SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

November 16, 2009

Commission File Number: 333-130901

MACRO BANK INC.

(Exact name of registrant as specified in its Charter)

Sarmiento 447

Buenos Aires C1 1041

Tel: 54 11 5222 6500

(Address of registrant’s principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes        o No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes        o No x

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes        o No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  82-    N/A  

BANCO MACRO S.A.

Financial Statements as of September 30, 2009,

together with the limited review report

on interim-period financial statements

CONTENTS

· Limited review report on interim-period financial statements

· Cover

· Balance sheets

· Statements of income

· Statements of changes in shareholders’ equity

· Statements of cash flows

· Notes to the financial statements

· Exhibits A through L, N and O

· Consolidated balance sheets

· Consolidated statements of income

· Consolidated statements of cash flows

· Consolidated statements of debtors by situation

· Notes to the consolidated financial statements with subsidiaries

· Exhibit l to the consolidated financial statements with subsidiaries

LIMITED REVIEW REPORT ON INTERIM-PERIOD FINANCIAL STATEMENTS

Translation into English – Originally issued in Spanish

See Note 22 to the Financial Statements

To the Directors of

BANCO MACRO S.A.

Registered office: Sarmiento 447

City of Buenos Aires

1. We have performed a limited review of the accompanying balance sheet of BANCO MACRO S.A. as of September 30, 2009, and the related statements of income, changes in shareholders’ equity and cash flows for the nine-month period then ended. We have also performed a limited review of the accompanying consolidated balance sheet of BANCO MACRO S.A. and its subsidiaries as of September 30, 2009, and the related consolidated statements of income and cash flows for the nine-month period then ended, which are disclosed as supplementary information. These financial statements are the responsibility of the Bank Management.

2. We conducted our limited review in accordance with the standards of Argentine Federation of Professional Councils in Economic Sciences Technical Resolution No. 7 applicable to a limited review of the interim-period financial statements and with the “Minimum external auditing standards” issued by the BCRA (Central Bank of Argentina) applicable to the review of quarterly financial statements. Under such standards, a limited review consists primarily of applying analytical procedures to the accounting information and making inquiries of the persons in charge of accounting and financial matters. A limited review is substantially less in scope than an audit of financial statements, the objective of which is to express an opinion on the financial statements taken as a whole. Therefore, we do not express such an opinion.

-2-

3. As described in Note 5 to the accompanying financial statements, the financial statements mentioned in the first paragraph have been prepared by the Bank in accordance with the accounting standards established by the BCRA, which differ from the professional accounting standards effective in Argentina in certain valuation and disclosure aspects described and quantified in such note.

4. As further explained in Note 22, certain accounting practices used by the Bank to prepare the accompanying financial statements conform with the accounting standards set forth by the BCRA but may not conform with the accounting principles generally accepted in other countries.

5. Based on our review, we have not become aware of any facts or circumstances that would require making significant changes to the financial statements mentioned in the first paragraph above in order for them to be presented in accordance with accounting standards established by the BCRA and, except for the effect of what is mentioned in the third paragraph, with professional accounting standards effective in Argentina.

6. With respect to the balance sheet of BANCO MACRO S.A. and BANCO MACRO S.A. and its subsidiaries as of December 31, 2008, and the statements of income, changes in shareholders’ equity and cash flows of BANCO MACRO S.A. and BANCO MACRO S.A. and its subsidiaries for the nine-month period ended September 30, 2008, which were presented for comparative purposes, we report that:

a) On February 19, 2009, we issued an audit report on the financial statements of BANCO MACRO S.A. and BANCO MACRO S.A. and its subsidiaries as of December 31, 2008, which included a qualified opinion due to differences between the application of the accounting standards established by the BCRA and the professional accounting standards effective in Argentina, as mentioned in the third paragraph. We have not audited any financial statements as of any date or for any period subsequent to December 31, 2008.

-3-

b) On November 3, 2008, we issued a limited review report on the financial statements of BANCO MACRO S.A. and BANCO MACRO S.A. and its subsidiaries for the nine-month period ended September 30, 2008, which included qualifications due to the differences between the accounting standards established by the BCRA and the professional accounting standards effective in Argentina, as mentioned in the third paragraph.

The financial statements presented as comparative information are included after giving retroactive effect to the merger of Nuevo Banco Bisel S.A., as mentioned in note 3.1. to the accompanying stand-alone financial statements.

7. In compliance with current legal requirements, we report that:

a) The financial statements mentioned in the first paragraph have been transcribed to the Inventory and Financial Statements book.

b) The financial statements of BANCO MACRO S.A. were derived from books kept, in their formal aspects, pursuant to current legal requirements and BCRA regulations.

c) As of September 30, 2009, the liabilities accrued in employee and employer contributions to the National Social Security Administration, as recorded in the Bank’s books, amounted to Ps. 10,272,341, none of which was due as of that date.

City of Buenos Aires,

  November 4, 2009

PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.

C.P.C.E.C.A.B.A. Vol. 1 – Fo. 13

CARLOS M. SZPUNAR

Partner

Certified Public Accountant (U.B.A.)

C.P.C.E.C.A.B.A. Vol. 192 – Fo. 110

FINANCIAL STATEMENTS AS OF

SEPTEMBER 30, 2009

BUSINESS NAME: Banco Macro S.A.

REGISTERED OFFICE:  Sarmiento 447 – City of Buenos Aires

CORPORATE PURPOSE AND MAIN BUSINESS:  Commercial bank

BCRA (CENTRAL BANK OF ARGENTINA):  Authorized as “Argentine private bank” under No. 285.

REGISTRATION WITH THE PUBLIC REGISTRY OF COMMERCE:  Under No. 1,154 - By-laws book No. 2, Folio 75

dated March 8, 1967                           

EXPIRATION OF ARTICLES OF INCORPORATION:  March 8, 2066

REGISTRATION WITH THE IGJ (BUSINESS ASSOCIATIONS REGULATORY AGENCY): Under No. 9,777 – Corporations Book No. 119 Volume A, dated October 8, 1996.

SINGLE TAX IDENTIFICATION NUMBER:  30-50001008-4

REGISTRATION DATES OF AMENDMENTS TO BY-LAWS:

August 18, 1972, August 10, 1973, July 15, 1975, May 30, 1985, September 3, 1992, May 10, 1993, November 8, 1995, October 8, 1996, March 23, 1999, September 6, 1999, June 10, 2003, December 17, 2003, September 14, 2005, February 8, 2006, July 11, 2006, July 14, 2009.

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

BALANCE SHEETS

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

		09/30/2009			12/31/2008 (1)
ASSETS
A.	CASH
	Cash on hand		804,844			923,894
	Due from banks and correspondents
	Central Bank of Argentina		2,309,726			1,843,185
	Local Other		22,753			9,002
	Foreign		381,841			306,975
	Other		240			216
			3,519,404			3,083,272
B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
	Holdings in investment accounts		439,629			448,305
	Holdings for trading or financial intermediation		626,783			280,775
	Unlisted government securities		64,455			62,249
	Instruments issued by the Central Bank of Argentina		5,608,724			3,838,382
	less: Allowances (Exhibit J)		(16	)		(27	)
			6,739,575			4,629,684
C.	LOANS (Exhibits B, C and D)
	To the non-financial government sector		202,869			737,221
	To the financial sector
	Interfinancing (granted call)		23,165			67,030
	Other financing to Argentine Financial Institutions		34,586			37,836
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		810			573
	To the non-financial private sector and foreign residents
	Overdrafts		1,402,941			1,499,023
	Documents		1,315,180			1,331,227
	Mortgage loans		708,854			707,802
	Pledged loans		257,105			338,012
	Personal loans		3,251,882			3,235,539
	Credit cards		786,406			818,852
	Other (Note 6.1.)		2,191,362			1,911,128
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		181,326			186,058
	less: Unearned discount		(26,493	)		(31,021	)
	less: Allowances (Exhibit J)		(398,575	)		(407,682	)
			9,931,418			10,431,598

(1) See Note 3.1.

Jorge H. Brito

Chairperson

1

BALANCE SHEETS

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

		09/30/2009			12/31/2008 (1)
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		757,831			388,070
	Amounts receivable from spot and forward sales pending settlement		513,650			545,448
	Securities and foreign currency receivable from spot and forward purchases pending settlement		134,087			35,199
	Unlisted corporate bonds (Exhibits B, C and D)		40,430			21,496
	Receivables from forward transactions without delivery of underlying asset		14,059			109
	Other receivables not covered by debtors classification standards (Note 6.2.)		539,366			553,075
	Other receivables covered by debtors classification standards (Exhibits B, C and D)		61,587			54,863
	less: Allowances (Exhibit J)		(229,767	)		(228,021	)
			1,831,243			1,370,239
E.	ASSETS SUBJECT TO FINANCIAL LEASES
	Assets subject to financial leases (Exhibits B, C and D)		265,610			350,050
	less: Allowances (Exhibit J)		(3,721	)		(5,063	)
			261,889			344,987
F.	INVESTMENTS IN OTHER COMPANIES (Exhibit E)
	In financial institutions		328,734			238,197
	Other		38,512			31,706
	less: Allowances (Exhibit J)		(747	)		(247	)
			366,499			269,656
G.	OTHER RECEIVABLES
	Receivables from sale of assets (Exhibits B, C and D)		28,520			43,358
	Minimum presumed income tax - Tax Credit		10,170			25,704
	Other (Note 6.3.)		266,012			179,097
	Accrued interest and adjustments receivable on receivables from sales of assets (Exhibits B, C and D)		447			2,502
	less: Allowances (Exhibit J)		(14,081	)		(15,811	)
			291,068			234,850
H.	BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		392,342			394,868
I.	OTHER ASSETS (Exhibit F)		120,265			135,531
J.	INTANGIBLE ASSETS (Exhibit G)
	Goodwill		57,153			63,477
	Organization and development costs		137,969			123,183
			195,122			186,660
K.	ITEMS PENDING ALLOCATION		2,069			3,127
TOTAL ASSETS			23,650,894			21,084,472

(1) See Note 3.1.

Jorge H. Brito

Chairperson

2

BALANCE SHEETS

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

		09/30/2009		12/31/2008 (1)
LIABILITIES
L.	DEPOSITS (Exhibits H and I)
	From the non-financial government sector		3,247,883		3,468,652
	From the financial sector		11,907		22,420
	From the non-financial private sector and foreign residents
	Checking accounts		2,492,351		2,324,981
	Savings accounts		2,944,874		2,690,011
	Time deposits		7,038,527		5,568,872
	Investment accounts		115,493		155,936
	Other (Note 6.4.)		403,316		305,874
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		80,205		58,263
			16,334,556		14,595,009
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina (Exhibit I)
	Other		1,842		302,631
	Banks and International Institutions (Exhibit I)		206,104		224,968
	Non-subordinated Corporate Bonds (Note 10. and Exhibit I)		605,910		708,354
	Amounts payable for spot and forward purchases pending settlement		133,517		30,463
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		1,065,507		749,747
	Financing received from Argentine financial institutions (Exhibit I)
	Interfinancing - (received call)		57,000		13,815
	Other financing received from Argentine Financial Institutions		19,253		24,139
	Accrued interest payables		114		5
	Forward transactions amounts pending settlement without delivery of underlying asset		106		5,949
	Other (Note 6.5. and Exhibit I)		679,272		583,790
	Accrued interest, adjustments, foreign exchange and quoted price differences payables (Exhibit I)		41,496		49,783
			2,810,121		2,693,644
N.	OTHER LIABILITIES
	Other (Note 6.6.)		724,501		383,801
			724,501		383,801
O.	PROVISIONS (Exhibit J)		74,538		71,758
P.	SUBORDINATED CORPORATE BONDS (Note 10. and Exhibit I)		593,259		521,681
Q.	ITEMS PENDING ALLOCATION		2,228		1,943
TOTAL LIABILITIES			20,539,203		18,267,836
SHAREHOLDERS' EQUITY (As per related statement)			3,111,691		2,816,636
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			23,650,894		21,084,472

(1) See Note 3.1.

Jorge H. Brito

Chairperson

3

BALANCE SHEETS

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	09/30/2009		12/31/2008 (1)
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS		12,439,110		11,754,150
Contingent		4,090,788		3,396,884
Guarantees received		3,434,774		3,022,155
Other not covered by debtors classification standards		361		346
Contingent debit-balance contra accounts		655,653		374,383
Control		4,693,840		4,758,904
Receivables classified as irrecoverable		841,013		770,402
Other (Note 6.7.)		3,615,738		3,729,199
Control debit-balance contra accounts		237,089		259,303
Derivatives		3,654,482		3,598,362
Notional value of put options taken (Note 11.d))		22,889		24,349
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		2,662,861		2,219,777
Interest rate swap (Note 11.c))		83,867		39,422
Derivatives debit-balance contra accounts		884,865		1,314,814
CREDIT-BALANCE ACCOUNTS		12,439,110		11,754,150
Contingent		4,090,788		3,396,884
Guarantees provided to BCRA				141,353
Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		120,653		85,187
Other guarantees provided not covered by debtors classification standards		129,958		57,758
Other covered by debtors classification standards (Exhibits B, C and D)		405,042		90,085
Contingent credit-balance contra accounts		3,435,135		3,022,501
Control		4,693,840		4,758,904
Checks to be credited		237,089		259,303
Control credit-balance contra accounts		4,456,751		4,499,601
Derivatives		3,654,482		3,598,362
Notional value of call option sold (Note 11.e))		21,500
Notional value of put options sold (Note 11.b))		69,926		99,826
Notional value of forward transactions without delivery of underlying asset (Note 11.a))		793,439		1,214,988
Derivatives credit-balance contra account		2,769,617		2,283,548

(1) See Note 3.1.

The accompanying notes 1 through 22 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

4

STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2009, AND 2008

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

(Figures stated in thousands of pesos)

		09/30/2009		09/30/2008 (1)
A.	FINANCIAL INCOME
	Interest on cash and due from banks		80		2,988
	Interest on loans to the financial sector		6,346		11,393
	Interest on overdrafts		251,413		226,648
	Interest on documents		148,491		125,465
	Interest on mortgage loans		74,590		67,322
	Interest on pledged loans		43,780		47,301
	Interest on credit card loans		127,587		71,715
	Interest on other loans		784,716		630,284
	Interest on other receivables from financial intermediation		80		13,069
	Income from government and private securities, net (Note 6.8.)		930,102		395,476
	Income from guaranteed loans - Presidential Decree No. 1,387/01		3,407		27,459
	CER (Benchmark Stabilization Coefficient) adjustment		10,830		58,219
	CVS (Salary Variation Coefficient) adjustment		543		606
	Difference in quoted prices of gold and foreign currency		107,777		79,414
	Other (Note 6.9.)		190,780		132,908
			2,680,522		1,890,267
B.	FINANCIAL EXPENSE
	Interest on checking accounts		11,461		10,096
	Interest on savings accounts		12,411		9,812
	Interest on time deposits		850,457		593,693
	Interest on interfinancing received loans (received call)		1,190		3,390
	Interest on other financing from Financial Institutions		3		17
	Interest on other liabilities from financial intermediation		62,018		68,434
	Interest on subordinated bonds		40,772		34,971
	Other interest		2,153		6,772
	CER adjustment		3,313		28,240
	Contribution to Deposit Guarantee Fund		20,746		17,633
	Other (Note 6.10.)		92,813		103,069
			1,097,337		876,127
	GROSS INTERMEDIATION MARGIN - GAIN		1,583,185		1,014,140
C.	PROVISION FOR LOAN LOSSES		126,236		90,345
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		35,107		43,321
	Related to deposits		457,470		390,446
	Other commissions		21,441		18,409
	Other (Note 6.11.)		178,972		140,126
			692,990		592,302

(1) See Note 3.1.

The accompanying notes 1 through 22 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

5

STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2009, AND 2008

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

(Figures stated in thousands of pesos)

		09/30/2009		09/30/2008 (1)
E.	SERVICE-CHARGE EXPENSE
	Commissions		39,400		39,895
	Other (Note 6.12.)		111,986		76,632
			151,386		116,527
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		634,302		545,353
	Directors' and statutory auditors' fees		27,963		17,577
	Other professional fees		42,414		32,267
	Advertising and publicity		29,891		37,968
	Taxes		55,065		47,662
	Depreciation of equipment		37,726		35,045
	Amortization of organization costs		22,532		17,384
	Other operating expenses (Note 6.13.)		142,916		114,038
	Other		15,573		12,273
			1,008,382		859,567
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		990,171		540,003
G.	OTHER INCOME
	Income from long-term investments		107,327		54,925
	Penalty interest		17,469		9,115
	Recovered loans and allowances reversed		34,176		60,511
	CER adjustments		48		79
	Other (Note 6.14.)		35,480		41,654
			194,500		166,284
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		8		19
	Charges for other receivables uncollectibility and other allowances		16,548		26,714
	Amortization of differences from deposits dollarization		12,450		15,078
	Depreciation and loss of other assets		4,280		1,131
	Goodwill amortization		6,324		6,331
	Other (Note 6.15.)		53,756		25,779
			93,366		75,052
	NET INCOME BEFORE INCOME TAX - GAIN		1,091,305		631,235
I.	INCOME TAX (Note 4.)		581,210		155,404
	NET INCOME FOR THE PERIOD - GAIN		510,095		475,831

(1) See Note 3.1.

Jorge H. Brito

Chairperson

6

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2009, AND 2008

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

(Figures stated in thousands of pesos)

	09/30/2009
									Earnings reserved
Changes	Capital stock			Stock issuance premium			Adjustments to Shareholders' equity		Legal			Subordinated Debt Instruments			Voluntary			Unappropriated earnings			Total
Balances at the beginning of the fiscal year
-Banco Macro		683,979			394,584			4,511		481,743						211			1,251,569			2,816,597
-Nuevo Banco Bisel S.A.		911,687			3,502					56,954						109,245			307,985			1,389,373
-Merger Effects (1)		(910,539	)		(3,471	)				(56,954	)					(109,245	)		(309,125	)		(1,389,334	)
Merger Balances		685,127			394,615			4,511		481,743						211			1,250,429			2,816,636
Own shares reacquired																			(56,665	)		(56,665	)
Capital stock decrease approved by the shareholders’ meeting of April 21, 2009 (2)		(60,000	)																60,000
Capital stock decrease approved by the shareholders’ meeting of September 10, 2009 (2)		(30,642	)																30,642
Distribution of Unappropriated earnings, which was approved by the shareholders’ meeting of May 12, 2009 and April 29, 2009, respectively
-Legal Earning Reserved										132,010									(132,010	)
-Cash Dividends (3)																			(148,335	)		(148,335	)
-Normative Earning Reserved (4)													50,510						(50,510	)
-Tax on Personal Assests																			(10,040	)		(10,040	)
Reversal of special reserve from Corporate Bonds (4)													(42,556	)					42,556
Net income for the fiscal period - Gain																			510,095			510,095
Balances at the end of the period		594,485			394,615			4,511		613,753			7,954			211			1,496,162			3,111,691

(1) See Note 3.1.

(2) See Note 3.3.q.2) and 9.

(3) Related to the amount that was actually paid by the Bank based on the outstanding shares on the payment date of the distribution of earnings in cash approved by the General Special Shareholders’ Meeting held May 12, 2009, which was authorized by the Central Bank on September 4, 2009. The amount approved totaled 149,870.

(4) See Note 10.b.1)

The accompanying notes 1 through 22 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

7

STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2009, AND 2008

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

(Figures stated in thousands of pesos)

	09/30/2009			09/30/2008 (1)
CHANGES IN CASH AND CASH EQUIVALENTS
Cash at beginning of the fiscal year		3,083,272			2,793,791
Cash at end of the period		3,519,404			2,841,049
Net increase in cash		436,132			47,258
CAUSES OF CHANGES IN CASH
Operating activities
Net collections/ (payments):
Government and private securities		(824,190	)		(911,495	)
Loans
To the financial sector		53,225			55,207
To the non-financial government sector		45,304			(68,080	)
To the non-financial private sector and foreign residents		1,301,652			(367,877	)
Other receivables from financial intermediation		(221,846	)		(321,100	)
Assets subject to financial leases		130,320			46,113
Deposits
From the financial sector		(10,513	)		597
From the non-financial government sector		(478,604	)		809,828
From the non-financial private sector and foreign residents		1,325,011			1,458,244
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		41,995			50,461
Others (except liabilities included under financing activities)		193,796			309,962
Collections related to service-charge income		691,104			591,903
Payments related to service-charge expenses		(151,482	)		(116,591	)
Administrative expenses paid		(952,109	)		(765,245	)
Payment of organization and development costs		(29,201	)		(27,113	)
Net collections related to punitive interest		17,461			9,096
Differences from payments related to court orders		(20,566	)		(11,563	)
Collections of dividends from other companies		10,437			12,219
Other payments related to other income and losses		(6,864	)		(5,658	)
(Payments) / Net collections from other operating activities		(124,618	)		760
Payment of income tax		(251,866	)		(54,727	)
Net cash flows generated in operating activities		738,446			694,941

(1) See Note 3.1.

Jorge H. Brito

Chairperson

8

STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2009, AND 2008

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

(Figures stated in thousands of pesos)

	09/30/2009			09/30/2008 (1)
Investing activities
Net payments for bank premises and equipment		(23,968	)		(40,276	)
Net collections for other assets		2,840			23,087
Payments from purchase of investments in other companies					(635	)
Collections from sales of investments in other companies		215			911
Net payments for other investing activities		(669	)		(22	)
Net cash flows used in investing activities		(21,582	)		(16,935	)
Financing activities
Net collections/ (payments):
Non-subordinated corporate bonds		(97,832	)		(116,685	)
Central Bank of Argentina
Other		(76,740	)		(79,638	)
Banks and International Institutions		(31,627	)		66,268
Subordinated corporate bonds		(28,357	)		(20,113	)
Financing received from Argentine financial institutions		(4,894	)		(40,184	)
Pago de dividendos		(148,335	)		(170,995	)
Other payments for financing activities
Own shares reacquired		(56,665	)		(272,574	)
Net cash flows used in financing activities		(444,450	)		(633,921	)
Financial income and holding gains on cash and cash equivalents		163,718			3,173
Net increase in cash		436,132			47,258

(1) See Note 3.1.

The accompanying notes 1 through 22 and exhibits A through L, N, O and the consolidated financial statements are an integral part of these financial statements.

Jorge H. Brito

Chairperson

9

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

1. OVERVIEW OF THE BANK

Macro Compañía Financiera S.A. was created in 1977 as a non-banking financial institution. In May 1988, it received the authorization to operate as a commercial bank and it was incorporated as Banco Macro S.A. Subsequently, as a result of the merger process with other entities, it adopts other names (among them, Banco Macro Bansud S.A.) and since August 2006, Banco Macro S.A. (hereinafter, the Bank).

Banco Macro S.A.’s shares have been publicly listed on the BCBA (Buenos Aires Stock Exchange) since November 1994, and since March 24, 2006, it began listing its shares on the New York Stock Exchange (see also note 9).

Since 1994, Banco Macro S.A.’s market was mainly focused on the regional areas outside the City of Buenos Aires. Following this strategy, in 1996, Banco Macro S.A. started the process to acquire entities and assets and liabilities during the privatization of provincial banks and other banks.

On December 2001, 2004 and 2006, the Bank acquired the control of Banco Bansud S.A., Nuevo Banco Suquía S.A. and Nuevo Banco Bisel S.A. (see note 2.6), respectively. Such entities merged with and into Banco Macro S.A. on December 2003, October 2007 and August 2009, respectively.

Additionally, during the fiscal year ended 2006, Banco Macro S.A. acquired 79.84% of the capital stock of Banco del Tucumán S.A., totaling 89.93% of this capital stock during fiscal year 2007.

The Bank currently offers traditional bank products and services to companies, including those operating in regional economies, as well as to individuals, thus reinforcing the Bank's objective to be a multi-services bank.

In addition, the Bank performs certain transactions through its subsidiaries, including mainly Banco del Tucumán S.A., Macro Bank Limited (an entity organized under the laws of Bahamas), Macro Securities S.A. Sociedad de Bolsa, Sud Inversiones & Análisis S.A. and Macro Fondos S.G.F.C.I.S.A.

2. BANK OPERATIONS

2.1. Agreement with the Misiones Provincial Government

The Bank and the Misiones Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a term of five years since January 1, 1996, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.

In addition, on November 25, 1999, and on December 28, 2006, extensions to such agreement were agreed upon, making it currently effective through December 31, 2019.

As of September 30, 2009, and December 31, 2008, the deposits of the Misiones Provincial Government amounted to 487,397 and 389,076 (including 60,905 and 52,889 related to court deposits), respectively.

2.2. Agreement with the Salta Provincial Government

The Bank and the Salta Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a term of ten years since March 1, 1996, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.

In addition, on February 22, 2005, such agreement was extended through March 1, 2016.

As of September 30, 2009, and December 31, 2008, the deposits of the Salta Provincial Government amounted to 302,416 and 453,723 (including 116,751 and 89,835 related to court deposits), respectively.

2.3. Agreement with the Jujuy Provincial Government

The Bank and the Jujuy Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since January 12, 1998, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.

Additionally, on April 29, 2005, such agreement was extended through November 4, 2014.

As of September 30, 2009, and December 31, 2008, the deposits of the Jujuy Provincial Government amounted to 358,778 and 384,868 (including 53,460 and 49,201 related to court deposits), respectively.

10

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

2.4. Banco del Tucumán S.A.

According to the service agreement signed on August 15, 2001, Banco del Tucumán S.A. will act as the exclusive financial agent of the Provincial Government until 2011. It also acts as the exclusive financial agent of the Municipality of San Miguel del Tucumán.

As of September 30, 2009, and December 31, 2008, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel del Tucumán in Banco del Tucumán S.A. amounted to 676,154 and 405,577 (including 271,751 and 218,026 related to court deposits), respectively.

2.5. Uniones Transitorias de Empresas (joint ventures)

a) Banco Macro S.A. - Siemens Itron Business Services S.A.

On April 7, 1998, the Bank entered into a joint venture agreement with Siemens Itron Business Services S.A. in which each holds a 50% equity interest, whereby a provincial data processing center would be provided to manage tax-related issues, to modernize tax collection systems and procedures in the Province of Salta, and to manage and perform the recovery of taxes and municipal assessments payable.

As of September 30, 2009, and December 31, 2008, the net assets of such joint venture recorded in the Bank’s financial statements through the proportionate consolidation method amounted to 4,188 and 4,153 respectively.

Also, as of September 30, 2009, and 2008, the net income recorded through the method mentioned in the previous paragraph, amounted to 7,059 and 5,668, respectively.

b) Banco Macro Bansud S.A. - Montamat & Asociados S.R.L.

On October 22, 2004, the Bank entered into an UTE (joint venture) agreement with Montamat & Asociados S.R.L under the name “BMB M&A – Unión Transitoria de Empresas”, in which each hold a 50% equity interest. The purpose of such agreement is to render audit services related to oil and gas royalties and fiscal easements in the province of Salta to optimize tax collection in such province.

As of September 30, 2009, and December 31, 2008, the net assets of such joint venture recorded in the Bank’s financial statements using the proportionate consolidation method amounted to 22 and 4, respectively.

Also, as of September 30, 2009, no net income was booked under the method mentioned in the previous paragraph, while as of September 30, 2008, the net loss amounted to 86.

2.6. Merger of Nuevo Banco Bisel S.A.

On March 19, 2009, the Boards of Directors of Banco Macro S.A. and Nuevo Banco Bisel S.A. entered into a “Preliminary merger agreement", which established the incorporation of the latter to Banco Macro S.A. retroactively as from January 1, 2009, on the basis of the financial statements of such banks as of December 31, 2008 (see also note 7.1.e)). On April 24, 2009, such preliminary merger agreement was amended to include the resolution to reduce the capital stock approved by the general regular and special shareholders’ meeting of April 21 (see also note 9).

On May 27, 2009, the General Regular and Special Shareholders’ Meetings of Banco Macro S.A. and Nuevo Banco Bisel S.A., respectively, approved such preliminary merger agreement, as well as the consolidated special balance sheet for merger purposes as of December 31, 2008, and the exchange relationship are subject to approval by the respective shareholders’ meetings of both banks. Furthermore, Banco Macro S.A.’s Shareholders’ Meeting, mentioned above, approved the capital stock increase through the issuance of 1,147,887 common registered Class B shares with a face value of Ps. 1, each entitled to one vote, to be delivered to the minority shareholders of the absorbed bank (Sud Inversiones & Análisis S.A. and Macro Securities S.A. Sociedades de Bolsa).

11

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

Subsequently, the BCBA, the Central Bank of Argentina (BCRA) and the CNV (Argentine securities commission), authorized the abovementioned merger. Additionally, the CNV and the BCBA authorized the public offering of shares to be delivered to the minority shareholders of former Nuevo Banco Bisel S.A.

In September 2009, the shares issued were accredited to the minority shareholders of the bank merged with and into the Bank. Additionally, during October 2009, Sud Inversiones & Análisis S.A. and Macro Securities S.A. Sociedad de Bolsa proceeded to sell those shares.

Finally, on August 18, 2009, the BCRA informed that Banco Macro S.A. materialized Nuevo Banco Bisel S.A.’s merger with and into it.

3. SIGNIFICANT ACCOUNTING POLICIES

These financial statements, which are taken from the Bank’s books of account, are stated in thousands of Argentine pesos and have been prepared in accordance with BCRA rules.

The preparation of financial statements requires the Bank to make, in certain cases, estimates to determine the book values of assets and liabilities, income, expenses and contingencies, as well as the disclosure thereof, as of each date of accounting information filing. The Bank´s records are based on the best estimate regarding the probability of occurrence of different future events and, therefore, the final amount may differ from such estimates, which may have a positive or negative impact on future periods.

3.1. Comparative information

As required under Central Bank rules, the balance sheet as of September 30, 2009, and supplementary information are presented comparatively with those of the prior fiscal year, while the statements of income, changes in shareholders’ equity and cash flows for the nine-month period ended September 30, 2009, are presented comparatively with those of the same period in the prior fiscal year.

Additionally, as a result of the merger described in note 2.6., the Bank’s financial statements and supplementary information as of December 31, 2008, and September 30, 2008, were restated for comparative purposes and, as a result, the following items were consolidated: (i) the balance sheet as of December 31, 2008, and (ii) the statements of income, changes in shareholders’ equity and cash flows as of September 30, 2008 of Banco Macro S.A. and former Nuevo Banco Bisel S.A., eliminating the balances between both banks and generating:

i) Increase in Banco Macro S.A.’s capital stock, as a result of the merger according to the exchange relationship established in the merger agreement between both banks.

ii) The difference between the face value of minority shares of former Nuevo Banco Bisel S.A. and the value of such shares valued by the equity method was recorded in stock issuance premium.

iii)  The increase described in i) above was offset by a decrease (resulting in zero net effect) in capital stock as follows: because Banco Macro S.A. controls the minority shareholders of Banco Bisel, the shares of Banco Bisel owned by such minority shareholders are essentially the same as if the parent had them in treasury stock, as provided in FACPCE (Argentina Federation of Professional Councils in Economic Sciences) Technical Resolution No. 21, section 1.2.i), and therefore the parent is required to record a reduction of shareholders' equity related to such shares.

Furthermore, by virtue of what was mentioned in note 1.1. of the consolidated financial statements, the Bank made certain reclassifications in the financial statements as of September 30, 2008, so as to compare them with the current financial statements.

12

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

3.2. Restatement into constant pesos

Professional accounting standards establish that the financial statements should be stated in constant pesos. Within a monetary stability context, the nominal currency is used as constant currency; however, during inflationary or deflationary periods, financial statements are required to be stated in constant currency as of the related date, recognizing the variations in the domestic wholesale price index (domestic WPI) published by the INDEC (Argentine Institute of Statistics and Censuses), in conformity with the restatement method under FACPCE Technical Resolution No. 6.

The Bank’s financial statements recognize the changes in the peso purchasing power until February 28, 2003, under Presidential Decree No. 664/03, IGJ General Resolution No. 4/2003, CNV General Resolution No. 441, and Central Bank Communiqué “A” 3,921. Professional accounting standards provide that the restatement method established by Technical Resolution No. 6 should have been discontinued since October 1, 2003. The effects of not having recognized the changes in the peso purchasing power through such date have not been material to the financial statements taken as a whole.

3.3. Valuation methods

The main valuation methods used to prepare these financial statements as of September 30, 2009, and December 31, 2008, were:

a)  Assets and liabilities denominated in foreign currency:

The assets and liabilities denominated in US dollars were valued at Central Bank benchmark US dollar exchange rate effective as of the closing date of transactions on the last business day of the period and the year, respectively. Additionally, assets and liabilities denominated in other foreign currencies were translated at the exchange rate communicated by the Central Bank´s dealing room. Foreign exchange differences were recorded in the statement of income for those dates.

b)  Government and private securities:

b.1) Listed:

i. Holdings in special investment accounts: in accordance with the provisions of BCRA Communiqués “A” 4,676, 4,861 of June 5, 2007, and October 30, 2008, as supplemented, the Bank chose to classify certain holdings as “Special investment accounts”. As of period- and year-end, as the case may be, those holdings were valued at the acquisition cost defined in such communiqués, increased by the accrual of the internal rate of return as from the date of inclusion in this classification, net of the offset account, as further described below.

When the market value of each security is lower than the book value, the accrual of the internal rate of return and the CER will be recorded in a contra offset balance sheet account created for this purpose, until the book value equals the market value. This offset account will be recognized in the income statement when the market value of the securities is above their book value.

In Exhibit A and Exhibit I to the consolidated financial statements, the market values of these holdings are disclosed at the stand-alone level and consolidated level, respectively.

ii. Holdings for trading or financial intermediation and instruments issued by BCRA: they were valued at the quoted price of each security effective at the last business day of the period or fiscal year, respectively.Differences in quoted market values were recorded in the statement of income for the period and fiscal year, respectively.

13

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

b.2) Unlisted:

i. Unlisted government securities: in accordance with the provisions of BCRA Communiqué “A” 4,898 dated January 22, 2009, holdings of government securities without volatility published and included on the list of present values published by BCRA were valued, as of period-end, at the higher of the present value published by BCRA and the book value as of January 31, 2009, or for acquisitions made after that date, at acquisition cost, net of financial services collected and the related offset account, as further described below (book value).

When the present value of these holdings is lower than their book value, the accrual of interest and, if applicable, of the adjustment resulting from applying CER will be recorded, on an accumulated basis, in an offset account created to such end until the book value equals the present value, and such offset account will be reversed by allocating a charge to income as long as its amount exceeds the positive difference between the present value and the book value of those holdings.

The present values published by BCRA arise from the curve of yields on securities related to the same type of instrument, with normal and usual quoted price and of similar duration, according to the methodology published by such institution.

As of December 31, 2008, holdings of government securities without volatility published (Bonar XIII and Boden 2013) were valued under the method established by BCRA Communiqué “A” 3,911, as supplemented, as further explained in note 3.3.c).

ii. Instruments issued by BCRA: they were valued at their cost value increased exponentially by their internal rate of return, as provided by BCRA Communiqué “A” 4,414.

c) Guaranteed loans – Presidential Decree No. 1,387/01:

As of September 30, 2009, they were valued as set forth in BCRA Communiqué “A” 4,898, they were valued at the higher of the present value published by BCRA and the book value as of January 31, 2009, or for acquisitions made after such date, at acquisition cost, net of financial services collected and the related offset account (book value) as further explained in note 3.3.b.2).i.

As of December 31, 2008, they were valued at the lower of their present value or technical value, as established by BCRA Communiqué “A” 3,911, as supplemented. If such lower value exceeded the notional value (as defined in point 4 of Communiqué “A” 3,911), the difference was debited from the asset account and the credit is recorded in an asset offset account. If, instead, such lower value was also lower than the notional value, the difference was recorded as a loss in the statement of income and the offsetting credit was recorded in the asset account.

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

For the purpose of determining the present value, in the case of instruments that include indexation clauses, the cash flows subject to contractual conditions were discounted at the interest rates that were established in the schedule included in point 2 of the abovementioned Communiqué “A” 3,911. Since August 2007, every month the BCRA establishes the discount rate to be used, as set forth by Communiqué “A” 4,704, 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.

d) 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.

14

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

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.

e) CER accrual:

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

e.1) Holdings in special investment accounts and unlisted government securities: as explained in note 3.3.b.1).i and 3.3.b.2)i, respectively.

e.2) Guaranteed loans: as explained in note 3.3.c).

e.3) 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. Since February 3, 2002, principal was adjusted by the CER through period-end and year-end, where applicable.

e.4) Deposits and other assets and liabilities: they were adjusted by CER as of the last business day of the period and year, respectively.

f) 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, among other factors, results from the evaluation of the degree of debtors compliance and the guarantee/security supporting the respective transactions, considering BCRA Communiqué “A” 2,950, as supplemented, and the Bank’s provisioning policies.

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”.

g) Loans and deposits of government securities:

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

h) 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 related premiums accrued through the end of each period and year, 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:

i) Listed: they were valued at the effective quoted prices for each of them on the last business day of each period and year, respectively. Differences in quoted market values were recorded in the statement of income for those dates.

15

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

ii) Unlisted: they were valued as provided by BCRA Communiqué “A” 4,414, at their cost value increased exponentially by their internal rate of return.

h.3) Debt securities and certificates of participation in financial trusts:

i. Debt securities: they were valued as provided by BCRA Communiqué “A” 4,414, at their cost value increased exponentially by their internal rate of return, converted into pesos pursuant to the method described in note 3.3.a), as the case may be.

ii. Certificates of participation in the Fideicomiso Financiero Suquía and Fideicomiso Financiero Bisel financial trust: they were valuedbased on the value of incorporation to shareholders’ equity of former Nuevo Banco Suquía S.A. and former Nuevo Banco Bisel S.A., respectively, plus interest accrued, net of the redemptions made by the abovementioned bank, in its capacity as beneficiary of the certificates of participation. As of September 30, 2009, and December 31, 2008 an allowance was booked for the full amounts receivable booked on account of such certificates, as they were deemed unrecoverable.

iii. Other certificates of participation: they were stated at nominal value increased, as the case may be, by interest accrued until the last business day of the period and fiscal year, respectively.

The values recorded, 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 BCRA 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-end and year-end, respectively, converted into pesos pursuant to the method described in note 3.3.a), as the case may be.

i) Assets subject to financial leases:

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.

j) Investments in other companies:

j.1) In controlled financial institutions, supplementary and authorized activities: they were valued by the equity method, considering also paragraph 3.1)iii.

j.2) In non-controlled financial institutions, supplementary and authorized activities:

i. 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.

16

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

k) 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.

l) 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: 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 over 60 months.

In addition, 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.

m) 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-end 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 / charge a variable rate and charge / pay a fixed rate.

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 the period and fiscal year, respectively. Differences in quoted market values were recorded in the statement of income for the period and year.

m.4) Put options purchased / call options sold: valued at the agreed-upon exercise price.

See also note 11.

n) Severance payments:

The Bank charges these payments directly to expenses.

o) 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 recorded whenever it is probable that future costs will be incurred and whenever such costs may be reasonably estimated.

p) Subordinated corporate bonds:

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

17

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

q) 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". The decrease in own shares reacquired as a result of the capital decrease was credited against unappropriated retained earnings (see also note 9).

r) Statement-of-income accounts:

r.1) The accounts comprising monetary transactions occurred in the periods ended September 30, 2009, and 2008 (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, 2009, and 2008, the Bank had no such securities.

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.

In fiscal year 1998, Law No. 25,063 established minimum presumed income tax for a ten-year term. On December 19, 2008, this tax was extended under Law No. 26,426 through December 30, 2009. 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, 2009, and 2008, the Bank estimated an income tax charge in the amount of 581,210 and 155,404, respectively. As of September 30, 2009, no minimum presumed income tax should be assessed.

Additionally, as of September 30, 2009, the Bank made income tax prepayments for 100,937 for the 2009 tax year, which were recorded in the Other receivables account.

Furthermore, as of September 30, 2009, and 2008, subsidiary Banco del Tucumán S.A. estimated income tax in the amount of 28,050 and 20,185, respectively; hence, no minimum presumed income tax should be assessed. In addition, as of September 30, 2009, it capitalized income tax prepayments in the amount of 15,022 for fiscal 2009.

18

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

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

Through Resolution CD No. 93/2005, the CPCECABA (Professional Council in Economic Sciences of the City of Buenos Aires) adopted technical resolutions and interpretations issued by FACPCE governing board through April 1, 2005. Subsequently, the CPCECABA, through Resolutions 42/2006, 34 and 85/2008, and 25 and 52/2009, approved technical resolutions Nos. 23 through 27, respectively. In this regard, Technical Resolutions No. 26 and 27 will be effective for the annual or interim-period financial statements for the fiscal years beginning January 1, 2011. 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 BCRA rules. The differences between those standards, which the Bank identified and deemed significant to these financial statements, are as follows. The consolidated figures were adjusted by the Bank’s equity interest in each one of the consolidated entities, based on the percentage of equity interest mentioned in note 1 to the consolidated financial statements and taking into account note 2.6. y 3.1.:

5.1. Valuation standards

a)  Holdings recorded in special investment accounts, unlisted government securities, unlisted instruments issued by BCRA and guaranteed loans: they are valued in accordance with the regulations and standards issued by the Argentine Government and BCRA described in notes 3.3.b.1)i, 3.3.b.2) and 3.3.c). Additionally, effective loan-loss provisioning regulations issued by BCRA 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:

a.1) Holdings in special investment accounts: as of September 30, 2009, and December 31, 2008 the Bank charged 439,629 and 448,305 at stand-alone and consolidated levels, respectively, for certain Argentine government securities. According to the professional accounting standards, as the Bank does not show indications of keeping such holdings through their maturity, they should be valued at their market value. According to this valuation method, assets as of September 30, 2009, would have increased by 283,913 at stand-alone and consolidated levels, while assets as of December 31, 2008, would have decreased by 31,557 at stand-alone and consolidated levels.

a.2)  Holdings of unlisted government securities: as of September 30, 2009, and December 31, 2008, the Bank charged 64,455 and 62,249, at stand-alone level, and 69,803 and 69,182, at consolidated level, respectively. According to professional accounting standards, such assets should be stated at market value. According to this valuation method, assets as of September 30, 2009, and December 31, 2008, would have increased by 11,239 and decreased by 18,764 at stand-alone level, and increased by 12,769 and decreased by 21,639, at consolidated level, respectively.

a.3) Unlisted instruments issued by BCRA: as of September 30, 2009, and December 31, 2008, the Bank recorded unlisted own portfolio and used in repo transactions of BCRA internal bills and notes for 5,104,668 and 2,599,364, at stand-alone level, and 5,104,690 and 2,636,437, at consolidated level, respectively. According to professional accounting standards, such assets should be stated at market value. According to this valuation method, assets as of September 30, 2009, and December 31, 2008, would have decreased by 20,504 and 32,988 at stand-alone level and 20,526 and 33,776 at consolidated level, respectively.

a.4)  Guaranteed loans Decree No. 1,387/01: as of September 30, 2009, and December 31, 2008, the Bank had 184,880 and 716,215, at stand-alone level, and 185,489 and 722,757, at consolidated level, respectively. According to professional accounting standards and considering the statements made in note 3.3.c), these assets should be valued at their present value. According to this valuation method, assets as of September 30, 2009, and December 31, 2008, would have decreased by 29,055 and 255,401 at stand-alone level, and 29,076 and 259,617, at consolidated level, respectively.

19

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

b) Intangible assets: as of September 30, 2009, and December 31, 2008, the Bank capitalized under intangible assets 43,318 and 35,023, at stand-alone level, and 44,847 and 40,090 at consolidated level, respectively, net of the related amortization amounts, regarding the foreign exchange differences 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. According to this valuation method, assets as of September 30, 2009 and December 31, 2008, would have decreased by 43,318 and 35,023, at stand-alone level, and 44,847 and 40,090, at consolidated level, respectively.

c) As of September 30, 2009, and December 31, 2008, as mentioned in note 3.3.l.2), the Bank recorded 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 BCRA indications in the notice dated August 4, 2008. According to the professional accounting standards, as of September 30, 2009, and December 31, 2008, the Bank should have recorded a liability of approximately 42,467 and 46,923 at stand-alone and consolidated levels, respectively. According to this valuation method, liability as of September 30, 2009 and December 31, 2008, would have increased by 42,467 and 46,923 at stand-alone and consolidated levels, respectively.

d) As of December 31, 2008, the Bank recorded 29,105 at stand-alone and consolidated levels under Other receivables from financial intermediation – nonsubordinated corporate bonds issued by the Bank itself, mentioned in note 10.b.2) and b.3), respectively, valued as mentioned in note 3.3.h.4), and 56,738 at stand-alone and consolidated levels under Other liabilities from financial intermediation and recorded the liabilities generated by the issuance thereof valued as mentioned in note 3.3.h.5). According to professional accounting standards, such repurchased corporate bonds should be considered settled. Consequently, liability as of December 31, 2008, would have decreased by 27,633 at stand-alone and consolidated levels.

e) 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 in the future. If the deferred tax method had been applied, as of September 30, 2009, and December 31, 2008, the Bank would have recorded an additional asset of 78,875 and 74,925, at stand-alone level, and 86,594 and 78,009, at consolidated level, respectively.

f)  Business combinations: Under the standards set forth by BCRA, business acquisitions are recorded according to the book values of the acquired company. Consequently, the difference between the purchase price and its interest valued by the equity method in the books of the acquirer, is recorded as positive goodwill (when the purchase price is higher than the interest valued by the equity method) or negative goodwill (when the purchase price is lower than the interest valued by the equity method), as the case may be. If goodwill is positive, BCRA standards establish that such goodwill should be amortized under the straight-line method based on an estimated useful life of ten years. If goodwill is negative, BCRA Communiqué “A” 3,984 establishes specific amortization methods; the maximum amortization allowed per annum is 20%.

According to professional accounting standards effective in Argentina, business combinations are recorded based on the market values of the acquired company’s identifiable net assets. Consequently, the difference between the purchase price and the identifiable net asset measurement value is recorded as positive or negative goodwill, as the case may be. If goodwill is positive, such goodwill (i) will depreciate systematically throughout the estimated useful life and (ii) will be compared with its recoverable value as of each year-end. If goodwill is negative, such goodwill will be allocated to income (loss) in accordance with the changes in the specific circumstances that brought such negative goodwill.

The Bank's specific situation in relation to how business combinations are recorded is as follows:

f.1) Acquisition of Banco Bansud S.A.: under BCRA standards, the Bank’s acquisition of Banco Bansud S.A. generated an original negative goodwill in the amount of 365,560. As of September 30, 2009, and December 31, 2008, such goodwill was fully amortized.

20

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

According to professional accounting standards, the abovementioned purchase would have generated an original negative goodwill in the amount of 39,722 and, therefore, as of September 30, 2009, and December 31, 2008, the residual value of such goodwill would have totaled 9,343 and 9,609, respectively. Consequently, assets as of September 30, 2009, and December 31, 2008, would have decreased by 9,343 and 9,609, respectively.

f.2)  Acquisition of Nuevo Banco Suquía S.A.: under BCRA standards, the Bank’s acquisition of Nuevo Banco Suquia S.A. generated an original negative goodwill in the amount of 483. As of September 30, 2009, and December 31, 2008, such goodwill was recorded under Provisions (Liabilities).

According to professional accounting standards, the abovementioned acquisition would have led to an original negative goodwill in the amount of 72,445 and the recognition of 38,043 of profit from the purchase. Therefore, as of September 30, 2009, and December 31, 2008, the residual value as of such goodwill would have totaled 58,995 and 61,082, respectively. Consequently, liability as of September 30, 2009, and December 31, 2008, would have increased by 58,512 and 60,599, respectively.

f.3)  Acquisition of Banco del Tucumán S.A.: under BCRA standards, the Bank’s acquisition of Banco del Tucumán S.A. generated an original positive goodwill in the amount of 18,242. As of September 30, 2009, and December 31, 2008, the residual value of such goodwill totaled 12,024 and 13,395, respectively.

According to professional accounting standards, the abovementioned acquisition would not have generated goodwill. Therefore, assets as of September 30, 2009, and December 31, 2008, would have decreased, as a result of the reversing of positive goodwill recorded under BCRA standards, by 12,024 and 13,395, respectively.

In addition, the valuation of identifiable net assets at market values generated adjustments, in addition to those specified in previous subsections, as of September 30, 2009, and December 31, 2008, would have increased assets by 8,580 and 21,160, respectively.

f.4)  Acquisition of former Nuevo Banco Bisel S.A.: under BCRA standards, the Bank’s acquisition of former Nuevo Banco Bisel S.A. generated an original positive goodwill in the amount of 66,042. As of September 30, 2009, and December 31, 2008, the residual value of such goodwill totaled 45,129 and 50,082, respectively.

According to professional accounting standards, the abovementioned purchase would have generated the original negative goodwill in the amount of 107,745 and, therefore, as of September 30, 2009, and December 31, 2008, the residual value of such goodwill would have totaled 97,696 and 100,140, respectively. Consequently, assets as of September 30, 2009, and December 31, 2008, would have decreased by 142,825 and 150,222, respectively.

In addition, the valuation of identifiable net assets at market values generated adjustments, in addition to those specified in previous subsections, which as of September 30, 2009, and December 31, 2008, would have increased assets by 13,341 and 48,755, respectively.

g)  As of September 30, 2009, and December 31, 2008, the Bank recorded interest rate swap agreements in conformity with the BCRA accounting standards, as mentioned in note 3.3.m.2), in the amount of 83,867 and 39,422, at stand-alone and consolidated levels, respectively. According to 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, 2009, and December 31, 2008, the Bank should have recorded assets in the amount of 3,454 and 3,560, at stand-alone and consolidated levels, respectively.

h) Interests in other companies – financial institutions: as of September 30, 2009, and December 31, 2008, subsidiary Banco del Tucumán S.A. prepared its financial statements in conformity with BCRA standards, which differ from professional accounting standards. If professional accounting standards would have been applied, and as a result of the abovementioned adjustments, the equity interest recorded by the Bank in its stand-alone financial statements regarding that subsidiary, as of those dates, would have increased and decreased by around 7,677 and 9,862, respectively.

If professional accounting standards would have been applied, the Bank’s shareholders' equity as of September 30, 2009, and December 31, 2008, would have increased by around 49,032 and decreased by 488,310, respectively. Consequently, income for the period ended September 30, 2009, would have increased by 537,342.

21

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

5.2. Disclosure standards

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

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

c) The Bank presents positive goodwill (related to Banco del Tucumán S.A. and former Nuevo Banco Bisel S.A.) and negative goodwill (related to the merger of Nuevo Banco Suquía S.A. with and into the Bank) under Intangible assets and Provisions, respectively. According to professional accounting assets, considering the statements in note 5.1.f) such goodwill should be disclosed under Goodwill.

d) 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 MAIN SUBACCOUNTS

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

	09/30/2009		12/31/2008
6.1)     Loans - Other
Other loans		1,262,453		1,086,020
Export financing and prefinancing		919,325		822,525
Government securities		9,584		2,583
		2,191,362		1,911,128

6.2)    Other receivables from financial intermediation - Other receivables not covered by debtor classification standards
Certificates of participation in financial trusts	346,978	296,490
Debt securities in financial trusts	192,075	227,147
Other	313	29,438
	539,366	553,075

6.3)     Other receivables – Other
Tax prepayments	104,685	48,522
Sundry receivables	93,697	82,219
Security deposits	35,855	27,571
Advance payments	20,863	13,791
Other	10,912	6,994
	266,012	179,097

22

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

	09/30/2009		12/31/2008
6.4)     Deposits - Other
Balances of accounts without movements		266,735		196,537
Unemployment fund for workers of the construction industry		73,697		60,163
Attachments		23,326		15,800
Special deposits related to inflows of foreign funds		8,217		4,029
Security deposits		2,975		3,536
Orders payable		223		477
Other		28,143		25,332
		403,316		305,874

6.5)     Other liabilities from financial intermediation - Other
Other payment orders pending settlement	222,458	141,674
Other withholdings and additional withholdings	80,444	79,673
Purchase of preferred shares of former Nuevo Banco Bisel S.A.- SEDESA (see note 7.1.e))	74,519	71,653
Amounts payable as financing	72,317	71,867
Other withholdings and additional withholdings	70,703	50,542
Retirement pension payment orders pending settlement	35,785	22,936
Miscellaneous not subject to minimum cash requirements	34,635	109,820
Miscellaneous subject to minimum cash requirements	30,118	10,986
Other	58,293	24,639
	679,272	583,790

6.6)     Other Liabilities - Other
Taxes payable	624,506	279,237
Miscellaneous payables	47,538	54,217
Salaries and payroll taxes payable	27,963	28,275
Prepayment for the sale of assets	12,192	8,957
Withholdings on salaries	10,371	11,184
Other	1,931	1,931
	724,501	383,801

6.7)     Memorandum accounts – Debit-balance accounts – Control – Other
Checks and securities in custody	2,400,210	2,580,654
Checks not yet collected	460,032	476,973
Managed portfolios (see note 12)	384,118	392,342
Checks and securities to be debited	265,822	188,333
Checks and securities to be collected	105,556	90,897
	3,615,738	3,729,199

23

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

		09/30/2009		09/30/2008
6.8)	Financial income – Net income from government and private securities
	Income from government securities		818,984		342,571
	Income from participation in financial trusts		28,453		37,030
	Other		82,665		15,875
			930,102		395,476

6.9)	Financial income – Other
	Premiums on reverse repurchase agreements with the financial sector	58,832	22,597
	Interest on loans for export prefinancing and financing	55,539	41,208
	Income from assets subject to financial lease	45,880	52,469
	Other	30,529	16,634
		190,780	132,908

6.10)	Financial expense – Other
	Turnover tax	89,938	54,469
	Premiums on repurchase agreements with the financial sector	2,448	3,647
	Valuation allowance of loans to the government sector – Communiqué “A” 3,911		44,953
	Other	427
		92,813	103,069

6.11)	Service-charge income - Other
	Debit and credit card income	116,053	105,843
	Rental of safe deposit boxes	14,479	10,847
	Service commissions - UTE (see note 2.5)	11,150	10,470
	Other	37,290	12,966
		178,972	140,126

6.12)	Service-charge expense - Other
	Debit and credit card expense	44,737	35,454
	Turnover tax	24,858	20,036
	Collection agreements	18,519	2,185
	Commissions on loan placements	7,435	6,126
	Other	16,437	12,831
		111,986	76,632

6.13)	Administrative expenses – Other operating expenses
	Maintenance, conservation and repair expenses	47,072	32,124
	Security services	30,854	27,940
	Electric power and communications	29,207	24,635
	Leases	23,170	14,211
	Stationery and office supplies	7,722	11,073
	Insurance	4,891	4,055
		142,916	114,038

24

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

		09/30/2009		09/30/2008
6.14)	Other income – Other
	Other adjustments and interest on other receivables		8,003		4,583
	Gain on transactions or sale of bank premises and equipment, and other assets		5,385		10,203
	Services provided to Banco del Tucumán S.A.		4,133		3,429
	Credit cards		958		521
	Leases		644		378
	Certifications		10		666
	Other		16,347		21,874
			35,480		41,654

6.15)	Other expense – Other
	Income (loss) from assignment of guaranteed loans	19,897
	Donations	2,800	2,162
	Turnover tax	1,565	3,612
	Other	29,494	20,005
		53,756	25,779

7. RESTRICTED ASSETS

As of September 30, 2009, and December 31, 2008, the following Bank’s assets are restricted:

7.1) Government and private securities:

a) Secured Bonds under Presidential Decree No. 1,579/02 for 24,278 and 22,211 (face value of 24,400), 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.

b) BCRA notes (NOBACs) for 106,741 and 118,580 (for a face value of 104,200 and 112,281), respectively, used to perform forward foreign currency trading transactions through Rosario Futures Exchange (Rofex) and Mercado Abierto Electrónico S.A. (MAE).

c) NOBACs for an amount of 14,844 and 49,787 (for a face value of 14,500, and 47,600), 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).

d) NOBACs for an amount of 2,561 (for a face value of 2,500) as of September 30, 2009, used to perform interest rate swap transactions, through Mercado Abierto Electrónico S.A. (MAE).

e) Argentine Government Bonds in Argentine pesos at private Badlar + 275 basis points for an amount of 66,264 (face value of 80,000), as of September 30, 2009, used as security in favor of SEDESA, in replacement of former Nuevo Banco Bisel S.A.’s preferred shares to secure payment of the price to that company and fulfillment of all obligations undertaken in the sales agreement executed on May 28, 2007. The price payable was set at 66,240, plus 4% nominal interest rate p.a., to be compounded through its payment, which will be made before the expiration of the 15-year term as from the takeover date of former Nuevo Banco Bisel S.A. (August 11, 2021).

f) Other government and private securities for 1,809 and 1,788, respectively.

25

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

7.2) Loans:

a) Agreements for loans backed by pledges and unsecured loans for 11,725 and 20,367, 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.

b) Guaranteed Loans, Mortgage Bills and collateral mortgages for 356,127 as of December 31, 2008, securing the loan granted by BCRA to former Nuevo Banco Suquía S.A. and former Nuevo Banco Bisel 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 banks. As mentioned in note 19, during February 2009, the Bank decided to prepay the amount owed under such loan, delivering part of the guaranteed loans and paying the rest in cash.

7.3) Other receivables from financial intermediation:

a) Special guarantee checking accounts opened in BCRA for transactions related to the electronic clearing houses and similar entities, for an amount of 217,072 and 184,247, respectively.

b) Contribution to the Risk Fund of Garantizar S.G.R. (mutual guarantee association) for 9,715 and 9,961, respectively, resulting from a contribution amounting to 10,000 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.

c) Contribution to the Risk Fund of Macroaval S.G.R. (mutual guarantee association) for 5,283 and 5,000, respectively, resulting from a contribution, of the abovementioned amount by the Bank on December 31, 2008, 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:

Other investments in other companies for 450.

7.5) Other receivables:

 a) Security deposits related to credit card transactions for 27,371 and 19,305, respectively.

 b) Other security deposits for 8,484 and 8,266, respectively.

26

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

8. TRANSACTIONS WITH RELATED PARTIES

The receivables/payables and income (loss) from transactions performed with subsidiaries and affiliates are as follows:

	Banco del Tucumán S.A.		Macro Bank Limited		Macro Securities S.A. Sociedad De Bolsa		Other subsidiaries and related parties  (1)			09/30/2009		12/31/2008
ASSETS
Cash				3,033							3,033		2,785
Loans								13,756			13,756		41,390
Other receivables from financial intermediation		61,314				17,388					78,702		92,489
Assets subject to financial leases								2,290			2,290		581
Other receivables								14,700			14,700		535
Items pending allocation		3									3		4
Total assets		61,317		3,033		17,388		30,746			112,484		137,784
LIABILITIES
Deposits				493		9,223		542,025			551,741		78,481
Other liabilities from financial intermediation		61,331				8,685					70,016		104,789
Other liabilities													93
Total liabilities		61,331		493		17,908		542,025			621,757		183,363
MEMORANDUM ACCOUNTS
Debit-balance accounts –Control				227,388				155,228			382,616		317,920
Credit-balance accounts – Contingent				38,447		2,213					40,660		2,213
Credit-balance accounts – Derivatives								234,150	(2)		234,150		35,922

27

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

	Banco del Tucumán S.A.			Macro Bank Limited			Macro Securities S.A. Sociedad De Bolsa		Other subsidiaries and related parties  (1)			09/30/2009			09/30/2008
INCOME (LOSS)
Financial income		1,249						23		1,110	(2)		2,382			1,768
Financial expense		(2,228	)		(3	)				(2,215	)		(4,446	)		(938	)
Service-charge income		16			1			39		345			401			52
Other income		4,373								1			4,374			3,429
Total income (expense)		3,410			(2	)		62		(759	)		2,711			4,311

(1) Related to receivables from and payables to other parties related to the Bank for transactions performed in the normal course of business, under normal market conditions, in terms of interest rates and prices, as well as guarantees required.

(2) 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 234,150. According to the Bank’s policy, they are matched in terms of amounts and maturity with transactions carried out with third parties who are not related parties. As of September 30, 2009, the net intermediation income from such transaction generated earnings of around 100 for the Bank.

9. CAPITAL STOCK

The Bank’s subscribed and paid-in capital as of September 30, 2009, amounts to 594,485. In addition, since December 31, 2004, the Bank’s capital stock has changed as follows:

- As of December 31, 2004	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 (2)	36
- Capital stock decrease approved by the shareholders’ meeting of April 21, 2009 (3)	(60,000	)
- Capital stock increase approved by the shareholders’ meeting of May 27, 2009 (4)	1,148
- Capital stock decrease approved by the shareholders’ meeting of September 10, 2009 (5)	(30,642	)
As of September 30, 2009	594,485

28

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

(1) Relates to the 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 March 24, 2006, with prior approval of the US Security and Exchange Commission (SEC), 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.

(2) Relates to the capital increase of Ps. 35,536 for new book-entry Class B shares of common stock entitled to one vote and with a face value of Ps. 1 per share, delivered to the minority shareholders of Nuevo Banco Suquía S.A. in the merger process of that entity.

(3) Related to the reduction of the capital stock by 60,000,000 Class B shares with a face value of Ps. 1, each one entitled to one vote. These shares were included in the Bank’s portfolio and were acquired under section 68, Law No. 17,811, as a result of the macroeconomic context and fluctuations that the capital market was going through in general. On April 21, 2009, and after B.C.B.A. authorization, the Bank’s General Regular and Special Shareholders’ meeting approved the abovementioned capital reduction. During July 2009, the CNV authorized, the I.G.J. registered, and the Central Bank consented to the capital stock reduction.

(4) Related to the capital increase in the amount of Ps. 1,147,887 of new common, registered Class B shares with a face value of Ps. 1, each one entitled to one vote, delivered to the minority shareholders of former Nuevo Banco Bisel S.A., in the merger process with Banco Macro S.A. (see also note 2.6.).

(5) Related to the reduction of the capital stock by 30,641,692 Class B shares with a face value of Ps. 1, each one entitled to one vote. These shares were included in the Bank’s portfolio and were acquired under section 68, Law No. 17,811 for the same reasons mentioned in paragraph (3) above. On September 10, 2009, the Bank’s General Regular and Special Shareholders’ meeting approved the abovementioned capital reduction subject to the B.C.B.A.’s consent. As of the date of issuance of these financial statements, the B.C.B.A. has not issued its decision in this respect.

10. CORPORATE BONDS ISSUANCE

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

Corporate Bonds	Original value		Residual value as of 09/30/2009	09/30/2009	12/31/2008
Subordinated	USD 4,000,000	a)	USD 400,000	931	1,802
Subordinated – Class 1	USD 150,000,000	b.1)	USD 150,000,000	592,328	519,879
Non-subordinated – Class 2	USD 150,000,000	b.2)	USD 106,395,000	414,539	419,378
Non-subordinated – Class 3	USD 100,000,000	b.3)	USD 63,995,000	203,716	305,495
Total				1,211,514	1,246,554

a) 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 (en liquidación) 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.

29

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

Through September 30, 2009, the Bank had amortized the equivalent of USD 3,600,000 (original value). The installments of the corporate bonds were settled by the Bank in the original currency until February 3, 2002, the day on which the amounts payable were switched into pesos at Ps. 1-to-USD 1, adjusted by CER.

b) On September 1, 2006 and June 4, 2007, the general regular shareholders’ meeting approved the creation, and subsequent extension, 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 700,000,000 (seven 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.

b.1)  On December 18, 2006, under the abovementioned Global Program, Banco Macro S.A. issued the 1st 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.

- 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: (i) payments of such interest exceed the distributable amount, as defined in the pricing supplement dated November 23, 2006; (ii) there is a general prohibition by the Central Bank; (iii) the Bank is subject to the provisions of sections 34 or 35 bis, Financial Institutions Law; (iv) the Bank is receiving financial assistance from BCRA under Article 17 of BCRA Charter; (v) the Bank is not in compliance with or have failed to comply in a timely basis with reporting obligations to BCRA; and/or (vi) 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, the payment of financial services may exceed net unappropriated retained earnings as per the financial statements for the last fiscal year, with an external auditor’s report, which should be appropriated to a reserve created to such end, as established by Communiqué “A” 4,576.

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

b.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. 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.

b.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. Additionally, the Bank may fully redeem the issuance for tax purposes. The Bank used the funds derived from such issuance to grant loans.

30

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

On August 16, 2007, the SEC authorized the abovementioned exchange offers mentioned in b.1) through b.3).

For the same reasons regarding the macroeconomic context summarized in note 9 above, as of September 30, 2009, the Bank repurchased nonsubordinated corporate bonds of Class 2 and 3 for a face value amount of USD 79,610,000 (43,605,000 and 36,005,000, respectively), which were fully settled. Consequently, the Bank recognized total income for such repurchases amounting to 101,302 (69,083 for the nine-month period ended September 30, 2009).

11. DERIVATIVE FINANCIAL INSTRUMENTS

The Bank performs transactions that involve derivative financial instruments, as established by BCRA 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, 2009, and December 31, 2008, are as follows:

Transaction	09/30/2009			12/31/2008
Net liability position of repurchase agreements		(953,544	)		(715,929	)
Net asset position of forward foreign-currency transactions without delivery of underlying asset (a)		1,869,422			1,004,789
Position of put options sold on Boden 2012 and 2013 coupons (b)		69,926			99,826
Interest rate swap (c)		83,867			39,422
Position of put options purchased (d)		22,889			24,349
Position of call options sold (e)		21,500

31

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

Net income (loss) resulting from these transactions for the period ended September 30, 2009 and 2008, amount to income (loss):

Transaction	09/30/2009			09/30/2008
Premiums on reverse repurchase agreements		59,104			23,949
Premiums on repurchase agreements		(2,448	)		(3,647	)
Interest rate swap		2,404			1,066
Forward foreign-currency transactions offset		24,709			14,216
Transactions with options		1,467
Total		85,236			35,584

(a) It is related mainly to negotiation transactions of forward foreign currency exchange rates, carried out through Rofex and MAE 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.

(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) Related to the following interest rate swap transactions:

c.1) The Bank and the Central Bank agreed on three swap agreements entitling the Bank to collect, an a monthly basis, the positive difference between the Badlar interest rate in Argentine pesos and 15%, 15.75% and 16.50% nominal interest rate p.a., respectively, applied on a total of notional values of Ps. 40,000,000. In the event that the difference between the rates is negative, the Bank shall be required to pay the difference. The agreement will expire on April 30, 2012, 2013, and 2014, respectively. The transactions are regulated by Central Bank Communiqué “A” 4,776, as supplemented, because of it the Bank had to give during the calendar quarter following the agreement date (May 21, 2009), at least the amount equivalent to the notional value of the swap agreements on medium- and long-term loans.

On October 22, 2009, the Bank was awarded a total of notional values of 60,000,000 under Central Bank Communiqué “A” 4,776, as supplemented.

c.2) Relates to interest rate swap agreements whereby on a quarterly basis the Bank shall be entitled to receive the positive difference between 10.25% nominal interest rate 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 in the Bank’s memorandum accounts is related to the residual principal amount of the loan of notional values of 42,867,000 and 39,422,000 Argentine pesos, respectively.

c.3) The Bank agreed on ten swap agreements entitling the Bank to receive, on a monthly basis, the positive difference between 16.35% nominal interest rate p.a. and the Badlar interest rate in Argentine pesos, of notional values of Ps. 1,000,000. In the event that the difference between both rates is negative, the Bank shall be required to pay the difference. The agreement will expire on April 30, 2010.

(d) As of September 30, 2009, this is related to purchased put options of trust securities to be issued by financial trust Fideicomiso Financiero Best Consumer Finance Series IX and which may be received by the Bank as payment of the assignment value established in the assignment of rights agreement executed on August 3, 2009, with Credilogros Compañía Financiera S.A. The initial price was set at 22,000, which will accrue a minimum applicable rate of 25%. The option may be exercised within 180 days as from issuance, delivery and registration of the transacted securities under Banco Macro S.A.’s name.

As of December 31, 2008 this is related to put options purchased of underwriting contracts mentioned in note 15.1.f), being the purpose of such options recover disbursements incurred by the bank, which expired in January and February, 2009. They were not exercised by Banco Macro S.A.

32

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

(e) Related to a call option sold on a piece of real property belonging to the Bank, entitling the Bank to receive a minimum income of USD 300,000 or the resulting amount from applying a 15% nominal interest rate p.a. on a principal amount of USD 5,100,000 plus notarial expenses, maintenance expenses and service expenses, whichever higher. This option expires in September 2010 and is subject to repayment of a loan granted by the Bank.

12. PORTFOLIO MANAGEMENT

a) 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, 2009, and December 31, 2008, the loans portfolio managed for principal and interest, after application adjustments, amounted to 14,389 and 14,434, respectively.

b) 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, 2009, and December 31, 2008, the loans portfolio managed amounts to 43,258 and 43,388, respectively.

c) 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, 2009, and December 31, 2008, the loans portfolio managed amounts to 82,697 and 84,508, respectively.

d) 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 recorded in the branches of former Scotiabank Quilmes S.A. received.

Through Resolution No. 523 of August 20, 2002, BCRA Board of Directors –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, 2009, and December 31, 2008, the portfolio managed by the Bank amounted to 116,425 and 124,982, respectively.

e) 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, 2009, and December 31, 2008, the portfolio managed by the Bank for principal and accrued interest amounted to 58,957 and 62,397, respectively.

f) As of September 30, 2009, and December 31, 2008, the Bank had under its management other portfolios for total amounts of 68,392 and 62,633, respectively.

33

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

Furthermore, as of September 30, 2009, and December 31, 2008, subsidiary Banco del Tucumán S.A. managed the following portfolios:

a) The trust agreement Fideicomiso Financiero Gas Tucumán I for a total amount of 11,103 and 9,627, respectively.

b) The trust agreement Fideicomiso Financiero BATUC I for a total of 18,165 and 18,455, respectively.

13. MUTUAL FUNDS

As of September 30, 2009, the Bank, in its capacity as Depository Company, held in custody the interest in Mutual Funds subscribed by third parties and securities from the following mutual funds:

Fund	Interest in Mutual Funds		Shareholders’ equity		Investments (a)
Pionero Pesos		351,623,841		469,978		347,110
Pionero Renta Ahorro		22,127,541		31,939		27,786
Pionero Latam		1,462,237		5,223		4,724
Pionero F.F. – Fideicomiso Financieros		22,879,920		29,066		25,755
Pionero Renta		4,019,473		9,489		8,946
Pionero Acciones		1,371,488		2,893		2,760
Pionero Renta Dólares		1,000,154		1,604		1,458
Pionero América		164,814		751		684
Galileo Event Driven F.C.I.		9,250,521		58,835		44,075
Galileo Argentina F.C.I.		2,142,564		10,047		6,368

(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 8.8779% equity interest therein, according to the percentages set forth in BCRA Communiqué “B” 9,229 of March 12, 2009.

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 BCRA, as long as fulfilling the requirements under Presidential Decree No. 540/95 and any others established by the enforcement agency. On the other hand, BCRA 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.

34

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

15. TRUST ACTIVITIES

The Bank is related to different types of trusts. Below the different trust agreements are disclosed, according to the Bank’s business purpose:

15.1. Financial trusts for investment purposes

As of September 30, 2009, and December 31, 2008, the amounts recorded in the Bank’s financial statements for holdings of certificates of certification (net of allowances for 223,832 and 223,703, respectively) and debt securities in financial trusts under “Other receivables from financial intermediation - Other not covered by debtor classification standards” were as follows:

Financial trust	09/30/2009		12/31/2008
Certificates of participation:
Luján  (a)		77,348
Tucumán  (b)		35,164		35,164
Fideicomiso Financiero Gas Tucumán I  (c)		9,109		12,191
Godoy Cruz  (d)				14,642
Other (e)		1,525		10,790
Subtotal certificates of participation		123,146		72,787
Debt securities:
Underwriting agreements  (f)		59,368		136,513
San Isidro  (g)		74,835		41,766
Confibono  (h)		18,403		2,367
Creado por Decreto 976-01  (i)		15,662
Consubond  (h)		8,131
GMAC  (h)		7,174		7,836
Secubono  (h)		3,567		7,354
Tarjeta Shoping  (h)		1,799		9,162
Depréstamos.com  (h)		1,011
Best Consumer  (h)		613		11,759
Other		1,512		10,390
Subtotal debt securities		192,075		227,147
Total		315,221		299,934

(a) Fideicomiso Luján

On May 20, 2003, the Luján trust was created for the purpose of securing loans that Banco Macro S.A. had previously granted to Federalia S.A. de Finanzas.

The main asset managed involves the real estate properties located in the districts of Luján, Navarro and General Rodríguez in the Province of Buenos Aires.

On June 6, 2008, the Bank assigned and transferred all of the certificates of participation issued of the trust to Federalia S.A. de Finanzas on credit.

On September 16, 2009, the Bank executed an agreement with Federalia S.A. de Finanzas, whereby the Bank purchased 100% of this trust’s certificates, paying part of the agreed price in cash and the rest by cancelling the seller’s payable to Banco Macro S.A. which is why those certificates were under a security agreement.

As per the latest accounting information available to date, corpus assets amounted to about 49,411. The recoverable value of corpus assets exceeds the Bank’s book values.

35

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

This trust will end with the settlement of the certificates of participation and/or the sale of corpus assets.

(b) Fideicomiso Tucumán

On August 31, 2005, Federalia Sociedad Anónima de Finanzas, Maxifarm S.A. and Gabrinel S.A., in their capacity as trustors, entered into a trust agreement that created the financial trust “Fideicomiso Financiero Tucumán”.The trustors assigned to the trust debt securities issued by the trust “Fideicomiso República”, the purpose of which is the recoverability of certain assets, mainly loans and real property of former Banco República.

On June 6, 2008, partial settlements were made and part of the certificates were sold among the trust participants. Consequently, since that date, Banco Macro S.A. owns 100% of the trust certificates.

As per the latest accounting information available to date, corpus assets (mainly, loans granted) amounted to about 44,414.

This trust will end with the full settlement of the certificates of participation.

(c) Fideicomiso Financiero GAS Tucumán I

On July 31, 2006, Sud Inversiones & Análisis S.A., as Trustee, and Gasnor S.A., as Trustor, entered into a trust agreement called “Fideicomiso Financiero GAS Tucumán I”. The purpose of this trust is to manage the corpus assets, made up mainly of receivables accrued against customers who joined the plan related to the construction of the natural gas distribution network for new clients in the city of San Miguel de Tucumán, to settle the certificates to be issued.

In addition, Banco Macro S.A. granted a loan to Gasnor S.A. to finance the abovementioned construction works. Such loan provides that Gasnor S.A. may settle its payable by delivering such certificates of deposit to Banco Macro S.A.

As of the date of issuance of these financial statements, certificates of participation were issued for a face value amount of 17,679 which were assigned to Banco Macro S.A.; the residual value of which amounted to 8,895.

According to the accounting information available as of the date of issuance of these financial statements, the corpus assets totaled 14,798.

This trust will end with the full settlement of the certificates of participation.

(d) Fideicomiso Godoy Cruz

On August 29, 2006, Banco Finansur S.A., as trustee, and Corporación de los Andes S.A., as trustor, entered into an agreement to create the trust called “Fideicomiso Financiero Godoy Cruz”.

The trustor assigned to the trust “Fideicomiso Godoy Cruz” buildings and plots of land located in the Godoy Cruz department, San Francisco del Monte district, Province of Mendoza.

In addition, Class “A”, Class “B” (subordinated to the Class “A” certificates of participation) and Class “C” (subordinated to Class “A” and Class “B”) certificates of participation were issued.

The purpose of the trust is to sell the assets mentioned above and to use the proceeds to settle the certificates of participation issued.

As of September 16, 2009, Banco Macro S.A. sold 100% of its equity interest in the certificates of participation. As of December 31, 2008, Banco Macro S.A. was beneficiary of the Class “A” certificates of participation.

36

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

(e) Other

Including Fideicomiso Bisel, which was created 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, with assets transferred by former Banco Bisel S.A., and with Banco de la Nación Argentina being 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 the date of these financial statements, Banco Macro S.A., is beneficiary of 100% of the certificates issued by such trust.

As of September 30, 2009, and December 31, 2008, an allowance was booked for the full amounts receivable booked on account of such certificates, since they were deemed unrecoverable.

(f) Mainly including provisional debt securities issued in the different series of financial trusts through a public offering entered into by the Bank under underwriting agreements, such as Consubond and Megabono, among others. Through those agreements, the Bank prepays the price for the placement of provisional securities to the trustor. Once final debt securities are issued and placed in the market, the Bank recovers the disbursements plus the amount equal to the rate agreed upon.

(g) Fideicomiso San Isidro

On June 4, 2001, Fideicomiso San Isidro was created for the purpose of securing loans that Banco Macro S.A. had previously granted to the trustor.

Thus, the trust was required to sell the corpus assets in the same condition they were when received and use their proceeds to settle the certificates of participation in order of priority assigned to each.

As a result of the decision made by beneficiaries, a real estate urbanization project was undertaken prior to the sale of the real property.

On November 7, 2008, the Bank proceeded to sell on credit all of the certificates of participation issued by the trust to an unrelated company, offering a security thereon.

Additionally, the Bank entered into an agreement for the subscription and payment of debt securities, whereby as of the date of these financial statements it undertook to subscribe nominal values of USD 17,687,366.

According to the accounting information available as of the date of issuance of these financial statements, the corpus assets amounted to about 99,138.

(h) Includes private / publicly listed financial trust debt securities subscribed by the Bank for investment purposes, the corpus assets of which are related mainly to the securitization of consumer loans.

(i) Fideicomiso creado por Decreto 976-01

On September 13, 2001, the Argentine Government (trustor) and Banco de la Nación Argentina (trustee) entered into a trust agreement called “Fideicomiso Creado por Decreto 976-01” (Trust created by Presidential Decree 976-01).

The purpose thereof is the development of projects, works, services and maintenance on road and railway infrastructure in rural and semirural areas, among others.

15.2. Trusts created using financial assets transferred by the Bank

The Bank transferred financial assets (loans) to trusts for the purpose of issuing and selling securities the collection of which is guaranteed by the cash flow resulting from such assets or group of assets. This way, the funds originally used to finance loans are recovered early, increasing the Bank's lending capacity.

37

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

As of September 30, 2009, and December 31, 2008, the trusts’ assets managed amount to 6,148 and 4,106, respectively.

15.3. Trusts guaranteeing loans granted by the Bank

As it is common in the Argentine banking market, the Bank requires, in some cases, that the debtors present certain assets or entitlements to receiving assets in a trust as a guarantee for the loans granted. This way, the risk of losses is minimized and access to the security is guaranteed in case of the debtor´s noncompliance.

Trusts usually act as conduits to collect cash from the debtor’s flow of operations and send it to the bank for the payment of the debtor’s loans and thus ensure compliance with the obligations assumed by the trustor and guaranteed through the trust.

Under this kind of trust, the Bank grants loans to trustors and creates a trust, where the trustor transfers an asset or right it owns to ensure compliance with the loan received.

Additionally, other guarantee trusts manage specific assets, mainly real property.

Provided there is no noncompliance or delays by debtor in the obligations assumed with the beneficiary, the Trustee shall not execute the guaranty and all excess amounts as to the value of the obligations are reimbursed by the Trustee to the debtor.

As of September 30, 2009, and December 31, 2008, the trusts’ assets managed amount to 267,232 and 339,331, respectively.

15.4. Trusts in which the Bank acts as trustee (administration)

The Bank performs management duties in relation to the corpus assets according to the agreements and only performs trustee duties and has no other interests in the trust.

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 fees earned by the Bank from its role as trustee are calculated according to the terms and conditions of the agreements.

Trusts usually manage funds derived from the activities performed by trustors. On the last day of each month, the trust’s assets are not material because they are transferred periodically by the trustee (the Bank) to the beneficiary according to the trust agreement. To such end, the Bank enters 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, such as the payment of amortization installments regarding work or service certificates, and the payment of invoices and fees stipulated in the related agreements.

(b) Promoting the production development of the private economic sector at a provincial level.

(c) Being a party to public work concession agreements granting road exploitation, management, keeping and maintenance.

Additionally, other guarantee trusts manage specific assets, mainly real property.

As of September 30, 2009, and December 31, 2008, the trusts’ assets managed amount to 195,040 and 181,837, respectively.

38

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

16. COMPLIANCE WITH REQUIREMENTS TO ACT AS OVER-THE-COUNTER SECURITIES MARKET BROKER

Under CNV Resolution 368/01, the Bank’s shareholder’s equity exceeds the minimum amount required.

17. ACCOUNTS IDENTIFYING COMPLIANCE OF THE MINIMUM CASH REQUIREMENT

The items computed by the Bank to constitute the minimum cash requirement for September 2009 are listed below, indicating the balances as of month-end of the related accounts:

Item	Balance as of 09/30/2009
Cash
Cash on hand		804,844
Amounts in Central Bank accounts		2,309,726
Other receivables from financial intermediation
Special guarantee accounts with the Central Bank		217,072
Total		3,331,642

18. TAX CLAIMS

18.1. Federal taxes

a) On January 21, 2002, the former Banco Bansud S.A. requested from the Federal Public Revenue Agency (AFIP) that it be included in the debt consolidation, interest and fines exemption and installment plan system provided by Presidential Decree No. 1,384/01 in order to settle the tax payable that authorities had assessed ex-officio according to a resolution notified on December 19, 2001.

The abovementioned claim from tax authorities related to income tax differences of the former Banco del Sud for the 1993 and 1994 tax years grounded on having challenged certain methods applied that –in the former Banco Bansud S.A.’s opinion– were consistent with the guidelines set by the specific regulations.

The amount that the Bank has requested to settle under the installment plan system is 10,780, which will be paid in 120 monthly installments. The amount in question was charged to income for the fiscal year ended December 31, 2001. As of September 30, 2009, the outstanding amount of 3,293 was recognized in the “Other liabilities” account.

b) The former Banco Bansud S.A., on February 18 and November 12, 2002, and the Bank, on February 3, 2004, February 17, 2005, and February 17, 2006, filed appeals with the Federal Administrative Tax Court against the AFIP – Federal Tax Bureau (DGI) resolutions that, holding to the position mentioned in the preceding point, had objected the tax returns filed by the former Banco Bansud S.A for tax years ended from June 30, 1995, through June 30, 1999, and the six-month irregular period ended December 31, 1999.

On February 2, 2005, February 2, 2006, and November 22, 2006, the Bank filed the appeals with the Federal Administrative Tax Court against the AFIP resolution that had objected to the 1998, 1999 and 2000 income tax returns of the former Banco Macro S.A.

39

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

The issues under discussion and on which the regulatory agency bases its position are the impossibility to deduct the credits with collateral security and the requirement to begin judicial collection proceedings for outstanding receivables to be deducted for tax purposes. Both issues were analyzed by the Federal Administrative Tax Court in similar cases, which issued a resolution in favor of the position assumed by the Bank.

On June 29, 2009, and August 26, 2009, the Bank partly joined the system under Law No. 26,476 Title I regularizing the credits in question that lack collateral security.

c) On April 24, 2009, the Bank filed an appeal with the Federal Administrative Tax Court against the AFIP resolution challenging the income tax returns for fiscal 2002, 2003, and 2004, and the minimum presumed income tax assessment made by Banco Macro S.A. for such tax years.

The matter under discussion and on which the tax agency bases its position is the tax value of the amount pending receipt at that time of the compensation bonds resulting from the asymmetric conversion into pesos (Law No. 25,561, Presidential Decree No. 214/02 and 216/02).

18.2. Jurisdictional taxes

a) The Buenos Aires City Tax Authorities (DGR CABA) attributed turnover tax differences to Banco Macro S.A. for tax period 2002, in relation to the treatment of foreign exchange differences and the compensation bond. On April 22, 2008, the Bank filed a request for reconsideration. Subsequently, on September 11, 2008, the DGR CABA partly admitted the request, reducing its tax claim. However, on October 2, 2008, the Bank filed an administrative appeal, that was dismissed.  On December 29, 2008, the Bank filed a complaint challenging this with the Federal Administrative Tax Court in and for the City of Buenos Aires. It also requested that the precautionary measure established in section 189, Administrative Tax Code, be ordered, which involves the stay of execution of the administrative act that was challenged in the abovementioned complaint.

b) The DGR CABA attributed turnover tax differences to former Banco Bansud S.A. for tax periods 2002 and 2003, based mainly on the adjustments made in objections regarding foreign exchange differences and the compensation bond. On April 14, 2009, a request for reconsideration was filed, which was dismissed. Nonetheless, on September 8, 2009, an administrative appeal was filed, and notice of its dismissal was received on October 20, 2009, which caused a request to be filed with the A.G.I.P. (Buenos Aires City public revenue agency) to partially join the regularization system in installments established by resolution No. 1,489/09.

Additionally, on September 10, 2009, a petition for declaratory judgment was filed with the Federal Administrative Tax Court. On September 23, 2009, notice was received of a favorable resolution; the related court assumed jurisdictional capacity to hear the declaratory petition case and granted the precautionary measure.

c) The Buenos Aires Province Tax Authorities (DGR ARBA) attributed a turnover tax difference to Banco Macro S.A. in relation to period 2002 and 2006. On May 5, and October 14, 2008, the Bank filed its defense brief which was dismissed. On November 6, 2008, and February 18, 2009, an appeal was filed with the Province of Buenos Aires Tax Appeal Court, which is still pending judgment.

d) DGR ARBA attributed a turnover tax difference to former Nuevo Banco Bisel S.A. in relation to tax period 2002. On August 29, 2008, the Bank filed its defense brief which was dismissed. On November 17, 2008, an appeal was filed with the Province of Buenos Aires Tax Appeal Court, which is still pending judgment.

The Bank’s Management believes there are no additional significant effects to those already recognized in the books that may result from the final outcome of such claims.

40

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

19. CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT, AND THE SITUATIONS OF THE FINANCIAL SYSTEM AND THE BANK

The financial and capital markets

During the prior year the financial markets of the world's leading countries were rocked by volatility, lack of liquidity and credit. Consequently, there was a significant drop in stock indices on international markets and an economic deceleration on a worldwide scale. In the last few months, although signs of a tendency towards normalcy or initiation of a globaleconomic recovery are not consolidated, this situation began turning around, showing signs of stabilization and registering improvements in financial markets and a decrease in market volatility.

In Argentina, stock markets had shown decreases in the prices of government and private securities, as well as increases in interest rates, the country risk and in foreign exchange rates, and the effects of the mentioned economic deceleration began to show. Furthermore, the AFJP (private pension fund managers) system was brought to an end and swaps were executed of part of the debt carried from guaranteed loans. Starting from the second half of 2009, the abovementioned situation began a reversal process as the country risk premium has dropped, government securities have experienced significant rises in their listed prices and the foreign exchange and interest rates have lessened their volatility.

On February 2, 2009, joint Resolutions 08/2009 and 05/2009 issued by the Treasury and Finance Departments, established a debt exchange transaction of certain guaranteed loans with banks and other companies of a new bond or promissory note referred to as “Argentine Bond or Promissory Note in Argentine pesos at the Badlar interest rate + 275 basis points maturing in 2014”, issued on January 30, 2009, and full amortization by its maturity date of January 30, 2014, which allowed the original maturity date of the abovementioned guaranteed loans to be extended through such year. The interest rate paid on a quarterly basis shall be 15.4% for the first year and for the rest of the period, the Badlar rate plus 275 basis points will apply.

In this regard, on January 29, 2009, and February 10, 2009, the Bank subscribed an exchange agreement whereby it exchanged the guaranteed loans for a technical value of 109,331 and received Argentina bonds (Bonar) at the Badlar interest rate + 275 basis points, in Argentine pesos maturing in 2014 for a face value amount of 340,162. As of September 30, 2009, the remaining amount of such holdings was classified in special investment accounts (see note 3.3.b.1)i.).

Additionally, during January and February 2009, as set forth by Central Bank Resolution No. 06/2009 the Bank and its subsidiary former Nuevo Banco Bisel S.A. have decided to prepay the payable amounts resulting from loans received to acquire Argentine Government bonds intended for the depositors of former Nuevo Banco Suquía S.A and former Nuevo Banco Bisel S.A. (see note 7.2.b).

On September 1, 2009, Joint Resolutions 216/2009 and 57/2009 issued by the Treasury and Finance Departments, established a debt swap transaction of certain guaranteed loans and government securities with banks and other companies of a new bond or promissory note referred to as “Argentine Bond or Promissory Note in Argentine pesos at the Badlar interest rate + 275 basis points maturing in 2014” and/or new bond or promissory note referred to as “Argentine Bond or Promissory Note in Argentine pesos at the Badlar interest rate + 300 basis points maturing in 2015”, issued on September 10, 2009, and amortization in 6 semi-annual installments, the first 5 of which will be amortized at 16.66% and the last one at 16.70%, payable on March 10 and September 10 of each year, beginning on March 10 ,2013. Interest is accrued and payable on a quarterly basis. As from the issuance date and through September 10, 2011, the amount related to the 300 basis points margin will be capitalized at Badlar rate and paid, and as from December 10, 2011, all interest will be paid in cash.

In this regard the Bank executed an agreement on September 7, 2009, whereby it delivered government securities for a face value amount of 26,526 and received Bonar Badlar + 275 basis points in Argentine pesos maturing in 2014 for a face value of 31,325, which were sold totally on September 30, 2009. Additionally, on September 9, 2009, it executed an agreement whereby it delivered guaranteed loans for a face value amount of 382 in exchange for Bonar Badlar + 300 basis points in Argentine pesos maturing in 2015 for a face value of 1,248, which were all classified as unlisted holdings (see note 3.3.b.2)i).

The Bank’s Management permanently monitors the change of the abovementioned situations, to determine the possible actions to adopt and to identify the possible impacts on its financial situation that may need to be reflected in the financial statements for future periods.

The accompanying financial statements should be read considering the circumstances previously mentioned.

41

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

Legal actions

The Argentine economic and financial situation worsened in late 2001, when the Argentine government suspended payments on the sovereign debt and imposed severe restrictions on cash withdrawals from financial institutions.

The measures adopted by the Federal Executive with respect to the public emergency in political, economic, financial and foreign exchange matters triggered a number of legal actions (known as recursos de amparo – constitutional rights protection actions), brought by individuals and companies against the Federal Government, the Central Bank and the financial institutions for considering that Public Emergency Law and its supplementary regulations are unconstitutional.

In the specific case of deposits denominated in foreign currency, in some cases, the courts ordered the reimbursement of such deposits, either in foreign currency or at free foreign exchange rate at the time of reimbursement until a final judgment is issued with respect to the constitutionality of the conversion into pesos.

Some of these claims were treated by the Argentine Supreme Court, which issued resolutions on lower-court decisions for each particular case and in different manners.

On December 27, 2006, the case in re “Massa Juan Agustín v. the Federal Government et al for constitutional rights protection actions” and in other later pronouncements, the Argentine Supreme Court revoked prior instance judgments that ordered the reimbursement of deposits in US dollars and resolved that depositors are entitled to the reimbursement of their deposits switched into pesos at the Ps. 1.40-to-USD 1 exchange rate, adjusted by the CER through the payment date, and interest should be applied to such amount at a 4% rate p.a., which may not be compounded through the payment date. In addition, the judgment established that the amounts paid by financial institutions in the course of the lawsuit should be computed as payments towards the total resulting amount, which, ultimately, may not be higher than the US dollars the client deposited with each bank, as decided at prior court instances, provided that such judgment had not been appealed by the plaintiff. Also, each party would bear its own legal costs, and the legal costs ruled at the first and second instances were confirmed.

Subsequently, on August 28, 2007, within the framework of another case filed by a depositor against the Argentine Government, the Argentine Supreme Court of Justice clarified the treatment to be applied to the payments that had already been made by the banks to the depositors under lower court orders. In this regard, the amounts paid that should be charged as payment on account of the amount owed to the depositors should be considered according to the proportion that such amounts represent in relation to the original amount deposited, thus computing the values in US dollars, in regard to both the deposit as well as the payment on account.

As regards courts deposit in US dollars, on March 20, 2007, the Argentine Supreme Court ruled in the case “EMM S.R.L. v.TIA S.A. on ordinary proceedings on precautionary measures"  holding the inapplicability of section 2 of Presidential Decree 214/2002 and that principal should, therefore, be reimbursed with no deterioriation in value whatsoever, and that the sums should be kept in their original currency and that the substance of the assets entrusted to the Bank in its capacity as court bailor cannot be validly changed.

As mentioned in notes 3.3.l.2), under BCRA Communiqués “A” 3,916 and “A” 4,686, as of September 30, 2009, and December 31, 2008, the Bank continued capitalizing in “Intangible assets” the amounts of 43,318 and 35,023 at stand-alone level, respectively, and a total of 45,018 and 40,657 at consolidated level, respectively, net of related amortizations, with respect to the differences resulting from the payments of deposit-related court orders and the estimates of the additional effects of the abovementioned Supreme Court decision dated March 20, 2007, and the provisions of Presidential Decree No. 214/02, as supplemented.

Additionally, as of September 30, 2009, and December 31, 2008, the Bank recorded the additional payables related to such regulation under the “Provisions” account in the amount of 9,530 and 8,606 at the stand-alone level, respectively, and a total of 20,244 and 18,233 at consolidated level, respectively. Considering what has been mentioned in note 3.3.l.2),the Bank’s Management believes that there would be no significant effects, other than those recognized in accounts, that could derive from the final outcome of such actions.

42

NOTES TO THE FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

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

20. RESTRICTION ON EARNINGS DISTRIBUTION

a) Through Communiqué “A” 4,589, as supplemented, the Central Bank established the procedure that should be followed by the financial institutions in the distribution of earnings. In this regard, the banks that will be distributing earnings will have to request express authorization from BCRA and show compliance with the requirements established in the abovementioned communiqués regarding information for the month prior to the date on which the request is made. Consequently, to distribute earnings the following items must be deducted from unappropriated retained earnings as of year-end:

- Capitalized amounts for differences resulting from compliance with court orders related to the dedollarization of deposits and differences resulting from dollarization of court deposits.

- The positive difference between the book value and the market value, present value or discounted cash flow, as the case may be, of government securities and guaranteed loans in portfolio amounting.

Under BCRA standards, the Bank should consider the distributable amount to be either (i) the income obtained after deducting the items mentioned in the above paragraphs from unappropriated retained earnings, and (ii) the resulting amount from calculating the excess of computable capital over required minimum capital as of year-end as regards the requirement as of such date, whichever lower, also considering the restrictions listed in the abovementioned paragraphs.

b) Under Law No. 25,063, dividends to be distributed in cash or in kind in excess of taxable income accumulated as of the end of the fiscal year immediately preceding the payment or distribution date shall be subject to a 35% income tax withholding as single and definitive payment. Income to be considered in each year will result from deducting the tax paid for the tax period(s) in which income was distributed or the related proportional amount from taxable income, and adding dividends or income from other corporations not computed upon determining such income in the same tax period(s). This is also applied to the years ended as from December 31, 1998; thus, the dividends to be distributed based on retained earnings as of December 31, 1997, will not be subject to the abovementioned withholding.

c) On June 16, 2006, the Bank and Crédit Suisse First Boston International entered into a loan agreement for USD 50,000,000, maturing on January 21, 2008, at LIBOR plus 1.95%. Such agreement includes restrictions mainly related to the compliance with the payments established. In the event of noncompliance with the agreement, the Bank will be unable to distribute dividends either directly or indirectly through its subsidiaries. On January 18, 2008, an addendum was signed changing the expiration date to January 21, 2010, and establishing a nominal interest rate of 8.55% p.a.

21. FINANCIAL STATEMENTS PUBLICATION

Under Communiqué “A” 760, the BCRA's prior intervention is not required for the publication of these financial statements.

22. ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH

These financial statements are presented on the basis of the accounting standards set forth by the BCRA and, except for the effects of the matters mentioned in note 5, in accordance with professional accounting standards effective in Argentina. Certain accounting practices applied by the Bank may not conform with accounting principles generally accepted in other countries.

Jorge H. Brito

Chairperson

43

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	09/30/2009				12/31/2008		09/30/2009
Name	Market value		Book balance		Book balance		Position without options (1)			Options		Final position
GOVERNMENT AND PRIVATE SECURITIES
GOVERNMENT SECURITIES
Holdings in investment accounts
- Local
Federal government bonds in pesos at BADLAR Private + 2,75 – Maturity: 2014		146,082		145,345				145,345					145,345
Federal government bonds in US dollars at 7% - Maturity: 2015		307,119		129,560		49,590		129,560					129,560
Federal government bonds in pesos – Maturity: 2014		207,005		108,605		3,582		108,605					108,605
Secured bonds under Presidential Decree No. 1,579/02		35,198		29,429		23,769		29,429					29,429
Discount bonds denominated in pesos - Maturity: 2033		17,230		17,230		22,201		17,230					17,230
Consolidation bonds in pesos – Sixth series		5,512		5,019		4,122		5,019					5,019
Par bonds denominated in US dollars - Maturity: 2038 (governed by Argentine legislation)		2,272		1,723		1,450		1,723					1,723
Federal government bonds in US dollars at LIBOR - Maturity: 2012		1,925		1,720		235,546		1,720					1,720
Federal government bonds in US dollars at LIBOR - Maturity: 2013		633		546		564		546					546
Par bonds denominated in US dollars - Maturity: 2038 (governed by New York State legislation)		566		452		382		452					452
Consolidation bonds of social security payables in pesos – Third Series at 2%						76,400
Federal government bonds in US dollars at 7% - Maturity: 2017						23,252
Consolidation bonds of social security payables in pesos – Fourth Series						7,447
Subtotal holdings in investment accounts				439,629		448,305		439,629					439,629
Holdings for trading or financial intermediation
- Local
Discount bonds denominated in pesos - Maturity: 2033		553,058		553,058		205,862		1,913					1,913
Federal government bonds in US dollars at LIBOR - Maturity: 2012		51,455		51,455		59,109		(974	)		27,076		26,102
Consolidation bonds in pesos – Fourth series at 2%		9,479		9,479		1,457		6,625					6,625
Secured bonds under Presidential Decree No. 1,579/02		6,870		6,870		643		7,966					7,966
Federal government bonds in pesos – Maturity: 2014		3,082		3,082				3,009					3,009
Consolidation bonds of social security payables in pesos – Fourth Series		1,025		1,025		1,315		199					199
Federal government bonds in pesos at BADLAR Private + 2,75 – Maturity: 2014		369		369				236					236
Discount bonds denominated in US dollars - Maturity: 2033 (governed by Argentine legislation)		362		362		161		362					362
Argentine Government bonds in US dollars at 7% - Maturity: 2017		290		290				290					290
Securities connected to PBI U$S - Maturity 2035 (governed by Argentine legislation)		244		244		94		244					244
Federal government bonds in US dollars at 7% - Maturity: 2013		194		194				194					194
Securities connected to PBI Argentine Ps. - Maturity 2035		106		106		96		106					106
Federal government bonds in US dollars at LIBOR - Maturity: 2013		49		49		2,287		49			42,850		42,899
Consolidation bonds of social security payables in pesos – Third series at 2%		16		16		2,254		16					16
Consolidation bonds in pesos – Second series at 2%						6,944		(292	)				(292	)
Other		184		184		553		1,494					1,494
Subtotal holdings for trading or financial intermediation				626,783		280,775		21,437			69,926		91,363
Unlisted government securities
- Local
Argentine Government bonds in Argentine pesos at private Badlar + 3,50 - Maturity: 2013				46,090		51,864		46,090					46,090
Federal government bonds in pesos at variable rate - Maturity: 2013				10,950		10,385		10,950					10,950
Consolidation bonds in pesos – Second series at 2%				5,638				5,638					5,638
Argentine Government bonds in Argentine pesos at private Badlar + 300 Pbs - Maturity: 2015				1,022				1,022					1,022
Par bonds denominated in pesos - Maturity: 2038				755				755					755
Subtotal unlisted government securities				64,455		62,249		64,455					64,455

Jorge H. Brito

Chairperson

44

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	09/30/2009				12/31/2008		09/30/2009
Name	Market value		Book balance		Book balance		Position without options (1)		Options	Final position
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA
Central Bank of Argentina Bills – Under repo transactions
Central Bank of Argentina Internal bills in pesos – Maturity: 09-29-10				417,668
Central Bank of Argentina Internal bills in pesos – Maturity: 04-27-11				47,141
Central Bank of Argentina Internal bills in pesos – Maturity: 09-23-09						425,963
Subtotal Central Bank of Argentina Bills – Under repo transactions				464,809		425,963
Central Bank of Argentina Internal Bills – Unlisted – Own Portfolio
Central Bank of Argentina Internal bills in pesos – Maturity: 03-10-10				517,462				517,462			517,462
Central Bank of Argentina Internal bills in pesos – Maturity: 12-15-09				320,349				320,349			320,349
Central Bank of Argentina Internal bills in pesos – Maturity: 01-27-10				287,271				287,271			287,271
Central Bank of Argentina Internal bills in pesos – Maturity: 11-25-09				195,789				195,789			195,789
Central Bank of Argentina Internal bills in pesos – Maturity: 11-04-09				167,491				167,491			167,491
Central Bank of Argentina Internal bills in pesos – Maturity: 11-11-09				98,400				98,400			98,400
Central Bank of Argentina Internal bills in pesos – Maturity: 12-23-09				96,958				96,958			96,958
Central Bank of Argentina Internal bills in pesos – Maturity: 01-13-10				96,017				96,017			96,017
Central Bank of Argentina Internal bills in pesos – Maturity: 02-10-10				95,224				95,224			95,224
Subtotal Central Bank of Argentina Internal Bills – Unlisted – Own Portfolio				1,874,961				1,874,961			1,874,961
Central Bank of Argentina notes - Listed - Own portfolio
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02-10-10		54,215		54,215		53,423		54,215			54,215
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 03-25-10		35,071		35,071		34,011		35,071			35,071
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-06-10		7,808		7,808		7,823		7,808			7,808
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-20-10		3,467		3,467		3,442		3,467			3,467
Central Bank of Argentina internal notes in pesos with variable coupon (BADLAR rate) – Maturity: 02-25-09						308,070
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02-11-09						93,633
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-21-09						42,158
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 03-11-09						10,252
Subtotal Central Bank of Argentina notes - Listed - Own portfolio				100,561		552,812		100,561			100,561
Subtotal Instruments issued by the Central Bank of Argentina				2,440,331		978,775		1,975,522			1,975,522

Jorge H. Brito

Chairperson

45

EXHIBIT A

(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	09/30/2009			12/31/2008		09/30/2009
Name	Market value	Book balance		Book balance		Position without options (1)		Options	Final position
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)			2,440,331		978,775		1,975,522			1,975,522
Central Bank of Argentina Notes – Under repo transactions
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 05-06-09					155,180
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-21-09					120,578
Central Bank of Argentina internal notes in pesos with variable coupon (BADLAR rate) – Maturity: 03-11-09					100,220
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02-11-09					72,905
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 03-25-09					39,884
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 02-25-09					25,672
Subtotal Central Bank of Argentina Notes – Under repo transactions					514,439
Central Bank of Argentina Notes - Unlisted - Own portfolio
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 02-17-10			717,069				717,069			717,069
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 12-09-09			608,207				608,207			608,207
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 10-14-09			469,894				469,894			469,894
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 11-11-09			429,201				490,515			490,515
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 04-21-10			374,438				374,438			374,438
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 01-13-10			364,044				364,044			364,044
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 01-20-10			205,540		214,860		205,540			205,540
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 03-25-09					385,958
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 05-27-09					311,579
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 01-07-09					257,567
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 07-15-09					212,251
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 05-06-09					157,782
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 07-29-09					157,657
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 05-13-09					156,981
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 02-11-09					155,073
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 03-04-09					102,244
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 03-18-09					101,374
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 06-24-09					81,002
Central Bank of Argentina internal notes in pesos with variable (BADLAR rate) – Maturity: 03-11-09					50,840
Subtotal Central Bank of Argentina notes - Unlisted - Own portfolio			3,168,393		2,345,168		3,229,707			3,229,707
Total Instruments issued by the Central Bank of Argentina			5,608,724		3,838,382		5,205,229			5,205,229
Total Government securities			6,739,591		4,629,711		5,730,750	69,926		5,800,676
Total government and private Securities (2)			6,739,591		4,629,711		5,730,750	69,926		5,800,676

(1) The position without options as of Septiembre 30, 2009, results from the following disclosure:

Holdings as of September 30, 2009	6,739,591
Plus: Government Securities Loans	9,669
Plus: Spot and forward purchases pending settlement	90,479
Less: Deposits of government securities	60,176
Less: Spot and forward sales pending settlement	1,048,813
	5,730,750

(2) As of September 30, 2009, and December 31, 2008 the Bank booked allowances for impairment in value amounting to 16 and 27, respectively (see Exhibit J).

Jorge H. Brito

Chairperson

46

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	09/30/2009		12/31/2008
COMMERCIAL
In normal situation		5,357,521		5,749,713
With Senior “A” guarantees and counter-guarantees		187,397		111,047
With Senior “B” guarantees and counter-guarantees		626,467		598,811
Without Senior guarantees or counter-guarantees		4,543,657		5,039,855
Subject to special monitoring		111,367		11,637
In observation
With Senior “B” guarantees and counter-guarantees		5,436		4,555
Without Senior guarantees or counter-guarantees		101,815		7,082
In negociation or with rollover agreement
With Senior “B” guarantees and counter-guarantees		3,726
Without Senior guarantees or counter-guarantees		390
Troubled		50,571		12,440
With Senior “B” guarantees and counter-guarantees		8,504		9,020
Without Senior guarantees or counter-guarantees		42,067		3,420
With high risk of insolvency		30,974		70,955
Con garantías y contragarantías preferidas "A"		561
With Senior “B” guarantees and counter-guarantees		9,373		5,844
Without Senior guarantees or counter-guarantees		21,040		65,111
Irrecoverable		18,311		23,027
With Senior “B” guarantees and counter-guarantees		4,064		5,608
Without Senior guarantees or counter-guarantees		14,247		17,419
Subtotal Commercial		5,568,744		5,867,772

Jorge H. Brito

Chairperson

47

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION

AND GUARANTEES RECEIVED

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	09/30/2009		12/31/2008
CONSUMER
Performing		5,326,486		5,312,761
With Senior “A” guarantees and counter-guarantees		26,066		20,364
With Senior “B” guarantees and counter-guarantees		710,399		784,235
Without Senior guarantees or counter-guarantees		4,590,021		4,508,162
Low risk		104,233		105,087
With Senior “A” guarantees and counter-guarantees		157		93
With Senior “B” guarantees and counter-guarantees		19,064		10,927
Without Senior guarantees or counter-guarantees		85,012		94,067
Medium risk		84,946		76,357
With Senior “A” guarantees and counter-guarantees				37
With Senior “B” guarantees and counter-guarantees		11,270		5,945
Without Senior guarantees or counter-guarantees		73,676		70,375
High risk		125,986		95,172
With Senior “A” guarantees and counter-guarantees		60
With Senior “B” guarantees and counter-guarantees		10,950		7,569
Without Senior guarantees or counter-guarantees		114,976		87,603
Irrecoverable		41,520		28,306
With Senior “B” guarantees and counter-guarantees		7,833		5,486
Without Senior guarantees or counter-guarantees		33,687		22,820
Irrecoverable according to Central Bank's rules		367		1,366
With Senior “A” guarantees and counter-guarantees		1		1
With Senior “B” guarantees and counter-guarantees				309
Without Senior guarantees or counter-guarantees		366		1,056
Subtotal Consumer		5,683,538		5,619,049
Total		11,252,282		11,486,821

Jorge H. Brito

Chairperson

48

EXHIBIT C

FINANCING-FACILITIES CONCENTRATION

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	09/30/2009				12/31/2008
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		1,749,111		15.54		2,250,472		19.59
50 next largest customers		1,740,821		15.47		1,529,113		13.31
100 next largest customers		952,687		8.47		863,229		7.51
Other customers		6,809,663		60.52		6,844,007		59.59
Total		11,252,282		100.00		11,486,821		100.00

Jorge H. Brito

Chairperson

49

EXHIBIT D

BREAKDOWN BY FINANCING TERMS

AS OF SEPTEMBER 30, 2009

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

(Figures stated in thousands of pesos)

	Terms remaining to maturity
Item	Matured		Up to 1 month		Over 1 month and up to3 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		14		3,493		182,220		275		33,260		5,939		184,885		410,086
Financial sector				46,781		11,182		1,867		649		1,600		5,493		67,572
Non-financial private sector and foreign residents		182,603		2,640,209		1,838,487		1,231,971		1,350,257		1,480,493		2,050,604		10,774,624
Total		182,617		2,690,483		2,031,889		1,234,113		1,384,166		1,488,032		2,240,982		11,252,282

Jorge H. Brito

Chairperson

50

EXHIBIT E

DETAIL OF INVESTMENTS IN OTHER COMPANIES

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

												Information on the issuer
	09/30/2009									12/31/2008		Data from latest financial statements
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
Banco del Tucumán S.A.	Common		100		1		395,341		169,179		137,741	Financial institution	09/30/09		43,960		188,119		34,958
Macro Securities S.A. Sociedad de Bolsa (1)	Common		1		1		12,776,680		21,880		14,842	Brokerage house	09/30/09		12,886		23,536		11,618
Sud Inversiones & Análisis S.A. (1)	Common		1		1		6,475,143		9,565		9,736	Services	09/30/09		6,567		13,462		2,668
Macro Fondos S.G.F.C.I.S.A.	Common		1		1		327,183		1,275		1,180	Mutual funds management	09/30/09		1,713		6,757		4,702
Grupo Bisel Administradora de Inversiones S.G.F.C.I.S.A.											199
Foreign
Macro Bank Limited	Common		1		1		9,816,899		159,017		99,973	Financial institution	09/30/09		9,817		159,017		59,044
Subtotal subsidiaries									360,916		263,671
- Non-subsidiaries
In Argentina
Banelco S.A.	Common		1		1		1,071,716		2,500		2,500	Network administration	12/31/08		23,599		52,838		9,984
Provincanje S.A.	Common		1		1		600,000		603		603	Swap of securities	12/31/08		7,200		8,147		(407	)
Visa Argentina S.A.	Common		1		1		951,018		854		854	Business services	05/31/09		1		152,041		99,275
C.O.E.L.S.A.	Common		1		1		70,650		119		105	Financial Services	12/31/08		1,000		1,832		72
A.C.H. S.A.	Common		1		1		110,500		196		197	Electronic information services	12/31/08		650		1,971		147
Mercado Abierto Electrónico S.A.	Common		1,200		1		8		119		143	Electronic information services	12/31/08		242		12,041		1,229
Macroaval S.G.R.	Common		1		1		30,500		31		31	Reciprocal guarantee corporation	12/31/08		250		5,877		(372	)
Argentina Clearing S.A.	Common		1,380		1		30		31		31	Services	07/31/08		5,658		9,618		2,209
Garantizar S.G.R.	Common		1		1		10,000		10		10	Reciprocal guarantee corporation	12/31/08		8,831		210,726		(4,750	)
Foreign
Banco Latinoamericano de Exportaciones S.A.	Common		10		1		7,303		306		272	Financial institution	12/31/08		966,967		1,983,543		190,364
Banco Latinoamericano de Exportaciones S.A.	Com "E"		1		1		3,729		220		200	Financial institution	12/31/08		966,967		1,983,543		190,364
Banco Latinoamericano de Exportaciones S.A.	Preferred		10				259		12		11	Financial institution	12/31/08		966,967		1,983,543		190,364
Subtotal non-subsidiaries									5,001		4,957
Total in financial institutions, supplementary and authorized activities									365,917		268,628
In other companies
- Non-subsidiaries
In Argentina
Proin S.A.	Common		1		1		244,457		293		293	Juice production	09/30/08		4,604		7,700		116
El Taura S.A.									185		185	Hotel construction and explotation	12/31/07		420		2,894		(297	)
Tunas del Chaco S.A.									150		150	Agriculture	12/31/08		12		1,036		54
Emporio del Chaco S.A.									150		150	Agriculture	12/31/08		12		970		29
Prosopis S.A.									150		150	Agriculture	12/31/08		12		784		46
Other									382		330
Foreign
SWIFT S.A.	Common		1		1		3		19		17	Services	12/31/08		613,365		1,260,492		118,850
Total in other companies									1,329		1,275
Total (2)									367,246		269,903

(1) See Note 3.3.j.1).

(2) As of September 30, 2009, and December 31, 2008, the Bank carried 747 and 247 as allowance for impairment in value (see Exhibit J).

Jorge H. Brito

Chairperson

51

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS

AS OF SEPTEMBER 30, 2009

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

(Figures stated in thousands of pesos)

										Depreciationfor
										the period
	Net book													Net book
	value at									Years of				value at end
	beginning of									Useful				of the
Item	fiscal year		Additions		Transfers			Retirements		Life		Amount		Period
Bank premises and equipment
Buildings		250,953		2,848		11,160			285		50		6,733		257,943
Furniture and facilities		27,949		5,665		262			22		10		3,743		30,111
Machinery and equipment		92,067		14,051		447			7		5		22,100		84,458
Vehicles		23,636		1,749		72			522		5		5,105		19,830
Other		263		491		(709	)				5		45
Total		394,868		24,804		11,232			836				37,726		392,342
Other assets
Works in progress		22,330		11,952		(13,161	)		639						20,482
Works of art		1,189													1,189
Prepayments for the purchase of assets		365		1,189		(219	)								1,335
Foreclosed assets		23,458		1,127		351			2,250		50		317		22,369
Leased buildings		6,011				(990	)		1,194		50		78		3,749
Stationery and office supplies		4,709		11,512					12,384						3,837
Other assets		77,469		20,000		2,787			32,153		50		799		67,304
Total		135,531		45,780		(11,232	)		48,620				1,194		120,265

Jorge H. Brito

Chairperson 

52

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS

AS OF SEPTEMBER 30, 2009

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

(Figures stated in thousands of pesos)

	Net book						Amortization for
	value at						the period				Net book
	beginning of						Years of				value at end of
Item	fiscal year		Additions		Retirements		useful life		Amount		the period
Goodwill (1)		63,477						10		6,324		57,153
Organization and development costs (2)		123,183		49,825		57		5		34,982		137,969
Total		186,660		49,825		57				41,306		195,122

(1) Related to the difference between the total price of the transaction and the value by the equity method of Banco del Tucuman S.A. and former Nuevo Banco Bisel S.A. acquisitions.

(2) This includes the cost of information technology projects hired from independent parties, leasehold improvements and foreign exchange differences capitalized in relation to constitutional rights protection actions and court orders.

Jorge H. Brito

Chairperson 

53

EXHIBIT H

DEPOSIT CONCENTRATION

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	09/30/2009				12/31/2008
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		2,928,853		17.93		3,455,957		23.68
50 next largest customers		1,766,006		10.81		1,507,557		10.33
100 next largest customers		1,087,878		6.66		752,307		5.15
Other customers		10,551,819		64.60		8,879,188		60.84
Total		16,334,556		100.00		14,595,009		100.00

Jorge H. Brito

Chairperson 

54

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND

SUBORDINATED CORPORATE BONDS

AS OF SEPTEMBER 30, 2009

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

(Figures stated in thousands of pesos)

	Terms remaining to maturity
Item	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
Deposits		12,155,141		2,931,043		408,962		833,563		5,245		602		16,334,556
Other liabilities from financial intermediation
Central Bank of Argentina		1,308										534		1,842
Banks and International Institutions		3,439		6,020		199,958								209,417
Non-subordinated corporate bonds				6,650		5,695						605,910		618,255
Financing received from Argentine financial institutions		57,499		457		799		2,055		4,109		37,286		102,205
Other		595,164		410		1,066		1,743		3,082		77,807		679,272
		657,410		13,537		207,518		3,798		7,191		721,537		1,610,991
Subordinated corporate bonds				15,923		468		463				576,405		593,259
Total		12,812,551		2,960,503		616,948		837,824		12,436		1,298,544		18,538,806

Jorge H. Brito

Chairperson 

55

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS

AS OF SEPTEMBER 30, 2009

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

(Figures stated in thousands of pesos)

	Balances at								Balances at
	beginning of		Increases		Decreases				end of the
Breakdown	fiscal year		(1)		Write off		Reversals		period
ALLOWANCES
Government and private securities
For impairment in value		27						11		16
Loans
For uncollectibility risk and impairment in value		407,682		118,088		124,974		2,221		398,575
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		228,021		2,618		872				229,767
Assets subject to financial leases
For uncollectibility risk		5,063				2		1,340		3,721
Investments in other companies
For impairment in value		247		516				16		747
Other receivables
For uncollectibility risk		15,811		2,282		2,375		1,637		14,081
Total allowances		656,851		123,504		128,223		5,225		646,907
PROVISIONS
Contingent commitments		1,523		10				534		999
For negative goodwill		483								483
For other contingencies		61,146		13,388		8,944		2,064		63,526
Difference from court deposits dollarization		8,606		924						9,530
Total liabilities		71,758		14,322		8,944		2,598		74,538

(1)  See note 3.3.f). and 3.3.o).

Jorge H. Brito

Chairperson 

56

EXHIBIT K

CAPITAL STRUCTURE

AS OF SEPTEMBER 30, 2009

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

(Figures stated in thousands of pesos)

Shares				Capital stock
			Votes per	Issued
Class	Number		share	Outstanding		Paid in
Registered common stock A		11,235,670	5		11,236		11,236
Registered common stock B		583,249,498	1		583,249		583,249
Total		594,485,168			594,485		594,485

Jorge H. Brito

Chairperson

57

EXHIBIT L

FOREIGN CURRENCY BALANCES

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	09/30/2009																				12/31/2008
	Total Parent company and		Total per currency
	Argentine				Pound		Swiss		Danish		Canadian				Swedish		Norwegian
Items< /font>	branches		US dollar		sterling		franc< /font>		krone< /font>		dollar		Yen		krone< /font>		krone< /font>		Euro		Total< /font>
ASSETS
Cash		2,039,038		2,016,873		192		194		109		96		356		16		52		21,150		1,010,144
Government and private securities		186,618		186,618																		372,713
Loans		2,204,019		2,204,019																		2,092,540
Other receivables from financial intermediation		719,539		712,929		614		371												5,625		311,575
Assets subject to financial leases		76,595		76,595																		69,219
Investments in other companies		159,574		159,574																		100,473
Other receivables		28,381		28,381																		56,019
Items pending allocation		435		435																		743
Total		5,414,199		5,385,424		806		565		109		96		356		16		52		26,775		4,013,426
LIABILITIES
Deposits		3,209,462		3,209,462																		2,101,481
Other liabilities from financial intermediation		958,090		938,311		74		27						19				6		19,653		874,339
Other liabilities		3,190		3,190																		3,110
Subordinated corporate bonds		592,328		592,328																		519,879
Items pending allocation		1		1																		3
Total		4,763,071		4,743,292		74		27						19				6		19,653		3,498,812
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS
(except contra debit-balance accounts)
Contingent		822,976		804,609																18,367		550,630
Control		978,404		955,638		98		2				5								22,661		948,517
Derivatives		42,867		42,867																		39,422
CREDIT-BALANCE ACCOUNTS
(except contra credit-balance accounts)
Contingent		507,606		485,357																22,249		148,526
Derivatives		21,500		21,500

Jorge H. Brito

Chairperson

58

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

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

(Figures stated in thousands of pesos)

	09/30/2009		12/31/2008
Item	Total (1)		Total (1)
Loans
Overdrafts		4,623		1,433
Without Senior guarantees or counter-guarantees		4,623		1,433
Documents		503		634
Without Senior guarantees or counter-guarantees		503		634
Mortgage and pledged		1,316
With Senior “B” guarantees and counter-guarantees		1,105
Without Senior guarantees or counter-guarantees		211
Personal loans				455
Without Senior guarantees or counter-guarantees				455
Credit cards		5,223		7,750
Without Senior guarantees or counter-guarantees		5,223		7,750
Other		1,128		27,046
Without Senior guarantees or counter-guarantees		1,128		27,046
Total loans		12,793		37,318
Other receivables from financial intermediation		5,761		211
Assets subject to financial leases and other		16,921		555
Contingent Commitments		41,725		2,707
Investments in other companies		361,538		264,227
Total		438,738		305,018
Allowances / Provisions		464		235

(1) As of September 30, 2009 and December 31, 2008 all debtors are classified in performing situation.

Jorge H. Brito

Chairperson

59

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS

AS OF SEPTEMBER 30, 2009

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

(Figures stated in thousands of pesos)

Originally

Weighted monthly

Purpose of the

agreed

Residual

average term of

Type of

transactions

Underlying

Type of

Negotiation environment

Weighted monthly

Weighted monthly

settlement of

contract

performed

asset

settlement

orcounter-party

average term

average term

differences

Amount

Intermediation

Argentine

Over The Counter  - Residents

Options

- own account

government securities

Other

in Argentina - Non-financial sector

126

40

69,926

Intermediation

With delivery of

Over The Counter  - Residents

Options

- own account

Other

underlying asset

in Argentina - Non-financial sector

13

9

44,389

Intermediation

Argentine

With delivery of

MAE (over-the-counter

Futures

- own account

government securities

underlying asset

electronic market)

1

1

1,031,223

Intermediation

Argentine

With delivery of

Over The Counter  - Residents

Futures

- own account

government securities

underlying asset

in Argentina - Non-financial sector

1

1

47,141

Intermediation

Foreign

Daily settlement of

Rosario Futures

Futures

- own account

currency

differences

Exchange (ROFEX)

5

5

241,747

Intermediation

Foreign

Daily settlement of

MAE (over-the-counter

Futures

- own account

currency

differences

electronic market)

7

2

2,733,146

Intermediation

Foreign

Maturity settlement

Over The Counter  - Residents

Forward

- own account

currency

of differences

in Argentina - Non-financial sector

8

3

8

481,407

Intermediation

Maturity settlement

Over The Counter  - Residents

Swaps

- own account

Other

of differences

in Argentina - Non-financial sector

132

108

3

42,867

Intermediation

MAE (over-the-counter

Swaps

- own account

Other

Other

electronic market)

49

44

1

41,000

Jorge H. Brito

Chairperson

60

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2009			12/31/2008 (1)
ASSETS
A.	CASH
	Cash on hand		876,901			1,008,136
	Due from banks and correspondents
	Central Bank of Argentina		2,552,385			2,059,057
	Local Other		22,680			9,225
	Foreign		748,859			447,263
	Other		240			216
			4,201,065			3,523,897
B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit I)
	Holdings in investment accounts		439,629			448,305
	Holdings for trading or financial intermediation		1,100,571			344,467
	Unlisted government securities		70,403			69,958
	Instruments issued by the Central Bank of Argentina		5,826,668			3,838,911
	Investments in listed private securities		135,580			77,685
	less:  Allowances (Note 3.)		(16	)		(27	)
			7,572,835			4,779,299
C.	LOANS
	To the non-financial government sector		203,552			744,507
	To the financial sector
	Interfinancing - (granted call)		23,165			42,030
	Other financing to Argentine financial institutions		34,586			37,836
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		810			557
	To the non-financial private sector and foreign residents
	Overdrafts		1,495,615			1,556,433
	Documents		1,338,301			1,348,585
	Mortgage loans		741,475			738,592
	Pledged loans		258,101			339,895
	Personal loans		3,845,737			3,806,442
	Credit cards		845,312			869,101
	Other		2,375,259			2,071,927
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		197,372			195,026
	less:  Unposted payments		(29	)		(29	)
	less:  Unearned discount		(27,442	)		(32,596	)
	less:  Allowances (Note 3.)		(427,614	)		(438,348	)
			10,904,200			11,279,958

(1) See Note 3.1. to the stand-alone financial statements.

Jorge H. Brito

Chairperson

61

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2009			12/31/2008 (1)
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		782,797			412,305
	Amounts receivable from spot and forward sales pending settlement		710,764			494,737
	Securities and foreign currency receivable from spot and forward purchases pending settlement		133,901			54,282
	Unlisted corporate bonds		65,571			53,389
	Receivables from forward transactions without delivery of underlying asset		14,059			109
	Other receivables not covered by debtors classification standards		588,615			597,319
	Other receivables covered by debtors classification standards		70,342			70,512
	less:  Allowances (Note 3.)		(230,076	)		(228,588	)
			2,135,973			1,454,065
E.	ASSETS SUBJECT TO FINANCIAL LEASES
	Assets subject to financial leases		274,762			360,781
	less:  Allowances (Note 3.)		(4,011	)		(5,391	)
			270,751			355,390
F.	INVESTMENTS IN OTHER COMPANIES
	In financial institutions		538			483
	Other		10,912			10,286
	less:  Allowances (Note 3.)		(1,474	)		(247	)
			9,976			10,522
G.	OTHER RECEIVABLES
	Receivables from sale of assets		28,671			43,358
	Minimum presumed income tax - Tax Credit		10,280			25,767
	Other		297,258			196,000
	Accrued interest and adjustments receivable on receivables from sale of assets		450			2,502
	Other accrued interest and adjustments receivable
	less:  Allowances (Note 3.)		(14,113	)		(15,838	)
			322,546			251,789
H.	BANK PREMISES AND EQUIPMENT, NET		429,278			430,842
I.	OTHER ASSETS		121,790			137,357
J.	INTANGIBLE ASSETS
	Goodwill		57,153			63,477
	Organization and development costs		145,815			135,069
			202,968			198,546
K.	ITEMS PENDING ALLOCATION		2,289			3,332
TOTAL ASSETS			26,173,671			22,424,997

(1) See Note 3.1. to the stand-alone financial statements.

Jorge H. Brito

Chairperson

62

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2009		12/31/2008 (1)
LIABILITIES
L.	DEPOSITS
	From the non-financial government sector		4,039,739		3,937,961
	From the financial sector		11,907		22,438
	From the non-financial private sector and foreign residents
	Checking accounts		3,168,475		2,581,060
	Savings accounts		2,991,129		2,716,913
	Time deposits		7,706,759		6,031,882
	Investment accounts		115,493		155,936
	Other		423,081		321,020
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		82,453		61,147
			18,539,036		15,828,357
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina
	Other		1,871		302,760
	Banks and International Institutions		206,104		224,968
	Non-subordinated Corporate Bonds		605,910		708,354
	Amounts payable for spot and forward purchases pending settlement		139,963		68,499
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		1,255,136		679,495
	Financing received from Argentine financial institutions
	Interfinancing - (received call)		57,000		25,000
	Other financing received from Argentine financial Institutions		19,253		24,139
	Accrued interest payables		114		16
	Receivables from forward transactions without delivery of underlying asset		106		5,949
	Other		714,989		625,981
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		41,496		49,783
			3,041,942		2,714,944
N.	OTHER LIABILITIES
	Fees		490		676
	Other		777,304		442,026
			777,794		442,702
O.	PROVISIONS (Note 3.)		88,402		83,004
P.	SUBORDINATED CORPORATE BONDS		593,259		521,681
Q.	ITEMS PENDING ALLOCATION		2,457		2,105
	MINORITY INTERESTS IN SUBSIDIARIES		19,090		15,568
	TOTAL LIABILITIES		23,061,980		19,608,361
	SHAREHOLDERS' EQUITY		3,111,691		2,816,636
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			26,173,671		22,424,997

(1) See Note 3.1. to the stand-alone financial statements.

Jorge H. Brito

Chairperson

63

CONSOLIDATED BALANCE SHEETS

(Section 33, Law No. 19,550)

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2009		12/31/2008 (1)
MEMORANDUM ACCOUNTS
	DEBIT-BALANCE ACCOUNTS		14,444,400		13,368,350
	Contingent		4,374,360		3,669,663
	Guarantees received		3,757,516		3,295,985
	Other not covered by debtors classification standards		361		346
	Contingent debit-balance contra accounts		616,483		373,332
	Control		5,730,794		5,435,013
	Receivables classified as irrecoverable		852,400		774,299
	Other		4,641,305		4,401,411
	Control debit-balance contra accounts		237,089		259,303
	Derivatives		3,654,482		3,598,362
	Notional value of put options taken		22,889		24,349
	Notional value of forward transactions without delivery of underlying asset		2,662,861		2,219,777
	Interest rate swap		83,867		39,422
	Derivatives debit-balance contra accounts		884,865		1,314,814
	Trust activity		684,764		665,312
	Trust funds		684,764		665,312
	CREDIT-BALANCE ACCOUNTS		14,444,400		13,368,350
	Contingent		4,374,360		3,669,663
	Guarantees provided to the Central Bank of Argentina				141,353
	Other guarantees provided covered by debtors classification standards		81,483		84,136
	Other guarantees provided not covered by debtors classification standards		129,958		57,758
	Other covered by debtors classification standards		405,042		90,085
	Contingent credit-balance contra accounts		3,757,877		3,296,331
	Control		5,730,794		5,435,013
	Checks to be credited		237,089		259,303
	Control credit-balance contra accounts		5,493,705		5,175,710
	Derivatives		3,654,482		3,598,362
	Notional value of put options taken		21,500
	Notional value of put options sold		69,926		99,826
	Notional value of forward transactions without delivery of underlying asset		793,439		1,214,988
	Derivatives credit-balance contra account		2,769,617		2,283,548
	Trust activity		684,764		665,312
	Trust activity credit-balance contra accounts		684,764		665,312

(1) See Note 3.1. to the stand-alone financial statements.

The accompanying notes 1 through 5 to the consolidated financial statements and Exhibit I are an integral part of these statements, which are part of the stand-alone financial statements of Banco Macro S.A. and should be read together with them.

Jorge H. Brito

Chairperson

64

CONSOLIDATED STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2009, AND 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2009		09/30/2008 (1)
A.	FINANCIAL INCOME
	Interest on cash and due from banks		276		5,846
	Interest on loans to the financial sector		6,723		11,362
	Interest on overdrafts		263,884		234,368
	Interest on documents		151,573		128,749
	Interest on mortgage loans		78,091		70,153
	Interest on pledged loans		43,997		47,708
	Interest on credit card loans		137,504		77,212
	Interest on other loans		912,062		729,628
	Interest on other receivables from financial intermediation		81		13,535
	Income from government and private securities, net		988,602		418,634
	Income from guaranteed loans - Presidential Decree No. 1,387/01		3,501		27,483
	Net income from options				74
	CER (Benchmark Stabilization Coefficient) adjustment		10,928		58,321
	CVS (Salary Variation Coefficient) adjustment		543		607
	Difference in quoted prices of gold and foreign currency		122,716		80,015
	Other		196,282		133,454
			2,916,763		2,037,149
B.	FINANCIAL EXPENSE
	Interest on checking accounts		12,700		12,094
	Interest on savings accounts		12,510		9,901
	Interest on time deposits		891,478		622,654
	Interest on interfinancing received loans (received call)		1,331		3,152
	Interest on other financing from Financial Institutions		3		17
	Interest on other liabilities from financial intermediation		62,048		68,448
	Interest on subordinated bonds		40,772		34,971
	Other interest		2,153		6,772
	Net income from options		1
	CER adjustment		3,314		28,304
	Contribution to Deposit Guarantee Fund		22,281		18,858
	Other		104,298		111,082
			1,152,889		916,253
	GROSS INTERMEDIATION MARGIN - GAIN		1,763,874		1,120,896
C.	PROVISION FOR LOAN LOSSES		132,916		96,908
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		42,116		49,985
	Related to deposits		498,310		417,295
	Other commissions		21,441		18,409
	Other		210,604		157,963
			772,471		643,652

(1) See Note 3.1. to the stand-alone financial statements.

Jorge H. Brito

Chairperson

65

CONSOLIDATED STATEMENTS OF INCOME

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2009, AND 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

		09/30/2009			09/30/2008 (1)
E.	SERVICE-CHARGE EXPENSE
	Commissions		44,849			44,755
	Other		118,925			81,936
			163,774			126,691
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		693,348			595,290
	Directors' and statutory auditors' fees		32,654			21,418
	Other professional fees		47,816			36,935
	Advertising and publicity		30,961			39,007
	Taxes		61,527			52,487
	Depreciation of equipment		40,018			37,578
	Amortization of organization costs		24,246			18,496
	Other operating expenses		155,763			124,380
	Other		17,168			13,685
			1,103,501			939,276
	NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN		1,136,154			601,673
G.	OTHER INCOME
	Reultado por participaciones permanentes		7,676			26,813
	Penalty interest		18,107			9,323
	Recovered loans and allowances reversed		35,163			61,570
	CER adjustments		48			79
	Others		32,223			40,880
			93,217			138,665
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank ok Argentina		16			174
	Charges for other receivables uncollectibility and other allowances		19,327			26,767
	Amortization of differences from deposits dollarization		16,642			22,689
	Depreciation and loss of other assets		4,370			1,132
	Goodwill amortization		6,324			6,331
	Other		54,758			26,793
			101,437			83,886
	MINORITY INTEREST IN SUBSIDIARIES		(3,537	)		(2,386	)
	NET INCOME BEFORE INCOME TAX - GAIN		1,124,397			654,066
I.	INCOME TAX		614,302			178,235
	NET INCOME FOR THE PERIOD - GAIN		510,095			475,831

(1) See Note 3.1. to the stand-alone financial statements.

The accompanying notes 1 through 5 to the consolidated financial statements and Exhibit I are an integral part of these statements, which are part of the stand-alone financial statements of Banco Macro S.A. and should be read together with them.

Jorge H. Brito

Chairperson

66

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2009, AND 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2009			09/30/2008 (1)
CHANGES IN CASH AND CASH EQUIVALENTS
Cash at beginning of fiscal year		3,523,897			3,117,426
Cash at end of the period		4,235,840			3,239,315
Net Increase in cash		711,943			121,889
CAUSES OF CHANGES IN CASH
Operating activities
Net collections/ (payments):
Government and private securities		(1,221,292	)		(969,517	)
Loans
to the financial sector		28,786			55,442
to the non-financial government sector		52,037			(68,170	)
to the non-financial private sector and foreign residents		1,349,232			(433,756	)
Other receivables from financial intermediation		(443,166	)		(135,932	)
Assets subject to financial leases		133,314			47,231
Deposits
From the financial sector		(10,531	)		271
From the non-financial government sector		(156,057	)		1,112,504
From the non-financial private sector and foreign residents		1,929,716			1,471,852
Other liabilities from financial intermediation
Financing facilities from the financial sector (received calls)		30,414			34,817
Others (except liabilities included under financing activities)		223,119			72,629
Collections related to service-charge income		766,689			643,031
Payments related to service-charge expenses		(159,550	)		(126,487	)
Administrative expenses paid		(1,043,549	)		(833,653	)
Payment of organization and development costs		(30,849	)		(30,944	)
Net collections from penalty interest		18,099			9,149
Differences from payments related to court orders		(20,825	)		(12,156	)
Collections of dividends from other companies		6,177			8,546
Other collections related to other income and losses		(14,621	)		(13,471	)
Net payments from other operating activities		(134,386	)		(6,600	)
Payment of income tax / minimum presumed income tax		(294,878	)		(64,274	)
Net cash flows generated in operating activities		1,007,879			760,512

(1) See Note 3.1. to the stand-alone financial statements.

Jorge H. Brito

Chairperson

67

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2009, AND 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2009			09/30/2008 (1)
Investing activities
Net payments for bank premises and equipment		(27,075	)		(42,466	)
Net payments/(collections) for other assets		2,907			28,078
Payments from purchases of investments in other companies					(635	)
Collections from sales of investments in other companies		150			922
Other payments for investing activities		(10,939	)		(208	)
Net cash flows used in investing activities		(34,957	)		(14,309	)
Financing activities
Net collections/ (payments):
Non-subordinated corporate bonds		(97,832	)		(116,685	)
Central Bank of Argentina:
Other		(76,840	)		(79,596	)
Banks and International Institutions		(31,627	)		66,268
Subordinated corporate bonds		(28,357	)		(20,113	)
Financing received from Argentine financial institutions		(4,894	)		(40,184	)
Dividend payment		(148,350	)		(171,004	)
Other payments from financing activities
Own shares reacquired		(56,665	)		(272,574	)
Net cash flows used in financing activities		(444,565	)		(633,888	)
Financial income and holding gains on cash and cash equivalents		183,586			9,574
Net increase in cash		711,943			121,889

(1) See Note 3.1. to the stand-alone financial statements.

Notes 1 through 5 to the consolidated financial statements and Exhibit I are an integral part of these financial statments, which are part of the stand-alone financial statements of Banco Macro S.A. and should be read together with them.

Jorge H. Brito

Chairperson

68

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2009		12/31/2008 (1)
COMMERCIAL
In normal situation		5,604,390		5,989,222
With Senior “A” guarantees and counter-guarantees		208,246		149,011
With Senior “B” guarantees and counter-guarantees		674,536		620,553
Without Senior guarantees or counter-guarantees		4,721,608		5,219,658
Subject to special monitoring		123,506		11,637
In observation
With Senior “B” guarantees and counter-guarantees		10,449		4,555
Without Senior guarantees or counter-guarantees		108,941		7,082
In negociation or with rollover agreement
With Senior “B” guarantees and counter-guarantees		3,726
Without Senior guarantees or counter-guarantees		390
Troubled		51,354		13,022
With Senior “B” guarantees and counter-guarantees		9,261		9,452
Without Senior guarantees or counter-guarantees		42,093		3,570
With high risk of insolvency		31,920		70,955
With Senior “A” guarantees and counter-guarantees		561
With Senior “B” guarantees and counter-guarantees		9,373		5,844
Without Senior guarantees or counter-guarantees		21,986		65,111
Irrecoverable		18,311		23,027
With Senior “B” guarantees and counter-guarantees		4,064		5,608
Without Senior guarantees or counter-guarantees		14,247		17,419
Subtotal Commercial		5,829,481		6,107,863

(1) See Note 3.1. to the stand-alone financial statements.

Jorge H. Brito

Chairperson

69

CONSOLIDATED STATEMENTS OF DEBTORS BY SITUATION

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2009		12/31/2008 (1)
CONSUMER
Performing		6,033,379		5,983,813
With Senior “A” guarantees and counter-guarantees		26,337		21,426
With Senior “B” guarantees and counter-guarantees		735,474		811,788
Without Senior guarantees or counter-guarantees		5,271,568		5,150,599
Low risk		117,130		112,347
With Senior “A” guarantees and counter-guarantees		157		93
With Senior “B” guarantees and counter-guarantees		19,198		11,151
Without Senior guarantees or counter-guarantees		97,775		101,103
Medium risk		96,110		83,053
With Senior “A” guarantees and counter-guarantees				37
With Senior “B” guarantees and counter-guarantees		11,278		6,338
Without Senior guarantees or counter-guarantees		84,832		76,678
High risk		138,690		105,485
With Senior “A” guarantees and counter-guarantees		60
With Senior “B” guarantees and counter-guarantees		10,950		7,633
Without Senior guarantees or counter-guarantees		127,680		97,852
Irrecoverable		42,921		29,073
With Senior “B” guarantees and counter-guarantees		8,121		5,486
Without Senior guarantees or counter-guarantees		34,800		23,587
Irrecoverable according to Central Bank's rules		424		1,435
With Senior “A” guarantees and counter-guarantees		1		1
With Senior “B” guarantees and counter-guarantees				309
Without Senior guarantees or counter-guarantees		423		1,125
Subtotal Consumer		6,428,654		6,315,206
Total		12,258,135		12,423,069

(1) See Note 3.1. to the stand-alone financial statements.

The accompanying notes 1 through 5 to the consolidated financial statements and Exhibit I are an integral part of these statements, which are part of the stand-alone financial statements of Banco Macro S.A. and should be read together with them.

Jorge H. Brito

Chairperson

70

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

of the stand-alone financial statements)

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

1. SIGNIFICANT ACCOUNTING POLICIES AND SUBSIDIARIES

1.1. Valuation and disclosure criteria:

According to the procedures provided in BCRA standards - Communiqué “A” 2,227, as supplemented, and FACPCE Technical Resolution No. 21, the Bank has consolidated line-by-line (i) its balance sheets as of September 30, 2009, and December 31, 2008, and (ii) the statements of income and cash flows for the nine—month periods ended September 30, 2009, and 2008, with the financial statements of the subsidiaries listed in point 1.2. as of each respective date.

The financial statements of the Bank’s subsidiaries have been prepared based on methods similar to those applied by the Bank to prepare its own financial statements, with respect to assets and liabilities valuation and disclosure, income (loss) measurement and restatement procedures, as explained in note 3 to the Bank’s stand-alone financial statements. In addition, the Bank made certain reclassifications of the financial statements as of September 30, 2008, for the sole purpose of comparing them with these financial statements.

The receivables/payables and transactions between the companies were eliminated in the consolidation process.

1.2. List of subsidiaries:

The table below shows the treatment given to the equity interests that Banco Macro S.A. holds in subsidiaries (percentage of equity interest and votes held directly or indirectly as of September 30, 2009):

	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
Banco del Tucumán S.A.	Common		395,341		89.932	%		89.932	%		89.932	%		89.932	%
Macro Bank Limited  (a)	Common		9,816,899		99.999	%		99.999	%		99.999	%		99.999	%
Macro Securities S.A. Sociedad de Bolsa  (b)	Common		12,776,680		99.154	%		99.154	%		99.921	%		99.921	%
Sud Inversiones & Análisis S.A.	Common		6,475,143		98.605	%		98.605	%		98.605	%		98.605	%
Macro Fondos S.G.F.C.I. S.A.	Common		327,183		19.100	%		19.100	%		99.936	%		99.936	%

(a)    Consolidated with Sud Asesores (ROU) S.A. (voting rights: 100%, equity interest: 854).

(b)    Consolidated with Macro Fondos SGFCI S.A. (percentage of capital stock and votes 80.90%).

In addition, the Bank consolidated its balance sheets and statements of income and cash flows as of September 30, 2008, with Red Innova Administradora de Fondos de Inversión S.A.

As of December 31, 2008, Red Innova Administradora de Fondos de Inversión settled the full amount of its liabilities and subsequently, in accordance with the decision approved by the shareholders’ meeting held December 19, 2008, it distributed all of its assets proportionately among its shareholders.

71

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

of the stand-alone financial statements)

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

1.3. Methods of incorporating foreign subsidiaries:

The financial statements of the foreign subsidiaries were adapted to BCRA rules.  Also, as they are originally stated in US dollars and Uruguayan pesos, 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 BCRA trading room and effective for the foreign currency at the closing of transactions on the last business day of the nine-month period ended the September 30, 2009, and  the year ended December 31, 2008.

(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, 2009, and 2008, 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 year (difference between retained earnings at beginning of period and retained earnings at year-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 (ROU) S.A.) as of September 30, 2009, considering the translation process mentioned above are as follows:

	Macro Bank Limited
	In thousands of USD		In thousands of Ps.
Assets		297,532		1,143,326
Liabilities		256,150		984,309
Shareholders’ equity		41,382		159,017

72

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

of the stand-alone financial statements)

(Figures stated in thousands of pesos, except for where 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, 2009:

	Banco MacroS.A.		Bancodel TucumánS.A.		Macro Bank Limited (1)		Other Subsidiaries (2)		Eliminations		Banco MacroS.A. consolidated
Assets		23,650,894		1,822,603		1,143,326		75,221		518,373		26,173,671
Liabilities		20,539,203		1,634,484		984,309		43,455		139,471		23,061,980
Shareholders’ equity		3,111,691		188,119		159,017		31,766		378,902		3,111,691
Income (loss)		510,095		34,958		59,044		10,416		104,418		510,095

(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.) and Sud Inversiones & Análisis S.A.

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.) and Sud Inversiones & Análisis S.A.

1.5. Statement of cash flows

The Bank and its subsidiaries consider “cash and cash equivalents” to be the Cash and Government and private securities accounts which mature less than 90 days as from their date of acquisition. As of September 30, 2009, such securities total 34,775, while as of September 30, 2008, the Bank did not record securities under this condition.

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.:

a) Other receivables from financial intermediation

As of September 30, 2009, and December 31, 2008, Banco del Tucumán S.A. continued to keep as security the amounts related to the special guarantee checking accounts opened in BCRA for transactions related to the electronic clearing houses and similar ones for an amount of 24,966 and 24,235, respectively.

b) Other receivables

As of September 30, 2009, and December 31, 2008, this includes other receivables in the amount of 2,031 and 789, respectively.

73

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

of the stand-alone financial statements)

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

2.2. Macro Securities S.A. Sociedad de Bolsa:

a)  Government securities

As of December 31, 2008, the investment in Mercado de Valores de Buenos Aires S.A. includes an amount of 2,087 resulting from a stock exchange-regulated repurchase agreement executed on December 26, 2008, expiring on January 2, 2009, whereby Argentine government bonds in US dollars maturing in 2012 were paid, for a residual value of 1,250, which as of December 31, 2008, were secured on such market.

b)  Other receivables from financial intermediation

As of September 30, 2009, and December 31, 2008, this includes 1,405 and 1,141, respectively.

c)  Interests in other companies

c.1) As of September 30, 2009, and December 31, 2008, investments in Tunas del Chaco S.A., Emporio del Chaco S.A. and Proposis S.A. in the amount of 2,228, and 2,235, 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. This system enables the payment of the abovementioned taxes to be deferred up to the fifth year after the launch of the project (in this case, 2007), while it sets forth that the investment must be kept in assets for a period of at least five years as from January 1 of the year following the year in which the investment was made (in this case 2003).

c.2) As of September 30, 2009, and as of December 31, 2008, this includes other investments in other companies in the amount of 1,453.

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

Other receivables from financial intermediation

As of September 30, 2009, and December 31, 2008, it has equity interests in the Risk Fund of Puente Hnos. S.G.R. for 4,976 and 3,986, respectively, resulting from a 4,000 contribution made by Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A. on October 19, 2007.

On August 12, 2009, Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A. requested the reimbursement of the contribution made to the risk fund. In this regard, on October 20, 2009, Puente Hnos. S.G.R. reimbursed 4,000, net of the contingent risk fund of 142, which will be reimbursed as such assets are recovered. Furthermore, collection of the yields generated during the year, in the amount of 976, is still pending.

74

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

of the stand-alone financial statements)

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

3. 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, 2009:

	Balances at
	beginning of				Decreases				Balances at
Item	year		Increases		Write off		Reversals		period-end
Allowances
For government and private securities		27						11		16
For loans		438,348		124,758		132,896		2,596		427,614
For other receivables from financial intermediation		228,588		2,708		1,152		68		230,076
For assets subject to financial lease		5,391		52		1		1,431		4,011
For investments in other companies		247		1,243				16		1,474
For other receivables		15,838		2,287		2,375		1,637		14,113
Total		688,439		131,048		136,424		5,759		677,304
Provisions
For contingent commitments		1,523		10				534		999
For negative goodwill		483								483
For other contingencies		62,765		15,075		9,100		2,064		66,676
Difference from court deposits dollarization		18,233		2,011						20,244
Total		83,004		17,096		9,100		2,598		88,402

75

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

of the stand-alone financial statements)

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

4. DERIVATIVE FINANCIAL INSTRUMENTS

The following is the breakdown of the volumes in gross absolute values of transactions effective as of September 30, 2009, and December 31, 2008, 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	09/30/2009		12/31/2008
Futures / Foreign currency		2.974.893		3.184.624
Futures / Government securities		1.138.904		629.543
Forwards / Foreign currency		481.407		250.141
Options / Boden coupons		69.926		99.826
Swap / Other		83.867		39.422
Options / Other		44.389
Options / Private securities				24.349

In addition, positions of transactions effective as of September 30, 2009, and December 31, 2008, are as follows:

Transaction	09/30/2009			12/31/2008
Net liability position of repurchase agreements		(1,136,712	)		(629,543	)
Net asset position of forward foreign-currency transactions without delivery of underlying asset		1,869,422			1,004,789
Position of put options sold on Boden 2012 and 2013 coupons		69,926			99,826
Interest rate swap		83,867			39,422
Position of put options purchased		22,889			24,349
Position of call options sold		21,500

5. TRUST AGREEMENTS

In addition to the statements mentioned in note 15 to the Bank’s stand-alone financial statements, the subsidiaries are related to different types of trusts.  The different types of trust agreements, according to the Bank’s business purpose, are disclosed below.

76

CONSOLIDATED FINANCIAL STATEMENTS

WITH SUBSIDIARIES

(Section 33, Law No. 19,550)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2009

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

of the stand-alone financial statements)

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

5.1. 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 190 as of December 31, 2008) recorded in their financial statements as of September 30, 2009:

Financial trust	09/30/2009		12/31/2008
Certificates of participation:
TST & AF (a)		42,188		33,148
Other		6,379		7,981
Total certificates of participation		48,567		41,129

(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 46,67% of certificates of participation, issued by Fideicomiso TST & AF.

As per the latest accounting information available to date, corpus assets amounted to about 206,535.

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

5.2. Trusts created using financial assets transferred by the Bank

Banco del Tucuman S.A. transferred financial assets (loans) to trusts for the purpose of issuing and selling securities, the collection of which is guaranteed by the cash flow resulting from such assets or group of assets. This way, the funds originally used to finance loans are recovered early, increasing the Bank's lending capacity.

As of September 30, 2009, and December 31, 2008, the trusts’ assets managed amount to 190.

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

As mentioned in note 15.4. to the stand-alone financial statements, in these trusts the Bank only carries out administrative duties regarding the corpus assets, in accordance with the agreements.

As of September 30, 2009, and December 31, 2008, the trusts’ assets managed amount to 301,437 and 205,436, respectively.

Jorge H. Brito

Chairperson 

77

EXHIBIT I

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2009				12/31/2008
Name	Market value		Book balance		Book balance
GOVERNMENT AND PRIVATE SECURITIES
GOVERNMENT SECURITIES
Holdings in investment accounts
- Local
Federal government bonds in pesos at BADLAR Private + 2,75 – Maturity: 2014		146,082		145,345
Argentine Government bonds in US dollars at 7% - Maturity: 2015		307,119		129,560		49,590
Federal government bonds in pesos – Maturity: 2014		207,005		108,605		3,582
Secured bonds under Presidential Decree No. 1,579/02		35,198		29,429		23,769
Discount bonds denominated in pesos - Maturity: 2033		17,230		17,230		22,201
Consolidation bonds in pesos – Sixth series		5,512		5,019		4,122
Par bonds denominated in US dollars - Maturity: 2038 (governed by Argentine legislation)		2,272		1,723		1,450
Federal government bonds in US dollars at LIBOR - Maturity: 2012		1,925		1,720		235,546
Federal government bonds in US dollars at LIBOR - Maturity: 2013		633		546		564
Par bonds denominated in US dollars - Maturity: 2038 (governed by New York State legislation)		566		452		382
Consolidation bonds of social security payables in pesos – Third series at 2%						76,400
Argentine Government bonds in US dollars at 7% - Maturity: 2017						23,252
Consolidation bonds of social security payables in pesos – Fourth Series						7,447
Subtotal holdings in investment accounts				439,629		448,305
Holdings for trading or financial intermediation
- Local
Discount bonds denominated in pesos - Maturity: 2033		553,059		553,059		209,277
Federal government bonds in US dollars at LIBOR - Maturity: 2012		54,219		54,219		96,415
Consolidation bonds in pesos – Fourth series at 2%		9,479		9,479		1,523
Argentine Government bonds in US dollars at 7% - Maturity: 2015		8,824		8,824		9,627
Secured bonds under Presidential Decree No. 1,579/02		6,877		6,877		652
Federal government bonds in pesos – Maturity: 2014		4,165		4,165
Consolidation bonds of social security payables in pesos – Fourth Series		1,025		1,025		1,324
Federal government bonds in pesos at BADLAR Private + 2,75 – Maturity: 2014		370		370
Discount bonds denominated in US dollars - Maturity: 2033 (governed by Argentine legislation)		362		362		161
Argentine Government bonds in US dollars at 7% - Maturity: 2017		290		290		1,633
Securities connected to PBI U$S - Maturity 2035 (governed by Argentine legislation)		244		244		94
Federal government bonds in US dollars at 7% - Maturity: 2013		194		194
Securities connected to PBI Argentine Ps. - Maturity 2035		106		106		96
Federal government bonds in US dollars at LIBOR - Maturity: 2013		49		49		2,304
Consolidation bonds of social security payables in pesos – Third series at 2%		16		16		2,280
Discount bonds denominated in US dollars - Maturity: 2033 (governed by New York State legislation)		1		1		9,975
Consolidation bonds in pesos – Second series at 2%						6,944
Argentine Government bonds in US dollars at 7% - Maturity: 2011						1,565
Other		177		177		597
Subtotal local holdings for trading or financial intermediation				639,457		344,467
- Foreign
Treasury Bill - Maturity: 10-01-09		172,922		172,922
Treasury Bill - Maturity: 10-29-10		153,700		153,700
Treasury Bill - Maturity: 10-22-09		134,492		134,492
Subtotal foreign holdings for trading or financial intermediation				461,114
Subtotal holdings for trading or financial intermediation				1,100,571		344,467
Unlisted government securities
- Local
Federal government bonds in pesos at BADLAR Private + 3,50 – Maturity: 2013				46,090		51,864
Federal government bonds in pesos at variable rate - Maturity: 2013				10,950		10,385
Consolidation bonds in pesos – Second series at 2%				5,638
Province of Tucumán bonds - Second series in dollars at 9,45% - Maturity: 2015				3,855		5,419
Province of Tucumán bonds - First series in pesos - Maturity: 2018				2,093		2,290
Federal government bonds in pesos at BADLAR Private + 300 Pbs – Maturity: 2015				1,022
Par bonds denominated in pesos - Maturity: 2038				755
Subtotal unlisted government securities				70,403		69,958

Jorge H. Brito

Chairperson 

78

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2009				12/31/2008
Name	Market value		Book balance		Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA
Central Bank of Argentina Internal Bills – Listed – Own Portfolio
Central Bank of Argentina Internal bills in pesos – Maturity: 10-21-09		34,775		34,775
Subtotal Central Bank of Argentina Internal Bills – Listed – Own Portfolio				34,775
Central Bank of Argentina Bills – Under repo transactions
Central Bank of Argentina Internal bills in pesos – Maturity: 09-29-10				417,668
Central Bank of Argentina Internal bills in pesos – Maturity: 04-27-11				168,974
Central Bank of Argentina Internal bills in pesos – Maturity: 09-23-09						425,963
Subtotal Central Bank of Argentina Bills – Under repo transactions				586,642		425,963
Central Bank of Argentina Internal Bills – Unlisted – Own Portfolio
Central Bank of Argentina Internal bills in pesos – Maturity: 03-10-10				517,462
Central Bank of Argentina Internal bills in pesos – Maturity: 12-15-09				320,349
Central Bank of Argentina Internal bills in pesos – Maturity: 01-27-10				287,271
Central Bank of Argentina Internal bills in pesos – Maturity: 11-25-09				195,789
Central Bank of Argentina Internal bills in pesos – Maturity: 11-04-09				167,491
Central Bank of Argentina Internal bills in pesos – Maturity: 11-11-09				98,400
Central Bank of Argentina Internal bills in pesos – Maturity: 12-23-09				96,958
Central Bank of Argentina Internal bills in pesos – Maturity: 01-13-10				96,017
Central Bank of Argentina Internal bills in pesos – Maturity: 02-10-10				95,224
Subtotal Central Bank of Argentina Internal Bills – Unlisted – Own Portfolio				1,874,961
Central Bank of Argentina notes - Listed - Own portfolio
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02-10-10		54,215		54,215		53,423
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 03-25-10		35,071		35,071		34,540
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-06-10		7,808		7,808		7,823
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-20-10		3,467		3,467		3,442
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 02-25-09						333,742
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02-11-09						166,538
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 01-21-09						162,736
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 03-11-09						10,252
Subtotal Central Bank of Argentina notes - Listed - Own portfolio				100,561		772,496
Subotal instruments issued by the Central Bank of Argentina				2,596,939		1,198,459

Jorge H. Brito

Chairperson 

79

EXHIBIT I

(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES

AS OF SEPTEMBER 30, 2009 AND DECEMBER 31, 2008

(Translation of financial statements originally issued in Spanish -

See note 22 to the stand-alone financial statements)

(Figures stated in thousands of pesos)

	09/30/2009				12/31/2008
Name	Market value		Book balance		Book balance
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued)				2,596,939		1,198,459
Central Bank of Argentina internal notes - Unlisted - Own portfolio
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 02-17-10				717,069
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 12-09-09				608,207
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 11-11-09				490,537
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 10-14-09				469,894
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 04-21-10				374,438
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 01-13-10				364,044
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 01-20-10				205,540		214,860
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 03-25-09						425,842
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 05-06-09						312,962
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 05-27-09						311,579
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 01-07-09						257,567
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 07-15-09						212,251
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 07-29-09						157,657
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 05-13-09						156,981
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 02-11-09						155,073
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 03-11-09						151,060
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 03-04-09						102,244
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 03-18-09						101,374
Central Bank of Argentina internal notes in pesos with variable BADLAR rate – Maturity: 06-24-09						81,002
Subtotal Central Bank of Argentina internal notes - Unlisted - Own portfolio				3,229,729		2,640,452
Total Instruments issued by the Central Bank of Argentina				5,826,668		3,838,911
Total Government securities				7,437,271		4,701,641
INVESTMENTS IN LISTED PRIVATE SECURITIES
Corporate Bonds- Telefónica		35,623		35,623		25,702
Corporate Bonds- Emgasud		33,997		33,997
Corporate Bonds - Panamerican Energy		33,407		33,407		29,279
Mutual Fund - Pionero FF		9,233		9,233		3,127
Mutual Funds - Pionero Pesos		8,498		8,498		2,460
Corporate Bonds- Edenor		7,223		7,223
Mutual Funds - Pionero Renta Ahorro		3,761		3,761
Corporate Bonds- Panamerican		1,444		1,444
Mutual Funds - Pionero Renta Dólares		920		920		554
Credit Suisse M.M. Fund		783		783		702
Mutual Funds - Pionero Latam		352		352		880
Mutual Funds - Pionero América Clase A		234		234
Mutual Funds - Pionero América Clase B		105		105
Corporate Bonds - YPF						6,487
Geometric fund						5,954
Corporate Bonds - Pesaar						2,161
Shares - Solvay Indupa						378
Others						1
Total Investments in listed private securities				135,580		77,685
Total government and private securities (1)				7,572,851		4,779,326

(1) As of September 30, 2009, and December 31, 2008, the Bank booked allowances for impairment in value amounting to 16 and 27 respectively.

Jorge H. Brito

Chairperson 

80

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

Date: November 16, 2009

MACRO BANK INC.

By: /s/ 

Name:   Luis Cerolini

Title:     Director