Nr. dodgy deals
Argentina's banks suffered greatly during the Argentine Economic Crisis of 1999 - 2002. In late 2001 a bank run occurred which was severe enough for the government to freeze all bank accounts for 12 months to present a systemic collapse, allowing only small sums to be withdrawn. The economy recovered strongly, but the Argentine banking system remains relatively small, with total bank assets worth around a third of GDP.
The largest bank in terms of assets is the state-owned Banco de la Nación de Argentina, which represents 25% of total assets and is three times the size of its nearest rivals, according to 2011 data from Macro Bank. Following this are the province-owned Banco de la Provincia de Buenos Aires (aka Banco Provincia), and the private banks Banco Santander Río (part of the Spanish Santander Group) Banco de Galicia and Banco Macro.
There are a number of smaller public-sector banks in Argentina, most of which are owned by provincial governments (e.g. Banco de la Provincia de Córdoba, Banco de Neuquén). Overall, public banks account for 46% of deposits, while internationally owned banks have a 27% share and national banks also have a 27% share (source: aba-argentina.com, Dec 2012).
The central bank, Banco Central de la Republica Argentina (BCRA), oversees the regulation and supervision of the banking sector. The BCRA's Superintendency of Financial Institutions (Superintendencia de Entidades Financieras y Cambiarias) is the banking regulator. Though nominally under the central bank's control, it is partially autonomous. Two members of the central bank's board are appointed as its superintendent and vice-superintendent. (Source: EIU).
In March 2012 a major and controversial change was made to the BCRA's mandate. As well as monetary stability, its objectives now include financial stability, jobs and economic growth with social fairness. The Economist proclaimed that the Argentine Central Bank had become the "piggy bank" of the Argentine government, "losing the last shred of its legal independence", while a number of economists applauded the move.
Dodgy Deals located in Argentina
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