AIDE-MEMORIE of the BANCO DE GUATEMALA 2008

Transcription

AIDE-MEMORIE
of the
BANCO DE GUATEMALA
2008
AIDE-MEMORIE
of the
BANCO DE GUATEMALA
2008
1
LETTER FROM THE MANAGER
MEMBERS FROM THE MONETARY BOARD
María Antonieta Del Cid de Bonilla
President
Julio Roberto Suárez Guerra
Vice-President
TITLE MEMBERS
Juan Alberto Fuentes Knight
Minister of Public Finance
Max Erwin Quirín Schoder
Elected by the business associations
of commerce, industry and agriculture
Rómulo Alfredo Caballeros Otero Minister of Economy
Julio César Recinos Salas
Minister of Agriculture, Livestock and
Feeding
Julio Vielman Pineda Elected by the presidents of the administration
councils or boards of directors of the national
private banks
Miguel Angel Lira Trujillo
Elected by the Superior Council of the
Universidad de San Carlos de Guatemala
Luis Fernando Pérez Martínez
Elected by the Congress of the Republic
DEPUTY MEMBERS
Edgar Alfredo Balsells Conde Elected by the Congress of the Republic
Sergio de la Torre Gimeno
Elected by the business associations
of commerce, industry and livestock
Gabriel Biguria Ortega Elected by the presidents of the administration councils
or boards of directors of the national private banks
José Rolando Secaida Morales
Elected by the Superior Council of the
Universidad de San Carlos de Guatemala
Note: Title members and Deputies that were holding these positions to December 31, 2008.
PERMANENT CONSULTANTS
Manuel Augusto Alonzo Araujo General Manager
Sergio Francisco Recinos Rivera
Financial Manager
Johny Rubelcy Gramajo Marroquín Director of the Department
of Economic Studies
Oscar Roberto Monterroso Sazo Economic Manager
Leonel Hipólito Moreno Mérida
Legal Manager
Edgar Baltazar Barquín Durán
Bank Supervisor
Armando Felipe García Salas Alvarado
Secretary
Note: Authorities and Superior Officers that held these positions to December 31, 2008.
BANCO DE GUATEMALA
AUTHORITIES
María Antonieta Del Cid Navas de Bonilla President
Julio Roberto Suárez Guerra Vice-President
Manuel Augusto Alonzo Araujo General Manager
Oscar Roberto Monterroso Sazo Economic Manager
Sergio Francisco Recinos Rivera Financial Manager
Lidya Antonieta Gutiérrez Escobar Administrative Manager
Leonel Hipólito Moreno Mérida
Legal Manager
SUPERIOR OFFICERS
Johny Rubelcy Gramajo Marroquín
Director
Department of Economic Studies
Pablo Antonio Marroquín Fernández
Sub-director
Department of Banking and Financial Analysis
Carlos Eduardo Castillo Maldonado
Sub-director
Juan Carlos Castañeda Fuentes
Director
Department of Economic Research
Waleska Marilú García Corzo
Sub-director
Sergio Javier López Toledo
Sub-director
Department of Economic Research
Otto René López Fernández
Director of the Department of
Economic Studies
Romeo Eduardo Campos Sánchez
Director of the Department of Communication
and Institutional Relations
Fernando Wladimir Danilo Estrada Pérez
Sub-director
Department of Economic Statistics
Edgar Rolando Lemus Ramírez
Director
International Department
Rómulo Oswaldo Divas Muñoz
Director
Department of Monetary Stabililzation
Operations
Jorge Aníbal Del Cid Aguilar
Sub-director
International Department
Jorge Vinicio Cáceres Dávila
Sub-director
Department of Monetary Stabilization
Operations
Mynor Humberto Saravia Sánchez
Director
Department of Administrative and
Security Services
Héctor Adelso Del Cid Solórzano
Director
Accounting Department
Mario Roberto León Ardón
Sub-director
Department of Administrative and
Security Services
Byron Leopoldo Sagastume Hernández
Sub-director
Accounting Department
Ariel Rodas Calderón
Director
Department of Information and Technology
Salvador Orlando Carrillo Grajeda
Director
Human Resources Department
Byron Saúl Girón Mayén
Sub-director
Department of Information and Technology
Erick Prado Carvajal
Sub-director
Gerardo Noél Orozco Godínez
Advisor III
Legal Counseling
José René Lorente Méndez
Sub-director
César Augusto Martínez Alarcón
Advisor III
Legal Counseling
Armando Felipe García Salas Alvarado
Secretary
Monetary Board
Fernando Villagrán Guerra
Advisor II
Legal Counseling
Aníbal García Ortiz
Sub-secretary
Monetary Board
Bernardino González Leiva
Internal Auditor
José Fernando Ramírez Velásquez
Director
Erwin Roberto Camposeco Córdova
Internal Sub-auditor
Monetary Issue Department
Note: Authorities and Superior Officers were holding said positions to December 31, 2008.
INDEX
Page
CHAPTER I
NATURE AND ADMINISTRATIVE STRUCTURE OF THE BANCO DE GUATEMALA
1.
Nature
2
2.
Administrative Structure
3
CHAPTER II
OPERATIONS AND ACCOUNTS OF THE BANCO DE GUATEMALA
1.
Term Deposits
1.1
Expressed in quetzales
1.2
Expressed in US dollars
8
8
8
2.
Portfolio Bonds of the Banco de Guatemala
10
3.
Treasury Bonds received to cover net deficiencies
10
4.
Measures to provide liquidity temporarily to the banks in the system
10
4.1
4.2
10
11
Measures to provide liquidity in national currency
Liquidity giving operation in foreign currency
5.
International Monetary Reserves and transactions in foreign currency
5.1
International monetary reserves
5.2
Administration of international monetary reserves
5.3
Credit letters
5.4
Issue of drafts and payment orders
11
11
12
19
19
6.
Credit Portfolio
20
7.
Deposits from the non-financial public sector
21
8.
State Financial Agent
8.1
Operations with Treasury Bonds from the Republic of Guatemala
8.2
Administration of amortization funds
8.3
Trusts and guarantee funds
22
22
23
24
9.
Savings Protection Funds
25
10.
Fiduciary funds for Bank Capitalization
27
11.
Payment Systems
29
11.1
11.2
11.3
11.4
29
30
31
34
Banking Clearing House
Automated Clearing House (CCA, for its acronym in Spanish)
Gross Settlement System in Real Time (LBTR, acronym in Spanish)
Modernization of the payment systems
12.
Bills and coins issued and amortized
36
13.
Contributions by Guatemala to international financial organizations
41
14.
Financial Statements
42
14.1
14.2
42
43
General Balance
State of the results
CHAPTER III
TRANSPARENCY AND ACCOUNT RENDERING
1.
Appearance of the President of the Banco de Guatemala
before the Congress of the Republic
46
2.
Disclosure of information
46
3.
Communication Strategy
47
CHAPTER IV
OTHER ACTIVITIES OF THE CENTRAL BANK
1.
Participation in international meetings on monetary aspects
50
2.
Improvement of economic statistics
2.1
Economic surveys
2.2
Updating of the National Directory of Businesses and their branches (DINEL)
2.3
Progress on the implementation of the V Manual of the
Payments Balance of the IMF
2.4
Progress on the implementation of the
Monetary and Financial Statistics Manual of the IMF
2.5
Implementation of the National Quarterly Accounts System
51
52
52
53
54
54
2.6
2.7
3.
Survey of Inflation Expectations to the Panel of Private Analysts (EEI)
Business Opinion Survey (EOE)
55
55
Academic events
56
3.1
3.2
3.3
3.4
56
57
58
3.5
"Doctor Manuel Noriega Morales" Contest
Economic Journeys
Higher Studies Program
Publication of research papers from the
Central Bank in specialized magazines
Participation in the Research
Networks of the Central Banks of Latin America
58
58
APPENDIXES
1.
Statement of Assets, Liable and Condensed Wealth of the Savings Protection Fund
2.
Financial statements of the Banco de Guatemala
3.
Main resolutions issued by the Monetary Board
62
63
|
65
CHAPTER I
NATURE AND
ADMINISTRATIVE STRUCTURE
OF THE
BANCO DE GUATEMALA NATURE AND ADMINISTRATIVE STRUCTURE OF
THE BANCO DE GUATEMALA
1.
Nature
Article 2 of the Organic Law of the Banco de Guatemala stipulates that the institution, as
the Central Bank of the Republic, is a decentralized, autonomous entity, a juristic personality,
with a private wealth, with the full capacity to acquire rights and to assume responsibilities, with
indefinite duration and with domicile in the territorial division of Guatemala.
Fundamental objective
According to article 3 of the mentioned law, the Banco de Guatemala has as its
fundamental objective to contribute in the creation and maintenance of the most favorable
conditions for the organized development of the national economy; therefore, it will provide the
monetary, foreign exchange rate and credit conditions that promote the stability in the general
level of prices.
The Central Bank, among other functions determined by its organic law, has the
following:
a)
To be the only issuer of the national currency;
b)
To try to maintain an adequate liquidity rate of the banking system, by using the
instruments established in its organic law;
c)
To pursue the good operation of the payment system;
d)
To receive in deposit the banking legal reserve and the legal deposits referred to in said
law;
e)
To administer the international monetary reserves, according with the guidelines
established by the Monetary Board; and,
f)
To carry out the other functions compatible with its nature as a Central Bank, assigned by
legal mandate.
2.
Administrative Structure
Clause h) of article 26 of the mentioned law establishes that the Monetary Board has the
responsibility of approving or modifying the administrative structure of the Banco de Guatemala,
proposed by the General Manager. Based on said decision, the Monetary Board, through
resolution JM-156-2006, issued on December 20, 2006, modified the referred administrative
structure, establishing what has been current since January 2007.
Following is a presentation of the organizational chart, in which the administrative
structure from the Banco de Guatemala is shown:
Secciones
Departamentos
Órganos Superiores
Gerencias
Dependencias Staff
Fideicomisos y
Administración
de Cartera
Liquidación
de Valores
Secretaría del
Consejo
Técnico
Finanzas
Públicas
Análisis de
Mercados y
Comercio Exterior
Balanza de
Pagos
Análisis de
Mercados
Financieros
Cuentas
Nacionales
Estadísticas
Bancarias y
Financieras
Operaciones
de Estabilización
Monetaria
Estadísticas
Cambiarias
Investigaciones
Económicas
Operaciones de
Mercados
Financieros
Análisis
Bancario y
Financiero
Relaciones
Internacionales
Análisis del
Sistema
Financiero
Estadísticas
Económicas
Programación
Financiera
Estudios
Económicos
Gerencia
Económica
Operaciones
Extranjeras
Inversión de
Reservas
Monetarias
Internacionales
Internacional
Registro de
Reservas
Monetarias
Internacionales
Registro de
Operaciones
y Estados
Financieros
Sistema
de Pagos
Contabilidad
Tesorería y
Operaciones
con Bancos
Emisión
Emisión
Monetaria
Análisis de Riesgo de Reservas
Monetarias Internacionales
Gerencia
Financiera
GERENCIA
GENERAL
PRESIDENCIA
JUNTA MONETARIA
Divulgación
Protocolo
Bibliotecas
Comunicación
y Relaciones
Institucionales
Auditoría
Interna
Secretaría del
Comité de Ejecución
Análisis
Organizacional
Centro de
Capacitación,
Adiestramiento y
Desarrollo
del Personal
Desarrollo de
Recursos
Humanos
Planificación y
Relaciones
Laborales
Administración de
Remuneraciones
y Prestaciones
del Personal
Recursos
Humanos
Seguridad
Seguridad
Especial
Investigaciones
Especiales
Secretaría
Administrativa
Mantenimiento
Servicios
Auxiliares
Servicios
Administrativos
y Seguridad
Gerencia
Administrativa
Gestión y
Calidad
Tecnológica
Servicios
Informáticos
Proyectos
Informáticos
Infraestructura
Tecnológica y
Bases de Datos
Tecnologías de
Información
Secretaría
de la Junta
Monetaria
Asesoría
Jurídica
Gerencia
Jurídica
INSTITUTIONAL STRATEGIC PLAN
OF THE BANCO DE GUATEMALA
The Institutional Strategic Plan is a joint effort of the General Manager’s office and
officers of the Banco de Guatemala, which consists of the determination of the strategic
objectives that allow orienting its management, through the establishment of middle and longterm actions, so that the institution can exercise the decreed in the organic law and fulfill its
fundamental objective.
In that sense, is its administration policy of the Central Bank to give follow up to the
execution of the referred plan, as well as evaluate the results that have been reached, with the
purpose of adapting the changes in the environment, to review the validity of its long-term
objectives and the consistency of the strategies that have been contemplated, which allows taking
into consideration the implications that said changes represent for the fulfillment of the
mentioned strategic plan.
A continuación se describen los principales elementos del Plan Estratégico Institucional
2008-2012, cuyo contenido fue definido y aprobado en agosto de 2007.
Below are the main elements of the Institutional Strategic Plan 2008-2012, which was
defined and approved in August 2007.
MISSION
To promote the stability in the general level of prices.
VISION
The Banco de Guatemala will continue promoting the stability in the general level of
prices, as its fundamental contribution to society, through the full exercise of its
autonomy, holding operations that are proper of a Central Bank, transparent
management, account rendering, effective communication, organizational quality and
optimum use of available resources, according to the best international practices.
INSTITUTIONAL VALUES
•
•
•
•
Spirit of service
Ethical
Honesty
Identification
•
•
•
Leadership
Respect
Responsibility
STRATEGIC OBJECTIVES
1.
Consolidate the scheme of inflation targeting
2.
Consolidate the modernization process of the payments system.
3.
Strengthen the administration of the international monetary reserves.
4.
Strengthen the institutional culture of transparency, account rendering and
credibility
5.
Strengthen institutional management
It is necessary to point out, that based on the Institutional Strategic Plan, the different offices of
the Banco de Guatemala formulate and execute the respective work plans, including the projects
required for their fulfillment.
CHAPTER II
OPERATIONS AND ACCOUNTS OF THE
BANCO DE GUATEMALA
OPERATIONS AND ACCOUNTS OF THE BANCO DE GUATEMALA
1.
Term Deposits
1.1
Expressed in quetzales
As part of the monetary stabilization operations that the Banco de Guatemala carries out
in the execution of the monetary, foreign exchange rate and credit policy, in 2008, the reception
of term deposits continued through the different fund-raising mechanisms, for the term and
interest rate as well as the maturity date and yield. In that regard, at the end of said year, the
balance of said deposits was of Q16,191.5 million, amount higher by Q4,254.2 million than the
one registered at the end of 2007. The fund-raising carried out through the different mechanisms
was of Q156,578.1 million, as shown in the following table:
TABLE 1
BANCO DE GUATEMALA
MOVEMENT OF TERM DEPOSITS IN QUETZALES
YEAR 2008
(Millions of quetzales)
CONCEPT
TOTAL
Bidding per term
Bidding per due date
Bidding directly with public entities
1/
MEBD and stock exchange
Window per term
Window per due date
Remunerated legal banking reserve
1/
a/
BALANCE TO
FUND-RAISING
12/31/2007
BALANCE TO ABSOLUTE
12/31/2008
VARIATION
MATURITIES
11,937.3
160,832.3
156,578.1
5,387.9
67.7
69.3
655.0
4,987.7
145.1
624.6
51.7
799.6
2,060.8
138,579.1
18,603.5
585.7
151.9
2,105.3
445.8
1,167.3
132,212.1
20,219.4
283.8
144.4
a/
16,191.5
3,334.3
421.5
962.8
7,022.0
3,371.8
447.0
632.1
4,254.2
-2,053.6
353.8
893.5
6,367.0
-1,615.9
301.9
7.5
MEBD: Electronic Banking Money Table
Includes Q100 million redeemed ahead of Schedule as a measure to provide liquidity in national currency to banks in the system temporarily.
1.2
Expressed in US dollars
To December 31st, 2008, the balance of the term deposits in dollars of the United
States of America that the system’s banks registered in the Banco de Guatemala as legal banking
reserve was of US$11.1 million, higher in US$1.6 million than the registered at the end of 2007
(US$9.5 million).
As to the balance of term deposits in US dollars, made at the window with public entities
to December 31, 2008, this was at US$2.6 million; amount lower by US$44.1 million to the
registered the year before (US$46.7 million).
On the other hand, according to temporary resolution JM-104-2008 from the Monetary
Board, between September 24 and December 31, 2008, the Banco de Guatemala gave the banks
of the system, the financial stock companies and offshore entities, as long as they were legally
part of a financial group, the availability of constituting term deposits expressed in US dollars. In
that sense, the financial entities constituted term deposits for a total of US$58.0 million, which
maturity was before December 31, 2008. Due to this, the referred term deposits did not affect the
total balance of the term deposits expressed in US dollars, to December 31, 2008.
In summary, at the end of 2008, the total balance of the term deposits in dollars of the
United States of America was of US$13.7 million, lower by US$42.5 million to the observed to
December 31st, 2007, as shown in the following table:
TABLE 2
BANCO DE GUATEMALA
MOVEMENT OF TERM DEPOSITS IN US DOLLARS
YEAR 2008
(Millions of US dollars )
CONCEPT
TOTAL
Remunerated Legal banking reserve
Window
Financial entities (Res. JM-104-2008)
2.
BALANCE TO
FUNDRAISING MATURITIES
12/31/2007
56.2
9.5
46.7
0.0
68.7
8.1
2.6
58.0
BALANCE TO ABSOLUTE
12/31/2008 VARIATION
111.2
6.5
46.7
58.0
13.7
11.1
2.6
0.0
-42.5
1.6
-44.1
0.0
Portfolio Bonds of the Banco de Guatemala
The balance of portfolio bonds of the Banco de Guatemala, at the end of 2008, were at
Q1.6 million, made up entirely of banking bonds with mortgage guarantees acquired by the
Central Bank before 1990. Said balance is lower by Q0.4 million (20.0%) regarding the observed
at the end of 2007, decrease that corresponds to capital amortizations made.
3.
Treasury Bonds Received to cover net deficiencies
In fulfillment of the established in clause b) of article 9 of the Organic Law of the Banco
de Guatemala, the State, through the Ministerio de Finanzas Públicas, on August 24th, 2008
issued Representative Certificates of the Treasury Bonds of the Republic of Guatemala of Q393.3
million in favor of the Banco de Guatemala, to cover the net deficiency of the Central Bank that
corresponds to the fiscal year 2006, to a term of 30 years and an annual interest rate of 4.27%, so
to December 31, 2008, the balance of the referred titles under the Central Bank rose to Q3,110.3
million.
4.
Measures to temporarily provide liquidity to system banks
Given the current situation of the international financial markets, characterized by a high
volatility, which excercises pressure on the financial sectors of the majority of the countries
worldwide and that modifies the acces to resources conditions, in terms of amount and cost,
which made manifest the need to oversee the domestic conditions of liquidity to estaoblish
mechanisms to take care of eventual contingencies, in order to help keep the stability in the
domestic financial market, the Banco de Guatemala proceeded to implement measures to provide
temporary liquidity to the system banks.
4.1
Measures to provide liquidity in national currency
During the November 24-December 31, 2008 period, the Banco de Guatemala, according
to the agreed by the Execution Committee, made temporary liquidity available to banking entities
in national currency, through the anticipated redemption of Term Depostis constituted in the
Central bank and through holding purchase operations of Treasury Bonds from the Republic of
Guatemala expressed in quetzales.
Regarding the anticipated redemption operations of Term Deposits, these were held with
deposits orginially constituted for terms between 3 and 8 years, issued to the banks of the system
and at face value. The amount of the operations held through this mechanism rose to Q100.0
million.
As to the purchase operations of Treasury Bonds from the Republic of Guatemala
expressed in quetzales, the same were held at nominal value for said bonds. Total operations rose
to Q100.00 million.
4.2
Operations of liquidity giving in foreign currency
Through resolution JM-122-2008, dated November 5, 2008, the Monetary Board
authorized the Banco de Guatemala to provide liquidity in US dollars to the system Banks,
through repurchase agreement operations, thorugh which the Central Bank could buy Treasury
Bonds from teh Republic of Guatemala expressed in US dollars and in quetzales, as well as Term
Deposit Certificates constituted in the Banco de Gautemala, in those two last cases by their
equivalent in US dollars. To December 31, 2008, operations were registered with banking
entiteis for a total of US$90.7 million.
5.
International Monetary Reserves and transactions in foreign currency
5.1
International Monetary Reserves
The level of the absolute international monetary reserves of the Banco de Guatemala, net as well
as absolute, at the end of 2008 was at US$4,658.8 million, higher by US$338.5 million regarding
the level observed at the end of 2007.
TABLE 3
BANCO DE GUATEMALA
INTERNATIONAL MONETARY RESERVES
ABSOLUTE AND NET
YEARS 2007 - 2008
(Millions of US dollars)
CONCEPT
2007
VARIATION
2008
ABSOLUTE
I.
Absolute reserves
II.
Obligations up to a year term
III.
Net reserves (I - II)
5.2
RELATIVE
4,320.3
4,658.8
338.5
7.8
0.0
0.0
0.0
0.0
4,320.3
4,658.8
338.5
7.8
Administration of the international monetary reserves
The Monetary Board, in resolution JM-29-2004 dated April 1st, 2004, modified by
resolution JM-135-2004 dated November 10th, 2004, JM-16-2006 dated February 1, 2006 and JM
68-2006 dated July 5, 2006, authorized the investment policy of the international monetary
reserves of the Banco de Guatemala, so that said reserves are invested according to liquidity
security and profitability criteria and established the distribution mechanism of the same, for the
effect creating, the Liquidity and Portfolio tranches.
In 2008, in order to strengthen and update the management ability asociated to the
admnistartion of international monetary reserves from the Banco de Guatemala, based on the best
practices on recognized matters as international standards, in resolution JM-15-2008, the
Monetary Board authorized extending the particiaption of the Banco de Guatemala in the
Reserves Advisory and Management Program, RAMP, of the World Bank for which they
resolved modifying annex 6 to resolution JM-29-2004, in the sense that they added a year of
activities onto said program.
The Settlement tranche is directly administered by the Banco de Guatemala and its main
purpose is to provide coverage to potential exits of reserves in a one year period. This tranche is
made up of two sub-tranches known as Work Capital and Settlement Administration, which have
as their objective: first, to cover potential exits of reserves in a one month period and, second, to
give coverage to the foreign currency obligations estimated for up to a twelve month period.
The investments that constitute the Settlement Tranche, per sub-tranche, to December 31st, 2008,
are shown below:
TABLE 4
BANCO DE GUATEMALA
LIQUIDITY TRANCHE
TO DECEMBER 31, 2008
(Millions of US dollars
)
SUBTRANCHES
TOTAL
WORK CAPITAL
Depostis at sight in the Federal Reserve Bank of New York
LIQUIDITY MANAGEMENT
Banco de Guatemala
a/
AMOUNT
580.8
89.8
89.8
491.0
491.0
a/
Refers to the countable value of the portfolio .
On their part, the Portfolio Tranche is administered by the financial institutions of
recognized international prestige, specialized in portfolio management, for which effect the
Monetary Board has authorized the General Management of the Banco de Guatemala to hire the
services of the institutions of this nature. Said tranche is constituted by the difference between
the amounts of the susceptible liquid reserves to be invested and the resources assigned to the
Settlement Tranche.
The distribution of the resources of the Portfolio Tranche, to December 31, 2008, is
shown as follows:
TABLE 5
BANCO DE GUATEMALA
PORTFOLIO TRANCHE
(Millions of US dollars and percentages)
ADMINISTRATOR
AMOUNT
TOTAL
3,869.1
UBS Global Asset Management (UK) Ltd.
Allianz Global Investors Advisory GmbH
JPMorgan Asset Management (UK) Ltd.
World Bank (RAMP)
a/
1,181.4
1,225.2
775.3
687.2
STRUCTURE
a/
100.0
30.5
31.7
20.0
17.8
Refers to the countable portfolio value.
The funds that constitute the investment portfolios of the Portfolio Tranche and of the
sub-tranche for Settlement Management for the Settlement Tranche are under the custody of the
State Street Bank and Trust Company, entity that was hired to render technical services of global
custody to the Banco de Guatemala.
According to clause e) of article 4 of the Organic Law of the Banco de Guatemala and the
referred investment policy of the international monetary reserves, the General Direction of the
institution, during 2008, the international monetary reserves of the Banco de Guatemala were
invested in repurchase agreements; in deposits immediately demandable and term deposits in
international financial institutions and in first-order foreign banks; in gold deposits in specialized
entities in this type of investments, in letters, notes and treasury bonds; in securities issued or
guaranteed by international organizations, financial institutions or foreign governments of
recognized solvency; in securities issued or guaranteed by governmental agencies with sovereign
guarantee; and, in other long-term instruments.
Regarding the liquidity and security of the investments, both criteria are evidenced in the
qualification of the instruments in which the international monetary reserves of the Banco de
Guatemala are invested. For that reason, for the short-term securities the qualifications allowed
are those no lower than A -1, of Standard & Poor’s; and, P-1 de Moody’s Investors Service;
whereas the qualifications allowed for the long-term securities are those not lower than AA-, of
Standard & Poor’s; and, Aa3, of Moody’s Investors Service1.
As to the average net profitability of the international monetary reserves investment,
considering the market value of the investment portfolio of the Banco de Guatemala abroad,
during 2008 was of 5.309% annually for the Settlement Tranche and of 6.476% annually for the
Portfolio tranche. It is worth indicating that due to the modifications to the Investment Policy of
the International Monetary Reserves of the Banco de Guatemala approved in resolution JM-162006 of the Monetary Board dated February 1, 2006, the investment of resources in the Work
Capital Sub-tranche are evaluated based on the current federal funds interest rate of the United
States of America, as long as the profitability of the investments of the Settlement Management
sub-tranche resources, investment portfolio that previously made up the Portfolio tranche, are
evaluated based on the approved benchmark by the Monetary Board for said sub-tranche.
Therefore, the corresponding rendering of the Settlement Tranche is calculated as the weighted
average of the yield obtained by the two sub-tranches that make it up.
The following tables show the invested amounts and the profitability obtained during
2008 in the Settlement Tranche and in their sub-tranches named Work Capital and Settlement
Management.
1
The referred grading in the short term define that the ability of the issued to fulfill the financial commitment is “Extremely strong”; in other
words, that the same correspond to instruments of high credit quality and to a high re-payment ability, on behalf of the issuer. As to qualifications
for long term., they define that the ability of the issuer to fulfill the financial commitment as “Extremely Strong” or “very strong”; in other
words, that the same correspond to instruments of the same high quality credit and a low one ov very low expectation of investment risk.
TABLE 6
BANCO DE GUATEMALA
YIELD OF THE SETTLEMENT TRANCHE
YEAR 2008
MONTH
TOTAL
ANNUAL
YIELD
RATE
MILLIONS OF
US DOLLARS
39.8
5.31%
9.9
5.2
1.6
-3.9
-1.3
2.4
2.6
3.1
4.7
5.8
6.4
3.3
19.17%
10.91%
3.17%
-6.93%
-1.93%
3.15%
4.02%
5.04%
8.01%
9.47%
10.61%
6.12%
January
February
March
April
May
June
July
August
September
October
November
December
TABLE 6-A
BANCO DE GUATEMALA
YIELD SUB-TRANCHE WORK CAPITAL
OF THE SETTLEMENT TRANCHE
YEAR 2008
(Millions of US dollars )
MONTH
AVERAGE
AMOUNT
INVESTED
TOTAL
January
February
March
April
May
June
July
August
September
October
Novimber
December
109.4
106.1
132.2
159.8
305.9
350.9
194.5
151.6
144.6
152.9
167.3
149.5
YIELD
ANNUAL
YIELD
RATE
3.0
1.67%
0.3
0.2
0.2
0.3
0.5
0.6
0.3
0.3
0.2
0.05
0.03
0.01
3.28%
2.58%
1.89%
2.12%
2.03%
2.04%
2.02%
2.02%
1.53%
0.38%
0.22%
0.06%
TABLE 6-B
BANCO DE GUATEMALA
YIELD OF THE SETTLEMENT MANAGEMENT SUB-TRANCHE
OF THE SETTLEMENT TRANCHE
YEAR 2008
MONTH
AMOUNT1/
TOTAL
January
February
March
April
May
June
July
August
September
October
November
December
1/
YIELD
36.8
531.7
486.7
488.1
484.0
482.1
593.9
596.2
599.1
603.6
609.3
505.6
508.9
9.6
5.0
1.4
-4.2
-1.8
1.8
2.3
2.9
4.5
5.7
6.3
3.3
ANNUAL
YIELD
RATE
6.50%
22.44%
12.72%
3.51%
-9.92%
-4.44%
3.80%
4.68%
5.80%
9.56%
11.75%
14.05%
7.90%
Value of the market of investment portfolio at the end of each month.
As to the Portfolio Tranche, in the following table are the market values of the investment
portfolios at the end of each month, as well as the profitability obtained for the same during 2008.
TABLE 7
BANCO DE GUATEMALA
YIELD FOR THE PORTFOLIO TRANCHE
YEAR 2008
MONTH
AMOUNT
1/
YIELD
ANNUAL
YIELD
RATE
232.9
6.48%
TOTAL
January
February
March
April
May
June
July
August
September
October
November
December
1/
3,583.4
3,615.8
3,625.8
3,595.0
3,583.1
3,594.5
3,810.1
3,829.1
3,853.8
3,888.1
3,939.8
3,966.6
59.8
32.3
10.0
-30.8
-11.9
11.4
15.6
19.1
24.6
34.4
41.7
26.7
22.04%
12.15%
3.41%
-9.71%
-3.70%
4.06%
5.06%
6.15%
8.25%
11.16%
13.97%
8.42%
Investment Portfolio market value at the end of each month.
To December 31, 2008 the distribution of the absolute international monetary reserves
was the following:
TABLE 8
BANCO DE GUATEMALA
ABSOLUTE INTERNATIONAL MONETARY RESERVES
TOTAL
I.
4,658.8
Investments of the Liquidity Tranche
580.8
II. Inverstments of the PortfolioTranche
3,869.1
1/
III. Operative Reserve
IV. Other Assets
2/
3.2
205.7
1/
In the following institutions:
:
Citibank, N.A., New York; Banco Internacional de Costa Rica, Miami;
WachoviaBank, N.A., New York; DresdnerBank, AG, Frankfurt;Banca CommercialeItaliana, Milán; The
Bank of New York, New York; Bank of Nova Scotia, Toronto; UBS, AG, Zürich; The Bank of TokioMitsubishi, Tokio; Lloyd TSB Bank, Plc. Londres.
2/
Mainly includes the contributions to international financial organizations: gold, special monetary holding
rights for drafts, numerary, monetary clearing agreements and reciprocal
y
credits and special resource
programs.
5.3
Credit letters
To hold importation operation letters made in 2008 by the public sector and by the Banco
de Guatemala, credit letters for US$4.4 million were made and settlements for US$22.6 million.
As a result of the indicated operations, at the end of 2008, the balance of said credit letters grew
to US$8.9 million, amount lower by US$18.2 million regarding the registered to December 31,
2007.
Following is a table that illustrates the referred movement of the credit letters:
TABLE 9
BANCO DE GUATEMALA
CREDIT LETTER MOVEMENTS
YEAR2008
MOVEMENT
5.4
AMOUNT
MILLIONS OF
US DOLLARS
Current to 12-31-2007
72
27.1
(+) Credit letters issued
19
4.4
(-) Credit letters settled
68
22.6
Current to 12-31-2008
23
8.9
Issue of Drafts and Payment Orders
During 2008 the Banco de Guatemala carried out fund transfers and payments to
institutions from abroad for the amount of US$2,931.6 million, higher by US$347.1 million than
that from the previous year. For that reason, it issue written drafts, as well as payment orders
through the SWIFT2 system. Through said transactions the obligations acquired by the public
sector and Banco de Guatemala, the foreign currency operations with the banking system and the
movement of the international monetary reserves was taken care of.
The following table illustrates the referred movement of drafts and payment orders:
2
Acronym of the Society for Worldwide Interbank Financial Telecommunications, entity that provides electronic communications services for
financial institutions around the world.
TABLE 10
BANCO DE GUATEMALA
ISSUE OF DRAFTS AND PAYMENT ORDERS
YEARS 2007 - 2008
CONCEPT
TOTAL
I.
Drafts
II. Payment orders
6.
AMOUNT OF
ABSOLUTE
OPERATIONS
VARIATIONS
2007
2008
7,496.0
7,546.0
50.0
MILLIONS OF
ABSOLUTE
US DOLLARS
VARIATION
2007
2008
2,584.5
2,931.6
347.1
994
809
-185
72.1
11.3
-60.8
6,502
6,737
235
2,512.4
2,920.3
407.9
Credit Portfolio
Regarding credit operations of the Banco de Guatemala, during 2008 the institution did
not receive any request in that regard; however, an amortization for Q1.8 million was registered
on the advance for financial restructuring granted in 1999 to Banco Empresarial, Sociedad
Anónima. Consequently, the balance of the credit portfolio to December 31st, 2008 was of Q455.3
million, which, while deducing the reserve for credit assets assessment of Q165.8 million, and
was placed at Q289.5 million.
As to the contingent credit lines granted by the Banco de Guatemala in 2001 to three
banking institutions that were administratively intervened in that year3, the balance of said
funding remained invariable during 2008 (Q1,597.8 million), due that there was no amortization
to said credits, since they are under judicial charge. It is important to mention that on this
portfolio, the Central Bank has a reserve for credit assets assessment equivalent to one hundred
percent of its balance.
For that reason, on December 31st, 2008, the balance of the gross credit portfolio balance
with internal resources of the Banco de Guatemala was of Q2,053.1 million, while the net credit
portfolio was of Q289.5 million. Therefore, it is important to mention that the difference of
Q1,763.6 million registered between both sectors corresponds to the total amount of assessment
reserves that were constituted on the same date of the referred gross portfolio.
3
Banco Empresarial, S. A., according to resolution JM-82-2001; Banco Metropolitano, S. A., according to resolution JM-112-2001; and,
Banco Promotor, S. A., according to resolution JM-113-2001. It is worth indicating that these entities are currently subject to bankruptcy
processes in the competent jurisdictional organisms.
TABLE 11
BANCO DE GUATEMALA
BALANCE OF THE CREDIT PORTFOLIO
YEAR 2008
CONCEPT
BALANCE TO
12/31/2008
TOTAL GROSS CREDIT PORTFOLIO
2,053.1
I. Cash advance for financial restructuring
455.3
Banco Empresarial, S. A.
Banco Metropolitano, S. A.
Banco Promotor, S. A.
Financiera Agro Comercial, S. A.
II. Contingent credit lines
Banco Empresarial, S. A.
Banco Metropolitano, S. A.
Banco Promotor, S. A.
III. Reserves for evaluation of assets
On cash advances for financial restructuring
On contingent credit lines
TOTAL NET CREDIT PORTFOLIO (I+II-III)
a/
7.
a/
51.6
182.3
221.0
0.4
1,597.8
456.8
612.9
528.1
1,763.6
165.8
1,597.8
289.5
Due balance.
Deposits of the public non-financial sector
The deposits from the non-financial public sector in the Banco de Guatemala are made up
by the resources that the central government and the rest of the public sector keep in the Central
Bank. In this context, to December 31st, 2008, the total of deposits that the central government
has in the Banco de Guatemala was of Q8,100.2 million, lower by Q1,431.8 million (15.0%)
regarding the registered on the same date in 2007. It is important to indicate the drop was due,
among others, to greater expense executed by the central government, which gave as a result a
fiscal deficit of Q4,920.8 million (according to preliminary numbers), higher by Q1,149.2 million
(30.5%) to the observed in 2007; deficit that was mainly financed with fiscal till resources. In
that context, it is worth highlighting that the greater use of fiscal till was due to less resources
received by net domestic financing as well as net foreign financing, which dropped by Q1,805.6
(52.6%) and Q1,287.1 million (60.3%), regarding 2007.
As to the level of deposits from the rest of the non-financial public sector in the Banco de
Guatemala, to December 31, 2008, this was at Q242.3 million, amount higher by Q24.5 million
(11.2%) to the registered to December 31, 2007. Said increase was mainly due to the increase of
deposits of the Decentralized Non-business Entities by Q49.7 million.
Due to the above, the deposits from the non-financial public sector in the Banco de
Guatemala at the end of 2008, was at Q8,342.5 million, amount lower by Q1,407.3 million
(14.4%) regarding the registered balance in 2007.
TABLE 12
DEPÓSITS OF THE NON-FINANCIAL PUBLIC SECTOR IN THE BANCO DE GUATEMALA
YEARS 2007 - 2008
VARIATION
CONCEPT
TOTAL
I. Central Government
II. Rest of the Public Sector
8.
2007
2008
9,749.8
8,342.5
ABSOLUTE
RELATIVE
-1,407.3
-14.4
9,532.0
8,100.2
-1,431.8
-15.0
217.8
242.3
24.5
11.2
Financial Agent of the State
During 2008 the Banco de Guatemala, according to article 53 of its organic law, made
several operations, for which it is competent, in its quality of financial agent of the state, which is
described as follows:
8.1
Operations with Treasury Bonds in the Republic of Guatemala
To December 31, 2008, according to the order account of the accounting registries of the
Banco de Guatemala, the balance of the treasury bonds in circulation expressed in quetzales are
located at Q23,556.8 million.
Said balance is greater by Q3,074.7 million (15.0%) to the
registered to December 31, 2007, as a net result of the placements through the bidding
mechanisms and of bidding for Q3,457.3 million; to deliver to the Banco de Guatemala for
Q393.3 million in treasury bonds to cover its net deficiency corresponding to the 2006 fiscal
year; and for amortizations for Q775.9 million.
On the other hand, the balance of the treasury bonds expressed in US dollars, to December
31, 2008, was at US$1,294.2 million, amount lower by US$144.2 million to the registered on the
same date of the previous year, as a result of the amortizations made during 2008.
TABLE 13
OPERATIONS WITH TREASURY BONDS FROM THE REPUBLIC OF GUATEMALA
YEARS 2007- 2008
(Millions)
CONCEPT
I. TREASURY BONDS IN QUETZALES
Of the Republic of Guatemala
II. TREASURY BONDS IN US DOLLARS
a/
2008
2007
SALDO
20,482.1
NEGOTIATED AMORTIZED
3,850.6
20,482.1
3,850.6 a/
1,438.4
0.0
775.9
775.9
144.2
VARIATION
BALANCE
23,556.8
ABSOLUTE
3,074.7
RELATIVE
15.0
23,556.8
3,074.7
15.0
1,294.2
-144.2
-10.0
Fiscal year 1997
44.0
0.0
23.0
21.0
-23.0
-52.3
Fiscal year 1998
37.5
0.0
37.5
0.0
-37.5
-100.0
Of the Republic of Guatemala
828.7
0.0
9.7
819.0
-9.7
-1.2
Of the Republic of Guatemala-Peace Bonds-
528.2
0.0
74.0
454.2
-74.0
-14.0
Includes Q393.3 million in delivered treasury bonds to the Banco de Guatemala for net deficiency coverage corresponding to accounting year 2008.
8.2
Administration of amortization funds
The amortization funds constituted in the Banco de Guatemala by the public sector to
assist the service of the bonded debt of the central government and two municipalities, to
December 31st, 2008, were of Q365.8 million, of which Q365.7 million correspond to the central
government and Q0.1 million to the Municipalities of Guatemala and Quetzaltenango.
It is important to indicate that the balance of the amortization fund of the central
government, to December 31st, 2007 and the supply carried out in 2008 allowed opportunely
taking care of the bonded debt service.
TABLE 14
BANCO DE GUATEMALA
AMORTIZATION FUNDS OF THE BONDED PUBLIC DEBT
OF THE CENTRAL GOVERNMENT AND OF TWO MUNICIPALITIES
YEAR 2008
FUNDS
CONCEPT
TOTAL
Balance to December 31, 2007
MUNICIPALITIES
294.9
294.8
0.1
(+) Provisioning
4,725.0
4,725.0
0.0
(-) Payments
4,654.1
4,654.1
0.0
Capital
1,831.7
1,831.7
0.0
Interest and services
2,822.4
2,822.4
0.0
365.8
365.7
0.1
Balance to December 31, 2008
8.3
CENTRAL
GOVERNMENT
Trusts and guarantee funds
The state, through the Ministerio de Finanzas Públicas [Equivalent to the US Department
of the Treasury.], has constituted trusts in which the Banco de Guatemala acts as trustee and has
created guarantee funds which resources are adminstered by the Central Bank.
To December 31st, 2008, the balance of the referred trusts and of the guarantee funds
under administration was at Q825.3 million, lower by Q75.6 million to the registered the previous
year (Q900.9 million). Said net variation is mainly due to the registered decrease in the trust
known as: “Trust for the National Peace Fund” for Q97.3 million and “Improvement for the
Small Coffee Producer” for Q6.5 million, as well as the increase registered in the trusts called
“Global Credit for Micro and Small Businesses” for Q3.7 million and the “Fiduciary Banking
Capitalization Funds” for Q24.5 million.
TABLE 15
BANCO DE GUATEMALA
TRUSTS AND GUARANTEE FUNDS
TO DECEMBER 31, 2007 AND 2008
(Thousands of quetzales)
BALANCE
CONCEPT
2007
TOTAL
I. TRUSTS
Trust for the National Peace Fund
Improvement for the Small Coffee Grower
Trust for the Administration of the National Science and Technology Fund
-FONACYT Specific Extraordinary Fund ifor Reconstruction
Program for Community Developmen for Peace -DECOPAZGlobal Program for Credit to Micro and Small Businesses
Trust Fund for Banking Capitalization
II. GUARANTEE TRUSTS
Guarantee Trusts for Housing
III. OTHER FUNDS
Funds for Reactivation of the Industry Sector l
9.
VARIATION
ABSOLUTE
2008
RELATIVE
900,902.4
825,288.2
-75,614.2
-8.4
900,865.1
825,255.9
-75,609.2
-8.4
109,626.8
12,303.4
-97,323.4
-88.8
77,849.4
71,344.8
-6,504.6
-8.4
30.6
30.3
-0.3
-1.0
10,366.4
10,359.6
-6.8
-0.1
27.4
27.4
0.0
0.0
91,632.2
95,392.2
3,760.0
4.1
611,332.3
635,798.2
24,465.9
4.0
5.0
0.0
-5.0
-100.0
5.0
0.0
-5.0
32.3
32.3
0.0
0.0
32.3
32.3
0.0
0.0
-100.0
Fund for Savings Protection
The Savings Protection Fund regulated in Decree Number 19-2002 of the congress of the
Republic, Law of Banks and Financial Groups, was created with the objective of guaranteeing the
account holder in the banking system the recovery of their deposits up to an amount of Q20.0
thousand or its equivalent in foreign currency, per individual or juristic person. The resources of
this fund are administrated by the Banco de Guatemala and its regulated deposits were approved
by the Monetary Board in resolution JM-187-2002 dated June 1, 2002 and modified in resolution
JM-54-2006 dated May 10, 2006.
According to the forecast in article 86 of the Law of Banks and Financial Groups, the
financing sources for the Savings Protection Fund are the following:
a) The quotas that are compulsory for national banks and branches of foreign banks to pay,
according with article 88 of the referred law;
b) The yield of the investments of their resources, fines and interest;
c) The cash that is obtained from the settlement process of the corresponding bank,
regarding the subrogation of rights referred in article 91 of the same law;
d) The cash obtained from the sale of assets awarded to said fund, if any, regarding the
settlement process of the corresponding bank, with regard to the subrogation of rights
referred in article 91;
e) The contributions of the state to cover deficiencies of the fund or to broaden its coverage;
and,
f) Other sources that increase its resources.
The resources for the Savings Protection Fund are not subject to seizure; they are not
reimbursable and can only be applied for the finalities foreseen in the Law of Banks and
Financial Groups.
On October 29, 2008, at the request of the Technical Committee from the Fiduciary Banking
Capitalization Fund, there was an anticipated payment of Q100.0 million for the financial
(Q360.0 million) granted to the Savings Protection Fund in 2007 by the FCB. Due to this, on
December 31, 2008 the balance of said financial support rose to Q260.00 million. It is worth
remembering that referred financial support was required in 2007 by the Savings Protection
Fund, in order to cover deposits of the Banco de Comercio, Sociedad Anónima, after its
operations were suspended.
During 2008, Q130.3 million were amortized and interest was paid for Q18.1 million, for
the bilateral conventions for the strengthening of the Savings Protection Fund, subscribed in 2007
between the Banco de Guatemala, in its quality of administrator of resources for said Fund, and
the banks in the system.
Due to this, on December 31, 2008 the balance of the referred
agreements registered Q291.0 million. The bilateral agreements referenced were subscribed
according to Resolution JM-50-2007 of the Monetary Board, dated February 21, 2007.
The heritage of the Savings Protection Fund to December 31, 208 (Annex 1), was at Q356.5
million, amount higher by Q220.9 million to the observed the year before (Q135.6 million).
The referred balance of Q356.5 million is the net result of the registered income due to
quotas made by system banks for Q484.9 million, contributions from the state in cash for Q841.8
million and in Treasury Bonds from the Republic of Guatemala (Peace Bonds) for Q540.2
million, of the transfer of the resources generated in the fulfillment of the decided in Decrees 315
and 4-2002 of the Congress of the Republic, destined to the Savings Protection Fund, for Q31.4
million; and, of the results accumulated for Q395.6 million; minus the variation registered in the
exchange differentials account for Q0.5 million and of the balance of the contributions of the
exclusion of assets trusts for Q1,936.9 million. It is worth mentioning that in November 2008,
Corporación Financiera Nacional (CORFINA), in its quality as the Fiduciary of the Trust for the
Administration and Handling of the Excluded Assets of Banco del Café, Sociedad Anònima,
transferred to the Banco de Guatemala for Q35.0 million that corresponds to the first partial
transfer to the balance or value remainder of the mentioned trust, which is made up of the
following: a) cash for Q32.5 million and b) titles of Preferential Limited Vote Stocks, Class “A”,
issued by the Embotelladora del Sur, S. A., for Q2.5 million.
10.
Banking Capitalization Trust Fund
The Banking Capitalization Trust Fund -FCB- [Acronym in Spanish.] was created through
decree number 74-2002 of the Congress of the Republic of Guatemala, in order to financially
support the sanitation and strengthening process of the national banking system within the
context of banking fusion, acquisition of assets and asset and liability exclusion processes, carried
out based on the Law of Banks and Financial Groups.
According to the referred decree, the resources of the FCB are administered through a
trust constituted in the Banco de Guatemala, which acts as trustee of the same. The trustor is the
state of Guatemala through the Ministerio de Finanzas Públicas [Roughly equivalent to the
Department of the Treasury of the United States of America.] figuring as trustees the banks that
are interested and that are eligible for the financing and the State of Guatemala. The superior
organ of the trust is the Technical Committee integrated by two representatives of the Ministerio
de Finanzas Públicas [Roughly equivalent to the Department of the Treasury of the United States
of America.] and two representatives of the Central Bank, which has as part of its attributions, to
issue the regulatory decisions for its operation, as well as those from the trust, which were
approved in the Ministerial Agreement number 51-2004 of the Ministerio de Finanzas Públicas
[Roughly equivalent to the Department of the Treasury of the United States of America.] dated
September 24, 2004 and modified according by Ministerial Agreement number 48-2006 dated
December 8, 2006. In said agreement the following norms were approved:
a) Regulation of the Technical Committee of the Fiduciary Banking Capitalization Trust
Fund;
b) Regulation of Bank Eligibility to be funded by the Fiduciary Banking Capitalization Trust
Fund;
c) Investment policy of resources of the Fiduciary Banking Capitalization Trust Fund.
The financial assistance granted to banks of the system to December 31, 2008, was for a
total of Q366.9 million, amount higher by Q120.0 million to the registered the year before
(Q246.9 million).
Due to the suspension of the Banco de Comercio, Sociedad Anónima, FCB according to the
stipulated in article 3 of Decree Number 74-2002 of the Congress of the Republic, granted
financial support to the Savings Protection Fund for Q360.0 million, for a 12 year term; however,
a requirement from the Technical Committee of the FCB said fund made a partial forward
payment of Q100.0 million, for which to December 31, 2008, the balance of the mentioned
financial support rose to Q260.0 million.
The availability of resources of the FCB, to December 31, 2008, rose to Q8.8 million, which
were invested in term certificates of deposit of the Banco de Guatemala. Regarding the wealth of
the FCB to date, it rose to Q642.7 million, amount higher by Q25.5 million to the registered the
previous year (Q617.2 million). Said wealth is integrated by Q572.6 million, corresponding to
the contributions in cash made by the state to December 3, 2004 and of December 27, 2006, for
Q193.5 million, equivalent to US$25.0 million and for Q379.1 million, equivalent to US$50.0
million, coming from the second and third disbursement of the BIRF-7130-GU loan, subscribed
between the Republic of Guatemala and the International Reconstruction and Development Bank
–BIRF [For its acronym in Spanish.]; and, for Q70.1 million corresponding to accumulated
results.
11.
Payment system
The Banco de Guatemala, to give fulfillment to the decided in clause c) of article 4 of its
organic law, as to the procurement of the good operation of the payment system, during 2008
continued exercising legal and regulatory functions corresponding to the director of the Banking
Clearing House, the settler of the Automated Banking Clearing House (CCA, for its acronym in
Spanish) and the administrator of the Gross Settlement System in Real Time -LBTR-; in general
terms, are summarized below.
11.1
Banking Clearing House
Article 70 of the Organic Law of the Banco de Guatemala stipulates that the banking legal
reserve, as well as the funds deposited by the banks in the Banco de Guatemala, or in other
entities that for the effect it hires, will served as a base for the check clearing system, through a
clearing house. The Regulation of the Banking Clearing House was approved by the Monetary
Board in resolution JM-51-2003, dated April 23, 2003 and modified in resolution JM-189-2007
dated December 12, 2007.
Following is a table that contains the quantity and value of operations made in the
Banking Clearing House, during 2007 and 2008.
TABLE 16
BANCO DE GUATEMALA
OPERATIONS OF THE BANKING CLEARING HOUSE
YEARS2007 - 2008
(Millions)
CONCEPT
ABSOLUTE
VARIATION
2007
2008
29.8
28.4
-1.4
29.4
27.8
-1.6
0.4
0.6
0.2
436,190.8
434,603.2
-1,587.6
6,545.4
8,839.0
2,293.6
QUANTITY
Cleared checks
In national currency
In foreign currency
1/
VALUE
In quetzales
In US dollars
1/
The total corresponds to US dollars.
SOURCE: Compensator Main, computerized
,
images of –ICG-
.
-
-.
As we can observe in the previous table, during 2008 the quantity of checks in national
currency and in foreign currency cleared in the Banking Clearing House was of 27.8 million, for
a value of Q434,603.2 million, amount lower by Q1,587.6 million registered in 2007; and, of 0.6
million, for a total value of US$8,839.0 million, amount higher by US$2,293.6 million in foreign
currency to the registered in 2007, respectively.
11.2
Automated Clearing House (CCA, in Spanish)
The purpose of the Automated Clearing House is to provide the automated mechanisms
that, through transparent, efficient and safe processes that will allow participants to hold
electronic operations, through net and deferred settlement. The Norm of the Automated Clearing
House was approved by the Monetary Board in resolution JM-140-2007 dated August 1, 2007.
In said house the electronic transactions are cleared for each bank or financial stock company in
charge of other banks and financial stock companies, as of October 10, 2008, settling the net
multilateral result through the Gross Settlement System in Real Time (LBTR, in Spanish).
Following is the information of the amount and value of the operations made in the CCA,
form October 10 to December 31, 2008.
CUADRO 17
BANCO DE GUATEMALA
OPERACIONES DE LA CÁMARA DE COMPENSACIÓN AUTOMATIZADA
AÑO 2008
CANTIDAD
Transacciones Débito
Transacciones Crédito
22
1,664
EN QUETZALES
1,115.00
24,744,186.97
FUENTE: Operador de la Cámara de Compensación Automatizada, Imágenes Computarizadas .
de Guatemala -ICG-
11.3
Gross Settlement System in Real Time –LBTR [Acronym in Spanish.]
During 2008, the participating entities, according to the established in the Regulation for
the Gross Settlement System in Real Time -LBTR- approved by the Monetary Board in
resolution JM-166-2005, dated November 30, 2005, held the following transactions: funds
transfers; payment instructions; investment payments in values titles issued by the Government of
the Republic and term deposits constituted in the Banco de Guatemala; numerary withdrawal
instructions; settlement results of multilateral compensations coming from the Banking Clearing
House checks and the Automated Clearing House; public sector account operations; settlement of
operations under the modes of payment upon delivery and payment upon payment; commissions
payments for services rendered in the system; consultations and generation of files; and, make up
and generation of reports and statistical information.
To make and settle operations referenced, the LBTR system interacts with internal
systems in the Banco de Guatemala that affect the deposit accounts constituted in the Central
Bank. In that sense, the Banco de Guatemala developed the interfaces of the internal systems
that interact with the LBTR system: Financial and Accounting Information System –SICOF [For
its acronym in Spanish]-, Integrated System of Values Titles –SITV [For its acronym in Spanish], Till System and Till Verification System –VIC-, Banking Clearing House for checks,
Automated Clearing House (CCA), the Electronic Foreign Currency Negotiation System
(SINEDI), the Electronic Money Banking Table (MEBD) and the Electronic Settlement System
(SEL). Additionally, the design of the operation of the LBTR system is ready to use two
communications networks, a local one (BANCARED) and an international one (SWIFT).
The following table presents the information regarding the quantity and value of the
operations in quetzales settled in the LBTR system in 2007 and 2008.
TABLE 18
BANCO DE GUATEMALA
SETTLED OPERATIONS IN THE GROSS SETTLEMENT SYSTEM IN REAL TIME
YEARS2007 - 2008
TOTALS
I.
ABSOLUTE
VARIATION
AMOUNT OF
OPERATIONS
TYPE OF OPERATIONS
Made by the participants
II. Made in the Banco de
Guatemala
III. Made by the Banking Clearing House
of checks
2007
2008
49,870
52,157
2,287
ABSOLUTE
VARIATION
MILLIONS OF
QUETZALES
2007
2008
336,689.2
354,122.0
17,432.8
34,546
36,913
2,367
194,861.7
239,036.8
44,175.1
2,117
2,619
502
5,489.9
1,684.5
-3,805.4
11,694
10,385
-1,309
47,533.2
50,566.7
3,033.5
0
497
497
0.0
22.5
22.5
1,513
1,743
230
88,804.4
62,811.5
-25,992.9
IV. Made in the Automated Clearing House
1/
V. Made by the Negotiation Systems
2/
1/
2/
Began operating as of October 10, 2008.
Refers to the MEBD- SEL and the SINEDI
.
,
During 2008, the amount of operations settled in the LBTR system was of 52,157 for a
value of Q354,122.0 million, amount higher by Q17,432.8 million to the registered in 2007. It is
worth indicating that 36,913 operations (for an amount of Q239,036.8 million) correspond to
those made directly by the participants; 55.5% correspond to direct transfers between
participants; 39.6% of payments of diverse services and taxes, 2.9% to cash withdrawals; 1.6% to
direct investments made in the Banco de Guatemala by the participants, and 0.4% to settlement
of operations in the Electronic Money Banking Table –MEBD-. Of the 2,619 operations made by
the Banco de Guatemala (for an amount of Q1,684.5 million); 75.8% correspond to remunerated
legal reserve investments; 7.9% to quotas of the Savings Protection Fund; 8.9% to debit
operations lacking in cash deposits made by the banks of the system; 5.7% by charge of
commission for services of the LBTR system; 1.7% for rent of properties of the Banco de
Guatemala. The 10,385 operations (for an amount of Q50,566.7 million) made by the Banking
Clearing House, are originated in the net multilateral result4
of the referred house.
The
Automated Clearing House, from October 10 to December 31, 2008, settleed 497 operations (for
an amount of Q22.5million).
Whereas the remaining 1,743 operations (for the amountof
Q62,811.5 million) correspond to settled operations by the negotiation systems as follows: 70.2%
come from the Electronic Money Banking Table –MEBD-; 14.2% of the Electronic Settlement
System –SEL-, and 15.6% from the Electronic Foreign Currency Settlement System –SINEDI-.
Following is a table that contains the quantity and value of operations made in the LBTR
system in US dollars, during 2007 and 2008.
TABLE 19
BANCO DE GUATEMALA
OPERATIONS SETTLED IN THE GROSS SETTLEMENT SYSTEM IN REAL TIME
YEARS 2007 - 2008
TYPE OF OPERATIONS
TOTAL
I.
Made by the participants
II. Made by the Banco de
Guatemala
III. Made by the Banking Clearing
House of checks
IV. Made by the Negotiation
1/
System
AMOUNT OF
OPERATIONS
ABSOLUTE
VARIATION
MILLIONS OF
US DÓLLOARS
2007
2008
3,809.1
5,094.7
ABSOLUTE
VARIATION
2007
2008
13,444
13,114
-330
3,496
3,708
212
2,306.8
2,898.8
592.0
570
805
235
33.9
12.3
-21.6
9,378
8,330
-1,048
1,468.4
1,887.8
419.4
0
271
271
0.0
295.8
295.8
1,285.6
1/ Refers to the Electronic NEgotiation System of Foreign Currency- SINEDI-.
4
It is the sum of the value of all the checks in favor of each participating bank minus the sum of the value of all checks in its charge, operated
or presented in the Banking Clearing House.
During 2008, the quantity of operations in US dollars, settled through the LBTR was of
13, 114, for a value of US$5,094.7, amount higher by US$1,285.6 million to the registered in
2007. Of the 13,114 operations, 3,708 (for an amount of US$2,898.8 million) correspond to
those made directly by the participants, of which 68.9% correspond to internal transfers between
participants and 31.1% correspond to transfers with credit to deposit accounts made abroad. Of
the 805 operations made by the Banco de Guatemala (for an amount of US$12.3 million), 84.8%
correspond to operations made with the investment of the remunerated legal reserve; 15.2% to
quotas of the Savings Protection Fund. The 8,330 operations (for an amount of US$1,887.8
million) made by the Banking Clearing House will start in the settlement of the net multilateral
result of the referred house. And finally, the negotiation systems settled 271 operations (for an
amount of US$295.8 million) coming from the SINEDI.
Additionally, the General Manager of the Banco de Guatemala, according to the
established in article 17 of the Regulation of the Gross Settlement System in Real Time –LBTR-,
authorized the voluntary withdrawal of the following banks as participants from the referred
system: the of Corporativo, Sociedad Anónima; del Quetzal, Sociedad Anónima; and, Uno,
Sociedad Anónima, on January 22, April 23 and November 12, 2008, respectively, due to the
processes of takeover mergers approved by the Monetary Board.
Due to the movement observed to December 31, 2008, there were twenty-three
participating entities authorized and open for operation in the LBTR system made up of nineteen
banks; three financial stock companies; and, the National Stock Company, Corporation.
11.4
Modernization of the payment system
Taking into account resolution JM-140-2004 dated November 17, 2004, that contains the
“Modernization Matrix of the Payment System”, in 2008, the following actions were mentioned:
Regarding the strengthening of the normative framework of the payment system, the
General Manager of the institution, through resolutions GG-1-2008 and GG-2-2008 dated
January 7, 2008, fixed the services commission that the Central Bank applied to the participants
in the Gross Settlement System in Real Time (LBTR) and the commission to the State entities
that participate through the mechanisms of Depositing Entities Transactions (MED),
respectively, due to the operations of monetary deposits instructedby said entities in 2008, that
were settled through the LBTR. Also through General Management resolutions GG-13-2008 and
GG-14-2008 dated December 29, 2008, which the Banco de Guatemala decided to keep for
2009, the commission of LBTR systems services and the commission of State entities that
participate through the MED, that were charged in 2008.
The Central Bank, through resolution from General Management number GG-8-2008
dated August 12, 2008, approved the administrative decisions of the Automated Clearing House
(CCA) called “Normative instrument of the Operator of the Automated Clearing House” and the
“Norms and Procedures Manual of the Operator of the Automated Clearing House”; as well as
the “Operation, Attention and Service Rendering Schedules of the Automated Clearing House”.
Regarding the institutional cooperation for the modernization of the regional payments
systems, the Banco de Guatemala actively participated in the modernization and harmonization
project of the regional payments system promoted by the Central American Monetary Council –
CMCA [For its acronym in Spanish.].
In that sense, the referred council approved the
harmonized norm on the irrevocability and firmness of the payment orders in the payment system
and values settlement; as well as the recommendations for the determination of the requirements
and procedures to recognize the Importance of the Central American and Dominican Republic
Payment System. The referred recommendations were approved in resolutions CMCA/RE-10252-08 dated June 26, 2008 and CMCA/RE-11-253-08 dated December 9, 2008.
Finally, it is opportune to point out that the Congress of the Republic of Guatemala, in
Decree 42-2008 dated August 23, 2008, approved the Treaty on the Payment System and the
Settlement of Values of Central America and the Dominican Republic, the same which was
ratified by the President of the Republic of Guatemala on August 28, 2006, in representation of
the Republic of Guatemala.
The objective of said treaty is to promote juridical security,
development and strengthening of the payment systems of the values settlement with systemic
importance in the region, as well as strengthen competencies of the central banks on the payment
systems of the States taking part.
12.
Paper money and coins issued and amortized
According to clause a) of article 4 of the Organic Law of the Banco de Guatemala and 2
of the Monetary Law, only the Banco de Guatemala can issue money in the national territory.
In this context, in 2008 the Central Bank issued paper money and coins for an amount of
Q5,614.7 million. Of said amount, Q5,565.8 million correspond to paper money and Q48.9
million to metallic coins. On the other hand, the Central Bank amortized paper money for
Q5,090.1 million and Q0.008 million in metallic coins.
CUADRO 20
Table 20
Banco DE
de GUATEMALA
Guatemala
BANCO
Bills and
Metallic METÁLICA
Coins
BILLETES
Y MONEDA
Issued and
Amortized
EMITIDOS
Y AMORTIZADOS
AÑO 2008
2008
Year
(Miles de quetzales)
(Thousands
of quetzales)
DENOMINACIÓN
TOTAL
BILLETES
0.50
1.00
5.00
10.00
20.00
50.00
100.00
MONEDAS
0.01
0.05
0.10
0.25
0.50
1.00
EMITIDOS
5,614,658.0
5,565,750.0
0.0
35,000.0
80,750.0
210,000.0
40,000.0
200,000.0
5,000,000.0
48,908.0
50.0
3,061.0
3,757.0
0.0
9,000.0
33,040.0
AMORTIZADOS
5,090,098.7
5,090,090.7
15.0
100.0
160,000.0
150,000.0
289,991.5
489,984.2
4,000,000.0
8.0
0.0
1.3
2.2
0.8
0.3
3.4
In order to take care of our numerary demand, replace deteriorated bills and have an
adequate inventory for the effect, in 2008 the printing of 270.0 million bills were printed for the
bank, with a total nominal value of Q11,300.0 million and the minting of 180.0 million of
metallic coins for a total nominal value of Q50.0 million.
The operations regarding issued and amortized numerary, including those regarding the
deposits, exchanges and cash withdrawal with the banks of the system, were object of new
regulations that update the different processes involved, during 2007; however, the results of their
application are observed with greater clarity in 2008.
In that sense, the Monetary Board, in resolution JM-97-2007 dated May 9, 2007, issued
the Regulation for the Operations of Deposits and Numerary Withdrawal, in National Currency,
made by the Banks of the System in the Banco de Guatemala current as of August 1, 2007; and,
in resolution JM-117-2007 dated June 13, 2007, issued the Regulation for Paper Money and
Coins Issue, as well as the Regulation for the Exchange, Amortization and Destruction of Paper
Money and Coins.
The regulations referenced, include new and modern procedures for facilitating reception,
custody and delivery of bills and metallic coins and the registry of the operations in the Gross
Settlement System in Real Time (LBTR), as well as the incorporation of the Bank Supervisor, in
the control of processes regarding the issue and destruction of numerary.
Among the effects of the application of said norms, we can mentions that the state of
circulating bills has improved, due to the classification made by banks, in fulfillment of the
Numerary Administration Policy.
In order to strengthen the management and advance in the adoption of better international
practices regarding the administration of the numerary, the General Manager of the institution on
May 29, 2007 issued General Management Agreement No. 43-2007 that contains the Numerary
Administration Policy in the Banco de Guatemala, which contains decisions regarding amounts
to keep in stock like numerary inventories (equivalent to the demand between 24 and 36 months)
and establish a matrix to observe to determinen if a bill is adequate or inadequate for circulation.
In 2008, based on the samples of the Q1.00 in circulation, that was printed on polimer; a
new matrix was implemented for differentiating the criteria to determine if the bill is adequate or
inadequate for new circulation, according to the cotton or polimer substrate, keeping the policy
on deteriorated bills.
Added to this, during 2008a sample program was executed for all circulating bill
denominations as a part of the implementation of alternative models to determine the useful life,
average life and optimum levels of bill inventory. For the effect the Exponential Decay Model
was used to determine the useful life of bills; and, the Numerary Administration Inventory
System, developed by a consultatn hired by the institution basedon the Gompertz function, to
determine the average or median life and optimum levels of bill inventory. It is important to
highlight that both models present interesting results, however, the same are still in an evaluation
phase for its implementation.
Continuing with the strengthening of the management and adoption of better international
practices regarding the administration of numerary, the situation of the different bill
denominations and metallic coins was analyzed, whereas its efficiency as payment means and
evaluating the convenience of bill issue in greater denominations, it was decided to discontinue
the issue of metallic coins in lower denominations, as well as consider the issue of metallic coins
to substitute bills of lower denomination, for the effect, studies were held on the relative
distribution of monetary issue, historic trends and update the so-called D Metric Method.
The study was heard and approved by the Monetary Board in resolution JM-17-2008
dated February 13, 2008. The main conclusions are summarized as follows: issue of two hundred
quetzal bills to reduce the demand of the current highest denomination (one hundred quetzales);
discontinue the issue of metallic coins of the lowest denomination (one cent of a quetzal); and,
begin the study to determine the characteristics of the two quetzal coin and the five quetzal coin.
The mentioned study is congruent with resolution JM-61-2005 dated March 9, 2005,
through which the Monetary Board issued favorable opinion on the proposal of the main
drawings of the front and the back, as well as the dominating color of the Q200, Q500 and Q1000
bills; and, authorized the Banco de Guatemala totransfer the respective file to the Legislative
Branch, for the effects of the decided in clause h) of article171 from the Political Constitution of
the Republic and e) of article 11 of the Monetary Law. The file was transferred to the Legistlative
Branch on July13, 2005.
On April 22, 2008 the Legistlative Branch issued Decree Number 26-2008, that set the
main drawings of the front and back, as well as the dominating color of the indicated bills. The
publication in the Official Daily Newspaper (Diario Official) was held on May 22, 2008 and it
was set into effect on the same date.
Based on the indicated, the Banco de Guatemala proceeded to complete the design of each
one of the mentioned bills, on the front as well as the back. For the effect an official naming
commission was designed on June 11, 2008. The proposal to make, included the secondary
elements of the design for each denomination, including aspects of distribution, embossing and
position of each case; the security measures and the technical characteristics for the mentioned
bills.
The analysis to select the secondary design elements considered that the contemporary
bills are much more colorful according to the review that was applied to numerous bills issued
recently by other central banks; and, in the same manner, that the design, with its color and
elements, main as well as secondary, must reflect, in its totality, a multiple and integrated
Guatemala. In that sense, numerous options were considered, like national monuments, national
emblems, artistic jewels from the Banco de Guatemala and historical-cultural aspects, among
others.
For the proposal of security measures, last generation elements have been considered in
order to prevent falsifications and give the bill an aesthetic and coherent look between design and
security.
Added to this, a study was held to determine the amount of bills to print, keeping in mind
that the Banco de Guatemala had previously stated that the issue of higher face values is to
facilitate the use of other denominations by the financial system and the public in general, which
will partially substitute the Q100 bill, increasing the options to use cash, or higher denomination
bills in circulation, without said issue having inflationary effects.
The Banco de Guatemala, in the first weeks of 2009, will inform the Monetary Board of
the file made to issue the corresponding resolution and to authorize the institution so they may
hire the printing of Q200 bills, since the printing of Q500 and Q1000 bills will be requested in
due time, when the studies suggest the need.
With the support of an international expert in the matter, a study was held to determine the
new metal alloys and incorporate the use of steel for making metallic coins. The Monetary
Board, in resolution JM-18-2008 dated February 13, 2008, issued favorable opinion on the
proposal that includes the modification in the tolerances and in the weights of all of all the current
coins in circulation.
The President of the Monetary Board and the Banco de Guatemala, in the document of
what to use in the manufacturing of metallic coins, alloys of different metals to those pointed
outin article 13 of the Monetary Law, as well as to introduce changes in the tolerances and in the
weights referred to in articles 14, 15 and 16 of said legal body.
The proposal was authorized by the Congress of the Republic through Agreement 322008 dated July 3, 2008; going into effect immediately (the notification to the Banco de
Guatemala was on July 17, 2008).
In that sense, there are considerations being taken into account in orderto determine the
need and the amounts of metallic coins that would behired for minting. It is worth indicating that
the Banco de Guatemala has enough in stock of all denominations of metallic coins to cover the
demand, and to date, they are pending remittances of metallic coins due to contracts subscribed in
2008.
However, it is foreseeable that in the first semeseter of 2009 there will be a new public
bidding process in order to keep an adequate level of stocks, according to the current inventory
policy.
It is important to keep in mind that, if all quotes of the metals used in manufacturing the
metallic coins have registered variations with a clear trend to drop, still remain with the
considerations that led to request the modification of the alloys and other characateristics of the
currency, so the production cost will be lower without modifying the design, diameter and quality
of the coins.
Finally, it is worth indicating that the Banco de Guatemala also issues commemorative
and collection coins, so the Monetary Board, through resolution JM-169-2007 dated October 17,
2007, authorized the Banco de Guatemala to issue up to 12,000 one quetzal coins,
commemorative of the VII Latin American Series titled “Latin American Countries and Olympic
Sports”, program that is coordinated by the National Coin and Tax Stamp Manufacturer - Real
Casa de la Moneda de España (Royal Spanish Mint) which consists in the issue and
commercialization, worldwide, of collection coins for Latin America, Portugal and Spain.
For the effect, a coin with an artistic composition was designed. It presents an indigenous
woman in a position that reminds the observer of the “ball game”, played by the ancient Mayas,
with an artistic expression that suggests throwing the ball used in the game. In the design there is
also the addition of an elongation of a quetzal bird, into an Olympic flame, reaching heights with
the final fragment of the National Hymn to highlight the identity of Guatemala from there. The
composition of the design is complemented as well with two sports that have reached some
notoriety, which are considered a preambleto the Olympics, Tae Kwon Do to the left and
horseback riders on the right, both sports are joined with a central design, extending the
development of the Olympic flame; and includes the texts that identify the VII Latin American
Series and the face value of “one quetzal”.
The coin was presented in the VIII Latin American Convention of Commemorative Coins,
celebrated in the city of Antigua Guatemala from July15-17, 2008, together with other coins from
the participating countries, highlighted for their artistic beauty in the composition of the design,
where the coin was given first place through the voting of the representative of the Central Banks
of the participating countries.
13.
Contributions of Guatemala to international financial organizations
The contributions made by international financial organisms was made according to the
international conventions subscribed by the government of the Repulic of Guatemala. Due to the
above, to December 31st, 2008 the balance of the contributions in national and foreign currency to
international financial organizations was of Q334.8 million5 and US$118.9 million, respectively,
as is shown in the following graph.
TABLE 21
BANCO DE GUATEMALA
CONTRIBUTIONS BY INTERNARIONAL FINANCIAL ORGANISMS
YEAR2008
(Millions)
ORGANISM
BALANCE TO
12/31/2007
Q.
TOTALS
6
Q.
US$
Q.
US$
-6.2
-1.8
334.8
118.9
-6.2
-1.8
28.5
24.1
0.0
0.0
0.0
0.0
28.5
24.1
0.0
0.0
254.8
77.0
0.0
0.0
-6.2
-1.8
248.6
75.2
-6.2
-1.8
Central American Economic
Integration Bank
46.0
9.0
0.0
0.0
0.0
0.0
46.0
9.0
0.0
0.0
International Reconstruction
And Development Bank
11.2
1.2
0.0
0.0
0.0
0.0
11.2
1.2
0.0
0.0
International Development
Association
0.5
0.1
0.0
0.0
0.0
0.0
0.5
0.1
0.0
0.0
Inter American Investment
Corporation
0.0
4.2
0.0
0.0
0.0
0.0
0.0
4.2
0.0
0.0
International Financial
Corporation
0.0
1.1
0.0
0.0
0.0
0.0
0.0
1.1
0.0
0.0
0.0
4.0
0.0
0.0
0.0
0.0
0.0
4.0
0.0
0.0
a/
b/
Corresponds to adjustments through keepingvalue by variation in the exchangerate of Special Drawing Rights- DEG- Regarding the USdollar and its regard to the quetzal
.
Corresponds to the fluctuation of the DEG regarding the. US dollar.
Refers to the Central AmericanFund for Monetary Stabilization.
.
Financial Statements6
14.1
5
Fluctuation
in M/E
0.0
Others
14.
Keeping the
M/N value
0.0
1/
1/
US$
ABSOLUTE
VARIATION
120.7
International
Monetary Fund
b/
Q.
BALANCE TO
12/31/2008
341.0
Inter American
Development Bank
a/
US$
ADJUSTMENTS
CONTRIBUTIONS
General Balance
The contributions in quetzales are subject to adjustments to keep the value.
The explanatory notes of the financial statements and the description of accounts that make up the general balance of the institution can be
Lockheed up on the Internet site of the Banco de Guatemala (www.banguat.gob.gt).
To December 31, 2008, the assets of the Banco de Guatemala rose to Q64,276.3 million,
amount that is integrated to the balance of the following accounts: Foreign Securities
Investments, for Q34,657.3 million; Estate Restorations for Uncollected Credit to the State, for
Q17,739.5 million; Contributions to International Financial Organizations, for Q3,530.1 million;
Treasury Bonds from the Republic of Guatemala Received to cover Net Deficiencies, for
Q3,110.4 million; Other Assets, for Q1,995.8 million; Monetary Gold, for Q1, 486.2 million;
Investments for Q919.6 million; Treasury Bonds from the Republic of Guatemala Acquired from
the Saving Protection Fund according to resolution JM-123-2006, for Q467.7 million; Domestic
Credit, for Q289.4 million; and, the sum of the balances of other asset accounts, for Q80.3
million. As to Liable, these were at Q58,708.7 million, amount that is integrated by the balance
of the following accounts: National Numerary, for Q19,666.0 million; Titles of the Central Bank,
for Q16,453.8 million; Monetary Deposits, for Q8,372.1 million; General Government Deposits,
for Q8,358.9 million; Obligations with the International Financial Organisms, for Q2,893.5
million; Near monetary Liable, for Q1,606.0 million; and, Other Liable, for Q1,358.4 million.
Therefore, the estate of the institution to date was at Q5,567.6 (Annex 2).
It is important to indicate that of the Q17,739.5 million, registered in the Estate
Restorations for Uncollected Credit to the State, Q16,834.2 million, correspond to the cost of the
monetary, foreign exchange rate and credit policy in which the Central Bank incurred during the
1989-2001 period; and Q905.3 million correspond to the net deficiencies in the 2002 fiscal year.
On the other hand, the balance of Q3,110.4 million registered in the Treasury Bonds
account of the Republic of Guatemala Received to cover Net Deficiencies, is made up of the net
deficiencies of the 2003, 2004, 2005 and 2006 fiscal years for Q963.7 million and for Q1,159.5
million, for Q593.8 million and Q393.4 million respectively, which were restituted by the State,
through the delivery of Treasury Bonds to the Republic of Guatemala.
As to the balance of Q467.7 million, registered in the Treasury Bonds account of the
Republic of Guatemala Acquired from the Savings Protection Fund, according to resolution JM123-2006, corresponds to Treasury Bonds (Peace Bonds), acquired directly from said fund.
14.2 Results Status
During the period from January 1st to December 31st, 2008, the Results Status of the
Banco de Guatemala shows that the sector of financial products was of Q2,365.1 million, while
the financial expenditures were of Q170.7 million; whereas, the financial result was of Q2,194.4
million. While adding to this amount Q19.5 million that correspond to the rectification of the
results of previous years and deducting Q455.5milllion, correspoding to administrative expenses,
showing an operational result of Q1,758.4 million. On the other hand, the inspection quota of the
Banks Superintendence rose to Q92.0 million and the cost of the monetary, foreign exchange rate
and credit policy of Q1,028.0 million; therefore, the Banco de Guatemala at the end of the 2008
fiscal year registered a net excess of Q638.4 million.
CHAPTER III
TRANSPARENCY AND
ACCOUNT RENDERING
Reserva de
Transparency and Account Rendering
1.
Appearance of the President of the Banco de Guatemala before the Congress
of the Republic
In fulfillment with the stipulated in article 60 of the Organic Law of the Banco de
Guatemala, in January and July, 2008, the President of the institution appeared before the
Congress of the Republic: in January, to render a detailed report regarding the acts and policies of
the Central Bank in 2007, as well as to explain the objectives and policies foreseen for 2008; and,
in July, to render account regarding the execution of the monetary, foreign exchange rate and
credit policy in the current fiscal year.
2.
Publication of information
The main reports and publications of the Banco de Guatemala during 2008 were the
following:
REPORT OR PUBLISHED ARTICLE
Circumstantial summary of the actions of the Monetary Board
regarding the issue of resolution JM-211-2007, for the
determination of the Monetary, Foreign Exchange Rate and
Credit policy for 2008.
MONTH OR
PUBLISHING
PERIODICITY
January
Income and Expenditure Budget of the Banco de Guatemala
that correspond to 2008.
January
Financial Statements in analytical form to December 31, 2007,
verified by an independent auditor.
April
Aide-memorie of the Banco de Guatemala 2007.
Reports of the monetary, foreign exchange rate and credit
policy,
•
Report to March
•
Report to June
May
May
September
Study of the National Economy 2007.
December
Evaluation of the Monetary, Foreign Exchange Rate and Credit
Policy to November 2008.
December
Economic Perspectives for 2009-2010 and Proposal for the
Monetary, Foreign Exchange Rate and Credit Policy for 2009.
December
REPORTS AND PUBLICATIONS
MONTH OR
PERIODICITY OF
PUBLISHING
Acts of the Execution Committee of the Banco de Guatemala.
Weekly
Summary of the arguments that the MOnetary Board take into
account in the determination of the level of the leading interest
rate.
Monthly
Publication on the management of the international monetary
reserves of the Banco de Guatemala.
OTHER PUBLICATIONS
Statistics and macroeconomic indicators of the real, external,
monetary, financial and fiscal sectors of the economy.
General Balance of the Banco de Guatemala.
3.
Quarterly
PERIODICITY
Daily, weekly and
monthly
Monthly
Communication strategy
The Banco de Guatemala, as per the guidelines of the Institutional Strategic Plan 20082012, in June 2008 updated the Communication Strategy for the 2008-2010 period, which
objective in the referred framework, in communication matters, must observe the institutional
level to coopearte in the understanding, by the population, regarding the actions of the Banco de
Guatemala in order to achieve its fundamental objective.
The Communication Strategy contemplates the following action areas:
I.
II.
Strengthening of the institutional communication framework.
Strengthening of the publishing and educational program.
III.
Strengthening of the Image and Institutional Identification Program.
IV.
Organizational strengthening of the Communication and Institutional Relations
Department.
Based on the referred strategy, the Banco de Guatemala, during 2008 convened the
communication media on several occasions to report on the execution of the monetary, foreign
exchange rate and credit policy at press conferences and interviews granted by the institutional
authorities.
Added to this, they held informative meetings with columnists, representatives of research
centers, universities and editors of financial sections of the main written media, in January,
March, June, July, October, November and December.
In September there was a course on how to take advantage of the way the information was
published on the webpage of the Banco de Guatemala. In the referred course there was the
participation of editors and reporters of the different communication media.
The actions from the Institutional Communication Strategy have as their objective to
consolidate their communication model to cooperate in the understanding and acceptance of the
actions of the Banco de Guatemala, as well as strengthening its image and credibility,
fundamental pillars for the effectiveness of the monetary policy based on a model of explicit
inflation targeting.
CHAPTER IV
1.
Participation in international meetings on monetary aspects
The Banco de Guatemala participated in April and October 2008 in the joint meetings of
the International Monetary Fund -IMF- and World Bank -WB-, including the meetings with the
Inter-governmental Group of Twenty-Four for International Monetary Affairs and of
Development (G24), of which Guatemala is a member. Among the topics there was global
economy and the financial markets, its perspectives, risks and policy responses; the structural
reform of the IMF, that covers the increase in the quota adn voice of the member countries with
smaller economies; the overcoming of poverty in the poorer countries, particularly in Africa; the
achievement of the Millenium Development Objectives; the growth strategies; and, the situation
of the fragility of the Post-conflic states.
As Alternate Governor before the Inter-American Development Bank (IDB), the President
of the Bank participated in the consult meetingof Governors for the Central American Isthmus
and the Domincican Republic with the admiistration of that organism, held during March 5-7,
2008 in the city of La Romana, Dominican Republic. At that time, they talked about economic
challenge and regional social topics; the work plan of the IDB regarding the new business model
and risk management during natural disasters in the region. The Finance Ministers and the
Presidents of the Central Banks covered remittances, capital flow and monetary management
topics; the costs and vulnerabilites facing the current world changes; and, the exclusion of Latin
America and the Caribbean.
The Central Bank also participated in annual meetingsof the Governor’s Assemblies of
the IDB and of the Inter-American Investment Corporation (IIC), celebrated in April, 2008, in the
city of Miami, Florida, United States of America. In said meetings, added to the administrative
topics, they also included initiatives on sustainable energy and climate change, water and
santitation, opportunities for the majorities and integral managemetn of natural disaster risks.
Last, regarding the IDB, the Central Bank participated in the meeting of the Latin American
central banks network and ministers of public finance celebrated on May 8-9, 2008, in
Washington, D.C., USA. In that meeting, with the participation of the Economic Managers of the
Central Banks, they talked about the implications in world markets and on the emerging
economies of the credit and banking crisis of the United States of America, the monetary policy
and inflation in Latin America and the Caribbean, the role of the qualifying agencies, and their
added value, as well as the price of products.
At regional level, in February, June and December 2008, the Banco de Guatemala
participated in meetings with the Central American Monetary Council (CMCA, for its acronym
in Spanish), in which they spoke of macroeconomic policy in 2007, and its perspectives for 2008
and 2009, the implementation and ratificaction of the payments systems in Central America and
the Dominican Republic and the facilities of short term liquidity, the role of the Central Banks as
last instance lender, the accounts standardization proposal of the payments systems and the
techincal assistance from the IMF to the harmonization program of the public debt domestic
markets. They also participated in the VII Regional Annual Conference on Central America,
Panama and the Dominican Republic, where they spoke of aspects related to the world food price
crisis, the increase in the price of oil, the deceleration of the US economy, international banking
in Central America and the tax structures.
Finally, in May and October 2008, the Banco de Guatemala participated in the meetings of
the Government Board of the Latin American Monetary Studies Center (CEMLA, for its
acronym in Spanish), of the IMF-WB Governors of Latin America, Spain and the Philippines, as
well as the Governors of the central banks of Asia, Latin America and the Caribbean. Among the
main topics covered are the governability of the World Bank, the challenges faced and their role
in the moments of financial turbulence, the review of the IMF financial instruments, the price of
products, the infaltionary pressures and the dilemmas of the monetary policy, as well as the
challenges to ensure the effectiveness of the anti-inflationary policies.
2.
Economic Statistics Improvements
In 2008, the National Program of Improvement for Economic Statistics –PRONAME (for
its acronym in Spanish)- continued, which is developed together between the Banco de
Guatemala and the National Statistics Institute –INE (for its acronym in Spanish)-, and which
main objective is making annual economic and quarterly surveys to collect the basic statistics
required for the write up of the national accounts of the country in the framework of the System
of National Accounts 1993 -SCN93-, and, on the other hand, updating the National Directory of
Businesses and Locations, DINEL (for its acronym in Spanish)-. On the other hand, there was
continued progress in the implementation processes of the Fifth Manual of the Payment Balance
and the Monetary and Financial Statistics Manual, 2000 edition, both from the IMF.
2.1
Economic Surveys
In order to obtain economic-accounting information per branch of economic activity and
per institutional sector of the variables that constitute the accounts foreseen by the SCN93, in
2008 there was a Sixth Continuous Economic Survey in order to gather information that
corresponds to 2007. For that reason, according to the corresponding sample analysis, found
1,280 companies that integrate the DINEL were surveyed. They also carried out quarterly
surveys for the commercial, industrial and services activities, necessary for the evaluation of the
behavior of the economic activity, having surveyed an average of 662 businesses in 2008.
Also in 2008, a Fourth Survey of the External Sector was made, with a sample of 1,014
businesses and institutions that have relations abroad, the information obtained will be used in the
implementation process of the Fifth Manual of the Payment Balance of the IMF.
2.2
Updating of the DINEL
In 2008, the results of the DINEL updating process were presented to the authorities at
national level.
For the effect information was obtained from businesses located in 170
municipiums of the country, having surveyed 195,220 businesses located in 2,728 cartographic
sectors.
2.3
Progress in the implementation of the Fifth Manual of the Payments Balance
of the IMF
During 2008, they continued with concrete actions to improve the generation, gathering
and publishing of statistics of the external sector, whereas the Banco de Guatemala is in the final
implementation stage of the Fifth Manual of the Payment Balance. Among the progress made
along these lines it is worth highlighting that they continued implementing the program of
business and institutional surveys, so during the period between June 9 and September 5, there
was Fourth Foreign Sector Survey –ENCSE4- [For its acronym in Spanish]). This survey
allowed gathering economic and financial information corresponding to 2007 for the following
entities: a) direct foreign investment businesses; b) foreign and national international
transportation businesses and shipping agents; c) donations to institutions received from abroad;
d) international organisms that operate in the country; and, e) businesses that make transactions
for other services abroad.
There was a compilation of the annual International Investment Position (PII) for 2006
and 2007. Added to this, as of August 2008, they began making a Payroll of Reserves and
Liquidity in Foreign Currency, as well as a conciliation chart amongthe relative numbers to the
international monetary reserves of the Banco de Guatemala made according to the guidelines of
the Monetary and Financial Statistics Manual of the IMF and the numbers of the mentioned
payroll. They also continued with the project of the new forms regarding the registry of exchange
statistics on income and expenditure of foreign currency and to the daily movement of foreign
currency, which will allow improving statistical registry of the exchange nature.
Finally, it is worth indicating that in the publishing process of foreign statistcs, they used
a congruent calendarization with the Special Data Publishing Norms from the International
Monetary Fund.
The referred calendarization contemplates the publishing of the quarterly
payments balance, the reserves payroll and foreign currency liquidity and the PII with quarterly, a
month and six months delays, respectively. In such a way that, to December 31, 2008, they will
publish the information corresponding to the Payments Balance in an annual version for the
2001-2007 period and quarterly for the period between the first quarter of 2004 up to the third
quarter of 2008; of the PII for 2006 and 2007; and, monthly for the reserves payroll and liquidity
in
Foregin
Currency
for
the
period
between
August and November 2008 on the webpage of the Banco de Guatemala.
2.4
Progress in the implementation of the Monetary and Financial Statistics
Manual of the IMF
In 2008, they concluded the project of the Manual of Monetary and Financial Statistics MEMF- [Acronym in Spanish.], 2000 IMF edition, with which the monetary and financial
statistics gathered under this methodological framework will incorporate international best
practices in this matter.
In that sense, it is convenient to indicate that the efforts made during 2008 allowed
improving the statistical information, in financial institutions coverage as well as in the quality of
the sectorization of the financial instruments. In 2008 it was possible to incorporate information
from other financial stock companies (insurance companies, warranty, bonded warehouses and
exchange houses), which would allow making a financial scenario to analyze credit aggregates
and broader liquidity.
It is also worth highlighting that during 2008 they had significant results in matters of
harmonization of monetary and financial statistics in Central America, Dominican Republic and
Panama. In effect, due to the joint effort between the International Monetary Fund, the Executive
Secretariat of the Central American Monetary Council and the countries in the region, the
Harmonization Project of Monetary and Financial Statistics, which results are materialized in a
set of statistical charts that correspond to uniform criteria of classification of financial
instruments and of sectorization, which comply with the standards of international statistics. This
harmonization allows an adequate comparison of statistics at a regional level and the information
is available to the public on each of their internet pages of the central banks, as well as on the
page of the Executive Secretariat of the Central American Monetary Council.
2.5
Implementation of the Quarterly National Accounts System
As part of the improvement process of the national economic statistics and within the
conceptual framework of the SCN93, in 2008, progress was made in the implementation of the
Manual of Quarterly National Accounts, that include the analysis and selection of value
indicators, volume and prices for the different economic activities, with the objective of making
estimations for the Gross Domestic Product –GDP-, every quarter, measured by origin of
production as well as expense destination, to current prices and constant prices from 2001.
In that sense, during 2008 progress was made in the integration of the GDP estimations of
the four quarters of 2007, as well as the first, second and third quarters of 2008, with which a
preliminary series of thirty one quarters was completed, that are between the first of 2001 and the
third of 2008.
2.6
Survey of Inflation Expectations of the Private Analysts Panel–EEI [Acronym
in Spanish.]
In the Monetary, Foreign Exchange Rate and Credit Policy for 2008, it included the
forecast of the Inflation Expectations of the Panel of Private Analysts –EEI (For its acronym in
Spanish)- in order to obtain a measure of said expectations. In that context, the referred monthly
survey was made, with the objective of knowing opinion of national and international analysts of
the panel, knowledgeable of operative procedures of the monetary policy, regarding the inflation
expectations of inflation of the country and of the factors that could explain it.
In said survey, the opinion of the mentioned panel on the expected behavior of the
exchange rate; the growth expectations of the GDP and the factors that could explain said
behavior; as well as the trust level that is perceived of the economic activity in general was
obtained.
2.7
Survey of Business Opinion –EOE [Acronym in Spanish.]
The EOE obtains qualitative information regarding the variations in the production
volume, sales volume in the domestic and foreign markets, stock of finalized products, price of
the national and imported raw materials, salaries, investment in machinery, occupation rate and
use of the installed capacity.
In the mentioned context, in 2008 two business opinion surveys were carried out
addressed to about 400 industrial institutions located in the territorial division of Guatemala. The
first survey was carried out in February and March, evaluating the performance of the industrial
activity in 2007 and the expectations for the first semester of 2008. The second survey was
carried out between August and September, evaluating the performance of the industrial activity
during the first semester of 2008 and the expectations for the second semester of that same year.
3.
Academic events
As to the academic activities regarding economic topics the Banco de Guatemala centered
its interest regarding the monetary, foreign exchange rate and credit policy. Particularly, the
following activities are highlighted:
3.1
“Doctor Manuel Noriega Morales” Contest
The Banco de Guatemala promotes the Permanent Investigation Contest on Topics of
Interest for the Central Bank “Doctor Manuel Noriega Morales”, which main purpose is to
stimulate and promote scientific investigation in areas regarding the competency ambit,
especially in monetary, exchange rate, credit, banking, administrative and juristic fields.
According to the bases of the contest, the Central Bank granted the prizes to the first three
places. Notwithstanding, given the demanding level the works must comply with, in 2008 the
members of the jury7 agreed to grant first place to the work titled: “Predicting inflation in
Guatemala: ¿is the information contained in the infaltoin expectations survey useful?”
(Prediciendo la inflación en Guatemala ¿es útil la información contenida en la encuesta de
expectativas de inflación?”), by Gustavo Antonio Leyva Jiménez, a Peruvian. Second place was
declared deserted and third place was given to “Contagio, correlaciones y topología. Análisis de
la dinámica cambiaria en los mercados latinoamericanos” (Imfection, correlations and topology.
Analysis of hte Exchange Dynamics in Latin American Markets)”, made by Juan Gabriel Brida,
Uruguayan-Italian descent and David Matesanz Gómez, Spanich; and Wiston Adrián Risso
Charquero, Uruguayan.
3.2
Economic Journeys
The Banco de Guatemala continues with its purpose of holding cycles of economic
journeys annually. For this purpose, said event is held especially for researchers, professionals
and academics involved in economical and financial areas, for which the Banco de Guatemala
invites distinguished internationally
renowned academics, officers from international
organizations, public officials and persons from the financial and economic fields, who, not only
share their experience in the economic and financial fields, they also develop important
conferences regarding topics of worldwide interest, in this manner contributing to increase the
amount of experience and knowledge of professionals, students and persons interested that
participate in said event.
Accordingly, on June 19th and 20th, 2008 the XVII Cycle of Economic Journeys8 was
held. At that time, the central topics were: a) Monetary Policy in a globalized world; and, b)
Integration and economic growth. The presentationofhte topics mentioned were by important
reasearchers and recognized international experts.
The first topic was covered by Rodrigo
Cárcamo, Economic Matters Official for the Latin American and Caribbean Economic
Commission (Comisión Económica para América Latina y el Caribe (CEPAL)) and the Project
Network Coordinator for Macroeconomic Dialogue (Proyecto Red de Diálogo Macroeconómico
(Redima)) of the three sub-regions of Latin America; Adrián Armas Rivas, General Manager of
Economic Studies of the Central Reserve Bank of Peru; Dardo Curti Curtti, Advisor for the
7
8
They jury was made up by: Vicente Tuesta Reátegui, from the Central Reserve Bank of Perú; Ligia García, from the Rafael Landívar
University; and, Jorge Madrigal, from the Central Bank of Costa Rica.
The presentations of this event can be consulted on the web site of the Banco de Guatemala (www.banguat.gob.gt).
Directorship of the Central Bank of Urugua in monetary policy and in supervision matters for
financial intermediation institutions; Zenón Quispe Misaico, Chief of the Department for the
Monetary Program for the Central Reserve Bank of Peru; and Juan Pablo Nicolini, Dean of the
Universidad Torcuato di Tella, from the Republic of Argentina; whereas the second topic was
presented by Mr. Alfred Schipke, Resident Regional Representative of the International
Monetary Fund and Commerce and International Finance Professor in Harvard University,
United States of America.
3.3
Higher Studies Program
The Banco de Guatemala has been offering the Higher Studies Program, which objective
is to provide solid academic training on economic and financial topics of interest for the Central
Bank, in response to the need of specialization in this kind of topics and to help in the
professional development of the Banco de Guatemala, of employees of the Latin American
central banks and professionals in economic sciences and in other related professions, graduated
from the different universities of the country.
In 2008, the mentioned program was held under the following: a) “Quantitative Methods”,
which purpose is to form specialized human resources in the formulation and solutionof
quanitative models applied to the economy and finance, as well a in economic and financial
research in general; b) “Updating”, with the objective of providing analytical tools of recent
development and high potential of applicationin institutional tasks, for personnel of the Banco de
Guatemala that have received high quality training; and, c) “English Language”, that follows the
objective of providing the necessary knowledge to prefect the English language, with a high
potential of application in institutional work, and facilitate the admission and development of
post-graduate scholarship programs abroad.
3.4
Publication of Research Works of the Central Bank in specialized magazines
For several years now, the personnel of the Banco de Guatemala has participated in
international forums, with research projects that mainly cover the related topics with the
monetary policy, finance and financial economy. Some of the works presented in said forums are
selected to be published in different magazines edited by the organizing institutions. Of that
account in 2008 in Money Affairs magazine from Centro de Estudios Monetarios
Latinoamericanos (Latin American Monetary Studies Center), (CEMLA), published the research
project titled: “Emigrant remittances and the real exchange rate in Guatemala: an adjustmentcosts story”, made by officials from the Economic Research Department.
3.5
Participation in the Research network of the Latin American Central Banks
From November 5 to 7, 2008, the XIII Meeting of the Research Network of the Latin
American Central Banks was held in the city of Mexico D.F., Mexico organized by the Centro de
Estudios Monetarios Latinoamericanos-CEMLA- (Latin American Monetary Studies Center).
Said event has as its fundamental objective to provide a link that facilitates the exchange of ideas
among researchers of the region’s central banks that are interested in the analysis of topics
associated with the macroeconomic, monetary, banking and financial sectors.
Since 2002, the Banco de Guatemala been a part of the Committee of Directors of said
network and one of the activities of said meeting was a round table with the Directors Committee,
in which an official from the Economic Research Department of the Banco de Guatemala
presented the conference titled: “Crisis internacional: efectos, opciones de política y
posibilidades de coordinación” (“International Crisis: effects, policy options and possibilities for
coordination”).
APPENDIXES
Appendix 1
APPENDIX 2
FINANCIAL STATEMENTS OF THE BANCO DE GUATEMALA A.
General Balance
63
67
B.
Results Balance
68
Appendix 3
MAIN RESOLUTIONS ISSUED BY THE MONETARY BOARD 1.
Resolution JM-1-2008 dated January 2, 2008.
Revoked authorization for operation of the Banco del Café, Sociedad Anónima.
2.
Instructed the Supervisory to request that the First Instance Civil Branch Court would declare the Banco del
Café, Sociedad Anónima in bankruptcy.
3.
Approved the financial statements of the Banco de Guatemala corresponding to the accounting excercise
from January 1 to December 31, 2007.
4.
Authorized the distribution of net excess due to the operations of the Banco de Guatemala, corresponding to
the 2007 tax year.
5.
Determined the interest rate for tax effects, referred to in article 58 of the Tax Code, that would regulate the
first semester of 2008.
6.
Approved the modification of the Tax Instructions Manual for Entities Subject to Surveillance and
Supervision by the Bank Supervisor.
7.
Authorized the participation of the Banco de Guatemala for one more year in the Reserves Advisory and
Management Program, (RAMP) of the World Bank.
8.
Resolution JM-17-2008 dated February 13, 2008.
Authorized the Banco de Guatemala to keep the structure of monetary kind current, with the exception of
the metallic coin of a centavo de quetzal, which, when the inventory in warehouse runs out; it will no longer
be issued.
9.
Issued favorable opinion on the proposal regarding usage of different metallic alloys to the pointed out in
article 13 of the Monetary Law in the manufacturing of metallic coins, as well as introduce changes of the
tolerance and weights referred to in article 14, 15 and 16 of said legal body.
10.
Authorized the merge by take-over of Banco Uno, Sociedad Anónima, by Banco Cuscatlán de Guatemala,
Sociedad Anónima, and the change in its name to Banco Citibank de Guatemala, Sociedad Anónima.
11.
Modified the Regulation of the Exclusion Board of Assets and Liables.
12.
Resolution JM-30-2008 dated March 12, 2008.
Approved the minting of forty million quetzales in metallic coins of one quetzal; six million quetzales in
metallic coin of ten centavos of a quetzal; and, four million quetzales in metallic coin of the five centavos of
a quetzal denomination.
13.
Approved the printing on cotton of ten billion quetzales of one hundred quetzal bills; six hundred million
quetzales in twenty quetzal bills; four hundred million quetzales in ten quetzal bills; and, two hundred fifty
thousand quetzales in five quetzal bills; and on polimer, fifty million quetzales of one quetzal bills.
14.
Authorized the separation of Banco Uno, S. A., Centro Único de Crédito, S. A., and Unibolsa, S. A. entities
from the Grupo Financiero Uno and the dissolution of said group; the incorporation of the mentioned
entities and of Citivalores, S. A., Citinversiones, S. A., and MV, S. A., to the Grupo Financiero Cuscatlán
Guatemala and the modification of its organizational structure; and, the change in name from Grupo
Financiero Cuscatlán Guatemala to Grupo Financiero Citibank de Guatemala.
15.
The Exclusion Board of Assets and Liables ceased to operate in the case of the Banco de Comercio,
Sociedad Anónima.
16.
Resolution JM-41-2008 dated April 2, 2008.
Modified the Regulation for the determination of the minimum amount of wealth required for risk exposure,
applicable to Banks and Financial Stock Companies.
17.
Revoked the authorization of the new “Grupo Financiero Banquetzal” and of its organizational structure.
18.
Cancelled the authorization of the Investment & Commerce Bank Limited, to operate in Guatemala as an off
shore entity.
19.
Fixed the real quotas for the sustainability of the Banks Supervisory in 2008 that the institutions that are
subject to inspection and surveillance must pay.
20.
Resolution JM-51-2008 dated May 14, 2008.
Issued favorable decree for the global investment plans of the technical and mathematical reserves of
insurance and bonds companies that operate in the country, accumulated to December 31, 2007.
21.
Resolution JM-52-2008 dated May 16, 2008.
Modified the Monetary and Fiscal Program for 2008, contained in appendix 1 of Resolution JM-211-2007
and modified point II, literal B, clauses 5, 6 and 7 of Resolution JM-211-2007.
22.
Resolution JM-58-2008 dated June 4, 2008.
Issued favorable opinion on the 1905/OC-GU loan to be signed between the Republic of Guatemala and the
Inter-American Development Bank (IDB), up to US$30.0 million, destined to finance the “Support for the
Penal Justice System Program”.
23.
Resolution JM-60-2008 dated June 11, 2008.
Modified the Monetary, Foreign Exchange Rate and Credit Policy for 2008, as to which the Participation
Regulation of the Banco de Guatemala in the Institutional Foreign Currency Market refers.
24.
Resolution JM-77-2008 dated July 9, 2008.
Determined the interest rate for tax effects, referred to in Article 58 of the Tax Code that will regulate the
second semester of 2008.
25.
Resolution JM-78-2008 dated July 9, 2008.
The Exclusion Board of Assets and Liables ceased to operate in the case of the Banco del Café, Sociedad
Anónima.
26.
Resolution JM-87-2008 dated August 13, 2008.
Approved the Accounting Instructions Manual for the Insured Mortgage Promotion Institute.
27.
Resolution JM-88-2008 dated August 20, 2008.
Issued favorable opinion on the 1950 loan to be signed between the Republic of Guatemala and the Central
American Bank for Economic Integration (CABEI), up to US$74.0 million, called “Financing for Budgetary
Support to the Communications, Infrastructure and Housing Ministry”.
28.
Resolution JM-95-2008 dated September 12, 2008.
Modified the Monetary and Fiscal Program for 2008, contained in appendix 1 of Resolution JM-211-2007
and modified point II, literal B, clauses 5, 6 and 7 of Resolution JM-211-2007.
29.
Issued favorable opinion on the No. 2008/OC-GU loan to be signed between the Republic of Guatemala and
the Inter-American Development Bank (IDB), up to US$400.0 million, destined to finance the “Public
Finance Strengthening Program”.
30.
Issued favorable opinion on loan 7522-GU to be signed between the Republic of Guatemala and the
International Bank for Reconstruction and Development (IBRD), for up to US$20.0 million, known as
“Additional Financing for the Third Project of Technical Assistance for Integrated Financial
Administration.”
31.
Modified the integration of the Grupo Financiero Agromercantil and its organizational structure.
32.
Temporarily authorized the Banco de Guatemala and up to December 31, 2008, to make available the
possibility of the banks in the system, financial stock companies and offshore entities to deposit US dollars
in the United States of America when these would be a part of financial groups in the country.
33.
Resolution JM-116-2008 dated October 22, 2008.
Authorized the Banco de los Trabajadores to acquire 1,047,117 stocks of the Banco de la República,
Sociedad Anónima, for an amount of Q159,952,000.00, in order to take over the Banco de la República,
Sociedad Anónima.
34.
Resolution JM-118-2008 dated October 29, 2008.
Issued favorable opinion on loans 2020/OC-GU for US$139.0 million and 2021/BL-GU for up to US$61.0
million to be signed between the Republic of Guatemala and the Inter-American Development Bank (IDB),
both for financing the “Human Capital Investment Program”.
35.
Resolution JM-119-2008 dated October 29, 2008
Issued favorable opinion on loan 7590-GU to be signed between the Republic of Guatemala and the
International Bank for Reconstruction and Development (IBRD), for up to US$200.0 million, known as
“First Programatic Loan for Tax Policy and Institutional Development”.
36.
Resolution JM-122-2008 dated November 5, 2008.
Temporarily authorized the Banco de Guatemala, and up to January 31, 2009 to provide liquidity in US
dollars to the Banks of the system, through repurchase agreement operations for up to US$275.0 million.
37.
Issued favorable opinion on loan 2018/OC-GU for up to US$150.0 million to be signed between the
Republic of Guatemala and the Inter-American Development Bank (IDB), both for financing the “Mi
Escuela Progresa Program (My School Progresses program).”
38.
Cancelled the authorization for the operation of The Oxxy Bank, Ltd. as an offshore entity in Guatemala,
and revoked authorization to the Grupo Financiero de la República and its organizational structure.
39.
Authorized a mechanism to moderately and temporarily compute the banking legal reserve more flexibly.
40.
Resolution JM-145-2008 dated December 3, 2008.
As a complement to Resolution JM-46-2008, approved the quota for maintaining the surveillance and
inspection entity in 2008, to be paid by Citinversiones, Sociedad Anónima, Citivalores, Sociedad Anónima,
and MV, Sociedad Anónima.
41.
Resolved to have the Monetary, Foreign Exchange Rate and Credit Policy of 2008 as evaluated and the
Monetary, Foreign Exchange Rate and Credit Policy of 2009 as determined.
42.
Issued favorable opinion on loans 2050/OC-GU for US$8.5 million to be signed between the Republic of
Guatemala and the Inter-American Development Bank (IDB), for partially financing the “Support Program
for the Modernization of the Public Finance Ministry”.
43.
Modified the Regulation for the Administration of Risk Credit.
44.
Modified the Manual de Instrucciones Contables para Entidades Sujetas a la Vigilancia e Inspección of the
Bank Supervisor. (Manual for Accounting Instructions for Entities Subject to Surveillance and Inspection).
Aide Memorie of the Banco de Guatemala 2008
BANCO DE GUATEMALA
Dirección:
7a. avenida, 22-01, zona 1, ciudad Guatemala, Guatemala
Apartado Postal: 365
Teléfonos:
PBX (502) 2429 6000
(502) 2485 6000
BIC SWIFT:
BAGUGTGC
Fax:
(502) 2238 0500
(502) 2253 4035
Sitio de internet: www.banguat.gob.gt
Consultas favor dirigirse a: [email protected]; [email protected] o
[email protected].
The present Aide Memorie of the Banco de Guatemala 2008 was approved by the Monetary Board in
Resolution JM- -2008 dated 2009.
73

AIDE-MEMORIE of the BANCO DE GUATEMALA 2008

Transcription

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