Cristina asked private banks to launch production credit

Buenos Aires, July 4, 2012
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President Cristina Kirchner said at a ceremony held at Government House that she will ask private banks to launch credit for production.

“After the passage of the amendment to the Central Bank Charter, we will ask the top 20 private banks in one year to do in one year what a single bank did in four and half [Banco Nación] for the employers and Argentine workers,” the president said.

She added that “to sustain the investment it is necessary not only the presence of public banks but also private financial institutions.”

In this sense, the president warned that banks seem to rely on employers, because they pay most consumer sectors, while the state “by the level of investment it makes, it is clear that it is who most trust of them.”

Cristina also stressed that SMEs’ like large generating of added value, receive 52% of the total loan portfolio of the National Bank, while the (companies) involved receive only 2 percent.”