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Argentine Banks Partially Release Frozen Deposits Feb 03
Standard & Poors, Feb 2003
Abstract
With the end of the 'corralito' last December-a year after its initial enforcement-local banks took the first step toward recreating a less hostile atmosphere for their severely wounded customers. Lifting the restrictions on cash withdrawals from savings and current accounts took place smoothly, with high interest rates and a stabilized foreign exchange rate persuading most depositors not to 'escape' to the dollar. The signs of the return of confidence became more palpable and banks consolidated their improved liquidity situation. Nevertheless, there are still involuntary depositors in the Argentine financial system: holders of the CEDRO notes that were created during the pesification and the extension of maturities of deposits. In this more benign environment, some institutions have decided to offer depositors...
Companies mentioned in this report are: Banco Santander S.A.,Argentina (Republic of) (Unsolicited Ratings),Banco de Galicia y Buenos Aires S.A.,Banco de la Provincia de Buenos Aires,Banca Nazionale Del Lavoro S.A.,Banco Bilbao Vizcaya Argentaria S.A.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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