NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22)

(Figures stated in thousands of pesos, except for where indicated)

Assets included in the provisions of Central Bank Communiqué “A” 3,911, as supplemented:

The assets included (Guaranteed loans Presidential Decree No. 1,387/01 and BONAR XIII) were valued at the lower of their present values or technical values, as established by Central Bank Communiqué “A” 3,911, as supplemented. If such lower value exceeds the notional value (as defined in point 4 of Communiqué “A” 3,911), the difference is debited from the asset account and the credit is recorded in an asset offset account. If, instead, such lower value is also lower than the notional value, the difference is recorded as a loss in the income statement and the offsetting credit is recorded in the asset account.

The amounts recorded in the asset offset accounts are adjusted every month based on the values calculated according to Communiqué "A" 3,911, as supplemented.

For purposes of determining the present value, in the case of instruments that include indexation clauses, the contractual cash flows were discounted at the interest rates that were established in the schedule included in point 2 of the abovementioned Communiqué “A” 3,911. As from August 2007, every month the Central Bank establishes the discount rate to be used, as set forth by Communiqué “A” 4704, as supplemented.

In the case of instruments that do not comprise adjustment clauses, Communiqué “A” 4,163 established the methodology to calculate such present values.

Interest accrual:

Interest has been accrued according to a compound interest formula in the period in which it was generated, except interest on transactions in foreign currency and those whose maturity does not exceed 92 days, on which interest has been accrued according to a simple interest formula.

The Bank suspends the interest accrual whenever loan payments are not settled (generally, after 90 days) or when the recoverability of the collection of principal or interest accrued is doubtful. Accrued interest is considered part of the loan balance when determining the allowances for loan losses. Afterwards, interest is only recognized on a cash basis.

CER accrual:

Receivables and payables have been indexed by the CER, wherever applicable, as follows:

e.1)

Guaranteed loans: as explained in note 3.3.c).

e.2)

Other loans and receivables from sale of assets: they were adjusted according to Communiqué “A” 3,507, and supplementary regulations, which established that payments made until September 30, 2002, were to be made under the original conditions of each transaction and would be considered prepayments. As from February 3, 2002, principal was adjusted by the CER trough period-end and year-end, where applicable.

e.3)

Deposits and other assets and liabilities: they were adjusted by CER as of the last business day of the period and year-end, respectively.

Allowance for loan losses and provision for contingent commitments:

These provisions have been calculated based on the estimated uncollectibility risk of the Bank's credit portfolio, which results from the evaluation of the degree of debtors compliance and the guarantee/security supporting the respective transactions, under Central Bank Communiqué “A” 2,950, as supplemented.

When loans covered by specific allowances are settled or generate a reversal of the allowances recorded in the current year, and in cases where the allowances set in prior years exceed what is considered necessary, the excess allowance is reversed with effects on income for the current period.

The recovery of receivables previously classified under Debit-balance control memorandum accounts - Receivables classified as irrecoverable are charged directly to income.

The Bank assesses the credit risk related to possible commitments and determines the appropriate amount of allowances to be recorded. The allowances related to amounts recorded in memorandum accounts - possible commitments are included under “Provisions”.

- 15 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

Loans and deposits of government securities:

They were valued at the quoted price of each security effective on the last business day of the period and fiscal year, respectively, plus the related accrued interest. Differences in quoted market values were recorded in the statement of income as of those dates.

Other receivables from financial intermediation and Other liabilities from financial intermediation:

h.1)

Amounts receivable from spot and forward sales pending settlement and amounts payable for spot and forward purchases pending settlement:

They were valued based on the prices agreed upon for each transaction, plus the related premiums accrued through period- and year-end, respectively.

h.2)

Securities and foreign currency to be received for spot and forward purchases pending settlement and to be delivered for spot and forward sales pending settlement:

They were valued at the effective quoted prices for each of them on the last business day of the period or fiscal year, respectively. Differences in quoted market values were recorded in the statement of income as of those dates.

h.3)

Debt securities and certificates of participation in financial trusts:

Debt securities: they were valued at their cost value increased exponentially by their internal rate of return, as provided by Central Bank Communiqué “A” 4,414.

ii.

Certificate of participation in the Fideicomiso Financiero Suquía financial trust: it was valued based on the value of incorporation to shareholders’ equity of former Nuevo Banco Suquía S.A., plus interest accrued, net of the redemptions made by the abovementioned bank, in its capacity as beneficiary of the certificate of participation. As of September 30, 2008 and December 31, 2007, such certificate was fully reserved.

iii.

Other certificates of participation: they were stated at nominal value increased, as the case may be, by interest accrued and CER until the last business day of the period and fiscal year, respectively, converted into pesos pursuant to the method described in note 3.3.a), as the case may be.

The values booked, net of allowances recorded, do not exceed the recoverable values from the respective trusts.

h.4)

Unlisted corporate bonds purchased:

They were valued by increasing the value of holdings based on their internal rate of return, as provided by Central Bank Communiqué "A" 4,414 and supplementary regulations.

h.5)

Nonsubordinated corporate bonds issued:

They were valued at the amount due for principal and interest accrued as of period- and year-end, respectively, converted into pesos pursuant to the method described in note 3.3.a), as the case may be.

Assets subject to financial lease:

They were valued at cost, less the related accumulated depreciation, determined on the basis of the original value of the assets, less the present value of amounts yet to accrue, calculated in accordance with the conditions agreed upon in the respective agreements, applying the interest rate imputed therein.

Investments in other companies:

j.1)

In controlled financial institutions, supplementary and authorized activities: they were valued by the equity method.

- 16 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

j.2)

In non-controlled financial institutions, supplementary and authorized activities:

In Argentine pesos: they were valued at acquisition cost, plus the nominal value of share-dividends received, restated as explained in note 3.2.

ii.

In foreign currency: they were valued at the acquisition cost in foreign currency, plus the nominal value of share-dividends received, translated into pesos in accordance with the criterion stated in note 1 to the consolidated financial statements.

Such net values do not exceed the values calculated by the equity method on the basis of the latest financial statements published by the companies.

j.3)

In other non-controlled companies: they were valued at acquisition cost, plus the nominal value of share-dividends received, restated as described in note 3.2., net of allowances for impairment in value. Such net values do not exceed the values calculated by the equity method on the basis of the latest financial statements published by the companies.

Bank premises and equipment and other assets:

They were valued at their acquisition cost, restated as explained in note 3.2., less the related accumulated depreciation calculated in proportion to their estimated months of useful life.

Intangible assets:

l.1)

Goodwill and organization and development costs (except differences due to court orders - Nondeductible for the determination of the computable equity): they were valued at their cost, restated as explained in note 3.2., less the related accumulated amortization, calculated under the straight line method over their estimated months of useful life.

l.2)

Differences due to court orders (amparos) - Nondeductible for the determination of the computable equity: as of September 30, 2008 and December 31, 2007, the “Intangible Assets - Organization and development costs” account includes 23,319 and 25,211 (net of amortization for 75,422 and 64,895), respectively. These assets represent the difference between the amount of the original foreign currency translated at the exchange rate applied upon payment of the recursos de amparo (constitutional rights protection actions) and the amount recorded under Central Bank rules effective (convert into Argentine pesos at the Ps. 1.4 to USD 1 exchange rate, or its equivalent in other currencies, plus CER). Additionally, and as disclosed in Central Bank Communiqué “A” 3,916, since April 2003 the sums related to the amounts paid are amortized straight line in 60 monthly installments.

The Central Bank informed the Bank through a notice dated August 4, 2008, that the permission established by Communiqué “A” 3,916 (allowing the difference between the amount of the “amparos” and the amounts recorded as liabilities to be capitalized as intangible assets) is applicable only to such differences which were actually paid. The Bank had also previously recorded intangible assets and an offsetting liability for the estimated amounts of “amparos” payable in the future pursuant to the application of the Argentine Supreme Court rulings dated December 27, 2006, and August 28, 2007. As a result of the August 4, 2008 notice, as of September 30, 2008, and December 31, 2007, the Bank reversed the intangible assets and related liabilites related to the unpaid “amparos”.

l.3)

Difference from court deposits dollarization: As of Septiembre 30, 2008, and December 31, 2007, the “Intangible Assets - Organization and development expenses” account includes 2,968 and 5,941 (net of amortization for 4,945 and 2,084), respectively, related to the capitalization of the dollarization effect regarding court deposits, the amounts of which are amortized in 24 equal, monthly and consecutive installments as from July 2007, as stated in Central Bank´s Communiqué “A” 4,686.

Valuation of derivatives:

m.1)

Put options sold on BODEN 2012 and 2013 coupons: Such options were valued at the exchange value of the bonds plus interest and the CER adjustment accrued on the last business day of each period- and year- end, respectively.

m.2)

Interest rate swap: this included the equivalent in pesos of the notional value in relation to which the Bank agreed to pay a variable rate and charge a fixed rate.

- 17 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

m.3)

Forward transactions without delivery of underlying asset: they were valued at the quoted price of the underlying assets upon maturity, effective on the last business day of each period and fiscal year. Differences in quoted market values were recorded in the statement of income for the period and fiscal year.

See also note 11.

Severance payments:

The Bank charges these payments directly to income.

Provisions included in liabilities:

The Bank carries certain contingent liabilities related to current or future claims, lawsuits and other proceedings, including those related to labor and other obligations. Liabilities are booked whenever it is probable that future costs will be incurred and whenever such costs may be fairly estimated.

Subordinated corporate bonds:

They were valued at the amount due for principal and interest accrued as of period- and year-end, respectively, converted into pesos pursuant to the method described in note 3.3.a).

Shareholders’ equity accounts:

q.1)

They are restated as explained in note 3.2., except for the Capital Stock account which has been kept at its original value. The adjustment resulting from its restatement as explained in note 3.2. was included in the Adjustments to Shareholders’ Equity account.

q.2)

Own shares reacquired: the purchase cost of own shares reaquired was debited from the “Unappropriated earnings” account. Furthermore, the face value of such shares was reclassified from “Outstanding shares” to “Shares in treasury" (see also note 9 and Exhibit K).

Statement-of-income accounts:

r.1)

The accounts comprising monetary transactions occurred in the nine-month periods ended September 30, 2008, and 2007, (financial income (expense), service-charge income (expense), provision for loan losses, administrative expenses, among others) were computed at their historical amounts on a monthly accrual basis.

r.2)

Accounts reflecting the effects on income from the sale, retirement or consumption of nonmonetary assets were computed on the basis of the amounts of such assets, which were restated as mentioned in note 3.2.

r.3)

The income (loss) from equity interests in subsidiaries were computed on the basis of such companies’ income (loss).

3.4.

Statement of cash flows

The Bank considers “cash flows” to include the following accounts: Cash and Government and private securities which mature less than 90 days as from their date of acquisition. As of September 30, 2008, the Bank had no such securities booked, while as of September 30, 2007, such securities totaled 70,703.

4.	INCOME TAX AND MINIMUM PRESUMED INCOME TAX

The Bank calculates income tax by applying the effective 35% rate to the estimated taxable income for each period, without considering the effect of temporary differences between book and taxable income.

- 18 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

In fiscal year 1998, Law No. 25,063 established minimum presumed income tax for a ten-year term. This tax is supplementary to income tax because, while the latter is levied on taxable income for the year, minimum presumed income tax is a minimum levy determined by applying the current 1% rate on the potential income of certain productive assets. Therefore, the Bank’s tax obligation will be equal to the higher of the two taxes. In the case of institutions governed by Financial Institutions Law, the above law provides that they shall consider as taxable income 20% of their assets subject to tax after deducting those assets defined as non-computable. However, if minimum presumed income tax exceeds income tax in a given tax year, such excess may be computed as a payment on account of any income tax in excess of minimum presumed income tax that may occur in any of the following ten years, once accumulated net operating losses (NOLs) have been used.

As of September 30, 2008, and 2007, the Bank estimated that accrued income tax amounted to 155,404 and 47,000, respectively; hence, no minimum presumed income tax should be assessed.

In addition, as of September 30, 2008, the Bank made income tax prepayments for 26,025 for the 2008 tax year, which were recorded in the Other receivables account.

As of December 31, 2007, the Bank capitalized 23,287 from former Nuevo Banco Suquía S.A. for minimum presumed income tax credit, in conformity with Central Bank Communiqué “A” 4295, which was used in April 2008 to settle income tax for tax year 2007.

5.	DIFFERENCES BETWEEN CENTRAL BANK RULES AND THE APPLICABLE ARGENTINE PROFESSIONAL ACCOUNTING STANDARDS

In August 2005, the CPCECABA (Professional Council in Economic Sciences of the City of Buenos Aires) approved Resolution CD No 93/05, whereby it introduced the technical resolutions and interpretations issued by the FACPCE’s governing board through April 1, 2005.

Subsequently, through Resolutions C.D. 42/2006 and 34/2008, the CPCECABA approved Technical Resolutions No. 23 and No. 24, respectively, effective for annual or interim-period financial statements for fiscal years beginning July 1, 2006 and January 1, 2009, respectively, and its early adoption is permitted. In turn, the CNV adopted Technical Resolution No. 23 through General Resolution No. 494, which is applicable to fiscal years beginning April 1, 2007, and its early adoption is also permitted.

These professional accounting standards differ, in certain valuation and disclosure aspects, from Central Bank rules. The differences between those standards, which the Bank identified and deemed significant with respect to these financial statements (based on the quantification thereof or any other estimate made, whenever the quantification was not possible), are as follows:

5.1.

Valuation standards

Holdings of unlisted government securities and loans to the nonfinancial government sector: they are valued in accordance with regulations and rules issued by the Argentine Government and the Central Bank. In particular, Central Bank Communiqué “A” 3,911, as supplemented, establishes present value methods by applying regulated discount rates, technical values and undiscounted cash flows, as detailed in note 3.3.c). Additionally, effective loan-loss provisioning regulations issued by the Central Bank establish that receivables from the nonfinancial government sector are not subject to loan-loss provisioning, whereas professional accounting standards require receivables to be compared with their recoverable value every time financial statements are prepared.

The Bank’s particular situation in connection with these holdings and financing is as follows:

Holdings of unlisted government securities: As of September 30, 2008, the Bank recorded “Argentine Government bonds in pesos”, maturing in 2013 (BONAR XIII), for 25,289 and 50,579 at stand-alone and consolidated levels, respectively. According to professional accounting standards, such assets should be stated at market value. According to this valuation method, this instrument as of those dates amounts to 24,011 and 48,022, respectively.

Also, as of September 30, 2008, and December 31, 2007, the Bank recorded “Argentine Government bonds in pesos -variable rate-”, maturing in 2013, for 11,778 and 11,987 at consolidated level, respectively. According to professional accounting standards, such assets should be stated at market value. According to this valuation method, this instrument as of those dates amounts to 12,035 and 13,944, respectively.

- 19 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

Instruments issued by the Central Bank: As of September 30, 2008, the Bank recorded unlisted Central Bank internal bills and notes for 2,207,090 and 3,004,626 at stand-alone and consolidated levels. According to professional accounting standards, such assets should be stated at market value. According to this valuation method, the value of this instrument as of that date amounted to 2,173,380 and 2,957,575, respectively.

Guaranteed loans: As of September 30, 2008, and December 31, 2007, the Bank charged “Federal Government guaranteed loans” deriving from the exchange set forth by Presidential Decree No. 1,387/01 under “Loans to the nonfinancial government sector” for a total net amount at stand-alone level of 554,180 and 553,972, respectively, and 727,744 and 729,955, at consolidated level, respectively. According to professional accounting standards, such assets should be stated at market value. According to this valuation method, the value of these instruments as of such dates amounted to 478,697 and 490,501, at stand-alone level, respectively, and 613,723 and 634,142, at consolidated level, respectively.

Intangible assets: As of September 30, 2008 and December 31, 2007, the Bank capitalized under intangible assets 26,287 and 31,152, at stand-alone level, respectively, and 42,763 and 53,450 at consolidated level, respectively, net of the related amortization amounts, regarding the foreign exchange differences mentioned in notes 3.3.l.2) and 3.3.l.3) related to the reimbursement in original currency of certain deposits switched into pesos and the effect of court deposits dollarization. Such accounting treatment differs from the valuation and disclosure methods established by professional accounting standards, which require charging to income the higher costs for court deposits dollarization and decreasing the book value of surpluses paid at their recoverable value. As of the date of issuance of the accompanying financial statements, the existing evidence does not support that the book value of such assets is fully or partially recoverable.

As of September 30, 2008, and December 31, 2007, as mentioned in note 3.3.l.2), the Bank booked the effects of the Argentine Supreme Court rulings dated December 27, 2006, and August 28, 2007, upon payment of such precautionary measures, in conformity with Central Bank indications in the notice dated August 4, 2008. According to the professional accounting standards, as of September 30, 2008, and December 31, 2007, the Bank should have booked a liability of approximately 35,214 and 44,859, at the stand-alone level, respectively, and for about 51,406 and 63,014, at the consolidated level, respectively.

Income tax: The Bank and its subsidiaries record income tax by applying the effective rate to the estimated taxable income without considering the effect of temporary differences between book and taxable income. In accordance with professional accounting standards, income tax should be recognized through the deferred tax method, which consists in recognizing (as receivable or payable) the tax effect of temporary differences between the book and tax valuation of assets and liabilities, and in subsequently charging them to income for the years in which such differences are reversed, considering the possible effects of utilizing net operating losses (NOLs) in the future. As of December 31, 2007, consolidated deferred assets, net of allowances and provisions, as per the Bank's estimates, amounted to about 64,415.

The acquisition of Banco Bansud S.A. by the Bank gave rise to an original recording of negative goodwill of 365,560, which is the effect of the difference between the purchase price and the interest acquired valued by the equity method, in accordance with Central Bank rules. Later, the Bank applied the valuation and disclosure rules established in Communiqué “A” 3,984, and reversed as of December 31, 2006, 100% of the aggregate amount of such goodwill (the maximum amortization allowed per annum is 20%). The abovementioned goodwill gave rise to gains on inflation exposure through February 28, 2003.

In addition, the acquisition of Nuevo Banco Suquía S.A. by the Bank resulted in negative goodwill amounting to 483, which is the effect of the difference between the purchase price and the book value of the net assets acquired under Central Bank rules.

Under professional accounting standards effective in Argentina, when the purchase price is lower than the fair value of the related identifiable assets, any unallocated differences between the price and such fair value shall be either considered as a gain for the period or deferred (as negative goodwill) and subsequently amortized, as appropriate on the basis of the specific circumstances of the transaction that originated such differences.

In addition, as detailed in notes 2.5. and 2.6., the acquisitions of Banco del Tucumán S.A. and Nuevo Banco Bisel S.A. by the Bank gave rise to recording the related positive goodwill for an amount of 18,242 and 66,042, respectively, resulting from the difference between the purchase price of each investment and the book value of the underlying equity acquired. Based on Central Bank rules, the Bank amortizes such positive goodwill through the straight-line method based on an estimate ten-year useful life.

- 20 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

Under professional accounting standards effective in Argentina, when the purchase price of an investment is higher than the fair value of the related identifiable net assets, a positive goodwill will be recognized and it will be (i) amortized systematically throughout the estimated useful life and (ii) compared to its recoverable value as of each year-end.

As of September 30, 2008, and December 31, 2007, the Bank booked an interest rate swap agreement in conformity with the Central Bank accounting standards, as mentioned in note 3.3.m.2), in the amount of 29,194 and 29,388, at stand-alone level, respectively, and 35,999 and 36,238, at consolidated level, respectively. Under professional accounting standards effective in Argentina, the measurement of derivative financial instruments should be made at their net realizable value if they have quoted prices, or lacking this, using mathematical models that are appropriate in relation to the instrument’s characteristics and which use data that can be verified. If those standards had been applied, as of September 30, 2008, and December 31, 2007, the Bank should have recorded assets in the amount of 2,733 and 1,983, at stand-alone level, respectively, and 3,370 and 2,446, at consolidated level, respectively, which would have entailed increases in the Bank’s shareholders’ equity by the same amounts.

5.2.

Disclosure aspects

There are differences between the cash flows information disclosed and the requirements established by the professional accounting standards in Argentina.

The Bank has not presented the information on earnings per share, certain information about related parties or other reporting requirements for nonbanking institutions.

The Bank has recorded under “Intangible assets” certain receivables related to compliance with court-orders issued with respect to constitutional rights protection actions for the enforcement of rights and the conversion of deposits into pesos. According to professional accounting standards and in the understanding that such assets are recoverable, such amounts should have been allocated to “Other receivables”.

6.	BREAKDOWN OF THE ITEMS INCLUDED IN “OTHERS” AND AND MAIN SUBACCOUNTS

The breakdown of the “Other” account in the balance sheet and statement of income is as follows:

09/30/2008

12/31/2007

6.1)

Loans - Other

Other loans	903,462	743,825
Export financing and prefinancing	608,647	724,740
Government securities	10,718	4,448
Documentary credits	192	674
	1,523,019	1,473,687

6.2)

Other receivables from financial intermediation - Other receivables not covered by debtor classification standards

Debt securities in financial trusts	205,154	77,030
Certificates of participation in financial trusts	129,150	247,829
Other	225	237
	334,529	325,096

6.3)

Other receivables - Other

Sundry receivables	80,476	73,706
Tax prepayments	30,244	40,946
Advance payments	20,992	31,113
Security deposits	20,670	17,584
Other	7,803	8,819
	160,185	172,168

- 21 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

09/30/2008

12/31/2007

6.4)

Deposits - Other

Balances of accounts without movements	191,905	200,367
Unemployment fund for workers of the construction industry	54,452	47,187
Attachments	15,856	15,243
Special deposits related to inflows of foreign funds	4,785	6,953
Security deposits	3,763	5,139
Orders payable	545	1,045
Other	22,912	19,467
	294,218	295,401

6.5)

Other liabilities from financial intermediation - Other

Other payment orders pending settlement	85,564	58,289
Purchase of preferred shares of Nuevo Banco Bisel S.A.- SEDESA (see note 2.6)	71,653	68,890
Amounts payable	64,547	52,730
Other withholdings and additional withholdings	53,095	48,791
Collections and other transactions on account and behalf of others	42,353	66,752
Retirement pension payment orders pending settlement	33,107	15,203
Miscellaneous subject to minimum cash requirements	30,515	18,533
Miscellaneous not subject to minimum cash requirements	29,125	38,114
Miscellaneous	27,536	30,431
	437,495	397,733

6.6)

Other Liabilities - Other

Taxes payable	190,058	101,725
Miscellaneous payables	52,743	59,901
Salaries and payroll taxes payable	14,880	10,338
Withholdings on salaries	5,793	5,105
Prepayment for the sale of assets	2,636	4,657
Other	1,932	1,931
	268,042	183,657

6.7)

Memorandum accounts - Debit-balance accounts - Control - Other

Checks and securities in custody	2,479,467	2,398,401
Managed portfolios (see note 12)	396,662	407,378
Checks not yet collected	386,003	371,082
Checks and securities to be debited	196,088	144,302
Checks and securities to be collected	73,252	73,803
	3,531,472	3,394,966

09/30/2008

09/30/2007

6.8)

Financial income - Net income from government and private securities

Income from government securities	195,684	140,496
Income from participation in financial trusts	37,030	20,291
Other	15,263	12,273
	247,977	173,060

- 22 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

09/30/2008

09/30/2007

6.9)

Financial income - Other

Income from assets subject to financial lease	42,859	34,983
Interest on loans for export prefinancing and financing	34,798	26,557
Premiums on reverse repurchase agreements with the financial sector	34,755	27,882
Other	11,381	3,900
	123,793	93,322

6.10)

Financial expense - Other

Turnover tax	43,954	22,860
Valuation allowance of loans to the government sector - Communiqué “A” 3,911	29,982	12,128
Premiums on repurchase agreements with the financial sector	3,486	11,388
Other		286
	77,422	46,662

6.11)

Service-charge income - Other

Debit and credit card income	78,867	56,770
Service commissions - UTE (see note 2.4)	10,470	9,851
Rental of safe deposit boxes	7,847	6,800
Other	11,122	20,428
	108,306	93,849

6.12)

Service-charge expense - Other

Debit and credit card expense	34,625	30,057
Turnover tax	15,850	15,417
Commissions on loan placements	6,126	8,073
Other	12,726	11,863
	69,327	65,410

6.13)

Administrative expenses - Other operating expenses

Maintenance, conservation and repair expenses	22,698	19,154
Security services	20,951	18,076
Electric power and communications	17,845	15,231
Leases	11,297	10,531
Stationery and office supplies	8,016	8,051
Insurance	3,535	3,715
	84,342	74,758

- 23 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

09/30/2008

09/30/2007

6.14)

Other income - Other

Gain on transactions or sale of bank premises and equipment, and other assets	8,275	2,898
Other adjustments and interest on other receivables	3,661	1,808
Services provided to Banco del Tucumán S.A.	3,429	990
Certifications	666	297
Credit cards	521	1,451
Leases	328	263
Other	20,554	14,005
	37,434	21,712

6.15)

Other expense - Other

Tax on bank account transactions	21,400	14,755
Non-computable VAT credit	11,711	10,526
Shareholders’ personal assets tax	10,041	8,817
Turnover tax	3,379	1,180
Donations	2,128	905
Corporate bonds issuance expenses	110	8,146
Other	8,203	9,498
	56,972	53,827

7.	RESTRICTED ASSETS

As of Septiembre 30, 2008 and December 31, 2007, the following Bank’s assets are restricted:

7.1)

Government and private securities:

Secured Bonds under Presidential Decree No. 1,579/02 for 23,082 and 30,283 (face value Ps. 24,400,000), respectively, provided as security for the loan received from Banco de Inversión y Comercio Exterior S.A. (BICE) to finance the "Paso San Francisco" public work, in accordance with the note sent by the Bank on November 5, 2002, BICE's reply dated November 18, 2002, and the security agreement covering the abovementioned securities dated January 29, 2004.

Central Bank notes (NOBACs) for 38,672 and 16,575 (for a face value of Ps. 37,210,000 and 16,202,000), respectively, used to perform forward foreign currency trading transactions through Rosario Futures Exchange (ROFEX) and Mercado Abierto Electrónico S.A. (MAE).

NOBACs, in Argentine pesos with variable coupon (BADLAR), for an amount of 29,981 and 48,087 (for a face value of Ps. 29,000,000 and 47,000,000, respectively) used to guarantee the repayment of the loan in pesos agreed upon under the Global Credit Program for Micro-, Small- and Medium-sized Enterprises received from the Under-department of Small- and Medium-sized Enterprises and Regional Development (SSEPyMEyDR).

Other government securities for of 250 and 294, respectively.

7.2)

Loans:

Agreements for loans backed by pledges and unsecured loans for 9,553 and 12,801, respectively, provided as guarantee in favor of the Mypes II Trust Fund, in full compliance with the terms and conditions of the program called “Mypes II (a)” and under the Global Credit Program for Small-sized and Micro-enterprises (see note 13.2.) to the consolidated financial statements).

Guaranteed Loans for 185,811 and 212,298 and Mortgage Bills for 18,491 and 26,389, respectively, securing the loan granted by the Central Bank to former Nuevo Banco Suquía S.A. to purchase “Argentine Government Bonds 2005, 2007 and 2012”, used for the deposit exchange option exercised by the holders of deposits with such bank.

- 24 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

7.3)

Other receivables from financial intermediation:

It includes Central Bank unavailable deposits for 552, as provided by Central Bank Communiqué “A” 1,190. The Bank has recorded allowances covering 100% of this receivable.

Special guarantee checking accounts opened in the Central Bank for transactions related to the electronic clearing houses and similar entities, for an amount of 149,527 and 152,101, respectively.

Contribution to the Risk Fund of Garantizar S.G.R. (mutual guarantee association) for 9,948 and 10,000, respectively, made by the Bank on December 13, 2007, in its capacity as contributory partner of such company. Such contribution may be fully or partially reimbursed once two years have elapsed from the date of contribution.

7.4)

Investments in other companies:

Irrevocable capital contributions to Tunas del Chaco S.A., Emporio del Chaco S.A. y Proposis S.A. in the amount of 450 (150 to each company), under the deferment of federal taxes, subscribed in accordance with the promotion system established by Law No. 22,021, as amended by Law No. 22,702, which provides that the investment must be kept in assets for a term not shorter than five years starting on January 1 of the year subsequent to that when the investment was made (investment year:2003).

Preferred shares of Nuevo Banco Bisel S.A. amounting to 66,240 with a secured first-degree security agreement in favor of SEDESA to guarantee to such Company the price payment and the compliance with all the obligations assumed in the purchase and sale agreement dated May 28, 2007 (see note 2.6.).

7.5)

Other receivables:

Security deposits related to credit card transactions for 12,796 and 12,011, respectively.

Other security deposits for 7,874 and 5,573, respectively.

8.	TRANSACTIONS WITH COMPANIES FALLING UNDER ARGENTINE BUSINESS ASSOCIATIONS LAW No. 19,550, SECTION 33

The receivables/payables and income (loss) from transactions performed with subsidiaries and affiliates according to the provisions of Law No. 19,550 are as follows:

	Nuevo Banco Bisel S.A.		Banco del Tucumán S.A.		Macro Bank Limited		Macro Securities S.A. Sociedad De Bolsa		Other subsidiaries (1)		September 30, 2008		December 31, 2007

ASSETS

Cash						2,229						2,229		2,258

Loans		46,980										46,980

Other receivables from financial intermediation		662,095		70,000		5,720		17,190				755,005		443,099

Other receivables		688		556		2				13		1,259		1,349

Items pending allocation				1								1

Total assets		709,763		70,557		7,951		17,190		13		805,474		446,706

- 25 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

	Nuevo Banco Bisel S.A.		Banco del Tucumán S.A.		Macro Bank Limited		Macro Securities S.A. Sociedad De Bolsa		Other subsidiaries (1)		September 30, 2008		December 31, 2007
LIABILITIES

Deposits						303		2,901		361		3,565		2,700

Other liabilities from financial intermediation		661,921		70,024		5,821		17,435				755,201		550,340

Other liabilities		31		96								127		69

Items pending allocation		150										150

Total liabilities		662,102		70,120		6,124		20,336		361		759,043		553,109

MEMORANDUM ACCOUNTS

Debit-balance accounts - Control				661		192,986						193,647		18,550

Debit-balance accounts - Derivatives		502,164										502,164

Credit-balance accounts - Contingent								2,213				2,213		2,213

Credit-balance accounts - Derivatives		95,700										95,700

	Nuevo Banco Bisel S.A.			Banco del Tucumán S.A.			Macro Bank Limited			Macro Securities S.A. Sociedad De Bolsa		Other subsidiaries (1)		September 30, 2008			September 30, 2007

INCOME (LOSS)

Financial income		27,724			1,765						3				29,492			8,458

Financial expense		(16	)		(813	)		(6	)						(835	)		(4,863	)

Service-charge income		2			18						32		2		54			404

Service-charge expense																		(1	)

Other income					3,429										3,429			990

Total income (expense)		27,710			4,399			(6	)		35		2		32,140			4,988

₍₁₎

Figures related to the subsidiaries Sud Inversiones & Análisis S.A., Macro Fondos S.A. Sociedad Gerente de Fondos comunes de Inversión and Red Innova Administradora de Fondos de Inversión S.A. “en liquidación” (“in liquidation”).

- 26 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

In addition, the Bank and its subsidiaries perform related party transactions in the normal course of business, both with respect to interest rate and prices, and guarantees required.

In this respect, the financing granted to such related parties amounted to 13,000 and 15,785 as of September 30, 2008, and December 31, 2007, respectively (consolidated figures). Additionally, deposits amounted to 169,743 and 141,683 (consolidated figures) as of those dates.

Also, as of September 30, 2008, the Bank had recorded foreign currency trading transactions without delivery of the underlying asset and involving related parties, in its memorandum accounts, for a net (selling) position of 95,751. According to the Bank’s policy, they are matched in terms of amounts and maturity with transactions carried out with non-related parties. As of September 30, 2008, the net intermediation income from such transaction generated earnings of around 164 for the Bank.

Finally, during the first quarter for this year, the Bank sold miscellaneous assets to a related company, which generated income amounting to 3,306. In addition, during the fiscal year ended December 31, 2007, income in this regard amounted to 2,987.

9.	CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of September 30, 2008, amounts to 683,979. In addition, since December 31, 2003, the Bank’s capital stock has changed as follows:

- As of December 31, 2003			608,943
- Capital stock increase approved by the shareholders’ meeting of September 26, 2005 (1)			75,000
- Capital stock increase approved by the shareholders’ meeting of June 4, 2007 (see Note 2.7)			36

As of September 30, 2008			683,979

(1)

On September 26, 2005, the Bank’s general regular and special shareholders’ meeting approved a capital increase of up to a face value of Ps. 75,000,000 (face value: seventy-five million Argentine pesos), through the issuance of up to 75,000,000 new common, registered, Class “B” shares with a face value of Ps. 1, each one entitled to one vote, and entitled to dividends under the same conditions as common, registered, Class “B” shares outstanding upon issuance, to be publicly subscribed in Argentina or abroad. On January 6, 2006, the Bank submitted to the U.S. Securities and Exchange Commission (SEC) an application for registration of the abovementioned stock issue. Finally, on March 24, 2006, the Bank’s stock began to be listed on the New York Stock Exchange. During the year ended December 31, 2006, such capital increase was fully subscribed and paid in. As required by CNV General Resolution No. 368/01, the Bank informs that has applied all funds resulting from the public subscription of shares to finance its general business operations, increasing its lending capacity and obtain funds for potential acquisitions.

On the other hand, as a result of the international macroeconomic context and the fluctuations of the capital markets in general, among other effects, the prices of local shares have been affected, including those of the Bank. Therefore, considering the Bank’s financial strength and in line with its commitment to shareholders, as of January 8, 2008, the Board of Directors decided to authorize the repurchase of its own common registered Class B shares with a face value of Ps. 1, each entitled to 1 vote, whether as shares or as American Depositary Shares (ADS). Given the successive extensions and changes made by the Bank’s Board of Directors, as of the date of these financial statements, the maximum amount to be invested by virtue of this program is 495,000, without exceeding the amount of 102,000,000 shares, and the price payable should range between Ps. 0,01 to Ps. 4 per share. Such authorization is effective until December 18, 2008.

In accordance with the above, from January 21, 2008, through October 30, 2008, the Bank acquired 61,743,000 common Class B shares with a face value of Ps. 1 and entitled to 1 vote each and 114,800 ADSs (equivalent to 1,148,000 common Class B shares with a face value of Ps. 1 and entitled to 1 vote each) for a total amount of 339,923. As of September 30, 2008, the amount for repurchasing own shares totaled 272,574.

- 27 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

On April 29, 2008, the Bank’s general regular and special shareholders’ meeting approved the actions taken through that date and delegated to the Board of Directors the power to sell the shares mentioned in the previous paragraph during a three-year term from the acquisition thereof. After such term, capital stock shall be reduced by operation of law for an amount equal to the nominal value of shares held in portfolio, which will be cancelled.

On October 1, 2008, the Bank’s Board of Directors requested the Buenos Aires Stock Exchange’s prior authorization to reduce the subscribed and paid in capital stock by an amount of up to 60,000 representing 60,000,000 Class B shares (with a face value of Ps. 1, each entitled to 1 vote), or the lesser amount of own shares reacquired through the date prior to the date on which the summons for the special shareholders’ meeting, (which would be discussing the capital stock reduction), was issued.

As of the date of issuance of these financial statements, the BCBA has not issued its decision in this respect.

10.

CORPORATE BONDS ISSUANCE

The corporate bond liabilities recorded in the accompanying financial statements amount to:

Class	Original value			09/30/2008		12/31/2007

Subordinated corporate bonds	USD	83,000,000	a.1) and a.2)		23,129		13,878

Subordinated corporate bonds	USD	4,000,000	b)		1,761		2,503

Subordinated corporate bonds	USD	150,000,000	c.1)		482,501		474,314

Nonsubordinated corporate bonds	USD	150,000,000	c.2)		414,182		489,390

Nonsubordinated corporate bonds	USD	100,000,000	c.3)		318,331		310,147

Total					1,239,904		1,290,232

a.1)

On February 19, 1996, the Bank’s general regular and special shareholders’ meeting authorized issuing Subordinated Corporate Bonds for up to a face value of USD 60,000,000, which was carried out on May 31, 1996.

The net funds arising from the placement of the abovementioned corporate bonds were used to repay the loan borrowed from the FFCB (Bank Capitalization Trust Fund), currently the FFRE (Business Enterprise Reconstruction Trust Fund), due to the acquisition of certain assets and liabilities of Banco Federal Argentino.

On April 16, 2003, the Bank paid the last installment of the Subordinated Corporate Bond, pursuant to the payment schedule established.

a.2)

On April 12, 1995, the Bank’s general regular shareholders’ meeting approved creating a Global Program for the issuance of simple and unsecured Corporate Bonds, subordinated or not, nonconvertible into shares for up to an aggregate of USD 50,000,000, and it entrusted the Board of Directors with the task of setting the characteristics of the referred bonds (price, form, payment and placement conditions, among others).

On July 20, 1998, the Bank received funds from a loan requested from FFCB for an amount of USD 5,000,000, whereby the Bank issued subordinated corporate bonds to finance the purchase of former Banco de Jujuy S.A.

On July 20, 2005, the Bank paid the last installment of the Subordinated Corporate Bond, pursuant to the payment schedule established.

Pursuant to the request made by the Bank to the Managing Committee of FFCB on July 26, 1999, to restructure the financing previously granted, a loan agreement was entered into on December 29, 1999, by BNA, as FFCB’s trustee, and the Bank, whereby FFCB granted a subordinated loan of USD 18,000,000, which was used by the Bank to strengthen its own computable equity.

- 28 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

On March 17, 2000, the Bank requested the CNV’s authorization to issue subordinated corporate bonds in the amount of USD 18,000,000 in order to repay the loan granted by the FFCB.

On December 29, 2006, the Bank paid the last installment of the Subordinated Corporate Bond, pursuant to the payment schedule established.

The installments of the corporate bonds mentioned in a.1) and a.2) were settled by the Bank in the original currency until February 3, 2002, on which the amounts payable were switched into pesos at Ps. 1-to-USD 1, adjusted by CER. In that regard, subsequent settlements were made following such method, taking into account what is stated in the following paragraphs.

Subsequently, the Managing Committee of FFRE objected to the dedollarization of 50% of its loans, as well as to certain aspects related to the applicable interest rate and the treatment of the compensatory and punitive interest, thus requesting the reassessment of the payments made.

In this regard, on April 20, 2007, the Bank paid 33,500 to settle the amounts owed for to the Subordinated Corporate Bonds with a face value of USD 60,000.000 and USD 5,000,000.

Also, on October 9, 2008, the Bank paid 23,536, to settle the amounts owed in relation to the Subordinated Corporate Bonds with a face value of USD 18,000,000, with the Bank, BNA (in its capacity as trustee of FFRE and/or its successor) and FFRE, mutually committed to abandoning any administrative or legal proceedings resulting from the loan.

On January 20, 1997, the general special shareholders’ meeting of former Banco de Salta S.A. (which was absorbed by the Bank) approved issuing Subordinated Corporate Bonds in the amount of USD 4,000,000 to exercise the power granted to it by the second clause of the Loan Agreement entered into with Banco Provincial de Salta (in liquidation) on June 28, 1996. In addition, the general special shareholders’ meeting of former Banco de Salta S.A. held on May 29, 1997, approved the IPO of such Corporate Bonds. Through Resolution No. 1,006, dated December 19, 1997, the CNV authorized the IPO of former Banco de Salta S.A. for the issuance of Corporate Bonds, and it also approved the public offering of such bonds.

In addition, on October 19, 1999, through Resolution No. 13,043, the CNV authorized the transfer in favor of former Banco Macro Misiones S.A. (which was absorbed by the Bank) of the authorization granted to former Banco de Salta S.A. to issue the referred Corporate Bonds, since the latter merged with and into the former. Furthermore, it cancelled the authorization granted to former Banco de Salta S.A. for the public offering of its corporate bonds.

Through September 30, 2008, the Bank had amortized the equivalent of USD 3,200,000 (original value). The installments of the corporate bonds were settled by the Bank in the original currency until February 3, 2002, on which the amounts payable were switched into pesos at Ps. 1-to-USD 1, adjusted by CER.

On September 1, 2006, the general regular shareholders’ meeting approved the creation of a Global Program for the Issuance of simple Corporate Bonds in a short, medium or long term, either subordinated or non-subordinated, with or without guarantee, in accordance with the provisions of Law No. 23,576, as amended by Law No. 23,962, and further applicable regulations, up to a maximum amount outstanding at any time during the term of the program of USD 400,000,000 (four hundred million US dollars), or an equal amount in other currencies, under which it will be possible to issue different classes and/or series of corporate bonds denominated in US dollars or other currencies and reissue the successive classes or series to be amortized.

On June 4, 2007, the general regular and special shareholders’ meeting approved the increase of the USD 400,000,000 cap (four hundred million US dollars) of the Global Program for the Issuance of Corporate Bonds to USD 700,000,000 (seven hundred million US dollars), or an equal amount in other currencies, as set forth in the original program.

c.1)

On December 18, 2006, under the abovementioned Global Program, Banco Macro S.A. issued the 1^st series of Class 1 subordinated notes for a face value of USD 150,000,000 (US dollars one hundred and fifty million). The main characteristics of this issuance are:

Computable to the Bank’s required minimum capital (computable equity), as established by Communiqué “A” 4,576.

The notes fall due within a 30-year term, with full amortization upon maturity (December 18, 2036), with a full redemption option in 10 years as from the issuance date.

- 29 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

Interest payments will be made with a semiannual frequency (June 18 and December 18, every year).

During the first 10 years, the interest rate will be a fixed one (9.75%), and a variable one for the remaining years (six-month LIBOR, plus 7.11%). As established by Communiqué “A” 4,576 the interest rate payable can be increased only once over the life of the instrument and subsequent to the 10-year term as from their issuance.

They do not include covenants that change the subordination order.

No interest on the notes will be neither fall due and payable if: (a) payments of such interest exceed the distributable amount, as defined in the pricing supplement dated November 23, 2006; (b) there is a general prohibition by the Central Bank; (c) the Bank is subject to the provisions of sections 34 or 35 bis, Financial Institutions Law; (d) the Bank is receiving financial assistance from the Central Bank under Article 17 of Central Bank Charter; (e) the Bank is not in compliance with or have failed to comply in a timely basis with reporting obligations to the Central Bank; and/or (f) the Bank is not in compliance with minimum capital requirements (both on an individual and consolidated basis) or with minimum cash reserves (on average).

The unpaid interest is not cumulative.

They have authorizations both for their public offering and their listing on domestic or foreign stock exchanges or markets.

In no case, may the payment of interests exceed net unappropriated retained earnings (calculated under Communiqué “A” 4,591) which should be appropriated to a reserve created to such end, as established by Communiqué “A” 4,576. On April 29, 2008, the general regular shareholders’ meeting approved the creation of the special reserve to service interest payable during the fiscal year 2008. As of September 30, 2008, the remainder of such reserve amounted to 10,474. Also, on June 18, 2008, 22,160 were paid.

The Bank used the funds derived from such issuance to grant loans.

c.2)

On January 29, 2007, the Bank issued the 1st series of Class 2 nonsubordinated corporate bonds at a fixed rate of 8.5% p.a., simple, not convertible into shares, fully amortizable upon maturity (February 1, 2017), for a face value of USD 150,000,000 (one hundred and fifty million US dollars), under the terms and conditions set forth in the price supplement dated January 10, 2007. Interest will be paid semiannually on February 1 and August 1 of every year, starting on August 1, 2007. Additionally, the Bank has the option to redeem such issuance, either fully or partially, at any time and periodically. The Bank used the funds derived from such issuance to grant loans.

For the same reasons regarding the macroeconomic context summarized in note 9 above, as of September 30, 2008, the Bank repurchased nonsubordinated corporate bonds of this class for a face value amount of USD 20,350,000, having settled a face value amount of USD 19,500.000, therefore, the remaining principal outstanding totals a face value amount of USD 130,500,000. As of October 30, 2008, such repurchases total a face value amount of USD 32,725,000, having been fully settled; therefore, the remaining principal outstanding totals a face value amount of USD 117,275,000.

c.3)

On June 7, 2007, the Bank issued the 1st series of Class 3 nonsubordinated corporate bonds (peso-linked notes) at a fixed rate over principal in pesos of 10.75% p.a., simple, not convertible into shares, fully amortizable upon maturity (June 7, 2012), for a face value of USD 100,000,000 (one hundred million US dollars), under the terms and conditions set forth in the price supplement dated May 18, 2007. Interest will be paid semiannually on June 7 and December 7 of every year, starting on December 7, 2007. Additionally, the Bank will only be able to redeem such issuance for tax purposes. The Bank used the funds derived from such issuance to grant loans.

For the same reasons regarding the macroeconomic context summarized in note 9 above, as of October 30, 2008, the Bank repurchased nonsubordinated corporate bonds of this class for a face value amount of USD 1,500,000, having been fully settled; therefore, the remaining principal outstanding totals a face value amount of USD 98,500,000.

- 30 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

The corporate bonds mentioned in c.1) through c.3) above both included "registration rights agreements" entered into by the Bank and the placing agents whereby Banco Macro S.A. agreed to file with the SEC (Securities Exchange Commission) and make its best efforts to obtain an authorization to exchange those issuances for those registered with the SEC. Such agreements established deadlines and penalties for the Bank to carry out the process.

On August 16, 2007, the SEC authorized the abovementioned exchange offers.

11.

DERIVATIVE FINANCIAL INSTRUMENTS

The Bank performs transactions that involve derivative financial instruments, as established by Central Bank rules and professional accounting standards effective in Argentina. Such instruments mainly relate to:

Repurchase agreements of securities and foreign currency.

Forward transactions without delivery of the underlying asset.

Call and put options.

Interest rate swap.

Such transactions were valued as explained in notes 3.3.h.1), 3.3.h.2) and 3.3.m).

Positions of transactions effective as of September 30, 2008, and December 31, 2007, are as follows:

Transaction	09/30/2008			12/31/2007

Net liability position of repurchase agreements		(981,656	)		(787,288	)

Net asset position of forward foreign-currency transactions without delivery of underlying asset (a)		268,017			236,573

Position of put options sold on BODEN 2007, 2012 and 2013 coupons (b)		98,392			113,776

Interest rate swap (c)		29,194			29,388

Net income (loss) resulting from these transactions for the six-month periods ended September 30, 2008, and 2007, amount to income (loss):

Transaction	09/30/2008			09/30/2007

Premiums on reverse repurchase agreements		36,107			29,427

Premiums on repurchase agreements		(3,486	)		(11,985	)

Interest rate swap		864

Forward foreign-currency transactions offset		9,165			2,235

Transactions with options					1,812

Total		42,650			21,489

(a)

It is related mainly to negotiation transactions of forward foreign currency exchange rates, carried out through ROFEX and M.A.E. The differences of such trading transactions are settled on a daily basis based on the prices agreed upon and their quoted price upon maturity; the underlying asset is not delivered or received.

- 31 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

(b)

Relates to put options on coupons of the Argentine Government Bonds provided in Presidential Decrees Nos. 905/02 and 1,836/02, as supplemented, which were received by the holders of rescheduled deposits through the exchanges implemented by the Argentine Government.

(c)

Relates to an interest rate swap agreement whereby on a quarterly basis the Bank shall be entitled to receive the positive difference between 10.25% nominal interest p.a. and the variable rate agreed-upon in relation to a loan granted by the Bank (LIBOR at 90 days plus 2.9%), applied to the residual principal of such loan. In the event that the differences between both rates were negative, the Bank shall be required to pay the difference. This agreement expires September 27, 2018.

The amount booked under the Bank’s memorandum accounts and disclosed previously, is related to the residual principal of the loan (notional value of the transaction).

12.

PORTFOLIO MANAGEMENT

On March 1, 1996, former Banco de Salta S.A. (which was absorbed by the Bank) and the Government of the Province of Salta entered into an “Agreement to Manage the Loan Portfolio of Banco Provincial de Salta (in liquidation)” related to the nonfinancial private sector, whereby the Bank undertakes to perform all acts necessary to manage such portfolio. In consideration thereof, the Province of Salta recognizes to the Bank a percentage of the amounts effectively recovered.

As of September 30, 2008 and December 31, 2007, the loans portfolio managed for principal and interest, after application adjustments, amounted to 14,443 and 14,664, respectively.

By virtue of the agreement formalized on August 11, 1998, between former Banco de Jujuy S.A. (which was absorbed by the Bank) and the Government of the Province of Jujuy, the Bank undertakes to perform all acts necessary to manage the loan portfolio of the former Banco de la Provincia de Jujuy and to provide a monthly report on the tasks performed. In consideration thereof, the Province of Jujuy recognizes to the Bank, for all accounts and as a lump-sum and total consideration, a percentage of the amounts actually recovered.

As of September 30, 2008 and December 31, 2007, the loans portfolio managed amounts to 43,475 and 44,068, respectively.

On April 6, 2001, through Provincial Decree No. 806, the Ministry of the Treasury of the Province of Salta approved an extension to the “Contract for the service of collecting, processing and arranging information, managing the loan portfolio and performing collection procedures related to the receivables of the IPDUV (Provincial Institute of Urban and Housing Development)" entered into on March 27, 2001, between such agency and the former Banco Macro S.A. Through that extension, the Bank will provide to the IPDUV, among others, the service of collecting the installments payable by successful bidders for housing and a service of performing collection procedures related to such institute’s receivables. In consideration thereof, the IPDUV recognizes to the Bank a percentage of the amounts effectively recovered.

As of September 30, 2008 and December 31, 2007, the loans portfolio managed amounts to 85,154 and 80,890, respectively.

On August 19, 2002, ABN AMRO Bank N.V. Sucursal Argentina, as trustee, the former Scotiabank Quilmes S.A., as trustor, Banco Comafi S.A., as collecting agent and manager and the former Banco Bansud S.A. (currently Banco Macro S.A.), entered into an agreement for the LAVERC financial trust’s collection administration and management, whereby former Banco Bansud S.A. will be in charge of the collection management, custody, performance and any other task related to the corpus assets booked in the branches of former Scotiabank Quilmes S.A. received.

Through Resolution No. 523 of August 20, 2002, the Central Bank Board of Governors -under Section No. 35 bis II b), Financial Institutions Law- provided for excluding certain secured liabilities and the equivalent amount of certain assets from Scotiabank Quilmes S.A. (SBQ), and it authorized the transfer of 35% of total excluded assets (including certificates of participation in the LAVERC trust) and liabilities in favor of the former Banco Bansud S.A. In addition, the abovementioned Resolution authorized the former Banco Bansud S.A. to incorporate 36 branches that belonged to SBQ at the time of the transfer.

As of September 30, 2008 and December 31, 2007, the portfolio managed by the Bank amounted to 127,410 and 136,810, respectively.

- 32 -

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish - See note 22)

(Figures stated in thousands of pesos, except for where indicated)

On June 30, 2006, the Bank and Sud Inversiones y Análisis S.A. entered into a management and custody agreement regarding the “RETUC 1” trust loan portfolio.

As of September 30, 2008, and December 31, 2007, the portfolio managed by the Bank for principal and accrued interest amounted to 62,497 and 63,037, respectively. See also note 15.2 to the stand-alone financial statements.

In addition, as of September 30, 2008 and December 31, 2007, the Bank had under its management other portfolios for total amounts of 63,683 and 67,909, respectively.

13.

MUTUAL FUNDS

As of September 30, 2008, the Bank, in its capacity as Depository Company, held in custody the shares of interest subscribed by third parties and securities from the following mutual funds:

Fund	Shares of interest		Shareholders’ equity		Investments (a)

Pionero Pesos		427,234,971		536,347		395,979

Pionero Renta Ahorro		40,104,454		50,117		48,065

Pionero Latam		21,056,178		61,220		57,414

Pionero F.F. - Fideicomiso Financieros		15,898,184		17,587		17,567

Pionero Renta		8,470,738		16,303		14,662

Pionero Crecimiento		2,040,607		3,866		3,642

Pionero Global		779,221		794		787

Galileo Event Driven F.C.I.		8,691,692		43,704		41,127

Galileo Argentina F.C.I.		3,054,449		9,566		9,255

(a)

These amounts reflect the mutual funds’ investment portfolios and are recorded under the “Checks and securities in custody” memorandum account.

14.

BANK DEPOSIT GUARANTEE INSURANCE SYSTEM

Law No. 24,485, and Presidential Decree No. 540/95, provided for the organization of a Bank Deposit Guarantee Insurance System, characterized as being limited, mandatory and for valuable consideration, designed to provide coverage for risks inherent in bank deposits, subsidiary and supplementary to the bank deposit privileges and protection offered by the system created by Financial Institutions Law. Such law also provided for the organization of SEDESA to manage the Deposit Guarantee Fund. Such company was organized in August 1995. The Bank holds a 8.3544% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 9,229 of March 25, 2008.

This system shall cover the deposits in Argentine pesos and foreign currency with the participating institutions as checking accounts, savings accounts, certificates of deposit or any other modes determined by the Central Bank, as long as fulfilling the requirements under Presidential Decree No. 540/95 and any others established by the enforcement agency. On the other hand, the Central Bank established that the deposits made by other financial institutions, those made by persons related to the Bank, deposits of securities, among others, would be excluded from the deposit guarantee system.

- 33 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)

(e)

As of the date of issuance of these financial statements, the registration with the IGJ of the capital increase by 4,223, unanimously approved by the General Regular Shareholders’ Meeting of Sud Inversiones & Análisis S.A, held on May 12, 2008, was still pending.

In addition, the Bank consolidated its balance sheets as of December 31, 2007, and the statements of income for the nine-month period ended 30 de September de 2007, with Macro Valores S.A. On March 19, 2008, Banco Macro S.A. sold its full stockholding (99.947%) in such Company.

1.3.

Methods of incorporating foreign subsidiaries:

The financial statements of Macro Bank Limited (consolidated with Sud Asesores (R.O.U.) S.A.) and Red Innova Administradora de Fondos de Inversión S.A. “en liquidación” were adapted to the Central Bank rules. Also, as they are originally stated in US dollars and Uruguayan pesos, respectively, they were translated into pesos following the procedures indicated below:

(a)

Assets and liabilities were converted at the reference exchange rate or the exchange rate reported by the Central Bank trading room and effective for the foreign currency at the closing of transactions on the last business day of the nine-month periods ended September 30, 2008 and the fiscal year ended December 31, 2007.

(b)

Figures related to the owners’ contributions (capital stock, additional paid-in capital and irrevocable capital contributions) were translated applying the effective exchange rates as of the date on which such contributions were paid in.

(c)

Retained earnings were estimated by the difference between assets, liabilities and owners’ contributions, translated into pesos, as indicated above.

(d)

The amounts of the accounts in the statement of income for the nine-month periods ended September 30, 2008 and 2007, were converted into pesos, as of such dates according to the method described in (a) above. In both cases, the difference between the sum of the amounts thus obtained and lump-sum income (loss) for each period (difference between retained earnings at beginning of period and retained earnings at period-end ) was recorded in “Other income – Income from long-term investments” and “Financial income – Difference in quoted prices of gold and foreign currency” or “Financial expense – Difference in quoted prices of gold and foreign currency”, as the case may be, in the stand-alone and consolidated financial statements, respectively.

The main figures included in the consolidated financial statements arising from the figures of Macro Bank Limited consolidated with Sud Asesores (R.O.U.) S.A.) and Red Innova Administradora de Fondos de Inversión S.A. “en liquidación” as of September 30, 2008, considering the translation process mentioned above are as follows:

	Macro Bank Limited				Red Innova Administradora de Fondos de Inversión S.A. “en liquidación”
	In thousands of USD		In thousands of Ps.		In thousands of UYU		In thousands of Ps.

Assets		171,351		536,363		4,532		698

Liabilities		132,188		413,774		560		86

Shareholders’ equity		39,163		122,589		3,972		612

- 71 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)

1.4.

The table below shows total assets, liabilities, shareholders’ equity and income of Banco Macro S.A. and each one of its subsidiaries as of September 30, 2008:

	Banco Macro S.A.		Nuevo Banco Bisel S.A.		Banco del Tucumán S.A.		Macro Bank Limited		Other subsidiaries		Eliminations		Banco Macro S.A. consolidated
							(1)		(2)

Assets		20,315,606		4,401,830		1,455,994		536,363		88,241		3,174,390		23,623,644

Liabilities		17,575,638		3,089,210		1,311,923		413,774		58,746		1,565,615		20,883,676

Shareholders’ equity		2,739,968		1,312,620		144,071		122,589		29,495		1,608,775		2,739,968

Income (loss)		475,831		199,254		23,874		4,269		3,039		230,436		475,831

(1)

Figures related to Macro Bank Limited consolidated with Sud Asesores (ROU) S.A.

(2)

Figures related to the subsidiaries Macro Securities S.A. Sociedad de Bolsa (consolidated with Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A.), Sud Inversiones & Análisis S.A. and Red Innova Administradora de Fondos de Inversión S.A. “en liquidación”.

2.	RESTRICTED ASSETS

In addition to the assets broken down in note 7 to the stand-alone financial statements, certain assets are restricted as follows:

2.1.

Banco del Tucumán S.A.:

Other receivables from financial intermediation

As of September 30, 2008 and December 31, 2007, Banco del Tucumán S.A. continued to keep as security the amounts related to the special guarantee checking accounts opened in the Central Bank of Argentina for transactions related to the electronic clearing houses and similar ones for an amount of 21,525 and 22,168, respectively.

Other receivables

As of September 30, 2008 and December 31, 2007, this includes funds related to credit card transactions in the amount of 642 and 567, respectively.

2.2.

Nuevo Banco Bisel S.A.:

Government securities and loans

a.1)

As of September 30, 2008 and December 31, 2007, Nuevo Banco Bisel S.A. continues to keep as security Book-entry mortgage bills and Guaranteed loans for 169,362 and 170,271, respectively, assigned to the Central Bank of Argentina to secure the loans for the acquisition of the Argentine Government Bonds (section 14, Presidential Decree No. 905/2002 “Canje I”), which amounted to 138,757 and 163,122 as of such dates.

a.2)

As of September 30, 2008 and December 31, 2007, Central Bank listed notes (NOBAC) for a book value of 12,336 and 26,146, were delivered to the Central Bank of Argenitna to guarantee the credit transaction granted according to the IADB line for the global credit program for micro-, small- and medium-sized enterprise in the amount of 8,091 and 9,131 respectively.

- 72 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)

Other receivables from financial intermediation

As of September 30, 2008 and December 31, 2007, it continued to keep as security 12,545 and 12,117 related to the amounts of the special guarantee checking accounts opened in the Central Bank of Argentina for transactions related to the electronic clearing houses and similar ones.

Bank premises and equipment and other assets

As of September 30, 2008, certain bank premises and other assets, with a residual value of 1,761, are in the process of final documentation and transfer of ownership.

Other receivables

As of September 30, 2008, and December 31, 2007, it continued to keep as security 11,754 and 13,707, respectively, including mainly, among others, receivables from foreign correspondents acquired from Fideicomiso Bisel and subject to attachments against former Banco Bisel S.A., although these accounts are part of the assets excluded from former Banco Bisel S.A. as per Resolution 580/02 of the Central Bank Board of Governors. These amounts were fully booked as allowance as of both dates.

2.3.

Macro Securities S.A. Sociedad de Bolsa:

Other receivables from financial intermediation

As of September 30, 2008 and December 31, 2007, it has equity interests in the Risk Fund of Puente Hnos. S.G.R. for 1,015 and 1,071, respectively, resulting from a 1,000 contribution made on October 19, 2007. Such contribution may be fully or partially reimbursed after two years as from the contribution date.

Interests in other companies

b.1)

As of September 30, 2008 and December 31, 2007, the two shares in Mercado de Valores de Buenos Aires S.A. in the amount of 1,452 are pledged in favor of "La Buenos Aires Cía. Argentina de Seguros S.A.” under the insurance agreement entered into by the company that issued such shares to cover the security granted in connection with Sociedad de Bolsa’s possible failure to comply with its obligations.

b.2)

As of September 30, 2008 and December 31, 2007, investments in Tunas del Chaco S.A., Emporio del Chaco S.A. and Proposis S.A. in the amount of 2,127, and 2,117, respectively, under the deferment of federal taxes, subscribed in accordance with the promotion system established by Law No. 22,021, as amended by Law No. 22,702, which provides that the investment must be kept in assets for a term not shorter than five years starting on January 1 of the year subsequent to that when the investment was made (investment year: 2003).

2.4.

Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A.

Other receivables from financial intermediation

As of September 30, 2008 and December 31, 2007, it has equity interests in the Risk Fund of Puente Hnos. S.G.R. for 4,061 and 4,285, respectively, resulting from a 4,000 contribution made by Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A. on October 19, 2007. Such contribution may be fully or partially reimbursed after two years as from the contribution date.

2.5.

Foreign subsidiaries:

Other receivables

As of September 30, 2008, the subsidiaries Macro Bank Limited and Red Innova Administradora de Fondos de Inversión S.A. “en liquidación” recorded 400 and 696, respectively, as security deposits.

- 73 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)

3.	FINANCING FACILITIES CONCENTRATION

The following is the Bank’s consolidated financing facilities concentration with its subsidiaries as of September 30, 2008 and December 31, 2007:

	09/30/2008				12/31/2007
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio

10 largest customers		2,355,758		18.48		1,627,448		14.81

50 next largest customers		1,672,811		13.12		1,599,090		14.55

100 next largest customers		930,805		7.30		864,242		7.86

Other customers		7,788,926		61.10		6,900,106		62.78

Total		12,748,300		100.00		10,990,886		100.00

4.	FINANCING BREAKDOWN BY TERM

The following is the breakdown by term of the Bank's financing consolidated with its subsidiaries as of September 30, 2008:

	Maturity
Item	Up to 12 months		Over 12 months		Total

Non-financial government sector		201,022		692,753		893,775

Financial sector		115,088		10,168		125,256

Non-financial private sector and foreign residents		7,222,617		4,506,652		11,729,269

Total		7,538,727		5,209,573		12,748,300

- 74 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)

5.	DEPOSIT CONCENTRATION

The following is the Bank’s consolidated deposit concentration with its subsidiaries as of September 30, 2008 and December 31, 2007:

	09/30/2008				12/31/2007
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio

10 largest customers		3,186,436		18.98		1,666,349		12.26

50 next largest customers		2,696,848		16.07		1,827,564		13.45

100 next largest customers		1,086,812		6.47		875,095		6.44

Other customers		9,815,152		58.48		9,222,141		67.85

Total		16,785,248		100.00		13,591,149		100.00

6.	BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND SUBORDINATED CORPORATE BONDS BY TERM

The following is the due date breakdown by term of the Bank’s deposits, other liabilities from financial intermediation and subordinated corporate bonds consolidated with its subsidiaries by term as of September 30, 2008:

	Maturity
Item	Up to 12 months		Over 12 months		Total

Deposits		16,754,790		30,458		16,785,248

Other liabilities from financial intermediation

Central Bank of Argentina		75,820		220,826		296,646

Banks and International Institutions		86,762		156,510		243,272

Nonsubordinated corporate bonds		16,082		716,431		732,513

Financing received from financial institutions in Argentina		114,076		42,081		156,157

Other		493,840		81,136		574,976

		786,580		1,216,984		2,003,564

Subordinated corporate bonds		36,987		470,404		507,391
Total		17,578,357		1,717,846		19,296,203

- 75 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)

7.	CHANGES IN ALLOWANCES AND PROVISIONS

The following are the changes in the Bank’s allowances and provisions consolidated with its subsidiaries as of September 30, 2008:

	Balances at beginning of				Decreases				Balances at
Item	year		Increases		Write off		Reversals		period-end

Allowances

For government and private securities		27								27

For loans (a)		220,422		109,578		49,470		20,360		260,170

For other receivables from financial intermediation		206,939		13,432		485		1,689		218,197

For assets subject to financial lease		4,898		836				121		5,613

For investments in other companies		697		45		487		8		247

For other receivables		27,034		4,811		8,893		363		22,589

Total		460,017		128,702		59,335		22,541		506,843

Provisions

For contingent commitments		1,660		17				175		1,502

For negative goodwill		483								483

For other contingencies		78,044		21,899		14,393		939		84,611

Difference from court deposits dollarization (b)		21,146		117		3,460		289		17,514

Total		101,333		22,033		17,853		1,403		104,110

(a)

Increases include 13,034 related to customers classified as irrecoverable in memorandum accounts that were reclassified to assets in “Irrecoverable situation”, as refinancing agreements were entered into.

(b)

Related to the additional liabilities related to the issues mentioned in note 3.3.l.3) to the Bank’s stand-alone financial statements.

- 76 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)

8.	FOREIGN CURRENCY BALANCES

The following are the Bank's amounts in foreign currency consolidated with its subsidiaries as of September 30, 2008 and December 31, 2007:

	09/30/2008														12/31/2007
			Total per currency
Items	Total		US dollar		Pound sterling		Swiss franc		Yen		Euro		Other		Total

Assets

Cash		1,313,142		1,288,573		477		101		188		23,602		201		1,001,459

Government and private securities		415,391		415,391												288,364

Loans		2,098,067		2,097,942								125				1,598,906

Other receivables from financial intermediation		389,992		389,797								195				236,249

Assets under financial lease		61,666		61,666												20,343

Interests in other companies		453		453												1,337

Other receivables		52,905		52,209										696		22,641

Items pending allocation		582		582												52

Total		4,332,198		4,306,613		477		101		188		23,922		897		3,169,351

Liabilities

Deposits		2,390,350		2,388,494								1,856				2,119,235

Other liabilities from financial intermediation		1,244,761		1,240,389		7		15				4,350				984,008

Other liabilities		9,180		8,576								518		86		7,289

Subordinated corporate bonds		495,700		495,700												488,192

Items pending allocation																28

Total		4,139,991		4,133,159		7		15				6,724		86		3,598,752

- 77 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)

	09/30/2008													12/31/2007
			Total per currency
Items	Total		US dollar		Pound sterling		Swiss franc		Yen	Euro		Other		Total

Memorandum accounts

Debit-balance accounts
(except contra debit-balance accounts)

Contingent		565,024		564,732							292				325,699

Control		1,322,015		1,313,776		81		489			7,663		6		1,680,183

Derivatives		60,669		47,436							13,233				76,697

Credit-balance accounts
(except contra credit-balance accounts)

Contingent		178,446		164,096							13,952		398		201,226

Derivatives		33,177		19,062							14,115				549

9.	DERIVATIVE FINANCIAL INSTRUMENTS

The following is the breakdown of the volumes in absolute values of transactions effective as of September 30, 2008 and December 31, 2007, according to the type of derivative financial instrument involved in transactions performed by the Bank and its subsidiaries (see note 11 to the Bank’s stand-alone financial statements):

Type of contract / underlying asset	09/30/2008		12/31/2007

Futures / Foreign currency		3,250,114		426,249

Futures / Government securities		748,311		291,685

Forwards / Foreign currency		362,283

Options / BODEN coupons		98,400		113,809

Options / Stock index		33,177		549

Swap / Other		35,999		36,238

Options / Foreign currency		24,670

Forwards / Government securities				3,328

- 78 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)

In addition, positions of transactions effective as of September 30, 2008 and December 31, 2007, are as follows:

Transaction	09/30/2008			12/31/2007

Net liability position of repurchase agreements		(446,432	)		(261,400	)

Net asset position of forward foreign-currency transactions without delivery of underlying asset		507,135			236,573

Position of put options sold on BODEN 2007, 2012 and 2013 coupons		98,400			113,809

Interest rate swap		35,999			36,238

Position of stock index call options sold		33,177			549

Position of foreign currency call options sold		24,670

Net liability position of forward government securities transactions offset					(3,328	)

10.

INCOME TAX AND MINIMUM PRESUMED INCOME TAX

Apart from what was mentioned in note 4 to the Bank’s stand-alone financial statements, the following shows the situation of the main subsidiaries.

As of September 30, 2008 and 2007, Banco del Tucumán S.A. estimated income tax for 20,185 and 6,500, respectively. In addition, as of September 30, 2008, it capitalized income tax prepayments in the amount of 4,705 for fiscal year 2008. In addition, as of December 31, 2007, such bank capitalized 3,601 as minimum presumed income tax credit under the terms of Central Bank Communiqué “A” 4295 which, as of the date of issuance of these financial statements was used to settle income tax for fiscal 2007. As of September 30, 2008, the bank had no such capitalized amounts.

As of September 30, 2008 and 2007, Nuevo Banco Bisel S.A. did not accrue income tax because it carried accumulated NOLs as of such dates. In addition, such bank capitalized an amount of 28,371 for minimum presumed income tax –the estimated term of use of which is 2008-, which includes prepayments for 2,667 booked in “Other receivables - Other”.

During the year ended December 31, 2007, Nuevo Banco Bisel S.A. reversed the allowances booked for all minimum presumed income tax credits, based on the compliance with the requirements established by Central Bank Communiqués “A” 4295 and “A” 4111, as amended, and the estimates related to the future progress of the Bank’s business, which show a high degree of likelihood that taxable income will allow absorbing such credits.

11.

BREAKDOWN OF THE ITEMS INCLUDED IN “OTHERS” AND MAIN SUBACCOUNTS

The breakdown of the “Other” account in the balance sheet and statement of income consolidated with subsidiaries is as follows:

09/30/2008

12/31/2007

11.1)

Loans - Other

Other loans	1,078,018	864,750
Export financing and prefinancing	757,664	848,982
Documentary credits	364	798
Government securities	10,718	4,448
	1,846,764	1,718,978

- 79 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)

09/30/2008

12/31/2007

11.2)

Other receivables from financial intermediation – Other receivables not covered by debtor classification standards

Certificates of participation in financial trusts	344,196	471,942
Debt securities in financial trusts	205,154	77,030
Other	369	705
	549,719	549,677

11.3)

Other receivables - Other

Sundry receivables	107,441	89,901
Tax prepayments	43,773	51,674
Security deposits	26,489	25,190
Advance payments	23,286	33,434
Other	7,844	9,146
	208,833	209,345

11.4)

Deposits - Other

Balances of accounts without movements	244,913	231,326
Unemployment fund for workers of the construction industry	57,486	50,307
Attachments	15,970	15,616
Special deposits related to inflows of foreign funds	5,553	19,851
Security deposits	4,044	5,289
Orders payable	575	5,971
Other	35,800	62,816
	364,341	391,176

11.5)

Other liabilities from financial intermediation - Other

Other payment orders pending settlement	104,325	67,152
Miscellaneous not subject to minimum cash requirements	76,691	55,910
Amounts payable	74,714	56,237
Other withholdings and additional withholdings	73,318	63,879
SEDESA – Purchase of preferred shares of Nuevo Banco Bisel S.A. (see note 2.6. to the stand-alone financial statements)	71,653	68,890
Collections and other transactions on account and behalf of others	56,631	102,163
Retirement pension payment orders pending settlement	46,906	19,149
Miscellaneous subject to minimum cash requirements	33,165	18,594
Miscellaneous	37,140	41,639
	574,543	493,613

- 80 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)

09/30/2008

12/31/2007

11.6)

Other liabilities - Other

Taxes payable	228,022	123,300
Miscellaneous payables	76,289	86,045
Salaries and payroll taxes payable	24,140	16,052
Withholdings on salaries	8,619	7,315
Prepayment for the sale of assets	3,475	5,771
Other	1,979	1,999
	342,524	240,482

11.7)

Memorandum accounts – Debit-balance accounts – Control – Other

Checks and securities in custody	3,497,910	3,814,881
Checks not yet collected	495,961	371,082
Managed portfolios	403,859	424,957
Checks and securities to be debited	284,178	218,275
Checks and securities to be collected	111,084	102,163
	4,792,992	4,931,358

09/30/2008

09/30/2007

11.8)

Financial income – Net income from government and private securities

Income from government securities	366,478	258,740
Income from participation in financial trusts	35,932	25,599
Other	16,224	13,125
	418,634	297,464

11.9)

Financial income – Other

Income from assets subject to financial lease	53,898	41,439
Interest on loans for export prefinancing and financing	42,041	31,547
Premiums on reverse repurchase agreements with the financial sector	20,862	19,527
Other	16,653	3,738
	133,454	96,251

11.10)

Financial expense – Other

Turnover tax	63,127	33,682
Valuation allowance of loans to the government sector – Communiqué “A” 3,911	44,967	19,054
Premiums on repurchase agreements with the financial sector	2,952	7,112
Other	36
	111,082	59,848

- 81 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)

09/30/2008

09/30/2007

11.11)

Service-charge income - Other

Debit and credit card income	111,848	72,767
Rental of safe deposit boxes	11,258	10,270
Service commissions-UTE (see note 2.4. to the stand-alone financial statements)	10,470	9,851
Other	24,387	43,653
	157,963	136,541

11.12)

Service-charge expense - Other

Debit and credit card expense	37,215	31,483
Turnover tax	23,138	20,823
Commissions on loan placements	6,126	8,073
Other	15,457	12,482
	81,936	72,861

11.13)

Administrative expenses – Other operating expenses

Maintenance, conservation and repair expenses	34,330	26,705
Security services	30,723	25,999
Electric power and communications	27,296	25,680
Leases	15,580	13,891
Stationery and office supplies	11,942	11,119
Insurance	4,509	4,661
	124,380	108,055

11.14)

Other income – Other

Gain on transactions or sale of bank premises and equipment, and other assets	10,203	4,923
Other adjustments and interest on other receivables	4,607	2,765
Certifications	666	297
Credit cards	533	1,451
Leases	378	314
Other	24,493	17,048
	40,880	26,798

11.15)

Other expense – Other

Tax on bank account transactions	28,381	19,672
Non-computable VAT credit	15,000	13,456
Shareholders’ personal assets tax	10,041	8,817
Turnover tax	3,909	1,441
Donations	2,187	1,188
Corporate bonds issuance expenses	110	8,146
Other	10,546	11,473
	70,174	64,193

- 82 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)

12.

PORTFOLIO MANAGEMENT

In addition to the disclosures in note 12 to the Bank’s stand alone financial statements, as of September 30, 2008, and December 31, 2007, Banco del Tucumán S.A. manages:

12.1.

The loan portfolio assigned as part of the transfer process of Banco San Miguel de Tucumán S.A. for a total of 13,427 as of December 31, 2007. The management agreement for the residual portfolio of former Banco San Miguel de Tucumán S.A. executed by Banco del Tucumán S.A. and the Municipality of San Miguel de Tucumán was terminated on July 8, 2008, sending notice thereof to the Central Bank on October 17, 2008, under file No. 054908.

12.2.

The trust agreement Fideicomiso Financiero Gas Tucumán I for a total amount of 7,197 and 4,152, respectively.

13.

TRUST AGREEMENTS

In order to disclose the main trust transactions more appropriately, they have been grouped based on the purpose of the business (from the Bank's standpoint).

13.1.

Financial trusts for investment purposes:

In addition to the disclosures made in note 15 to the Bank’s stand-alone financial statements, the subsidiaries had the following certificates of participation (net of provisions for 174,930 and 176,430) recorded in their financial statements as of September 30, 2008, and December 31, 2007, respectively:

Financial trust	09/30/2008		12/31/2007

Certificates of participation:

TST & AF (a)		31,965		33,611

Other		8,151		14,072
Subtotal certificates of participation		40,116		47,683

(a)

Fideicomiso TST & AF

On November 29, 2005, an agreement was executed to replace the trustee of Fideicomiso Financiero TST & AF between Austral Financial LLC (formerly known as Tishman Speyer – Citigroup Alternative Investments and Austral Financial LLC), in its capacity as trustor, First Trust of New York, National Association, permanent representation office in Argentina, in its capacity as trustee, Sud Inversiones y Análisis S.A., in its capacity as substitute trustee, and Austral Financial LLC, Proa del Puerto S.A. and Sud Bank and Trust CL (subsidiary of Banco Macro S.A.), in their capacity as beneficiaries, whereby the beneficiaries ratify the acceptance of the trustee’s resignation and appoint Sud Inversiones y Análisis S.A. as substitute trustee of the trust.

The purpose of the trust is to develop a real estate project in Puerto Madero and the subsequent sale thereof to settle the certificates of participation.

As of the date of issuance these financial statements, Banco Macro S.A. is beneficiary of 33% of the Class “A” certificates of participation, issued by Fideicomiso TST & AF.

As per the latest accounting information available to date, corpus assets amounted to about 224,281.

This trust will terminate 30 years after the execution and/or full payment, sale or any other disposition related to the project in full.

- 83 -

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2008

(Translation of financial statements originally issued in Spanish – See note 22

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except otherwise indicated)

In addition, within the framework of the reorganization process of former Banco Bisel S.A., as established by section 35 bis, Law No. 21,526, on May 21, 2002, Fideicomiso Bisel was created with assets transferred by former Banco Bisel S.A., being Banco de la Nación Argentina appointed as trustee (replaced by Sud Inversiones y Análisis S.A. as from May 20, 2008). The purpose of the trust is to realize the managed assets and settle the certificates of participation issued.

As of September 30, 2008, and December 31, 2007, Banco Macro S.A., through its subsidiary Nuevo Banco Bisel S.A., owns 100% of the certificates issued by the trust.

As of September 30, 2008, and December 31, 2007, the amounts receivable booked were fully provisioned, since they were deemed unrecoverable.

13.2.

Trusts in which the Bank’s subsidiaries act as trustees (administration):

In these trusts, the Bank only performs administration tasks in relation to the corpus assets, in conformity with the agreements.

In no case shall the trustee be liable with its own assets or for any obligation deriving from the performance as trustee. Such obligations do not imply any type of indebtedness or commitment for the trustee and they will be fulfilled only through trust assets. In addition, the trustee will not encumber the corpus assets or dispose of them beyond the limits established in the related trust agreements.

The Bank’s subsidiaries entered into administration trust agreements for the following main purposes:

(a)

Managing the trust’s corpus assets to guarantee in favor of the beneficiary the existence of the resources required to finance and/or pay certain obligations, and pay invoices and fees established in the respective agreements.

(b)

To promote the productive development of micro-, small- and medium-sized companies.

Below is a breakdown of the trusts that are effective to date:

Name

Trustor

Trustee

Beneficiary

Creation date

Assets

managed

Fideicomiso Puerto Madero Siete

Investors (natural persons related to the Bank)

S.I.A.S.A.

Investors (natural persons)

09/27/2005

141,442

(1)

Fideicomiso Mypes II

Ministry of Economy and Production

S.I.A.S.A.

Ministry of Economy and Production

05/26/2004

14,484

(1)

Fideicomiso Financiero "Racing por Siempre I "

Blanquiceleste S.A.

S.I.A.S.A..

Blanquiceleste S.A.

10/23/2006

9,530

(1)

Amount of the corpus assets, as per the latest accounting information available.

As of September 30, 2008, the guarantee trust SINERGIA is undergoing liquidation proceedings as the purpose of the agreement executed on July 23, 2007, has been fulfilled.

In addition, the Company carried out transactions in order to securitize and secure loans granted by the Bank as described in notes 15.2. and 15.3., respectively, to the Bank’s stand-alone financial statements.

- 84 -

·	Limited review report on interim-period financial statements	1
·	Cover
·	Balance sheets	1-3
·	Statements of income	5-6
·	Statements of changes in shareholders’ equity	7
·	Statements of cash flows	8-9
·	Notes to the financial statements	10-42
·	Exhibits A through L, N and O	43-59
·	Consolidated balance sheets	60-63
·	Consolidated statements of income	64-65
·	Consolidated statements of cash flows	66-67
·	Consolidated statements of debtors by situation	68-69
·	Notes to the consolidated financial statements with subsidiaries	70-84
·	Exhibit l to the consolidated financial statements with subsidiaries	85-87

Name of the auditor	Norberto M. Nacuzzi
Professional association	Pistrelli, Henry Martin y Asociados S.R.L.

		09/30/2008			12/31/2007 (1)
ASSETS

A.	CASH
	Cash on hand		512,763			547,966
	Due from banks and correspondents
	Central Bank of Argentina		1,573,005			1,597,354
	Local Other		21,173			4,123
	Foreign		303,650			159,713
	Other		196			185
			2,410,787			2,309,341

B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
	Holdings for trading or financial intermediation		291,148			236,663
	Unlisted government securities		25,294			16
	Instruments issued by the Central Bank of Argentina		3,682,406			2,592,135
	Investments in listed private securities		347
	less: Allowances (Exhibit J)		(27	)		(27	)
			3,999,168			2,828,787

C.	LOANS (Exhibits B, C and D)
	To the non-financial government sector		599,379			554,527
	To the financial sector
	Interfinancing - (granted call)		98,953			65,760
	Other financing to Argentine Financial Institutions		62,753			94,496
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		697			1,415
	To the non-financial private sector and foreign residents
	Overdrafts		1,593,260			1,223,618
	Documents		911,716			725,157
	Mortgage loans		593,123			490,515
	Pledged loans		234,058			234,766
	Personal loans		2,805,932			2,380,854
	Credit cards		568,963			477,612
	Other (Note 6.1.)		1,523,019			1,473,687
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		127,850			113,598
	less: Unearned discount		(22,197	)		(19,666	)
	less: Allowances (Exhibit J)		(194,019	)		(173,901	)
			8,903,487			7,642,438

		09/30/2008			12/31/2007 (1)

D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		151,623			156,227
	Amounts receivable from spot and forward sales pending settlement		1,386,361			737,102
	Securities and foreign currency receivable from spot and forward purchases pending settlement		397,971			110,180
	Unlisted corporate bonds (Exhibits B, C and D)		442			448
	Receivables from forward transactions without delivery of underlying asset		169
	Other receivables not covered by debtors classification standards (Note 6.2.)		334,529			325,096
	Other receivables covered by debtors classification standards (Exhibits B, C and D)		68,640			53,898
	less: Allowances (Exhibit J)		(42,621	)		(29,893	)
			2,297,114			1,353,058

E.	ASSETS SUBJECT TO FINANCIAL LEASES
	Assets subject to financial leases (Exhibits B, C and D)		299,956			301,317
	less: Allowances (Exhibit J)		(4,556	)		(3,986	)
			295,400			297,331

F.	INVESTMENTS IN OTHER COMPANIES (Exhibit E)
	In financial institutions		1,560,207			1,336,016
	Other		53,534			35,152
	less: Allowances (Exhibit J)		(247	)		(697	)
			1,613,494			1,370,471

G.	OTHER RECEIVABLES
	Receivables from sale of assets (Exhibits B, C and D)		31,894			15,082
	Minimum presumed income tax - Tax Credit					23,287
	Other (Note 6.3.)		160,185			172,168
	Accrued interest and adjustments receivable on receivables from sales of assets (Exhibits B, C and D)		1,102			145
	Other accrued interest and adjustments receivable		50			58
	less: Allowances (Exhibit J)		(11,051	)		(15,215	)
			182,180			195,525

H.	BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		313,772			293,472

I.	OTHER ASSETS (Exhibit F)		134,570			178,829

J.	INTANGIBLE ASSETS (Exhibit G)
	Goodwill		65,585			71,916
	Organization and development costs		97,545			96,435
			163,130			168,351

K.	ITEMS PENDING ALLOCATION		2,504			1,872

	TOTAL ASSETS		20,315,606			16,639,475

		09/30/2008		12/31/2007 (1)

LIABILITIES

L.	DEPOSITS (Exhibits H and I)
	From the non-financial government sector		2,225,076		1,327,865
	From the financial sector		9,351		10,006
	From the non-financial private sector and foreign residents
	Checking accounts		1,840,364		1,834,372
	Savings accounts		2,113,802		2,258,968
	Time deposits		6,502,702		4,647,858
	Investment accounts		88,117		63,063
	Other (Note 6.4.)		294,218		295,401
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		98,881		51,865
			13,172,511		10,489,398

M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina (Exhibit I)
	Other		157,540		184,594
	Banks and International Institutions (Exhibit I)		227,465		160,846
	Non-subordinated Corporate Bonds (Note 10. and Exhibit I)		716,431		780,590
	Amounts payable for spot and forward purchases pending settlement		383,110		108,646
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		1,441,808		869,843
	Financing received from Argentine Financial Institutions (Exhibit I)
	Interfinancing - (received call)		83,953		49,225
	Other financing received from Argentine Financial Institutions		46,976		90,648
	Accrued interest payables		299		54
	Forward transactions amounts pending settlement without delivery of underlying asset		3,718
	Other (Note 6.5. and Exhibit I)		437,495		397,733
	Accrued interest, adjustments, foreign exchange and quoted price differences payables (Exhibit I)		44,658		47,399
			3,543,453		2,689,578

N.	OTHER LIABILITIES
	Dividends payable				1
	Other (Note 6.6.)		268,042		183,657
			268,042		183,658

O.	PROVISIONS (Exhibit J)		82,682		77,029

P.	SUBORDINATED CORPORATE BONDS (Note 10. and Exhibit I)		507,391		490,695

Q.	ITEMS PENDING ALLOCATION		1,559		1,411

TOTAL LIABILITIES			17,575,638		13,931,769

SHAREHOLDERS' EQUITY (As per related statement)			2,739,968		2,707,706

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			20,315,606		16,639,475

	09/30/2008		12/31/2007 (1)

MEMORANDUM ACCOUNTS

DEBIT-BALANCE ACCOUNTS		10,402,722		7,291,099

Contingent		2,872,053		2,568,102
Guarantees received		2,622,716		2,284,111
Other not covered by debtors classification standards		373		445
Contingent debit-balance contra accounts		248,964		283,546

Control		4,293,842		4,153,584
Receivables classified as irrecoverable		621,657		636,624
Other (Note 6.7.)		3,531,472		3,394,966
Control debit-balance contra accounts		140,713		121,994

Derivatives		3,236,827		569,413
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		1,688,629		331,411
Interest rate swap (Note 11.c))		29,194		29,388
Derivatives debit-balance contra accounts		1,519,004		208,614

CREDIT-BALANCE ACCOUNTS		10,402,722		7,291,099

Contingent		2,872,053		2,568,102
Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		81,339		114,827
Other guarantees provided not covered by debtors classification standards		49,319		49,641
Other covered by debtors classification standards (Exhibits B, C and D)		118,306		119,078
Contingent credit-balance contra accounts		2,623,089		2,284,556

Control		4,293,842		4,153,584
Checks to be credited		140,713		121,994
Control credit-balance contra accounts		4,153,129		4,031,590

Derivatives		3,236,827		569,413
Notional value of put options sold (Note 11.b))		98,392		113,776
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		1,420,612		94,838
Derivatives credit-balance contra account		1,717,823		360,799

		09/30/2008		09/30/2007 (1)

A.	FINANCIAL INCOME
	Interest on cash and due from banks		2,645		8,149
	Interest on loans to the financial sector		11,360		25,535
	Interest on overdrafts		196,356		95,830
	Interest on documents		70,147		39,197
	Interest on mortgage loans		56,502		38,270
	Interest on pledged loans		30,761		28,246
	Interest on credit card loans		57,108		30,697
	Interest on other loans		557,726		298,511
	Interest on other receivables from financial intermediation		11,423		12,205
	Income from government and private securities, net (Note 6.8.)		247,977		173,060
	Income from guaranteed loans - Presidential Decree No. 1,387/01		20,150		19,472
	CER (Benchmark Stabilization Coefficient) adjustment		42,908		40,233
	CVS (Salary Variation Coefficient) adjustment		606		1,312
	Difference in quoted prices of gold and foreign currency		59,609		27,606
	Other (Note 6.9.)		123,793		93,322
			1,489,071		931,645

B.	FINANCIAL EXPENSE
	Interest on checking accounts		9,464		12,607
	Interest on savings accounts		7,824		5,374
	Interest on time deposits		530,428		246,926
	Interest on interfinancing received loans (received call)		3,154		2,500
	Interest on other financing from Financial Institutions		17		115
	Interest on other liabilities from financial intermediation		68,016		49,019
	Interest on subordinated bonds		34,971		37,940
	Other interest		4,305		5,562
	CER adjustment		16,912		19,017
	Contribution to Deposit Guarantee Fund		14,972		11,048
	Other (Note 6.10.)		77,422		46,662
			767,485		436,770

	GROSS INTERMEDIATION MARGIN - GAIN		721,586		494,875

C.	PROVISION FOR LOAN LOSSES		69,242		41,827

D.	SERVICE-CHARGE INCOME
	Related to lending transactions		32,589		25,509
	Related to deposits		313,014		205,239
	Other fees		15,842		13,427
	Other (Note 6.11.)		108,306		93,849
			469,751		338,024

		09/30/2008		09/30/2007 (1)

E.	SERVICE-CHARGE EXPENSE
	Fees		28,294		24,373
	Other (Note 6.12.)		69,327		65,410
			97,621		89,783

F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		398,793		283,519
	Directors' and statutory auditors' fees		16,176		17,669
	Other professional fees		27,219		21,129
	Advertising and publicity		36,504		30,579
	Taxes		5,947		4,249
	Depreciation of equipment		30,154		22,199
	Amortization of organization costs		15,481		10,668
	Other operating expenses (Note 6.13.)		84,342		74,758
	Other		11,985		12,464
			626,601		477,234

	NET INCOME FROM FINANCIAL INTERMEDIATION		397,873		224,055

G.	OTHER INCOME
	Income from long-term investments		254,159		147,070
	Penalty interest		7,885		4,452
	Recovered loans and allowances reversed		34,642		59,767
	CER adjustments		12		100
	Other (Note 6.14.)		37,434		21,712
			334,132		233,101

H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		15		32
	Charges for other receivables uncollectibility and other allowances		23,182		4,489
	Amortization of differences from deposits dollarization		13,388		13,802
	Depreciation and loss of other assets		882		4,519
	Goodwill amortization		6,331		6,937
	Other (Note 6.15.)		56,972		53,827
			100,770		83,606

	NET INCOME BEFORE INCOME TAX		631,235		373,550

I.	INCOME TAX (Note 4.)		155,404		47,000

	NET INCOME FOR THE PERIOD		475,831		326,550

	09/30/2008																			09/30/2007 (1)
							Earnings reserved
Changes	Capital stock		Stock issuance premium		Adjustments to Shareholders' equity		Legal		Special - Corporate Bonds			Voluntary		Unappropriated earnings (2)			Total			Total

Balances at the beginning of the fiscal year
- Banco Macro S.A.		683,979		394,584		4,511		382,705					211		1,241,716			2,707,706			2,314,977
- Nuevo Banco Suquía S.A.																					730,710
- Merger effects (1)																					(730,590	)

Merged balances		683,979		394,584		4,511		382,705					211		1,241,716			2,707,706			2,315,097


Own shares reacquired (2)															(272,574	)		(272,574	)

Distribution of unappropriated
earnings, as approved by the
Shareholders’ Meeting held on
April, 29, 2008 and April, 26,
2007, respectively:
- Legal reserve								99,038							(99,038	)
- Cash dividends															(170,995	)		(170,995	)		(102,591	)
- Special reserve (3)										46,083					(46,083	)

Reversal of special reserve from
Corporate Bonds (3)										(35,609	)				35,609

Net income for the period															475,831			475,831			326,550

Balances at the end of the period		683,979		394,584		4,511		481,743		10,474			211		1,164,466			2,739,968			2,539,056

	09/30/2008			09/30/2007 (1)
CHANGES IN CASH AND CASH EQUIVALENTS (Note 3.4)
Cash at beginning of the fiscal year		2,309,341			1,896,801
Cash at end of the period		2,410,787			1,906,589
Net increase in cash		101,446			9,788

CAUSES OF CHANGES IN CASH

Operating activities
Net collections/ (payments):
Government and private securities		(757,663	)		(475,181	)
Loans
to the financial sector		11,386			311,713
to the nonfinancial government sector		15,505			39,782
to the nonfinancial private sector and foreign residents		(293,811	)		(1,607,293	)
Other receivables from financial intermediation		(688,317	)		(941,144	)
Assets under financial lease		47,308			(33,049	)
Deposits
to the financial sector		(655	)		7,254
to the nonfinancial government sector		797,821			559,287
to the nonfinancial private sector and foreign residents		1,361,683			1,907,140
Other liabilities from financial intermediation
Financing facilities from the financial sector (recieved calls)		31,574			53,640
Others (except liabilities included under financing activities)		481,424			(11,374	)
Collections related to service-charge income		469,352			338,210
Payments related to service-charge expenses		(98,418	)		(90,132	)
Administrative expenses paid		(583,772	)		(448,692	)
Payment of organization and development expenses		(21,456	)		(26,127	)
Net collections related to punitive interest		7,870			4,439
Differences from payments related to court orders		(8,635	)		(27,770	)
Collections of dividends from other companies		12,219			621
Other (payments)/collections related to other income and losses		(11,004	)		12,230
Net collections/(payments) from other operating activities		1,337			(36,615	)
Payment of income tax		(48,314	)		(55,976	)
Net cash flows generated in/(used in) operating activities		725,434			(519,037	)

	09/30/2008			09/30/2007 (1)
Investing activities
Net payments for bank premises and equipment		(33,607	)		(27,497	)
Net collections/(payments) for other assets		15,866			(19,063	)
Payments from purchase of investments in other companies		(635	)		(49,158	)
Collections from sales of investments in other companies		24
Net payments for other investing activities		(22	)
Net cash flows used in investing activities		(18,374	)		(95,718	)

Financing activities
Net collections/ (payments):
Nonsubordinated corporate bonds (2)		(116,685	)		759,238
Central Bank of Argentina Other		(41,993	)		(25,123	)
Banks and International Institutions		54,285			(9,426	)
Subordinated corporate bonds		(20,113	)		(13,471	)
Financing received from financial institutions in Argentina		(40,184	)		(42,973	)
Payment of dividends		(170,995	)		(102,592	)
Other collections/(payments) for financing activities
Own shares reacquired (3)		(272,574	)
Others collections					41,547
Net cash flows (used in)/generated in financing activities		(608,259	)		607,200

Financial income and holding gains on cash and cash equivalents		2,645			17,343

Net increase in cash		101,446			9,788

Item	Balance as of 09/30/2008

Cash

Cash on hand		512,512

Amounts in Central Bank accounts		1,573,005

Other receivables from financial intermediation

Special guarantee accounts with the Central Bank		149,527

Total		2,235,044

	09/30/2008				12/31/2007		09/30/2008
Name	Market value		Book balance		Book balance		Position without options (1)			Options		Final position

GOVERNMENT AND PRIVATE SECURITIES

GOVERNMENT SECURITIES

Holdings for trading or financial intermediation
- Local
Consolidation bonds of social security payables in pesos – Third series at 2%		62,815		62,815		646		(16,962	)				(16,962	)
Federal government bonds in US dollars at LIBOR - Maturity: 2012		58,736		58,736		140,068		65,142			60,568		125,710
Federal government bonds at 7% - Maturity: 2017		48,336		48,336				48,346					48,346
Discount bonds denominated in pesos - Maturity: 2033		35,075		35,075		8,611		24,082					24,082
Secured bonds under Presidential Decree No. 1,579/02		24,401		24,401		35,576		24,643					24,643
Federal government bonds in US dollars at 7% - Maturity: 2013		17,760		17,760
Federal government bonds in pesos – Maturity: 2014		10,533		10,533		10,426		3,600					3,600
Consolidation bonds in pesos – Second series		9,682		9,682		3,537		9,807					9,807
Consolidation bonds of social security payables in pesos – Fourth Series		9,543		9,543		14,890		6,448					6,448
Consolidation bonds in pesos – Fourth series		4,775		4,775		3,351		(17	)				(17	)
Consolidation bonds in pesos – Sixth series		4,087		4,087		2,036		4,089					4,089
Federal government bonds in US dollars at LIBOR - Maturity: 2013		2,391		2,391		4,397		(61,781	)		37,824		(23,957	)
Par bonds denominated in US dollars - Maturity: 2038 (governed by Argentine legislation)		1,345		1,345		368		1,345					1,345
Par bonds denominated in pesos - Maturity: 2038		403		403		1,590		403					403
Par bonds denominated in US dollars - Maturity: 2038 (governed by New York State legislation)		382		382				382					382
GDP - related securities in US dollars - Maturity: 2035 (governed by Argentine legislation)		260		260		28		260					260
Discount bonds denominated in US dollars - Maturity: 2033 (governed by Argentine legislation)		256		256				256					256
GDP-related eligible securities in US dollars - Maturity: 2035 (governed by New York State legislation)		179		179		214		179					179
Bonds of Amortization at 5.5% - Province of Mendoza - Maturity: 2018						7,533
Bonds for the conversion and restructuring of government borrowing, Province of Tucumán – Consadep – First series						1,627
Other		189		189		1,765		185					185
Subtotal holdings for trading or financial intermediation				291,148		236,663		110,407			98,392		208,799

Unlisted government securities
- Local
Argentine Government bonds in Argentine pesos at private Badlar + 350 (Bonar XIII) - Maturity: 2013				25,289				25,289					25,289
Other				5		16		1					1
Subtotal unlisted government securities				25,294		16		25,290					25,290

Holdings as of September 30, 2008			3,999,195
Plus: Loans of government securities			9,703
Plus: Spot and forward purchases pending settlement			365,030
Less: Deposits of government securities			76,512
Less: Spot and forward sales pending settlement			1,379,852
			2,917,564

	09/30/2008		12/31/2007

COMMERCIAL

In normal situation		5,174,367		4,327,168
With Senior “A” guarantees and counter-guarantees		111,147		53,524
With Senior “B” guarantees and counter-guarantees		438,866		362,467
Without Senior guarantees or counter-guarantees		4,624,354		3,911,177

Subject to special monitoring		6,782		9,024
In observation
With Senior “B” guarantees and counter-guarantees		1,996		2,121
Without Senior guarantees or counter-guarantees		4,786		6,903

Troubled		14,907		4,251
With Senior “B” guarantees and counter-guarantees		9,728		2,160
Without Senior guarantees or counter-guarantees		5,179		2,091

With high risk of insolvency		16,020		19,061
With Senior “B” guarantees and counter-guarantees		2,881		1,981
Without Senior guarantees or counter-guarantees		13,139		17,080

Irrecoverable		13,376		12,819
With Senior “B” guarantees and counter-guarantees		6,901		7,855
Without Senior guarantees or counter-guarantees		6,475		4,964

Irrecoverable according to Central Bank's rules				253
Without Senior guarantees or counter-guarantees				253

Subtotal Commercial		5,225,452		4,372,576

	Jorge H. Brito
	Chairperson

	Jorge H. Brito
	Chairperson

	Jorge H. Brito
	Chairperson

	Jorge H. Brito
	Chairperson

	09/30/2008		12/31/2007

CONSUMER

Performing		4,241,204		3,824,132
With Senior “A” guarantees and counter-guarantees		15,518		12,192
With Senior “B” guarantees and counter-guarantees		562,098		557,514
Without Senior guarantees or counter-guarantees		3,663,588		3,254,426

Low risk		84,621		126,000
With Senior “A” guarantees and counter-guarantees		78		261
With Senior “B” guarantees and counter-guarantees		8,121		20,223
Without Senior guarantees or counter-guarantees		76,422		105,516

Medium risk		55,455		43,473
With Senior “A” guarantees and counter-guarantees		114
With Senior “B” guarantees and counter-guarantees		4,921		7,251
Without Senior guarantees or counter-guarantees		50,420		36,222

High risk		71,184		31,625
With Senior “A” guarantees and counter-guarantees		1
With Senior “B” guarantees and counter-guarantees		2,952		1,963
Without Senior guarantees or counter-guarantees		68,231		29,662

Irrecoverable		19,934		18,412
With Senior “A” guarantees and counter-guarantees				127
With Senior “B” guarantees and counter-guarantees		4,452		5,945
Without Senior guarantees or counter-guarantees		15,482		12,340

Irrecoverable according to Central Bank's rules		1,335		4,916
With Senior “A” guarantees and counter-guarantees		2		10
With Senior “B” guarantees and counter-guarantees		168		928
Without Senior guarantees or counter-guarantees		1,165		3,978

Subtotal Consumer		4,473,733		4,048,558
Total		9,699,185		8,421,134

	09/30/2008				12/31/2007
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio

10 largest customers		1,858,380		19.16		1,384,740		16.44
50 next largest customers		1,576,195		16.25		1,481,892		17.60
100 next largest customers		831,417		8.57		724,264		8.60
Other customers		5,433,193		56.02		4,830,238		57.36

Total		9,699,185		100.00		8,421,134		100.00

	Terms remaining to maturity
Item	Matured		Up to 1 month		Over 1 month and up to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total

Non-financial government sector		27		1,248		10,042				96,437		34,471		483,764		625,989
Financial sector				145,248		10,365		4,800		3,923		2,800		7,249		174,385

Non-financial private sector and foreign residents		175,338		2,480,688		901,295		1,017,182		938,846		1,208,899		2,176,563		8,898,811

Total		175,365		2,627,184		921,702		1,021,982		1,039,206		1,246,170		2,667,576		9,699,185

													Information on the issuer
	09/30/2008										12/31/2007		Data from latest financial statements
	Shares and interests
Name	Class		Unit face value		Votes per share		Number		Amount		Amount		Main business activity		Period / year-end date		Capital stock		Shareholders' equity		Income (loss) for the period / year

In financial institutions, supplementary and authorized activities

- Subsidiaries
In Argentina

Nuevo Banco Bisel S.A.		Common		1		1		841,682,603		1,239,182		1,041,228		Financial institution		09/30/08		845,082		1,312,620		199,254
Nuevo Banco Bisel S.A. (1)		Preferred		1				66,604,774		68,432		67,932		Financial institution		09/30/08		66,605		1,312,620		199,254
Banco del Tucumán S.A.		Common		100		1		395,341		129,566		108,095		Financial institution		09/30/08		43,960		144,071		23,874
Macro Securities S.A. Sociedad de Bolsa		Common		1		1		12,776,680		16,533		16,636		Brokerage house		09/30/08		12,886		16,593		1,807
Sud Inversiones & Análisis S.A.		Common		1		1		6,475,143		12,039		11,361		Services		09/30/08		6,567		11,567		824
Macro Fondos S.G.F.C.I.S.A.		Common		1		1		327,183		953		1,501		Mutual funds management		09/30/08		1,713		5,009		2,953
Macro Valores S.A.												166
Foreign
Macro Bank Limited (ex - Sud Bank & Trust)		Common		1		1		9,816,899		122,589		118,320		Financial institution		09/30/08		9,817		122,589		4,269
Red Innova Administradora de Fondos de
Inversión S.A. "en liquidación"		Common		1,000		1		4,156		312		362		Cash management		09/30/08		1,172		612		(98	)
Subtotal subsidiaries										1,589,606		1,365,601

- Non-subsidiaries
In Argentina
Banelco S.A.		Common		1		1		1,071,716		2,500		2,500		Network administration		12/31/07		23,599		56,536		16,682
Provincanje S.A.		Common		1		1		600,000		603		603		Swap of securities		06/30/08		7,200		8,555		514
Visa Argentina S.A.		Common		1		1		951,018		19,050		238		Business services		05/31/08		1		454,782		429,039
C.O.E.L.S.A.		Common		1		1		70,650		105		95		Financial Services		12/31/07		1,000		1,760		72
A.C.H. S.A.		Common		1		1		52,000		52		52		Electronic information services		12/31/07		650		1,824		109
Mercado Abierto Electrónico S.A.		Common		1,200		1		4		47		47		Electronic information services		12/31/07		242		10,811		2,740
Macroaval S.G.R.		Common		1		1		30,500		31		31		Reciprocal guarantee corporation		12/31/07		250		1,249		(295	)
Argentina Clearing S.A.		Common		30		1		30		31		31		Services		07/31/07		5,658		7,409		915
Garantizar S.G.R.		Common		1		1		10,000		10		10		Reciprocal guarantee corporation		12/31/07		4,801		213,186		(919	)
Foreign
Banco Latinoamericano de Exportaciones S.A.		Common		10		1		7,303		247		248		Financial institution		12/31/07		882,217		1,929,203		227,430
Banco Latinoamericano de Exportaciones S.A.		Com "E"		1		1		3,729		181		183		Financial institution		12/31/07		882,217		1,929,203		227,430
Banco Latinoamericano de Exportaciones S.A.		Preferred		10				259		10		10		Financial institution		12/31/07		882,217		1,929,203		227,430
Subtotal non-subsidiaries										22,867		4,048

Total in financial institutions, supplementary and authorized activities										1,612,473		1,369,649

In other companies
- Non-subsidiaries
In Argentina
Proin S.A.		Common		1		1		244,457		293		293		Juice production		09/30/07		4,604		7,538		421
El Taura S.A.										185		185		Hotel construction and explotation		12/31/07		420		2,894		(297	)
Tunas del Chaco S.A. (2)										150		150		Agriculture		12/31/07		12		982		31
Emporio del Chaco S.A. (2)										150		150		Agriculture		12/31/07		12		942		5
Prosopis S.A. (2)										150		150		Agriculture		12/31/07		12		738		(20	)
Other										325		575
Foreign
SWIFT S.A.		Common		1		1		3		15		16		Services		12/31/07		567,556		1,169,248		105,710
Total in other companies										1,268		1,519
Total (3)										1,613,741		1,371,168

	Net book value at									Depreciation for the period				Net book value at end
	beginning of									Years of				of the
Item	fiscal year		Additions		Transfers			Retirements		useful life		Amount		period

Bank premises and equipment
Buildings		166,951		6,769		27,516			6,147		50		4,969		190,120
Furniture and facilities		19,176		6,978					68		10		3,135		22,951
Machinery and equipment		65,813		27,871					78		5		16,109		77,497
Vehicles		41,532		645		70			13,102		5		5,941		23,204

Total		293,472		42,263		27,586			19,395				30,154		313,772


Other assets
Works in progress		54,218		11,555		(27,516	)		658						37,599
Works of art		1,189													1,189
Prepayments for the purchase of assets				3,107		(1,986	)								1,121
Foreclosed assets		23,243		443		32			3,247		50		283		20,188
Leased buildings		3,459		639					368		50		34		3,696
Stationery and office supplies		2,620		9,754					8,299						4,075
Other assets		94,100		2,331		1,884			31,123		50		490		66,702

Total		178,829		27,829		(27,586	)		43,695				807		134,570

	Net book value at						Amortization for the period				Net book
	beginning of						Years of				value at end
Item	fiscal year		Additions		Retirements		useful life		Amount		of the period

Goodwill		71,916						10		6,331		65,585
Organization and development costs (1)		96,435		29,987		8		5		28,869		97,545

Total		168,351		29,987		8				35,200		163,130

	Balances at beginning of		Increases		Decreases				Balances at end of the
Breakdown	fiscal year		(1)		Write off		Reversals		period

ALLOWANCES
Government and private securities
For impairment in value		27								27
Loans
For loan losses and impairment in value		173,901		69,274		39,699		9,457		194,019
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		29,893		13,171		334		109		42,621
Assets subject to financial leases
For uncollectibility risk		3,986		570						4,556
Investments in other companies
For impairment in value		697		45		487		8		247
Other receivables
For uncollectibility risk		15,215		4,427		8,557		34		11,051
Total allowances		223,719		87,487		49,077		9,608		252,521

PROVISIONS
Contingent commitments		1,628		17				143		1,502
For negative goodwill		483								483
For other contingencies		66,948		18,801		12,220		632		72,897
Difference from court deposits dollarization		7,970		68		238				7,800
Total liabilities		77,029		18,886		12,458		775		82,682

Shares					Capital stock
			Votes per		Issued
Class	Number		share		Outstanding		In treasury (1)		Paid in
Registered common stock A		11,235,670		5		11,236				11,236
Registered common stock B		672,743,303		1		625,297		47,446		672,743
Total		683,978,973				636,533		47,446		683,979

	09/30/2008																					12/31/2007
	Total Parent
	company and		Total per currency
	Argentine				Pound		Swiss		Danish		Canadian		Australian			Swedish		Norwegian
Items	branches		US dollar		sterling		franc		krone		dollar		dollar	Yen		krone		krone		Euro		Total
ASSETS
Cash		940,978		927,269		381		101		56		108			188		17		18		12,840		686,445
Government and private securities		129,646		129,646																			154,088
Loans		1,642,636		1,642,511																	125		1,274,130
Other receivables from financial intermediation		556,442		556,442																			240,562
Assets subject to financial leases		58,835		58,835																			19,249
Investments in other companies		123,354		123,354																			119,139
Other receivables		43,190		43,190																			14,351
Items pending allocation		465		465																			51
Total		3,495,546		3,481,712		381		101		56		108			188		17		18		12,965		2,508,015

LIABILITIES
Deposits		1,611,527		1,611,527																			1,488,396
Other liabilities from financial intermediation		1,228,978		1,225,196		7		15													3,760		875,339
Other liabilities		3,288		3,285																	3		1,991
Subordinated corporate bonds		495,700		495,700																			488,192
Items pending allocation																							28

Total		3,339,493		3,335,708		7		15													3,763		2,853,946

MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		513,921		513,629																	292		241,629
Control		978,874		970,651		81		489				6									7,647		1,124,966
Derivatives		29,194		29,194																			29,388
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		167,069		153,852											398						12,819		188,676

	09/30/2008			12/31/2007 (1)
D. OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
Central Bank of Argentina		186,038			191,475
Amounts receivable from spot and forward sales pending settlement		761,218			428,581
Securities and foreign currency receivable from spot and forward purchases pending settlement		349,930			149,275
Premiums on options taken		418
Unlisted corporate bonds (Notes 3. and 4.)		39,481			44,257
Receivables from forward transactions without delivery of underlying asset		170
Other receivables not covered by debtors classification standards (Note 11.2.)		549,719			549,677
Other receivables covered by debtors classification standards (Notes 3. and 4.)		82,680			69,969
less: Allowances (Note 7.)		(218,197	)		(206,939	)
		1,751,457			1,226,295

E. ASSETS SUBJECT TO FINANCIAL LEASES
Assets subject to financial leases (Notes 3. and 4.)		380,698			372,866
less: Allowances (Note 7.)		(5,613	)		(4,898	)
		375,085			367,968

F. INVESTMENTS IN OTHER COMPANIES
In financial institutions		437			439
Other		28,370			10,669
less: Allowances (Note 7.)		(247	)		(697	)
		28,560			10,411

G. OTHER RECEIVABLES
Receivables from sale of assets (Notes 3. and 4.)		41,288			26,074
Minimum presumed income tax - Tax Credit		25,803			45,293
Other (Note 11.3.)		208,833			209,345
Accrued interest and adjustments receivable on receivables from sale of assets (Notes 3. and 4.)		1,327			544

Other accrued interest and adjustments receivable		50			58
less: Allowances (Note 7.)		(22,589	)		(27,034	)
		254,712			254,280

H. BANK PREMISES AND EQUIPMENT, NET		395,281			373,111

I. OTHER ASSETS		151,501			206,580

J. INTANGIBLE ASSETS
Goodwill		65,585			71,916
Organization and development costs		129,924			128,047
		195,509			199,963

K. ITEMS PENDING ALLOCATION		3,730			2,056

TOTAL ASSETS		23,623,644			19,718,232

	09/30/2008		09/30/2007 (1)

A. FINANCIAL INCOME
Interest on cash and due from banks		5,846		14,601
Interest on loans to the financial sector		11,362		27,323
Interest on overdrafts		234,368		118,662
Interest on documents		128,749		66,779
Interest on mortgage loans		70,153		46,746
Interest on pledged loans		47,708		36,732
Interest on credit card loans		77,212		38,274
Interest on other loans		729,628		388,417
Interest on other receivables from financial intermediation		13,535		14,698
Income from government and private securities, net (Note 11.8.)		418,634		297,464
Income from guaranteed loans - Presidential Decree No. 1,387/01		27,483		32,130
Net income from options		74		1,525
CER (Benchmark Stabilization Coefficient) adjustment		58,321		47,608
CVS (Salary Variation Coefficient) adjustment		607		1,314
Difference in quoted prices of gold and foreign currency		80,015		32,027
Other (Note 11.9.)		133,454		96,251
		2,037,149		1,260,551

B. FINANCIAL EXPENSE
Interest on checking accounts		12,094		15,238
Interest on savings accounts		9,901		7,091
Interest on time deposits		622,654		306,680
Interest on interfinancing received loans (received call)		3,152		2,500
Interest on other financing from Financial Institutions		17		69
Interest on other liabilities from financial intermediation		68,448		49,082
Interest on subordinated bonds		34,971		37,940
Other interest		6,772		8,357
CER adjustment		28,304		33,296
Contribution to Deposit Guarantee Fund		18,858		14,070
Other (Note 11.10.)		111,082		59,848
		916,253		534,171

GROSS INTERMEDIATION MARGIN - GAIN		1,120,896		726,380

C. PROVISION FOR LOAN LOSSES		96,908		61,650

D. SERVICE-CHARGE INCOME
Related to lending transactions		49,985		21,898
Related to deposits		417,295		295,096
Other fees		18,409		14,976
Other (Note 11.11.)		157,963		136,541
		643,652		468,511

	09/30/2008			09/30/2007 (1)

E. SERVICE-CHARGE EXPENSE
Fees		44,755			34,655
Other (Note 11.12.)		81,936			72,861
		126,691			107,516
F. ADMINISTRATIVE EXPENSES
Personnel expenses		595,290			423,015
Directors' and statutory auditors' fees		21,418			22,118
Other professional fees		36,935			28,212
Advertising and publicity		39,007			33,672
Taxes		9,106			7,523
Depreciation of equipment		37,578			30,233
Amortization of organization costs		18,496			12,319
Other operating expenses (Note 11.13.)		124,380			108,055
Other		13,685			14,472
		895,895			679,619

NET INCOME FROM FINANCIAL INTERMEDIATION		645,054			346,106

G.OTHER INCOME
Income from long-term investments		26,813			60
Penalty interest		9,323			5,098
Recovered loans and allowances reversed		61,570			112,184
CER adjustments		79			165
Other (Note 11.14.)		40,880			26,798
		138,665			144,305
H.OTHER EXPENSE
Penalty interest and charges payable to the Central Bank ok Argentina		174			55
Charges for other receivables uncollectibility and other allowances		26,767			11,417
Amortization of differences from deposits dollarization		22,689			20,349
Depreciation and loss of other assets		1,132			4,810
Goodwill amortization		6,331			6,937
Other (Note 11.15.)		70,174			64,193
		127,267			107,761

MINORITY INTEREST IN SUBSIDIARIES		(2,386	)		(1,418	)

NET INCOME BEFORE INCOME TAX		654,066			381,232

I. INCOME TAX (Note 10.)		178,235			54,682

NET INCOME FOR THE PERIOD		475,831			326,550

	09/30/2008			09/30/2007 (1)
CHANGES IN CASH AND CASH EQUIVALENTS
Cash at beginning of fiscal year		3,117,426			2,626,908
Cash at end of the period		3,239,315			2,638,338
Net increase in cash		121,889			11,430

CAUSES OF CHANGES IN CASH

Operating activities
Net collections/ (payments):
Government and private securities		(969,517	)		(693,798	)
Loans
to the financial sector		55,442			389,098
to the nonfinancial government sector		(68,170	)		54,321
to the nonfinancial private sector and foreign residents		(433,756	)		(2,102,962	)
Other receivables from financial intermediation		(135,932	)		(1,028,982	)
Assets under financial lease		47,231			(51,360	)
Deposits
to the financial sector		271			4,196
to the nonfinancial government sector		1,112,504			741,293
to the nonfinancial private sector and foreign residents		1,471,852			2,377,882
Other liabilities from financial intermediation
Financing facilities from the financial sector (recieved calls)		34,817			53,640
Others (except liabilities included under financing activities)		72,629			180,697
Collections related to service-charge income		643,031			466,831
Payments related to service-charge expenses		(126,487	)		(107,160	)
Administrative expenses paid		(833,653	)		(634,658	)
Payment of organization and development expenses		(30,944	)		(33,818	)
Net collections from penalty interest		9,149			5,076
Differences from payments related to court orders		(12,156	)		(29,172	)
Collections of dividends from other companies		8,546			621
Other (paymentes)/collections related to other income and losses		(13,471	)		14,751
Net payments from other operating activities		(6,600	)		(70,522	)
Payment of income tax / minimum presumed income tax		(64,274	)		(61,866	)
Net cash flows generated in/(used in) operating activities		760,512			(525,892	)

	Banco Macro S.A.’s direct equity interest										Banco Macro S.A.’s direct and indirect equity interest
	Shares				Percentage of						Percentage of
Company	Type		Number		Capital stock			Possible votes			Capital stock			Possible votes

Nuevo Banco Bisel S.A. (a)		Common Preferred		841,682,603 66,604,774		99.627	%		99.598	%		99.997	%		99.997	%

Banco del Tucumán S.A. (a)		Common		395,341		89.932	%		89.932	%		89.932	%		89.932	%

Macro Bank Limited (ex Sud Bank & Trust Company Limited) (b)		Common		9,816,899		99.999	%		99.999	%		99.999	%		99.999	%

Macro Securities S.A. Sociedad de Bolsa (c) and (d)		Common		12,776,680		99.154	%		99.154	%		99.921	%		99.921	%

Sud Inversiones & Análisis S.A. (d) and (e)		Common		6,475,143		98.605	%		98.605	%		98.605	%		98.605	%

Macro Fondos S.G.F.C.I. S.A. (d)		Common		327,183		19.100	%		19.100	%		98.936	%		98.936	%

Red Innova Administradora de Fondos de Inversión S.A. “en liquidación”		Common		4,156		51.000	%		51.000	%		51.000	%		51.000	%