Our system is not funded with foreign resources (these only amount to 4 percent of liabilities): peso-denominated deposits are the main source of funds for local banks in times when the international financial conditions prevent them from getting resources through the capital markets.
After growing at a 22 percent annual rate in the past four years, private sector placements have come to account for 49 percent of the system’s funding. In turn, rediscounts granted due to illiquidity during the 2001 crisis have virtually disappeared from the banks’ balance sheets (and they represent only 0.3 percent of financial system liabilities).