Relevamiento de Títulos de Deuda y Otros Pasivos Externos

This report presents the update at the end of March 2004 of the data collected on the external liabilities of the private sector from the survey implemented by the Central Bank

Foreign obligations declared to the Central Bank by the private sector totaled US$
53,190 million as of December 31, 2009, of which US$49,750 million corresponded to the non-financial private sector (NFPS) and US$3,440 million to the private financial sector (SPF).
Private external debt was reduced by US$ 2,189 million in the last quarter of 2009. This
decline mainly reflected the decrease in NFPS external liabilities for financing exports
and imports of goods.
In 2009, the external debt of the NFPS decreased by US$ 4,418 million (8%) and that of the SPF by US$
1,694 million (33%). These results reflected the continuity of the process of external deleveraging
that has been observed since 2001, the beginning of the survey ordered by the Central Bank. The
decrease in private external debt can also be seen when measured in relation to other indicators
such as international reserves, gross domestic product and exports of goods and services.
These indicators show a significant difference in the relative weight of private external
debt with respect to the values recorded in 2001.
This process has been even more marked in the financial sector, where the ratio of external indebtedness
to the Computable Patrimonial Liability of financial institutions fell
by 15 percentage points in 2009 and by 76 percentage points in the last five years. The external debt of the SPF at the end of 2009 represented only one fifth of that registered at the beginning of the series at the end of 2001.
The NFPS received fresh financial funds in 2009 for US$ 3,349 million. In the context of a less liquid international financial market, there was a
decrease in the annual volume of funds received, fewer new bond
issuances in international capital markets and a greater concentration of recipient companies. However
, it should be noted that in the last quarter of the year, the volume of fresh funds received by NFPS
increased by just over 50% compared to the previous quarter, returning to the quarterly averages
observed in previous periods since mid-2007.
For its part, the private financial sector, which operated in a framework of strong liquidity, did not take
fresh funds throughout the year.
Companies in the same group continued to be the main creditor of NFPS, despite the
reduction in import credits observed in the first three quarters of the year. International
organizations and official agencies were the only ones to increase their claims with the
NFPS during 2009.
The stock of debt at the end of 2009 was 85% denominated in US dollars,
8% in pesos and 5% in euros. Debts in Argentine pesos were mainly related to
profits and dividends pending remittance, while those denominated in euros were characterized
by basically corresponding to import and financial debts.
The payable debt of the NFPS totaled US$ 13,542 million and was basically composed of current account debts for imports of goods and services, advances on future exports of goods and profits and dividends. Meanwhile, the payable debt of the SPF, which includes demand deposits of non-residents, totaled US$ 358 million. The average life of private external debt at the end of 2009 was 1.73 years, with 3.74 years for the SPF and 1.60 years for the NFPS