Glossary entry

Spanish term or phrase:

término de cobros por amortización de los amparos

English translation:

conclusion of the amortization of court-ordered payments to depositors

Added to glossary by patinba
Nov 13, 2008 18:34
15 yrs ago
Spanish term

término de cobros por amortización de los amparos

Spanish to English Bus/Financial Finance (general)
Dear colleagues, this is an excerpt from a text about a Argentine bank's activity this year . I need an explanation why exactly the bank's profits grew. What kind of payments ceased? Apparently it has something to do with the corralito in 2001 and the demands of deposit-holders to return the money. Many thanks.
Here it is.
Las utilidades del banco el tercer trimestre se elevaron un 60,7% a 118mn de pesos respecto del tercer trimestre del 2007, principalmente debido al término de cobros por amortización de los denominados amparos en el primer trimestre de este año.
Change log

Nov 14, 2008 09:28: patinba Created KOG entry

Proposed translations

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conclusion of the amortization of court-ordered payments to depositors

Briefly, after the economic collapse, depositors sued banks for the return of hard currency deposits in the same currency and won their case. This implied a heavy loss for banks, but they were allowed to write it off gradually. In the case of this bank, they have now written it all off, so their results look better.

"cargos" would have been a better word than "cobros"

From BCRA report: "La amortización de amparos se mantuvo en valores reducidos, evidenciando en el transcurso del año una reducción de 0,4 p.p. del activo hasta 0,3%a. De esta manera, las erogaciones por amparos están próximas a desaparecer del cuadro de resultados del sistema financiero...."
Peer comment(s):

agree goulart
9 mins
Thanks, Douglas!
agree Alice Bootman
52 mins
Thanks, Alice!
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4 KudoZ points awarded for this answer. Comment: "thank you"
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