CAPÍTULO I - Banco de Guatemala

Transcription

Aide Memorie of the Banco de Guatemala 2007
AIDE-MEMORIE
of the
BANCO DE GUATEMALA
2007
1
AIDE-MEMORIE
of the
BANCO DE GUATEMALA
2007
2
MONETARY BOARD
María Antonieta Del Cid Navas de Bonilla
President
Julio Roberto Suárez Guerra
Vice-president
TITLE MEMBERS
Mefi Eliud Rodríguez García
Minister of Public Finance
Max Erwin Quirín Schoder
Elected by Business, Industry and Agricultural
Associations
Luis Oscar Estrada Burgos
Minister of Economy
Julio Vielman Pineda
Elected by the Presidents of the Administration
Councils or Boards of Directors of National Private
Banks
Bernardo Jesús López Figueroa
Minister of Agriculture, Animal Husbandry
And Food
René Arturo Villegas Lara
Elected by the Superior Council of the
Universidad de San Carlos de Guatemala
Luis Fernando Pérez Martínez
Elected by the Congress of the Republic
3
DEPUTY MEMBERS
Edgar Alfredo Balsells Conde
Elected by the Congress of the Republic
Sergio de la Torre Gimeno
Elected by Business Associations
of Commerce, Industry and Agriculture
Miguel Angel Lira Trujillo
Elected by the Superior Council of the
Universidad de San Carlos de Guatemala
Gabriel Biguria Ortega
Elected by Presidents of Administration
Councils or Board of Directors of the National Private Banks
Note: Titular and Deputy Members that were executing their functions to December 31st, 2007.
4
PERMANENT ADVISORS
Manuel Augusto Alonzo Araujo
General Manager
Oscar Roberto Monterroso Sazo
Director of Economy
Sergio Francisco Recinos Rivera
Financial Manager
Johny Rubelcy Gramajo Marroquín
Director
Department of Economic Studies
Leonel Hipólito Moreno Mérida
Juristic Manager
Willy Waldemar Zapata Sagastume
Superintendent of Banks
Armando Felipe García Salas Alvarado
Secretary
Monetary Board
Note:
Authorities and Higher Officials that are in exercise of their positions since December 31, 2007.
5
BANCO DE GUATEMALA
AUTHORITIES
María Antonieta Del Cid Navas de Bonilla
Julio Roberto Suárez Guerra
President
Vice-president
Manuel Augusto Alonzo Araujo
Oscar Roberto Monterroso Sazo
General Manager
Director of Economy
Sergio Francisco Recinos Rivera
Lidya Antonieta Gutiérrez Escobar
Financial Manager
Administrative Manager
Leonel Hipólito Moreno Mérida
Juristic Manager
SUPERIOR OFFICERS
Johny Rubelcy Gramajo Marroquín
Director
Sergio Rolando González Rodríguez
Sub-director
Department of Banking and Financial Analysis
Manuel de Jesús Castro Aguirre
Sub-director
Luis Felipe Granados Ambrosy
Advisor II
Department of Banking and Financial Analysis
Carlos Eduardo Castillo Maldonado
Sub-director
Juan Carlos Castañeda Fuentes
Director
Department of Economic Investigations
Otto René López Fernández
Director
Department of Economic Statistics
Sergio Javier López Toledo
Sub-director
Department of Economic Investigations
Fernando Wladimir Danilo Estrada Pérez
Sub-director
Enrique Antonio Amurrio Comparini
Director
Department of Communication
And Institutional Relations
Rómulo Oswaldo Divas Muñoz
Director
Department of Monetary Stabilization
Edgar Rolando Lemus Ramírez
Director
International Department
6
Operations
Jorge Vinicio Cáceres Dávila
Sub-director
Department of Monetary Stabilization
Operations
Jorge Aníbal Del Cid Aguilar
Sub-director
International Department
Héctor Adelso Del Cid Solórzano
Director
Accounting Department
Mynor Humberto Saravia Sánchez
Director
Department of Administrative Services
and Security
Byron Leopoldo Sagastume Hernández
Sub-director
Accounting Department
Mario Roberto León Ardón
Sub-director
Department of Administrative Services
and Security
Salvador Orlando Carrillo Grajeda
Director
Department of Human Resources
Ariel Rodas Calderón
Director
Department of Technology and Information
Erick Prado Carvajal
Sub-director
Byron Saúl Girón Mayén
Sub-director
Department of Technology and Information
José René Lorente Méndez
Sub-director
Romeo Eduardo Campos Sánchez
Director
Department of Monetary Issue
Armando Felipe García Salas Alvarado
Secretary
Monetary Board
José Fernando Ramírez Velásquez
Sub-director
Department of Monetary Issue
Aníbal García Ortiz
Sub-Secretary
Monetary Board
Gerardo Noél Orozco Godínez
Advisor III
Juristic Advice
Bernardino González Leiva
Internal Auditor
César Augusto Martínez Alarcón
Advisor III
Juristic Advice
Erwin Roberto Camposeco Córdova
Internal Sub-auditing
Fernando Villagrán Guerra
Advisor II
Juristic Advice
Note: Authorities and Superior Officers that are exercising said positions to December 31, 2007.
7
INDEX
Page
CHAPTER I
NATURE AND ADMINISTRATIVE STRUCTURE OF THE
BANCO DE GUATEMALA
1.
Nature
2
2.
Administrative Structure
3
CHAPTER II
OPERATIONS AND ACCOUNTS OF THE BANCO DE GUATEMALA
1.
Term Deposits
1.1
In quetzales
1.2
In US dollars
8
8
8
2.
Portfolio Bonds of the Banco de Guatemala
9
3.
4.
Treasury Bonds received to cover net deficiencies
International Monetary Reserves and transactions in foreign currency
9
10
4.1
4.2
4.3
4.4
10
10
17
17
5.
6.
7.
8.
9.
International Monetary Reserves
Administration of the international monetary reserves
Letters of Credit
Issue of Drafts and payment orders
Letters of Credit
Deposits from the non-financial public sector
Financial State Agent
7.1
Operations with the Treasury Bonds of the Republic of Guatemala
7.2
Administration of amortization funds
7.3
Trusts and guarantee funds
Funds for Savings Protection
Trustee Funds of Banking Capitalization
8
18
19
21
21
22
22
23
25
10.
Payment System
27
10.1
10.2
Banking Clearing House
Gross Settlement System in Real Time -LBTR-
27
28
10.3
Modernization of the payment system
32
11.
Bills and coins issued and amortized
33
12.
Contributions of Guatemala to international financial organizations
35
13.
Financial Statements
13.1 General Balance
13.2 Results Status
36
36
37
CHAPTER III
TRANSPARENCY AND ACCOUNT RENDERING
1.
2.
Transparency and account rendering
1.1
Appearance of the President of the Banco de Guatemala before the
Congress of the Republic
1.2
Publication of information
40
Strategy of communication
41
40
40
CHAPTER IV
OTHER CENTRAL BANK ACTIVITIES
1.
Participation of International Meetings
44
2.
Improvement of economic statistics
2.1
Economic surveys
2.2
Updating of the National Directory of Businesses and their
Addresses -DINEL2.3 Advances in the implementation of the V Manual of Payments Balance
45
46
of the IMF
2.4
46
46
Advances in the implementation of the Manual of Monetary Financial
Statistics of the IMF
47
2.5 Implementation of the National Quarterly Accounts System
2.6
2.7
Survey of Inflation Expectations from the Panel of Private Analysts -EEISurvey of Business Opinion -EOE9
48
49
49
3.
3.1
Academic Events
"Doctor Manuel Noriega Morales" Contest
49
50
3.2
Economic days
50
3.3
Program of Higher Studies
51
3.4 Participation in the Investigators Network in the Central Banks
Of Latin America
52
ANNEXES
1.
2.
3.
State of Assets, Liable and Condensed Patrimony Fund for Savings
Protection
Financial Statements of the Banco de Guatemala
Main resolutions issued by the Monetary Board
10
54
55
57
CHAPTER I
NATURE AND ADMINISTRATIVE
STRUCTURE OF THE BANCO DE
GUATEMALA
Multiple use reserve of the Atitlán Lake Basin
RUMCLA-. Sololá.
Consejo Nacional de Áreas Protegidas -CONAP- National Council for
Protected Areas.
11
-
NATURE AND ADMINISTRATIVE STRUCTURE
OF THE BANCO DE GUATEMALA
1.
Nature
Article 2 of the Organic Law of the Banco de Guatemala stipulates that the institution, as
the Central Bank of the Republic, is a decentralized, autonomous entity, a juristic personality,
with a private estate, with the full capacity to acquire rights and to assume responsibilities, with
indefinite duration and with domicile in the territorial division of Guatemala.
Fundamental objective
According to article 3 of the mentioned law, the Banco de Guatemala has as its
fundamental objective to contribute in the creation and maintenance of the most favorable
conditions for the organized development of the national economy; therefore, it will provide the
monetary, foreign exchange rate and credit conditions that promote the stability in the general
level of prices.
Functions
The Central Bank has, among other functions determined by its organic law, has the
following:
a)
To be the only issuer of the national currency;
b)
To try to maintain an adequate liquidity rate of the banking system, by using the
instruments established in its organic law;
c)
To pursue the good operation of the payment system;
d)
To receive in deposit the banking legal reserve and the legal deposits referred to in said
law;
e)
To administer the international monetary reserves, according with the guidelines
established by the Monetary Board; and,
f)
To carry out the other functions compatible with its nature as a Central Bank, assigned by
legal mandate.
12
2.
Administrative Structure
Clause h) of article 26 of the mentioned law establishes that the Monetary Board has the
responsibility of approving or modifying the administrative structure of the Banco de Guatemala,
proposed by the General Manager. Based on said decision, the Monetary Board, through
resolution JM-156-2006, approved the Income and Expenditure Budget of the Banco de
Guatemala for 2007 and modified said administrative structure.
Said modification was mainly due to the implementation of the “Action Plan for the
Organizational Re-dimension of the Banco de Guatemala”, which
need to strengthen the
management areas of the institution, in order to make their operation smoother, following the
principles of the organization and specialization that are suggested by modern administrative
techniques. The referred modification is summarized in the following: a)
Integrate work
processes of Organizational Development to the Department of Human Resources, becoming the
first Organizational Analysis System subscribed to said department; b) Integrate the Department
of Banking Security to the Supply and Diverse Services Department, which will be then named
the Department of Supplies and Diverse Services; and, c) change the Name of the Information
Department and its sections, in order that the same be according to international standards.
Following is a presentation of the organizational chart, in which the administrative
structure from the Banco de Guatemala is shown:
13
14
Secretaría del
Consejo
Técnico
Análisis de
Mercados y
Comercio Exterior
Finanzas
Públicas
Secciones
Departamentos
Gerencia
Dependencias Staff
Órganos Superiores
Estadísticas
Bancarias y
Financieras
Estadísticas
Cambiarias
Balanza de
Pagos
Análisis del
Sistema
Financiero
Análisis
Bancario y
Financiero
Cuentas
Nacionales
Estadísticas
Económicas
Investigaciones
Económicas
Relaciones
Internacionales
Programación
Financiera
Estudios
Económicos
Gerencia
Económica
Fideicomisos y
Administración
de Cartera
Liquidación
de Valores
Análisis de
Mercados
Financieros
Operaciones de
Mercados
Financieros
Operaciones
de Estabilización
Monetaria
Operaciones
Extranjeras
Inversión de
Reservas
Monetarias
Internacionales
Internacional
Registro de
Reservas
Monetarias
Internacionales
Registro de
Operaciones
y Estados
Financieros
Sistema
de Pagos
Contabilidad
Tesorería y
Operaciones
con Bancos
Emisión
Emisión
Monetaria
Análisis de Riesgo de Reservas
Monetarias Internacionales
Gerencia
Financiera
GERENCIA
GENERAL
PRESIDENCIA
JUNTA MONETARIA
Divulgación
Protocolo
Bibliotecas
Comunicación
y Relaciones
Institucionales
Auditoría
Interna
Secretaría del
Comité de Ejecución
Análisis
Organizacional
Centro de
Capacitación,
Adiestramiento y
Desarrollo
del Personal
Desarrollo de
Recursos
Humanos
Planificación y
Relaciones
Laborales
Administración de
Remuneraciones
y Prestaciones
del Personal
Recursos
Humanos
Seguridad
Seguridad
Especial
Investigaciones
Especiales
Secretaría
Administrativa
Mantenimiento
Servicios
Auxiliares
Servicios
Administrativos
y Seguridad
Gerencia
Administrativa
Gestión y
Calidad
Tecnológica
Servicios
Informáticos
Proyectos
Informáticos
Infraestructura
Tecnológica y
Bases de Datos
Tecnologías de
Información
Secretaría
de la Junta
Monetaria
Asesoría
Jurídica
Gerencia
Jurídica
INSTITUTIONAL STRATEGIC PLAN
OF THE BANCO DE GUATEMALA
The Institutional Strategic Plan is a joint effort of the General Manager’s office and
officers of the Banco de Guatemala, which consists of the determination of the strategic
objectives that allow orienting its management, through the establishment of middle and longterm actions, so that the institution can exercise the decreed in the organic law and fulfill its
fundamental objective.
In that sense, is its administration policy of the Central Bank to give follow up to the
execution of the referred plan, as well as evaluate the results that have been reached, with the
purpose of adapting the changes in the environment, to review the validity of its long-term
objectives and the consistency of the strategies that have been contemplated, which allows taking
into consideration the implications that said changes represent for the fulfillment of the
mentioned strategic plan.
Below are the relevant elements of the Institutional Strategic Plan 2003-2007, which was
reviewed and updated in October 2006.
MISSION
To promote the stability in the general level of prices.
VISION
The Banco de Guatemala will continue being a well known, reliable institution, carrying
out only the functions that correspond to a central bank, which promotes the stability in
the general level of prices, through the full exercise of its autonomy, transparent
management, organizational quality and availability of resources.
INSTITUTIONAL VALUES
•
•
•
•
•
•
•
•
•
•
Ethical
Transparent
Identification and commitment
Loyalty
Responsibility
15
Efficiency
Leadership
Quality
Empathy
Respect
STRATEGIC OBJECTIVES
1.
To advance in the adoption process of a scheme of explicit inflation goals.
2.
To strengthen the administration management and investment of international
monetary reserves, according to international standards.
3.
To consolidate processes of the payment system.
4.
To strengthen the numerary administration.
5.
To strengthen the transparency culture.
6.
To administrate the risks that the institutional management faces.
7.
To improve and strengthen the efficient operation of the institution.
It is necessary to point out, that based on the Institutional Strategic Plan1, the different
offices of the Banco de Guatemala formulate and execute the respective operative work plans,
including the projects and strategic actions that are required for its fulfillment.
1
In August 2007, the General Manager of the Banco de Guatemala approved the Institutional Strategic Plan 2008-2012.
16
CHAPTER II
OPERATIONS AND ACCOUNTS OF THE
BANCO DE GUATEMALA
Monumento Natural Semuc Champey. Lanquín, Alta Verapaz.
Protected Areas.
17
OPERATIONS AND ACCOUNTS OF THE BANCO DE GUATEMALA
1.
Term Deposits
1.1
Expressed in quetzales
As part of the monetary stabilization operations that the Banco de Guatemala
carries out in the execution of the monetary, foreign exchange rate and credit policy, in 2007, the
reception of term deposits continued through the different fund-raising mechanisms, for the term
and interest rate as well as the maturity date and yield. In that regard, at the end of said year, the
balance of said deposits was of Q11,937.3 million, amount lower by Q3,681.7 million than the
one registered at the end of 2006. The fund-raisings carried out through the different mechanisms
were of Q150,850.0 million, while the maturities were of Q154,531.7 million, as shown in the
following table:
TABLE 1
BANCO DE GUATEMALA
TERM DEPOSIT MOVEMENTS
YEAR 2007
(Millions of quetzales)
CONCEPT
TOTAL
Bidding per term
Bidding per due date
Direct bidding of public entities
¹/
MEBD And stock exchange
Term per window
Window per maturity date
Remunerated legal banking reserve
1/
Balance to
12/31/2006
FUND-RAISING MATURITIES
Balance to
12/31/2007
Absolute
Variation
15,619.0
150,850.0
154,531.7
11,937.3
-3,681.7
6,687.2
0.0
0.0
3,056.5
5,247.6
0.0
627.7
1,512.9
67.7
404.4
119,481.0
29,028.5
145.1
210.4
2,812.2
0.0
335.1
121,882.5
29,288.4
0.0
213.5
5,387.9
67.7
69.3
655.0
4,987.7
145.1
624.6
-1,299.3
67.7
69.3
-2,401.5
-259.9
145.1
-3.1
Electronic Money Banking Table.
1.2
Expressed in dollars from the United States of America
To December 31st, 2007, the balance of the term deposits in dollars of the United States of
America that the system’s banks registered in the Banco de Guatemala as legal banking reserve
was of US$9.5 million, higher in US$1.8 million than the registered at the end of 2006 (US$7.7
million).
18
As to the balance of term deposits in US dollars, made at the window with pubic entities
to December 31, 2007, this was at US$46.7 million; amount higher by US$20.7 million to the
registered the year before (US$26.0 million).
In summary, at the end of 2007, the total balance of the term deposits in dollars of the
United States of America was of US$56.2 million, higher by US$22.5 million to the observed to
December 31st, 2006, as shown in the following table:
TABLE 2
BANCO DE GUATEMALA
MOVEMENT OF TERM DEPOSITS
YEAR 2007
(Millions of US dollars)
CONCEPT
BALANCE TO
FUND-RAISING
12/31/2006
TOTAL
Window
Remunerated legal banking reserve
2.
MATURITIES
BALANCE TO
12/31/2007
ABSOLUTE
VARIATION
33.7
75.1
52.6
56.2
22.5
26.0
67.4
46.7
46.7
20.7
7.7
7.7
5.9
9.5
1.8
Bonds in portfolio of the Banco de Guatemala
The balance of portfolio bonds of the Banco de Guatemala, by the end of 2007, was of
Q2.0 million, completely integrated by banking bonds with guarantee of mortgage booklets
acquired by the Central Bank before 1990. Said balance is lower in Q2.2 million (52.38%)
regarding the one observed at the end of 2006, reduction that mainly corresponds to programmed
amortization of capital.
3.
Treasury bonds received to cover net deficiencies
In fulfillment of the established in clause b) of article 9 of the Organic Law of the Banco
de Guatemala, the State, through the Ministerio de Finanzas Públicas, on August 27th, 2007 issue
in favor of the Banco de Guatemala Representative Certificates of the Treasury Bonds of the
Republic of Guatemala of Q593.8 million, to cover the net deficiency of the Central Bank that
corresponds to the fiscal year 2005, to a term of 30 years and an annual interest rate of 4.13%, so
to December 31, 2007, the balance of the referred titles under the Central Bank rose to Q2, 717.0
million.
19
4.
International Monetary Reserves and transactions in foreign currency
4.1
International Monetary Reserves
The level of the absolute international monetary reserves of the Banco de Guatemala, net as well
as absolute, at the end of 2007 was at US$4,320.3 million, higher by US$259.2 million regarding
the level observed at the end of 2006.
TABLE 3
BANCO DE GUATEMALA
NET AND ABSOLUTE INTERNATIONAL
MONETARY RESERVES
YEARS 2006 - 2007
CONCEPT
2006
VARIATION
2007
ABSOLUTE
I.
Absolute reserves
II.
Obligations up to a year term
III.
Net reserves (I - II)
4.2
RELATIVE
4,061.1
4,320.3
259.2
6.4
0.0
0.0
0.0
0.0
4,061.1
4,320.3
259.2
6.4
Administration of the international monetary reserves
The Monetary Board, in resolution JM-29-2004 dated April 1st, 2004, modified by
resolution JM-135-2004 dated November 10th, 2004, JM-16-2006 dated February 1, 2006 and JM
68-2006 dated July 5, 2006, authorized the investment policy of the international monetary
reserves of the Banco de Guatemala, so that said reserves are invested according to liquidity
security and profitability criteria and established the distribution mechanism of the same, for the
effect creating, the Liquidity and Portfolio tranches.
The Settlement tranche is directly administered by the Banco de Guatemala and its main
purpose is to provide coverage to potential exits of reserves in a one year period. This tranche is
made up of two sub-tranches known as Work Capital and Settlement Administration, which have
as their objective: first, to cover potential exits of reserves in a one month period and, second, to
give coverage to the foreign currency obligations estimated for up to a twelve month period.
20
The investments that constitute the Settlement Tranche, per sub-tranche, to December 31st, 2007,
are shown below:
TABLE 4
BANCO DE GUATEMALA
INTERNATIONAL MONETARY RESERVES
SETTLEMENT TRANCHE
To December 31, 2007
SUBTRANCHES
AMOUNT
TOTAL
675.4
CAPITAL FOR WORK
100.0
Deposits at sight in the New York Federal Reserve Bank
SETTLEMENT MANAGEMENT
575.4
Banco de Guatemala
a/
100.0
575.4
a/
Refers to the accountable value of the portfolio.
On their part, the Portfolio Tranche is administered by the financial institutions of
recognized international prestige, specialized in portfolio management, for which effect the
Monetary Board has authorized the General Management of the Banco de Guatemala to hire the
services of the institutions of this nature. Said tranche is constituted by the difference between
the amounts of the susceptible liquid reserves to be invested and the resources assigned to the
Settlement Tranche.
The distribution of the resources of the Portfolio Tranche, to December 31, 2007, is
shown as follows:
21
TABLE 5
BANCO DE GUATEMALA
PORTFOLIO TRANCHE
TO DECEMBER 31, 2007
(Millions of US dollars and percentages )
ADMINISTRATOR
AMOUNT
TOTAL
3,436.7
UBS Global Asset Management (UK) Ltd.
Allianz Global Investors Advisory GmbH
JPMorgan Asset Management (UK) Ltd.
World Bank (RAMP)
a/
STRUCTURE
a/
1,106.7
1,016.4
739.9
573.7
100.0
32.2
29.6
21.5
16.7
Refers to the accountable value of the portfolio.
The funds that constitute the investment portfolios of the Tranche Portfolio and of the
sub-tranche for Settlement Management for the Settlement Tranche are under the custody of the
State Street Bank and Trust Company, entity that was hired to render technical services of global
custody to the Banco de Guatemala.
According to clause e) of article 4 of the Organic Law of the Banco de Guatemala and in
the referred investment policy of the international monetary reserves, the General Direction of the
institution, during 2007, the international monetary reserves of the Banco de Guatemala were
invested in repurchase agreements; in deposits immediately demandable and term deposits in
international financial institutions and in first-order foreign banks; in letters, notes and treasury
bonds; in securities issued or guaranteed by international organizations, financial institutions or
foreign governments of recognized solvency; in securities issued or guaranteed by governmental
agencies with sovereign guarantee; and, in other long-term instruments.
Regarding the liquidity and security of the investments, both criteria are evidenced in the
qualification of the instruments in which the international monetary reserves of the Banco de
Guatemala are invested. For that reason, for the short-term securities the qualifications allowed
are those not lower than A -1, of Standard & Poor’s; and, P-1 de Moody’s Investors Service;
22
whereas the qualifications allowed for the long-term securities are those not lower than AA-, of
Standard & Poor’s; and, Aa3, of Moody’s Investors Service6.
As to the average net profitability of the international monetary reserves investment,
considering the market value of the investment portfolio of the Banco de Guatemala abroad,
during 2007 was of 6.75% annually for the Settlement Tranche and of 7.13% annually for the
Portfolio tranche. It is worth indicating that due to the modifications to the Investment Policy of
the International Monetary Reserves of the Banco de Guatemala approved in resolution JM-162006 of the Monetary Board dated February 1, 2006, the investment of resources in the Work
Capital Sub-tranche are evaluated based on the current federal funds interest rate of the United
States of America, as long as the profitability of the investments of the Settlement Management
sub-tranche resources, investment portfolio that previously made up the Portfolio tranche, are
evaluated based on the approved benchmark by the Monetary Board for said sub-tranche.
Therefore, the corresponding rendering of the Settlement Tranche is calculated as the weighted
average of the yield obtained by the two sub-tranches that make it up.
The following tables show the invested amounts and the profitability obtained in the
Settlement Tranche and in their sub-tranches named Work Capital and Settlement Management,
during 2007.
6
The referred grading in the short term define that the ability of the issued to fulfill the financial commitment is “Extremely strong”; in other
words, that the same correspond to instruments of high credit quality and to a high re-payment ability, on behalf of the issuer. As to
qualifications for long term., they define that the ability of the issuer to fulfill the financial commitment as “Extremely Strong” or “very
strong”; in other words, that the same correspond to instruments of the same high quality credit and a low one ov very low expectation of
investment risk.
23
TABLE 6
BANCO DE GUATEMALA
YIELD FOR THE SETTLEMENT TRANCHE
YEAR 2007
MILLIONS OF
US DOLLARS
MONTH
TOTAL
January
February
March
April
Mao
June
July
August
September
October
November
December
ANNUAL
YIELD RATE
52.0
6.75%
1.5
5.4
4.2
3.4
0.1
3.6
7.6
6.7
4.7
2.7
10.4
1.7
3.22%
9.75%
4.81%
4.73%
0.10%
5.20%
9.87%
11.10%
8.28%
4.67%
20.30%
2.96%
TABLE 6-A
BANCO DE GUATEMALA
YIELD OF THE WORK CAPITAL SUB-TRANCHE
AND OF THE SETTLEMENT SUB-TRANCHE
YEAR 2007
MONTH
AVERAGE
INVESTED
AMOUNT
YIELD
TOTAL
January
February
March
April
May
June
July
August
September
October
November
December
119.2
165.4
447.7
174.5
150.7
171.5
202.5
130.3
97.7
104.9
95.3
90.7
24
ANNUAL
YIELD
RATE
8.2
4.90%
0.5
0.7
2.0
0.8
0.7
0.7
0.9
0.5
0.4
0.4
0.3
0.3
5.25%
5.27%
5.27%
5.24%
5.16%
5.04%
5.13%
4.76%
4.90%
4.70%
4.17%
3.92%
TABLE 6-B
BANCO DE GUATEMALA
YIELD OF THE SETTLEMENT MANAGEMENT TRANCHE
YEAR 2007
MONTH
AMOUNT
1/
YIELD
TOTAL
January
February
March
April
May
June
July
August
September
October
November
December
1/
334.3
589.0
591.1
708.7
708.1
711.1
747.8
624.0
628.3
590.6
600.7
592.1
ANNUAL
YIELD
RATE
43.8
7.24%
1.0
4.7
2.2
2.6
-0.6
2.9
6.7
6.2
4.3
2.3
10.1
1.4
2.50%
11.02%
4.46%
4.60%
-0.97%
5.23%
11.16%
12.42%
8.81%
4.67%
22.86%
2.82%
Valor de mercado del portafolio de inversión al final de cada mes.
As to the Tranche portfolio, in the following table are the market values of the investment
portfolios at the end of each month, as well as the profitability obtained for the same during 2007.
25
TABLE 7
BANCO DE GUATEMALA
YIELD O FTHE PORTFOLIO TRANCHE
YEAR 2007
AMOUNT1/
MONTHE
YIELD
TOTAL
January
Februar
March
April
May
June
July
August
September
October
November
December
1/
3,204.9
2,977.8
2,988.4
3,251.0
3,249.1
3,262.6
3,391.7
3,422.4
3,445.0
3,459.2
3,515.0
3,523.6
ANNUAL
YIELD
RATE
225.6
7.13%
6.8
23.0
10.6
12.6
-1.9
13.6
29.1
30.7
22.5
14.2
55.8
8.6
2.65%
10.82%
4.38%
4.94%
-0.53%
5.32%
10.72%
11.40%
8.48%
5.12%
21.64%
3.01%
Value of the market of investment portfolios at the end of each month.
To December 31, 2997 the distribution of the absolute international monetary reserves
was the following:
TABLE 8
BANCO DE GUATEMALA
ABSOLUTE INTERNATIONAL MONETARY RESERVES
TO DECEMBER 31, 2007
TOTAL
I.
4,320.3
Investment of the Liquidity Tranche
675.4
II. Investment of the Portfolio Tranche
3,436.7
III. Operative Reserve
IV. Other Assets
1/
6.3
2/
201.9
1/
In the following
Institutions:Citibank, NA, New York; Banco Internacional de Costa Rica,
Miami; Dresdner Bank, AG, Frankfurt; Banca Commerciale Italiana, Milán; The Bank of New
York, New York; Bank of Nova Scotia, Toronto; UBS, AG, Zürich; Societé Generalé, Paris;
Bank of TokyoMitsubishi Ltd., Tokyo;Lloyds TSB Bank plc, London; y, Wachovia Bank, NA,
New York.
2/
Mainly Includes contributions to International Organizations, gold, special rights
to
Numerary,
Compensation
de agreements And
Hold special Drawing Rights,
Reciprocal credits and special resource programs.
26
4.3
Credit letters
To hold importation operation letters made in 2007 by the public sector and by the Banco
de Guatemala, credit letters for US$74.8 million were made and settlements for
US$61.2
million. As a result of the indicated operations, at the end of 2007, the balance of said credit
letters grew to US$27.1 million, amount higher by US$13.6 million regarding the registered to
December 31, 2006.
Following is a table that illustrates the referred movement of the credit letters:
CUADRO 9
BANCO DE GUATEMALA
CREDIT LETTERS
YEAR 2007
QUANTITY
MILLIONS OF
US DOLLARS
53
13.5
(+) Issued credit letters
77
74.8
(-) Settled Credit Letters
58
61.2
Balance to 12/31/2007
72
27.1
MOVEMENT
Balance to December 31, 2006
4.4
Issue of Drafts and Payment Orders
During 2007 the Banco de Guatemala carried out fund transfers and payments to
institutions from abroad for the amount of US$2,584.5 million, higher by US$86.7 million than
that from the previous year. For that reason, it issue written drafts, as well as payment orders
through the SWIF T2 system. Through said transactions the obligations acquired by the public
sector and Banco de Guatemala, the foreign currency operations with the banking system and the
movement of the international monetary reserves was taken care of.
The following table illustrates the referred movement of drafts and payment orders:
2
Acronym of the Society for Worldwide Interbank Financial Telecommunications, entity that provides electronic communications services for
financial institutions around the world.
27
TABLE 10
BANCO DE GUATEMALA
DRAFT ISSUES AN PAYMENT ORDERS
YEAR 2006 - 2007
CONCEPT
2006
2007
TOTAL
7,958
7,496
I.
1,184
6,774
Drafts
II. Payment orders
5.
QUANTITY OF
OPERATIONS
ABSOLUTE
VARIATION
MILLIONS OF
US DOLLARS
ABSOUTE
VARIATION
2006
2007
-462
2,497.8
2,584.5
86.7
994
-190
93.4
72.1
-21.3
6,502
-272
2,404.4
2,512.4
108.0
Credit Portfolio
Regarding credit operations of the Banco de Guatemala, during 2007 the institution did
not receive any request in that regard and there were no amortizations registered regarding the
advances for financial restructuring granted in previous years to various banking entities of the
system. Consequently, the balance of the credit portfolio to December 31st, 2007 was of Q457.1
million, which, while deducing the reserve for credit assets assessment of Q165.8 million, and
was placed at Q291.3 million.
As to the contingent credit lines granted by the Banco de Guatemala in 2001 to three
banking institutions that were administratively intervened in that year3, the balance of said
funding remained invariable during 2007 (Q1,597.8 million), due that there was no amortization
to said credits, since they are under judicial charge. It is important to mention that on this
portfolio, the Central Bank has a reserve for credit assets assessment equivalent to one hundred
percent of its balance.
For that reason, on December 31st, 2007, the balance of the gross credit portfolio balance
with internal resources of the Banco de Guatemala was of Q2,054.9 million, while the net credit
portfolio was of Q291.3 million. Therefore, it is important to mention that the difference of
Q1,763.6 million registered between both sectors corresponds to the total amount of assessment
reserves that were constituted on the same date of the referred gross portfolio.
3
Banco Empresarial, S. A., according to resolution JM-82-2001; Banco Metropolitano, S. A., according to resolution JM-112-2001; and,
Banco Promotor, S. A., according to resolution JM-113-2001. It is worth indicating that these entities are currently subject to bankruptcy
processes in the competent jurisdictional organisms.
28
TABLE 11
BANCO DE GUATEMALA
BALANCE OF THE CREDIT PORTFOLIO
YEAR 2007
BALANCE TO
12/31/2007
CONCEPT
TOTAL GROSS CREDIT PORTFOLIO
I. Advances for financial restructuring
Banco Empresarial, S. A.
Banco Metropolitano, S. A.
Banco Promotor, S. A.
Financiera Agro Comercial, S. A.
457.1
1,597.8
Banco Empresarial, S. A.
Banco Metropolitano, S. A.
Banco Promotor, S. A.
456.8
612.9
528.1
III. Reserves for valuation of assets
On advances for financial restructuring
On contingent credit lines
TOTAL NET CREDIT PORTFOLIO (I+II-III)
6.
a/
53.4
182.3
221.0
0.4
II. Contingent Crdit Lines
a/
2,054.9
1,763.6
165.8
1,597.8
291.3
Balance due.
Deposits of the public non-financial sector
The deposits from the non-financial public sector in the Banco de Guatemala are
integrated by the resources that the central government and the rest of the public sector keep in
the Central Bank. In this context, to December 31st, 2007, the total of deposits that the central
government has in the Banco de Guatemala was of Q9,532.0 million, higher by Q1,980.6 million
(26.2%) regarding the amount registered on the same date of 2006. It is important to indicate that
said increase mainly obeys the greater income coming from foreign disbursements. In that sense,
they highlight the disbursements for loans granted by the Central American Economic Integration
Bank-BCIE [For its acronym in Spanish.] – for Q1, 538.1 million to partially finance the “Multisector Program for Investment Strengthening”; of the loans granted by the International
Reconstruction and Development Bank –BIRF [For its acronym in Spanish.] – for Q771.7 million
to finance the “Second Loan for Development policies and broad base growth”; and, the loan
granted by the Inter-American Development Bank –BID [For its acronym in Spanish.] – for the
29
equivalent to Q771.5 million to finance the program named “Program for Quality in Social
Expense Improvement.”
The deposits from the non-financial public sector in the Banco de Guatemala are
integrated by the resources that the central government and the rest of the public sector keep in
the Central Bank. In this context, to December 31st, 2007, the total of deposits that the central
government has in the Banco de Guatemala was of Q217.8 million, higher by Q71.1 million
(48.5%) regarding the registered to December 31, 2006. Said raise is explained by the increase of
deposits by the National Institute of Electricity, the University of San Carlos of Guatemala, the
Guatemalan Tourism Institute and other decentralized entities, for Q21.9 million, Q21.8 million,
Q8.4 million and Q19.0 million, in that order.
Due to the above, the deposits from the non-financial public sector in the Banco de
Guatemala at the end of 2007, was at Q9,749.8 million, amount higher by Q2,051.7 million
(26.7%) regarding the registered balance in 2006.
TABLE 12
DEPOSITS OF THE PUBLIC NON-FINANCIAL SECOR IN THE BANCO DE GUATEMALA
YEARS 2006 - 2007
VARIATION
CONCEPT
TOTAL
7.
I.
Central Government
II.
Rest of the public sector
2006
2007
ABSOLUTE
RELATIVE
7,698.1
9,749.8
2,051.7
26.7
7,551.4
9,532.0
1,980.6
26.2
146.7
217.8
71.1
48.5
Financial Agent of the State
During 2007 the Banco de Guatemala, according to article 53 of its organic law, made
several operations, for which it is competent, in its quality of financial agent of the state, which is
described as follows:
30
7.1
Operations with Treasury Bonds in the Republic of Guatemala
To December 31, 2007, according to the order account of the accounting registries of the
Banco de Guatemala, the balance of the treasury bonds in circulation expressed in quetzales are
located at Q20,482.1 million.
Said balance is greater by Q4,502.1 million (28.2%) to the
registered to December 31, 2006, as a net result of the placements through the bidding
mechanisms and of bidding for Q4,714.4 million; to deliver to the Banco de Guatemala for
Q593.8 million in treasury bonds to cover its net deficiency corresponding to the 2005 fiscal
year; and for amortizations for Q806.1 million.
On the other hand, the balance of the treasury bonds expressed in US dollars, to December
31, 2007, was at US$1,438.4 million, amount lower by US$210.5 million to the registered on the
same date of the previous year, as a result of the amortizations made during 2007, which includes
a payment for US$150.0 million in Treasury Bonds of the Republic of Guatemala, place in
international markets in 1997.
TABLE 13
OPERATIONS OF TREASURY BONDS OF THE REPUBLIC OF GUATEMALA
YEARS 2006 - 2007
(Millions)
CONCEPT
2006
BALANCE
I. TREASURY BONDS IN QUETZALES
Of the Republic of Guatemala
II. TREASURY BONDS IN US DOLLARS
5,308.2
15,980.0
5,308.2
a/
VARIATIONS
BALANCE
ABSOLUTE RELATIVE
806.1
20,482.1
4,502.1
28.2
806.1
20,482.1
4,502.1
28.2
1,648.9
0.0
210.5
1,438.4
-210.5
-12.8
Fiscal year 1997
194.0
0.0
150.0
44.0
-150.0
-77.3
Fiscal year 1998
37.5
0.0
0.0
37.5
0.0
0.0
851.8
565.6
0.0
0.0
23.1
37.4
828.7
528.2
-23.1
-37.4
-2.7
-6.6
Of the Republic of Guatemala
Of the Republic of Guatemala –Peace Bonds
a/
15,980.0
2007
NEGOTIATED AMORTIZED
Includes Q593.8 million of Treasury Bonds given to the Banco de Guatemala to cover the net deficiency corresponding to the 2005
accounting year .
7.2
Administration of amortization funds
The amortization funds constituted in the Banco de Guatemala by the public sector to
assist the service of the bonded debt of the central government and municipalities, to December
31st, 2007, were of Q294.9 million, of which Q294.8 million correspond to the central
government and Q0.1 million to the Municipalities of Guatemala and Quetzaltenango.
31
It is important to indicate that the balance of the amortization fund of the central
government, to December 31st, 2006 and the supply carried out in 2007 allowed opportunely
taking care of the bonded debt service.
TABLE 14
BANCO DE GUATEMALA
AMORTIZATION FUNDS OF THE BONDED PUBIC DEBT OF THE
CENTRAL GOVERNMENT AND OF TWO MUNICIPALITIES
YEAR 2007
FUNDS
CONCEPT
TOTAL
CENTRAL
MUNICIPALITIES
GOVERNMENT
753.7
753.6
0.1
(+) Provisioning
4,557.0
4,557.0
0.0
(-) Payment
5,015.8
5,015.8
0.0
Capital
2,189.0
2,189.0
0.0
Interest and services
2,826.8
2,826.8
0.0
294.9
294.8
0.1
7.3
Trusts and guarantee funds
To December 31st, 2007, the balance of the referred trusts and of the mentioned guarantee
funds are Q900.9 million, higher in Q44.6 million than the one registered the previous year
(Q945.5 million). Said net variation is mainly due to the registered increase in the trust
patrimony: “Fiduciary Banking Capitalization Funds” and the “Global Credito for Micro and
Small Business Credit”, as well as the decrease registered in the “Trust for the National Peace
Fund.”
32
TABLE 15
BANCO DE GUATEMALA
TRUSTS AND GUARANTEE FUNDS
TO DECEMBER 31, 2006 AND OF 2007
(Thousands of quetzales)
VARIATION
BALANCE
CONCEPT
2006
TOTAL
I. TRUSTS
National Peace Trust Funds
ABSOLUTE
2007
RELATIVE
945,551.6
900,902.4
-44,649.2
-4.7
945,509.3
900,865.1
-44,644.2
-4.7
180,261.7
109,626.8
-70,634.9
-39.2
77,832.5
77,849.4
16.9
0.0
30.9
30.6
-0.3
-1.0
10,373.0
10,366.4
-6.6
-0.1
27.4
27.4
0.0
0.0
88,983.8
91,632.2
2,648.4
3.0
588,000.0
611,332.3
23,332.3
4.0
10.0
5.0
-5.0
-50.0
10.0
5.0
-5.0
-50.0
Improvement for the Small Coffee Farmer
National Science and Technology Administration National Trust Fund
-FONACYT [For its acronym in Spanish]
Extraordinary Fund for Specific Reconstruction
Program for Community Peace Development –DECOPAZ [For its acronym in Spanish]
Global Program for Credit for Micro and Small Businesses
Fiduciary Fund for Banking Capitalization
II. GUARANTEE FUNDS
Guarantee fund for Housing
III. OTHER FUNDS
Fund for Industrial Sector Reactivation
8.
32.3
32.3
0.0
0.0
32.3
32.3
0.0
0.0
Fund for Savings Protection
The Savings Protection Fund regulated in Decree Number 19-2002 of the congress of the
Republic, Law of Banks and Financial Groups, was created with the objective of guaranteeing the
account holder in the banking system the recovery of their deposits up to an amount of Q20.0
thousand or its equivalent in foreign currency, per individual or juristic person. The resources of
this fund are administrated by the Banco de Guatemala and its regulated deposits were approved
by the Monetary Board in resolution JM-187-2002 dated June 1, 2002 and modified in resolution
JM-54-2006 dated May 10, 2006.
According to the forecast in article 86 of the Law of Banks and Financial Groups, the
financing sources for the Savings Protection Fund are the following:
a) The quotas that are compulsory for national banks and branches of foreign banks to pay,
according with article 88 of the referred law;
b) The yield of the investments of their resources, fines and interest;
33
c) The cash that is obtained from the settlement process of the corresponding bank,
regarding the subrogation of rights referred in article 91 of the same law;
d) The cash obtained from the sale of assets adjudicated to said fund, regarding the
settlement process of the corresponding bank, with regard to the subrogation of rights
referred in article 91;
e) The contributions of the state to cover deficiencies of the fund or to enlarge its coverage;
and,
f) Other sources that increase its resources.
The resources for the Savings Protection Fund are not subject to seizure; they are not
reimbursable and can only be applied for the finalities foreseen in the Law of Banks and
Financial Groups.
During 2007, the Banco de Guatemala in its quality of administrator of resources for the
Savings Protection Fund, based on the established in resolution JM-13-2007 dated January 12,
2007 of the Monetary Board, through which the monetary authority resolved immediately
suspending the operations of the Banco de Comercio, Sociedad Anónima, according to the
declared in article 75 of the Law of Banks and Financial Groups; and, at the request of the Assets
and Liabilities Exclusion Board for the Banco de Comercio, S. A., made a contribution of Q371.9
million to the Administration Trust Fund and Excluded Assets of the Banco de Comercio, S. A.,
constituted in the National Financial Corporation, with the purpose of making the coverage for
account holders of the suspended banking institution effective.
Due to the fact that the Savings Protection Fund did not count on the necessary funds for the
mentioned coverage, at the request of the Banco de Guatemala, in its quality of administrator of
said funds, under article 3 of Decree Number 74-2002 of the Congress of the Republic, obtained
financial support of the Fiduciary Trust Funds of Banking Capitalization for Q360.0 million,
having been disbursed on January 19, 2007. Additionally, the Banco de Guatemala requested
that the Ministerio de Finanzas Públicas [Equivalent to the US Department of the Treasury.] to
make a contribution to the Savings Protection Fund, which was approved in Governmental
Agreement Number 59-2007 dated February 21, 2007, for an amount of Q273.6 million which
came into effect on March 16, 2007.
On the other hand, the Banco de Guatemala, in the mentioned quality, with authorization
from the Monetary Board, contained in resolution JM-50-2007 dated February 21, 2007,
34
subscribed bilateral conventions for the strengthening of the Savings Protection Funds with the
banks of the system, for a global amount of Q495.9 million, of which in 2007, Q74.6 million
were amortized, so to December 31, 2007 the balance of said conventions rose to Q421.3 million
and to the interest paid for this concept rose to Q13.8 million.
Due to the operations referenced, the patrimony of the Savings Protection Fund to December
31, 2007 (Annex 1), was at Q135.6 million, amount higher by Q55.7 million to the observed the
previous year (Q79.9 million).
The mentioned balance is the net result of Q135.6 million of the registered income due to
quotas contributed by the banks of the system for Q354.1 million; of contributions by the state for
Q841.8 million and Treasury Bonds of the Republic of Guatemala -Peace Bonds-, for Q540.2
million; of the transfer of funds generated in the fulfillment of the declared by decrees 315 and 42002 of the Congress of the Republic, destined to the Savings Protection Fund, for Q31.4 million;
and, of the accumulated results by Q342.2 million; minus the variation registered in the exchange
account differentials for Q2.2 million and the contributions of the assets exclusion of assets trust
for Q1,971.9 million made to the Administration and Excluded Assets Trust Fund made for the
Banco del Café, S. A., for Q1,600.0 million and of the Banco de Comercio, Sociedad Anónima,
for Q371.9 million.
9.
Trust Fund of Banking Capitalization
The Banking Capitalization Trust Fund -FCB- [Acronym in Spanish.] was created through
decree number 74-2002 of the Congress of the Republic of Guatemala, in order to financially
support the sanitation and strengthening process of the national banking system within the
context of banking fusion, acquisition of assets and asset and liability exclusion processes, carried
out based on the Law of Banks and Financial Groups.
According to the referred decree, the resources of the FCB are administered through a
trust constituted in the Banco de Guatemala, which acts as trustee of the same. The trustor is the
state of Guatemala through the Ministerio de Finanzas Públicas [Roughly equivalent to the
Department of the Treasury of the United States of America.] figuring as trustees the banks that
are interested and that are eligible for the financing and the State of Guatemala. The superior
organ of the trust is the Technical Committee integrated by two representatives of the Ministerio
de Finanzas Públicas [Roughly equivalent to the Department of the Treasury of the United States
35
of America.] and two representatives of the Central Bank, which has as part of its attributions, to
issue the regulatory decisions for its operation, as well as those from the trust, which were
approved in the Ministerial Agreement number 51-2004 of the Ministerio de Finanzas Públicas
[Roughly equivalent to the Department of the Treasury of the United States of America.] dated
September 24, 2004 and modified according by Ministerial Agreement number 48-2006 dated
December 8, 2006. In said agreement the following normative was approved:
a) Regulation of the Technical Committee of the Fiduciary Trust Fund for Banking
Capitalization;
b) Regulation of Bank Eligibility to be funded by the Fiduciary Trust Fund for Banking
Capitalization;
c) Regulation of Financial Assistance to Banks of the System;
d) Regulation for the sale of Assets of the Fiduciary Trust Fund for Banking Capitalization;
and,
e) Investment policy of resources of the Fiduciary Trust Fund for Banking Capitalization.
During 2007 the FCB granted financial assistance to banks of the system, for a total of
Q246.9 million, of which to December 31, 2007 had disbursed Q235.9 million and are pending a
disbursement of Q11.0 million.
Due to the suspension of the Banco de Comercio, Sociedad Anónima, FCB according to the
stipulated in article 3 of Decree Number 74-2002 of the Congress of the Republic, granted
financial support to the Savings Protection Fund for Q360.0 million, which came into effect on
January 19, 2007.
The availability of resources of the FCB, to December 31, 2007, rose to Q15.4 million, which
were deposited in term certificates of deposit of the Banco de Guatemala. Regarding the wealth
to date, it rose to Q617.2 million, amount higher by Q22.3 million to the registered the previous
year (Q594.9 million).
Said wealth is integrated by Q572.6 million, corresponding to the
contributions in cash made by the state to December 3, 2005 and of December 27, 2006, for
Q193.5 million, equivalent to US$25.0 million and for Q379.1 million, equivalent to US$50.0
million, coming from the second and third disbursement of the BIRF-7130-GU loan, subscribed
between the Republic of Guatemala and the International Reconstruction and Development Bank
–BIRF [For its acronym in Spanish.]; and, for Q44.6 million corresponding to accumulated
results.
36
10.
Payment system
The Banco de Guatemala, to give fulfillment to the decided in clause c) of article 4 of its
organic law, as to the procurement of the good operation of the payment system, during 2007
continued exercising legal and regulatory functions corresponding to the director of the Banking
Clearing House and the administrator of the Gross Settlement System in Real Time -LBTR-; in
general terms, are summarized below.
10.1
Banking Clearing House
Article 70 of the Organic Law of the Banco de Guatemala stipulates that the banking legal
reserve, as well as the funds deposited by the banks in the Banco de Guatemala, or in other
entities that for the effect it hires, will served as a base for the check clearing system, through a
clearing house. The Regulation of the Banking Clearing House was approved by the Monetary
Board in resolution JM-51-2003, dated April 23, 2003 and modified in resolution JM-189-2007
dated December 12, 2007.
Following is a table that contains the quantity and value of operations made in the
Banking Clearing House, during 2006 and 2007.
37
TABLE 16
BANCO DE GUATEMALA
OPERATIONS OF THE BANKING CLEARING HOUSE
YEARS 2006 - 2007
(Millions)
CONCEPT
QUANTITY
Compensated checks
In national currency
In foreign currency
1/
VALUE
In quetzales
In US dollars
1/
ABSOLUTE
VARIATION
2006
2007
30.2
29.8
-0.4
29.9
0.3
29.4
0.4
-0.5
0.1
440,643.4
436,190.8
-4,452.6
4,292.4
6,545.4
2,253.0
The total corresponds to US dollars .
SOURCE: Main compensator, Computerized Images of Guatemala -ICG-.
As we can observe in the previous table, during 2007 the quantity of checks in national
currency and in foreign currency cleared in the Banking Clearing House was of 29.4 million, for
a value of Q436,190.8 million, amount lower by Q4,452.6 million registered in 2006; and, of 0.4
million, for a total value of US$6,545.4 million, amount higher by US$2,253.0 million to the
registered in 2006, respectively.
10.2
Gross Settlement System in Real Time –LBTR [Acronym in Spanish.]
The Monetary Board in resolution JM-166-2005, dated November 30, 2005 approved the
Regulation for the Gross Settlement System in Real Time -LBTR-. Also, according to the
forecast in article 8 of the referred regulation, the General Manager of the Banco de Guatemala
issued resolutions GG-10-2007, dated December 10, 2007, to add clause B of resolution GG-012006, dated January 13, 2006, clauses e, f, g and h corresponding to schedules to settle the
following operations; e. Term deposits in the Banco de Guatemala and of operations to give
liquidity, through the National Stock Exchange Corporation; f. Purchase-sale of foreign currency
operations made through the Foreign Currency Electronic Negotiation System –SINEDI-; g.
Term deposits constituted in the Banco de Guatemala and of operations of liquidity giving
operations, through the Electronic Banking Money Table-MEBD-; and, h. Transfer of title
38
holding of Term Deposits registered in custody in the Banco de Guatemala. It also gives the
Accounting Department the authority so that, in exceptional cases and duly justified, can
authorize the realization of operations closing of the LBTR system, on working banking days,
outside the established schedule for said effect.
During 2007, the participating entities made the following transactions through the LBTR
system: transfer of funds; payment instructions; investment payments in values titles issued by
the Government of the Republic and term deposits constituted in the Banco de Guatemala;
numerary withdrawal instructions; settlement results of multilateral compensations; public sector
account operations; settlement of operations under the modes of payment upon delivery and
payment upon payment; commissions payments for services rendered in the system; consultations
and generation of files; and, make up and generation of reports and statistical information.
To make and settle operations referenced, the LBTR system interacts with internal
systems in the Banco de Guatemala that affect the deposit accounts constituted in the Central
Bank. In that sense, the Banco de Guatemala developed the interfaces of the internal systems
that interact with the LBTR system: Financial and Accounting Information System –SICOF [For
its acronym in Spanish]-, Integrated System of Values Titles –SITV [For its acronym in Spanish], Till System and Till Verification System –VIC-. Additionally, the design of the operation of the
LBTR system is ready to use two communications networks, a local one (BANCARED) and an
international one (SWIFT).
The following table presents the information regarding the quantity and value of the
operations in quetzales settled in the LBTR system in 2006 and 2007.
TABLE 17
BANCO DE GUATEMALA
OPERATIONS SETTLED IN THE GROSS SETTLEMENT SYSTEM IN REAL TIME
YEARS 2006 - 2007
TYPE OF OPERATIONS
QUANTITY OF
OPERATIONS
2006
2007
TOTALS
39,345
49,870
I.
29,503
34,546
II. Made by the Banco de
Guatemala
1,506
III. Made by the Banking Clearing
Clearing House
Made by the participants
IV. Made by the Negotiation
1/
Systems
1/
ABOLUTE
VARIATION
MILLIONS OF
QUETZALES
ABOLUTE
VARIATION
2006
2007
10,525
330,927.7
336,689.2
5,761.5
5,043
245,306.1
194,861.7
-50,444.4
2,117
611
8,904.6
5,489.9
-3,414.7
8,336
11,694
3,358
76,717.0
47,533.2
-29,183.8
0
1,513
1,513
0.0
88,804.4
88,804.4
Refers to the Electronic Money Banking Table of Money -MEBD-, to the Electronic Settlement System –SEL- and the Electronic Negotiation System in Foreign Currency -SINEDI-.
39
During 2007, the amount of operations settled in the LBTR system was of 49,870 for a
value of Q336,689.2 million, amount higher by Q5,761.5 million to the registered in 2006. It is
worth indicating that 49,870 operations, 34,546 (for an amount of Q194,861.7 million)
correspond to those made directly by the participants; 51.3% correspond to direct transfers
between participants; 41.6% of payments of diverse services and taxes, 5.6% to cash
withdrawals; 1.1% to direct investments made in the Banco de Guatemala by the participants,
and 0.4% to settlement of operations in the Electronic Money Banking Table –MEBD-. Of the
2,117 operations made by the Banco de Guatemala (for an amount of Q5,489.9 million); 76.9%
correspond to remunerated legal reserve investments; 8.5% to quotas of the Savings Protection
Fund; 7.8% to debit operations lacking in cash deposits made by the banks of the system; 5.2%
by charge of commission for services of the LBTR system; 1.4% for rent of properties of the
Banco de Guatemala; and, 0.2% for other transfers. The 11,694 operations (for an amount of
Q47,533.2 million) made by the Banking Clearing House, are originated in the net multilateral
result4 of the referred house; whereas the remaining 1,513 operations (for the sum of Q88,804.4
million) correspond to settlement operations by the negotiation systems in the following manner:
95.2% come from the Electronic Money Banking Table –MEBD- and of 4.8% of the Electronic
Settlement System –SEL-, not registering operations in the Electronic Foreign Currency
Settlement System –SINEDI-.
The following is a graph that contains information on quantity and amount of operations
in US dollars settled in the LBTR system in 2006 and in 2007.
TABLE 18
BANCO DE GUATEMALA
OPERATIONSN SETTLED IN THE GROSS SETTLEMENT SYSTEM IN REAL TIME
YEARS 2006 - 2007
TYPE OF OPERATIONS
ABSOLUTE
VARIATION
MILLIONS OF
US DOLLARS
2006
2007
TOTALS
8,033
13,444
5,411
3,961.4
3,809.1
-152.3
I.
1,987
3,496
1,509
1,958.1
2,306.8
348.7
351
570
219
46.1
33.9
-12.2
5,695
9,378
3,683
1,957.2
1,468.4
-488.8
Made by the participants
II. Made by the Banco de
Guatemala
III. Made by the Banking Clearing
House
4
ABSOLUTE
VARIATION
QUANTITY OF
OPERATIONS
2006
2007
It is the sum of the value of all the checks in favor of each participating bank minus the sum of the value of all checks in its charge, operated
or presented in the Banking Clearing House.
40
During 2007, the quantity of operations in US dollars, settled through the LBTR was of
13, 444, for a value of US$3,809.1, amount lower by US$152.3 million to the registered in 2006.
Of the 13,444 operations, 3,496 (for an amount of US$2,306.8 million) correspond to those made
directly by the participants, of which 66.1% correspond to internal transfers between participants
and 33.9% correspond to transfers with credit to deposit accounts made abroad. Of the 570
operations made by the Banco de Guatemala (for an amount of US$33.9 million), 86.3%
correspond to operations made with the investment of the remunerated legal reserve; 13.4% to
quotas of the Savings Protection Fund; and, 0.3% to other transfers. The 9,378 operations (for an
amount of US$1,468.4 million) made by the Banking Clearing House will start in the settlement
of the net multilateral result of the referred house.
On the other hand, according to the agreed in article 16 of the Gross Settlement in Real
Time System Regulation, the Banco de Guatemala, as administrator of the referred system,
derived from the suspended operations of the Banco de Comercio, S. A., decided by the
Monetary Board in resolution JM-13-2007 dated January 12, 2007, proceeded to exclude the
referred banking institution as a participant of the abovementioned system, action taken as of
January 13, 2007. In the same manner, according to the decided in clause j) of article 24 of the
Regulation for the Banking Clearing House, the General Manager of the institution, on January
13, 2007, told the rest of the participants of the referred clearing house, of the operations
suspension of the bank in reference.
Additionally, the General Manager of the Banco de Guatemala, according to the
established in article 17 of the Regulation of the Gross Settlement System in Real Time –LBTR-,
authorized the voluntary withdrawal of the following participants from the referred system: the
banks of Occidente, Sociedad Anónima; SCI, Sociedad Anónima; and, of Exportación, Sociedad
Anónima, on January 15, September 20 and October 2, 2007, respectively, due to the processes
of takeover mergers approved by the Monetary Board. Also, the Central Bank according to
article 10 of the mentioned regulation authorized, as of February 9, 2007, as a direct participant
in the LBTR system, to the Banco Azteca de Guatemala, Sociedad Anónima.
Finally, it is worth pointing out that due to the movement observed to December 31, 2007,
there were twenty-six participating entities authorized and open for operation in the LBTR
41
system made up of twenty-two banks; three financial stock companies; and, the National Stock
Corporation.
10.3
Modernization of the payment system
Taking into account resolution JM-140-2004 dated November 17, 2004, that contains the
“Modernization Matrix of the Payment System”, in 2007 the following actions were mentioned:
Regarding the strengthening of the normative framework of the payment system, the
Banco de Guatemala, in coordination with the Guatemalan Banking Association, made the
Regulation of the Automated Clearing House –CCA, which was approved by the Monetary
Board through resolution JM-140-2007 dated August 1, 2007. Said regulation has as its purpose
to offer the automated mechanisms that, through transparent, efficient and safe processes, allow
the participants to make net and differed settlement operations.
The Monetary Board in resolution JM-189-2007 issued on December 12, 2007, with the
purpose of continuing strengthening the internal control system and contributing to the
administration of the credit and systemic risks that imply the settlement of operations for high
amounts approved the modifications to the Regulation of the Banking Clearing House.
Finally, as to the concerning the institutional cooperation for the modernization of the
regional payments systems, the Banco de Guatemala actively participated in the modernization
and harmonization project of the regional payments system promoted by the Central American
Monetary Council –CMCA [For its acronym in Spanish.], specifically regarding the defining the
feasibility of the design of an Interconnection Payment System –SIP [For its acronym in
Spanish.] for Central America and the Dominican Republic.
In that sense, the Executive
Secretariat of the Central American Monetary Council to March 1, 2007, hired a company called
“Academica de Centroamérica (Central American Academy)”, to hold a market study in order to
establish the viability of the implementation of an Interconnection Payment System in the region,
which main objective would be to facilitate the registration and the settlement of payment
instructions between the financial entities of the countries of the Central American region and the
Dominican Republic, through the central banks of each country.
11.
Paper money and coins issued and amortized
42
According with clause a) of article 4 of the Organic Law of the Banco de Guatemala and 2
of the Monetary Law, only the Banco de Guatemala can issue money in the national territory. In
this context, in 2007 the Central Bank issued paper money and coins for an amount of Q8,186.5
million. Of said amount, Q8,130.0 million correspond to paper money and Q56.5 million to
metallic coins. On the other hand, the Central Bank amortized paper money for Q2,067.2 million
and did not amortize coins.
TABLE 19
BANCO DE GUATEMALA
PAPER MONEY AND METALLIC COINS
ISSUED AND AMORTIZED
YEAR 2007
(Thousands of quetzales)
DENOMINATION
TOTAL
PAPER MONEY
(BILLS)
0.50
1.00
5.00
10.00
20.00
50.00
100.00
ISSUED
AMORTIZED
8,186,490.0
2,067,197.8
8,130,000.0
2,067,197.8
40,000.0
0.0
220,000.0
250,000.0
720,000.0
400,000.0
6,500,000.0
50.0
40.0
77,500.0
120,000.0
170,000.0
240,000.0
1,459,607.8
56,490.0
0.0
100.0
2,940.0
3,450.0
0.0
20,000.0
30,000.0
0.0
0.0
0.0
0.0
0.0
0.0
METALLIC COINS
0.01
0.05
0.10
0.25
0.50
1.00
In order to take care of our numerary demand, replace deteriorated bills and have an
adequate inventory for the effect, in 2007 the printing of 187.0 million bills were printed for the
bank, with a total nominal value of Q9,200.0 million and the minting of 110.0 million of metallic
coins for a total nominal value of Q50.1 million.
The operations regarding issued and amortized numerary, including those regarding the
deposits, exchanges and cash withdrawal with the banks of the system, were object of new
regulations that update the different processes involved. In that sense, the Monetary Board, in
43
resolution JM-97-2007 dated May 9, 2007, issued the Regulation for the Operations of Deposits
and Numerary Withdrawal, in National Currency, made by the Banks of the System in the Banco
de Guatemala; and, in resolution JM-117-2007 dated June 13, 2007, issued the Regulation for
Paper Money and Coins Issue, as well as the Regulation for the Exchange, Amortization and
Destruction of Paper Money and Coins.
In order to strengthen the management and advance in the adoption of better international
practices regarding the administration of the numerary, the General Manager of the institution on
May 29, 2007 issued General Management Agreement No. 43-2007 that contains the Policy for
the Numerary Administration in the Banco de Guatemala.
On the other hand, the Monetary Board, through resolution JM-169-2007 dated October
17, 2007, authorized the Banco de Guatemala to issue up to 12,000 one quetzal coins,
commemorative to the VII Latin American Series with the title “Latin American Countries and
the Olympics”, program that is coordinated by the National Coin and Tax Manufacturer - Real
Casa de la Moneda de España (Royal Coin House of Spain) which consists in the issue and
commercialization, worldwide, of collection coins for Latin America, Portugal and Spain.
12.
Contributions of Guatemala to international financial organizations
According to the corresponding international agreements signed by the Government of the
Republic of Guatemala, the Central Bank, in 2007, in fulfillment of the agreed in resolution JM442-99, made a contribution of US$0.3 million to the Corporación Interamericana de
Inversiones -CII-, [Inter-American Investment Corporation.] which corresponds to the payment
of the seventh quota of the participation of Guatemala in the First General Increase of Resources
of said corporation.
Derived from the above, to December 31st, 2007 the balance of the contributions in
national and foreign currency to international financial organizations was of Q341.0 million5 and
US$120.7 million, respectively, as is shown in the following graph:
5
The contributions in quetzales are subject to adjustments to keep the value.
44
TABLE 20
BANCO DE GUATEMALA
CONTRIBUTIONS OT INTERNATIONAL FINANCIAL ORGANISMS
YEAR 2007
(Millions)
BALANCE TO
12/31/2006
ORGANISM
TOTALS
CONTRIBUTIONS
Q.
US$
ADJUSTMENTS
Maintenance
Of the M/N value
BALANCE TO
12/31/2007
Fluctuation
in M/E
Q.
US$
ABSOLUTE
VARIATION
Q.
US$
Q.
US$
329.0
116.8
0.0
0.3
12.0
3.6
341.0
120.7
12.0
3.9
28.5
24.1
0.0
0.0
0.0
0.0
28.5
24.1
0.0
0.0
242.8
73.4
0.0
0.0
12.0
254.8
77.0
12.0
3.6
46.0
9.0
0.0
0.0
0.0
0.0
46.0
9.0
0.0
0.0
11.2
1.2
0.0
0.0
0.0
0.0
11.2
1.2
0.0
0.0
0.5
0.1
0.0
0.0
0.0
0.0
0.5
0.1
0.0
0.0
0.0
3.9
0.0
0.3
0.0
0.0
0.0
4.2
0.0
0.3
0.0
1.1
0.0
0.0
0.0
0.0
0.0
1.1
0.0
0.0
0.0
4.0
0.0
0.0
0.0
0.0
0.0
4.0
0.0
0.0
Inter-American Development
Bank
International
Monetary Fund
a/
3.6
b/
Central American Economic
Integration Bank
International Reconstruction
And Development Bank
International Development
Association
Inter-American Investment
Corporation
International Financial
Corporation
1/
Others
a/
b/
1/
Corresponds to adjustments for maintenance of value per variation in the exchange rate of the Special Drawing Rights –DEG [For its acronym in Spanish]- regarding the US
dollar and in this regard the quetzal.
Corresponds to the fluctuation of the DEG regarding the US dollar.
Refers to the Central American Fund for Monetary Stabilization
13.
Financial Statements6
13.1
General Balance
To December 31, 2007, the assets of the Banco de Guatemala rose to Q60,336.7 million,
amount that is integrated to the balance of the following accounts: Foreign Securities
Investments, for Q31,409.1 million; Estate Restorations for Uncollected Credit to the State, for
Q18,132.8 million; Contributions to International Financial Organizations, for Q3,523.0 million;
Treasury Bonds from the Republic of Guatemala Received to cover Net Deficiencies, for Q2,
717.0 million; Other Assets, for Q1,941.1 million; Monetary Gold, for Q1, 408.9 million;
Treasury Bonds from the Republic of Guatemala Acquired from the Saving Protection Fund
according to resolution JM-123-2006, for Q458.6 million; Investments in National Currency, for
6
The explanatory notes of the financial statements and the description of accounts that make up the general balance of the institution can be
Lockheed up on the Internet site of the Banco de Guatemala (www.banguat.gob.gt).
45
Q33.4 million; Domestic Credit, for Q291.3 million; and, the sum of the balances of other asset
accounts, for Q121.5 million. As to Liable, these were at Q56,256.8 million, amount that is
integrated by the balance of the following accounts: National Numerary, for Q20,010.8 million;
Titles of the Central Bank, for Q12,596.2 million; General Government Deposits, for Q9,847.1
million; Monetary Deposits, for Q7,857.9 million; Obligations with the International Financial
Organisms, for Q2,920.7 million; Near monetary Liable, for Q1,625.1 million; and, Other Liable,
for Q1,399.0 million. Therefore, the estate of the institution to date was at Q3,037.4 million
(Annex 2).
It is important to indicate that of the Q18,132.8 million, registered in the Estate
Restorations for Uncollected Credit to the State, Q16,834.2 million, correspond to the cost of the
monetary, foreign exchange rate and credit policy in which the Central Bank incurred during the
1989-2001 period; and Q1,298.6 million correspond to the net deficiencies in the 2002 and 2006
fiscal year for Q905.3 million and for Q393.8 million, respectively
On the other hand, the balance of Q2,717.0 million registered in the Treasury Bonds
account of the Republic of Guatemala Received to cover Net Deficiencies, is integrated by the
net deficiencies of the 2003, 2004 and 2005 fiscal year for Q963.7 million and for Q1,159.5
million, and for Q593.8 million, respectively, which were restituted by the State, through the
delivery of Treasury Bonds to the Republic of Guatemala.
As to the balance of Q458.6 million, registered in the Treasury Bonds account of the
Republic of Guatemala Acquired from the Savings Protection Fund, according to resolution JM123-2006, corresponds to Treasury Bonds (Peace Bonds), acquired directly from said fund.
13.2 Results Status
During the period from January 1st to December 31st, 2007, the Results Status of the
Banco de Guatemala shows that the sector of financial products was of Q1,942.7 million, while
the financial expenditures were of Q110.3 million; whereas, the financial result was of Q1,832.4
million. While deducing from this amount Q495.3 million that correspond to administrative
expenses, and Q52.0 million for rectification of the results of previous years, shows an
operational result of Q1,285.1 million. On the other hand, the inspection quota of the Banks
Superintendence rose to Q87.3 million and the cost of the monetary, foreign exchange rate and
46
credit policy of Q988.2 million; therefore, the Banco de Guatemala at the end of the 2007 fiscal
year registered a net excess of Q209.6 million.
47
CHAPTER III
TRANSPARENCY AND ACCOUNT RENDERING
Reserve of the Sierra de las Minas Biosphere, El Salto
de Chilascó. Salamá, Baja Verapaz.
Consejo Nacional de Áreas Protegidas -CONAP- National
Council for Protected Areas.
48
1.
Transparency and Account Rendering
1.1
Appearance of the President of the Banco de Guatemala before the Congress
of the Republic
In fulfillment with the stipulated in article 60 of the Organic Law of the Banco de
Guatemala, in January and July, 2007, the President of the institution appeared before the
Congress of the Republic: in January, to render a detailed report regarding the acts and policies of
the Central Bank in 2006, as well as to explain the objectives and policies foreseen for 2007; and,
in July, to render account regarding the execution of the monetary, foreign exchange rate and
credit policy in the current fiscal year.
1.2
Publication of information
The main reports and publications of the Banco de Guatemala during 2007 were the
following:
REPORT OR PUBLICATION
MONTH OF
PUBLICATION OR
PERIODICITY
Circumstantial summary of the actions of the Monetary Board regarding
the issue of resolution JM-168-2006, for the determination of the
Monetary, Foreign Exchange Rate and Credit policy for 2007.
Income and Expenditure Budget of the Banco de Guatemala that
January
correspond to 2007.
Information regarding the operations suspension of the Banco de
Comercio, S. A.
Aide-memorie of the Banco de Guatemala 2006.
Press releases regarding the circulation of Q50.00 bills with new security
characteristics.
Reports of the monetary, foreign exchange rate and credit policy,
•
Report to March
•
Report to June
January
January
May
May
May
August
Financial Statements in analytical form to December 31, 2006, verified by
an independent auditor.
Press releases for the circulation of Q1.00 bills made with a polymer base
substrate.
Study of the National Economy 2006
August
November
Press releases regarding the circulation of Q100.00 bills with new security
November
49
June
characteristics.
Evaluation of the Monetary, Foreign Exchange Rate and Credit Policy to
November 2007.
Economic Perspectives for 2008-2009 and Proposal for the Monetary,
Foreign Exchange Rate and Credit Policy for 2008.
Monetary, Foreign Exchange Rate and Credit Policy for 2008 determined
by the Monetary Board in resolution JM-211-2007.
Acts of the Execution Committee of the Banco de Guatemala.
Summary of the arguments that the Monetary Board takes into account in
the determination of the level of the leading interest rate.
Publication on the management of the international monetary reserves of
the Banco de Guatemala.
Position of the reserve assets and the liable and foreign currency
commitments.
December
December
December
Weekly
Monthly
Quarterly
Annual
OTHER REPORTS AND PUBLICATIONS
PERIODICITY
Statistics and macroeconomic indicators of the real, external,
monetary, financial and fiscal sectors of the economy.
General Balance of the Banco de Guatemala.
Daily, weekly and
monthly
Monthly
2.
Communication strategy
The Banco de Guatemala, as per the guidelines of the Institutional Strategic Plan 20032007, continued with the Communication Strategy in order to facilitate the development, transfer
and use of information, taking into account the importance of said strategy in the conduction of
the monetary, foreign exchange rate and credit policy.
Based on the referred strategy, the Banco de Guatemala, on the one hand, during 2007
convened the communication media on several occasions to report on the execution of the
monetary, foreign exchange rate and credit policy; and, on the other hand, continued
implementing the following programs that are described as follows:
50
PROGRAM
OBJECTIVE
Macroeconomic Signs
Direct marketing
Training and publication
Image
and
Identity.
Press releases and
comuniques.
Dialogues, interviews and
informative meetings.
Central Bank magazine,
Monetary Notes, books of
the BANGUAT and
Economic Training
booklets.
Information on
macroeconomic variables
on the Internet and in other
Communication means.
Crisis Orient
the
communications Contingency Plans.
aspects at the time of unexpected
events to which the Central Bank
may be exposed.
Information/communication
Prevention
and
Administration.
Orient the economic agents for
decision making.
Promote the approach of the
Central Bank with important
audiences for its management
Promote and strengthen the
knowledge of the population in
economic matters, as well as
create clear understanding of the
daily activities of the Central
Bank.
Offer clear and timely
information that supports the
mission of the institution.
MEANS
network
Institutional Develop activities oriented to Library
promoting the exchange of academia activities.
experiences, the strengthening of
the institutional values and
general knowledge of the Central
Bank.
51
and
CHAPTER IV
OTHER ACTIVITIES OF THE CENTRAL BANK
Reserva Natural Privada Santa Isabel. Pueblo Nuevo Viñas, Santa
Rosa.
Protected Areas.
52
OTHER ACTIVITIES OF THE CENTRAL BANK
1.
Participation in international meetings
The Banco de Guatemala participated in April and October 2007 in the joint meetings of
the International Monetary Fund -IMF- and World Bank -WB-. Among the main topics that were
discussed is the behavior of the world economy, their perspectives, risks and economic policy
measures; the increase in the price of oil; the weakening of the US dollar, as well as the
challenges for the central banks in the management of the monetary policy.
The Banco de Guatemala, in its quality of alternate Governor of the Inter-American
Development Bank -IDB-, the president of the Banco de Guatemala participated in the
consultation meeting of that organism with the leaders from the Central American isthmus and
the Dominican Republic, which was held on February 8 and 9, 2007, in San José, Costa Rica. At
this time, the IDB covered aspects regarding the initiative called Opportunities for the Majority,
based on the fact that said institution will be reorganizing its activities in the region; and, to the
promotion of the private sector in the region, parting from a new business model for said
organisms.
The Central Bank also participated in the annual meetings of the Assembly of Governors of
the IBD and of the Inter-American Corporation of Investors –CII (for its acronym in Spanish)-,
celebrated in March 2007, in the city of Guatemala. For Guatemala, it was the third opportunity
to be the host of the Annual IBD Meetings and of the affiliated institution, the CII, came after a
thirty year period, after having hosted assemblies in 1969 and 1977. On this occasion they held
the XLVIII Assembly of Governors of said organism, as a forum for the exchange of ideas and
opinions among the governors of the member countries. Among the developed topics they talked
about the initiative of sustainable energy and climatic change, as well as drinking water and
health, economic growth with social inclusion, the participation of young people in the socioeconomic development of the region and, added to the administrative topics, they dealt with
conventions with the member governments of said organisms.
Regionally, in February, June and November 2007, the Banco de Guatemala participated in
the meetings of the Central American Monetary Council –CMCA (for its acronym in Spanish)-,
in which they covered, among other topics, the strengthening and harmonization of the payments
systems of Central America and the Dominican Republic; the consolidated-beyond-borders
supervision: advance and the following steps; and, the process of approval according to the
53
legislation of each one of the member countries of the Treaty on Payments Systems and the
Settlement of Values of Central America and the Dominican Republic.
In May, 2007, the Banco de Guatemala participated in the meeting of the Government
Board of the Center of Latin American Monetary Studies –CEMLA (for its acronym in Spanish)as well as in that of the Governors of the central banks of the American continent and in that of
the Governors of the central banks of Latin America and Spain. In said meetings they covered
topics on the international economic and financial perspectives; the payments system; and, the
implications of politics for central banks of the region derived from the high prices of raw
materials.
Finally, in April and in October 2007, the Banco de Guatemala participated in the meetings
of the Inter-governmental Group of the Twenty-four for International Monetary Affairs and of
Development –G24-, in which they discussed, among others, the following topics: review of the
dispositions oriented to improving the sub-representation of developing countries in the Bretton
Woods institutions; review of the supervision mechanism of exchange policies; analysis and
review of new mechanisms that offer liquidity to the Fund; increase of the official help within
the framework of the Millennium Goals; and, study the long term strategies for the performance
of the World Bank.
2.
Economic Statistics Improvements
In 2007, the National Program of Improvement for Economic Statistics –PRONAME (for
its acronym in Spanish)-, which is developed together between the Banco de Guatemala and the
National Statistics Institute –INE (for its acronym in Spanish)-, and which main objective, on the
one hand, making annual economic surveys and quarterly surveys to collect the basic statistics
required for the write up of the national accounts of the country in the framework of the System
of National Accounts 1993 -SCN93-, and, on the other hand, updating the National Directory of
Businesses and Locations. –DINEL (for its acronym in Spanish)-. On the other hand, advances
continued to be had in the implementation processes of the Fifth Manual of the Payment Balance
and the Monetary and Financial Statistics Manual, 2000 edition, both from the IMF.
2.1
Economic Surveys
In order to obtain economic-accounting information per branch of economic activity and
per institutional sector of the variables that constitute the accounts foreseen by the SCN93, in
2006 the Fourth Continuous Economic Survey was carried out in order to compile information
54
that corresponds to 2006. For that reason, according to the corresponding sample analysis, found
1,227 companies that integrate the DINEL were interviewed. They also carried out quarterly
surveys for the commercial, industrial and services activities, necessary for the evaluation of the
behavior of the economic activity, having surveyed an average of 627 businesses in 2007.
Also in 2007, a Third Survey of the External Sector was made, with a sample of 1,075
businesses and institutions that have relations with the exterior, the information obtained will be
used in the implementation process of the Fifth Manual of the Payment Balance of the IMF.
2.2
Updating of the DINEL
In 2007, the DINEL updating process ended. For the effect information was obtained
from businesses located in 71 municipiums of the urban area, that correspond to the territorial
divisions of Santa Rosa, Jutiapa, Jalapa, Chiquimula, Zacapa, Izabal, Petén, Alta Verapaz, Baja
Verapaz and El Progreso.
In that sense, 45,351 businesses were surveyed, located in 609
cartographic sectors.
2.3
Advances in the implementation of the Fifth Manual of the Payments Balance
of the IMF
The Banco de Guatemala, regarding the statistical treatment of the external sector is
found implementing the Fifth Manual of the Payment Balance of the IMF. In that sense, during
2007 they continued with concrete actions. First, between June 18 and August 31, the Banco de
Guatemala continued with the program of business and institutional surveys (Third Survey of the
External Sector -ENCSE2- [For its acronym in Spanish]), with the objective of gathering
economic and financial data corresponding to 2006 from the following entities: a) direct foreign
investment businesses; b) foreign and national international transportation businesses; c)
donations to institutions received from abroad; d) international organisms that operate in the
country; and, e) businesses that make transactions for other services abroad. Second, in the
context of making the registry of exchange statistics adequate, a project was prepared for the
creation of new forms regarding statistical income and expenditure of foreign currency and to the
daily movement of foreign currency, which will allow improving statistical registry of the
exchange nature.
Finally, it is worth indicating that the payments balance is forecast for the 2004-2006
period, based on guidelines of the V Manual, to be published in the first quarter of 2008, while
the payments balance for 2007 will be published in the second semester 2008.
55
2.4
Advances in the implementation of the Manual of Monetary and Financial
Statistics of the IMF
In 2007, they continued with the implementation of the Manual of Monetary and
Financial Statistics -MEMF- [Acronym in Spanish.], 2000 IMF edition, so that the monetary and
financial statistics of the country include the methodological framework that incorporates
international better practices in matter of compilation and publishing of said statistics on behalf
of several and diverse central banks.
In that sense, it is convenient to indicate that the efforts made during 2007 allowed
improving the statistical information, in coverage of financial institutions as well as in the quality
of the sectorization of the financial instruments. According to the manual, as to the coverage of
monetary and financial statistics, the same is divided into tow big groups: the first is made up of
deposit companies (financial institutions that can create money), like the Central Bank, the banks
of the system, financial stock companies and offshore entities) and the savings and credit
cooperatives, the general bonded warehouses, the stock exchanges, the credit cart issuing entities,
among others.
In the above context, it is convenient to indicate that the compiled statistical information
is available according to the MEMF for all the institutions that make up the deposit companies
sector. As to the information of the other financial entities counts on the insurance and bond
companies, that makes up 85% of the total assets of this group of institutions.
Regarding sectorization, it is convenient to highlight that during 2007, due to the interinstitutional efforts between the Banco de Guatemala and the Superintendence of Banks; they
obtained detailed information of the credit portfolio, with which they can sectorize, in the first
term, the residence criteria and, later, the different resident sectors. The latter would allow the
Banco de Guatemala to compile the monetary and financial statistics of the country, according to
the international norms.
Additionally, during 2007 they made important agreements in matters of harmonization of
monetary and financial statistics in the Central American region, Dominican Republic and
Panama.
In effect, due to the joint efforts between the International Monetary Fund, the
Executive Secretariat of the Central American Monetary Council and the respective countries of
the region, they were able to integrate a set of statistical harmonized tables that respond to the
56
classification criteria of financial instruments and of sectorization, according to the standards of
international statistics.
2.5
Implementation of the Quarterly National Accounts System
As part of the improvement process of the national economic statistics and within the
conceptual framework of the SCN93, in 2007, progress was made in the implementation of the
Manual of Quarterly National Accounts, that include the analysis and selection of value
indicators, volume and prices for the different economic activities, with the objective of making
estimations for the Gross Domestic Product –GDP-, every quarter, for production as well as
expenditure, at common prices and at constant prices, that in the first stage will include the 20012006 period.
In that sense, in June 2007 the progress of the project referenced was presented to the
Monetary Board, which included preliminary results of the quarterly series of the GDP
corresponding to the 2001-2005 period. Added to this, in the second quarter of 2007 progress
was made in the integration of the quarterly estimations of the GDP corresponding to 2006.
2.7
2.6
Survey of Inflation Expectations of the Private Analysts Panel–EEI
[Acronym in Spanish.]
In the Monetary, Foreign Exchange Rate and Credit Policy for 2007 included the forecast
of the Inflation Expectations of the Panel of Private Analysts –EEI (For its acronym in Spanish)in order to obtain a measure of said expectations. In that context, the referred monthly survey
was made, with the objective of knowing opinion of national and international analysts of the
panel, knowledgeable of operative procedures of the monetary policy, regarding the inflation
expectations of inflation of the country and of the factors that could explain it.
In said survey, the opinion of the mentioned panel on the expected behavior of the
exchange rate; the growth expectations of the GDP and the factors that could explain said
behavior; as well as the trust level that is perceived of the economic activity in general was
obtained.
2.8
Survey of Business Opinion –EOE [Acronym in Spanish.]
The EOE obtains qualitative information regarding the variations in the production
volume, sales volume in the domestic and foreign markets, stock of finalized products, price of
the national and imported raw materials, salaries, investment in machinery, occupation rate and
use of the installed capacity.
57
In the mentioned context, in 2007 two business opinion surveys were carried out
addressed to about 400 industrial institutions located in the territorial division of Guatemala. The
first survey was carried out in February and March, evaluating the performance of the industrial
activity in 2006 and the expectations for the first semester of 2007. The second survey was
carried out between July and August, evaluating the development of the industrial activity during
the first semester of 2007 and the expectations for the second semester of that same year.
3.
Academic events
As to the academic activities regarding economic topics the Banco de Guatemala centered
its interest regarding the monetary, foreign exchange rate and credit policy. Particularly, the
following activities are highlighted:
3.1
“Doctor Manuel Noriega Morales” Contest
The Banco de Guatemala promotes the Permanent Investigation Contest on Topics of
Interest for the Central Bank “Doctor Manuel Noriega Morales”, which main purpose is to
stimulate and promote scientific investigation in areas regarding the competency ambit,
especially in monetary, exchange rate, credit, banking, administrative and juristic fields.
According to the bases of the contest, the Central Bank granted the prizes to the first three
places. Notwithstanding, given the demanding level the works must comply with, in 2007 the
first three places were declared deserted. However, when considering the quality as well as
scientific merit of investigations, the members of the judges7 agreed to give an honorable mention
to the work “Consolidación, Concentración y Clima de Competencia en la Industria Bancaria de
Guatemala durante 1996-2006”, (“Consolidation, Concentration and Competence Climate in the
Banking Industry of Guatemala during 1996-2006”), by Carlos Gerardo Acevedo Flores, from
Guatemala.
3.2
Economic Journeys
The Banco de Guatemala continues with its purpose of holding cycles of economic
journeys annually. For this purpose, said event is held especially for researchers, professionals
and academics involved in economical and financial areas, for which the Banco de Guatemala
invites distinguished internationally renowned academics, officers from international
organizations, public officials and persons from the financial and economic fields, who, not only
58
share their experience in the economic and financial fields, they also develop important
conferences regarding topics of worldwide interest, in this manner contributing to increase the
amount of experience and knowledge of professionals, students and persons interested that
participate in said event.
Accordingly, on June 21st and 22nd, 2007 the XVI Cycle of Economic Journeys8 was held.
At that time, the central topics were: a) The role of the financial sector in economic growth and
development; and, b) Causes and effects in the mediation of country risk in a small and open
economy. The presentation of the topics mentioned was by important researchers and experts of
recognized international prestige. The first topic was covered by Jan Kregel, a scholar at Levy
Economics Institute from Bard College and distinguished professor of the Center for Research for
Full Employment and Stability of Prices from the University of Missouri; whereas for the second
topic, we counted on the presence of the following speakers: John Nugée, General Manager of
the Official Institutions of State Street Global Advisors Ltd. (SSgA) and Visiting Professor at the
Research Center of the Central Bank of England; Fergus McCormick, Sovereign Senior Analyst
and Vice-President of Sovereign Group Dominion Bond Rating Service (DBRS);
Mauro Leos,
Vice-President of Credit for Latin America in the Sovereign Risk Unit of Moody’s Investors
Service; Francisco Suárez, Associate Director in Ratings for Standard & Poor’s Financial
Services in the city of Mexico; and Franco Ucceli, General Director for Emerging Markets
Sovereign Research for Bear Stearns & Co. Inc., for the Latin American markets of Chile, Costa
Rica, Dominican Republic, El Salvador, Guatemala and Uruguay.
3.3
Higher Studies Program
The Banco de Guatemala has been offering the Higher Studies Program, which objective
is to provide solid academic training on economical and financial topics of interest for the Central
Bank, in response to the need of specialization in this kind of topics and to help in the
professional development of the Banco de Guatemala, of employees of the Latin American
central banks and professionals in economic sciences and in other related professions, graduated
from the different universities of the country.
In 2007, the mentioned program was held under the following: a) “Applied Economy and
Finance”, which purpose is to give incentive for research and professional formation in the
7
8
The jury was made up by Paul Castillo, from the Central Bank of Peru; Harold Vladimir Zavarce, of the Central Bank of Venezuela; and
Mario Cuevas, from the National Economic Research Center - CIEN-.
The presentations of this event can be consulted on the web site of the Banco de Guatemala (www.banguat.gob.gt).
59
matter; b) “Updating”, so that the personnel of the institution that have received high quality
training update their knowledge and receive analytical tools of recent development and of higher
application potential in institutional tasks; and, c) “English Language”, that follows the objective
of improving the knowledge of this language on behalf of the institution’s personnel.
3.4
Participation in the Research network of the Latin American Central Banks
From November 5 to 7, 2007, the XII Meeting of the Research Network of the Latin
American Central Banks was held in the city of Madrid, Spain, organized by the Centro de
Estudios Monetarios Latinoamericanos-CEMLA- (Center for Latin American Monetary Studies)
and by the Central Bank of Spain. Said event has as its fundamental objective to provide a link
that facilitates the exchange of ideas among researchers of the region’s central banks that are
interested in the analysis of topics associated with the macroeconomic, monetary, banking and
financial sectors.
The Banco de Guatemala participated in said meeting with two research papers made by
bank officials from the Department of Economic Research, called: a) Emigrant Remittances and
the Real Exchange Rate in Guatemala: An Adjustment Costs Story; and b) Análisis de los
Mecanismos de Transmisión de la Política Monetaria en Guatemala, (Analysis Transmission
Mechanisms of the Monetary Policy in Guatemala.
60
ANNEXES
Parque Nacional Yaxhá-Nakúm-Naranjo. Reserva de la Biosfera Maya, Petén.
Consejo Nacional de Áreas Protegidas -CONAP- National Council for Protected Areas.
61
Annex 1
62
Annex 2
FINANCIAL STATEMENTES OF THE BANCO DE GUATEMALA
A.
General Balance
55
B.
State of Results
64
Annex 3
MAIN RESOLUTIONS ISSUED BY THE MONETARY BOARD
1.
Resolution JM-2-2007 dated January 3, 2007
Issued favorable opinion on the loan agreements to be subscribed by the Republic of Guatemala with
the International Agricultural Development Fund –FIDA [For its acronym in Spanish.] for up to
DEG11,350,000.00, and with the OPEC Fund for International Development for up to
US$11,000,000.00, both for partially Financing the “National Rural Development Program: Central,
Northeast and Southeast regions”.
2.
Determined the interest rate for tributary effects, referred to in article 58 of the Tributary Code that
would be in effect in the first semester of 2007
3.
Immediately suspended the operations of Banco de Comercio, Sociedad Anónima, and named an
Assets and Liable Exclusion Board for said banking entity.
4.
Authorized the Banco de Guatemala so that in its role and quality of administrator of resources for
the Savings Protection Fund, would make the operations that allow counting on resources of
immediate availability in order to fulfill the objective for which said fund was created.
5.
Authorized the Banco de Guatemala so that, by exception, it will redeem, anticipated, the Term
Deposits constituted by the Fiduciary Trust Fund of Banking Capitalization in the Central Bank for
the amount of Q590,168,500.00
6.
Approved the printing of twelve (12) million fifty quetzal (Q50.00) bank bills; thirty (30) million ten
quetzal (Q10.00) bank bills; and, forty (40) million five quetzal (Q5.00) bank bills
7.
Approved complementary dispositions regarding the legal banking reserve contained in resolutions
JM-177-2002 and JM-244-2002
8.
Approved the financial statements of the Banco de Guatemala corresponding to the fiscal year
understood between January 1 and December 31, 2006
9.
Authorized the President of the Monetary Board so that, through the Ministerio de Finanzas Públicas
[Roughly equivalent to the US Department of the Treasury], make the corresponding proceedings
before the Executive Branch so that the net deficiency of the Banco de Guatemala corresponding to
the 2006 fiscal year, for an amount of Q393,347,696.75, be included in the General Budget of
Income and Expenditure of the State project for the 2008 fiscal year
10.
Approved the printing of seventy five (75) million 100 quetzal (Q100.00) bank bills and thirty (30)
million twenty quetzal (Q20.00) bank bills
65
11.
Resolution JM-36-2007 dated February 7, 2007
Cancelled the authorization for operations as an exchange house of Monex, Sociedad Anónima
12.
Modified the fee that the banks of the system must contribute monthly for the Savings Protection
Fund, referred to in Article 88 of Decree Number 19-2002 of the Congress of the Republic, Law of
Banks and Financial Groups
13.
Approved the procedure to determine the inspection fee that must be contributed by bonded deposit
warehouses to the Superintendence of Banks
14.
Decided that the National Financial Corporation –CORFINA [For its acronym in Spanish]-, in the
sale of Banks and financial stock companies of the assets that make up part of the estate of the
Administration Trust and Realization of Excluded Assets of the Banco del Café, Sociedad Anónima,
apply the established in articles 7, number 14, of the Law of Value Added Tax; and, 11, numeral 20,
of the Law of Fiscal Revenue Taxes and Special Sealed Paper for Legal Registry
15.
Decided that the Financiera Industrial, Sociedad Anónima, in the sale to Banks and financial stock
companies of the assets that make up part of the estate of the Administration Trust and Realization of
Excluded Assets of the Banco de Comercio, Sociedad Anónima, apply the established in article 7,
numeral 14, of the Law of Value Added Tax; and, 11, numeral 20, of the Law of Fiscal Revenue
Taxes and Special Sealed Paper for Legal Registry
16.
Authorized the Banco de Guatemala so that, in its quality of administrator of the resources for the
Savings Protection Fund, it celebrates a convention of financial support for said Fund, of up to
Q2,000.0 million with the Banks of the system
17.
Issued favorable opinion for the issue of Treasury Bonds of the Republic of Guatemala for the 2007
Fiscal Year, for up to Q3,119,224,000.00 and the issue of Treasury Letters for the 2007 Fiscal Year,
for up to 20% of the regular income estimated in the General Budget of Income and Expenditure of
the State for the 2006 Fiscal Year.
18.
Resolution JM-56-2007 dated February28, 2007
Cancelled the authorization for the operation as an exchange company for, Casa de Cambio Forex,
Sociedad Anónima (Forex, Exchange Stock Company)
19.
Resolution JM-61-2007 dated March 14, 2007
Closed operation and attributions of the Exclusion Board of Assets and Liable for the Banco
Empresarial, Sociedad Anónima
20.
Metropolitano, Sociedad Anónima
21.
Promotor, Sociedad Anónima
22.
Modified the Investment Policy of the Resources for the Savings Protection Fund
66
23.
Fixed the real fees that, for the sustenance of the Superintendence of Banks in 2007, the banks of the
system, financial stock companies, general bonded warehouses, insurance companies and FHA, bond
companies, exchange houses, offshore entities, other businesses that make up financial groups and
the Banco de Guatemala must pay.
24.
Resolution JM-79-2007 dated April 11, 2007
Issued favorable opinion on the Convention of Loan No 7417-GU that will be subscribed by the
Republic of Guatemala and the International Reconstruction and Development Bank, for up to
US$62.3 million, destined to partially finance the “Project of Land Administration, Second Phase, in
support of the Land Administration Programs”
25.
Issued favorable opinion on the Convention of Loan No 1820/OC-GU that will be subscribed by the
Republic of Guatemala and the Inter-American Development Bank, for up to US$30.0 million, to
finance the “Development Program of Peten for the Conservation of the Mayan Biosphere Reserve”
26.
Issued the Regulation of Liquid Reserve for Offshore Entities
27.
Resolution JM-95-2007 dated May 2, 2007
Issued favorable opinion on Contract Loan No 1852/OC-GU that will be subscribed by the Republic
of Guatemala and the Inter-American Development Bank, for up to US$50.0 million, to finance the
“Hospital Network Strengthening Program”
28.
Issued the regulation for the operation of deposits and withdrawal of Numerary, in national currency
made by banks in the system in the Banco de Guatemala
29.
Issued favorable decree to global investment plans of technical reserves and mathematics of
insurance and bond companies that operate in the country, accumulated to December 31, 2006.
30.
Modified the Monetary and Fiscal Program for 2007, contained in annex to Resolution JM-168-2006,
dated December 28, 2006
31.
Authorized the fusion by absorption of the Banco de Exportación, Sociedad Anónima, by Banco G &
T Continental, Sociedad Anónima
32.
Resolution JM-113-2007 dated June 6, 2007
Issued favorable opinion on Convention of Loan No 7430-GU to be subscribed by the Republic of
Guatemala and the International Reconstruction and Development Bank for up to US$80.0 million,
for the Financing of the “Educational Quality and Broadening of Secondary Education Project”
33.
Resolution JM-117-2007 dated June 13, 2007
Issued the regulation for Issuance of Paper Money and Coin; and, the regulation for the Exchange,
Amortization and Destruction of Paper Money and Coins
34.
Resolution JM-124-2007 dated July 4, 2007
Approved Agreement Number 6-2007 of the Superintendent of Banks, dated June 26, 2007, through
which the Accounting Instructions Manual for Banks and Financial Stock Companies was modified.
35.
67
Determined the interest rate for tributary effects, referred to in article 58 of the Tributary Code, that
will regulate the second half of 2007
36.
Authorized the incorporation of Seguros Agromercantil, Sociedad Anónima (Insurance Company), to
the Grupo Financiero Agromercantil
37.
Authorized the fusion by absorption of the Banco SCI, Sociedad Anónima, by Banco Reformador,
Sociedad Anónima
38.
Issued the Regulation of Minimum Requirements that must be incorporated in the Hiring and Reach
of External Auditing of Specialized Businesses in Financial Services, when they make up a financial
group
39.
Resolution JM-140-2007 dated August 1, 2007
Issued the Regulation of the Automated Clearing House
40.
Authorized the fusion by absorption of Banco Corporativo, Sociedad Anónima, and Financiera
Corporativa, Sociedad Anónima, by Banco Agromercantil de Guatemala, Sociedad Anónima
41.
Cancelled the authorization for operation as an exchange house of Corporación de Divisas, Sociedad
Anónima
42.
Resolution JM-154-2007 dated September 5, 2007
Approved the regulation for the reception of term deposits in national currency, to be constituted in
the Banco de Guatemala
43.
Resolution JM-159-2007 dated September 26, 2007
Issued favorable opinion on Convention Loan No 7482-GU to be subscribed by the Republic of
Guatemala and the International Reconstruction and Development Bank, for up to US$100.0 million,
called “Third Loan for Broad Base Development Policies”
44.
Resolution JM-163-2007 dated October 3, 2007
Issued favorable opinion on loans numbers 1900/BL-GU for up to US$61,000,000.00; and,
1901/OC-GU for up to US$39,000,000.00, to be subscribed by the Republic of Guatemala and the
Inter-American Development Bank, both for financing “Reform Program of Public Finance
Administration II”
45.
Authorized the fusion by absorption of the Banco del Quetzal, Sociedad Anónima, by Banco
Industrial, Sociedad Anónima
46.
Issued favorable opinion for the issue of Treasury Bonds from the Republic of Guatemala for the
2008 Fiscal Year, for the amount of up to Q2,350,000,000.00 and the issue of Treasury Letters for
the 2008 Fiscal Year, for up to 20% of the current income estimated in the General Budget of
Income and Expenditure Project of the State for the 2008 Fiscal Year
47.
Authorized the Banco de Guatemala to issue a commemorative coin highlighting the VII Latin
American series “Latin American Countries and Olympic Sports”
68
48.
Issued General Regulation for the issue of Admissible Bonds for the Calculation of Computable
Estate
49.
Resolution JM-176-2007 dated November 7, 2007
Approved modification to the Regulation of the Banking Legal Reserve, due to the implementation
of the Accounting Instructions Manual for Entities Subject to Surveillance and Inspection by the
Superintendence of Banks
50.
Revoked authorization for the operation of the Banco de Comercio, Sociedad Anónima
51.
Instructed the Superintendence of Banks to request that the First Instance Civil Court, declare the
Banco de Comercio, Sociedad Anónima in bankruptcy
52.
Cancelled the authorization of the Grupo Financiero BANEX-FIGSA and its organizational structure;
and, authorized the incorporation of the Financiera Guatemalteca, Sociedad Anónima, Banex
Valores, Sociedad Anónima and Banex International Bank Corp., to the Grupo Financiero G&T
Continental
53.
Authorized the make up of Grupo Financiero BANRURAL
54.
Resolution JM-189-2007 dated December 12, 2007
Modified the Regulation for the Banking Clearing House
55.
Modified the Regulation for the application of sanctions contemplated in article 99 of Decree
Number 19-2002 of the Congress of the Republic, Law of Banks and Financial Groups
56.
Issued the Regulation of Limits for Financing for Offshore Entities
57.
Issued the regulation of footing of operations of assets and liable in foreign currency of banks and
private financial stock companies
58.
Issued the Regulation on the adequating of capital for offshore entities, stock exchange houses,
specialized businesses in financial services, general deposit warehouses and exchange houses that
make up Financial Groups
59.
Issued the Regulation to determine the consolidated estate position of financial groups
60.
Cancelled the authorization of the conformation of the Grupo Financiero SCI, and its organizational
structure; and, authorized the incorporation of Financiera de Capitales, Sociedad Anónima, and
Sociedad de Corretaje de Inversiones en Valores, Sociedad Anónima, to the Grupo Financiero
Reformador
69
61.
Resolved to have the Monetary, Foreign Exchange Rate and Credit Policy of 2007 as evaluated and
determined the Monetary, Foreign Exchange Rate and Credit Policy for 2008.
70
BANCO DE GUATEMALA
Address:
7a. avenida, 22-01, zona 1, Ciudad de Guatemala, Guatemala
P.O. Box:
365
Telephone:
PBX (502) 2429 6000
(502) 2485 6000
BIC SWIFT:
BAGUGTGC
Fax:
(502) 2238 0500
(502) 2253 4035
Internet site:
www.banguat.gob.gt
For questions please contact: jirp@banguat.gob.gt; msgs@banguat.gob.gt;
lfga@banguat.gob.gt; o, srgr@banguat.gob.gt.
The present Aide de Memorie of the Banco de Guatemala 2007 was approved by the Monetary Board in
resolution JM-73-2008 dated July 3, 2008.
71

CAPÍTULO I - Banco de Guatemala

Transcription

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