05 jul: Europa/aktier: ECB skuffede markederne
06 jul: Amazon vil lave iPhone-konkurrent - bureau
06-07-2012 00:11:00

UPDATE: New Argentina Bank Rules to Spur ARS15 Billion in Loans

Relateret indhold

(Adds that banks have until Dec. 31 to make the loans, in the second paragraph.)

By Taos Turner

BUENOS AIRES--Argentine banks will offer at least 15 billion Argentine pesos ($3.3 billion) in investment-credit lines, thanks to new government rules that force them to do so, the Central Bank of Argentina said Thursday.

The rules, which compel banks holding at least 1% of the country's total deposits to lend 5% of their own deposits at subsidized rates, aim to boost business investment at a time of weakening economic growth. The banks will have until December 31 to make the loans.

Central Bank President Mercedes Marco del Pont said the best way to create jobs and stimulate the economy is to set aside bank deposits for this type of lending.

The new rules will affect the Argentine subsidiaries of several large foreign banks, including Spain's Banco Santander SA (SAN, SAN.MC) and Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC), HSBC Holdings PLC (HBC, HSBA.LN, 0005.HK), and Citigroup Inc. (C).

The interest rate on the loans will be set at Badlar plus four percentage points. Badlar is the average interest rate on fixed-term deposits above one million pesos ($221,238). Based on data from June, that would put the annual rate for the new loans at around 15%.

That is far below the annual rate of inflation, which most economists have said likely totals around 25%. In recent years, banks have been reluctant to lend below this level because of its inherent risk, and expectations for future inflation have long been around 25% or 30%.

At least half of the loans must go to small businesses.

"This is very important as a symbolic gesture," said Nicolas Dujovne, head of the consultancy Nicolas Dujovne y Asociados. "Until now it had been taboo to touch the banking sector because of concern about the consequences of doing so. This puts us in uncharted waters."

Mr. Dujovne, who spent more than a decade as the chief economist at Banco Galicia, one of the country's biggest banks, said the government may now be tempted to further tap the banking system.

"This won't cut that much into banks' earnings," he said. "The most important thing is that it sets us on a new path with banks and the potential expropriation of earnings and discretional use of bank capital."

Banco Galicia is part of Grupo Financiero Galicia SA (GGAL.BA, GGAL).

Argentine President Cristina Kirchner outlined the rules late Wednesday, saying private-sector banks have made a lot of money in Argentina and it is time for them to do more to spur growth.

"This will put some pressure on the banks' profitability," Moody's Investors Service analyst Valeria Azconegui said Thursday.

Ms. Azconegui said bank lending rose at a quick pace in 2010 and 2011 but the growth rate has been slowing this year.

Write to Taos Turner at taos.turner@dowjones.com.

(END) Dow Jones Newswires

July 05, 2012 18:11 ET (22:11 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

OPTAKT Mærsk Q4 10/2: Mærsk sejler ind i den perfekte storm

08-02-2016 15:52:46
Når A.P. Møller-Mærsk fremlægger regnskabstallene for det sidste kvartal af 2015, bliver det et regnskab, som bærer præg af, at Mærsk for tiden navigerer sig ig..

Novo betalte Kåre Schultz 72,7 mio. kr. i fratrædelse

08-02-2016 12:32:15
Novo Nordisk betalte en fratrædelsesgodtgørelse på 72,7 mio. kr. til viceadministrerende direktør Kåre Schultz, da han forlod virksomheden i slutningen af april..

Aktier/middag: Genmab og Vestas rykker dybest i panikmarked

08-02-2016 11:35:36
Genmab og Vestas dykker dybest i et aktiemarked, der mandag middag synes grebet af panik og falder til 918,9 eller med 4,0 pct. i forhold til slutniveauet freda..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
USA/Sydbank: Centralbankchef kan ikke berolige investorer
2
Vestas Q4: Flot på alle fronter
3
Vestas/Sydbank: Regnskab fortjener karakteren 12
4
Danske aktier indtager både top og bund i Europa
5
Deutsche Bank bekræfter betalingsevne

Relaterede aktiekurser

Citigroup Inc 37,51 -0,8% Fald i aktiekurs
Banco Santander SA 3,82 -2,1% Fald i aktiekurs
Banco Bilbao Vizcaya Arg.. 6,09 -3,2% Fald i aktiekurs
Grupo Financiero Galicia.. 27,76 -0,4% Fald i aktiekurs
Hsbc Hldgs.Uk ORD $0.50 .. 439,76 1,7% Stigning i aktiekurs
Banco Santander S.A. ORD.. 264,62 -0,3% Fald i aktiekurs
Banco Bilbao Vizcaya Arg.. 5,41 0,0% Aktiekurs uændret
Hsbc Holdings 5,55 0,0% Aktiekurs uændret
Banco Bilbao Vizc 5,48 0,0% Aktiekurs uændret
Banco Santander 3,40 0,0% Aktiekurs uændret
Banco Santander 3,50 0,0% Aktiekurs uændret

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2016  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
10. februar 2016 03:37:35
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20160209.2 - EUROWEB7 - 2016-02-10 03:37:35 - 2016-02-10 03:37:35 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her

x