Untitled - Banco Credicoop Coop. Ltdo.

INDICE
BANCO CREDICOOP
2
MISSION AND STRATEGIC GOALS
Banco Credicoop Cooperativo Ltdo. - Mission
Banco Credicoop Cooperativo Ltdo. - Strategic Goals
5
7
8
13
THE EXECUTIVE BOARD
Board of Directors
Cooperative Education Secretary
Regular Members
Alternate Members
Statutory Audit Committee
Management Departments
14
16
CALL TO THE GENERAL MEETING OF DELEGATES
17
50
ANNUAL REPORT
The National Economic Situation
Net results (Profit/Loss) for the Fiscal Year
Members’ Equity and Computable Equity
Resources
The Bank’s ranking and share in deposits
Liquidity
Rating granted to Banco Credicoop Coop. Ltdo.
Bank’s participation in the Money and Capital Markets
Lending
Foreign Trade
Products and Services
Credicoop and the Community
Fundación Banco Credicoop (Banco Credicoop Foundation)
Quality
Members Turnover
Human Resources
Personnel
Material and Technological Resources
2011 ANNUAL REPORT
3
Management Plan
Executive Board
Members’ Committees
Instituto Movilizador de Fondos Cooperativos
Acción Magazine
Instituto de la Cooperación - Fundación de Educación, Investigación
y Asistencia Técnica - IDELCOOP (Cooperation Institute - Education,
Research and Technical Assistance Foundation)
Asamblea de Pequeños y Medianos Empresarios - APYME (Small and
Medium-sized Enterprises Meeting)
Instituto Argentino para el Desarrollo Económico -IADE- (Argentine
Institute for Economic Development)
Credicoop Administradora de Fondos de Aportes Voluntarios y Depósitos
Convenidos (AFAV y DC) (Administrator of voluntary contributions
Funds and agreed Deposits)
Previsol Compañía de Seguros de Vida (Life Insurance Company)
(Winding up)
Previsol Compañía de Seguros de Retiro (Pension and Retirement
Insurance Company)
CNP Assurances Compañía de Seguros de Vida S.A. (Life Insurance Company)
Segurcoop Coop. de Seguros Ltda. (Insurance Cooperative)
Final considerations and prospects
BANCO CREDICOOP
4
MISIÓN Y OBJETIVOS
ESTRATÉGICOS
2011 ANNUAL REPORT
6
BANCO CREDICOOP COOPERATIVO LTDO. - MISSION
Banco Credicoop Cooperativo Limitado is a cooperative bank owned by
its members, democratically managed, heir and follower of the valuable
work carried out by the cooperative credit institutions since the
beginning of the 20th century.
Banco Credicoop Cooperativo Limitado set up under the guidance of
Instituto Movilizador de Fondos Cooperativos that still continues to
offer it advice on institutional matters.
Our leading task is to provide efficient and quality financial services to
our members, with special emphasis on credit assistance to small and
medium-sized enterprises, cooperatives, social economy enterprises, and
individuals, located both at large urban centers and at small populations
in our country. Deposits raised are redirected with priority towards
financing in the same location.
We aspire to contribute to the national economic progress and to the
construction of a solidary society with equitable distribution to secure a
life with dignity for all Argentines.
We conceive our contribution to these objectives through a growing
participation in the national financial activity, by means of the
dissemination of cooperativism principles and values, and our active
participation both within the national and international cooperative
movement and in popular movements sharing our intention to build a
fair society with more solidarity.
BANCO CREDICOOP COOPERATIVO LTDO. - STRATEGIC GOALS
Strengthening of the Institutional Management
Increasing the number of members seeking to progress in the
achievement of our cooperative and solidarity goals with a greater
involvement of our members and personnel, with particular emphasis on
the differential character of our truly national and cooperative nature.
BANCO CREDICOOP
6
Efficiency in all our actions and projects
Intending to develop a competitive institution capable of satisfying our
members and users, and to occupy a greater share in the financial
market.
Adequate profitability in order to support our cooperative enterprise
As necessary to implement our growth plans and the resultant needs for
capitalization and investment requirements.
Permanent increase in the growth of deposits, lending and services
while preserving a high quality of assets, and an adequate liquidity
level
Intending to achieve our Objectives with efficiency according to our
responsibility as a Great Cooperative Bank.
Reinforcing our presence in the Financial System considering our
branches’ network throughout the country, our great experience in
customized attention to members and users of banking services,
particularly in lending to SMEs (small and medium-sized enterprises),
and strengthening links with social sector organizations within the
economy.
2011 ANNUAL REPORT
7
CONSEJO DE ADMINISTRACIÓN
BANCO CREDICOOP
10
BOARD OF DIRECTORS
President
Carlos Heller (te)
1st Vice President
Ricardo Sapei (te)
2nd Vice President
Horacio J. Giura (te)
Secretary
Julio Alberto Queirolo (d)
1st Pro-Secretary
Melchor Cortés (te)
2nd Pro-Secretary
Basilio Chalak
Treasurer
Raúl Guelman
1st Deputy Treasurer
Carlos Louzán
2nd Deputy Treasurer
Néstor Callegari
2011 ANNUAL REPORT
9
Cooperative Education
Secretary
Reynaldo Pettinari (te)
Regular Members
Eduardo Temkin (te)
Daniel Koifman (r)
Eleuterio Demarchi
Eduardo Llorente
Juan Nefa (te)
Guillermo Mac Kenzie
Miguel Ángel Ruiz (te)
Miguel Ángel Fabbro
Salvador Ariel
Tobías Scheinin
Roberto Pasquali
Daniel Tonso
Dante Pellegrini
Marcelo De Lorenzi (te)
Aldo Raffaeli
Silvio Pettinari (te)
Oscar Barbieri
Miguel Á. Ercoli
Gustavo Casciotti
Santiago Navone (te)
Edgardo Bozzolo
Ángel Hernandez (d)
Roberto Mandrino
Luis María Carrieri
Mateo Rimolo (r)
Daniel Frascarelli
Vicente Barros (te)
Rafael Massimo
Ángel Gómez
M. Graciela Romanelli (te)
Sebastián Deza
Víctor Janjetic
Claudio Guzmán (te)
Raúl Aprea
Horacio Raffo Quintana
Alejandro Samek
Oscar Guinsburg (d)
Omar Mora (te)
Silvia Schwarzman (te)
Alternate Members
Mario Martini (te)
Graciela Bisaro
Daniel Tenaguillo
Pablo Padín
Alberto Stagnitti (te)
José Affronti (te)
Guillermo Villanueva
Daniel Carrea (te)
Laura Tissembaum (r)
Jorge O. Muriel (te)
Norberto Amengual
Leandro Habichayn
Luis Scenna
Arturo Longoni (r)
Alicia Scarpeccio
Eduardo Vera (te)
Miguel Olivera
Luis Rinaldi (te)
Horacio Romano (r)
Héctor Meloni
Luis Cárdenas
Luis Jiménez (te)
Alejandro Passarini
Raúl Costa
Juan Durán
Mario Cauzillo
Juan José Pintos (te)
Rubén Bernocco
Jorge Pancaro
Néstor Audisio
Carlos Lista (d)
Jorge Zubizarreta
Norberto Burdman
Gustavo Galetti (te)
Elsa Mareque
Mario Zaccagnini
Diego Volman
Marcelo Mul (te)
Alicia Maturano
Raúl Klein
Fernando Coringrato (te)
Héctor Messina (r)
Juan Carlos Morando
Juan Pacheco (te)
Enrique Wlach (te)
Jorge Barrios
BANCO CREDICOOP
10
Abelardo Cancela
Luis Marrone (te)
Marta Sitlonik (te)
Statutory Audit Committee
Regular Statutory Auditors
Jorge Lorenzo (te)
Raúl González (te)
Nelson Cativiela (te)
Alternate Statutory Auditors
Ricardo Gil (te)
David Eizykovicz (te)
Celso Boyero (te)
(te) Term of office expires
(r) Resigns
(d) Deceased
2011 ANNUAL REPORT
11
MANAGEMENT DEPARTMENTS
General Management
Gerardo Galmés
General Accountant
Víctor Sara
Attached to the President’s Office
Juan Carlos Junio
Audit
Claudio Falbo
Deputy General Management
in Commercial Affairs
Sergio Clur
Risk Analysis
José Caruso
Deputy General Management
in Branches Affairs
Gustavo Nagel
Legal Advisory
Carlos Cohen
Human Resources Advisory
Ángel Petriella
Economic Financial Advisory
Alfredo T. García
Regional
Alberto Borzel
Juan Carlos Picchio
Juan Carlos Rivera
Adriana Aspis
Legal Affairs
María Aída Nejamkis
Corporate Banking
José Luis Romani
Retail Banking
Nelson Pereira
Alternative Channels
Néstor Wassaf
Communications
Gabriel Travella
Commercial Strategy
Ángela Carulli
Foreign
Francisco Enzo Mártire
BANCO CREDICOOP
12
Finance
Gloria Prusak
Computer Science
Pablo Recepter
Credit Transactions
Claudia Córdoba de Dyki
Strategic Planning and
Management Control
José Luis Lago
Processing
Eduardo Roitman
Human Resources
Alejandro Malleza
Recovery of Loans
Liliana Ostrovsky
Institutional Relations
Marcos Fabaz
Regional Operative Responsible
Officers
Marta Schnizer de Caraballo
Administrative Services
Roberto Nogueira
Computer Systems
Carlos Murat
Technology
Ricardo Soto
Operating Management
Horacio Kisilevsky
Organization and Processes
Advisory
Gastón Mostaccio
2011 ANNUAL REPORT
13
CONVOCATORIA
BANCO CREDICOOP
16
33rd GENERAL REGULAR MEETING OF DELEGATES OF
BANCO CREDICOOP COOPERATIVO LIMITADO
By virtue of provisions under Article 45 of the By-laws, the Management
Board of Banco Credicoop Coooperativo Limitado hereby convenes the
delegates whose mandates are effective to the 33rd General Regular
Meeting of Delegates of the Bank, to be held at Complejo Parque Norte,
Av. Cantilo and Av. Güiraldes s/n, Autonomous City of Buenos Aires, on
October 28, 2011 at 6 p.m. in order to consider the following agenda:
Agenda
1. Reading and consideration of the agenda;
2. Opening of the meeting;
3. Appointment of two delegates to sign the minutes of the meeting;
4. Appointment of the Credentials Committee composed of three
members. Report by the Committee on the credentials of the delegates
present;
5. Appointment of the Examining Committee composed of three
members;
6. Consideration of the Annual Report, Balance Sheet, Statement of
Income, Memorandum Accounts, Statement of Changes in Members’
Equity, Statement of Cash Flows and Cash Equivalents, Exhibits A, to L,
N and O, Notes, Consolidated Statement of Financial Position,
Consolidated Statement of Income, Consolidated Memorandum
Accounts, Notes, and Exhibit to the Accounting Statement Consolidated
with those of the Controlled Companies (Law 19550, Section 33),
Consolidated Statement of Cash Flows and Cash Equivalents of Banco
Credicoop Cooperativo Limitado for the fiscal year ended on June 30,
2011, and the figures for the year ended on June 30, 2010 included for
comparison purposes, whenever required by Argentina’s Central Bank,
Auditors’ Report, and Statutory Audit’s Committee Report.
7. Project for Distribution of Surpluses;
2011 ANNUAL REPORT
15
8. Appointment of 17 Regular Manager Advisors, and 17 Alternate
Manager Advisors, for a three-fiscal-year term in: Zone 01: 1 Regular
Manager Advisor, and 1 Alternate; Zone 03: 2 Regular Manager Advisors,
and 2 Alternates; Zone 04: 1 Regular Manager Advisor, and 1 Alternate;
Zone 06: 1 Regular Manager Advisor, and 1 Alternate; Zone 09: 2 Regular
Manager Advisors, and 2 Alternates; Zone 11: 1 Regular Manager
Advisor, and 1 Alternate; Zone 13: 1 Regular Manager Advisor, and 1
Alternate; Zone 15: 1 Regular Manager Advisor, and 1 Alternate; Zone
16: 1 Regular Manager Advisor, and 1 Alternate; Zone 18: 1 Regular
Manager Advisor, and 1 Alternate; Zone 19: 1 Regular Manager Advisor,
and 1 Alternate; Zone 21: 2 Regular Manager Advisors, and 2 Alternates;
Zone 22: 2 Regular Manager Advisors, and 2 Alternates;
9. Appointment of 2 Regular Manager Advisors for Two fiscal years to
complete the mandate term in Zone 20; Zone 22;
10. Appointment of 3 Alternate Manager Advisors for Two fiscal years to
complete the mandate term in Zone 05; Zone 08; Zone 20;
11. Appointment of 2 Regular Manager Advisors for One fiscal year to
complete the mandate term in Zone 02; Zone 12;
12. Appointment of 1 Alternate Manager Advisor for One fiscal year to
complete the mandate term in Zone 10;
13. Appointment of the Statutory Audit Committee composed of 3
Regular Statutory Auditors, and 3 Alternate Statutory Auditors due to
termination of the mandates;
14. Appointment of the Accountant assessing the accounting statements
for the fiscal year beginning on July 1, 2011;
Melchor Cortés
1st Pro-Secretary
Carlos Heller
President
Note: Section 47 of the Corporate By-Laws: “Meetings shall be validly held irrespective of the number of
attendants, one hour later than the time fixed in the Call to the Meeting, provided that a clear majority
(51%) of delegates has not convened before”. The documentation to be considered thereat is available to
Delegates at: a) the legal domicile of the Bank, located at Reconquista 484, 9th floor, Autonomous City of
Buenos Aires; b) the Bank’s General Secretariat, at Lavalle 406, 4th floor in the Autonomous City of
Buenos Aires; c) the domicile of each of the Bank’s branch offices.
In the Autonomous City of Buenos Aires, on September 26, 2011
BANCO CREDICOOP
16
MEMORIA
2011 ANNUAL REPORT
20
To the Members:
In compliance with legal and statutory provisions in effect, the Executive
Board hereby submits to your consideration this Annual Report, Balance
Sheet, Statement of Income, Statement of Changes in Members’ Equity,
Exhibits, Notes and Proposal for Distribution of Profits, the Independent
Auditors’ Report, and the Statutory Audit Committee’s Report, all for the
Thirty Forth Fiscal Year ended June 30, 2011.
The Executive Board has carefully analyzed all the economic events
occurred in the country during the period under review, particularly in
connection with the financial system, which is the essential frame for the
Organization’s policies development.
THE NATIONAL ECONOMIC SITUATION
Confirming preliminary data set forth in the previous Annual Report,
in 2010 our country’s GDP grew over the emerging economies average,
reaching a 9.2% value, the highest in the last 5 years, after a strong
deceleration during 2009 (0.9%). Such behavior was due to the incidence
of positive internal factors, leveraged by boosting policies from the State,
and to an external situation featured by a strong financial volatility,
though it was also the result of a sound growth of the foreign trade and
the prices of the commodities.
As regards the external context, during 2010 the international economy
grew by 5% average, thus getting back that path interrupted in 2009 as
a consequence of the recession. Even though the economic recovery
spanned most of the countries and regions, growth was uneven and
distinguished by a vigorous dynamism in the emerging economies (7.2%),
whereas developed countries recorded more moderate rates (2.9%).
In the United States of America, growth reached 2.9%, while
unemployment hiked to 9.6% by the year end, the highest level in
the last 27 years. In view of this situation, the government resorted to
several tools in order to rev up the economic cycle, among which fiscal
incentives and liquidity expansion measures were included, as was the
BANCO CREDICOOP
18
case of the second program of monetary expansion for an amount close
to 4.1% out of GDP. However, the economic recovery rhythm has been
considerably slower than expected.
The Eurozone growth reached 1.7% in 2010, in line with the
consolidation of the Germany (3.5%) and France (1.5%) growths. The
German economy evolution combined with a slight inflation acceleration
brought about the European Central Bank’s reference interest rate rise
to 1.25%, after having remained by 1% since May 2009. Meanwhile, a
recessive behavior predominated in other countries; the GDP deepest
drop was recorded in Greece (4.5%), followed by Ireland (1.0%) and
Spain (0.15%). In this countries, as in the case of Portugal and Italy,
mistrust in the financial markets as regards sustainability of the public
debt derived in the implementation of adjustment policies which had a
pro-cyclical impact on the economies by affecting the aggregate demand
and reducing fiscal income. In the most complicated countries (Greece,
Ireland and Portugal), the adjustment with far-reaching social costs was
the consequence of having obtained financial aid packages from the
European Union and the IMF. The magnitude of the European debt crisis
outcome and its impact on the Euro constitute one of the key questions
facing the future.
Growth in the emerging economies was mainly turbocharged by China
(10.3%), India (10.4%) and Brazil (7.5%). Economies in this group
received sound capital inflows as a result of the high liquidity and
the interest rate differentials, thus giving rise to pressures intended to
revaluate currencies. In order to ease such trend, central banks continued
with their international reserves accumulation practices and, in some
cases -such as Brazil-, they resorted to the implementation of capital
flows control. In these countries, the combination of high GDP growth,
credit boom and food international prices upswing resulted into stronger
inflationary pressure, besides the answer of the monetary authorities
through rises in both interest rates and banking reserve requirement.
At a local level, the impulse granted by goods manufacture (10.6%),
headed by the agricultural (28.9%), fishing (10.8%) and industrial (9.8%)
sectors were remarkable in 2010. The agricultural sector growth was
closely linked to the combination of a record harvest and a reduced
comparison-base after the drought in 2009 (2010/2011 harvest is expected
to exceed 100 million tons, benefitted with historically high prices).
Latest data shows the continuity of this process in the case of industry.
As of May, interannual increase of the Monthly Industrial Estimator
reached 9%, along the lines of a pronounced pace of the automotive
sector, followed by non-metallic minerals –particularly cement-,
metalworking and tobacco sectors. Food industry demonstrated a low
performance (4%), this explained mainly by a fall in red meat production
(-12.6%), in line with a cut in the demand due to the high prices and to
the recomposition of cattle stock; all of which creates a negative impact
on meat processing plant sectors. As for the services, growth (7.6%) was
leaded by trade (13.1%), transport (10.6%) and financial intermediation
2011 ANNUAL REPORT
19
(8.8%) sectors.
Dynamism of capital formation led to an investment rate reaching
22.8% out of GDP in 2010, slightly below the 23.1% recorded in 2008,
the highest in the last decades. Investment path was headed by durable
equipment purchase (55.4%), meanwhile construction evidenced a
lower hike (8.2%). Private consumption, on its part, was propped up by
means of the implementation of income policies impelled by the national
government, particularly the Universal Assignment per Child Benefit
-now spanned over expectant mothers- and the retirement pensions
upgrade.
Information on the activity for the first quarter 2011 showed a trend
continuing that from the previous year. In fact, ECLAC (Economic
Commission for Latin American and the Caribbean) has deemed for our
country an 8.3% growth this year. Upon analyzing the evolution of the
variables for the first quarter, a 9.9% GDP growth is observed, with the
main contribution of private consumption and investment, both of which
grew by 11.3% and 19.5%, respectively.
The evolution of the main macro-economical variables contradicts the
“tail wind” hypothesis put forward by those who hold the idea that
growth is explained simply by favorable external circumstances. Statistics
clearly demonstrate that domestic boost promoted by the government
have impelled GDP growth.
A significant commercial interchange with the rest of the world reflected
the growth process consolidation, recording a US$14,000,000,000
(American Dollars) commercial surplus in 2010. Exports amounted to
US$ 68,000,000,000, thus evidencing a 22% annual increase; whereas
imports registered a higher increase, reaching US$ 54,000,000,000, which
represents a 45% rise.
Accumulated data as of June 2011 confirm such tendency. In the case
of exports, a 24.6% increase was recorded for the first semester 2010,
meanwhile imports keep a 38% growth pace, showing an important
income elasticity. In consequence, the credit balance of payments abated.
Should this trend continue, it could affect the external affluence in the
medium term. In this context, a US$3,000,000,000 (American Dollars)
balance of payments surplus was reached during 2010, less than a half the
figure attained in 2008. In view of this situation, authorities implemented
measures intended to limit certain purchases from abroad, as the use of
non-automatic licenses and the set up of requirements for final goods
imports.
Should the European crisis intensify and the economic activity drops to
a lower level, such tensions might worsen. In turn, the existence of an
exporting pattern based mainly on primary products and manufactures
and the debit balance in energy and industrial sectors demonstrate
structural weaknesses. In this context, scenarios of bearish international
prices of commodities -in June 2011 such prices were slightly 16% below
the maximum recorded in July 2008-, adverse climatic conditions, or a
significant deceleration of the Brazilian growth might have a negative
BANCO CREDICOOP
20
impact on the Argentine economy. Anyhow, the experience gained as
a result of the 2008/2009 crisis proves Argentina has been able to sort
out the external event in better conditions than other countries thanks
to those anti-cyclical policies adopted and to the equilibrium among its
fundamental variables.
As for the public finance, both primary and financial surpluses showed a
recovery in 2010 as a consequence of a higher rise of income (34.7%) in
relation to primary expenses (33.9%), and of the total expenditure (30%).
In terms of GDP, primary and financial results reached 1.7% and 0.2%,
respectively.
As of March 2011, National Public Debt amounted to US$173,147,000,000
(American Dollars), representing a 46.3% out of GDP, while the private
sector share was 16.7% out of GDP. From the point of view of the
state solvency, such relation is auspicious, especially in front of those
difficulties the developed economies have been undergoing due to high
levels of indebtedness.
As regards the substantial economic growth, during the first semester
2011 the employment rate was equivalent to 42.4% out of the total
population, 0.2% higher than figures for the same term 2010. In this
frame, unemployment rate abated to 7.4%, the lowest value since the
continuous survey was put in practice (2003). Salary increases –reaching
a 28% annual average as of May 2011- have accompanied such process.
According to an ECLAC’s report on the Argentine economy (1), “The
inflation rate 2010 was higher than that of 2009 and -once more- exceeded
the regional average. A combination of factors gave rise to such increase;
among them, international prices of basic products increase, particularly
meat, and a slight rise of the nominal rate of exchange, within a context of
substantial growth of the aggregated demand.”
Unlike those emerging economies strongly linked to foreign financial
markets, where capital inflows created important bubbles in the assets
market and some problems in managing monetary and exchange policies,
financial activity showed a steady behavior despite the international
context volatility. The BCRA (Argentina’s Central Bank) continued to
intervene in the exchange market in order to prevent abrupt fluctuations
in the American Dollar price and a drop in the nominal rate of exchange.
As a consequence, from July 2010 to June 2011, international reserves
incremented by US$2,865,000,000 (American Dollars), thus amounting to
US$52,094,000,000 (American Dollars) approximately. Within such term,
rate of exchange devaluated by 4.3%, identical rate than that verified
between June 2009 and June 2010. The main accumulation reserves
via was the purchase of American Dollars from foreign trade, whereas
external assets formation -which maintained itself vigorous along this
fiscal year- and the state debt payment acted in the opposite direction.
In the first quarter of the year, the Argentine Debt Reduction Fund (FDA,
for its Spanish acronym) and the fund for the payment to International
Organizations were created. The former intended to settle debt services to
(1) Estudio Económico para América Latina y el Caribe 2010/2011, CEPAL.
2011 ANNUAL REPORT
21
the private sector in the amount of US$7,504,000,000 (American Dollars);
and the latter intended to pay in the amount of US$2,121,000,000
(American Dollars). By the end of March 2011, US$ 2,215,000,000 out of
said resources had been utilized.
By the fiscal year closing, means of payment growth was in line with
that established in the BCRA’s Monetary Program, both as regards total
M2 and private M2. Again, the main factor for the means of payment
expansion was the purchase of foreign exchange, which turned out to be
partially sterilized through the BCRA issuing bills and notes; followed in
relevance order by the upsurge of Argentine-Peso denominated loans to
the private sector.
Regarding this latter variable, Argentine-peso denominated loans granted
to the private sector grew at a 43% interannual rate, surpassing twice that
verified during the previous year. As for American-Dollar denominated
loans and as a result of the international trade recovery, as of June
2011, interannual growth reached 52%. Most of the credit lines verified
increases in the Argentine-pesos segment. Pledge (64%) and documentary
(58%) ones turned out to be the most prominent lines, while the rest kept
close to the average, except for mortgage lines which grew at a slower
pace. Loans to the private sector growth developed satisfactorily as
regards portfolio quality, with fenced-in credit risk levels. In May 2011,
the irregularity of financing to the private sector recorded a new historical
minimum of 1.8%, 1.3% below the level registered in May 2010. All
homogeneous groups of financial institutions proved to undergo this
behavior.
The “Bicentennial Productive Financing Program” became operational.
Same aims at strengthening lending to the productive activity.
According to the Central Bank’s information, funds bid amounted to
ARS$1,537,000,000 as of May 2011, and were assigned to industrial,
construction, commercial, or transport companies with projects located
at 7 locations. The Bank took an active part in such mechanism by been
assigned 13.3% out of the total amount bid by the BCRA, thus becoming
the second important bank below the Banco Nación in terms of funds
received. The Program makes available five-year term loans to the
companies at 9.9% total financial cost in ARS pesos, a rate remarkably
lower than those prevailing over the market.
Regarding rates in the system, as of June 2011 advances and documentary
lending rate reached 18% and 15%, respectively. In dynamic terms,
lending rates remained in similar levels to those of one year before in
all segments. Deposit rates followed the same behavior as for the retail
chunk, although wholesale one underwent a slight rise on the order of
1%, reason why private BADLAR rate achieved 11.27% annual.
In this context, deposits in pesos from the private sector grew by 37.8%
interannual, 15% over the value observed one year before. The recent
loan evolution proved to be consistent with said deposit increase and
with certain cut on the private banks liquidity, which still remains
at high levels. This dynamic continuity will depend mostly on what
BANCO CREDICOOP
22
happens with deposits evolution, which -in turn- is intimately related
to upholding the balance between the deposit rate and the nominal
devaluation pace.
In terms of regulations, BCRA set out the opening of universal freeof-charge accounts intended to enabling population a wider access to
financial services. By the beginning of June, the number of Universal
Free-of-Charge Accounts (CGU, for its Spanish acronym) outnumbered
63,600 units. Recent rules for the authorization of branches represent
another advance, since in order to open new branches in the most
important cities (I and II zones, as per BCRA regulations), banks are
required to have opened previously branches or other operative agencies
in III and IV zones that gather lower-population cities and towns. The
rule exempts the fulfillment in the case of state-owned banks and some
private entities in specific cases. This regulation is a Central Bank’s
first step towards the financial services universalization though more
incentives must be offered for setting up lesser magnitude branches and
agencies by those entities willing to be present in districts with lower
economic and population development.
NET RESULTS (PROFIT/LOSS) FOR THE FISCAL YEAR
According to our Bank’s Balance Sheet, the net income for the year
shows an Excess of AR$ 242,329,592.31 pesos. Said result -according to
provisions under the Ley de Cooperativas, Art. 42 [Cooperatives Act, article
42]- arises from adding an excess of AR$ 226,639,546.08 pesos related to
transactions with Non-Members and AR$ 15.690.046.23 pesos arising from
the Bank’s transactions with its Members.
Among the Bank’s transactions with Non-Members, investments in
Government Securities portfolio, Argentina’s Central Bank Bills and
Notes, the result from miscellaneous transactions with other Financial
Institutions, and from other services or transactions with third parties are
noteworthy.
The excess related to Bank’s transactions with its Members is to be assigned
as follows, as per the provisions of Law 20337, article 42: 20% to Legal
Reserve for AR$3,138,000 pesos, 5% to the Fondo de Acción Asistencial
y Laboral o para Estimulo del personal [Welfare and Labor or Personnel
Encouragement Fund] for AR$785,000 pesos and 5% to the Fondo de
Educación y Capacitación Cooperativas [Cooperative Education and
Training Fund] for AR$ 785,000 pesos.
The remaining, AR$10,982,000 pesos shall be transferred to Special
Reserve as per Law 20337, article 42 to offset losses absorbed therefrom in
former fiscal years, so they are not distributable.
The excess in connection with the Bank’s transactions with its NonMembers is to be assigned as follows, as per the provisions of Law 20337,
article 42: 20% to Legal Reserve for
AR$45,328,000 and the remaining 80%, AR$181,312,000 pesos to Special
Reserve as per Law 20337, Article 42.
2011 ANNUAL REPORT
23
Application of the Cooperative Education and Training Fund and the
Welfare and Labor or Personnel Encouragement Fund:
The Annual General Meeting held on October 25, 2010, approved the
establishment of two funds arising from the distribution of surplus
with members, according to provisions under sections 2 and 3 of article
42, Law 20337; that of Cooperative Education and Training Fund and
that of Welfare and Labor or Personnel Encouragement Fund, both for
AR$1,164,636 pesos.
In compliance with provisions under Resolution 506/88 by the Instituto
Nacional de Asociativismo y Economía Social [National Institute of
Associativism and Social Economy, INAES, for its Spanish acronym], we
hereby detail the application of the Cooperative Education and Training
Fund:
Transfers to cooperatives: IMFC and Centro Cultural de la Cooperación
Distribution of educational material on cooperativism:
Acción newspaper and Idelcoop Magazine
AR$ 686,346
AR$ 478,290
in Argentine Pesos
In connection with the Welfare and Labor or Personnel Encouragement
Fund, we hereby inform that such Fund was fully assigned to personnel’s
care plans during the current fiscal year.
MEMBER’S EQUITY AND COMPUTABLE EQUITY
Members’ Equity, Reserves and Net Income/Loss: AR$ 1,364,797,000
pesos.
Computable Equity: AR$ 1,357,276,000 pesos.
RESOURCES
Deposits are the Bank’s primary source of resources that reached up to
AR$17,491,572,997 pesos, thus exceeding by AR$5,214,301,897 pesos
the amount recorded by the close of the former fiscal year. In percentage
terms, such change evidences an increase by 42.47%.
The following graphic evidences the fact that the Bank’s deposits have
been following a continuous increasing trend in the last fiscal years.
DEPOSITS EVOLUTION
in million ARS pesos
6,410
2007
8,114
2008
9,992
2009
12,227
2010
17,492
2011
0
5,000
10,000
15,000
20,000
BANCO CREDICOOP
24
THE BANK’S RANKING AND SHARE IN DEPOSITS
The Bank’s share in the Total Financial System Deposits hiked to 4.1%
from the 3.82% recorded as of June 2010. Such ratio is influenced by the
strong impact of public deposits (national, provincial, municipal) held
on Public Banks and Official Agents. In the Private Deposits segment, on
which we focus our management, the Bank grew from 5.40% to 5.50%,
thus ranking 6th among private banks and 8th if compared to the entire
system.
It is worth noting that this growth in deposits was reached by operating in
average with deposit rates consistent with those paid by private banks.
Composition of Deposits
As observed in the graphic below, main items account for the following
shares in total deposits: Fix Term Deposits 52.88%, Checking Accounts
32.48%, Saving Accounts (including Salary Accounts) 11.88% and Other
Deposits 2.77%.
2.77%
11.88%
52.88% Fix Term Deposits
32.48% Checking Accounts
11.88% Saving Accounts
2.77% Other Deposits
52.88%
32.48%
As regards composition per currency, local-currency denominated
deposits represent 84.26% and the remaining 15.74% gathers Americandollar denominated ones.
LIQUIDITY
The Bank maintained its principal resources as balances in Cash and Due
from Banks, local and foreign Correspondents, and Government Securities.
LIQUIDITY
in thousand pesos
Cash and Due from Banks
Government Securities
Total Broad Liquidity (Cash and Due from Banks +
Government Securities)
Total Deposits
Broad Liquidity / Total Deposits
as of 06.30.2011
4,394,500
5,159,085
as of 06.30.2010
3,583,075
3,457,244
9,553,585
17,491,573
54.6%
7,040,319
12,277,046
57.3%
As observed in the above table, the decreased rate was due to the fact that
the relative increase evidenced in the loan portfolio rate (48.42%) was
2011 ANNUAL REPORT
25
higher than that of the deposit portfolio (42.47%); however, the Government
Securities rise –mainly explained by investments in BCRA Notes and Billsreached 49.20%. These factors combination determined a slight decrease of
the broad liquidity.
Government and Corporate Securities balance amounted to $ 5,159,084,997,
classified -according to the BCRA provisions- in the following brackets:
RANKING OF SECURITIES
in thousand pesos
Lebacs and Nobacs
Government Securities at a reasonable market value
Government Securities Cost plus Earnings
Other Securities
Allowances
Total
as of 06.30.2011
4,274,894
413,778
513,956
43
- 43,587
5,159,085
as of 06.30.2010
2,530,067
325,772
601,159
246
0
3,457,244
RATING GRANTED TO BANCO CREDICOOP COOP. LTDO.
The Bank kept the “Aa1.ar” rating granted by Moody’s Investors Service.
The technical meaning of this rating is the following: “The issuers or
issues rated ‘Aa.ar’ show a very strong credit capacity compared to other
local issuers”. The “1” modifier indicates that obligations are rated at the
highest rank in its generic rating bracket.
Moody’s keeps again the “D” financial strength rating for Banco
Credicoop, highlighting in its report that “this rating reflects the wide
bank business status, as well as its knowledge and expertise in managing
the small and medium-sized enterprises segment, in which it has a good
and loyal portfolio of members, and the good corporate management the
bank has due to its cooperative condition”.
BANK’S PARTICIPATION IN THE MONEY AND CAPITAL MARKETS
Proahorro Administradora de Activos S.A. continued to manage
successfully the Mutual Funds called “1810 Renta Fija Dólar”, “1810
Renta Variable Argentina” and “1810 Ahorro”. The latter kept ranking at
the top in terms of returns and held the “Aa3.ar” rate granted by Moody’s
Investors Service.
LENDING
Loans to the Non-financial Private Sector increased by 45.7%, within the
framework of active policy of credit support to SMEs and Individuals.
This implied a Bank’s share in the Financial System equivalent to 3.73%;
thus ranking 10th among all banks and 7th among private banks
BANCO CREDICOOP
26
Financing by activity
7%
8%
17%
28% Industry
18% Trade
28%
17% Personal Loans and Credit Cards
14% Services
8% Agriculture, Livestock, Fishing & Mining
8% Construction
14%
7% Mortgages to Individuals
8%
18%
As evidenced in the graphic above, financing to companies represented
a 76% share, highlighting Industry and Trade sectors as the most
relevant (28% and 18% respectively), while Individuals accounted for
24%, distributed 17 % in Personal Loans and Credit Cards, and 7% in
Residential Mortgage loans.
The Bank was present at every bidding of credit quota with a rate
subsidized by the Secretaría de la Pequeña y Mediana Empresa [Small
and Medium-Sized Enterprise Secretariat], achieving a 10% share
thereof, thus becoming one of the most active banks. Said quotas aimed at
financing the purchase of new national capital goods, working capital and
financial leasing.
The Bank took part in several provincial scope programs for new
investments and intended to boost job creation in Mendoza, San Juan and
Neuquén provinces.
Our institution offered differential benefits by means of agreements
entered into with Cross-Guarantee Companies and FOGABA (Fondo de
Garantía Buenos Aires – a guarantee institution), tools allowing SMEs to
improve their competitiveness and performance by means of the money
obtained thanks to the guaranty received.
Agreements with machines and equipment supplier companies were
subscribed in order to finance sales at 0 Rate and/or through financial
leasing. As regards this latter, the bank is one of the driving forces within
the banking market.
Regarding Foreign Trade, export financing evidenced a 37.41% growth
and import financing a 77.03%, reaching a closing balance of US$
143,625,558.
Personal Loans continued to be granted through self-service channels,
such as Automatic Teller Machines and the Internet, which enabled an
innovative and agile approach to the Salary Earners segment.
New agreements were executed with different Benefit Societies,
Cooperatives, Associations, Municipalities, Universities, and Companies
under extremely attractive and competitive conditions. Several
campaigns remained in force and updated, as in the case of Fix Rate, a
2011 ANNUAL REPORT
27
product highly esteemed by the Members.
FOREIGN TRADE
In view of permanently perfecting those services rendered to Members,
the Bank implemented technological developments in order to adequate
products to statutory provisions: documents digitalization, automatic
registration of payment orders and of export documentary credits, and
import payments follow-up.
The Bank continued to give advice to Members in-company and in trips
to different regions throughout the country, as well as in EMAQH and
Expoagro fairs; and in Seminars and Workshops held in several spheres.
The FELABAN [ Latin American Banking Federation] annual meeting
and the IDB [Inter American Development Bank] Annual Committee
of Governors counted on the presence of the Bank, where it contacted
overseas correspondent banks.
Therefore, Credicoop still stands out both among the highest positions in
terms of the Import and Export transactions number -as per the Argentine
Central Bank-, and as regards its processes quality; bearing in mind
IRAM’s ISO 9001:2008 Certification renewal related to the advanced
import payments of non-shipped goods process, thus getting adapted to
new requirements as per regulations in force.
PRODUCTS AND SERVICES
Cabal Credit and Debit
The Bank counts on over 600,000 issued Cabal Credit Cards and over
1,100,000 issued Cabal Debit Cards. They enabled Members to access to
multiple benefits and promotions in 4,500 sales points all over the country,
which are part of the Credicoop Benefits Stores Network. Said benefits
included sales up to 36 monthly installments, 12 non-interest installments,
and special promotions in different items (i.e. in fuel and supermarkets).
Stores
According to information provided by BCRA’s transparency reporting
system, the Credicoop continued to be the First Stores Payer National
Private Bank accounting for 70,688 active subscriptions.
Tarjeta Cabal Cuenta Empresa [Cabal Corporate Card]
The issuance of this card increased by 27%, exceeding a total number of
15000 companies holding such card.
Tarjeta Agrocabal [Agrocabal Credit Card]
This product continued its consolidation as it is evidenced by the nearly
7 thousand cards of agricultural SMEs distributed in a credit portfolio
exceeding AR$ 150,000,000. This helped to the success of the benefits’
campaign of reimbursements agreed with the main market providers of
BANCO CREDICOOP
28
agricultural supplies.
Tarjetas Visa y Mastercard [Visa and MasterCard Credit Cards]
We marketed these products, thus accounting for a 25% increase.
Additionally, we added new promotions that turned said products more
attractive and competitive within the market.
Checking Accounts
Accounts openings increased by 8%, exceeding the number of 112,500
accounts related to SMEs, Businesses and Social Economy Entities.
Retail Banking Accounts
We have on precord a total of 935,000 active banking accounts, thus
setting a 17% growth.
Payroll and Pension Deposit Services
Over 13,900 companies paid salaries using our technological tools and
providing their employees with a set of combined and coordinated credit,
savings, and service provisions. Furthermore, over 428,000 salary earners
and 160,000 retired persons and pensioners receive their salaries in our
bank, 105,000 out of which receive salaries via credits in their saving
accounts.
Credicoop Seguros [Credicoop Insurances]
We walked an important pathway from the launch of the trademark
“Credicoop Seguros”, providing coverage according to our users’
requirements and reinforcing the assistance to our Commercial Channels.
In this framework, along with insurance companies, we performed
actions for improving the Protection Insurance for Automatic Teller
Machines’ users, Universal Life Insurances and Group Life Insurances,
adding excellent additional benefits which continue placing them, in
a competitive way, in respect to the offer of Banca Seguros [Insurance
Banking]. Likewise, we developed and launched a new life insurance
with savings capitalization named Universal Mujer [Universal Woman],
especially designed to cover the needs of our female Members.
Lastly, regarding the obtained growth, our insurance portfolios increased
by 10%, with a total of 85,000 new policies.
Services Collection
The bank provided this service to 1,908 companies and collected
20,000,000 receipts through its Branches, automatic means and in the
180 Pagocoop offices, located all over the country, especially in Social
Economy Entities, 70 out of which were opened last year.
In parallel, the Bank intensified the management with companies to link
them to automatic collections, thus reaching a remarkable place regarding
the number of additions to Direct Debit.
2011 ANNUAL REPORT
29
Alternative Channels
Internet Corporate Banking and Internet Retail Banking. The use
of Internet Corporate Banking and Internet Retail Banking tools by
our Members is every time greater, evidencing an increase of 23%
that exceeds the number of 900,000 transactions and reaches AR$
4,300,000,000 pesos dealt monthly in operations, which accounts for a
65% interannual growth.
We highlight that 61% of the total of checking accounts uses this service;
meanwhile the Retail Banking increased by 38%, exceeding 105,000
Members and increasing their transactions by 57% and the amounts by
97%.
New functions were added, such as Immediate Transfers to Other
Banks in pesos and US dollars, Purchase and Sale of foreign currency,
Securities, Shares, Mutual Funds transactions and new lines of Fixed
Term deposits, Settlement of Foreign Trade Payment Orders, and Payroll
Plan, among others.
New Internet Web Page
We implemented a new design and structure of our site in order to
continue our approach to our Members and general public, to provide
more and better contents and information on services, products and
benefits, in a lively and dynamic way. Our web page, with over 2 million
monthly visits, is an important communication channel.
Automatic Phone Banking and Telephone Contact Center.
We improved and simplified the access of all our Members to services
rendered by the Automatic Phone Banking (BTA – Banca Telefónica
Automática), enabling them to use their applications from any place in
the country. Likewise, we continued using the Telephone Contact Center
to advice, trade and communicate massively the Retail Banking product’s
benefits to a great number of Members.
CREDICOOP AND THE COMMUNITY
We continued strengthening our link with Cooperatives, Benefit Societies,
Universities and other Social Economy Entities, working jointly in the
promotion of solidarity nature actions and also in the development of
financial renderings for the own entity and for its Members.
On behalf of National Institute of Associativism and Social Economy
(INAES), we participated in the implementation of the Argentina Trabaja
[Argentina Works] program.
We continued with the development of the Fraterna-Cabal card, signing
agreements with the cooperatives of Public Services of Pergamino,
Brandsen, Luján, Olavarría, Rojas, Mar de Ajó and La Lonja, all of them
located in the Province of Buenos Aires; and making five new Affinity
groups of Tarjeta Cabal [Cabal Card].
BANCO CREDICOOP
30
FUNDACIÓN BANCO CREDICOOP [Banco Credicoop Foundation]
Fundación Banco Credicoop performed a great number of activities,
among which the new issue of the SMEs International Seminar and the
Jornadas PyME [SMEs Days] in different places of the country (Córdoba,
Neuquén and Rosario) are proper to emphasize.
The foundation promoted exports and was present in Brazil, Mexico,
Colombia, among other countries; either in Trade Missions or through the
participation in International Fairs, which placed it as a benchmark entity
of the private sector concerning Foreign Trade.
Additionally, the foundation rendered services to SMEs through several
tools such as Market Profiles, Consulting Services and specific Training, as
well as through the DIVERPYMEX Program, which already assisted to over
150 companies.
Jointly with the Universidad de Buenos Aires [University of Buenos Aires]
and the Universidad Nacional de Tres de Febrero [National University of
Tres de Febrero], the foundation launched executive programs for SME
entrepreneurs, as it is being made in the last years.
Through a Inter-American Development Bank and Ministerio de Trabajo
de la Nación [National Ministry of Labor] program, the foundation began
to provide technical assistance to Cooperativa de Trabajo Bauen [Bauen
Labor Cooperative] to strengthen its management.
For the third consecutive year and by tender, the foundation was qualified
as guardian entity of the Programa de Competitividad PyME de la Ciudad
de Buenos Aires [SMEs Competitiveness Program of the City of Buenos
Aires], in this occasion as regards Quality and Innovation.
Along with the Plan Nacional de Diseño del Ministerio de Industria de la
Nación [National Design Plan of the National Ministry of Industry], the
foundation launched the call for distinctions to companies by means of
the Sello de Buen Diseño [Seal of Good Design] that is performed for the
first time in our country.
Spreading activities was performed through the use of the digital
publication “Pymes al Día” [“SMEs up to date”].
QUALITY
We continued implementing the Quality Management System, intended
to ensure the permanent search for the continuous improvement in
our services. On the other hand, we complied with BCRA regulations Communication “A” 4378 as supplemented – and the Code of Banking
Practices guidelines.
MEMBERS TURNOVER
Number of members as of 06.30.2010
New members during the fiscal year
Number of members as of 06.30.2011
771,086
43,512
814,598
2011 ANNUAL REPORT
31
HUMAN RESOURCES
By the end of the period, the number of employees rose to 4,639
employees, among which 2,716 work in Branches and 1,923 in the Head
Office. This total number was due to the hiring of 171 new employees
incorporated to the cooperative project, actively helping to the growth of
the Bank.
Within the internal development framework and with the strong
conviction of training our own officers to add value to hierarchical levels,
146 new officers have been promoted.
In line with our cooperative principle, the training had again a
transcendental role. Within the wide range of trainings, we worked to
train the personnel occupying management and leadership positions,
personnel promoted to higher positions, Branches and Head Office
assistants and new employees.
We provided face to face trainings to 7,864 attendees. Within the
Programa de Competencias Críticas de Gestión [Critical Skills on
Management], which includes the needs that the Entity requires as
regards skills that leaders must acquire, we trained on leadership,
negotiation, communication, operative planning and handling of
conflictive situations.
In turn, On-line training, a proven successful mode in our Organization,
continued maintaining its quality and quantity levels. We had 58 active
courses by virtual mode, covering trade, operative, institutional and
management topics, with the participation of 10,449 attendees.
The institutional training activities, in line with the strategic purpose of
Institutional Strenghtening, continued showing a high level of employees´
participation and commitment. The courses for new employees had
118 new participants. Likewise, 113 employees recently incorporated
completed the on-line course “Cooperativismo: Historia, vigencia y
perspectivas” [“Cooperativism: History, validity and perspectives”].
Additionally, 122 employees with six months to one year hired
participated in 6 training courses on follow-up courses of institutional
activity. In turn, 7 annual training courses have been carried out for
intermediate officers within the framework of training new officers, in
which 95 officers participated.
The postgraduate education level of our personnel supported by the
institution constitutes a permanent interest. During the fiscal year, 444
students participated in the different course of studies offered within
the framework of the agreements entered into with several Universities
and, principally, with the Programa Latinoamericano de Educación a
Distancia del Centro Cultural de la Cooperación [Latin American Program
of e-learning of the Cooperation Cultural Center].
Gestión por Competencias y Desempeño [Management for Skills and
Performance] is a main program focused on strengthening development
processes, internal career and improvement opportunities of our human
resources. This program was finalized, and a pilot test was successfully
BANCO CREDICOOP
32
performed which covered 8 Branches and 3 Management Departments
of the Head Office.
In order to improve internal communication, different communication
training phases were implemented in various areas of the Entity. Also,
we continued working for the development of our communication
channel network, emphasizing the intranet and the internal newsletter.
Additionally, a new communication channel was created, the Semana en
10’ [The week in 10’], which intends to provide a rapid access to the most
relevant information happened during the week.
Based on the personnel’s needs, we offered a social nature mortgage
credit line, covering the needs of those employees living in the
deprivation, overcrowding or those older-than-50 employees without
housing, foreseeing that their retirements may reach them without having
solved such important aspect. This campaign applies to employees of
the Cooperative Group companies, showing large acceptance by all
beneficiaries.
Preventive campaigns had a strong development, both in the spreading
of preventive information as with the flu vaccination campaign.
Additionally, a special emphasis has been put on the creation of a Blood
Donors’ registry, which is intended to be enlarged during the new fiscal
year.
Also, a support program for personnel near to be retired has been
implemented. In this respect, reflection workshops in which 25
employees participated were carried out. This activity was developed
jointly with ANSeS [Social Security National Administration in
Argentina] professionals, a body with which a collaboration agreement on
this matter was signed.
Art also had a space through the Cooparte 2011 photography competition,
“Juntos por un mundo solidario” [Together for a collaborative world],
which asked for sympathy images that proposed pathways to jointly build
a better world. Under this perspective, we carried out our competition
and the first awards were delivered to solidarity entities, assigned by
employees.
PERSONNEL
Cooperativism principles and values are strongly safeguarded and
sustained by the commitment and responsibility of our employees
and officers that year after year show that participative practices and
the application of our Integral Management Model constitute the core
of our growth. One more time, we thanks for their participation to
achieve objectives set and we urge them to continue in this collective
construction pathway.
TECHNOLOGICAL AND MATERIAL RESOURCES
We continued to develop building adaptations of our premises all
2011 ANNUAL REPORT
33
around the country, and also implemented the opening of new certain
branches. The building infrastructure plan continues moving forward in
accordance with the timely stated priorities, taking into account building
and strategic aspects in order to provide the organization with better
conditions in the matter which enable our Members and our personnel
and leaders to perform their activities in a wider, more modern and
comfortable environment.
In the fiscal year, three new Branches were opened, 2 out of which are
located in the Autonomous City of Buenos Aires, one in the Down Town,
the Bicentenario Branch and the other one in the Once town, Plaza
Miserere Branch. The third Branch is located in the province of Buenos
Aires in Munro, a second Branch in this area, which is named Munro
Centro.
A great number of relevant refurbishment works in different cities such
as Alem in the province of Córdoba, Casilda, Venado Tuerto and Firmat
in the province of Santa Fe, Mar del Plata Centro and Juan B. Justo in the
Atlantic coast of the province of Buenos Aires, Tucumán in such province
and Catedral in the Autonomous City of Buenos Aires complements this
plan.
Likewise, the Bank carried out 8 minor refurbishment works in Branches
of different places of the country and 42 works for the installation of new
automatic teller machines and self-service machines in Branches and in
neutral points of all national territory.
Regarding the Head Office, reallocation works of different management
departments to the new building located in 661 Tucumán street were
done, finalizing the first plan phase. Nowadays, this enabled over
500 employees and officers to have more space and comfort for the
performance of activities, and also for future potential growths that may
be foreseen.
We continued making required modifications to the systems intended
to provide new services through automatic means. In this respect, the
possibility to purchase and sale Foreign Currency, Securities and Shares
Transactions, Payroll entering and consultation by the companies
paying salaries through the Bank, Foreign Payment Orders settlement,
and consultation of the settlement effected to stores by the credit card
companies we work with, has been implemented through the Internet
Banking. We also incorporated to Electronic Banking channels a second
authentication factor, which enables our Members to operate in a safer
manner,
The automatic teller machines network at branches continued to be
expanded and modernized. Twenty-two additional units were added,
including equipment units for the new Bicentenario, Plaza Miserere
and Munro Centro Branches, all of them with state-of-the-art technology
and replacing with new equipment 13 units. Within the framework
of different commercial agreements, 5 new cash dispenser devices at
neutral points were installed, a network over which 3 replacements of
devices with others with new technology were effected. Additionally, 37
BANCO CREDICOOP
34
new self-service terminals were installed. There are a total of 532 units
of Automatic teller machines and cash dispenser devices and 372 selfservice terminals, all of them active in our network.
As a part of several projects aimed at improving infrastructure in
Branches, we completed with the renewal tasks of the whole workstation
monitors of all Branches by replacing them with state-of-the-art flat
screen monitors.
Due to the new BCRA rules regarding bank security, some changes have
been made to the closed circuit television system in order to add new
cameras in key places, whose quality were improved and a recorder
machine with greater benefits was added.
The migration to a new communication platform, from operative links
with BCRA, was performed.
We are in the process of updating the version of the operative system of
the Head Office workstations, reaching a total of 1,000 equipments. In
parallel, a replacement project of 1,100 workstations at Branches and the
Head Office was initiated.
A remote printing mechanism for Branches was developed, which allows
the faster printing and reduction of the impact on the use of those links
the Branches have with the IT department.
A new technology for the data safeguard of nearly double the speed
of the previous one and with a storage capacity 3,5 times higher was
implemented.
The process of installation of Automatic Loan Assessment Procedures of
Individuals and Professionals and Small Companies has been initiated,
within the general framework of the Loan Risk Assessment Project.
Accordingly, new Predictive models such as ARC PyPEs which is
working in the entire Bank were developed. Later on, the installation of
the Predictive of Individuals as the next step will be discussed.
The Project of Broad Powers in Branches, based on the application of
these tools is already installed in test phase in 7 locations. During this
process, Branches have greater lending autonomy within the framework
of a tool that allows ensuring the standard quality of the Portfolio
managed under these methods.
These progresses enable the simplification, time-reduction and
unification of lending procedures in Branches as well as in the Head
Office, thus achieving efficiency, and mainly the unification of lending
risk criteria to be applied, with the foreseeable improvement in default
rates.
MANAGEMENT PLAN
We prepared general control panels and by channel on a monthly basis,
by providing commercial channels and several pertinent control phases
with the required information to assess the compliance with the Plan’s
objectives.
The Management Plan Follow-up Committee reviewed its progress
2011 ANNUAL REPORT
35
monthly, by providing the Bank’s Board of Directors with their
conclusions. The follow-up of the Plan was one of the main items of the
topics discussed in each monthly meeting held by the Bank’s Executive
Board.
The 2010-2011 Management Plan organized permanently short-term
actions with our Medium-Term Strategic Plan, which, as known, aims at
the implementation of structural changes required to reach objectives and
to properly maintain the growth of our Entity.
We remembered that this plan has an impact on the entire Organization
and is related to commercial, technological, building, processes, quality
and human resources aspects and institutional training of our officers, as
from different strategic projects included therein.
On the other hand, we strictly control the budget, which intended to
optimize the expenses enabling us to maintain the same in delimited
levels, within a context of increasing operations, labor costs and supplies.
EXECUTIVE BOARD
The institutional running of the Bank continued getting stronger. In the
22 regions, the Executive Board’s management was increasing by covering
both local and regional problems, taking into account the geographic
dimension and diversity.
The specific work made by the Regional Advisory Committees continued
reinforcing the Branches participation in the management of the Bank.
That regional scope continues generating an original and effective way
to work, which combines the institutional-social level with that of the
cooperative entity.
This organizational performance is based, as usual, on the participation
from the Cooperative’s basis through the Members Commissions,
maintaining its prominent role as regards the relation with the Members
and with the social, cultural, local, business and cooperative entities,
among others, linked to each Branch. In this way, the organization work
model went on giving importance to local action and favoring the aswide-as-possible surface of contact with members of the cooperative
entity and the community.
The Board kept its full running through monthly meetings including the
Board of Directors and the General Management. As traditionally, a great
number of Officers also participated in the meetings.
Based on this balanced leadership diagram, we treated and approved the
most relevant topics for the Bank’s running.
As regards the main topics of the Entity’s business strategy, the
Board discussed the economic and financial situation of the country
permanently so as to properly define the future scenario and then, face
the complexity that the current context demands in an accurate manner
and with the greatest effectiveness.
The Executive Board had to lead and focus the Entity within the
framework of the current economic-financial context, influenced by
BANCO CREDICOOP
36
the complex international situation that had an impact on the whole
economy, trade and finances in the world. In our country, this situation
had also consequences, despite they were relative due to the current
macroeconomic strengths and several measures taken by the Argentine
State, intended to support the internal market, by giving a boost to
consumption and production.
The main decisions adopted by the Bank’s Board of Directors were based
on the principles and on the traditions of the cooperative movement;
that is to appeal to our Members and the public opinion by providing
them in a limpid manner with all the pertinent information and openly
committing ourselves to a clearly-defined interpretation of the facts
under debate. Therefore, based on the experience of our historic sources
in the field, the policies drawn up by the Executive Board achieved the
complete support and confidence from our Members and general public.
In all Executive Board meetings, we integrally consider the course of
the Management Plan. This process of debate and management control
helped to quickly adopt the necessary corrective actions, achieving
the Plan’s fulfillment level in accordance with the planned objectives,
which allowed us not only to obtain positive results, but also to keep
on improving our positioning, thus being able to begin a new fiscal year
with renewed success expectations and with a consolidated economicfinancial situation.
The Executive Board spent its time debating and approving the main
themes of the Institutional Management Plan for all the organization,
based on the methodology timely prepared in order to deal with the
planning and development of the Plan. From that onwards, the Entity as a
whole worked harmoniously and with a common tool.
After a fruitful collective creation process, the Plan has been consolidated
as a main beam in the institutional level.
As from its strengthening and formalization, a wide exchange of ideas
came in all the Banks stages as regards the main axis stated thereby,
which consider the essence of our ideas and model: a) to go into
participative democracy in depth, b) to strengthen the role of the Entity’s
management links: Executive Board, Regional Assisting Committees
and Members Committees, c) to enlarge the number of members who
currently participate in the cooperative management, d) to increase
our organization influence on the debates of ideas for an authentically
democratic and solidarity-based society.
As a corollary of this process, the Institutional Management Plan was
officially launched. Such tool, applied in a flexible and permanent
way, allowed the achievement of a Bank’s planning on this field, which
–year by year- is overcome and enriched thanks to the growing and deep
participation of the Bank’s branches in the development.
The operation of the Commercial Management Plan Self-Control
Committee allowed –thanks to its working methodology- the institutional
topic to be dealt properly within that sphere, thus enabling the Members’
Committees to promote and monitor the Institutional Management Plan
2011 ANNUAL REPORT
37
and consequently the Bank’s Integral Plan based on the information
issued thereby.
On the other hand, educational activity was strategically planned as
a part of the institutional strengthening integral program, based on a
pedagogical methodology that makes possible the realization of a wide
educational experience put into practice.
Having set the Institutional Management Plan in motion, a valuable
method for the institutional work in general, and for the educational
action in particular, the Cooperative Education Secretariat went on
developing the Educational Program intended to educate and train
managers. In this way, it began to align its work with the needs of
planning and management process.
From that on, the essential institutional tasks were defined as: the growth
of Members Committees, an essential and vital core for the effective
participation in the cooperative Management.
The Cooperative Education Secretariat, the District Responsible for
Education and the Branches’ Education Secretaries went on developing
the Educational Program proposed by the Board of Directors and
duly approved by the Executive Board, whose main goal is that of the
cooperative education and training, the institutional policy update of
all who take part of the Banco Cooperativo and the consolidation of the
Integral Management Model. In this respect, the Secretariat developed
its labor in conjunction with the Human Resources Management
Department, in the framework of the Institutional Strengthening Program,
to reach proposed objectives.
Consequently, 26 district workshops about “Economy Policy and
Financial System” were developed, 2 out of which were addressed to
management teams of the Head Office, in which 501 leaders and 802
officers participated. Subsequently, this training activity was retorted in
all offices including all personnel and Members’ Commissions reaching a
total of 286 Workshops, 245 in Branches and 40 in the Head Office, with
the participation of 2,877 employees and 1,410 leaders.
Additionally, a Workshop for Advisors about “National and International
Policy” was conducted by Juan Carlos Junio, Presidential Advisor.
Using the same methodology, the “Cooperativismo y Realidad Nacional”
[“Cooperativism and National Reality”] Workshops were developed.
Previously, such workshop had been carried out by Permanent and
Deputy Advisors during a special activity in our Head Office.
In June, the on-line course (e-learning) “Introducción a la Economía
Social – Módulo I“ [“Introduction to Social Economy – Module I”] given
by the PLED (Programa Latinoamericano de Educación a Distancia en
Ciencias Sociales del Centro Cultural de la Cooperación “Floreal Gorini”)
[E-Learning Education Latin-America Program on Social Sciences of
the“Floreal Gorini” Cooperation Cultural Centre), in coordination with
the Human Resources Management was launched for Permanent and
Deputy Advisors, and for the Responsible for Cooperative Education.
As this is usual in the work made by the Secretariat, jointly with the
BANCO CREDICOOP
38
“Programa de Fortalecimiento Institucional” [“Institutional Strength
Program”] and IDELCOOP, three meetings were held with all the
Responsible for Cooperative Education. The purpose was to assess and
balance the tasks performed and to plan jointly the following educational
work stages.
In compliance with Communication “A” 5042 of Argentina’s Central
Bank, the Bank’s Audit Committee continued operating with the express
objective of monitoring the appropriate operation of the internal control
systems. The Committee coordinated the work of the internal, external
audits and of the Statutory Auditor.
In turn, with adjustment to the Communication “A”4353, the Money
Laundering Control and Prevention Committee complied with its role
of keeping updated the prudential, awareness and control policies
modeling. All of those aimed at optimizing the professionalism in the
contact and application tasks of the policy “Conozca su Asociado” [Know
your Member], and the concurrent compliance with the Rules that our
Cooperative Organization has historically shown as a fortress.
In compliance with the provisions stated under BCRA Communication
“A” 4609, the IT Committee continued supervising the proper operation
of the IT environment, thus assessing the degree of fulfillment of the
Informatics Strategic Plan, reviewing the IT-environment-and-systemsrelated reports issued by the auditors, ensuring the execution of
corrective actions intended to regularize or minimize those weaknesses
observed, and informing the topics dealt with to the Bank’s Board of
Directors.
Mr. Carlos Heller, President of our Bank, continued in the position of first
Vice-president of the “Asociación de Bancos Públicos y Privados de la
República Argentina” (A.B.A.P.P.R.A.) [Association of State-owned and
Private Banks of the Argentine Republic].
As usual, members from our Executive Board integrated the Board
of Directors of the Instituto Movilizador de Fondos Cooperativos
[Cooperative Funds Mobilizing Institute – IMFC, for its Spanish
acronym], participating in its initiatives and representing the IMFC and/
or the Bank in regional or national ceremonies and meetings.
MEMBERS’ COMMITTEES
The year under review showed once more the leading role played by the
members of these Committees in those issues related to the collaboration
with their President as well as in the tasks connecting Members and
entities related to companies from each Branch.
Member’s Committees, which operate in each Branch, constitute the
materialization of the cooperative philosophy of our Entity. They are in
charge of supervising, along with the Branch’s officers and personnel,
the commercial and administrative management of same and the
development of the Cooperative’s institutional policy. They are also
responsible for the connection of the Bank with the community in which
2011 ANNUAL REPORT
39
it operates, due to the social character of the Cooperative Movement.
Due to the initiative from each of them, they developed hundreds of
different activities, which in most cases had the valuable assistance of
IMFC, IDELCOOP, IADE, APyME, Bank’s leaders and officers, in addition
to figures from culture, politics and social movements. The summary of
such activities and the number of attendants to same was the following:
Lectures and debates
Courses and seminars
Massive ceremonies
Gatherings with few Members related to different topics
Several commemorations, dinners, cultural and social activities
Diffusion activities of the Cooperative Proposal
with Members and Institutions
Total
Activities
1,069
853
2,335
1,526
Attendants
29,273
16,226
19,617
11,816
62,515
3,538
9,321
48,570
188,017
INSTITUTO MOVILIZADOR DE FONDOS COOPERATIVOS
The IMFC kept the management trend which acquired a renewed boost
after the celebration of its 50th Anniversary on November 2008. Thus,
in this path toward its second half century of existence, the Instituto
Movilizador intensified its labor on both levels traditional and inherent to
cooperative nature: business dimension and social and cultural activity.
On the first of such levels, the IMFC executed an agreement with the
National Ministry of Social Development in order to operate with
microcredits. In this regard and as a result of the frame agreement with
this Government office, it set up a work agenda with the Comisión
Nacional de Microcréditos [Microcredits National Committee], for the
creation and start-up of two consortiums in the province of Córdoba
– one in Valle de Punilla and the other one in the capital city of the
Mediterranean province – and a network having as epicenter the city of
Mar del Plata and its area of influence.
The aim of this initiative consists of applying the rich experience gained
in the management of solidarity credit to contribute by means of this type
of operation to improve the quality of life of a portion of the low-income
population and to encourage the development of new entrepreneurs.
As regards the consortiums and the network above mentioned, it is
worth pointing out that same are constituted by several civil society
organizations – such as in the case of Cáritas, in the area of Mar del Plata
– and two municipalities: one from Cosquín, in Córdoba and the other
one from the capital city of said province. Upon the closing of the fiscal
year under review, the first transactions were about to be effected.
On a different level and through its Projects department, Instituto
Movilizador provided advice and technical assistance to a group of
cooperatives, mainly associated work cooperatives, to get access to
several benefits granted by Governmental agencies, such as INAES, the
above mentioned National Ministry of Social Development and the
Ministry of Labor, among others.
BANCO CREDICOOP
40
The experience gained so far shows extremely satisfactory results, such
as those reflected by, for instance, the Cooperativa de Trabajo Tigre [Labor
Cooperative], in the district of Pozo del Tigre, province of Formosa, where
women associated to such cooperative could acquire sewing machines,
other equipment and supplies for making several textile products which
are already commercialized in said province and in other sales points
across the country. That means that cooperative integration and IMFC’s
technical and institutional support allowed a group of families to
substantially improve their life and work conditions.
Another accomplished activity has been the agreement between the IMFC
and the Italian NGO Prosud, aimed at the creation of associative groups
and cooperatives for the collection of urban solid waste in the cities of
Rosario and Firmat, among others, province of Santa Fe, as well as in La
Matanza, province of Buenos Aires. As in the first example mentioned,
the social impact in this case is also extremely important and constitutes
the result of an efficient coordination task among the municipalities,
Prosud and IMFC.
Besides these activities, IMFC contributed with its associated
cooperatives (the last register shows a total of 135 entities associated
to our federation) to perform several negotiations before the Instituto
Nacional de Acción Cooperativa (INAES) and the competent local bodies
foreseen by Ley 20337 [an Act] in several jurisdictions.
As regards the social and cultural tasks, last year was particularly intense
and productive in terms of actions. In this regard, one of the initiatives
started up is the broadcasting of the radio program named Desde la
Gente [From the people], aimed at spreading social economy values and
activities across the country.
This radio production added to the traditional short radio programs
(which have been broadcasted since 1990 nationally) constitute a
contribution to inform about cooperativism in all its varieties, both in our
country and abroad.
We highlight the growing activity of the Institute in the artistic field as
well as in the Social Sciences conveyed through the Centro Cultural de la
Cooperación Floreal Gorini. Throughout the year, our Center displayed a
range of high impact initiatives within the cultural community.
The Centro Cultural de la Cooperación was the scenario of significant
debates in the field of history, scenic arts, theater, economics, education,
etc. Important figures from our country and from the rest of the continent
gather, more frequently each time, at the Cooperation Cultural Center so
as to exchange ideas aiming at creating renewed contributions seeking a
critical and progressive culture.
An important core of researchers is growing in the quality of their works
and their theoretical conceptualizations, contemplating the originality of
the center.
The PLED, directed by the sociologist Atilio Boron, continued in a
growing process with its two programs: open PLED and Banco Credicoop
PLED.
2011 ANNUAL REPORT
41
Regarding the communication level, the CCC (Cooperation Cultural
Center) daily radio program “Que vuelvan las ideas” [May the ideas come
back] continues strengthening, with great impact and prospects of gaining
a growing audience.
In this sense, it is also worth mentioning the growth of the CCC’s Digital
Magazine. Its reviews and contributions to debate in the arts and social
sciences fields are ensuring the magazine as a transcendental space of
critical thinking.
In December, the Cultural Center had the honor to receive the President
from Ecuador, Rafael Correa, at the Solidaridad hall; the president spoke
before 300 Argentine intellectual people.
We highlight the tribute payed to Mariano Moreno, upon the bicentennial
of his death, in a meeting integrated by qualified people as the historian
Felipe Pigna, the Director of the National Library, Horacio González, and
the CCC Director, Juan Carlos Junio.
Lastly, an important tribute to the recently deceased writer David Viñas
was held in June.
To sum up, it is reinforcing on the principles of cooperation aiming at
creating a new thinking that contributes to the fight for a fairer and more
fraternal, social, and cultural order.
Finally, the IMFC as a member of the Confederación Cooperativa de
la República Argentina (Cooperar) [Cooperative Confederation of the
Argentine Republic] was one of the promoters of the Argentine Congress
of Cooperatives 2012, the preparation tasks of which began during the
first half of 2011 and will end on the first Saturday from July 2012, which
coincides with the International Day of Cooperatives.
Moreover, due to the fact that it is associated to the Alianza Cooperativa
Internacional (ACI) [International Cooperative Alliance], the Instituto
Movilizador constitutes –as Banco Credicoop does- one of the entities
from the Argentine Republic which will boost several initiatives
regarding the International Year of Cooperatives, as stated by the United
Nations and the ACI, under the slogan “Cooperative enterprises help to
build a better world”.
The IMFC was paid the amount of AR$ 5,036,417 pesos (five million
thirty six thousand four hundred and seventeen).
ACCIÓN MAGAZINE
Acción’s priority was to constantly improve the quality of the service
it renders as means of communication of the cooperative movement
gathered in the IMFC. In fact, the Editorial Department as well as the
Editorial Board and editors, designers and press photographers who
constitute its work team share the idea of making journalism different
from that journalism practiced by hegemonic means and addressed to the
larger groups of society, which are the bases that provide support to our
movement and especially to our Bank. Last April, Acción celebrated its
45th Anniversary with the publication of a special supplement.
BANCO CREDICOOP
42
National reality, in all its expressions, was present in each one of the
fortnightly issues. The so-called Cover Stories, special reports which dealt
with important topics in the politics, social, economic and cultural fields,
for instance, railways situation, law for equal marriage, the homeless,
traffic victims, cooperativism importance in Argentine society, the
Financial Services Bill of law, urban waste, tax inequality, imputability
amongst underage people, decriminalization of abortion, political humor,
the 90th anniversary of the radio, digital technology, use of spare time,
the new strip cartoon. International events were also expressed in that
same section (the European crisis, the Arabian rebellion) and in the
specific pages of the World section.
Another main topic covered by Acción is Economy, which in the last time
has been enlarged to cover SMEs activities including special reports on
several issues related to this area and short news of interest to small and
medium-sized business men. Among the figures from politics and social
sciences that were interviewed, the following can be mentioned: Alberto
Sileoni, Carlos Heller, Adolfo Pérez Esquivel, Agustín Rossi, Pauline
Green, Eva Giberti, Mariano Ciafardini, Vilma Ibarra, Eduardo Aliverti;
among art, culture and sports the following people were interviewed:
Mirtha Busnelli, Claudio Borghi, Guillermo Saccomanno, Federico
Luppi, Teresa Parodi, Clint Eastwood, Víctor Hugo Morales, Litto Nebbia,
Griselda Gambaro and Alejandro Dolina.
As regards the cooperative activity itself, Acción rendered account for the
activities at our Entity’s Branches by publishing summaries of roundtable
discussions, conferences and institutional meetings. Furthermore,
the fortnightly magazine organized trips of special correspondents to
interview the Members’ Committees or to be present at the openings and
reopenings of Branches, among which the following can be mentioned:
San Luis, Río Cuarto, Lincoln, Ituzaingó, Venado Tuerto, Alvear, San
Genaro, Munro, Monolito (Mar del Plata), Posadas, Santa Clara de
Saguier and Buenos Aires (Bicentenario, Plaza Miserere, Catedral, Parque
Patricios).
Mainly due to our Bank management, Acción continued to increase
its fortnightly print run, which is currently around 85,000 copies, a
significant figure among national journalism.
INSTITUTO DE LA COOPERACIÓN, FUNDACIÓN DE EDUCACIÓN,
INVESTIGACIÓN Y ASISTENCIA TÉCNICA - IDELCOOP [Cooperation
Institute - Education, Research and Technical Assistance Foundation]
IDELCOOP continued cooperating with the Secretaría de Educación
del Banco Credicoop [the Bank’s Secretariat of Education] towards the
development and implementation of the Cooperative Educational Plan.
In this sense, together with the Human Resources Department, it assisted
to the Secretariat of Education in the performance of three Meetings of
the District Responsible for Cooperative Education, which advanced on
the training of the leaders by means of lectures addressed by benchmark
2011 ANNUAL REPORT
43
people in the Movement, as well as on the better understanding of the
Bank’s integral management model, the increasing full and pertinent
participation and the definition of tools to be used in training and
socialization of the personnel and new leaders activities.
IDELCOOP also took part in the performance of “Financial Services
Law” and “Cooperativism and national reality” institutional workshops
developed by the Institutional Strengthening Program dependent on the
Human Resources Department.
At the same time, at the Members’ Committees request, several workshops
on Scholar Cooperativism were developed addressed to teachers of
different levels from the educational system, seeking to encourage
thinking and analysis about the starting up of cooperative activities and
projects at school.
The cooperative subject matter continued to be spread through printed
materials published by IDELCOOP. In that sense, it is worth mentioning
that the book on Cooperativism: “Ayer, hoy y Siempre. Valores, procesos
y enfoques” [Yesterday, today and always. Values, processes and
approaches], by Ángel Petriella continued to be presented in several
towns in the provinces and in Buenos Aires city.
The Magazine, mainly oriented at the training of the leaders from our
movement, continued to be published through the release of articles
that gathered the thoughts from our main leaders and from all IMFC and
Banco Credicoop documents.
We have contributed the amount of AR$ 660,023 pesos (six hundred
sixty thousand twenty three) to IDELCOOP as academic assistance,
publications and donations.
ASAMBLEA DE PEQUEÑOS Y MEDIANOS EMPRESARIOS - APYME
(Small and Medium-sized Enterprises Meeting)
APYME continued with its preach in the defense of the micro, small and
medium-sized enterprise problematic situation and continued planning
its operations coherently.
In commemoration of its 24th anniversary, it held a dinner event to
which over 150 business men, organizations and business-related entities
representatives assisted.
In turn, the committee integrated by business men, professionals and
directors, advanced on the creation of the draft bill on Desarrollo
Mipyme [Micro, Small ans Medium-sized enterprises] submitted to the
National Congress. An intensive spreading job was carried out by means
of journalistic reports and talks at several of the Bank’s Branches and at
other business entities to spread the proposal.
These and some other key issues for the area, such as the tax reform and
regulations for hypermarkets, have been stated at the SME Committee
from the Chamber of Deputies -Comisión PyME de Diputados-, where the
document including the “Ten items of the SME Agenda” was submitted.
During this period of time, the circulation of APYME’s National Magazine
BANCO CREDICOOP
44
was strengthened and increased, and the entity’s web page update was
started.
As regards the politics of the national government, APYME has shown
its support to all those measures aimed at guaranteeing the sustenance
of productive activity and work. In that sense, the entity welcomed the
presidential announcement of the 2020 Strategic Plan, and meetings
were held with authorities from the Ministry of Industry, the Sepyme, the
National Ministry of Work, Employment and Social Security.
Progress has been made regarding joint activities with the Sepyme
to favor associative type productive ventures and spread the entity’s
initiatives. A joint act has been held to present the programs for 2011 of
the National Secretariat of Industry.
Business rounds were held with important sectorial participation in
Avellaneda and Rosario. Activities related to the Comprapyme program
also took place; this program refers to transparency in government
purchases, within the frame of which an agreement with Aerolíneas
Argentinas [a state-owned airline] was executed.
Internationally speaking, APYME attended the II National Assembly
from Conupia (Chile) and was visited by the president of such entity,
Pedro Davis. Furthermore, ALAMPYME (Latin American Association for
the Micro, Small and Medium-sized Enterprises) sent a salutation to the
APYME’s new authorities, in which one of the items highlighted is the
entity’s work to strengthen the Latin American unity.
INSTITUTO ARGENTINO PARA EL DESARROLLO ECONÓMICO - IADE
[Argentine Institute for Economic Development]
IADE carried out lectures, conferences and debates in several of the
Bank’s Branches.
Numbers 253 up to 260 of Realidad Económica magazine were published
with important topics and a good reception from the audience, as usual,
thanks to the joint activities carried out with Banco Credicoop.
It is worth mentioning that the Honorable Chamber of Deputies of the
Nation has recently distinguished Realidad Económica on its 40th
anniversary.
The presentation of the book “Horacio Giberti: Memorias de un
imprescindible” by Diego Ramírez took place at the Books Fair. This
book was edited by “Floreal Gorini” Cooperation Cultural Center, the
Univertity of Quilmes sponsored by the Arts National Fund, the FETIP
(State, Work and Production Fundation) and the IADE. The opening of
the event was in charge of Juan Carlos Junio with an eloquent speech
before several attendants. The Bank distributed copies of the book within
its Members’ Committees.
2011 ANNUAL REPORT
45
CREDICOOP ADMINISTRADORA DE FONDOS DE APORTES
VOLUNTARIOS Y DEPÓSITOS CONVENIDOS (AFAVyDC)
[Administrator of voluntary contributions Funds and agreed Deposits]
Throughout the fiscal year, the organization has not rendered any
services despite having changed its corporate purpose, as per required
by Resolution ANSeS No. 290/09, and despite complying with all
requirements necessary to administer the contributions paid by
those people affiliated to the former AFJP either in their individual
capitalization accounts, as voluntary contributions and/or agreed
deposits. This inactivity is due to the fact that the controlling agency
(ANSeS) has not yet concluded the regulation of the operating
procedures, neither has it proceeded with the opening of the method of
payment selection process by the Affiliates, thus the transfer of the funds
involved has not been effected.
The company has obtained a negative result amounting to AR$
3,442,129.- which consisted of a positive financial result of AR$
3,213,550.-, a negative operative result of AR$ 6,743,285.- which derived
basically from charges and provisions due to labor lawsuits, and a
recovery of income tax of AR$ 87,606.
PREVISOL CÍA. DE SEGUROS DE VIDA [Life Insurance Company]
(WINDING-UP)
The organization continued with its voluntary liquidation process. The
injunction imposed by Superintendencia de Seguros de la Nación through
Resolution No. 33869 was kept. By June 30, 2011, the guarantee value
amounted to AR$ 7,675,692 and loss-related costs pending settlement
amounted to AR$ 2,779,396. The fiscal year showed a positive result of
AR$ 3,067,342 which consisted of: a negative technical result of AR$
339,378.- a positive financial result of AR$ 4,361,439.- and an allowance
due to the fiscal year income tax of AR$ 954,719.PREVISOL CÍA. DE SEGUROS DE RETIRO [Pension and Retirement
Insurance Company]
The corporation issued premiums for a total amount of AR$15,061,507
which correspond to the Collective and Individual Retirement Insurance
and to Life annuities derived from Ley 24557 (Labor Contract Law). By
the end of this fiscal year, the company obtained a positive result of
AR$ 17,872,987, which consisted of a negative technical result of AR$
68,758,505.-, a positive financial result of AR$90,500,536 (out of which
AR$ 50,845,523.- are aimed at covering the negative results stated in the
technical structure as per the regulation from the Superintendencia de
Seguros de la Nación [state-owned controlling agency]) and a negative
result in the Income Tax and in the deferred Income Tax which together
amount to AR$3,869,044.
BANCO CREDICOOP
46
CNP ASSURANCES COMPAÑÍA DE SEGUROS DE VIDA S.A. [Life
Insurance Company]
The following stood out: an increase of 239% of the corporate new
invoicing and a year-on-year increase of the global invoicing of 124%. All
of this is the consequence of the growth and consolidation of commercial
networks and the development of new businesses.
Our Bank has been the main marketing channel, and will continue to
grow in a sustainable manner to remain as the pillar for the production
and strategic partner in the development of CNP Assurances Compañía de
Seguros de Vida S.A. Its new sales invoicing increased by 37% compared
to the same period from the previous year. It is worth mentioning the
excellent behavior of life insurance with capitalization and telephone sale
products, which continue indicating the sales growth.
The Company obtained a AA- financial strength rating – granted by the
the Counsel of Fitch Argentina Calificadora de Riesgos [Credit Rating
Agency]. At the same time, thanks to the commitment of the personnel
with continuous improvement, it obtained the renewal of the Quality
Management System certification under ISO 9001:2008 Standards for the
next three years. This accomplishment improves the customers’ perception
and contributes to the Company’s profitability.
SEGURCOOP COOP. DE SEGUROS LTDA. [Insurance Cooperative]
Once more, we reached the aims foreseen in the Management Plan of
Banco Credicoop. Coop. Ltdo. as regards insurance marketing. The main
products sold were the following: Motor Vehicles Coverage, Combined
Family Coverage, Overall Business Coverage, ATM Protection Coverage,
Life Insurance Credits.
Prospects about evolution of sale of these insurance services for next
fiscal year are favorable based on the quality of how services are rendered
and on the strengthening of the excellent ratios the company shows, thus
assuming a high commitment with Banco Credicoop Coop. Ltdo., which
is its main sales force.
It is necessary to point out that this sustainable growth is accompanied
with a strengthening of the Segurcoop Coop. Ltda.’s net equity, which has
obtained the AA- (arg) rating granted by Fitch Argentina Calificadora de
Riesgos S.A.
FINAL CONSIDERATIONS AND PROSPECTS
To the Delegates:
We have just listened to the Annual Report of, may be, the most
outstanding advances, considered in a quantitative and qualitative
manner, from our Bank in the last years.
This occurs contemporaneously with the unprecedented world concern
2011 ANNUAL REPORT
47
regarding the certainty of the world’s economic system sustenance, and
the doubts as regards its stability.
The dramatic consequences that we hear about daily through the media
from the main countries are not perceived in our country.
Undoubtedly, this is the first time in many decades that we seem to be far
away from such suffering; this is due to the recognizable achievements
ascribable to the management and policies implemented after the 2002
crisis. However, beyond our concerns about this issue, it is worth wondering
about the causes of such circumstances.
In the historical search for happiness, Ethics as the expression of that
body of ideas which allowed men to project themselves towards the
future, to live making projects, some of short-term and some others of
long-term, to choose a profession, to form a family, to commit themselves
to fair causes constitutes the structural basis.
In the capitalist system which is nowadays shocked, the fundamental
Ethics were stated in the 19th Century by the utilitaristic and
individualist schools, and continued going through liberalism and
neoliberalism from the 20th Century up to date.
To sum up, social life has been organized under the criterion that
reaching man’s happiness involves the goods one has, so the dissatisfied
anxiety for goods has become a supposedly double virtue: savings and the
eager-to-earn-money business spirit.
This Ethics is being questioned in the world. This Ethics is which
supports dominant human and governmental ambitions, to the detriment
of the large crowds of victims whose happiness is directly linked to
public presence and protection.
We wonder if there is another Ethics which guides human life and
happiness, and we understand that yes, there is.
We affirm that the Cooperative Ethics is the answer that we found to
allow us to advance in the search for such happiness.
This is how the United Nations consider it. The UN, at its 65º Plenary
Session dated December 18, 2009, has stipulated to celebrate the
year 2012 as the International Year of Cooperatives, under the slogan
“Cooperative enterprises build a better world”.
Among the reasons for the decision taken, they state the following:
“Encourage all Member States, the United Nations as well as all the other
pertinent interested parties, to take advantage of the International Year
of Cooperatives, to boost cooperatives and increase consciousness about
their contributions to socio-economic development...”
As our Instituto Movilizador de Fondos Cooperativos stated, cooperation
combines both the socially responsible company and the social
movement features. It has principles and ethical and moral values. It
promotes peace, respects diversity and exercises democracy.
The Cooperative Ethics prioritizes the action and interest for the state and
communal matters as ideal of life, and fosters civic virtues not only from
those who manage the social patrimony, but also from the cooperative
BANCO CREDICOOP
48
citizens themselves, by increasing their level of consciousness as regards
participation.
During the forthcoming fiscal year, the application of these principles
will deserve special prospects; we would have gone deep into the Integral
Management Model in our Cooperative Bank, thus enabling the workers,
officers and leaders’ network to strengthen even more in the idea that
personal realization is a consequence of the collective realization.
To the influx of these Principles, Management and Efficiency in the
operation of our Cooperative Bank will be approached as necessary
premises of its growth and the satisfaction of our members and users,
and they will show the successful model of the Cooperative Bank as a
disinterested contribution available to other areas of the Social and yet
State Economy which seek common wealth.
As regards to the rest, we must state that in regulatory compliance with
that stipulated by Argentina’s Central Bank, in the near future we will
address ourselves to the writing of the Code of Ethics and Corporate
Administration Manual, in a whole agreement with the
Principles stated.
During the time which goes by between the writing of these
Considerations and their reading, the citizens from our country will
participate in the elections which will culminate with the election of
the person who will occupy the Presidency of the Nation until the last
months of 2015. This deserves to share some thoughts.
The 21st Century began with important historical news within the region.
All of them come together with political processes which differ from the
hegemonic neoliberalism from the ‘90s. In several countries of the same
continent, including Argentina, governments with different features
emerged and intended to change the Washington’s Consensus paradigm,
and start different kinds of reforms. By the way, each of these processes
is anchored in its realities and historical decisions, but all of them are
linked by the common denominator of an emancipating and integrating
profile.
Since the year 2003, Argentina has been gradually and persistently
favoring substantive breaks with the neoliberal-conservative inheritance.
To the above mentioned international politics, we must add the human
rights and social politics jointed in incontrovertible pillars such as
memory and justice, social demonstrations without repression and the
re-establishment of levels for joint negotiating discussions about the
workers’ wages, the recovery of the pension funds and the historical
repair of retired people and pensioners payroll mobility and the Universal
Assignment per Child Benefit, recently extended to pregnant women.
Another main break has been, as from the politics appreciation and
the factual powers questioning, the design of an economic architecture
heading to production and job, to consumption and the development of
an internal market, with a leading role of the State in the macroeconomic
order and in the progressive redistribution of income.
It is worth mentioning in this inventory which shows the features
2011 ANNUAL REPORT
49
of what is in dispute, the Equal Marriage Act and the Audiovisual
Communications Services Act, which among other issues, ended with
the unfair discrimination suffered by cooperative entities. In this sense,
it is also important to point out the works performed at the scientifictechnological field, the decision of making the economy stop being
primary-sector-based and the design of a strategic industrial project.
We understand that this is the pathway to resolve several pending
issues with the greatest majorities, quality healthcare for everyone,
more decent and qualified jobs each time, education system capable of
creating emancipatory individuals and the rational use of strategic natural
resources in benefit of the entire society.
In these times, we must not be testimonial nor analyst, we are required to
express ourselves and act, and in that way we are complying with the best
tradition from our cooperative movement, that of transforming character
which founded the Instituto Movilizador de Fondos Cooperativos, from
which we are not heirs because it has a long life ahead, but activists who
continue our history, memory and identity.
To the Delegates:
We have tried to review the management and to state the prospects
for next fiscal year, thus we hereby submit this Annual Report to your
consideration, awaiting the approval of what has been done.
Raúl Guelman
Treasurer
Melchor Cortés
1st Pro-Secretary in charge of the Secretariat
Carlos Heller
President
BANCO CREDICOOP
50
Registered at BCRA under no. 1.4.028 and at INAES under no. 8945.
Member of Instituto Movilizador de Fondos Cooperativos.
Reconquista 484, (C1003ABJ)
Ciudad Autónoma de Buenos Aires,
Argentina.
Te (5411) 4320 5000.
www.bancocredicoop.coop