31, 2009, 2008 and 2007, such
goodwill was recorded under Provisions (Liabilities).
 According to professional accounting standards, the abovementioned acquisition
would have led to an original negative goodwill in the amount of 72,445 and the
recognition of 38,043 of profit from the purchase. Therefore, as of December 31,
2009, 2008 and 2007, the residual value as of such goodwill would have totaled
58,299, 61,082 and 63,865, respectively. Consequently, liability as of December
31, 2009, 2008 and 2007, would have increased by 57,816, 60,599 and 63,382,
respectively.
 f.3)
    
    Acquisition of Banco del Tucumán S.A.: under Central Bank standards,
the Banks acquisition of Banco del Tucumán S.A. (see also note 3.6.) generated an
original positive goodwill in the amount of 18,242. As of December 31, 2009, 2008
and 2007, the residual value of such goodwill totaled 11,567, 13,395 and 15,222,
respectively.
 According to professional accounting standards, the abovementioned acquisition
would not have generated goodwill. Consequently, assets as of December 31, 2009,
2008 and 2007, would have decreased, as a result of the reversing of positive
goodwill recorded under Central Bank standards, by 11,567, 13,395 and 15,222,
respectively.
 Additionally, the valuation of identifiable net assets at market values generated
adjustments, in addition to those specified in previous subsections, which as of
December 31, 2009, 2008 and 2007, would have increased assets by 9,090, 21,160 and
27,326, respectively,
 f.4)
    
    Acquisition of Nuevo Banco Bisel S.A.: under Central Bank standards,
the Banks acquisition of Nuevo Banco Bisel S.A. generated an original positive
goodwill in the amount of 66,042. As of December 31, 2009, 2008 and 2007, the
residual value of such goodwill totaled 43,478, 50,082 and 56,686, respectively.
 According to professional accounting standards, the abovementioned purchase would
have generated the original negative goodwill in the amount of 107,745 and,
therefore, as of December 31, 2009, 2008 and 2007, the residual value of such
goodwill would have totaled 96,881, 100,140 and 103,400, respectively.
Consequently, assets as of December 31, 2009, 2008 and 2007, would have decreased
by 140,359, 150,222 and 160,086, respectively.
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BANCO MACRO S.A. AND SUBSIDIARIES
 Additionally, the valuation of identifiable net assets at market values generated
adjustments, in addition to those specified in previous subsections, which as of
December 31, 2009, 2008 and 2007, would have increased assets by 12,696, 48,755
and 54,158, respectively.
 g)
    
    As of December 31, 2009, 2008 and 2007, the Bank recorded interest rate swap
agreements in Memorandum accounts, as mentioned in note 4.4.m.2), in the amount of
157,917, 39,422 and 36,238, respectively. According to professional accounting
standards effective in Argentina, 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 which use data that can be verified. If those standards had been
applied, as of December 31, 2009, 2008 and 2007, the Bank should have recorded assets
in the amount of 2,832, 3,560 and 2,446, respectively.
 If professional accounting standards would have been applied, Banks shareholders equity,
as of December 31, 2009, 2008 and 2007, would have increased by around 3,984 and decreased
by around 488,310 and 311,131, respectively. Consequently, income for the year ended
December 31, 2009 and 2008, would have increased by around 492,294 and decreased by around
177,179, respectively.
 6.2.
    
    Disclosure aspects
 There are certain disclosure differences between the criteria established by Central Bank
and Argentine professional accounting standards.
 7.
    
    RESTRICTED AND PLEDGED ASSETS
 As of December 31, 2009, and 2008, the following Banks assets are restricted:
 7.1)
    
    Government and private securities :
 a)
    
    Secured Bonds under Presidential Decree No. 1,579/02 for 24,945 and 22,211
(face value of 24,400), respectively, provided as security for the loan received from
Banco de Inversión y Comercio Exterior S.A. (BICE) to finance the Paso San Francisco
public work, in accordance with the note sent by the Bank on November 5, 2002, BICEs
reply dated November 18, 2002, and the security agreement covering the abovementioned
securities dated January 29, 2004.
 b)
    
    Central Bank notes (NOBACs) of 27,128 and 118,580 (for a face value of 26,700
and 112,281), respectively, used to perform forward foreign currency trading
transactions through Rosario Futures Exchange (Rofex) and Mercado Abierto Electrónico
S.A. (MAE).
 c)
    
    NOBACs for an amount of 13,146 and 49,787 (for a face value of 13,000 and
47,600), respectively, used to guarantee the repayment of the loan in pesos agreed
upon under the Global Credit Program for Micro-, Small- and Medium-sized Enterprises
received from the Under-department of Small- and Medium-sized Enterprises and Regional
Development (SSEPyMEyDR).
 d)
    
    NOBACs for an amount of 2,010 and 1,569 (for a face value of 2,000 and
1,500), respectively, used as security for the Credit Program for Production and
Employment Development in the Province of San Juan (Communiqué A 769, as
supplemented).
 e)
    
    NOBACs for 10,591 (for a face value of 10,426) as of December 31, 2009, used
to perform interest rate swap transactions, through Mercado Abierto Electrónico S.A.
(MAE).
 f)
    
    Argentine Government Bonds in Argentine pesos at private Badlar + 275 basis
points for an amount of 66,428 (face value of 80,000), as of December 31, 2009, used
as security in favor of SEDESA, in replacement of former Nuevo Banco Bisel S.A.s
preferred shares to secure payment of all obligations undertaken in the sales
agreement executed on May 28, 2007. The price payable was set at 66,240, plus 4%
nominal interest rate p.a., to be compounded through its settlement which will be made
before the expiration of the 15-year term as from the takeover date of former Nuevo
Banco Bisel S.A. (August 11, 2021).
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BANCO MACRO S.A. AND SUBSIDIARIES
 g)
    
    As of December 31, 2008, the investment in Mercado de Valores de Buenos Aires
S.A. includes an amount of 2,087 resulting from a stock exchange-regulated repurchase
agreement executed on December 26, 2008, expiring on January 2, 2009, whereby
Argentine government bonds in US dollars maturing in 2012 were paid, for a residual
value of 1,250, which as of December 31, 2008, were secured on such market. As of
December 31, 2009, after several renewals, the transaction was settled.
 h)
    
    Other government and private securities for 810 and 218, respectively.
 7.2)
    
    Loans:
 a)
    
    Agreements for loans backed by pledges and unsecured loans for 9,876 and
20,367, respectively, provided as guarantee in favor of the Mypes II Trust Fund, in
full compliance with the terms and conditions of the program called Mypes II (a) and
under the Global Credit Program for Small-sized and Micro-enterprises.
 b)
    
    Guaranteed Loans, Mortgage Bills and collateral mortgages for 356,127 as of
December 31, 2008, securing the loan granted by the Central Bank to former Nuevo Banco
Suquía S.A. and former Nuevo Banco Bisel S.A. to purchase Argentine Government Bonds
2005, 2007 and 2012, used for the deposit exchange option exercised by the holders of
deposits with such banks. As mentioned in note 2, during February 2009, the Bank
decided to prepay the amount owed under such loan, delivering part of the guaranteed
loans and paying the rest in cash.
 7.3)
    
    Other receivables from financial intermediation:
 a)
    
    Special guarantee checking accounts opened at the Central Bank for
transactions related to the electronic clearing houses and similar entities, for an
amount of 242,426 and 208,482, respectively.
 b)
    
    Contributions to the mutual guarantee association Risk Fund of Garantizar
S.G.R. for 10,000 and 9,961, respectively, resulting from contributions amounting to
10,000 made by the Bank on December 21, 2009, and December 13, 2007, respectively, and
to the Risk Fund of Macroaval S.G.R. for 5,368 and 5,000, as of December 31, 2009 and
2008, respectively, resulting from a contribution, of the abovementioned amount by the
Bank on December 31, 2008, in its capacity as contributory partner of such company.
Such contribution may be fully or partially reimbursed once two years have elapsed
from the date of contribution.
 On December 18, 2009, Garantizar S.G.R. returned 80% of the original capital contributed
in 2007 as partial settlement; whereas the final settlement will be made during the first
quarter of 2010.
 c)
    
    As of December 31, 2008, has an equity interests in the Risk Fund of Puente
Hnos. S.G.R. for 3,986 resulting from a 4,000 contribution made by Macro Fondos
Sociedad Gerente de Fondos Comunes de Inversión S.A. on October 19, 2007. On August
12, 2009, Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A. requested
the reimbursement of the contribution made to the risk fund. In this regard, on
October 20, 2009, Puente Hnos. S.G.R. reimbursed 4,000, net of the contingent risk
fund of 142, which will be reimbursed as such assets are recovered.
 d)
    
    As of December 31, 2008, other receivables of 1,141
 7.4)
    
    Investments in other companies:
 a)
    
    As of December 31, 2009, and 2008, investments in Tunas del Chaco S.A.,
Emporio del Chaco S.A. and Proposis S.A. in the amount of 2,205, and 2,235,
respectively, under the deferment of federal taxes, subscribed in accordance with the
promotion system established by Law No. 22,021, as amended by Law No. 22,702. This
system enables the payment of the abovementioned taxes to be deferred up to the fifth
year after the launch of the project (in this case, 2007), while it sets forth that
the investment must be kept in assets for a period of at least five years as from
January 1 of the year following the year in which the investment was made (in this
case 2003).
 b)
    
    As of December 31, 2009, and 2008, this includes other investments in other
companies in the amount of 1,453.
  F - 30




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 7.5)
    
    Other receivables:
 a)
    
    Security deposits related to credit card transactions for 30,008 and 20,094,
respectively.
 b)
    
    Other security deposits for 10,277 and 8,266, respectively.
 8.
    
    TRANSACTIONS WITH RELATED PARTIES
 Banco Macro S.A.s receivables / payables and income (loss) from transactions performed with
subsidiaries and related parties are as follows. As mentioned in note 4.1., transactions with
subsidiaries were eliminated in the consolidation process:
 OtherMacro
    
    
    subsidiariesBanco del
    
    
    Macro
    
    
    Securities S.A.
    
    
    and relatedTucumán
    
    
    Bank
    
    
    Sociedad de
    
    
    parties
    
    
    Total
    
    
    TotalS.A.
    
    
    Limited
    
    
    Bolsa
    
    
    (1)
    
    
    2009
    
    
    2008ASSETSCash
    
    
    
    
    
    
    2,996
    
    
    
    
    
    
    
    
    
    
    
    2,996
    
    
    
    2,785Loans
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,216
    
    
    
    13,216
    
    
    
    41,390Other receivables from financial
intermediation
    
    
    70,100
    
    
    
    
    
    
    
    5
    
    
    
    
    
    
    
    70,105
    
    
    
    92,489Assets subject to financial leases
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,462
    
    
    
    2,462
    
    
    
    581Other receivables
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    14,700
    
    
    
    14,700
    
    
    
    535Items pending allocation
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4
    
    
    
    4Total assets
    
    
    70,104
    
    
    
    2,996
    
    
    
    5
    
    
    
    30,378
    
    
    
    103,483
    
    
    
    137,784LIABILITIESDeposits
    
    
    
    
    
    
    583
    
    
    
    4,900
    
    
    
    125,007
    
    
    
    130,490
    
    
    
    78,481Other liabilities from financial
intermediation
    
    
    70,073
    
    
    
    
    
    
    
    107
    
    
    
    
    
    
    
    70,180
    
    
    
    104,789Other liabilities
    
    
    64
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    64
    
    
    
    93Total liabilities
    
    
    70,137
    
    
    
    583
    
    
    
    5,007
    
    
    
    125,007
    
    
    
    200,734
    
    
    
    183,363MEMORANDUM ACCOUNTSDebit Balance accounts  Control
    
    
    
    
    
    
    261,790
    
    
    
    
    
    
    
    170,849
    
    
    
    432,639
    
    
    
    317,920Credit Balance accounts  Contingent
    
    
    
    
    
    
    37,967
    
    
    
    2,213
    
    
    
    
    
    
    
    40,180
    
    
    
    2,213Credit Balance accounts 
Derivatives (2)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    35,992
  F - 31




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 Macro
    
    
    OtherSecurities
    
    
    subsidiariesBanco del
    
    
    Macro
    
    
    S.A.
    
    
    and relatedTucumán
    
    
    Bank
    
    
    Sociedad
    
    
    parties
    
    
    Total
    
    
    Total
    
    
    TotalS.A.
    
    
    Limited
    
    
    de Bolsa
    
    
    (1)
    
    
    2009
    
    
    2008
    
    
    2007INCOME (LOSS)Financial income
    
    
    1,249
    
    
    
    
    
    
    
    6
    
    
    
    1,539
    (2)
    
    
    2,794
    
    
    
    6,407
    
    
    
    169Financial expenses
    
    
    (3,456
    )
    
    
    (4
    )
    
    
    
    
    
    
    (1,565
    )
    
    
    (5,025
    )
    
    
    (4,134
    )
    
    
    (4,825
    )Service-charge income
    
    
    25
    
    
    
    6
    
    
    
    46
    
    
    
    460
    
    
    
    537
    
    
    
    235
    
    
    
    410Service-charge expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1
    )Other income
    
    
    5,898
    
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    5,899
    
    
    
    8,068
    
    
    
    4,967Total income
    
    
    3,716
    
    
    
    2
    
    
    
    52
    
    
    
    435
    
    
    
    4,205
    
    
    
    10,576
    
    
    
    720
 (1)
    
    Related to receivables from and payables to other related parties to the Bank in the
normal course of business, under normal market conditions, in terms of interest rates and
prices, as well as guarantees required.(2)
    
    In 2009, the Bank has recorded foreign currency trading transactions without delivery
of the underlying asset and involving related parties, in its memorandum accounts. According
to the Banks policy, they are matched in terms of amounts and maturity with transactions
carried out with third parties who are not related parties. As of December 31, 2009 and 2008,
although there is no position for these transactions, the net intermediation income from such
transaction generated earnings for the year of around 113 and 311, respectively. 9.
    
    CAPITAL STOCK
 As of December 31, 2009, 2008 and 2007, the legal capital structure without considering the
retroactive accounting effects of the legal merger of Nuevo Banco Bisel S.A. mentioned in note
3.7., is as follows:
 SHARES
    
    
    CAPITAL STOCKVotes
    
    
    
    
    
    
    Pendingper
    
    
    Issued and
    
    
    issuance or
    
    
    InClass
    
    Number
    
    
    share
    
    
    outstanding
    
    
    distribution
    
    
    treasury
    
    
    Paid-inRegistered Class A shares of common stock
    
    
    11,235,670
    
    
    
    5
    
    
    
    11,236
    
    
    
    
    
    
    
    
    
    
    
    11,236Registered Class B shares of common stock
    
    
    672,743,303
    
    
    
    1
    
    
    
    672,707
    
    
    
    36
    
    
    
    
    
    
    
    672,743Total 2007
    
    
    683,978,973
    
    
    
    
    
    
    
    683,943
    
    
    
    36
    
    
    
    
    
    
    
    683,979Registered Class B shares of common stock (1)
    
    
    
    
    
    
    1
    
    
    
    36
    
    
    
    (36
    )
    
    
    
    
    
    
    Acquired Registered Class B shares of common
stock
    
    
    
    
    
    
    1
    
    
    
    (75,542
    )
    
    
    
    
    
    
    75,542
    
    
    
    Total 2008
    
    
    683,978,973
    
    
    
    
    
    
    
    608,437
    
    
    
    
    
    
    
    75,542
    
    
    
    683,979
  F - 32




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 SHARES
    
    
    CAPITAL STOCKVotes
    
    
    
    
    
    
    Pendingper
    
    
    Issued and
    
    
    issuance or
    
    
    InClass
    
    Number
    
    
    share
    
    
    outstanding
    
    
    distribution
    
    
    treasury
    
    
    Paid-inAcquired Registered Class B shares of common stock
    
    
    
    
    
    
    1
    
    
    
    (15,100
    )
    
    
    
    
    
    
    15,100
    
    
    
    Capital stock decrease  Registered Class B
shares of common stock (2)
    
    
    (60,000,000
    )
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    (60,000
    )
    
    
    (60,000
    )Capital stock increase  Registered Class B
shares of common stock (3)
    
    
    1,147,887
    
    
    
    1
    
    
    
    1,148
    
    
    
    
    
    
    
    
    
    
    
    1,148Capital stock decrease  Registered Class B
shares of common stock (4)
    
    
    (30,641,692
    )
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    (30,642
    )
    
    
    (30,642
    )Total 2009
    
    
    594,485,168
    
    
    
    
    
    
    
    594,485
    
    
    
    
    
    
    
    
    
    
    
    594,485As of December 31, 2009:Registered Class A shares of common stock
    
    
    11,235,670
    
    
    
    5
    
    
    
    11,236
    
    
    
    
    
    
    
    
    
    
    
    11,236Registered Class B shares of common stock
    
    
    583,249,498
    
    
    
    1
    
    
    
    583,249
    
    
    
    
    
    
    
    
    
    
    
    583,249Total 2009
    
    
    594,485,168
    
    
    
    
    
    
    
    594,485
    
    
    
    
    
    
    
    
    
    
    
    594,485
 (1)
    
    Related to the capital increase through the issuance of Ps. 35,536 new book-entry
Class B shares of common stock entitled to one vote and with a face value of Ps. 1 per
share, delivered to the minority shareholders of Nuevo Banco Suquía S.A. in the legal
merger process of that bank (see also note 3.5).(2)
    
    Related to the reduction of the capital stock by 60,000,000 registered Class B
shares entitled to 1 vote each with a face value of Ps. 1 per share. These shares were
included in the Banks portfolio and were acquired under section 68, Law No. 17,811, as a
result of the macroeconomic context and fluctuations that the capital market was going
through in general. On April 21, 2009, and after BCBA authorization, the Banks General
Regular and Special Shareholders meeting approved the abovementioned capital reduction.
During July 2009, the CNV authorized, the I.G.J. registered, and the Central Bank
consented to the capital stock reduction.(3)
    
    Related to the capital increase through the issuance of Ps. 1,147,887 of new
common, registered Class B shares with a face value of Ps. 1, each one entitled to one
vote, delivered to the minority shareholders of former Nuevo Banco Bisel S.A., in the
legal merger process of that bank (see also note 3.7.).(4)
    
    Related to the reduction of the capital stock by 30,641,692 Class B registered
shares each one entitled to one vote, with a face value of Ps 1 per share. These shares
were included in the Banks portfolio and were acquired under section 68, Law No. 17,811
for the same reasons mentioned in paragraph (2) above. On September 10, 2009, the Banks
General Regular and Special Shareholders meeting approved the abovementioned capital
reduction subject to the BCBAs consent. On November 23 and December 29, 2009 and January
15 and March 25, 2010, the BCBA, consented to such capital reduction, the CNV approved it,
the IGJ recorded it and the Central Bank acknowledged it, respectively. In addition, net income per common share for the fiscal years ended December 31, 2009, 2008 and
2007, was computed by dividing net income by the weighted average number of outstanding common
shares for each year.
  F - 33




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 10.
    
    CORPORATE BONDS ISSUANCE
 The amounts recorded in the consolidated financial statements related to corporate bonds are as
follows:
 CORPORATE BONDS
    
    
    Remaining ofOriginal face
    
    
    face value as of
    
    
    As of December, 31Class
    
    value
    
    
    12/31/2009
    
    
    2009
    
    
    2008Subordinated
    
    USD
    4,000,000
    a)
    
    USD
    400,000
    
    
    
    963
    
    
    
    1,802Subordinated  Class 1
    
    USD
    150,000,000
    b.1)
    
    USD
    150,000,000
    
    
    
    571,510
    
    
    
    519,879Non-subordinated  Class 2
    
    USD
    150,000,000
    b.2)
    
    USD
    106,395,000
    
    
    
    418,257
    
    
    
    419,378Non-subordinated  Class 3
    
    USD
    100,000,000
    b.3)
    
    USD
    63,995,000
    
    
    
    198,478
    
    
    
    305,495Total
    
    
    
    
    
    
    
    
    
    
    1,189,208
    
    
    
    1,246,554
 Maturities of the corporate bonds as of December 31, 2009, are as follows:
 Fiscal Year
    
    Amounts2010
    
    
    18,6872012
    
    
    197,0662017
    
    
    403,9502036
    
    
    569,505Total
    
    
    1,189,208
 a)
    
    On January 20, 1997, the general special shareholders meeting of former Banco de
Salta S.A. (which was absorbed by the Bank in 1999) approved issuing Subordinated
Corporate Bonds in the amount of USD 4,000,000 to exercise the power granted to it by the
second clause of the Loan Agreement entered into with former Banco Provincial de Salta on
June 28, 1996. In addition, the general special shareholders meeting of former Banco de
Salta S.A. held on May 29, 1997, approved the IPO of such Corporate Bonds. Through
Resolution No. 1,006, dated December 19, 1997, the CNV authorized the IPO of former Banco
de Salta S.A. for the issuance of Corporate Bonds, and it also approved the public
offering of such bonds.Through December 31, 2009, the Bank had amortized the equivalent of USD 3,600,000 (original
value). The installments of the corporate bonds were settled by the Bank in the original
currency until February 3, 2002, the day on which the amounts payable were switched into
pesos at Ps. 1-to-USD 1, adjusted by CER.b)
    
    On September 1, 2006 and June 4, 2007, 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 700,000,000 (seven
hundred million 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. b.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:
 
    
    Included in the Banks required minimum capital (computable equity), as
established by Communiqué A 4,576.
 
    
    The notes fall due within a 30-year term, with full amortization upon
maturity (December 18, 2036), with a full redemption option in 10 years as from
the issuance date.
 
    
    Interest payments will be made with a semiannual frequency (June 18 and
December 18, every year).
  F - 34




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 
    
    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 4,576 the interest rate payable can be increased
only once over the life of the instrument and subsequent to the 10-year term as
from their issuance.
 
    
    They do not include covenants that change the subordination order.
 
    
    No interest on the notes will be neither fall due and payable if: (i)
payments of such interest exceed 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 the Central Bank under Article 17 of Central Bank Charter; (v) the Bank is
not in compliance with or have 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) or
with minimum cash reserves (on average).
 
    
    The 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 4,576.
 The Bank used the funds from such issuance to grant loans.
 b.2)
    
    On January 29, 2007, the Bank issued the 1st series of Class 2 nonsubordinated
corporate bonds at a fixed rate of 8.5% p.a., simple, 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 will be 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 periodically. The Bank used
the funds from such issuance to grant loans.
 b.3)
    
    On June 7, 2007, the Bank issued the 1st series of Class 3 nonsubordinated
corporate bonds (peso-linked notes) at a fixed rate over principal in pesos of 10.75%
p.a., simple, not convertible into shares, fully amortizable upon maturity (June 7,
2012), for a face value of USD 100,000,000 (one hundred million US dollars), under the
terms and conditions set forth in the price supplement dated May 18, 2007. Interest
will be paid semiannually on June 7 and December 7 of every year. Additionally, the
Bank may fully redeem the issuance for tax purposes. The Bank used the funds from such
issuance to grant loans.
 On August 16, 2007, the SEC authorized the abovementioned exchange offers mentioned in b.1)
through b.3).
 Because of the macroeconomic context, as of December 31, 2009, the Bank repurchased
nonsubordinated corporate bonds of Class 2 and 3 for a face value amount of USD 79,610,000
(43,605,000 and 36,005,000, respectively), which were fully settled. Consequently, the Bank
recognized total income for such repurchases amounting to 101,291 (69,071 for the year ended
December 31, 2009).
  F - 35




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 11.
    
    ITEMS IN CUSTODY
 11.1.
    
    Portfolio Management
 a)
    
    On March 1, 1996, former Banco de Salta S.A. (which was absorbed by the Bank in 1999)
and the Government of the Province of Salta entered into an Agreement to Manage the Loan
Portfolio of former Banco Provincial de Salta related to the nonfinancial private sector,
whereby the Bank undertakes to perform all acts necessary to manage such portfolio. In
consideration thereof, the Province of Salta recognizes to the Bank a percentage of the
amounts effectively recovered.
 As of December 31, 2009, and 2008, the loans portfolio managed for principal and interest,
after application adjustments, amounted to 14,359 and 14,434, respectively.
 b)
    
    By virtue of the agreement formalized on August 11, 1998, between former Banco de
Jujuy S.A. (which was absorbed by the Bank in 2000) and the Government of the Province of
Jujuy, the Bank undertakes to perform all acts necessary to manage the loan portfolio of
the former Banco de la Provincia de Jujuy and to provide a monthly report on the tasks
performed. In consideration thereof, the Province of Jujuy recognizes to the Bank, for all
accounts and as a lump-sum and total consideration, a percentage of the amounts actually
recovered.
 As of December 31, 2009 and 2008, the loans portfolio managed amounts to 43,238 and 43,388,
respectively.
 c)
    
    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. Through that extension, the Bank will provide to
the IPDUV, among others, the service of collecting the installments payable by successful
bidders for housing and a service of performing collection procedures related to such
institutes receivables. In consideration thereof, the IPDUV recognizes to the Bank a
percentage of the amounts effectively recovered.
 As of December 31, 2009 and 2008, the loans portfolio managed amounts to 78,911 and 84,508,
respectively.
 d)
    
    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, whereby former Banco Bansud S.A. would be in charge of the
collection management, custody, settlement and any other task related to the corpus assets
which were originally recorded in the branches of former Scotiabank Quilmes S.A.
 As of December 31, 2009 and 2008, the portfolio managed by the Bank amounted to 114,328 and
124,982, respectively.
 e)
    
    On June 30, 2006, the Bank and Sud Inversiones y Análisis S.A. entered into a
management and custody agreement regarding the RETUC 1 trust loan portfolio.
 As of December 31, 2009 and 2008, the portfolio managed by the Bank for principal and
accrued interest amounted to 58,863 and 62,397, respectively.
 f)
    
    On December 31, 2008, the Bank entered into a management and custody agreement
regarding the BATUC I trust loan portfolio. As of December 31, 2009 and 2008, the
portfolio managed by the Bank for principal and accrued interest amounted to 17,903 and
18,455, respectively.
 g)
    
    In addition, as of December 31, 2009 and 2008, the Bank had under its management
other portfolios for total amounts of 75,441 and 72,260, respectively.
  F - 36




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 11.2.
    
    Mutual FundsAs of December 31, 2009, the Bank, in its capacity as Depository Company, held in custody
the shares of interest subscribed by third parties and securities from the following
mutual funds (FCI):
 Shareholders
    
    
    InvestmentsFund
    
    Shares of interest
    
    
    equity
    
    
    (a)Pionero Pesos
    
    
    414,755,096
    
    
    
    562,343
    
    
    
    388,033Pionero Renta Ahorro
    
    
    64,186,694
    
    
    
    94,939
    
    
    
    91,351Pionero Latam
    
    
    1,881,140
    
    
    
    7,481
    
    
    
    6,638Pionero FF  Fideicomiso Financieros
    
    
    35,583,867
    
    
    
    46,729
    
    
    
    45,838Pionero Renta
    
    
    3,850,256
    
    
    
    10,069
    
    
    
    9,656Pionero Acciones
    
    
    1,452,743
    
    
    
    3,363
    
    
    
    3,272Pionero Renta Dólares
    
    
    3,037,512
    
    
    
    5,278
    
    
    
    4,946Pionero América
    
    
    351,823
    
    
    
    1,645
    
    
    
    1,478Galileo Event Driven F.C.I.
    
    
    10,429,862
    
    
    
    67,657
    
    
    
    57,746Galileo Argentina F.C.I.
    
    
    2,142,564
    
    
    
    10,506
    
    
    
    8,726
 (a)
    
    Memorandum accounts  Debit-balance accounts  Control  Other includes mainly
items in custody. Consequently, this account includes the above mentioned amounts related
to the mutual funds investment portfolios. 12.
    
    BANK DEPOSITS GUARANTEE INSURANCE SYSTEM
    F - 37




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BANCO MACRO S.A. AND SUBSIDIARIES
 13.
    
    TRUST AGREEMENTS
  13.1.
    
    Interest in trusts for investment purposes.As of December 31, 2009 and 2008, the amounts recorded in the Banks consolidated
financial statements for certificates of participation (net of allowances for 224,193 and
223,893, respectively) and debt securities held in financial trusts under Other
receivables from financial intermediation  Other receivables not covered by debtors
classification regulations, amounted to:
 Financial trust
    
    12/31/2009
    
    
    12/31/2008Certificates of participation:Luján (a)
    
    
    77,348
    
    
    
    TST & AF (b)
    
    
    46,733
    
    
    
    33,148Tucumán (c)
    
    
    25,163
    
    
    
    35,164Gas Tucumán I (d)
    
    
    8,730
    
    
    
    12,191Godoy Cruz (e)
    
    
    
    
    
    
    14,642Others (f)
    
    
    7,997
    
    
    
    18,771Subtotal certificates of participation
    
    
    165,971
    
    
    
    113,916Debt securities:Underwriting agreements (g)
    
    
    70,645
    
    
    
    136,513San Isidro (h)
    
    
    82,925
    
    
    
    41,766Created by Decree 976-01 (i)
    
    
    31,570
    
    
    
    Others
    
    
    21,647
    
    
    
    48,868Subtotal debt securities
    
    
    206,787
    
    
    
    227,147Total interest in trusts (1)
    
    
    372,758
    
    
    
    341,063
 (1)
    
    See also note 24.(a)
    
    Luján TrustOn May 20, 2003, the Luján trust was created for the purpose reduce the credit risk
of the financing granted by Banco Macro S.A. to Federalia S.A. de Finanzas.The trust issued different classes of certificates of participation, all of them
entitled to vote but with different economic rights.The main asset managed by the trust involves the real estate properties located in
the districts of Luján, Navarro and General Rodríguez in the Province of Buenos
Aires.As of December 31, 2007, the Bank was the beneficiary of 100% of the certificates
issued by the trust.On June 6, 2008, the Bank sold on credit all of the certificates of participation to
Federalia S.A. de Finanzas.On September 16, 2009, the Bank entered into an agreement with Federalia S.A. de
Finanzas, whereby the Bank repurchased the 100% of this trusts certificates. The
Bank paid the price of this transaction part in cash and the rest by the settlement
of the loan mentioned before.As per the latest accounting information available to date, corpus assets measured at
cost basis amounted to 49,423. The recoverable value of corpus assets exceeds the
Banks book values.This trust will end with the settlement of the certificates of participation and/or
the sale of corpus assets.(b)
    
    TST & AF TrustOn July 14, 1999, Austral Financial LLC, in its capacity as trustor entered into a
trust agreement known as TST & AF Financial Trust.The purpose of the trust is to develop a real estate project in Puerto Madero (City
of Buenos Aires) and the subsequent sale thereof to settle the certificates of
participation. Therefore, it will terminate 30 years after its execution date and/or
the date in which the project is paid in full, sold or otherwise fully dispose of.  F - 38




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BANCO MACRO S.A. AND SUBSIDIARIES
 The Trust issued certificates of participation with economic rights proportional to
the capital invested by each Beneficiary. However, the trust is controlled jointly by
all certificate-of-participation holders.As of December 31, 2009 and 2008, Banco Macro S.A. is the beneficiary of 50% and 33%
of the certificates of participation issued by the trust, respectively.As per the latest accounting information available to date, corpus assets amounted to
about 173,948.(c)
    
    Tucumán TrustOn August 31, 2005, Federalia Sociedad Anónima de Finanzas, Maxifarm S.A. and
Gabrinel S.A., in their capacity as trustors, entered into a trust agreement that
created the financial trust Fideicomiso Financiero Tucumán.The trustors
assigned to the trust debt securities issued by the trust Fideicomiso República,
the purpose of which is the recoverability of certain assets, mainly loans and real
property of former Banco República.Tucumán Trust issued certificates of participation Class A and Class B
(subordinated to Class A). The unanimous vote of all certificates of participation
is required to control the trust.As of December 31, 2007, Banco Macro S.A. held the Class A certificates.On June 6, 2008, partial settlements of the Tucuman Trust  ́s certificates were made by
the Trust. In addition Banco Macro S.A. acquired the rest of Class B certificates.
Consequently, since that date, Banco Macro S.A. owns 100% of the trust certificates.As of December 31, 2009, only class B certificates, entitled to the Trust equity,
were pending payment.As per the latest accounting information available to date, corpus assets (mainly,
loans granted) amounted to about 31,452.This trust will end with the full settlement of the certificates of participation.(d)
    
    GAS Tucumán I TrustOn July 31, 2006, Sud Inversiones & Análisis S.A., as Trustee, and Gasnor S.A., as
Trustor, entered into a trust agreement called Fideicomiso Financiero GAS Tucumán
I. The purpose of this trust is to collect the receivables (granted by Gasnor S.A.)
accrued against customers who joined the plan related to the construction of the
natural gas distribution network for new clients in the city of San Miguel de
Tucumán, to settle the certificates to be issued.In addition, Banco Macro S.A. granted a loan to Gasnor S.A. to finance the
abovementioned construction works. Such loan provides that Gasnor S.A. may settle its
payable by delivering such certificates of deposit to Banco Macro S.A.As of the date of issuance of these financial statements, certificates of
participation were issued for a face value amount of 18,942 which were assigned to
Banco Macro S.A.; the remaining balance of which amounted to 8,516.According to the accounting information available as of the date of issuance of these
consolidated financial statements, the corpus assets totaled 11,587.This trust will end with the full settlement of the certificates of participation.(e)
    
    Godoy Cruz TrustOn August 29, 2006, Banco Finansur S.A., as trustee, and Corporación de los Andes
S.A., as trustor, entered into an agreement to create the trust called Fideicomiso
Financiero Godoy Cruz.  F - 39




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BANCO MACRO S.A. AND SUBSIDIARIES
 The trustor assigned to the trust Fideicomiso Godoy Cruz buildings and plots of
land located in the Godoy Cruz department, San Francisco del Monte district, Province
of Mendoza.In addition, Class A, Class B (subordinated to the Class A certificates of
participation) and Class C (subordinated to Class A and Class B) certificates
of participation were issued. The unanimous vote of all certificates of participation
is required to control the trust The purpose of the trust is to sell the assets
mentioned above and to use the proceeds to settle the certificates of participation
issued.As of December 31, 2008, Banco Macro S.A. was beneficiary of the Class A
certificates of participation.As of September 16, 2009, Banco Macro S.A. sold the 100% of its interest in this
Trust to an unrelated company.(f)
    
    OthersIncluding Fideicomiso Bisel, which was created within the framework of the
reorganization process of former Banco Bisel S.A., as established by section 35 bis,
Law No. 21,526, on May 21, 2002, with assets transferred by former Banco Bisel S.A.,
and with Banco de la Nación Argentina being appointed as trustee (replaced by Sud
Inversiones y Análisis S.A. as from May 20, 2008). The purpose of the trust is to
realize the managed assets and settle the certificates of participation issued. As of
December 31, 2009, and 2008, Banco Macro S.A., is beneficiary of 100% of the
certificates issued by such trust. Additionally, an allowance was booked for the full
amounts receivable booked on account of such certificates, since they were deemed
unrecoverable.(g)
    
    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, such as Consubond and Megabono, among others. The assets managed for
these trusts are mainly related to securitizations of consumer loans issued by
others. Trust securities are placed once 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 the amount equal to the
agreed-upon rate (underwriting Price). If after making the best efforts, such trust
securities cannot be placed, the Bank (Underwriter) will retain the securities
subject to underwriting.As of the date of issuance of these financial statements, these prepayments were
settled in full.(h)
    
    San Isidro TrustOn June 4, 2001, Fideicomiso San Isidro was created for the purpose of securing loans
that Banco Macro S.A. had previously granted to the trustor. The corpus asset was a
real estate property.The certificates of participation were delivered to Banco Macro S.A. to settle a loan
granted previously to República S.A. de Finanzas.In 2008, the Bank decided to
develop a real estate urbanization project.On November 7, 2008, the Bank sold on credit all of the certificates of participation
issued by the trust to an unrelated company. This loan was secured by such
certificates.Additionally, the trust issued debt securities to finance its activity for a total
amount of USD 19,500,000. The Bank acquired such debt securities, which are entitled
to vote, taking the control of the main decisions of the Trust.According to the accounting information available as of the date of issuance of these
consolidated financial statements, the corpus assets amounted to about 176,384.  F - 40




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BANCO MACRO S.A. AND SUBSIDIARIES
 (i)
    
    Trust created by Decree 976-01On September 13, 2001, the Argentine Government (trustor) and Banco de la Nación
Argentina (trustee) entered into a trust agreement called Fideicomiso Creado por
Decreto 976-01 (Trust created by Presidential Decree 976-01).The purpose of the Trust is the development of projects, works, services and
maintenance on road and railway infrastructure in rural and semirural areas, among
others. The trust revenues (corpus assets) arise, mainly, from collecting tax on gas
oil, equivalent to 22% of the price per liter. Such tax was created by Law No. 26,028
and its effective term was subsequently extended until 2024 by Law 26,422.As of the date of issuance of these consolidated financial statements, the debt
securities acquired by the Bank account for less than 2% of the trust issues. 13.2.
    
    Trusts created using financial assets transferred by the BankThe 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 originally used to finance loans are
recovered early, increasing the Banks lending capacity.The Bank does not hold securities issued by these trusts.As of December 31, 2009, and 2008, the trusts assets managed amount to 7,353 and 4,296,
respectively.13.3.
    
    Trusts as collateral for the loans granted by the BankAs it is common in the Argentine banking market, the Bank requires, in some cases, that
the debtors present certain assets or entitlements to receiving 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.Under this kind of trust, the Bank grants loans to trustors and creates a trust, where the
trustor transfers an asset or right it owns to ensure compliance with the loan received.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.As of December 31, 2009 and 2008, the trusts managed amount to 380,175 and 339,331,
respectively.13.4.
    
    Normal trust activities (The Bank acts as trustee)The Bank performs management duties in relation to the corpus assets according to the
agreements and only performs 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.
  F - 41




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BANCO MACRO S.A. AND SUBSIDIARIES
 The trusts usually manage funds derived from the activities performed by trustors. On the
last day of each month, the trusts assets are not material because they are transferred
periodically by the trustee (the Bank) to the beneficiary according to the trust
agreement. To such end, the Bank enters into administration trust agreements for the
following main purposes:
 (a)
    
    Managing the trusts corpus assets to guarantee 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.(b)
    
    Promoting the production development of the private economic sector at a
provincial level.(c)
    
    In connection with public work concession agreement granting road
exploitation, management, keeping and maintenance.
   14.
    
    COMPLIANCE WITH REQUIREMENTS TO ACT AS OVER-THE-COUNTER SECURITIES MARKET BROKER
 Under CNV Resolution 368/01, the Banks shareholders equity exceeds the minimum amount
required.
 15.
    
    RESTRICTION ON EARNINGS DISTRIBUTION
 a)
    
    According to Central Bank provisions, 20% of income for the year should be
appropriated to Legal Reserve. Consequently, the Shareholders Meeting held on April 6,
2010, decided to apply 150,386 out of unappropriated retained earnings to increase such
legal reserve.b)
    
    As established in the issuance conditions for the 1st series of Class 1 Corporate
Bonds mentioned in note 10.b.1), and as established by Central Bank Communiqué A 4,576,
the Shareholders Meeting held on April 6, 2010, decided to appropriate 55,527 out of
unappropriated retained earnings to set a special reserve for interest to be paid upon
the maturities taking place in June and December 2010.c)
    
    Through Communiqué A 4,589, as supplemented, the Central Bank established the
procedure that should be followed by the financial institutions in the distribution of
earnings. In this regard, the banks that will be distributing earnings will have to
request express authorization from Central Bank and show compliance with the requirements
established in the abovementioned communiqués regarding information for the month prior to
the date on which the request is made. Consequently, to distribute earnings the following
items must be deducted from unappropriated retained earnings as of year-end:
 i.
    
    Capitalized amounts for differences resulting from compliance with court
orders related to the dollarization of deposits of 48,998 (net of amortization -Banco
Macro S.A. stand  alone basis-).ii.
    
    The positive difference between the book value and the market value,
present value or discounted cash flow, as the case may be, of government securities
and guaranteed loans in portfolio amounting of 13,765, (Banco Macro S.A. stand 
alone basis).
    F - 42




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BANCO MACRO S.A. AND SUBSIDIARIES
 d)
    
    According to Law No. 25,063, the dividends distributed in cash or in kind will be
subject to a 35% income tax withholding as a single and final payment. Dividend payments
are subject to such withholding if they exceed the sum of: (i) the accumulated taxable
earnings accumulated as of the year-end immediately prior to the payment or distribution
date net of the income tax paid for the fiscal years which income is being distributed and
(ii) certain tax-exempt income (such as dividend payments from other corporations). This
is applicable for tax years ended as from December 31, 1998.e)
    
    On June 16, 2006, the Bank and Crédit Suisse First Boston International entered into
a loan agreement for USD 50,000,000, maturing on January 21, 2008, at LIBOR plus 1.95%.
Such agreement includes restrictions mainly related to the compliance with the payments
established. In the event of noncompliance with the agreement, the Bank will be unable to
distribute dividends either directly or indirectly through its subsidiaries. On January
18, 2008, an addendum was signed changing the expiration date to January 21, 2010, and
establishing a nominal interest rate of 8.55% p.a. Finally, on January 21, 2010, the Bank
cancelled the mentioned loan contract.
 Subsequently, on April 6, 2010, the Regular and Special General Shareholders Meeting of Banco
Macro S.A. approved, among other issues, (i) the compensation paid to the Directors amounting
to 31,154, (ii) the distribution of cash dividends for an amount of up 208,070 which was authorized by the Central Bank on May 28, 2010 and (iii) the write off of payments made on behalf of
shareholders for their personal assets tax for an amount of 8,320.
 16.
    
    TAX CLAIMS
 Federal Public Revenue Agency  Federal Tax Bureau (AFIP) has reviewed the tax returns filed by
the Bank related to income tax and minimum presumed income tax in previous fiscal years.Additionally, provincial and municipal tax agencies have conducted reviews of other taxes
(mainly taxes on gross income) for the previous fiscal year.Listed below are the most significant claims arising from these reviews:
 a)
    
    AFIP objected the tax returns filed by the former Banco Bansud S.A. (for fiscal years
ended from June 30, 1995, through June 30, 1999, and the six-month irregular period ended
December 31, 1999) and by the former Banco Macro S.A. (for fiscal years ended 1998, 1999
and 2000) income tax returns of the former Banco Macro S.A.
   b)
    
    AFIP objected to the tax returns of the Bank for fiscal years ended 2002, 2003 and
2004.The matter under discussion and on which the tax agency bases its position is the tax value
of the amount pending receipt at that time for the compensation bonds resulting from the
asymmetric translation into pesos (Law No. 25,561, Presidential Decree No. 214/02 and
216/02).On August 31, 2009, the Bank joined a settlement agreement created by Law No. 26,476, Title
I regarding the claim brought by tax authorities.c)
    
    The Buenos Aires City Tax Authorities (DGR CABA) attributed turnover tax differences
to former Banco Macro S.A. for fiscal year ended 2002, in relation to the treatment of
foreign exchange differences and the compensation bond.
  F - 43




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BANCO MACRO S.A. AND SUBSIDIARIES
 On February 27, 2009, the precautionary measure was rejected and, therefore, an appeal was
filed with Court of Appeals in and for the City of Buenos Aires.d)
    
    The DGR CABA attributed turnover tax differences to former Banco Bansud S.A. for
fiscal years ended 2002 and 2003, based mainly on the adjustments made in objections
regarding foreign exchange differences and the compensation bond.In October 2009, the Bank partially joined a settlement agreement under General Resolution
1489/09 of a DGR CABA.e)
    
    The Buenos Aires Province Tax Authorities (DGR ARBA) attributed a turnover tax
difference to Banco Macro S.A. related to mechanisms of distribution of gross income to
the different provinces in relation to period 2002 and 2006. On May 5, and October 14,
2008, the Bank filed its defense brief which was dismissed. The Bank filed appeals with
the Province of Buenos Aires Tax Appeal Court.
 Additionally, there are other appeals which are not relevant with Tax Court.The Banks Management believes there are no additional significant effects to those already
recognized in the books that may result from the final outcome of such claims.
 17.
    
    ACCOUNTS IDENTIFYING COMPLIANCE OF THE MINIMUM CASH REQUIREMENT
 The following table shows the items computed by Banco Macro S.A. (stand-alone basis) and Banco
del Tucumán S.A., under Central Bank rules, to constitute the minimum cash requirement for
December 2009 are listed below, indicating the accounts balances.
 Banco Macro S.A.(stand-alone
    
    
    Banco delItem
    
    basis)
    
    
    Tucumán S.A.CashCash on hand
    
    
    1,110,141
    
    
    
    194,550Amounts in Central Bank accounts
    
    
    2,693,319
    
    
    
    216,701Other receivables from financial intermediationSpecial guarantee accounts with the Central Bank
    
    
    217,420
    
    
    
    25,006Total
    
    
    4,020,880
    
    
    
    436,257
 18.
    
    RISK MANAGEMENT POLICIES
      F - 44




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BANCO MACRO S.A. AND SUBSIDIARIES
  Credit risk
         Operational risk
     F - 45




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BANCO MACRO S.A. AND SUBSIDIARIES
    Market and Liquidity Risk
           F - 46




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BANCO MACRO S.A. AND SUBSIDIARIES
  1.
    
    Business Plan. This is the starting point to determine the cash needs of the current
year.2.
    
    Liquidity Test. This is used to define the amount of funding required in a
predetermined series of future dates assuming normal market circumstances and without
there being any significant changes in the business.3.
    
    Stress Tests. Used to quantify the impact of individual or systemic illiquidity
scenarios.4.
    
    Mismatch control. The Committee defines the amount of the accumulated mismatch that
is acceptable for each one of the tranches or gaps in the liquidity test, both in the
normal and stress scenarios.5.
    
    Assets and Liabilities Assumptions. In the process of constructing the liquidity
mismatches, whether in normal market or stress situations, assumptions used include
stability, diversification, and historical renewal percentages of assets and liabilities.
    19.
    
    BALANCES IN FOREIGN CURRENCY
  As of December 31,2009
    
    
    2008ASSETSCash
    
    
    2,634,999
    
    
    
    1,289,351Government and private securities
    
    
    1,596,822
    
    
    
    510,061Loans
    
    
    1,899,185
    
    
    
    2,128,481Other receivables from financial intermediation
    
    
    1,264,164
    
    
    
    413,169Assets under Financial Lease
    
    
    72,334
    
    
    
    69,188Investments in other companies
    
    
    550
    
    
    
    500Other receivables
    
    
    30,036
    
    
    
    57,613Items pending allocation
    
    
    257
    
    
    
    803Total
    
    
    7,498,347
    
    
    
    4,469,166LIABILITIESDeposits
    
    
    3,895,939
    
    
    
    2,521,198Other liabilities from financial intermediation
    
    
    1,892,293
    
    
    
    901,277Other liabilities
    
    
    5,546
    
    
    
    8,360Subordinated Corporate Bonds
    
    
    571,510
    
    
    
    519,879Items pending allocation
    
    
    2
    
    
    
    3Total
    
    
    6,365,290
    
    
    
    3,950,717
 20.
    
    INTEREST-BEARING DEPOSITS WITH OTHER BANKS
   F - 47




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
  21.
    
    GOVERNMENT AND PRIVATE SECURITIES
 As of December 31,2009
    
    
    2008GOVERNMENT SECURITIESHoldings in Special Investment AccountsIn pesos:Federal government bonds at 2%  maturity 2014
    
    
    222,169
    
    
    
    3,582Federal government bonds in pesos at Badlar + 2.75%  maturity 2014
    
    
    191,384
    
    
    
    Consolidation bonds of social security payable in pesos at 2%  maturity 2010 and 2014
    
    
    
    
    
    
    83,847Secured bonds Decree 1,579/02 at 2%  maturity 2018
    
    
    178,979
    
    
    
    23,769Discount bonds denominated in pesos at 5.83%  maturity 2033
    
    
    18,207
    
    
    
    22,201Consolidation bonds in pesos at 2%  Sixth series  maturity 2024
    
    
    5,350
    
    
    
    4,122Subtotal
holdings in Special Investment Accounts  In pesos
    
    
    616,089
    
    
    
    137,521In foreign currency:Argentine government bonds in USD at 7%  maturity 2015
    
    
    38,881
    
    
    
    49,590Federal government bonds in USD at Libor  maturity 2012 and 2013
    
    
    2,346
    
    
    
    236,110Par bonds denominated in USD at variable rate  maturity 2038 (governed by Argentine legislation)
    
    
    1,594
    
    
    
    1,450Par bonds denominated in USD at variable rate  maturity 2038 (governed by New York State
legislation)
    
    
    461
    
    
    
    382Argentine government bonds in USD at 7%  maturity 2017
    
    
    
    
    
    
    23,252Subtotal
holdings in Special Investment Accounts  In foreign currency
    
    
    43,282
    
    
    
    310,784Subtotal holding in Special Investment Accounts
    
    
    659,371
    
    
    
    448,305Holdings for trading or financial intermediationIn pesos:Discount bonds denominated in pesos at 5.83%  maturity 2033
    
    
    9,752
    
    
    
    209,277Consolidation bonds of social security payables in pesos at 2%  maturity 2014
    
    
    7,525
    
    
    
    1,324Federal government bonds at 2%  maturity 2014
    
    
    6,579
    
    
    
    Federal government bonds in pesos at Badlar + 2.75%  maturity 2014
    
    
    1,464
    
    
    
    Secured bonds Decree 1,579/02 at 2%  maturity 2018
    
    
    1,433
    
    
    
    652Federal government bonds in pesos at Badlar + 300 Pbs  maturity 2015
    
    
    1,064
    
    
    
    Consolidation bonds at 2%  maturity 2016
    
    
    599
    
    
    
    1,523Others
    
    
    1,501
    
    
    
    9,595Subtotal
holdings for trading or financial intermediation  In pesos
    
    
    29,917
    
    
    
    222,371In foreign currency:Argentine government bonds in USD at 7%  maturity 2017
    
    
    1,046,220
    
    
    
    1,633Treasury Bills in USD  maturity 2010
    
    
    379,666
    
    
    
    Federal government bonds in USD at Libor  maturity 2012
    
    
    52,874
    
    
    
    96,415Argentine government bonds in USD at 7%  maturity 2015
    
    
    1,544
    
    
    
    9,627Others
    
    
    850
    
    
    
    14,421Subtotal holding for trading or financial intermediation  In foreign currency
    
    
    1,481,154
    
    
    
    122,096Subtotal holding for trading or financial intermediation
    
    
    1,511,071
    
    
    
    344,467Unlisted government securitiesIn pesos:Argentine government bonds in pesos at Badlar +3.50%  maturity 2013
    
    
    44,541
    
    
    
    51,864Federal government bonds at variable rate  maturity 2013
    
    
    9,738
    
    
    
    10,385Province of Tucuman bonds at 2%  maturity 2018
    
    
    1,984
    
    
    
    2,290Consolidation bonds at 2%  maturity 2010
    
    
    199
    
    
    
    Others
    
    
    7
    
    
    
    Subtotal unlisted government securities  In pesos
    
    
    56,469
    
    
    
    64,539In foreign currency:Province of Córdoba debt securities in USD at 12%  maturity 2017
    
    
    19,160
    
    
    
    Province of Tucumán bonds in USD at Libor  maturity 2015
    
    
    3,820
    
    
    
    5,419Subtotal unlisted government securities  In foreign currency
    
    
    22,980
    
    
    
    5,419Subtotal unlisted government securities
    
    
    79,449
    
    
    
    69,958
  F - 48




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 As of December 31,2009
    
    
    2008GOVERNMENT SECURITIES (contd.)Instruments issued by the Central Bank of ArgentinaIn pesos:Listed Central Bank bills (LEBAC)
    
    
    196,021
    
    
    
    Listed Central Bank notes (NOBAC)
    
    
    68,464
    
    
    
    772,496Unlisted Central Bank bills (LEBAC)
    
    
    2,246,840
    
    
    
    Unlisted Central Bank notes (NOBAC)
    
    
    2,124,444
    
    
    
    2,640,452Unlisted Central Bank bills (LEBAC)  under repo transactions
    
    
    14,652
    
    
    
    425,963Subtotal instruments issued by Central Bank
    
    
    4,650,421
    
    
    
    3,838,911Total government securities
    
    
    6,900,312
    
    
    
    4,701,641PRIVATE SECURITIESInvestments in listed private securitiesIn pesos:Mutual funds
    
    
    31,469
    
    
    
    5,544Shares
    
    
    
    
    
    
    378Others
    
    
    1
    
    
    
    1Subtotal
listed private securities  In pesos
    
    
    31,470
    
    
    
    5,923In foreign currency:Corporate bonds
    
    
    43,047
    
    
    
    63,629Mutual funds
    
    
    6,359
    
    
    
    8,133Subtotal
listed private securities  In foreign currency
    
    
    49,406
    
    
    
    71,762Total private securities
    
    
    80,876
    
    
    
    77,685Total government and private securities, before allowances
    
    
    6,981,188
    
    
    
    4,779,326Allowances
    
    
    (44
    )
    
    
    (27
    )Total government and private securities
    
    
    6,981,144
    
    
    
    4,779,299
 MaturingAfter 1 year
    
    
    After 5 yearsWithin 1
    
    
    but within 5
    
    
    but within 10
    
    
    After 10year
    
    
    years
    
    
    years
    
    
    years
    
    
    TotalBook valueGOVERNMENT SECURITIESHoldings in Special Investment AccountsIn pesos:
    
    
    15,847
    
    
    
    489,926
    
    
    
    89,823
    
    
    
    20,493
    
    
    
    616,089Federal government bonds at 2%  maturity 2014
    
    
    
    
    
    
    222,169
    
    
    
    
    
    
    
    
    
    
    
    222,169Federal government bonds in pesos at Badlar + 2.75%  maturity 2014
    
    
    
    
    
    
    191,384
    
    
    
    
    
    
    
    
    
    
    
    191,384Secured bonds Decree 1,579/02 at 2%  maturity 2018
    
    
    15,847
    
    
    
    75,973
    
    
    
    87,159
    
    
    
    
    
    
    
    178,979Discount bonds denominated in pesos at 5.83%  maturity 2033
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,207
    
    
    
    18,207Consolidation bonds in pesos at 2%  Sixth series  maturity 2024
    
    
    
    
    
    
    400
    
    
    
    2,664
    
    
    
    2,286
    
    
    
    5,350Holdings in Special Investment AccountsIn foreign currency
    
    
    735
    
    
    
    1,611
    
    
    
    38,881
    
    
    
    2,055
    
    
    
    43,282Argentine government bonds in USD at 7%  maturity 2015
    
    
    
    
    
    
    
    
    
    
    38,881
    
    
    
    
    
    
    
    38,881Federal government bonds in USD at Libor  maturity 2012 and 2013
    
    
    735
    
    
    
    1,611
    
    
    
    
    
    
    
    
    
    
    
    2,346Par bonds denominated in USD at variable rate  maturity 2038
(governed by Argentine legislation)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,594
    
    
    
    1,594Par bonds denominated in USD at variable rate  maturity 2038
(governed by New York State legislation)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    461
    
    
    
    461
  F - 49




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 MaturingAfter 1 year
    
    
    After 5 yearsWithin 1
    
    
    but within 5
    
    
    but within 10
    
    
    After 10year
    
    
    years
    
    
    years
    
    
    years
    
    
    TotalBook valueGOVERNMENT SECURITIES (contd.)Holdings for trading or financial intermediationIn pesos:
    
    
    2,225
    
    
    
    15,803
    
    
    
    1,344
    
    
    
    10,545
    
    
    
    29,917Discount bonds in pesos at 5.83%  maturity 2033
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,752
    
    
    
    9,752Consolidation bonds of social security payables in pesos at 2% 
maturity 2014
    
    
    1,701
    
    
    
    5,824
    
    
    
    
    
    
    
    
    
    
    
    7,525Federal government bonds at 2%  maturity 2014
    
    
    
    
    
    
    6,579
    
    
    
    
    
    
    
    
    
    
    
    6,579Federal government bonds in pesos at Badlar + 2.75%  maturity 2014
    
    
    
    
    
    
    1,464
    
    
    
    
    
    
    
    
    
    
    
    1,464Secured bonds Decree 1,579/02 at 2%  maturity 2018
    
    
    127
    
    
    
    608
    
    
    
    698
    
    
    
    
    
    
    
    1,433Federal government bonds in pesos at Badlar + 300 Pbs  Maturity 2015
    
    
    
    
    
    
    709
    
    
    
    355
    
    
    
    
    
    
    
    1,064Consolidation bonds at 2%  maturity 2016
    
    
    100
    
    
    
    399
    
    
    
    100
    
    
    
    
    
    
    
    599Others
    
    
    297
    
    
    
    220
    
    
    
    191
    
    
    
    793
    
    
    
    1,501Holdings for trading or financial intermediationIn foreign currency:
    
    
    397,377
    
    
    
    35,888
    
    
    
    1,047,764
    
    
    
    125
    
    
    
    1,481,154Argentine government bonds in USD at 7%  maturity 2017 (1)
    
    
    
    
    
    
    
    
    
    
    1,046,220
    
    
    
    
    
    
    
    1,046,220Treasures Bills in USD  maturity 2010
    
    
    379,666
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    379,666Federal government bonds in USD at Libor  maturity 2012
    
    
    17,625
    
    
    
    35,249
    
    
    
    
    
    
    
    
    
    
    
    52,874Argentine government bonds in USD at 7%  maturity 2015
    
    
    
    
    
    
    
    
    
    
    1,544
    
    
    
    
    
    
    
    1,544Others
    
    
    86
    
    
    
    639
    
    
    
    
    
    
    
    125
    
    
    
    850Unlisted government securitiesIn pesos:
    
    
    2,810
    
    
    
    52,692
    
    
    
    967
    
    
    
    
    
    
    
    56,469Argentine government bonds in pesos at Badlar + 3.50%  maturity 2013
    
    
    
    
    
    
    44,541
    
    
    
    
    
    
    
    
    
    
    
    44,541Federal government bonds at variable rate  maturity 2013
    
    
    2,434
    
    
    
    7,304
    
    
    
    
    
    
    
    
    
    
    
    9,738Province of Tucuman bonds at 2%  maturity 2018
    
    
    176
    
    
    
    842
    
    
    
    966
    
    
    
    
    
    
    
    1,984Consolidation bonds at 2%  maturity 2010
    
    
    199
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    199Others
    
    
    1
    
    
    
    5
    
    
    
    1
    
    
    
    
    
    
    
    7Unlisted government securitiesIn foreign currency:
    
    
    3,032
    
    
    
    12,126
    
    
    
    7,822
    
    
    
    
    
    
    
    22,980Province of Córdoba debt securities in USD at 12% 
maturity 2017
    
    
    2,395
    
    
    
    9,580
    
    
    
    7,185
    
    
    
    
    
    
    
    19,160Province of Tucuman bonds at 2%  maturity 2015
    
    
    637
    
    
    
    2,546
    
    
    
    637
    
    
    
    
    
    
    
    3,820Instruments issued by the Central Bank of Argentina
    
    
    4,635,769
    
    
    
    14,652
    
    
    
    
    
    
    
    
    
    
    
    4,650,421Listed Central Bank bills (LEBAC)
    
    
    196,021
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    196,021Listed Central Bank notes (NOBAC)
    
    
    68,464
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    68,464Unlisted Central Bank bills (LEBAC)
    
    
    2,246,840
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,246,840Unlisted Central Bank notes (NOBAC)
    
    
    2,124,444
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,124,444Unlisted Central Bank bills (LEBAC)  under repo transactions
    
    
    
    
    
    
    14,652
    
    
    
    
    
    
    
    
    
    
    
    14,652Total government securities
    
    
    5,057,795
    
    
    
    622,698
    
    
    
    1,186,601
    
    
    
    33,218
    
    
    
    6,900,312
  F - 50




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 MaturingAfter 1 year
    
    
    After 5 yearsWithin 1
    
    
    but within 5
    
    
    but within 10
    
    
    After 10year
    
    
    years
    
    
    years
    
    
    years
    
    
    TotalBook valuePRIVATE SECURITIESInvestments in listed private securitiesIn Pesos:
    
    
    31,470
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    31,470Mutual Funds
    
    
    31,469
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    31,469Others
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1Investments in listed private securitiesIn foreign currency
    
    
    40,811
    
    
    
    1,240
    
    
    
    7,355
    
    
    
    
    
    
    
    49,406Corporate bonds
    
    
    34,452
    
    
    
    1,240
    
    
    
    7,355
    
    
    
    
    
    
    
    43,047Mutual Funds
    
    
    6,359
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,359Total private securities
    
    
    72,281
    
    
    
    1,240
    
    
    
    7,355
    
    
    
    
    
    
    
    80,876Total government and private securities, before allowances
    
    
    5,130,076
    
    
    
    623,938
    
    
    
    1,193,956
    
    
    
    33,218
    
    
    
    6,981,188Allowances
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (44
    )Total government and private securities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,981,144
 (1)
    
    Correspond to holdings received by repo transactions with the Central Bank with a
maturity on January 4, 2010. 22.
    
    LOANS
 Description of certain categories of loans in the accompanying Balance Sheets include:
 a.
    
    Non-financial government sector: loans to the government sector, excluding government
owned financial institutions.b.
    
    Financial sector: mainly, refers to short-term loans to financial institutions.c.
    
    Non financial private sector and foreign residents: loans given to the private sector
(excluding financial institutions) and residents outside Argentina.
  As of December 31,2009
    
    
    2008Non-financial government sector
    
    
    206,484
    
    
    
    744,507Financial sector
    
    
    90,916
    
    
    
    80,423Non-financial private sector and foreign residentsCommercial- With Senior A guarantees
    
    
    226,381
    
    
    
    134,942- With Senior B guarantees
    
    
    570,170
    
    
    
    466,211- Without Senior guarantees
    
    
    3,860,755
    
    
    
    4,170,443Consumer- With Senior A guarantees
    
    
    27,932
    
    
    
    20,213- With Senior B guarantees
    
    
    669,081
    
    
    
    718,608- Without Senior guarantees
    
    
    5,893,133
    
    
    
    5,382,959Less: Allowance
    
    
    (448,045
    )
    
    
    (438,348
    )Total loans, net of allowance
    
    
    11,096,807
    
    
    
    11,279,958
   F - 51




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
    2009
    
    
    2008Argentina
    
    
    11,523,838
    
    
    
    11,688,928United States of America
    
    
    10,875
    
    
    
    England
    
    
    7,500
    
    
    
    Australia
    
    
    2,095
    
    
    
    3,294Venezuela
    
    
    388
    
    
    
    Spain
    
    
    127
    
    
    
    Chile
    
    
    11
    
    
    
    Uruguay
    
    
    8
    
    
    
    12,994France
    
    
    8
    
    
    
    5Paraguay
    
    
    2
    
    
    
    Bermuda
    
    
    
    
    
    
    10,048Canada
    
    
    
    
    
    
    3,027Peru
    
    
    
    
    
    
    10Less: Allowance
    
    
    (448,045
    )
    
    
    (438,348
    )Total loans, net of allowances
    
    
    11,096,807
    
    
    
    11,279,958
  Economic Activity
    
    2009
    
    
    2008Retail loans
    
    
    4,403,933
    
    
    
    4,023,725Agricultural livestock- Forestry-Fishing- Mining  Hunting
    
    
    1,910,164
    
    
    
    1,538,027Construction
    
    
    1,112,702
    
    
    
    563,526Other services
    
    
    858,936
    
    
    
    852,658Retail and consumer products
    
    
    747,897
    
    
    
    831,741Foodstuff and beverages
    
    
    637,814
    
    
    
    521,849Governmental services
    
    
    258,784
    
    
    
    886,749Financial Services
    
    
    290,331
    
    
    
    289,450Real estate, business and leases
    
    
    236,555
    
    
    
    267,604Transportation, storage and communications
    
    
    190,796
    
    
    
    263,999Manufacturing and wholesale
    
    
    140,620
    
    
    
    283,555Chemicals
    
    
    129,145
    
    
    
    608,157Electricity, oil, water
    
    
    75,095
    
    
    
    170,950Hotels and restaurants
    
    
    29,949
    
    
    
    32,325Others
    
    
    522,131
    
    
    
    583,991Total loans
    
    
    11,544,852
    
    
    
    11,718,306Less: Allowance
    
    
    (448,045
    )
    
    
    (438,348
    )Total loans, net of Allowance
    
    
    11,096,807
    
    
    
    11,279,958
 23.
    
    ALLOWANCES FOR LOAN LOSSES
 The activity in the allowance for loan losses for the fiscal years presented is as follows:
 As of December 31,2009
    
    
    2008
    
    
    2007Balance at the beginning of the fiscal year
    
    
    438,348
    
    
    
    220,422
    
    
    
    208,581Provision for loan losses (a)(b)
    
    
    187,648
    
    
    
    314,532
    
    
    
    93,498Charge Offs
    
    
    (175,355
    )
    
    
    (76,246
    )
    
    
    (38,199
    )Reversals (b)
    
    
    (2,596
    )
    
    
    (20,360
    )
    
    
    (43,458
    )Balance at the end of the fiscal year(c)
    
    
    448,045
    
    
    
    438,348
    
    
    
    220,422
  F - 52




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 (a)
    
    As of December 31, 2009, the amount of Provision for loan losses disclosed in the
Statements of Income, includes above amounts and the provision for Other receivables for
financial intermediation and Assets subject to financial lease (see note 27.), minus
5,524 mainly related to Foreign currency exchange.(b)
    
    As of December 31, 2009 the amount of Provisions for loan loss, net disclosed in
note 31., under US SEC Regulation S-X, includes above amounts and provision and reversals
of Assets subject to financial lease disclosed in note 27. minus 28,915 mainly related
to Recovered loans and Foreign currency exchange.(c)
    
    As of December 31, 2009, as disclosed in note 31, under SEC requirements, the
amount of allowance for loan losses includes the allowance for assets subject to
financial lease (see note 27.). 24.
    
    OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
 The breakdown of other receivables from financial intermediation by guarantee type is as
follows:
 As of December 31,Description
    
    2009
    
    
    2008With preferred guarantees
    
    
    1,056,919
    
    
    
    Without preferred guarantees
    
    
    1,554,953
    
    
    
    1,682,653Allowances
    
    
    (231,219
    )
    
    
    (228,588
    )2,380,653
    
    
    
    1,454,065
  As of December 31,Description
    
    2009
    
    
    2008Repurchased corporate bonds
    
    
    
    
    
    
    29,105Corporate bonds  Unlisted (1)
    
    
    80,746
    
    
    
    53,389Certificates of participation in financial trusts  Unlisted (1)
    
    
    390,164
    
    
    
    337,809Debt securities in financial trusts  Unlisted
    
    
    206,787
    
    
    
    227,147Total investments in unlisted private securities
    
    
    677,697
    
    
    
    647,450
 (1)
    
    As of December 31, 2009 and 2008, the Bank booked allowances for impairment in value
amounting to 225,210 and 228,530, respectively (see also note 27).  After 1
    
    
    After 5year but
    
    
    years butWithin 1
    
    
    within 5
    
    
    within 10
    
    
    After 10
    
    
    Withoutyear
    
    
    years
    
    
    years
    
    
    years
    
    
    due date
    
    
    TotalCorporate bonds Unlisted
    
    
    48,812
    
    
    
    31,744
    
    
    
    
    
    
    
    
    
    
    
    190
    
    
    
    80,746Certificates of
participation in
financial trusts
Unlisted
    
    
    2,243
    
    
    
    76,150
    
    
    
    
    
    
    
    10,591
    
    
    
    301,180
    (1)
    
    
    390,164Debt securities in
financial trusts
Unlisted
    
    
    175,217
    
    
    
    20,323
    
    
    
    11,247
    
    
    
    
    
    
    
    
    
    
    
    206,787Total investments in
unlisted private
securities
    
    
    226,272
    
    
    
    128,217
    
    
    
    11,247
    
    
    
    10,591
    
    
    
    301,370
    
    
    
    677,697
 (1)
    
    As of December 31, 2009 the Bank booked allowances for impairment in value amounting to
224,193.  F - 53




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
  As of December 31,Description
    
    2009
    
    
    2008Amounts receivable from spot and forward sales pending settlementReceivable from spot sales of government and private securities pending settlement
    
    
    21,651
    
    
    
    60,858Receivables from repurchase agreements of government securities
    
    
    14,657
    
    
    
    426,196Receivables from forward sales of government securities
    
    
    
    
    
    
    3,214Receivables from spot sales of foreign currency settlement
    
    
    734
    
    
    
    4,46937,042
    
    
    
    494,737Securities and foreign currency receivable from spot and forward purchases pending
settlementForward purchases of securities under repurchase agreements
    
    
    521,159
    
    
    
    5,626Spot purchases of government and private securities pending settlement
    
    
    1,608
    
    
    
    35,228Spot purchases of foreign currency pending settlement
    
    
    734
    
    
    
    1,640Forward purchases of government securities
    
    
    
    
    
    
    2Other spot purchases
    
    
    13,059
    
    
    
    11,786536,560
    
    
    
    54,282Amounts payable for spot and forward purchases pending settlementPayables for forward purchases of securities under repurchase agreements
    
    
    468,535
    
    
    
    Payables for spot purchases of government securities pending settlement
    
    
    14,552
    
    
    
    42,372Payables under repo transactions
    
    
    8,362
    
    
    
    24,495Payables for spot purchases of foreign currency pending settlement and forward
purchases of foreign currency
    
    
    734
    
    
    
    1,632492,183
    
    
    
    68,499Securities and foreign currency to be delivered under spot and forward sales pending
settlementForward sales of government securities under repurchase agreements
    
    
    1,060,887
    
    
    
    629,973Spot sales of government and private securities pending settlement
    
    
    14,430
    
    
    
    43,307Forward sales of foreign currency pending settlement
    
    
    730
    
    
    
    4,463Forward sales of government securities
    
    
    
    
    
    
    1,7521,076,047
    
    
    
    679,495
   End-of-year fair valueDescription
    
    2009
    
    
    2008Assets
    
    
    535,160
    
    
    
    53,571Liabilities
    
    
    1,028,014
    
    
    
    681,295
   F - 54




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 25.
    
    BANK PREMISES AND EQUIPMENT AND OTHER ASSETS
 25.1
    
    Premises and EquipmentThe major categories of the Banks premises and equipment, and related accumulated
depreciation are presented in the following table:
 As of December, 31Estimateduseful lifeDescription
    
    (years)
    
    
    2009
    
    
    2008Buildings
    
    
    50
    
    
    
    396,024
    
    
    
    370,522Furniture and facilities
    
    
    10
    
    
    
    98,332
    
    
    
    88,308Machinery and equipment
    
    
    5
    
    
    
    366,355
    
    
    
    362,325Vehicles
    
    
    5
    
    
    
    34,192
    
    
    
    33,976Other
    
    
    
    
    
    
    1,552
    
    
    
    2,303Accumulated depreciation
    
    
    
    
    
    
    (462,830
    )
    
    
    (426,592
    )Total
    
    
    
    
    
    
    433,625
    
    
    
    430,842
 Depreciation expense was 53,993, 50,543 and 42,723 as of December 31, 2009, 2008 and 2007,
respectively.25.2
    
    Other assetsOther assets consisted of the following as of December 31, 2009 and 2008:
 As of December, 31Estimateduseful lifeDescription
    
    (years)
    
    
    2009
    
    
    2008Works in progress
    
    
    
    
    
    
    15,531
    
    
    
    22,801Works of art
    
    
    
    
    
    
    1,213
    
    
    
    1,206Prepayments for the purchase of assets
    
    
    
    
    
    
    1,335
    
    
    
    365Foreclosed assets
    
    
    50
    
    
    
    19,498
    
    
    
    25,632Leased buildings
    
    
    50
    
    
    
    4,543
    
    
    
    6,765Stationery and office supplies
    
    
    
    
    
    
    3,347
    
    
    
    5,346Other assets (1)
    
    
    50
    
    
    
    82,141
    
    
    
    87,870Accumulated depreciation
    
    
    
    
    
    
    (13,266
    )
    
    
    (12,628
    )Total
    
    
    
    
    
    
    114,342
    
    
    
    137,357
 (1)
    
    Mainly includes buildings not affected by banking activities. Depreciation expense was 1,583, 1,313 and 1,598 at December 31, 2009, 2008 and 2007,
respectively.25.3
    
    Operating LeasesAs of December 31, 2009, the Banks branch network includes certain branches that were
located in properties leased to the Bank (some of which are renewable for periods between
2 and 10 years).
  F - 55




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
  Fiscal year end
    
    Amounts2010
    
    
    20,1002011
    
    
    12,9582012
    
    
    6,2332013
    
    
    3,2712014
    
    
    2,1212015 and after
    
    
    4,017Total
    
    
    48,700
   26.
    
    INTANGIBLE ASSETS
 26.1.
    
    Goodwill:As of December 31, 2009 and 2008 goodwill breakdown is as follows:
 As of December 31,Estimateduseful lifeDescription
    
    (years)
    
    
    2009
    
    
    2008Goodwill for the purchase of Banco del
Tucumán S.A., net of accumulated
amortization of 6,676 as of December
31, 2009 (a)
    
    
    10
    
    
    
    11,567
    
    
    
    13,395Goodwill for the purchase of Nuevo
Banco Bisel S.A., net of accumulated
amortization of 22,564 as of December
31, 2009 (b)
    
    
    10
    
    
    
    43,478
    
    
    
    50,082Total
    
    
    
    
    
    
    55,045
    
    
    
    63,477
 Amortization expense on goodwill was 8,432, 8,439 and 9,250 as of December 31, 2009, 2008
and 2007, respectively.(a)
    
    As mentioned in note 3.6., on May 5, 2006, Banco Macro acquired 75% of the
capital stock of Banco del Tucumán in the amount of 45,961. The assets transferred
amounted to 700,612 and the liabilities assumed amounted to 660,547.Additionally, from September through December 2006, Banco Macro S.A. acquired 4.84% of
the capital stock of Banco del Tucumán S.A.Finally, on November 28, 2006, the General Regular and Special Shareholders Meeting
of Banco del Tucumán S.A. approved a capital increase of 21,980, establishing an
additional paid-in capital of 26,171. During January 2007, Banco Macro S.A. subscribed
the total increase, thus increasing its overall interest in Banco del Tucumán S.A. to
89.93%.Under Central Bank rules, this transaction resulted in Banco Macros positive goodwill
amounting to 18,242, which is amortized in ten years and no impairment is required.(b)
    
    On August 11, 2006, the Bank acquired 92.73% of the capital stock of Nuevo
Banco Bisel in the amount of 19,509. The assets transferred amounted to 1,824,644 and
the liabilities assumed amounted to 1,804,534.Under Central Bank rules, as a result of the acquisition, the Bank booked a positive
goodwill amounting to 66,042, which is amortized in ten years and no impairment is
required. See also note 3.7.  F - 56




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 26.2.
    
    Organization and development costs:As of December 31, 2009 and 2008, the organization and development costs breakdown is as
follows:
 As of December 31,Estimateduseful lifeDescription
    
    (years)
    
    
    2009
    
    
    2008Differences due to courts orders  deposits dollarizations
    
    
    5
    
    
    
    50,532
    
    
    
    40,657Cost from information technology projects
    
    
    5
    
    
    
    78,158
    
    
    
    74,631Organizational cost
    
    
    5
    
    
    
    8,001
    
    
    
    8,308Other capitalized cost
    
    
    5
    
    
    
    18,838
    
    
    
    11,473Total
    
    
    
    
    
    
    155,529
    
    
    
    135,069
   Fiscal year ended December 31,2009
    
    
    2008
    
    
    2007Balance at the beginning of the fiscal year
    
    
    198,546
    
    
    
    199,963
    
    
    
    164,047Additions
    
    
    74,867
    
    
    
    62,096
    
    
    
    92,368Decreases
    
    
    (457
    )
    
    
    (8
    )
    
    
    Amortization expense
    
    
    (62,382
    )
    
    
    (63,505
    )
    
    
    (56,452
    )Balance at the end of the fiscal year
    
    
    210,574
    
    
    
    198,546
    
    
    
    199,963
 27.
    
    OTHER ALLOWANCES AND PROVISIONS
 The activity of the following allowances deducted from assets or included in liabilities in
accordance with Central Bank rules are as follows:Allowances  Government and private securitiesRecorded to cover possible impairment risk arising out of government securities.
 As of December 31,2009
    
    
    2008
    
    
    2007Balance at the beginning of the fiscal year
    
    
    27
    
    
    
    27
    
    
    
    29Provision for government and private securities
    
    
    28
    
    
    
    
    
    
    
    Reversals
    
    
    (11
    )
    
    
    
    
    
    
    (2
    )Balance at the end of the fiscal year
    
    
    44
    
    
    
    27
    
    
    
    27
  F - 57




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 Allowances  Other receivables from financial intermediation (mainly trusts)
  As of December 31,2009
    
    
    2008
    
    
    2007Balance at the beginning of the fiscal year
    
    
    228,588
    
    
    
    206,939
    
    
    
    178,319Provision for other receivables for financial intermediation losses
    
    
    4,202
    
    
    
    24,099
    
    
    
    38,583Charge off
    
    
    (1,503
    )
    
    
    (761
    )
    
    
    (5,902
    )Reversals
    
    
    (68
    )
    
    
    (1,689
    )
    
    
    (4,061
    )Balance at the end of the fiscal year
    
    
    231,219
    
    
    
    228,588
    
    
    
    206,939
 Allowances  Assets subject to financial lease
  As of December 31,2009
    
    
    2008
    
    
    2007Balance at the beginning of the fiscal year
    
    
    5,391
    
    
    
    4,898
    
    
    
    3,489Provision for assets subject to financial lease
    
    
    138
    
    
    
    614
    
    
    
    1,557Charge off
    
    
    (2
    )
    
    
    
    
    
    
    Reversals
    
    
    (1,878
    )
    
    
    (121
    )
    
    
    (148
    )Balance at the end of the fiscal year(1)
    
    
    3,649
    
    
    
    5,391
    
    
    
    4,898
 (1)
    
    Under U.S. SEC requirements, as disclosed in note 31, they were included in Assets 
Allowance for loans losses. Allowances  Investment in other companies
  As of December 31,2009
    
    
    2008
    
    
    2007Balance at the beginning of the fiscal year
    
    
    247
    
    
    
    697
    
    
    
    1,172Provision for investment in other companies losses
    
    
    1,266
    
    
    
    45
    
    
    
    85Charge off
    
    
    
    
    
    
    (487
    )
    
    
    (11
    )Reversals
    
    
    (16
    )
    
    
    (8
    )
    
    
    (549
    )Balance at the end of the fiscal year
    
    
    1,497
    
    
    
    247
    
    
    
    697
 Allowances  Other receivables
  As of December 31,2009
    
    
    2008
    
    
    2007Balance at the beginning of the fiscal year
    
    
    15,838
    
    
    
    27,034
    
    
    
    36,153Provision for other receivables losses
    
    
    2,477
    
    
    
    7,332
    
    
    
    1,936Charge off
    
    
    (2,421
    )
    
    
    (18,011
    )
    
    
    (3,959
    )Reversals
    
    
    (1,914
    )
    
    
    (517
    )
    
    
    (7,096
    )Balance at the end of the fiscal year
    
    
    13,980
    
    
    
    15,838
    
    
    
    27,034Total of allowances
    
    
    250,389
    
    
    
    250,091
    
    
    
    239,595
  F - 58




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 Provisions  Granted Guarantees
  As of December 31,2009
    
    
    2008
    
    
    2007Balance at the beginning of the fiscal year
    
    
    1,523
    
    
    
    1,660
    
    
    
    1,674Provision for granted guarantees losses
    
    
    24
    
    
    
    40
    
    
    
    55Reversals
    
    
    (581
    )
    
    
    (177
    )
    
    
    (69
    )Balance at the end of the fiscal year
    
    
    966
    
    
    
    1,523
    
    
    
    1,660
 Provisions  Negative Goodwill
  Provisions  Other loss contingencies
  As of December 31,2009
    
    
    2008
    
    
    2007Balance at the beginning of the fiscal year
    
    
    62,765
    
    
    
    78,044
    
    
    
    75,085Provision for other contingent losses
    
    
    17,114
    
    
    
    28,792
    
    
    
    23,638Charge off
    
    
    (10,963
    )
    
    
    (22,686
    )
    
    
    (18,728
    )Reversals
    
    
    (2,069
    )
    
    
    (21,385
    )
    
    
    (1,951
    )Balance at the end of the fiscal year
    
    
    66,847
    
    
    
    62,765
    
    
    
    78,044
 Provision  Difference from court deposit dollarization
  As of December 31,2009
    
    
    2008
    
    
    2007Balance at the beginning of the fiscal year
    
    
    18,233
    
    
    
    21,146
    
    
    
    Provision from court deposits dollarization
    
    
    1,746
    
    
    
    1,864
    
    
    
    21,678Charge off
    
    
    
    
    
    
    (4,777
    )
    
    
    (532
    )Balance at the end of the fiscal year
    
    
    19,979
    
    
    
    18,233
    
    
    
    21,146Total of provisions
    
    
    88,275
    
    
    
    83,004
    
    
    
    101,333
 28.
    
    DEPOSITS AND OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
 28.1
    
    DepositsThe aggregate amount of time deposits and investment accounts exceeding Ps.100 (thousands)
or more as of December 31, 2009 and 2008 is 6,964,798 and 6,335,840, respectively.
  F - 59




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 28.2
    
    Central Bank of ArgentinaThe Bank borrowed funds under various credit facilities from the Central Bank for
specific purposes, as follows:
 As of December 31, 2009
    
    
    As of December 31, 2008Interest and
    
    
    
    
    
    
    
    
    
    
    Interest andCER
    
    
    
    
    
    
    
    
    
    
    CERPrincipal
    
    
    adjustments
    
    
    Rate
    
    
    Principal
    
    
    adjustments
    
    
    RateShortterm liabilities
    
    
    1,363
    
    
    
    
    
    
    
    
    
    
    
    35,746
    
    
    
    43,193
    
    
    
    1.95
    %Longterm liabilities
    
    
    518
    
    
    
    16
    
    
    
    0.08
    %
    
    
    101,516
    
    
    
    122,305
    
    
    
    2.00
    %Total (1)
    
    
    1,881
    
    
    
    16
    
    
    
    
    
    
    
    137,262
    
    
    
    165,498
 (1)
    
    As mentioned in note 2, during January and February 2009, as set forth by
Central Bank Resolution No. 06/2009 and 216/2009, the Bank prepaid the payable
amounts resulting from loans received to acquire Argentine Government bonds intended
for the depositors of former Nuevo Banco Suquía S.A. and former Nuevo Banco Bisel
S.A. in the amount of 291,609 (see note 7.2.b)). 28.3
    
    Banks and international institutions
 As of December 31, 2009
    
    
    As of December 31, 2008Principal
    
    
    Interest
    
    
    Rate
    
    
    Principal
    
    
    Interest
    
    
    RateShortterm liabilities
    
    
    219,743
    
    
    
    7,471
    
    
    
    7.78
    %
    
    
    52,283
    
    
    
    769
    
    
    
    4.92
    %Longterm liabilities (1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    172,685
    
    
    
    6,685
    
    
    
    8.54
    %Total
    
    
    219,743
    
    
    
    7,471
    
    
    
    
    
    
    
    224,968
    
    
    
    7,454
 (1)
    
    On June 16, 2006 the Bank and Credit Suisse First Boston International
entered into loan agreement for USD 50,000,000, maturing on January 21, 2008, at
LIBOR plus 1.95%. Such agreement includes restrictions mainly related to the
compliance with the payments established. In the event of noncompliance with the
agreement, the Bank will be unable to distribute dividends either directly through
its subsidiaries. On January 18, 2008, an addendum was signed changing the
expiration date to January 21, 2010, and establishing a nominal interest rate of
8.54% per anum. As of December 31, 2009 the Bank had duly complied with the
obligations assumed with the loan. Finally, on January 21, 2010, the Bank paid off
the loan. Accrued interest is included in the Accrued interest, adjustments, foreign exchange and
quoted price differences payable under the Other Liabilities from Financial
Intermediation in the accompanying Consolidated Balance Sheets. Amounts are unsecured.
 28.4
    
    Financing received from Argentine financial institutionsThe Bank borrowed funds under various credit facilities from the Argentine financial
institutions for specific purposes, as follows:
 As of December 31, 2009
    
    
    As of December 31, 2008Principal
    
    
    Interest
    
    
    Rate
    
    
    Principal
    
    
    Interest
    
    
    RateShortterm liabilities
    
    
    146,679
    
    
    
    2,443
    
    
    
    9.45
    %
    
    
    30,181
    
    
    
    1,665
    
    
    
    10.33
    %Longterm liabilities
    
    
    17,278
    
    
    
    23,571
    
    
    
    2.00
    %
    
    
    18,958
    
    
    
    23,002
    
    
    
    2.00
    %Total
    
    
    163,957
    
    
    
    26,014
    
    
    
    
    
    
    
    49,139
    
    
    
    24,667
   F - 60




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
  As ofDecember 31,Periods
    
    20092011
    
    
    4,2022012
    
    
    4,2022013
    
    
    4,2022014
    
    
    6,4192015
    
    
    6,8632016
    
    
    6,8632017
    
    
    6,8622018
    
    
    1,23640,849
 28.5
    
    OthersThe rest of liabilities included in Others liabilities from financial intermediation
are liabilities assumed for the Bank, mainly related to operating banking activities.
 As of December 31, 2009
    
    
    As of December 31, 2008Principal
    
    
    Interest
    
    
    Rate
    
    
    Principal
    
    
    Interest
    
    
    RateShortterm liabilities
    
    
    652,241
    
    
    
    89
    
    
    
    0.02
    %
    
    
    545,146
    
    
    
    37
    
    
    
    0.02
    %Longterm liabilities (1)
    
    
    80,445
    
    
    
    1,168
    
    
    
    3.96
    %
    
    
    80,835
    
    
    
    1,123
    
    
    
    3.96
    %Total
    
    
    732,686
    
    
    
    1,257
    
    
    
    
    
    
    
    625,981
    
    
    
    1,160
 (1)
    
    Includes the liability assumed with -SEDESA related to the acquisition of
preferred shares of former Nuevo Banco Bisel S.A. in the amount of 74,519 and 71,653
as of December 31, 2009 and 2008, respectively (see notes 3.7. and 7.1.f)).  29.
    
    EMPLOYEE BENEFIT PLANS
   30.
    
    MINIMUM CAPITAL REQUIREMENTS
  Excess of actual MinimumRequired
    
    
    Computable
    
    
    Capital over RequiredMinimum Capital
    
    
    Capital
    
    
    Minimum CapitalDecember 31, 2009
    
    
    1,344,042
    
    
    
    3,708,296
    
    
    
    2,364,254December 31, 2008
    
    
    1,341,598
    
    
    
    3,113,825
    
    
    
    1,772,227
  F - 61




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 31.
    
    CONSOLIDATED INCOME STATEMENTS AND BALANCE SHEET
  Consolidated Statements of Income
    
    2009
    
    
    2008 (1)
    
    
    2007 (1)Interest and fees on loans
    
    
    2,343,185
    
    
    
    2,105,895
    
    
    
    1,287,555Interest on bearing deposits with other banks
    
    
    363
    
    
    
    7,010
    
    
    
    19,917Interest on other receivables from financial intermediation
    
    
    43,825
    
    
    
    174,038
    
    
    
    67,022Interest on securities and foreign exchange purchased under
resale agreements
    
    
    63,167
    
    
    
    28,010
    
    
    
    24,642Securities gains, net
    
    
    1,321,130
    
    
    
    569,095
    
    
    
    437,832Other interest income
    
    
    33,653
    
    
    
    23,166
    
    
    
    15,774Total interest income
    
    
    3,805,323
    
    
    
    2,907,214
    
    
    
    1,852,742Interest on deposits
    
    
    1,181,701
    
    
    
    970,072
    
    
    
    501,168Interest on securities and foreign exchange purchased under
resale agreements
    
    
    2,314
    
    
    
    5,723
    
    
    
    10,998Interest on short-term borrowings
    
    
    37,631
    
    
    
    29,227
    
    
    
    4,860Interest on long-term debt
    
    
    106,278
    
    
    
    150,457
    
    
    
    161,374Other interest expense
    
    
    206,122
    
    
    
    160,487
    
    
    
    100,068Total interest expense
    
    
    1,534,046
    
    
    
    1,315,966
    
    
    
    778,468Net interest income
    
    
    2,271,277
    
    
    
    1,591,248
    
    
    
    1,074,274Provision for loan losses, net
    
    
    (154,397
    )
    
    
    (226,705
    )
    
    
    12,079Net interest income after provision for loan losses
    
    
    2,116,880
    
    
    
    1,364,543
    
    
    
    1,086,353Service charges on deposit accounts and other fees
    
    
    663,000
    
    
    
    570,968
    
    
    
    370,147Credit-card service charges and fees
    
    
    158,418
    
    
    
    153,413
    
    
    
    102,856Other commissions
    
    
    23,365
    
    
    
    19,557
    
    
    
    19,789Foreign currency exchange trading income
    
    
    26,682
    
    
    
    19,261
    
    
    
    15,947Income from equity in other companies
    
    
    14,953
    
    
    
    32,986
    
    
    
    13,477Foreign exchange, net
    
    
    133,731
    
    
    
    143,094
    
    
    
    48,823Other
    
    
    140,430
    
    
    
    119,576
    
    
    
    143,831Total non-interest income
    
    
    1,160,579
    
    
    
    1,058,855
    
    
    
    714,870Commissions
    
    
    61,620
    
    
    
    57,077
    
    
    
    49,965Salaries and payroll taxes
    
    
    963,889
    
    
    
    796,129
    
    
    
    587,480Outside consultants and services
    
    
    64,436
    
    
    
    54,375
    
    
    
    41,802Depreciation of bank premises and equipment
    
    
    55,255
    
    
    
    51,499
    
    
    
    43,972Rent
    
    
    34,554
    
    
    
    21,685
    
    
    
    18,635Stationery and supplies
    
    
    11,472
    
    
    
    15,050
    
    
    
    14,511Electric power and communications
    
    
    45,747
    
    
    
    37,004
    
    
    
    31,980Advertising and publicity
    
    
    46,861
    
    
    
    53,178
    
    
    
    50,343Taxes
    
    
    79,444
    
    
    
    70,702
    
    
    
    53.242Directors and Statutory Audits fee
    
    
    36,413
    
    
    
    26,941
    
    
    
    37,695Insurance
    
    
    7,313
    
    
    
    6,073
    
    
    
    6,091Security services
    
    
    47,668
    
    
    
    42,241
    
    
    
    35,487Maintenance, conservation and repair expenses
    
    
    68,006
    
    
    
    47,743
    
    
    
    36,392Amortization of organization and development expenses
    
    
    62,151
    
    
    
    63,210
    
    
    
    55,906Provision for losses on other receivables and other allowances
    
    
    21,275
    
    
    
    37,242
    
    
    
    15,599Other
    
    
    255,083
    
    
    
    118,638
    
    
    
    132,495Total non-interest expense
    
    
    1,861,187
    
    
    
    1,498,787
    
    
    
    1,211,595
  F - 62




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 Consolidated Statements of Income (contd.)
    
    2009
    
    
    2008 (1)
    
    
    2007 (1)Income before income tax expense
    
    
    1,416,272
    
    
    
    924,611
    
    
    
    589,628Income tax expense
    
    
    659,250
    
    
    
    261,207
    
    
    
    92,345Income from continuing operations
    
    
    757,022
    
    
    
    663,404
    
    
    
    497,283Net income
    
    
    757,022
    
    
    
    663,404
    
    
    
    497,283Net income attributable to the noncontrolling interest
    
    
    5,092
    
    
    
    3,354
    
    
    
    2,083Net income attributable to the controlling interest
    
    
    751,930
    
    
    
    660,050
    
    
    
    495,200Earnings per common share
    
    
    1.26
    
    
    
    1.00
    
    
    
    0.72
 (1)
    
    See note 4.2.  2009
    
    
    2008 (1)ASSETSCash
    
    
    4,298,395
    
    
    
    824,387Interest-bearing deposits in other banks
    
    
    363,041
    
    
    
    2,187,043Federal Funds sold and securities purchased under resale
agreements of similar arrangements
    
    
    1,578,099
    
    
    
    635,633Trading account assets
    
    
    1,212,237
    
    
    
    422,125Investment securities available for sale
    
    
    5,512,247
    
    
    
    4,410,387Loans
    
    
    11,896,861
    
    
    
    12,250,774Allowance for loan losses
    
    
    (451,693
    )
    
    
    (443,739
    )Premises and equipment
    
    
    775,962
    
    
    
    644,318Due from customers on acceptances
    
    
    381,501
    
    
    
    147,843Other assets
    
    
    1,004,392
    
    
    
    921,181Total assets
    
    
    26,571,042
    
    
    
    21,999,952LIABILITIES AND SHAREHOLDERS EQUITYInterest-bearing deposits
    
    
    14,502,258
    
    
    
    12,214,166Non interest-bearing deposits
    
    
    3,354,322
    
    
    
    3,091,498Federal Funds purchased and securities sold under repurchase agreements
    
    
    1,537,783
    
    
    
    654,467Other short-term borrowings
    
    
    1,045,748
    
    
    
    732,223Long-term borrowings
    
    
    724,012
    
    
    
    1,199,675Contingent liabilities
    
    
    87,172
    
    
    
    82,155Other liabilities
    
    
    986,288
    
    
    
    518,765Bank acceptances outstanding
    
    
    381,501
    
    
    
    147,843Subordinated corporate bonds
    
    
    572,473
    
    
    
    521,681Total liabilities
    
    
    23,191,557
    
    
    
    19,162,473Common stocks
    
    
    594,485
    
    
    
    685,127Retained appropriated earnings
    
    
    613,964
    
    
    
    481,954Retained unappropriated earnings
    
    
    1,747,091
    
    
    
    1,251,569Other shareholders equity
    
    
    403,261
    
    
    
    403,261Noncontrolling interests
    
    
    20,684
    
    
    
    15,568Total shareholders equity
    
    
    3,379,485
    
    
    
    2,837,479Total liabilities and shareholders equity
    
    
    26,571,042
    
    
    
    21,999,952
 (1)
    
    See note 4.2.  F - 63




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 32.
    
    OPERATIONS BY GEOGRAPHICAL SEGMENT
  As of December 31,2009
    
    
    2008
    
    
    2007Total revenues
    
    
    5,032,704
    
    
    
    4,110,010
    
    
    
    2,736,273Argentina
    
    
    4,952,908
    
    
    
    4,088,419
    
    
    
    2,704,895Bahamas
    
    
    79,796
    
    
    
    21,591
    
    
    
    31,378Net income
    
    
    751,930
    
    
    
    660,050
    
    
    
    495,200Argentina
    
    
    687,294
    
    
    
    656,611
    
    
    
    485,079Bahamas
    
    
    64,636
    
    
    
    3,439
    
    
    
    10,121Total assets
    
    
    26,859,238
    
    
    
    22,430,272
    
    
    
    19,723,546Argentina
    
    
    25,882,809
    
    
    
    22,036,045
    
    
    
    19,198,844Bahamas
    
    
    976,429
    
    
    
    394,227
    
    
    
    524,702
 33.
    
    FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK
   33.1
    
    DerivativesIn the normal course of business, the Bank enters into a variety of transactions
principally in the foreign exchange and stock markets. Most counterparts in the derivative
transactions are banks and other financial institutions.These instruments include:
 
    
    Options: they confer the right to the buyer, but no obligation, to receive or pay
a specific quantity of an asset or financial instrument for a specified price at or
before a specified date. Options may be traded on a stock exchange or under OTC
(Over-the-Counter) agreements.
    
    Forwards and Futures: they are agreements to deliver or take delivery at a
specified rate, price or index applied against the underlying asset or financial
instrument, at a specific date. Futures are exchange traded at standardized amounts
of the underling asset or financial instrument. Forwards contracts are OTC agreements
and are principally dealt in by the Bank in securities/foreign exchange as forward
agreements.
    
    Swaps: they are agreements between two parts with the intention to exchange cash
flows and risks at a specific date and for a period in the future. Swaps may be
exchange traded or OTC agreements.
   F - 64




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
   As of December 31,2009
    
    
    2008Forward purchases of foreign exchange without delivery of underlying asset (a)
    
    
    461,234
    
    
    
    2,219,777Forward sales of foreign exchange without delivery of underlying asset (a)
    
    
    286,416
    
    
    
    1,214,988Interest rate swaps (b)
    
    
    157,917
    
    
    
    39,422Put options sold (c)
    
    
    69,900
    
    
    
    99,826Call options sold (d)
    
    
    32,905
    
    
    
    Call options taken (e)
    
    
    25,229
    
    
    
    24,349
 (a)
    
    It is related mainly to negotiation transactions of forward foreign
currency exchange rates, carried out through the local markets (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.The Bank enters into these transactions to take advantage of price differentials.
Under Central Bank rules, they were valued at their quoted prices as of December 31,
2009 and 2008. They expired a few days later. Any quoted price-differences were
charged to income.(b)
    
    Related to the following interest rate swap transactions: b.1)
    
    The Bank and the Central Bank intered into swap agreements
entitling the Bank to collect, an 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 115,000. In the event that the difference between the rates is
negative, the Bank shall be required to pay the difference. The agreement will
expire between April 30, 2012 and October 31, 2014. The objective of the
transactions is placement of medium- and long-term loans set forth in Central
Bank Communiqué A 4,776, as supplemented.b.2)
    
    Relates to interest rate swap agreements whereby on a quarterly
basis the Bank shall be entitled to receive the positive difference between
10.25% nominal interest rate p.a. and the variable rate agreed-upon in relation
to a loan granted by the Bank (Libor at 90 days plus 2.9%), applied to the
residual principal of such loan. In the event that the differences between both
rates were negative, the Bank shall be required to pay the difference. This
agreement expires September 27, 2018. The amount booked in the Banks memorandum
accounts is related to the residual principal amount of the loan of notional
values of 41,917 and 39,422, respectively.b.3)
    
    The Bank intered into ten swap agreements entitling the Bank to
receive, on a monthly basis, the positive difference between 16.35% nominal
interest rate p.a. and the Badlar interest rate in Argentine pesos, of notional
values of 1,000. In the event that the difference between both rates is
negative, the Bank shall be required to pay the difference. The agreement will
expire on April 30, 2010.
 
  F - 65




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 
 (c)
    
    As of 2009 and 2008, the Bank recorded in memorandum accounts the amounts
representing obligations of the Bank under put options sold related to the Federal
Government Bond coupons established in Presidential Decrees Nos. 905/02 and 1,836/02.
Such options were imposed by the Federal Government to all financial institutions.During the Argentine crisis and pursuant to such decrees, the deposits which were
denominated in US Dollars were exchanged for peso denominated government bonds using
a Ps.1.4 to the USD 1.00 exchange rate. The bonds received by the depositors
carried an interest rate plus CER (an inflation index) adjustment.In order to enhance the publics trust in the system and the exchange mechanisms, the
Central Bank effectively required the banks to issue a put option to the depositors
who so requested. Such put options will entitle the bondholders to receive 1.4
exchange rate, plus accrued interest plus CER. This was intended to effectively
provide a floor for the yield of such government bonds for the holders, therefore, if
the value of these bonds were to decrease below the terms of the put options (ie,
Ps.1.4 exchange rate plus interest plus CER), only the original depositor would then
be able to present the put options to the Bank and receive such value. These options
expire 30 days after the expiration of each coupon received by the depositors, in
varying dates through 2013. As it is a put option established by the Federal
Government to the detriment of the Bank, the holders of such options did not pay any
type of premium to the Bank and thus the Bank has never recognized any income from
these options, and has never established an initial liability since it received no
up-front premium.After the exchange, these government bonds have increased in value significantly
given the improvement of the Argentines economy and therefore of the governments
creditworthiness. As a result of that, the management of the Bank estimates that many
of the original depositors had sold their bonds. Consequently, the options had been
extinguished.Therefore the options have never had any intrinsic value. It should be noted that the
interest rate and terms of the options are the same as the bonds and therefore the
options will only be exercised in case of government default. The Bank understands
that such options have only a di minimus value. Under Central Bank rules, they were
valued at their original strike price and recorded only in memo accounts.(d)
    
    Related to a call option sold on a piece of real property belonging to the
Bank, entitling the Bank to receive a minimum income of USD 300,000 or the resulting
amount from applying a 15% nominal interest rate p.a. on a principal amount of USD
5,100,000 plus notarial expenses, maintenance expenses and service expenses,
whichever higher. This option expires in September 2010 and is subject to repayment
of a loan granted by the Bank.(e)
    
    As of December 31, 2009, this is related to purchased put options of trust
securities to be issued by financial trust Fideicomiso Financiero Best Consumer
Finance Series X and which may be received by the Bank as payment of the assignment
value established in the assignment of rights agreement executed on December 16,
2009, with Credilogros Compañía Financiera S.A. The initial price was set at 25,000,
which will accrue a minimum applicable rate of 21% compounded on a monthly basis. The
option may be exercised within 180 days as from issuance, delivery and registration
of the transacted securities under Banco Macro S.A.s name.
  Transactions
    
    2009
    
    
    2008
    
    
    2007Premiums on reverse repurchase agreements
    
    
    63,168
    
    
    
    (10,049
    )
    
    
    25,719Premiums on repurchase agreements
    
    
    (2,314
    )
    
    
    10,705
    
    
    
    (12,379
    )Interest rate swaps
    
    
    4,344
    
    
    
    1,696
    
    
    
    2,168Forward foreign-currency transactions offset
    
    
    13,992
    
    
    
    130,127
    
    
    
    336Transactions with options
    
    
    2,654
    
    
    
    5,162
    
    
    
    2,025Total
    
    
    81,844
    
    
    
    137,641
    
    
    
    17,869
  F - 66




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 33.2
    
    Credit-related financial instrumentsThe Banks exposure to credit loss in the event of the counterparts failure to fulfill
the commitments to extending credit, guarantees granted and foreign trade acceptances is
represented by the contractual notional amount of those investments.A summary of credit exposure related to these items is shown below (*):
 As of December 31,2009
    
    
    2008Other guarantees provided covered by debtors classification regulations
    
    
    85,213
    
    
    
    84,136Other guarantees provided not covered by debtors classification regulations
    
    
    130,826
    
    
    
    57,758Other covered by debtors classification standards
    
    
    250,675
    
    
    
    90,085
 (*)
    
    Most of this amount as of December 31, 2009 and 2008, have a remaining
maturity of less than one year.     As of December 31,2009
    
    
    2008Checks drawn on the Bank pending clearing
    
    
    997,472
    
    
    
    781,996Checks drawn on other Banks
    
    
    261,186
    
    
    
    259,303
 33.3
    
    Trust activitiesSee note 13.
 34.
    
    BUSINESS SEGMENT CONSOLIDATED INFORMATION
   F - 67




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 35.
    
    SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN CENTRAL BANK RULES AND UNITED STATES ACCOUNTING
PRINCIPLES
   35.1.
    
    Income taxes
 a)
    
    As explained in note 5, Central Bank rules do not require the
recognition of deferred tax assets and liabilities and, therefore, income tax is
recognized on the basis of amounts due in accordance with Argentine tax regulations
and no deferred tax and liabilities are recognized.
      As of December 31,Description
    
    2009
    
    
    2008Deferred tax assets:Governments and private securities
    
    
    2,386
    
    
    
    20,879Loans
    
    
    105,963
    
    
    
    106,691Intangible assets
    
    
    9,487
    
    
    
    15,252Allowance for loss contingencies
    
    
    62,535
    
    
    
    55,976Net tax loss carry forwards
    
    
    754
    
    
    
    888Other
    
    
    36,955
    
    
    
    28,476Total deferred assets
    
    
    218,080
    
    
    
    228,162Deferred tax liabilities:Property, equipment and other assets
    
    
    (6,768
    )
    
    
    (5,952
    )Foreign exchange difference
    
    
    (19,224
    )
    
    
    (15,688
    )Other
    
    
    
    
    
    
    (14,268
    )Total deferred liabilities
    
    
    (25,992
    )
    
    
    (35,908
    )Deferred tax asset
    
    
    192,088
    
    
    
    192,254Allowance for deferred tax assets
    
    
    (65,673
    )
    
    
    (89,308
    )Net deferred tax assets under US GAAP
    
    
    126,415
    
    
    
    102,946
  F - 68




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
  Expiration year
    
    Amount2010
    
    
    2502011
    
    
    4212012
    
    
    1,2942013
    
    
    722014
    
    
    1182,155
  As of December 31,2009
    
    
    2008
    
    
    2007Net deferred tax assets at the beginning of the year
    
    
    102,946
    
    
    
    123,077
    
    
    
    182,902Net deferred tax liabilities acquired from acquisition on business combination (*)
    
    
    
    
    
    
    
    
    
    
    (3,359
    )Net amount recorded in comprehensive income
    
    
    (146,525
    )
    
    
    42,132
    
    
    
    8,333Net deferred tax income / (expense) for the year
    
    
    169,994
    
    
    
    (62,263
    )
    
    
    (64,799
    )Net deferred tax assets at the end of the year
    
    
    126,415
    
    
    
    102,946
    
    
    
    123,077
 (*)
    
    See note 35.7.  Year ended December 31,Description
    
    2009
    
    
    2008
    
    
    2007Income tax in accordance with Central Bank regulations
    
    
    659,250
    
    
    
    261,207
    
    
    
    92,345Deferred tax charges
    
    
    (169,994
    )
    
    
    62,263
    
    
    
    64,799Total income tax expense in accordance with US GAAP
    
    
    489,256
    
    
    
    323,470
    
    
    
    157,144
  Year ended December 31,Description
    
    2009
    
    
    2008
    
    
    2007Pre-tax income in accordance with US GAAP
    
    
    1,483,025
    
    
    
    954,641
    
    
    
    561,171Statutory income tax rate
    
    
    35.00
    %
    
    
    35.00
    %
    
    
    35.00
    %Tax on net income at statutory rate
    
    
    519,059
    
    
    
    334,124
    
    
    
    196,410Permanent differences at the statutory rate:- Variation of allowances
    
    
    (23,635
    )
    
    
    (30,159
    )
    
    
    15,354- Income not subject to income tax
    
    
    (23,955
    )
    
    
    (5,098
    )
    
    
    (58,432
    )- Others
    
    
    17,787
    
    
    
    24,603
    
    
    
    3,812Income tax in accordance with US GAAP
    
    
    489,256
    
    
    
    323,470
    
    
    
    157,144
   F - 69




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
  b)
    
    In addition, as of December 31, 2009, 2008 and 2007 the Bank had asset
of 10,280, 25,767 and 45,293, respectively, for the credit for Tax on minimum
presumed income. As mentioned in note 5 to the financial statements, under Central
Bank Rules, such credit is considered to be an asset because Management estimates
it will be used within ten years, which is the period allowed by the Central Bank
Communiqué A 4,295, as amended.
   35.2.
    
    Exposure to the Argentine Public Sector and Private Securities
  a)
    
    LoansNon-financial federal government sector
         F - 70




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
       b)
    
    Holdings in special investment accounts in accordance with Central Bank
rules
     c)
    
    Instruments issued by Central Bank of Argentina and other unlisted
securities
      F - 71




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
  Gains as of December 31,Trading Securities
    
    2009
    
    
    2008
    
    
    2007Debt Securities Issued by Argentinian Government
    
    
    839
    
    
    
    16,874
    
    
    
    467Corporate Bonds
    
    
    601
    
    
    
    319
    
    
    
    (315
    )Other
    
    
    2,308
    
    
    
    (656
    )
    
    
    2,8353,748
    
    
    
    16,537
    
    
    
    2,987
  Amortized Cost
    
    
    Gross Unrealized Gains
    
    
    Fair Value2009
    
    
    5,938,456
    
    
    
    313,865
    
    
    
    6,252,3212008
    
    
    4,416,932
    
    
    
    (104,792
    )
    
    
    4,312,1402007
    
    
    3,363,428
    
    
    
    6,727
    
    
    
    3,370,155
  Proceeds from salesas of December 31,Available for sale securities
    
    2009 (*)
    
    
    2008 (*)
    
    
    2007 (*)Debt Securities Issued by Argentinian Government and others
    
    
    1,947,021
    
    
    
    3,450,382
    
    
    
    2,050,941
 (*)
    
    As of December 31, 2009, 2008 and 2007, realized gains as a result of those sales
amounted to 388,190, 2,538 and 17,832, respectively.  Securities
    
    2008
    
    
    Increase
    
    
    Decrease
    
    
    2009Holdings in special investment accounts
    
    
    (51,130
    )
    
    
    369,617
    
    
    
    
    
    
    
    318,487Instrument issued by Central Bank of
Argentina and other unlisted
securities
    
    
    (53,662
    )
    
    
    52,643
    
    
    
    (3,603
    )
    
    
    (4,622
    )Total
    
    
    (104,792
    )
    
    
    422,260
    
    
    
    (3,603
    )
    
    
    313,865Securities
    
    2007
    
    
    Increase
    
    
    Decrease
    
    
    2008Holdings in special investment accounts
    
    
    7,648
    
    
    
    
    
    
    
    (58,778
    )
    
    
    (51,130
    )Instrument issued by Central Bank of
Argentina and other unlisted
securities
    
    
    (921
    )
    
    
    2,538
    
    
    
    (55,279
    )
    
    
    (53,662
    )Total
    
    
    6,727
    
    
    
    2,538
    
    
    
    (114,057
    )
    
    
    (104,792
    )(*)
  F - 72




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 Securities
    
    2006
    
    
    Increase
    
    
    Decrease
    
    
    2007Instrument issued by Central
Bank of Argentina and other
unlisted securities
    
    
    27,579
    
    
    
    1,957
    
    
    
    (22,809
    )
    
    
    6,727Total
    
    
    27,579
    
    
    
    1,957
    
    
    
    (22,809
    )
    
    
    6,727
 (*)
    
    FASB ASC 320 requires that if the decline in fair value is judged to be other than
temporary, the cost of the security shall be written down to fair value, and the write
down amount shall be included in earnings. As of December 31, 2008 the Bank evaluated the
argentine macroeconomic environment and this decline in fair value to determine whether
it was other than temporary and did not recognize any other than temporary impairment. 35.3.
    
    Loan origination fees
   35.4.
    
    Allowance for loan losses
        F - 73




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
     a)
    
    Recoveries and write-offs
  b)
    
    Credit Card Loans
    c)
    
    Impaired loansNon Financial Private Sector and residents abroad
   Fiscal year ended December 31,2009
    
    
    2008
    
    
    2007Total amount of loans considered as impaired (*)
    
    
    459,576
    
    
    
    365,406
    
    
    
    213,216Amount of loans considered as impaired for which
there is a related allowance for credit losses
    
    
    383,929
    
    
    
    309,106
    
    
    
    158,836Amount of loans considered as impaired for which
there is no related allowance for credit losses
    
    
    75,647
    
    
    
    56,300
    
    
    
    54,380Reserves allocated to impaired loans
    
    
    184,287
    
    
    
    160,357
    
    
    
    89,665Average balance of impaired loans during the fiscal year
    
    
    457,833
    
    
    
    288,430
    
    
    
    215,300Interest income recognized on impaired loans
    
    
    45,766
    
    
    
    20,638
    
    
    
    9,119
 (*)
    
    Includes 245,711, 193,382 and 84,972 of consumer loans as of December 31, 2009,
2008 and 2007, respectively.  F - 74




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
     Fiscal year ended December 31,2009
    
    
    2008
    
    
    2007Balance at the beginning of the fiscal year
    
    
    330,912
    
    
    
    114,356
    
    
    
    97,116Provision for loan losses
    
    
    186,943
    
    
    
    313,162
    
    
    
    98,897Charge offs
    
    
    (175,355
    )
    
    
    (76,246
    )
    
    
    (38,199
    )Reversals
    
    
    (2,596
    )
    
    
    (20,360
    )
    
    
    (43,458
    )Balance at the end of the fiscal year
    
    
    339,904
    
    
    
    330,912
    
    
    
    114,356
 d)
    
    Interest recognition  non-accrual loans
    35.5.
    
    Intangible assets
 a)
    
    Judgments due to court decisions related to foreign currency-
denominated deposits
    F - 75




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BANCO MACRO S.A. AND SUBSIDIARIES
     b)
    
    Software costs
    c)
    
    Organizational costs
  35.6.
    
    Vacation accrual
   35.7.
    
    Business Combinations
   F - 76




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
  a)
    
    Acquisition of controlling interest in former Banco Bansud S.A.
     b)
    
    Merger with and into former Banco Bansud S.A.  a downstream merger
      F - 77




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
   c)
    
    Acquisition of Nuevo Banco Suquía S.A.  Merger with and into Former
Nuevo Banco Suquía S.A.
 c.1)
    
    Acquisition of Nuevo Banco Suquía S.A.
     c.2)
    
    Merger with and into Former Nuevo Banco Suquía S.A.
       F - 78




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
   d)
    
    Acquisition of controlling interest in Banco del Tucumán S.A.
     Net assets
    
    
    98,100
    (*)% acquired
    
    
    75
    %Net assets acquired
    
    
    73,575Purchase price
    
    
    45,961Negative Goodwill
    
    
    (27,614)
    (**)
 (*)
    
    Includes 1,567 of deferred tax liability.(**)
    
    The negative goodwill has been applied to reduce on a pro
rata basis the amounts assigned to the non-current intangible and tangible
assets acquired.    F - 79




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
  Additional interest acquired in2007
    
    
    2006Net assets
    
    
    174,713
    (*)
    
    
    144,256
    (*)% acquired
    
    
    10.09
    %
    
    
    4.84
    %Net assets acquired
    
    
    17,628
    
    
    
    6,982Purchase price
    
    
    9,709
    
    
    
    2,907Negative Goodwill
    
    
    (7,919)
    (**)
    
    
    (4,075)
    (**)
 (*)
    
    Includes 3,359 (liability) and 143 (asset) of deferred tax,
respectively.(**)
    
    The negative goodwills have been applied to reduce on a pro
rata basis the amounts assigned to the non-current intangible and tangible
assets acquired.  Increase / (Decrease)Consolidatedshareholders Equity as of
    
    
    Consolidated Net income YearDecember 31
    
    
    ended December 31,2009
    
    
    2008
    
    
    2007
    
    
    2009
    
    
    2008
    
    
    2007Deferred taxes, net of allowances
    
    
    (4,949
    )
    
    
    (4,066
    )
    
    
    (411
    )
    
    
    (883
    )
    
    
    (3,655
    )
    
    
    4,194Write off of tangible and
intangible assets as a result of
negative goodwill allocated
    
    
    2,300
    
    
    
    3,339
    
    
    
    8,133
    
    
    
    (1,039
    )
    
    
    (4,794
    )
    
    
    (6,270
    )Judgments due to Court decisions
related to foreign
currency-denominated deposit
    
    
    (1,418
    )
    
    
    (2,038
    )
    
    
    (4,339
    )
    
    
    620
    
    
    
    2,301
    
    
    
    4,076Other purchase price adjustments
    
    
    (3,469
    )
    
    
    (2,888
    )
    
    
    (3,296
    )
    
    
    (581
    )
    
    
    408
    
    
    
    (2,469
    )Total
    
    
    (7,536
    )
    
    
    (5,653
    )
    
    
    87
    
    
    
    (1,883
    )
    
    
    (5,740
    )
    
    
    (469
    )
 e)
    
    Acquisition of Nuevo Banco Bisel S.A.  Merger with and into Former Nuevo
Banco Bisel S.A.
 e.1)
    
    Acquisition of Nuevo Banco Bisel S.A.
    F - 80




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
    Net assets
    
    
    61,214
    (*)% acquired
    
    
    100
    %Purchase price
    
    
    19,509Extraordinary gain
    
    
    (41,705)
    (**)
 (*)
    
    Includes 138,040 of deferred tax assets, net of allowances.(**)
    
    The negative goodwill has been applied to reduce on a pro
rata basis the amounts assigned to the non-current intangible (35,555), mainly
related to customers, and tangible assets (123,114) acquired. After reducing
to zero such assets, the remaining excess is considered an extraordinary gain. e.2)
    
    Merger with and into Former Nuevo Banco Bisel S.A.
       F - 81




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 f)
    
    Other
  35.8.
    
    Reporting on Comprehensive Income (loss)
   35.9.
    
    Restatement of financial statements in constant pesos
   35.10.
    
    Accounting for derivative instruments and hedging activities
       F - 82




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
  As December 31, 2009

    
    Assets derivatives
    
    
    Liability derivativesDerivates not designated as
    
    2009
    
    
    2009hedging instruments under
    
    Balance sheet
    
    
    
    
    
    Balance sheetFASB ASC 815
    
    location (1)
    
    Fair value
    
    
    location (1)
    
    Fair valueInterest rate contracts
    
    Other receivables from financial intermediation
    
    
    7,748
    
    
    Other liabilities from financial intermediation
    
    
    20,271Foreign exchange contracts
    
    Other receivables from financial intermediation
    
    
    5,262
    
    
    Other liabilities from financial intermediation
    
    
    Total derivatives
    
    
    
    
    13,010
    
    
    
    
    
    20,271
 Amount of gainLocation of gain
    
    or (loss)Derivates not designated as
    
    or (loss) recognized in
    
    recognized inhedging instruments under
    
    income on
    
    income onFASB ASC 815
    
    derivative (1)
    
    derivativeInterest rate contracts
    
    Financial income-Other / (Financial expense-Other)
    
    
    (21,325
    )Foreign exchange contracts
    
    Financial income-Other / (Financial expense-Other)
    
    
    (13,992
    )Total
    
    
    
    
    (35,317
    )
 (1)
    
    According to Central Bank rules  35.11.
    
    Foreign currency translation
    F - 83




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 35.12.
    
    Accounting for guarantees
     35.13.
    
    Earning Per Share
      2009
    
    
    2008
    
    
    2007Numerator:Net income attributable to the controlling interest under US GAAP
    
    
    986,285
    
    
    
    628,243
    
    
    
    384,040Denominator:Common stock outstanding for the fiscal year (1)
    
    
    594,485,168
    
    
    
    608,437,455
    
    
    
    683,943,437Common stock issued (2)
    
    
    
    
    
    
    
    
    
    
    35,536Weighted-average common shares outstanding for the year
    
    
    595,633,666
    
    
    
    658,124,254
    
    
    
    683,952,394Basic EPS attributable to controlling interest under US GAAP -
stated in pesos
    
    
    1,66
    
    
    
    0,95
    
    
    
    0,56
 (1)
    
    Common stock of the Bank prior to the capital increases mentioned in
note 9.(2)
    
    Capital increases mentioned in note 9.  35.14.
    
    Corporate Bonds
 a)
    
    Issuance Cost of Corporate Bonds and Interest recognition
    F - 84




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
     b)
    
    Repurchased Own Corporate Bonds
      35.15.
    
    Foreclosed assets
     F - 85




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 35.16.
    
    Noncontrolling Interests in Subsidiaries
    35.17.
    
    Set forth below are the significant adjustments to consolidated net income and
shareholders equity which would be required if US GAAP instead of Central Bank rules had
been applied:
 Increase / (decrease)Consolidated Net IncomeYears ended December 31,Ref.
    
    
    2009
    
    
    2008
    
    
    2007Net income in accordance with Central Bank rules
    
    
    
    
    
    
    751,930
    
    
    
    660,050
    
    
    
    495,200Income taxesDeferred taxes, net of allowances
    
35.1.a)
    
    
    
    170,877
    
    
    
    (58,608
    )
    
    
    (68,993
    )Exposure to the Argentine public sector and private
securitiesLoans  Non-financial federal government sector
    
35.2.a)
    
    
    
    202,783
    
    
    
    3,726
    
    
    
    (2,869
    )Holdings in special investment accounts in accordance
with Central Bank rules
    
35.2.b)
    
    
    
    (92,109
    )
    
    
    19,139
    
    
    
    2,661Instrument issued by Central Bank of Argentina and other
unlisted securities
    
35.2.c)
    
    
    
    12,661
    
    
    
    (15,020
    )
    
    
    22,428Loan origination fees
    
35.3
    
    
    
    (4,877
    )
    
    
    (13,880
    )
    
    
    (3,071
    )Allowance for loan lossesCredit Card Loans
    
35.4.b)
    
    
    
    (899
    )
    
    
    (2,297
    )
    
    
    (1,661
    )Impaired Loans  Non Financial Private Sector and
residents abroad
    
35.4.c)
    
    
    
    1,604
    
    
    
    3,667
    
    
    
    (3,738
    )Interest recognition  non accrual loans
    
35.4.d)
    
    
    
    (3,251
    )
    
    
    (1,824
    )
    
    
    382Intangible assetsJudgments due to court decisions related to foreign
currency  denominated deposits
    
35.5.a)
    
    
    
    (15,554
    )
    
    
    25,677
    
    
    
    (45,317
    )Software costs
    
35.5.b)
    
    
    
    12,017
    
    
    
    1,431
    
    
    
    (23,437
    )Organizational costs
    
35.5.c)
    
    
    
    263
    
    
    
    365
    
    
    
    (7,153
    )Vacation accrual
    
35.6
    
    
    
    (11,554
    )
    
    
    (19,341
    )
    
    
    (14,774
    )Business combinationAcquisition of controlling interest in former Banco
Bansud S.A.
    
35.7.a)
    
    
    
    355
    
    
    
    2,335
    
    
    
    4,630Merger with and into former Banco Bansud S.A.  a
downstream merger
    
35.7.b)
    
    
    
    1,177
    
    
    
    (386
    )
    
    
    (527
    )Acquisition of Nuevo Banco Suquía S.A. Merger with and
into Former Nuevo Banco Suquía S.A.
    
35.7.c)
    
    
    
    2,348
    
    
    
    2,349
    
    
    
    2,325Acquisition of Banco de Tucumán S.A.
    
35.7.d)
    
    
    
    (1,883
    )
    
    
    (5,740
    )
    
    
    (469
    )Acquisition of Nuevo Banco Bisel S.A.  Merger with and
into Former Nuevo Banco Bisel S.A.
    
35.7.e)
    
    
    
    13,567
    
    
    
    (7,868
    )
    
    
    11,973Other
    
35.7.f)
    
    
    
    426
    
    
    
    523
    
    
    
    1,336Derivative instruments
    
35.10
    
    
    
    (19,722
    )
    
    
    4,754
    
    
    
    2,446Foreign currency translation
    
35.11
    
    
    
    15
    
    
    
    8,859
    
    
    
    2,956Corporate BondsIssuance Cost of Corporate Bonds and Interest recognition
    
35.14.a)
    
    
    
    (5,241
    )
    
    
    (5,189
    )
    
    
    8,112Repurchased Own Corporated Bonds
    
35.14.b)
    
    
    
    (27,633
    )
    
    
    27,633
    
    
    
    Foreclosed assets
    
35.15
    
    
    
    1,353
    
    
    
    (2,112
    )
    
    
    1,600Noncontrolling interest in subsidiaries
    
35.16
    
    
    
    5,116
    
    
    
    2,928
    
    
    
    1,497Net income in accordance with US GAAP
    
    
    
    
    
    
    993,769
    
    
    
    631,171
    
    
    
    385,537Less: Net income attributable to the noncontrolling
interest
    
    
    
    
    
    
    7,484
    
    
    
    2,928
    
    
    
    1,497Net income attributable to the controlling interest in accordance
with US GAAP
    
    
    
    
    
    
    986,285
    
    
    
    628,243
    
    
    
    384,040
  F - 86




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 2009
    
    
    2008
    
    
    2007Net income in accordance with US GAAP
    
    
    993,769
    
    
    
    631,171
    
    
    
    385,537Other comprehensive income, net of tax:
    
    
    272,117
    
    
    
    (78,246
    )
    
    
    (15,475
    )Total comprehensive income, net in accordance with US GAAP
    
    
    1,265,886
    
    
    
    552,925
    
    
    
    370,062Less: Comprehensive income attributable to noncontrolling interest
    
    
    (55
    )
    
    
    (167
    )
    
    
    (220
    )Comprehensive income attributable to controlling interest
    
    
    1,265,941
    
    
    
    553,092
    
    
    
    370,282Total earning per share attributable to controlling interest in
accordance with US GAAP  stated in pesos
    
    
    1.66
    
    
    
    0.95
    
    
    
    0.56Weighted average number of shares Outstanding (in thousands)
    
    
    595,634
    
    
    
    658,124
    
    
    
    683,952
 Increase / (decrease)Consolidated Shareholders Equityas of December 31,Ref.
    
    
    2009
    
    
    2008
    
    
    2007Shareholders equity in accordance with
Central Bank rules
    
    
    
    
    
    
    3,358,801
    
    
    
    2,821,911
    
    
    
    2,713,020Income taxesDeferred taxes, net of allowances
    
35.1.a)
    
    
    
    131,364
    
    
    
    107,012
    
    
    
    123,488Exposure to the Argentine public sector and private securitiesLoans  Non-financial federal government sector
    
35.2.a)
    
    
    
    (82,537
    )
    
    
    (285,320
    )
    
    
    (289,046
    )Holdings in special investment accounts in accordance
with Central Bank rules
    
35.2.b)
    
    
    
    237,869
    
    
    
    (39,639
    )
    
    
    Instruments issued by Central Bank of Argentina and other
unlisted securities
    
35.2.c)
    
    
    
    (4,243
    )
    
    
    (65,944
    )
    
    
    1,817Loan origination fees
    
35.3
    
    
    
    (38,920
    )
    
    
    (34,043
    )
    
    
    (20,163
    )Allowance for loan lossesCredit Card Loans
    
35.4.b)
    
    
    
    (6,796
    )
    
    
    (5,897
    )
    
    
    (3,600
    )Impaired Loans  Non Financial Private Sector and
residents abroad
    
35.4.c)
    
    
    
    (8,935
    )
    
    
    (10,539
    )
    
    
    (14,206
    )Interest recognition  non accrual loans
    
35.4.d)
    
    
    
    (7,694
    )
    
    
    (4,443
    )
    
    
    (2,619
    )Intangible assetsJudgments due to court decisions related to foreign
currency  denominated deposits
    
35.5.a)
    
    
    
    (100,528
    )
    
    
    (84,974
    )
    
    
    (110,651
    )Software costs
    
35.5.b)
    
    
    
    (26,858
    )
    
    
    (38,875
    )
    
    
    (40,306
    )Organizational costs
    
35.5.c)
    
    
    
    (8,028
    )
    
    
    (8,291
    )
    
    
    (8,656
    )Vacation accrual
    
35.6
    
    
    
    (72,676
    )
    
    
    (61,122
    )
    
    
    (41,781
    )Business combinationAcquisition of controlling interest in former Banco
Bansud S.A.
    
35.7.a)
    
    
    
    (9,254
    )
    
    
    (9,609
    )
    
    
    (11,944
    )Merger with and into former Banco Bansud S.A.  a
downstream merger
    
35.7.b)
    
    
    
    (5,444
    )
    
    
    (6,621
    )
    
    
    (6,235
    )Acquisition of Nuevo Banco Suquía S.A.- Merger with and
into Former Nuevo Banco Suquía S.A.
    
35.7.c)
    
    
    
    (43,948
    )
    
    
    (46,296
    )
    
    
    (48,645
    )Acquisition of Banco de Tucumán S.A.
    
35.7.d)
    
    
    
    (7,536
    )
    
    
    (5,653
    )
    
    
    87Acquisition of Nuevo Banco Bisel S.A.  Merger with and
into Former Nuevo Banco Bisel S.A.
    
35.7.e)
    
    
    
    (32,840
    )
    
    
    (51,721
    )
    
    
    (43,853
    )Other
    
35.7.f)
    
    
    
    (7,448
    )
    
    
    (7,874
    )
    
    
    (8,397
    )Derivative instruments
    
35.10
    
    
    
    (12,522
    )
    
    
    7,200
    
    
    
    2,446Corporate BondsIssuance Cost of Corporate Bonds and Interest recognition
    
35.14.a)
    
    
    
    7,970
    
    
    
    13,211
    
    
    
    18,400Repurchased Own Corporate Bonds
    
35.14.b)
    
    
    
    
    
    
    
    27,633
    
    
    
    Foreclosed assets
    
35.15
    
    
    
    12,446
    
    
    
    11,093
    
    
    
    13,205Noncontrolling Interests in Subsidiaries
    
35.16
    
    
    
    20,684
    
    
    
    15,568
    
    
    
    12,640Banco Macro S.A. Shareholders equity in accordance with
US GAAP (1)
    
    
    
    
    
    
    3,292,927
    
    
    
    2,236,767
    
    
    
    2,235,001Noncontrolling interests
    
    
    
    
    
    
    (23,052
    )
    
    
    (15,568
    )
    
    
    (12,640
    )Shareholders equity attributable
to the controlling interest in
accordance with US GAAP
    
    
    
    
    
    
    3,269,875
    
    
    
    2,221,199
    
    
    
    2,222,361
 (1)
    
    Includes the effects of other comprehensive income.  F - 87




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 35.18.
    
    Set forth below are the accumulated other comprehensive income (loss) balances, as of
December 31, 2009, 2008 and 2007  net of related income tax effects:
 AccumulatedUnrealized
    
    
    OtherForeign
    
    
    Gains/
    
    
    ComprehensiveCurrency
    
    
    (losses) on
    
    
    Income /Items (1)
    
    
    securities (2)
    
    
    (Loss)Balances as of December 31, 2006
    
    
    11,228
    
    
    
    17,926
    
    
    
    29,154Current-fiscal year change
    
    
    (2,956
    )
    
    
    (20,852
    )
    
    
    (23,808
    )Tax effects
    
    
    1,035
    
    
    
    7,298
    
    
    
    8,333Balances as of December 31, 2007
    
    
    9,307
    
    
    
    4,372
    
    
    
    13,679Current-fiscal year change
    
    
    (8,859
    )
    
    
    (111,519
    )
    
    
    (120,378
    )Tax effects
    
    
    3,100
    
    
    
    39,032
    
    
    
    42,132Balances as of December 31, 2008
    
    
    3,548
    
    
    
    (68,115
    )
    
    
    (64,567
    )Current-fiscal year change
    
    
    (15
    )
    
    
    418,657
    
    
    
    418,642Tax effects
    
    
    5
    
    
    
    (146,530
    )
    
    
    (146,525
    )Balances as of December 31, 2009
    
    
    3,538
    
    
    
    204,012
    
    
    
    207,550
 (1)
    
    See note 35.11.(2)
    
    See note 35.2.  F - 88




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 35.19.
    
    Statement of Cash flows
     Year ended December 31,2009
    
    
    2008
    
    
    2007Causes of changes in cash and cash equivalentsCash provided by (used in) operating activitiesInterest received on loans, leases and investments
    
    
    3,424,863
    
    
    
    2,904,605
    
    
    
    1,681,340Fees and commissions received
    
    
    1,043,723
    
    
    
    882,354
    
    
    
    658,863Purchases and sales of trading securities
    
    
    734,902
    
    
    
    21,547
    
    
    
    (17,146
    )Other sources of cash
    
    
    4,920
    
    
    
    28,909
    
    
    
    23,884Less:Interest paid
    
    
    (1,667,293
    )
    
    
    (1,196,698
    )
    
    
    (701,232
    )Fees and commissions paid
    
    
    (220,860
    )
    
    
    (168,091
    )
    
    
    (146,606
    )Cash paid to suppliers and employees
    
    
    (1,405,088
    )
    
    
    (1,120,663
    )
    
    
    (873,034
    )Increase in intangible assets
    
    
    (74,471
    )
    
    
    (61,991
    )
    
    
    (91,883
    )Increase in other receivables from financial
intermediation and other assets
    
    
    (431,579
    )
    
    
    (358,736
    )
    
    
    (541,080
    )Other uses of cash
    
    
    (376,475
    )
    
    
    (111,360
    )
    
    
    (99,335
    )Net cash provided by (used in) operating activities
    
    
    1,032,642
    
    
    
    819,876
    
    
    
    (106,229
    )Plus:Cash provided by (used in) investing activitiesAvailable for sale- Purchases of investment securities
    
    
    (15,105,006
    )
    
    
    (10,668,191
    )
    
    
    (6,484,441
    )- Proceeds from sales of investment securities
    
    
    13,257,958
    
    
    
    10,294,965
    
    
    
    6,143,565Increase in loans and leases, net
    
    
    (469,106
    )
    
    
    (1,562,881
    )
    
    
    (3,674,912
    )Proceeds from sale of Bank premises and equipment
    
    
    2,795
    
    
    
    9,694
    
    
    
    3,808Purchases of Bank premises and equipment
    
    
    (37,124
    )
    
    
    (82,513
    )
    
    
    (81,469
    )Net cash used in investing activities
    
    
    (2,350,483
    )
    
    
    (2,008,926
    )
    
    
    (4,093,449
    )Cash provided by (used in) financing activitiesIncrease in deposits, net
    
    
    2,742,903
    
    
    
    2,258,332
    
    
    
    3,583,214Increase in long term borrowings
    
    
    47,494
    
    
    
    101,711
    
    
    
    756,914Decrease in long term borrowings
    
    
    (143,024
    )
    
    
    (132,490
    )
    
    
    (11,521
    )Increase / (Decrease) in other short term liabilities, net
    
    
    747,649
    
    
    
    (80,864
    )
    
    
    463,998Capital increase
    
    
    
    
    
    
    
    
    
    
    182Own shares reacquired
    
    
    (56,665
    )
    
    
    (380,164
    )
    
    
    Cash dividends paid
    
    
    (148,350
    )
    
    
    (171,004
    )
    
    
    (102,591
    )Net cash provided by financing activities
    
    
    3,190,007
    
    
    
    1,595,521
    
    
    
    4,690,196Increase in cash and cash equivalents
    
    
    1,872,166
    
    
    
    406,471
    
    
    
    490,518Cash at the beginning of fiscal year
    
    
    3,523,897
    
    
    
    3,117,426
    
    
    
    2,626,908Cash at the end of fiscal year
    
    
    5,396,063
    
    
    
    3,523,897
    
    
    
    3,117,426
  F - 89




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
  Year ended December 31,2009
    
    
    2008
    
    
    2007Net income for the fiscal year
    
    
    751,930
    
    
    
    660,050
    
    
    
    495,200Adjustments to reconcile net income to net cash from operating
activities:Amortization and depreciation
    
    
    123,220
    
    
    
    116,199
    
    
    
    106,077Provision for loan losses and special reserves, net of reversals
    
    
    210,200
    
    
    
    290,778
    
    
    
    40,388Net loss / (income) from government and private securities
    
    
    104,598
    
    
    
    (50,788
    )
    
    
    (47,757
    )Foreign exchange differences
    
    
    (133,731
    )
    
    
    (143,094
    )
    
    
    (48,823
    )Equity loss / (gain) of unconsolidated subsidiaries
    
    
    (7,618
    )
    
    
    25,847
    
    
    
    890Increase from intangible assets
    
    
    (74,471
    )
    
    
    (61,991
    )
    
    
    (91,883
    )Non-computable VAT credit
    
    
    21,499
    
    
    
    23,037
    
    
    
    21,066Valuation allowance of loans to the government sector
    
    
    
    
    
    
    66,125
    
    
    
    54,274Income tax
    
    
    446,637
    
    
    
    168,862
    
    
    
    15,384Decrease in other receivables from financial intermediation and
other assets
    
    
    (431,579
    )
    
    
    (358,736
    )
    
    
    (541,080
    )Net Increase in interest receivable and payable and other
accrued income and expenses
    
    
    (10,571
    )
    
    
    (12,798
    )
    
    
    (6,607
    )Non controlling interest in subsidiaries
    
    
    5,092
    
    
    
    3,354
    
    
    
    2,083Net Decrease / (Increase) in other sources or uses of cash
    
    
    27,436
    
    
    
    93,031
    
    
    
    (105,441
    )Net cash provided by (used in) operating activities
    
    
    1,032,642
    
    
    
    819,876
    
    
    
    (106,229
    )
 35.20.
    
    Forward transactions pending settlement
      F - 90




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 35.21.
    
    Fair value of financial instruments
  
    
    Inclusion of nonfinancial assets and nonfinancial liabilities, which for
the Bank primarily related to other real estate owned.
 
    
    Estimation of fair value when the volume o level of activity for an asset
or liability have significantly decreased in relation to normal market activity;
additional guidance to determine when a transaction is not orderly; and enhanced
disclosure of fair value measurements.
 Fair Value Measurements
    a)
    
    Quoted prices for similar assets or liabilities in
active markets;b)
    
    Quoted prices for identical or similar assets or
liabilities in less-active markets;c)
    
    Pricing models whose inputs are observable for
substantially the full term of the asset or liability; andd)
    
    Pricing models whose inputs are derived principally
from or corroborated by observable market data through correlation or
other means for substantially the full term of the asset or liability.
    Fair value measurements on a recurring basis as ofDecember 31, 2009DESCRIPTION
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TOTALASSETSGovernment and private securities
    
    
    2,717,267
    
    
    
    4,454,430
    (*)
    
    
    
    
    
    
    7,171,697Other receivables from financial intermediationForward transactions pending settlement
    
    
    15,486
    
    
    
    519,674
    
    
    
    
    
    
    
    535,160Unlisted corporate Bonds
    
    
    
    
    
    
    72,092
    
    
    
    8,736
    
    
    
    80,828Unlisted certificate of participation in
financial trust
    
    
    
    
    
    
    
    
    
    
    39,558
    
    
    
    39,558Derivative instruments
    
    
    5,295
    
    
    
    
    
    
    
    
    
    
    
    5,295Other receivables in securities
    
    
    5,214
    
    
    
    
    
    
    
    
    
    
    
    5,214LIABILITIESOther liabilities from financial intermediationForward transactions pending settlement
    
    
    1,011,498
    
    
    
    16,516
    (*)
    
    
    
    
    
    
    1,028,014Derivative instruments
    
    
    
    
    
    
    
    
    
    
    12,522
    
    
    
    12,522
  F - 91




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 Fair value measurements on a recurring basis as ofDecember 31, 2008DESCRIPTION
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TOTALASSETSGovernment and private securities
    
    
    1,590,686
    
    
    
    3,093,907
    (*)
    
    
    
    
    
    
    4,684,593Other receivables from financial intermediationForward transactions pending settlement
    
    
    52,345
    
    
    
    1,226
    
    
    
    
    
    
    
    53,571Unlisted corporate Bonds
    
    
    
    
    
    
    48,696
    
    
    
    
    
    
    
    48,696Derivative instruments
    
    
    
    
    
    
    
    
    
    
    7,200
    
    
    
    7,200Other receivables in securities
    
    
    4,411
    
    
    
    
    
    
    
    
    
    
    
    4,411LIABILITIESOther liabilities from financial intermediationForward transactions pending settlement
    
    
    254,905
    
    
    
    426,390
    (*)
    
    
    
    
    
    
    681,295Derivative instruments
    
    
    5,859
    
    
    
    
    
    
    
    
    
    
    
    5,859
 (*)
    
    Mainly includes instruments issued by Central Bank of Argentina with
less than one year maturity.   Fair value measurements using significant unobservable inputs (Level 3)
 Derivatives2009
    
    
    2008Beginning balance
    
    
    7,200
    
    
    
    2,446Total gains or losses (realized/unrealized)Included in earnings (or changes in net assets)
    
    
    (19,722
    )
    
    
    4,754Ending balance
    
    
    (12,522
    )
    
    
    7,200
  F - 92




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
 Corporate Bonds2009
    
    
    2008Beginning balance
    
    
    
    
    
    
    Total gains or losses (realized/unrealized)
Purchases, issuances and settlements
    
    
    8,736
    
    
    
    Ending balance
    
    
    8,736
    
    
    
    
 Certificate of participationin financial trust2009
    
    
    2008Beginning balance
    
    
    
    
    
    
    Total gains or losses (realized/unrealized)
Purchases, issuances and settlements
    
    
    39,558
    
    
    
    Ending balance
    
    
    39,558
    
    
    
    
 Fair Value Option
  Fair Value Disclosures
    
 
 
 
 
  F - 93




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##### Table of Contents



As of December 31,2009
    
    
    2008Carrying
 Amount
    
    
    Estimated 
Fair Value
    
    
    Carrying Amount
    
    
    Estimated
 Fair ValueFINANCIAL ASSETSCash
    
    
    5,016,192
    
    
    
    5,016,192
    
    
    
    3,523,897
    
    
    
    3,523,897Government and private securities
    
    
    6,981,144
    
    
    
    7,171,697
    
    
    
    4,779,299
    
    
    
    4,684,593Loans
    
    
    11,096,807
    
    
    
    10,287,409
    
    
    
    11,279,958
    
    
    
    10,510,340Other receivables from financial intermediation
    
    
    2,380,653
    
    
    
    2,340,263
    
    
    
    1,454,065
    
    
    
    1,445,109Assets subject to financial leases
    
    
    246,590
    
    
    
    223,214
    
    
    
    355,390
    
    
    
    312,322Other receivables
    
    
    366,495
    
    
    
    366,090
    
    
    
    251,789
    
    
    
    255,29426,087,881
    
    
    
    25,404,865
    
    
    
    21,644,398
    
    
    
    20,731,555FINANCIAL LIABILITIESDeposits
    
    
    18,592,866
    
    
    
    18,586,443
    
    
    
    15,828,357
    
    
    
    15,809,588Other liabilities from financial intermediation
    
    
    3,338,070
    
    
    
    3,173,908
    
    
    
    2,714,944
    
    
    
    2,174,088Other Liabilities
    
    
    884,082
    
    
    
    884,082
    
    
    
    442,702
    
    
    
    442,702Subordinated Corporate Bonds
    
    
    572,473
    
    
    
    573,681
    
    
    
    521,681
    
    
    
    301,94723,387,491
    
    
    
    23,218,114
    
    
    
    19,507,684
    
    
    
    18,728,325
     35.22.
    
    Joint venture
    F - 94




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
  35.23.
    
    Items in process of collection
   35.24.
    
    Acceptances
  35.25.
    
    Variable Interest Entities and other trusts
          F - 95




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##### Table of Contents



BANCO MACRO S.A. AND SUBSIDIARIES
    35.26.
    
    New accounting pronouncements (US GAAP)
 a)
    
    Accounting for Transfers of Financial Assets (ASC 860)
  b)
    
    Amendments to Consolidation (ASC 810)
  c)
    
    ASU 2010-06 Fair Value Measurements and Disclosures (ASC 820): Improving
Disclosures about Fair Value Measurements
   F - 96