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

March 15, 2007

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

FINANCIAL STATEMENTS AS OF
DECEMBER 31, 2006

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,
   Fo. 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.

TABLE OF CONTENTS

• Auditor’s report

• 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 I to the consolidated financial statements with subsidiaries

• Earnings distribution proposal

AUDITOR’S REPORT
Translation into English – Originally issued in Spanish
See Note 22 to the Financial Statements

To the directors of
BANCO MACRO S.A.
Sarmiento 447
City of Buenos Aires

1.

We have audited the accompanying balance sheets of BANCO MACRO S.A. (former Banco Macro Bansud S.A.) as of December 31, 2006, and 2005, and the related statements of income, changes in shareholders’ equity, and cash flows for the years then ended. We have also audited the accompanying consolidated balance sheets of BANCO MACRO S.A. and its subsidiaries as of December 31, 2006, and 2005, and the related consolidated statements of income and cash flows for the fiscal years then ended, which are disclosed as supplementary information. These financial statements are the responsibility of Bank´s Management. Our responsibility is to express an opinion on these financial statements based on our audits.

2.

We conducted our audits in accordance with generally accepted auditing standards effective in Argentina and with “Minimum external auditing standards” issued by the BCRA (Central Bank of Argentina). An audit requires that the auditor plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatements. An audit includes examining, on a selective test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting standards used and the significant estimates made by the Bank’s Management, as well as evaluating the overall financial statement presentation. We believe that our audits and the other auditors’ report mentioned in the third paragraph provide a reasonable basis for our opinion.

3.	The financial statements of the subsidiary Nuevo Banco Bisel S.A. as of December 31, 2006, which were used to value the equity interest held therein by BANCO MACRO S.A. and its subsidiary Nuevo Banco Suquía S.A. by the equity method, and which were also included in BANCO MACRO S.A.’s consolidated financial statements with its subsidiaries as of that date, were audited by other auditors, whose report was furnished to us, and our opinion, with regards the figures included for this bank, is based on the other auditors’ report. In the other auditors’ report referred to above, they rendered a qualified opinion on the application of the professional accounting standards because such subsidiary prepared its financial statements as of December 31, 2006, in accordance with Central Bank accounting standards, which differ from those professional accounting standards.
	This interest in Nuevo Banco Bisel represents in BANCO MACRO S.A.’s financial statements investments of thousands of Ps. 911,543 (thousands of Ps. 209,630 related to Nuevo Banco Suquía S.A.’s interest) as of December 31, 2006, and net income of thousands of Ps. 62,067 (thousands of Ps. 14,274 related to Nuevo Banco Suquía S.A.’s interest) included in the income from long-term investments in subsidiaries for the year then ended. In addition, Nuevo Banco Bisel S.A.’s assets and financial income for the same year represent 19.8% and 10.0% of the respective consolidated totals of BANCO MACRO S.A. and its subsidiaries.
4.	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 Central Bank, which differ from the professional accounting standards approved by the CPCECABA (Professional Council in Economic Sciences of the City of Buenos Aires) in certain valuation and disclosure aspects described in abovementioned note. Such note does not quantify some of the effects of these departures.  However, the Bank estimates that they are significant.

5.	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 Central Bank of Argentina but may not conform with the accounting principles generally accepted in other countries.
6.	In our opinion, based on our audits and the other auditors’ report mentioned in the third paragraph, the accompanying financial statements present fairly, in all material respects, the financial position of BANCO MACRO S.A. and the consolidated financial position of BANCO MACRO S.A. and its subsidiaries as of December 31, 2006, and 2005, and the results of its operations and its cash flows for the years then ended, in accordance with the accounting standards established by the Central Bank of Argentina and, except for the effect of what is mentioned in the fourth paragraph, with professional accounting standards effective in the City of Buenos Aires, Argentina.
7.	In compliance with current legal requirements, we further report that:

a)	The financial statements mentioned in the first paragraph have been transcribed into the “Inventory and Financial statements” book and have been prepared, in all materials respects, in accordance with the applicable Argentine Business Associations Law provisions, Central Bank rules and CNV (Argentine Securities Commission) regulations.
b)	The financial statements of BANCO MACRO S.A. arise from books kept, in all formal respects, pursuant to current legal requirements, Central Bank rules and the terms and conditions established in CNV Resolutions Nos. 1032/EMI and 1996/EMI dated March 17 and May 20, 2004, respectively.
c)	As of December 31, 2006, the liabilities accrued in employee and employer contributions to the Integrated Pension Fund System, as recorded in the Bank’s books, amounted to Ps. 2,613,505, none of which was due as of that date.
d)	For the year ended December 31, 2006, we invoiced fees for auditing services rendered to the Bank, which represent 94% of total invoicing to the Bank for any item, 68% of total auditing services invoiced to the Bank and its subsidiaries, and 66% of total invoicing to the Bank and its subsidiaries for any item.

City of Buenos Aires,	PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.
February 27, 2007	C.P.C.E.C.A.B.A. Vol. 1 – Fo. 13
	NORBERTO M. NACUZZI
	Partner
	Certified Public Accountant (U.B.A.)
	C.P.C.E.C.A.B.A. Vol. 196 – Fo. 142

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

BALANCE SHEETS
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

		12/31/2006			12/31/2005
ASSETS
A.	CASH
	Cash on hand		280,437			229,528
	Due from banks and correspondents		1,098,628			454,552
			1,379,065			684,080
B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit A)
	Holdings in investment accounts					105,416
	Holdings for trading or financial intermediation		221,847			97,232
	Unlisted government securities					36,434
	Instruments issued by the Central Bank of Argentina		1,037,405			1,580,858
	Investments in listed private securities		1,049			32,608
	less: Allowances (Exhibit J)					(483	)
			1,260,301			1,852,065
C.	LOANS (Exhibits B, C and D)
	To the non-financial government sector		360,263			402,029
	To the financial sector		160,681			74,579
	To the non-financial private sector and foreign residents
	Overdrafts		567,614			279,469
	Documents		232,255			311,751
	Mortgage loans		159,126			139,849
	Pledged loans		65,852			67,788
	Personal loans		914,491			385,721
	Credit cards		220,016			162,701
	Other (Note 6.1)		658,110			551,789
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		35,690			32,850
	less: Unposted payments					(6,050	)
	less: Unearned discount		(6,027	)		(7,347	)
	less: Allowances (Exhibit J)		(124,146	)		(206,389	)
			3,243,925			2,188,740

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Jorge H. Brito

Chairperson

		12/31/2006			12/31/2005
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		58,026			69,812
	Amounts receivable from spot and forward sales pending settlement		438,780			347,323
	Securities and foreign currency receivable from spot and forward purchases pending settlement		435,551			236,609
	Premiums on options taken					284
	Unlisted corporate bonds (Exhibits B, C and D)		934			927
	Receivables from forward transactions without delivery of underlying asset		110			258
	Other receivables not covered by debtors classification standards (Note 6.2)		306,129			274,858
	Other receivables covered by debtors classification standards (Exhibits B, C and D)		20,684			30,497
	less: Allowances (Exhibit J)		(2,661	)		(3,735	)
			1,257,553			956,833
E.	ASSETS SUBJECT TO FINANCIAL LEASES
	Assets subject to financial leases (Exhibits B, C and D)		123,461			106,263
	less: Allowances (Exhibit J)		(1,611	)		(1,070	)
			121,850			105,193
F.	INVESTMENTS IN OTHER COMPANIES (Exhibit E)
	In financial institutions		1,534,837			577,477
	Other		24,197			28,690
	less: Negative goodwill		(483	)		(483	)
	less: Allowances (Exhibit J)		(1,016	)		(1,148	)
			1,557,535			604,536
G.	OTHER RECEIVABLES
	Receivables from sale of assets (Exhibits B, C and D)		16,008			7,966
	Minimum presumed income tax - Tax Credit		24,372			42,723
	Other (Note 6.3)		97,176			87,530
	Accrued interest and adjustments receivable on receivables from sales of assets (Exhibits B, C and D)		50			11,627
	Other accrued interest and adjustments receivable		66			48
	less: Allowances (Exhibit J)		(14,647	)		(16,302	)
			123,025			133,592
H.	BANK PREMISES AND EQUIPMENT, NET (Exhibit F)		201,621			176,168
I.	OTHER ASSETS  (Exhibit F)		153,838			144,838
J.	INTANGIBLE ASSETS (Exhibit G)
	Goodwill		66,607			1,646
	Organization and development costs		84,134			67,126
			150,741			68,772
K.	ITEMS PENDING ALLOCATION		737			433
TOTAL ASSETS			9,450,191			6,915,250

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Jorge H. Brito

Chairperson

		12/31/2006		12/31/2005
LIABILITIES
L.	DEPOSITS (Exhibits H and I)
	From the non-financial government sector		938,949		821,497
	From the financial sector		1,394		3,541
	From the non-financial private sector and foreign residents
	Checking accounts		688,744		506,497
	Savings accounts		1,240,913		690,732
	Time deposits		2,155,980		2,129,788
	Investment accounts		18,751		23,724
	Other (Note 6.4)		134,290		127,213
	Accrued interest, adjustments, foreign exchange and quoted price differences payables		19,699		46,212
			5,198,720		4,349,204
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina (Exhibit I)
	Other		778		562
	Banks and international Institutions (Exhibit I)		173,177		153,485
	Amounts payable for spot and forward purchases pending settlement		332,755		172,708
	Securities and foreign currency to be delivered under spot and forward sales pending settlement		529,546		372,566
	Financing received from Argentine financial Institutions (Exhibit I)		47,674		25,106
	Payables for forward transactions without delivery of underlying asset				64
	Other (Note 6.5. and Exhibit I)		140,853		103,564
	Accrued interest, adjustments, foreign exchange and quoted price differences payables (Exhibit I)		25,841		21,651
			1,250,624		849,706
N.	OTHER LIABILITIES
	Other (Note 6.6.)		125,210		71,883
			125,210		71,883
O.	PROVISIONS (Exhibit J)		52,311		142,283
P.	SUBORDINATED CORPORATE BONDS (Exhibit I)		507,844		12,047
Q.	ITEMS PENDING ALLOCATION		505		553
TOTAL LIABILITIES			7,135,214		5,425,676
SHAREHOLDERS’ EQUITY (As per related statement)			2,314,977		1,489,574
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			9,450,191		6,915,250

- 3 -

Jorge H. Brito

Chairperson

		12/31/2006		12/31/2005
MEMORANDUM ACCOUNTS
	DEBIT-BALANCE ACCOUNTS		5,386,973		4,057,524
	Contingent		1,265,431		995,148
	Guarantees received		956,164		845,397
	Other not covered by debtors classification standards		3,450
	Contingent debit-balance contra accounts		305,817		149,751
	Control		3,651,855		2,603,638
	Receivables classified as irrecoverable		425,875		462,318
	Other (Note 6.7.)		3,184,787		2,101,599
	Control debit-balance contra accounts		41,193		39,721
	Derivatives		469,687		458,738
	Notional value of call options taken		119,345
	Notional value of put options taken		50,649		133,456
	Notional value of forward transactions without delivery of underlying asset				36,770
	Derivatives debit-balance contra accounts		299,693		288,512
	CREDIT-BALANCE ACCOUNTS		5,386,973		4,057,524
	Contingent		1,265,431		995,148
	Other guarantees provided covered by debtors classification standards (Exhibits B, C and D)		182,927		87,184
	Other guarantees provided not covered by debtors classification standards		43,289		1,474
	Other covered by debtors classification standards (Exhibits B, C and D)		79,601		61,093
	Contingent credit-balance contra accounts		959,614		845,397
	Control		3,651,855		2,603,638
	Checks to be credited		41,193		39,721
	Control credit-balance contra accounts		3,610,662		2,563,917
	Derivatives		469,687		458,738
	Notional value of call options sold		50,612		120,886
	Notional value of put options sold		221,505		112,423
	Notional value of forward transactions without delivery of underlying asset		27,576		55,203
	Derivatives credit-balance contra account		169,994		170,226

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

- 4 -

Jorge H. Brito

Chairperson

STATEMENTS OF INCOME
FOR THE FISCAL YEARS
ENDED DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

		12/31/2006	12/31/2005
A.	FINANCIAL INCOME
	Interest on cash and due from banks	3,499	8
	Interest on loans to the financial sector	8,872	4,324
	Interest on overdrafts	59,891	26,947
	Interest on documents	22,958	16,998
	Interest on mortgage loans	21,236	11,036
	Interest on pledged loans	11,120	6,491
	Interest on credit card loans	19,901	12,012
	Interest on other loans	177,687	94,266
	Interest on other receivables from financial intermediation	9,498	15,109
	Income from government and private securities, net (Note 6.8.)	146,513	123,583
	Income from guaranteed loans - Presidential Decree No. 1,387/01	17,109	19,523
	CER (Benchmark Stabilization Coefficient) adjustment	48,174	93,620
	CVS (Salary Variation Coefficient) adjustment	1,169	700
	Other (Note 6.9)	68,860	51,103
		616,487	475,720
B.	FINANCIAL EXPENSE
	Interest on checking accounts	6,940	1,456
	Interest on savings accounts	3,985	2,306
	Interest on time deposits	134,533	66,418
	Interest on financing from the financial sector	806	775
	Interest on other liabilities from financial intermediation	14,307	15,822
	Other interest	7,047	6,801
	Net loss from options	284	777
	CER adjustment	21,227	80,564
	Other (Note 6.10)	44,333	37,164
		233,462	212,083
	GROSS INTERMEDIATION MARGIN - GAIN	383,025	263,637
C.	PROVISION FOR LOAN LOSSES	35,338	59,429
D.	SERVICE-CHARGE INCOME
	Related to lending transactions	20,708	12,085
	Related to deposits	149,740	115,957
	Other fees	11,116	6,264
	Other (Note 6.11)	60,597	45,004
		242,161	179,310

- 5 -

Jorge H. Brito

Chairperson

		12/31/2006		12/31/2005
E.	SERVICE-CHARGE EXPENSE
	Fees		11,232		7,219
	Other (Note 6.12)		34,841		22,446
			46,073		29,665
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		210,718		159,722
	Directors’ and statutory auditors’ fees		10,932		12,384
	Other professional fees		29,422		21,342
	Advertising and publicity		24,140		16,977
	Taxes		5,241		4,390
	Other operating expenses (Note 6.13.)		89,616		75,784
	Other		11,718		8,998
			381,787		299,597
	NET INCOME FROM FINANCIAL INTERMEDIATION		161,988		54,256
G.	OTHER INCOME
	Income from long-term investments		326,353		183,930
	Penalty interest		3,128		1,359
	Recovered loans and allowances reversed		89,516		92,407
	CER adjustments		246		191
	Other (Note 6.14)		25,869		30,472
			445,112		308,359
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank of Argentina		24		33
	Charges for other receivables uncollectibility and other allowances		17,160		17,081
	Amortization of differences from amparos		15,687		14,100
	Other (Note 6.15)		77,931		36,382
			110,802		67,596
	NET INCOME BEFORE INCOME TAX		496,298		295,019
I.	INCOME TAX		72,000		32,300
	NET INCOME FOR THE FISCAL YEAR		424,298		262,719

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

- 6 -

Jorge H. Brito

Chairperson

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE FISCAL YEARS
ENDED DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	12/31/2006															12/31/2005
	Capital stock		Stock issuance premium		Adjustments to Shareholders’ equity		Earnings reserved			Unappropriated earnings (2)			Total			Total
Changes								Legal	Voluntary
Balances at the beginning of the fiscal year		608,943				4,511		245,302	211		630,607			1,489,574			1,257,302
Distribution of unappropriated earnings, as approved by the Shareholders’ Meeting held on April 28, 2006 and 2005, respectively:
- Legal reserve								52,543			(52,543	)
- Cash dividends											(68,395	)		(68,395	)		(30,447	)
Share subscription approved by Shareholders’ Meeting held on September 26, 2005 (1)		75,000		394,500										469,500
Net income for the fiscal year											424,298			424,298			262,719
Balances at the end of fiscal year		683,943		394,500		4,511		297,845	211		933,967			2,314,977			1,489,574

(1) See Note 9.

(2) See Note 20.

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

- 7 -

Jorge H. Brito

Chairperson

STATEMENTS OF CASH FLOWS
FOR THE FISCAL YEARS
ENDED DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	12/31/2006			12/31/2005
CHANGES IN CASH
Cash and cash equivalents at the beginning of the fiscal year		684,080			699,709
Increase/(Decrease) in cash and cash equivalents		694,985			(15,629	)
Cash and cash equivalents at the end of the fiscal year		1,379,065			684,080
CAUSES OF CHANGES IN CASH
Cash provided by operations
Financial income collected		651,016			523,012
Service-charge income collected		242,167			178,907
Financial expense paid		(250,110	)		(180,582	)
Service-charge expense paid		(45,669	)		(29,803	)
Administrative expenses paid		(341,560	)		(274,263	)
Net cash provided by operating activities		255,844			217,271
Other sources of cash
Net decrease in government and private securities		588,505
Net increase in deposits		875,500			850,457
Net increase in other liabilities from financial intermediation		396,322
Increase in other liabilities, net (1)		451,789			1,865
Capital increase		469,500
Other sources of cash		52,561			37,244
Subtotal		2,834,177			889,566
Total sources of cash		3,090,021			1,106,837
Uses of cash
Net increase in government and private securities					244,920
Net increase in loans		1,084,126			387,758
Net increase in other receivables from financial intermediation		280,999			59,883
Net increase in other assets (2)		880,620			178,330
Net decrease in other liabilities from financial intermediation					194,392
Cash dividends		68,395			30,447
Other uses of cash		80,896			26,736
Total uses of cash		2,395,036			1,122,466
Increase/(Decrease) in cash and cash equivalents		694,985			(15,629	)

(1) Including the effect deriving from the issuance of Subordinated Corporate Bonds mentioned in note10.c.1).

(2) Including the effect deriving from the purchase of Banco del Tucumán S.A. and Nuevo Banco Bisel S.A. (see notes 2.6. and 2.7.)

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

- 8 -

Jorge H. Brito

Chairperson

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

1.	BRIEF HISTORY 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.
	Banco Macro S.A.’s shares have been publicly listed on the Buenos Aires Stock Exchange since November 1994 (see also note 9).
	As from 1994, Banco Macro S.A.’s target 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 and other banks.
	On December 19, 2001, Banco Macro S.A. entered into an agreement to acquire 59.58% of the capital stock and 76.17% of the voting rights in Banco Bansud S.A. The acquisition was effective January 4, 2002, when it was approved by the Central Bank of Argentina.
	During 2003, the shareholders decided to merge both entities with the strategic purpose of creating a financial institution based throughout Argentina. In December 2003, the merger between Banco Macro S.A. and Banco Bansud S.A. was authorized by the Central Bank of Argentina, and the Bank´s name was changed to Banco Macro Bansud S.A.
	On December 22, 2004, Banco Macro Bansud S.A. received 100% of the shares in Nuevo Banco Suquía S.A. awarded in the “Second Public Call for Bids for the Sale of Shares in Nuevo Banco Suquía S.A. owned by Banco de la Nación Argentina and Fundación BNA (Banco de la Nación Argentina)”.
	On April 28, 2006, Banco Macro Bansud S.A.’s general regular and special shareholders’ meeting approved the amendment to the Bank´s business name to Banco Macro S.A., the registration of which with the IGJ (Argentine business associations´ regulatory agency) occurred in August 2006.  Therefore, we will refer to it as “Banco Macro S.A.” or “the Bank”.
	Since March 24, 2006, Banco Macro Bansud S.A.’s stock is listed on the New York Stock Exchange.
	Additionally, during the current fiscal year, Banco Macro S.A. acquired: (i) 79.84% of the capital stock of Banco del Tucumán S.A. (see note 2.6); (ii) 100% (77% directly and 23% indirectly through Nuevo Banco Suquía S.A.) of the common shares of Nuevo Banco Bisel S.A. (see note 2.7); and (iii) 51% of the capital stock of Red Innova Administradora de Fondos de Inversión S.A. (see note 2.8).

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NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

The Bank currently offers traditional bank products and services to small- and medium-size enterprises and to companies operating in regional economies, as well as to medium- and low-income individuals.

In addition, the Bank performs certain transactions through its subsidiaries, including Nuevo Banco Suquía S.A., Banco del Tucumán S.A., Nuevo Banco Bisel S.A., Sud Bank & Trust Company Limited (an entity organized and existing under the laws of Bahamas), Macro Securities S.A. Sociedad de Bolsa (formerly Sud Valores S.A. Sociedad de Bolsa), Sud Inversiones & Análisis S.A., Macro Fondos S.G.F.C.I. S.A. (formerly Sud Valores S.G.F.C.I. S.A.), Macro Valores S.A. and Red Innova Administradora de Fondos de Inversión 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 as from 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, the Bank and the Misiones Provincial Government entered into a special-relationship extension agreement, whereby the effective term of the agreement was extended through December 31, 2019, and the prices of the services to be rendered over such effective period were set.
		As of December 31, 2006, and 2005, the deposits of the Misiones Provincial Government amounted to 279,507, and 268,057 (including 29,516 and 23,533 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 as from 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, the Salta Province Ministry of Treasury and Public Works approved an addenda which extended the term of this special-relationship agreement, and its exhibits, extension and additional agreements for the term of ten years as from March 1, 2006 and expiring on March 1, 2016.
		As of December 31, 2006, and 2005, the deposits of the Salta Provincial Government amounted to 288,432, and 191,957 (including 53,876 and 45,891 related to court deposits), respectively.

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NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

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 as from 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 special-relationship agreement was extended through November 4, 2014.
	As of December 31, 2006, and 2005, the deposits of the Jujuy Provincial Government amounted to 284,064, and 328,878 (including 32,179 and 35,945 related to court deposits), respectively.
2.4.	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 December 31, 2006, and 2005, the net assets of such joint venture recorded in the Bank’s financial statements through the equity method amounted to 3,515 and 2,424, respectively.
		Also, as of December 31, 2006, and 2005, the net income related to the Bank’s interest in such joint venture amounted to 7,713 and 4,185, 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 holds 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 December 31, 2006, and 2005, the net assets of such joint venture recorded in the Bank’s financial statements using the equity method amounted to 1,150 and 1,153, respectively.
		Also, as of December 31, 2006, the loss recorded by the Bank for its interest in such joint venture amounts to 9.

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NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

2.5.	Banco Empresario de Tucumán Cooperativo Limitado
	On November 11, 2005, through Resolution No. 345, the Central Bank’s Board of Governors notified the Bank of the authorization to transfer certain excluded assets and liabilities of Banco Empresario de Tucumán Cooperativo Limitado under the provisions of section 35 bis (II), Financial Institutions Law.
	Therefore, with respect to such transaction, the Bank recorded assets and liabilities amounting to 101,787 and 158,287, respectively, which were offset with a 56,500 cash contribution made by Seguro de Depósitos S.A. (SEDESA).  Consequently, such transaction did not have any significant effects on the Bank’s shareholders’ equity.
2.6.	Banco del Tucumán S.A.
	Pursuant to the Bank’s strategy to increase its market position in the interior of Argentina, on November 24, 2005, the Bank signed a stock purchase agreement with Banco Comafi S.A. for 75% of the capital stock and voting rights of Banco del Tucumán S.A.
	On March 6, 2006, the Central Bank´s Board of Governors issued Resolution No. 50, whereby, among other issues, it resolved that:  (i) it had no objections to the transfer of shares representing 75% of Banco del Tucumán S.A.’s capital stock to the Bank, (ii) it authorized the Bank to own 75% of the capital stock of Banco del Tucumán S.A., and (iii) it had not objections to certain Bank’s Directors also holding the office of Directors of Banco del Tucumán S.A.
	On April 7, 2006, the Technical Coordination Department of the Economy and Production Ministry, in agreement with the opinion issued by the CNDC (anti-trust authorities) on March 23, 2006, authorized the Bank to acquire 75% of the capital stock of Banco del Tucumán S.A.
	On May 5, 2006, the Bank perfected the acquisition of 164,850 class “A” shares in Banco del Tucumán S.A., representing 75% of its capital stock, and on the same date took control over such institution.
	The Bank paid 45,961 in cash for the acquisition. In addition, the Bank shall pay over to Banco Comafi S.A. 75% of the amounts to be recovered in the ten years following the date of the abovementioned agreement related to consumer loan portfolio currently fully provisioned. As of the date of acquisition, such liabilities amounted to about 1,662. Consequently, the total acquisition price amounted to 47,623.

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NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

	As of the date of acquisition (May 5, 2006), the assets and liabilities of Banco del Tucumán S.A. amounted to 700,612 and 660,547, respectively; therefore, shareholders’ equity amounted to 40,065.
	Therefore, the Bank booked a positive goodwill amounting to 17,574, which arises from the difference between the total acquisition price (47,623) and 75% of Banco del Tucumán S.A.’s shareholders’ equity as of such date (30,049). The goodwill will be amortized using the straight line method over ten years pursuant to Central Bank rules.
	Additionally, from September through December 2006, Banco Macro S.A. acquired Class “C” shares in Banco del Tucumán S.A., representing 4.84% of the capital stock, which gave rise to an additional positive goodwill of 668.  Thus, the total equity interest as of December 31, 2006, amounted to 79.84%.
	On November 28, 2006, the general regular and special shareholders’ meeting of Banco del Tucumán S.A. approved a capital increase of 21,980, establishing an additional paid-in capital of 26,171. In January 2007, Banco Macro S.A. subscribed the total increase and, therefore, as of the date of issuance of these financial statements, the Bank’s total equity interest increased to 89.92%.
	Additionally, 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 de Tucumán.
2.7.	Nuevo Banco Bisel S.A.
	On May 9, 2006, Banco de la Nación Argentina and Fundación Banco de la Nación Argentina (sellers), and Banco Macro S.A. and Nuevo Banco Suquía S.A. (buyers), signed a stock purchase agreement, whereby the buyers acquired 77% and 23%, respectively, of the voting common shares in Nuevo Banco Bisel S.A. It should be noted that Nuevo Banco Bisel S.A. holds 66,240,000 preferred shares, with face value and book value of Ps. 1 each, without voting rights, with an equity preference consisting of the right to an mandatory annual cumulative fixed dividend of 1% of the face value of preferred shares. These shares are owned by SEDESA (see note 11.a)).
	On August 3, 2006, the Central Bank’s Board of Governors issued Resolution No. 175, whereby it decided, among other matters, not to make any objections to: (i) the transfer of 100% of the common shares in Nuevo Banco Bisel S.A. to the Bank and Nuevo Banco Suquía S.A.; or (ii) the payment by the two of them of a capital increase in the amount of 830,000 (639,100 and 190,900, respectively), under the terms of the agreement signed on May 9, 2006.

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NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

		On August 11, 2006, the Bank and Nuevo Banco Suquía S.A. paid in cash the abovementioned capital increase in Nuevo Banco Bisel S.A., thus taking control of such bank as from such date.
		As of the date of acquisition of Nuevo Banco Bisel S.A., assets and liabilities amounted to 1,824,644 and 1,804,534, respectively; therefore, shareholders’ equity amounted to 20,110.
		As a result of the acquisition, the Bank and its subsidiary, Nuevo Banco Suquía S.A., booked a total positive goodwill, included in the consolidated financial statements, amounting to 66,042 (50,852 and 15,190, respectively), which arises from the difference between the total price paid (19,509) for the total shares of common stock (92.73% of the total capital stock) and the negative shareholders’ equity of such bank as of the acquisition date (-46,533), after deducting SEDESA’s preferred shares as of such date (66,643). Such positive goodwill will be amortized in ten years pursuant to Central Bank rules.
		Additionally, the Bank and Nuevo Banco Suquía S.A., and SEDESA entered into the call and put options agreement described in note 11.a).
		On September 4, 2006, the Domestic Trade Department of the Ministry of Economy and Production, following the same terms of the opinion issued by the Federal Anti-Trust Board on August 11, 2006, authorized the Bank and Nuevo Banco Suquía S.A. to acquire 92.73% of the capital stock of Nuevo Banco Bisel S.A.
	2.8.	Red Innova Administradora de Fondos de Inversión S.A.
		On September 13, 2006, the Bank acquired 51% of the capital stock and voting rights of a company based in Uruguay called Red Innova Administradora de Fondos de Inversión S.A. (Red Innova), paying 229.
		On September 20, 2006, Red Innova obtained the authorization from the Central Bank of Uruguay to operate financial trusts.
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 Central Bank rules.
	The preparation of financial statements requires the Bank to make, in certain cases, estimates to determine the book values of assets and liabilities, 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 years.

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NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

3.1.	Comparative information
	As required by Central Bank Communiqué “A” 4,265, the financial statements for the current fiscal year are presented comparatively with those of the prior fiscal year.
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 (Argentine Federation of Professional Councils in Economic Sciences) 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 (Argentine business associations regulatory agency) General Resolution No. 4/2003, CNV (Argentine Securities Commission) 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 as from October 1, 2003.
3.3.	Valuation methods
	The main valuation methods used to prepare these financial statements as of December 31, 2006, and 2005, 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 each year. 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 each year.

- 15 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

b)	Government and private securities:
	b.1)	Government securities:
		–	Listed:
			i.	Holdings in investment accounts – Compensation received from the Federal Government: including Argentine Government Bonds in pesos maturing in 2007 (received as a result of the transfer of certain excluded assets and liabilities from Banco Empresario de Tucumán Cooperativo Limitado, as described in note 2.5) and Argentine Government Bonds in US dollars at LIBOR maturing in 2012 (received as compensation), which as of December 31, 2005, are valued at face value plus interest accrued according to issuance conditions, translated into pesos, where applicable, following the method described in note 3.3.a), as established in Central Bank Communiqué “A” 3,785.
			ii.	Holdings for trading or financial intermediation: they were valued at the quoted price of each security effective on the last business day of each year, net of the necessary estimated sale expenses. Differences in quoted market values were recorded in the statement of income for each year.
		–	Unlisted:
			Secured Bonds under Presidential Decree No. 1,579/02 and bonds issued by the Municipality of Bahía Blanca at 13.75%, secured by municipal resources: as of December 31, 2005, they were valued as established by Central Bank Communiqué “A” 3,911, as supplemented, as explained in note 3.3.c).
		–	Instruments issued by the Central Bank:
			i.	Listed - LEBAC (Central Bank bills) - Managed portfolio and under repo transactions: they were valued at the quoted price of each security effective on the last business day of each year. Differences in quoted market values were recorded in the statement of income for each year.
			ii.	Unlisted - LEBAC (Central Bank bills) - Managed portfolio: as of December 31, 2005, they were valued as provided by Central Bank Communiqué “A” 4,414, i.e. at their cost value increased by their internal rate of return. Accrued interest was recorded in the statement of income for such year.

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NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

			iii.	Listed - NOBAC (Central Bank notes) - Managed portfolio and under repo transactions: they were valued at the quoted price of each security effective on the last business day of each year. Differences in quoted market values were recorded in the statement of income for each year.
	b.2)	Private securities:
		i.	Corporate bonds, financial trust debt securities, and shares: they were valued at the quoted price of each security effective on the last business day of each year (net of the estimated sale expenses). Differences in quoted market values were recorded in the statement of income for each year.
		ii.	Certificates of participation in financial trusts: as of December 31, 2005, the holdings in Macropersonal V were valued according to their acquisition cost, plus income accrued until such date.  In addition, the necessary allowances were set, pursuant to Central Bank Communiqué “A” 2,729, as supplemented.  Such net value does not exceed that arising from the shareholders’ equity of the respective trust’s financial statements, considering the Bank’s holdings.
c)	Assets included in the provisions of Central Bank Communiqué “A” 3,911, as supplemented:
	They include: (i) Guaranteed Loans under Presidential Decree No. 1,387/01; (ii) assistance granted to the non-financial provincial government sector; and (iii) other assistance granted to the non-financial government sector and, in addition, as of December 31, 2005, they include Secured Bonds under Presidential Decree No. 1,579/02 and bonds issued by the Municipality of Bahía Blanca at 13.75%, secured by municipal resources.
	The assets mentioned in the previous paragraph were valued at the lower of their present values or technical values, as established by Central Bank Communiqué “A” 3,911, as supplemented. If such lower value exceeds the notional value (as defined in point 4 of Communiqué “A” 3,911), the difference is debited from the asset account and the credit is recorded in an asset offset account. If, instead, such lower value is also lower than the notional value, the difference is recorded as a loss in the income statement and the offsetting credit is recorded in the asset account.
	The amounts recorded in the asset offset accounts are adjusted every month based on the values calculated according to Communiqué “A” 3,911.
	For purposes of determination of the present value, in the case of instruments in pesos which include indexation clauses, the cash flows according to the contractual conditions fixed in each case for the financial assistance described above (contemplating, if applicable, the accumulated CER, benchmark stabilization coefficient, by month-end) were discounted at the interest rates that were established in the schedule included in point 2 of such communiqué. Such calculations were made following specific guidelines established in such communiqué (present value rate, effects determined for the aggregate securities and guaranteed loans, among others).

- 17 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

	In the case of instruments denominated in Argentine pesos and not comprising adjustment clauses, Communiqué “A” 4,163 established the methodology to calculate such present values.
d)	Loans and Other Assets receivable from the Non-financial Government Sector:
	They were valued as established by Central Bank Communiqué “A” 3,911, as supplemented, as explained in note 3.3.c).
e)	Interest accrual:
	Interest has been accrued according to a compound interest formula in the period in which it was generated, except interest on transactions in foreign currency and those whose maturity does not exceed 92 days, on which interest has been accrued according to a simple interest formula.
	The Bank suspends the interest accrual whenever loan payments are not settled (generally, after 90 days) or when the recoverability of the collection of principal or interest accrued is doubtful. Accrued interest is considered a part of the loan balance when determining the allowances for loan losses. Afterwards, interest is only recognized on a cash basis.
f)	CER accrual:
	Receivables and payables have been indexed by the CER, wherever applicable, as follows:
	f.1)	Guaranteed Loans: as explained in note 3.3.c).
	f.2)	Other loans and receivables from sale of assets: they were adjusted according to Communiqué “A” 3,507, and supplementary regulations, which established that payments made until September 30, 2002, were to be made under the original conditions of each transaction and would be considered prepayments. As from February 3, 2002, principal was adjusted by CER until each year-end, as the case may be.
	f.3)	Deposits and other assets and liabilities: The CER as of the last business day of each year was applied.
g)	Allowance for loan losses and provision for contingent commitments:
	These provisions have been calculated based on the estimated uncollectibility risk of the Bank’s credit portfolio, which results from the evaluation of the degree of debtors’ compliance and the guarantee/security supporting the respective transactions, under Central Bank Communiqué “A” 2,950, as supplemented.

- 18 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

	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 year.
	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”.
h)	Loans and deposits of government securities:
	They were valued at the quoted price of each security effective on the last business day of each year, plus the related accrued interest. Differences in quoted market values were recorded in the statement of income for each year.
i)	Other receivables from financial intermediation and Other liabilities from financial intermediation:
	i.1)	Amounts receivable from spot and forward sales pending settlement and amounts payable for spot and forward purchases pending settlement:
		The amounts payable for spot and forward purchases pending settlement and the amounts receivable from spot and forward sales pending settlement were valued based on the prices agreed upon for each transaction, plus related premiums accrued through each year-end.
	i.2)	Securities and foreign currency to be received from spot and forward purchases pending settlement and to be delivered for spot and forward sales pending settlement:
		They were valued at the effective quoted prices for each of them on the last business day of each year. Differences in quoted market values were recorded in the statement of income for each year.
	i.3)	Debt securities and certificates of participation in financial trusts:
		i.	Debt securities: they were valued as provided by Central Bank Communiqué “A” 4,414, i.e. at their cost value increased by their internal rate of return.
		ii.	Certificates of participation: they were valued at face value increased, as the case may be, by interest accrued and CER until the last business day of each year, respectively.
		The amounts recorded in the Bank’s consolidated financial statements with its subsidiaries for certificates of participation and debt securities held in financial trusts, net of allowances, amounted to:

- 19 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

Financial trust	12/31/2006		12/31/2005
Certificates of participation:
Tucumán  (a)		145,223		63,269
Luján  (a)		43,530		42,571
TST & AF  (a) y (d)		32,741		32,336
San Isidro  (a)		16,782		16,782
Godoy Cruz  (c)		11,055
Puerto Madero  (a)				12,733
Confibono  (c)				2,825
Other (e)		33,184		3,310
Total certificates of participation:		282,515		173,826
Debt securities:
BG  (b)		50,401		82,357
Onext  (a)		14,020		16,648
Tarjeta Shopping  (c)		13,571		8,707
Tarjeta Privada  (c)				16,783
Other  (f)		12,141		205
Total debt securities:		90,133		124,700
Total		372,648		298,526

(a)	See note 9 to the consolidated financial statements.
(b)	On December 20, 2005, Banco Galicia y Buenos Aires S.A., in its capacity as trustor, entered into an agreement with Equity Trust Company (Argentina) S.A., in its capacity as trustee, whereby the BG trust was created. Such trust’s purpose is to collect certain receivables transferred by the trustor and, with the related proceeds, settle payables and certificates of participation issued (see also note 11.b)).
(c)	Related to provisional certificates of participation in the different series of financial trusts entered into by the Bank under underwriting agreement. Through those agreements, the Bank prepays the price for the placement of provisional certificates to the trustor. Once final certificates are issued and placed in the market, the Bank recovers the reimbursements plus the amount equal to the rate agreed upon.
(d)	Related to holdings booked by the subsidiary Sud Bank and Trust Co. Ltd.

- 20 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

		(e)	As of December 31, 2006, it includes holdings held by the subsidiaries Banco del Tucumán S.A. and Nuevo Banco Bisel S.A. for an amount of 2,834 and 27,041, respectively.
		(f)	As of December 31, 2006, it includes holdings held by the subsidiaries Banco del Tucumán S.A. and Nuevo Banco Bisel S.A. for an amount of 424 and 6,169, respectively.
	i.4)	Unlisted corporate bonds:
		They were valued by increasing the value of holdings based on their internal rate of return, as provided by Central Bank Communiqué “A” 4,414 and supplementary regulations.
j)	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.
k)	Investments in other companies:
	k.1)	In controlled financial institutions, supplementary and authorized activities: they were valued by the equity method.
	k.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.

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NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

	k.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.
l)	Other receivables – Argentine Government Bonds receivable:
	As of December 31, 2005, the Bank carried in assets vested subscription rights to Federal Government Bonds denominated in US dollars, LIBOR 2013, for an amount of 5,193.
	Such subscription rights were valued considering the quoted prices of the securities of reference as of those dates.
m)	Bank premises and equipment and other assets:
	They were valued at their acquisition or cost, restated as explained in note 3.2., less the related accumulated depreciation calculated in proportion to their estimated months of useful life.
n)	Intangible assets:

n.1)

Goodwill and organization and development costs (except differences due to court orders – Non-deductible 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.

n.2)

Differences due to court orders (amparos) – Non-deductible for the determination of the computable equity: as of December 31, 2006, and 2005, the “Intangible Assets – Organization and development costs” account includes 54,428 (net of amortization for 47,700) and 42,632 (net of amortization for 32,013), respectively. These assets represent: (i) 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) and (ii) the estimates based on the Argentine Supreme Court’s decision dated December 27, 2006 (see Note 19.). Additionally, and as disclosed in Central Bank Communiqué “A” 3,916, since April 2003 the sums related to the amounts paid have been amortized straight line in 60 monthly installments.

- 22 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

o)	Valuation of derivatives:
	o.1)	Put options taken: They were valued at the agreed-upon exercise price for the year (see note 11.b)).
	o.2)	Put options sold on Boden 2007, 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 year (see note 11.c)).
	o.3)	Call options sold: Such options were valued at the agreed-upon exercise price since, as of such dates, the securities traded had no habitual and representative quoted price (see note 11.b)).
	o.4)	Call options taken and put options sold on preferred shares of Nuevo Banco Bisel S.A.: they were valued at their exercise price (see note 11.a)).
	o.5)	Forward transactions offset: As of December 31, 2006, and 2005, the Bank recorded in memorandum accounts the amounts representing forward sales of foreign currency, without delivery of the traded underlying asset. Additionally, as of December 31, 2005, the Bank recorded the amounts representing forward purchases of foreign currency, without delivery of the traded underlying asset. Such transactions were valued at the quoted price of those assets, effective on the last business day of each year, and quoted price differences were recorded in the statement of income for each year.
p)	Severance payments:
	The Bank charges these payments directly to income.
q)	Provisions included in liabilities:
	The acquisition of Banco Bansud S.A. by the Bank gave rise to negative goodwill of 365,560, which is the effect of the difference between the purchase price and the interest under the equity method.
	On July 24, 2003, the Central Bank issued Communiqué “A” 3,984, which established the methods for disclosure and amortization of negative goodwill, as well as the treatment thereof in the merger process. Such amortization methods depend on the reasons which originated such negative goodwill and are summarized below:

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NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

	–	For differences between book and fair values of government securities and Guaranteed Loans over the period of convergence of these values.
	–	For differences between book and fair values of the loan portfolio over their effective terms.
	–	For expected future losses, upon occurrence thereof.
	–	For differences between book and fair values of non-monetary assets, during the depreciation term of these assets.
	The amount amortized for a fiscal year may not exceed the one that should have been appropriate if it had been amortized on a straight-line basis over 60 months.
	As of December 31, 2005, the referred goodwill is disclosed under the account “Provisions” in liabilities in the aggregate amounts of 73,112, net of accumulated amortization. Such goodwill was fully amortized as of December 31, 2006.  As of December 31, 2006, and 2005, the Bank amortized such goodwill, charging it to “Other Income – Recovered loans and allowances reversed” in the amount of 73,112, and applying proportionally the cap of 20% per annum established in such communiqué.
	In addition, as of such dates, the “Provisions” account in the Bank’s consolidated financial statements includes a negative goodwill in the amount of 483 related to the acquisition of Nuevo Banco Suquía S.A., from the difference between the purchase price and the book value of the net assets acquired applying Central Bank´s rules.
	In addition, the Bank carries certain contingent liabilities related to current or future claims, lawsuits and other proceedings, including those related to labor and other obligations. The Bank records liabilities whenever it is probable that future costs will be incurred and whenever such costs may be fairly estimated.
r)	Shareholders’ equity accounts:
	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.

- 24 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

s)	Statement-of-income accounts:
	s.1)	The accounts comprising monetary transactions occurred in the fiscal years ended December 31, 2006, and 2005 (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.
	s.2)	Accounts reflecting the effects on income from the sale, retirement or consumption of non-monetary assets were computed on the basis of the amounts of such assets, which were restated as mentioned in note 3.2.
	s.3)	The income (loss) from equity interests in subsidiaries were computed on the basis of such companies’ income (loss).

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. 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 December 31, 2006, and 2005, the Bank estimated that accrued income tax amounted to 72,000 and 32,300, respectively; hence, no minimum presumed income tax should be assessed.
	In addition, as of December 31, 2006, the Bank made income tax prepayments for 8,793 for the current 2006 tax year, which were recorded in the “Other receivables” account.
	As of December 31, 2006, and 2005, the Bank capitalized 24,372 and 42,723, respectively, for minimum presumed income tax credit. Such credit is considered as an asset because the Bank estimated that it will be used within 10 years, as established by Central Bank Communiqué “A” 4,295, as supplemented.

- 25 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

The following is a detail of such tax credit as of December 31, 2006, indicating the year of origin and the estimated year to use it:

Year of origin	Tax credit capitalized		Estimated tax year to use it
2002		5,958		2006
2003		8,480		2006
2004		9,934		2006
Total		24,372

For its part, the subsidiary bank Nuevo Banco Suquía S.A., did not accrue income tax as of December 31, 2006, and 2005, because it carried NOLs. As of December 31, 2006, the NOL (net of the estimated utilization for 2006) amounted to about 55,629. In addition, as of such dates, the accumulated minimum presumed income tax capitalized in the “Other receivables” account amounted to 16,578 and 10,813, respectively (the maximum estimated year of use of which is 2009).  In addition, Nuevo Banco Suquía S.A. accrued minimum presumed income tax for an amount of 6,694, out of which it prepaid 3,633.

As of December 31, 2006, Banco del Tucumán S.A. estimated income tax payable of 3,000. In addition, such bank capitalized an amount of 6,830 for minimum presumed income tax (the maximum estimated year of use of which is 2008) and minimum presumed income tax prepayments for 2006, amounting to 129.

As of December 31, 2006, Nuevo Banco Bisel S.A. did not accrue income tax because it carried a NOL as of such date, amounting to about 306,491. In addition, such bank capitalized an amount of 16,063 for minimum presumed income tax and minimum presumed income tax prepayments for 2006, amounting to 2,427. Such assets are reserved.

Regarding the taxation of income from the conversion into pesos and the CER application for Guaranteed Loans, due to different interpretations, on August 14, 2006, the Federal Executive issued Presidential Decree No. 1,035/06, published in the Official Bulletin on August 16, 2006, which defined such treatment. Due to such regulation and as established by AFIP (Federal Public Revenue Agency) General Resolution No. 2,165/06, on December 26, 2006, the Bank communicated the option to account for such results under the accrued and due and payable method (devengado exigible). Accordingly, the Bank and its subsidiaries accrued in the income tax the effects deriving from the conversion into pesos and the CER application for Guaranteed Loans.

- 26 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

5.	DIFFERENCES BETWEEN CENTRAL BANK RULES AND THE APPLICABLE PROFESSIONAL ACCOUNTING STANDARDS
	In August 2005, the CPCECABA (Professional Council in Economic Sciences of the City of Buenos Aires) approved Resolution CD No 93/05, whereby it introduced a series of changes in its professional accounting standards, as a result of the agreement reached with the FACPCE (Argentine Federation of Professional Councils in Economic Sciences) to unify Argentine professional accounting standards. Such changes involve the adoption of the technical resolutions and interpretations issued by the FACPCE’s governing board through April 1, 2005.  Such resolution became generally effective in the City of Buenos Aires for fiscal years beginning as from January 1, 2006, and it provides transition rules that defer the effective term of certain changes to the years beginning as from January 1, 2008.
	Also, through Resolution C.D. 42/2006, the CPCECABA approved Technical Resolution No. 23, effective for annual or interim-period financial statements for fiscal years beginning July 1, 2006, and its early adoption is permitted.  In turn, the CNV adopted such resolution through General Resolution No. 494, which is applicable to fiscal years beginning April 1, 2007, and its early adoption is also permitted.
	These professional accounting standards differ, in certain valuation and disclosure aspects, from Central Bank accounting standards.  The differences between those standards, which the Bank identified and deemed significant with respect to these financial statements (based on the quantification thereof or any other estimate made, whenever the quantification was not possible), are as follows:

5.1.	Valuation standards
	a)	Holdings of government securities and loans to the non-financial government sector: they are valued in accordance with regulations and standards issued by the Argentine Government and the Central Bank.  In particular, Central Bank Communiqué “A” 3,911, as supplemented, establishes present value methods by applying regulated discount rates, technical values and undiscounted cash flows, as detailed in notes 3.3.b.1) and 3.3.d). Additionally, effective loan-loss provisioning regulations issued by the Central Bank establish that receivables from the non-financial government sector are not subject to loan-loss provisioning, whereas professional accounting standards require receivables to be compared with their recoverable value when financial statements are prepared.

- 27 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

The Bank’s particular situation is as follows:
Government securities:
1)	Holdings in investment accounts: as of December 31, 2005, the Bank recorded in “Government securities – Holdings in investment accounts” and “Other receivables from financial intermediation – Securities and foreign currency to be received from spot and forward purchases pending settlement” the securities received for the compensation established by Presidential Decree No. 905/02 in the aggregate amount of 187,660. According to professional accounting standards, such assets should be stated at market value. As of such date, the quoted price of the securities received in compensation amounted to 167,284.
	During the current fiscal year, the Bank valued the government securities received pursuant to the abovementioned compensation at their quoted prices. The difference between the quoted prices and the book values of such holdings at the end of 2005 fiscal year should have been charged against an adjustment to prior-year income.
2)	Unlisted: as of December 31, 2005, the Bank recorded in “Unlisted government securities” at stand-alone and consolidated levels, 36,434 and 199,070, respectively, related to Argentine Government secured bonds deriving from the exchange set forth by Presidential Decree No. 1,579/2002 and other unlisted Government securities held. According to professional accounting standards, such assets should be stated at market value. As of such date, the quoted price of those bonds amounted to 34,433 and 189,845, respectively.
	During this year, the Bank valued the securities received from such exchange at their quoted prices, as established by Central Bank Communiqué “A” 4,084.  The difference between the quoted prices and the book values of such holdings at beginning of year should have been recorded against an adjustment to prior-year income.
During this year, in the cases mentioned in points a.1) and a.2), the Bank valued such securities at their quoted prices mainly because such holdings have been earmarked for covering the settlement of net liabilities in the same securities.

- 28 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

Loans to the non-financial government sector:

3)

Guaranteed loans: as of December 31, 2006, and 2005, the Bank charged “Argentine Government Guaranteed Loans” deriving from the exchange set forth by Presidential Decree No. 1,387/01 under “Loans to the non-financial government sector” for a total net amount at stand-alone level of 360,005 and 399,266, respectively, and 771,465 and 641,801, at consolidated level, respectively. According to professional accounting standards, such assets should be stated at market value. According to this valuation method, the value of these instruments as of such dates amounted to 361,142 and 394,678, at stand-alone level, respectively, and 772,756 and 635,477, at consolidated level, respectively.

b)

Intangible assets: As of December 31, 2006, and 2005, the Bank had capitalized the foreign exchange differences mentioned in note 3.3.n.2) related to the reimbursement in original currency of certain deposits switched into pesos under “Intangible Assets” for 54,428 and 42,632, at stand-alone level, respectively, and 74,745 and 42,632 in consolidated financial statements, respectively, net of the related amortization amounts.  This accounting treatment differs from the valuation methods established by professional accounting standards, which require such assets to be recorded to their recoverable value. As of the date of the accompanying financial statements, the existing evidence does not support that the book value of such asset is fully or partially recoverable.

c)

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 in the years when such differences are reversed, considering the possible effects of utilizing net operating losses (NOLs) in the future. As of the issuance date of these financial statements, the quantification of the effects resulting from the deferred tax method application to recognize income tax charges for the current year has not been concluded.  However, Bank Management and its tax advisors estimate that they may be significant.

- 29 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

d)	As mentioned in note 3.3.q), the acquisition of Banco Bansud S.A. by the Bank gave rise to an original recording of negative goodwill of 365,560, which is the effect of the difference between the purchase price and the interest acquired valued by the equity method, in accordance with Central Bank accounting standards.  Later, as mentioned in the referred note, as a result of the issuance of Central Bank Communiqué “A” 3,984, the Bank retroactively applied the valuation and disclosure standards established in such communiqué and reversed to date 100% of the aggregate amount of such goodwill (the maximum amortization allowed per annum is 20%). The abovementioned goodwill gave rise to gains on inflation exposure through February 28, 2003.
	In addition, the acquisition of Nuevo Banco Suquía S.A. by the Bank resulted in negative goodwill amounting to 483, which is the effect of the difference between the purchase price and the book value of the net assets acquired under Central Bank rules.
	Under professional accounting standards effective in the City of Buenos Aires, Argentina, when the purchase price is lower than the fair value of the related identifiable assets, any unallocated differences between the price and such fair value shall be either considered as a gain for the period or deferred (as negative goodwill) and subsequently amortized, as appropriate on the basis of the specific circumstances of the transaction that originated such differences.
	In addition, as detailed in notes 2.6. and 2.7., the acquisition of Banco del Tucumán S.A. by Banco Macro S.A. and the acquisition of Nuevo Banco Bisel S.A. by Banco Macro S.A. and Nuevo Banco Suquía S.A., respectively, gave rise to recording the related positive goodwill for an amount of 18,242 and 66,042 (50,852 by the Bank and 15,190 by Nuevo Banco Suquía S.A., in the case of the positive goodwill deriving from the acquisition of Nuevo Banco Bisel S.A.), respectively, resulting from the difference between the purchase price of each investment and the book value of the underlying equity acquired. Based on Central Bank rules, the Bank and Nuevo Banco Suquía S.A. amortize such positive goodwill through the straight-line method based on an estimate ten-year useful life.
	Under professional accounting standards effective in the City of Buenos Aires, Argentina, when the purchase price of an investment is higher than the fair value of the related identifiable net assets, a positive goodwill will be recognized and it will be (i) amortized systematically throughout the estimated useful life and (ii) compared to its recoverable value as of each year-end.

5.2.	Disclosure aspects
	a)	The Bank has not presented a statement of cash flows broken down into operating, investing, and financing activities, or disclosing interest, dividends, or taxes for the amounts actually collected or paid.
	b)	The Bank has not presented the information on earnings per share, certain information about related parties or other reporting requirements for non-banking institutions.

- 30 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

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

6.	BREAKDOWN OF MAIN ITEMS AND ACCOUNTS
	The breakdown of the “Other” account in the balance sheet and statement of income is as follows:

		12/31/2006		12/31/2005
6.1)	Loans - Other
	Other loans		387,448		397,858
	Export financing and prefinancing		269,002		84,166
	Receivables secured by notes		1,660		791
	Government securities				68,974
			658,110		551,789
6.2)	Other receivables from financial intermediation – Other receivables not covered by debtors classification standards
	Certificates of participation in financial trusts		220,953		142,544
	Debt securities in financial trusts		83,540		124,700
	Unaccrued premiums on repurchase agreements		1,589		7,614
	Other		47
			306,129		274,858

- 31 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

		12/31/2006		12/31/2005
6.3)	Other receivables - Other
	Sundry receivables		50,992		48,044
	Advance payments		16,249		14,517
	Tax prepayments		14,896		9,763
	Security deposits		14,682		9,379
	Federal Government Bonds receivable (note 3.3.l))				5,193
	Other		357		634
			97,176		87,530
6.4)	Deposits -  Other
	Balances of accounts without movements		76,327		85,330
	Special deposits for foreign funds		14,002
	Unemployment fund for workers of the building industry		12,334		7,450
	Security deposits		1,295		934
	Orders payable		943		632
	Rescheduled deposits to be exchanged for government securities				3,241
	Other		29,389		29,626
			134,290		127,213

- 32 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

		12/31/2006		12/31/2005
6.5)	Other liabilities from financial intermediation - Other
	Purchase financing payables		32,838		24,144
	Collections and other transactions on account and behalf of others		27,942		19,068
	Other withholdings and additional withholdings		22,995		15,603
	Other payment orders pending settlement		17,323		21,194
	Miscellaneous not subject to minimum cash requirements		16,641		10,406
	Retirement pension payment orders pending settlement		9,444		4,395
	Miscellaneous subject to minimum cash requirements		2,509		1,556
	Miscellaneous		11,161		7,198
			140,853		103,564
6.6)	Other liabilities - Other
	Taxes payable		81,851		37,197
	Miscellaneous payables		20,971		15,283
	Salaries and payroll taxes payable		15,819		11,266
	Prepayment for the sale of assets		4,193		5,297
	Withholdings on salaries to be paid over		2,376		2,840
			125,210		71,883
6.7)	Memorandum accounts – Debit-balance accounts – Control – Other
	Items in custody		2,548,379		1,633,884
	Managed portfolios		415,729		355,135
	Checks to be debited		56,191		28,930
	Checks to be collected		46,840		58,150
	Other		117,648		25,500
			3,184,787		2,101,599

- 33 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

		12/31/2006		12/31/2005
6.8)	Financial income – Net income from government and private securities
	Income from government securities		97,635		101,354
	Income from certificates of participation in financial trusts		30,680		17,522
	Other		18,198		4,707
			146,513		123,583
6.9)	Financial income – Other
	Foreign currency exchange difference		22,769		19,956
	Income from assets subject to financial lease		19,280		13,404
	Premiums from repurchase agreements with the financial sector		13,214		9,857
	Interest on loans for export prefinancing and financing		10,091		761
	Premiums on other reverse repurchase agreements		1,739		1,377
	Income from other receivables from financial intermediation				5,698
	Other		1,767		50
			68,860		51,103
6.10)	Financial expense – Other
	Turnover tax		18,726		8,845
	Premiums from repurchase agreements with the financial sector		13,641		8,315
	Contribution to the deposit guarantee fund		7,165		6,462
	Valuation allowance of loans to the government sector – Central Bank Communiqué “A” 3,911		4,029		11,545
	Other		772		1,997
			44,333		37,164

- 34 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

		12/31/2006		12/31/2005
6.11)	Service-charge income - Other
	Debit and credit card income		38,641		28,577
	Rental of safe deposit boxes		3,459		2,926
	Other		18,497		13,501
			60,597		45,004
6.12)	Service-charge expense - Other
	Debit and credit card expense		18,309		10,904
	Turnover tax		9,210		6,961
	Other		7,322		4,581
			34,841		22,446
6.13)	Administrative expenses – Other operating expenses
	Depreciation of bank premises and equipment		19,856		15,726
	Maintenance, conservation and repair expenses		16,415		12,443
	Security services		14,129		11,278
	Electric power and communications		11,794		10,895
	Amortization of organization and development costs		11,328		12,068
	Leases and rentals		6,580		4,397
	Stationery and office supplies		5,969		5,885
	Insurance		3,545		3,092
			89,616		75,784

- 35 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

		12/31/2006		12/31/2005
6.14)	Other income – Other
	Gain on transactions or sale of bank premises and equipment, and other assets		7,190		4,475
	Sale of Guaranteed Loans		4,992
	Other adjustments and interest on other receivables		2,026		1,396
	Credit cards		1,378		1,279
	Certifications		398		359
	Leases and rentals		364		866
	Checkbook and statement issuance fees		112		2,619
	Tax deferral				1,413
	Other		9,409		18,065
			25,869		30,472
6.15)	Other expense – Other
	Corporate bonds issuance expenses		13,558
	Commissions of the placing agent for the public offering of shares		12,167
	Tax on bank account transactions		11,861		8,465
	Non-computable VAT credit		9,319		7,018
	Shareholders’ personal assets tax		5,507		4,958
	Goodwill amortization		4,133		839
	Loss on transactions or impairment in value of bank premises and equipment, and other assets		2,843		891
	Depreciation of other assets		1,302		1,554
	Donations		1,096		1,014
	Turnover tax		784		1,226
	Guarantee fund and credit card losses		117		184
	Other		15,244		10,233
			77,931		36,382

- 36 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

7.	RESTRICTED ASSETS
	As of December 31, 2006, and 2005, the following Bank’s assets are restricted:
	a)	Government and private securities:

a.1)	Discount Bonds received in the exchange for Consolidation Bonds in Pesos – First Series amounting to 2,802 and 2,242, respectively, assigned to settle payables to the Central Bank and safety-net financing originated in the acquisition of assets and liabilities from former Banco Federal Argentino.
a.2)	Secured Bonds under Presidential Decree No. 1,579/02 for 35,994 and 35,872 (face value Ps. 24,400,000), respectively, provided as security for the loan received from Banco de Inversión y Comercio Exterior S.A. (BICE) to finance the “Paso San Francisco” public work, in accordance with the note sent by the Bank on November 5, 2002, BICE’s reply dated November 18, 2002, and the security agreement covering the abovementioned securities and dated January 29, 2004.
a.3)	GDP-linked securities maturing in 2035 for 671 and 276, respectively, under the provisions of the Prospectus Supplement approved by Presidential Decree No. 1,735/04, which were originally attached to the Discount Bonds issued under the “Offer to exchange eligible Argentine government debt securities”.
a.4)	As of December 31, 2006, Central Bank notes (NOBAC) in Argentine pesos, adjustable by CER for an amount of 4,956 (for a face value of Ps. 4,900,000), used as security for Rosario Futures Exchange (Rofex) trading transactions.

b)	Loans:
	Agreements for loans backed by pledges and unsecured loans for 19,241 and 16,208, respectively, provided as guarantee in favor of the Mypes II Trust Fund, in full compliance with the terms and conditions of the program called “Mypes II (a)” and under the Global Credit Program for Small-sized and Micro-enterprises (see note 9.1.c)) to the consolidated financial statements.
c)	Other receivables from financial intermediation:

c.1)	It includes Central Bank unavailable deposits for 552, as provided by Central Bank Communiqué “A” 1,190.  The Bank has recorded allowances covering 100% of this receivable.
c.2)	The Bank had special guarantee checking accounts opened in the Central Bank for transactions related to the electronic clearing houses and similar entities, for an amount of 55,718 and 66,231, respectively.
c.3)	Contributions to the Risk Fund of Garantizar S.G.R. (mutual guarantee association) for 10,422 and 10,000, respectively, made by the Bank on December 26, 2005, in its capacity as partner of such company. Such contribution may be fully or partially reimbursed once two years have elapsed from the date of contribution.

- 37 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

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

e.1)	Attachments amounting to 543.
e.2)	Credit card transactions for 9,769 and 7,347, respectively.
e.3)	Other security deposits for 4,370 and 1,489, respectively.

8.	TRANSACTIONS WITH COMPANIES FALLING UNDER ARGENTINE BUSINESS ASSOCIATIONS LAW No. 19,550, SECTION 33 (SUBSIDIARIES AND AFFILIATES)
	The receivables/payables and income (loss) from transactions performed with subsidiaries and affiliates according to the provisions of Law No. 19,550 are as follows:

- 38 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

	Nuevo Banco Suquía S.A.		Nuevo Banco Bisel S.A.		Banco del Tucumán S.A.		Sud Bank & Trust Company Limited		Other subsidiaries		December 31, 2006		December 31, 2005
ASSETS
Cash								2,200				2,200		2,582
Loans														27,794
Other receivables from financial intermediation		163,886		283,783		173,606				21,588		642,863		36,939
Other receivables										3,262		3,262		5,144
Total assets		163,886		283,783		173,606		2,200		24,850		648,325		72,459
LIABILITIES
Deposits		3						72		1,905		1,980		7,417
Other liabilities from financial intermediation		177,047		327,180		140,156				6,066		650,449		74,542
Other liabilities		700				9						709
Total liabilities		177,750		327,180		140,165		72		7,971		653,138		81,959

- 39 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

	Nuevo Banco Suquía S.A.			Nuevo Banco Bisel S.A.			Banco del Tucumán S.A.			Sud Bank & Trust Company Limited			Other subsidiaries			December 31, 2006			December 31, 2005
MEMORANDUM ACCOUNTS
Debit-balance accounts - Contingent		3,070															3,070
Debit-balance accounts – Control								1,011									1,011			144,202
Debit-balance accounts – Derivatives																				21,469
Credit-balance accounts - Contingent																				1,000
INCOME (LOSS)
Financial income		1,035			1,008			4			214			37			2,298			1,096
Financial expense		(381	)		(401	)		(4,176	)		(40	)		(270	)		(5,268	)		(3,069	)
Service-charge income								14			26			70			110			80
Service-charge expense																				(37	)
Total income (expense)		654			607			(4,158	)		200			(163	)		(2,860	)		(1,930	)

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

	Macro Securities S.A. Sociedad de Bolsa		Sud Inversiones & Análisis S.A.	Macro Fondos S.G.F.C.I. S.A.	Macro Valores S.A.		December 31, 2006
ASSETS
Other receivables from financial intermediation		21,588						21,588
Other receivables						3,262		3,262
Total assets		21,588				3,262		24,850

- 40 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

	Macro Securities S.A. Sociedad de Bolsa			Sud Inversiones & Análisis S.A.		Macro Fondos S.G.F.C.I. S.A.		Macro Valores S.A.		December 31, 2006
LIABILITIES
Deposits		1,399			445		11		50		1,905
Other liabilities from financial intermediation		6,066									6,066
Total liabilities		7,465			445		11		50		7,971
INCOME (LOSS)
Financial income		37									37
Financial expense		(270	)								(270	)
Service-charge income		65			3		1		1		70
Service-charge expense
Total income (expense)		(168	)		3		1		1		(163	)

In addition, the Bank and its subsidiaries have granted loans to related parties. According to the Bank’s policy, loans are required to be granted during the normal course of business under normal market conditions, both with respect to interest and guarantees required. The financing granted to such related parties amounted to 36,743 and 81,170 as of December 31, 2006, and 2005, respectively (consolidated figures).

Likewise, as of December 31, 2006, and 2005, the deposits made by individuals related to the Bank amounted to 271,289 and 219,222, respectively (consolidated figures).

During the fiscal year ended December 31, 2006, trust certificates of participation were sold to a director from Banco Macro S.A., which generated income amounting to 8,499 for the Bank.

Additionally, in December 2006, the Bank sold its equity interest in Inversora Juramento S.A. to a shareholder of Banco Macro S.A., which generated income amounting to 363.

- 41 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

9.	CAPITAL STOCK
	The Bank’s subscribed and paid-in capital as of December 31, 2006, amounts to 683,943. In addition, since December 31, 2003, the Bank’s capital stock has changed as follows:

- As of December 31, 2003	608,943
- Capital stock increase approved by the Shareholders’ Meeting of September 26, 2005	75,000
As of December 31, 2006	683,943

On September 26, 2005, the Bank’s general regular and special shareholders’ meeting approved a capital increase of up to a face value of Ps. 75,000,000 (face value: seventy-five million Argentine pesos), through the issuance of up to 75,000,000 new common, registered, Class “B” shares with a face value of Ps. 1, each one entitled to one vote, and entitled to dividends under the same conditions as common, registered, Class “B” shares outstanding upon issuance, to be publicly subscribed in Argentina or abroad. On January 6, 2006, the Bank submitted to the U.S. Securities and Exchange Commission (SEC) an application for registration of the abovementioned stock issue. Finally, on March 24, 2006, the Bank’s stock began to be listed on the New York Stock Exchange.

During the year ended December 31, 2006, such capital increase was fully subscribed and paid in.

As required by CNV General Resolution No. 368/01, the Bank informs that has applied all funds resulting from the public subscription of shares to finance its general business operations, increasing its lending capacity and obtain funds for potential acquisitions.

- 42 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

10.	CORPORATE BONDS ISSUANCE
	The corporate bond liabilities recorded in the accompanying financial statements amount to:

Class	Original value			12/31/2006		12/31/2005
Subordinated corporate bonds	USD	83,000,000	a)		44,342		8,554
Subordinated corporate bonds	USD	4,000,000	b)		3,077		3,493
Subordinated corporate bonds	USD	150,000,000	c)		460,425
Total					507,844		12,047

a.1)	On February 19, 1996, the Bank’s regular and special shareholders’ meeting authorized issuing Subordinated Corporate Bonds for up to a face value of USD 60,000,000, which was carried out on May 31, 1996.
	The net funds arising from the placement of the abovementioned corporate bonds were used to repay the loan borrowed from the FFCB (Bank Capitalization Trust Fund), currently the FFRE (Business Enterprise Reconstruction Trust Fund), due to the acquisition of certain assets and liabilities of former Banco Federal Argentino.
	On April 16, 2003, the Bank paid the last installment of the Subordinated Corporate Bond, pursuant to the payment schedule established.
a.2)	On April 12, 1995, the Bank’s general regular shareholders’ meeting approved creating a Global Program for the issuance of simple and unsecured Corporate Bonds, subordinated or not, non-convertible into shares for up to an aggregate of USD 50,000,000, and it entrusted the Board of Directors with the task of setting the characteristics of the referred bonds (price, form, payment and placement conditions, among others).
	On July 20, 1998, the Bank received funds from a loan requested from FFCB for an amount of USD 5,000,000, whereby the Bank issued subordinated corporate bonds to finance the purchase of former Banco de Jujuy S.A.
	On July 20, 2005, the Bank paid the last installment of the Subordinated Corporate Bond, pursuant to the payment schedule established.
	Pursuant to the request made by the Bank to the Managing Committee of FFCB on July 26, 1999, to restructure the financing previously granted, a loan agreement was entered into on December 29, 1999, by BNA, as FFCB’s trustee, and the Bank, whereby FFCB granted a subordinated loan of USD 18,000,000, which was used by the Bank to strengthen its own computable equity.

- 43 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

The Bank undertook to repay in full the new loan convertible into subordinated corporate bonds in five annual, equal and successive installments, the first installment falling due on December 29, 2002. In addition, the loan will accrue compensatory interest at 180 days LIBOR plus 3% p.a. on balances, payable in arrears on an annual basis starting a year after the disbursement date.

On March 17, 2000, the Bank requested the CNV’s authorization to issue subordinated corporate bonds in the amount of USD 18,000,000 in order to repay the loan granted by the FFCB, received on December 29, 1999.

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

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

Subsequently, the Managing Committee of FFRE objected to the conversion into pesos of 50% of its loans, therefore requesting reassessment of all payments made.

On March 17, 2005, the Bank advised the Central Bank of the acceptance of the guidelines defined by such agency and recorded such loans, thus reflecting the right to receive the compensation for the asymmetric conversion into pesos and to cover the global net negative position resulting therefrom.

In that regard, as of December 31, 2006, the amount due was booked under “Subordinated corporate bonds” for an amount of 44,342 while, as of December 31, 2005, it was booked under “Provisions” for an amount of 42,310.

Although the Bank accepted the pesification of 50% of the payables to the FFRE as of December 31, 2001, on July 19, 2005, it reported to the Central Bank that the creditor still had to define several aspects, such as decrease in the interest rate to be applied to amounts in pesos and in US dollars and the treatment of compensatory and punitive interest, which is relevant to the final calculation of the amounts due and payable to date.

- 44 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

b)	On January 20, 1997, the general special shareholders’ meeting of former Banco de Salta S.A. (which was absorbed by the Bank) approved issuing Subordinated Corporate Bonds in the amount of USD 4,000,000 to exercise the power granted to it by the second clause of the Loan Agreement entered into with Banco Provincial de Salta (in liquidation) on June 28, 1996. In addition, the general special shareholders’ meeting of former Banco de Salta S.A. held on May 29, 1997, approved the IPO of such Corporate Bonds. Through Resolution No. 1,006, dated December 19, 1997, the CNV authorized the IPO of former Banco de Salta S.A. for the issuance of Corporate Bonds, and it also approved the public offering of such bonds.
	In addition, on October 19, 1999, through Resolution No. 13,043, the CNV authorized the transfer in favor of former Banco Macro Misiones S.A. (which was absorbed by the Bank) of the authorization granted to former Banco de Salta S.A. to issue the referred Corporate Bonds, since the latter merged with and into the former. Furthermore, it cancelled the authorization granted to former Banco de Salta S.A. for the public offering of its corporate bonds.
	Through December 31, 2006, the Bank had amortized the equivalent of USD 2,400,000 (original value), following the method described in point (a) above.

c.1)

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

On 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 Bank will use the funds derived from such issuance to grant loans. 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).

- 45 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

– 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%). 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 due and payable if: (a) payments of such interest exceed the distributable amount, as defined in the pricing supplement dated November 23, 2006; (b) there is a general prohibition by the Central Bank; (c) the Bank is subject to the provisions of sections 34 or 35 bis, Financial Institutions Law; (d) the Bank is receiving financial assistance from the Central Bank under Article 17 of Central Bank Charter; (e) the Bank is not in compliance with or have failed to comply in a timely basis with reporting obligations to the Central Bank; and/or (f) the Bank is not in compliance with minimum capital requirements (both on an individual and consolidated basis) or with minimum cash reserves (on average).

– The unpaid interest is not cumulative.

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

– In no case, may the payment of interests exceed net unappropriated retained earnings (calculated under Communiqué “A” 4,591) which should be appropriated to a reserve created to such end.

c.2)

In January 2007, the Bank issued the 1st series of Class 2 non-subordinated corporate bonds at a fixed rate of 8.5% p.a., simple, not convertible into shares, maturing in 2017 for a face value of USD 150,000,000 (US dollars one hundred and fifty million), 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 every year, starting on August 1, 2007.  Additionally, the Bank has the option to redeem such issuance, either fully or partially, at any time and periodically.

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

11.	DERIVATIVE FINANCIAL INSTRUMENTS
	During the year ended December 31, 2006, the Bank performed transactions that involve derivative financial instruments, as established by Central Bank rules and professional accounting standards effective in the City of Buenos Aires, 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.

Those transactions were valued as explained in notes 3.3.i) and 3.3.o).

Positions of transactions effective as of December 31, 2006, are as follows:

- 46 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

– Net position of repurchase agreements: 92,846 (liability).

– Net position of forward foreign-currency transactions: 6,128 (assets).

– Position of call options taken: 119,345 (a)

– Position of put options taken: 50,649 (b)

– Position of call options sold: 50,612 (b)

– Position of put options sold: 119,345 (a)

– Position of put options sold on Boden 2007, 2012 and 2013 coupons (Presidential Decrees Nos. 905/02 and 1,836/02): 102,160 (c)

The average terms of derivative financial instruments effective as of December 31, 2006, are as follows:

– Reverse repurchase agreements with Argentine entities: 10 days

– Repurchase agreements with Argentine entities: 5 days

– Repurchase agreements with foreign entities: 1,004 days

– Call options taken and put options sold: 5,336 days (a)

– Put options taken: 29 days (b)

– Call options sold: 27 days (b)

As of December 31, 2006, net income (loss) from these derivatives amount to:

– Premiums on reverse repurchase agreements: 14,953

– Premiums on repurchase agreements: (13,764)

– Transactions with options: 7,122.

– Forward foreign-currency transactions: 1,118

(a)	Relates to the put and call options agreement entered into by the Bank and Nuevo Banco Suquía S.A., in their capacity as buyers of Nuevo Banco Bisel S.A., and SEDESA (see note 2.7).
	According to the call option, for a fifteen-year term as from taking possession of the bank (August 11, 2006), buyers are entitled to acquire preferred shares in Nuevo Banco Bisel S.A.  The price of those shares is set at 66,240, plus interest at an annual 4% rate as from the takeover date. Such price is payable upon the expiration of the option term (August 11, 2021).
	In addition, through the put option, SEDESA will be entitled to sell to the buyers the preferred shares that it owns in Nuevo Banco Bisel S.A.  Such put option may only be exercised by SEDESA after the term of fifteen years as from the date of issuance of the preferred shares (August 26, 2005). The price of those shares is set at 66,240, plus interest at an annual 4% rate as from the date of issuance of such shares.
	By virtue of the analysis performed, the Bank’s Management considers that if any of those options is exercised, the buyer of preferred shares will be Banco Macro S.A.  Therefore, the Bank recorded the whole amount of those options.

- 47 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

(b)	Relates to put and call options agreements related to Senior and Junior trust debt securities for a face value of 54,774 and 27,387, respectively, in the “BG” financial trust carried by the Bank in its portfolio (see note 3.3.i.3)). Those agreements were entered into on December 19, 2006, between Banco Macro S.A. and Cargill Investments SCA.
	According to the call option, through January 15, 2007, Cargill Investments SCA is entitled to purchase from the Bank those trust debt securities at a price of 50,121, plus a 13.25% adjustment p.a. for price adjustment, which will accrued from December 19, 2006.
	In addition, through the put option, on January 17, 2007, the Bank will be entitled to sell to Cargill Investments SCA those trust debt securities at the price determined as mentioned in connection with the call option.
(c)	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.

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 non-financial 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 December 31, 2006, and 2005, the loans portfolio managed for principal and interest, after application adjustments, amounted to 14,850 and 15,172, 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 December 31, 2006, and 2005, the loans portfolio managed amounts to 44,454 and 47,764, respectively.

- 48 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

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 December 31, 2006, and 2005, the loans portfolio managed amounts to 85,262 and 86,691, 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. entered into an agreement for the LAVERC financial trust’s collection administration and management, whereby former Banco Bansud S.A. will be in charge of the collection management, custody, performance and any other task related to the corpus assets booked in the branches of former Scotiabank Quilmes S.A. received.
	Through Resolution No. 523 of August 20, 2002, the Central Bank Board of Governors –under Section No. 35 bis II b), Financial Institutions Law– provided for excluding certain secured liabilities and the equivalent amount of certain assets from Scotiabank Quilmes S.A. (SBQ), and it authorized the transfer of 35% of total excluded assets (including certificates of participation in the LAVERC trust) and liabilities in favor of the former Banco Bansud S.A.  In addition, the abovementioned Resolution authorized the former Banco Bansud S.A. to incorporate 36 branches that belonged to SBQ at the time of the transfer.
	As of December 31, 2006, and 2005, the portfolio managed by the Bank amounted to 153,661 and 195,130, respectively.
e)	On June 7, 2005, a portfolio assignment agreement was entered into between Banco de Valores S.A., as trustee, and the Bank, as trustor, whereby “Macro Personal V” trust was set up. To such end, class “A” and “B” certificates of participation were issued for a face value of 59,524 and 10,504, respectively. Such agreement stipulated that the Bank will act as agent for the collection of the trust’s receivables.
	As of December 31, 2005, the portfolio managed by the Bank amounted to 21,875.
	On September 20, 2006, the Bank entered into an agreement for the liquidation of the abovementioned trust and reimbursed the net book value of corpus assets.

- 49 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

f)	On March 31, 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 December 31, 2006, the portfolio managed by the Bank amounts to 64,442. Also, see note 9.1.n) to the consolidated financial statements.
g)	In addition, as of December 31, 2006, and 2005, the Bank had under its management other portfolios for total amounts of 53,060 and 51,439, respectively.
h)	As of December 31, 2006, the subsidiary Banco del Tucumán S.A. manages a loan portfolio assigned as part of the process for the transfer of Banco San Miguel de Tucumán S.A. for an amount of 14,153.

13.	MUTUAL FUNDS
	As of December 31, 2006, the Bank, in its capacity as Depository Company, held in custody the shares of interest subscribed by third parties and securities from the following mutual funds:

Fund	Shares of interest	Shareholders’ equity	Investments (a)
Pionero Pesos	540,299,167	608,193	436,450
Pionero Renta	47,197,494	86,917	76,578
Pionero Renta Ahorro	114,858,352	119,015	99,006
Pionero Crecimiento	2,249,878	5,865	5,506
Pionero Global	2,323,674	2,594	2,332
Puente Hnos. Renta Fija	2,266,147	3,437	3,379
Puente Hnos. Renta Variable	2,006,728	3,535	3,526
Puente Hnos. Argentina Hedge Fund	1,093,028	1,609	72
Puente Hnos. Corporativos Latinoamericanos	460,482	1,621	1,565
Galileo Event Driven FCI	25,010,783	107,513	108,824

(a) These amounts reflect the mutual funds’ investment portfolios and are recorded under the “Items in custody” memorandum account.

- 50 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

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 4.5518% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 8,694 of March 30, 2006.
	This system shall cover the deposits in Argentine pesos and foreign currency with the participating institutions as checking accounts, savings accounts, certificates of deposit or any other modes determined by the Central Bank, as long as fulfilling the requirements under Presidential Decree No. 540/95 and any others established by the enforcement agency.
	On the other hand, the Central Bank established that the deposits made by other financial institutions, those made by persons related to the Bank, deposits of securities, among others, would be excluded from the deposit guarantee system.
15.	TRUST ACTIVITIES
	Banco Macro S.A. acts either directly or through its subsidiaries as trust agent. 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 commissions earned by the Bank due to its performance as trust agent are calculated under the terms and conditions of the related agreements.
	In that regard, the Bank entered into guarantee trust agreements to ensure compliance with the obligations assumed by the trustor in favor of the beneficiary, through collections of corpus assets.

- 51 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

The effective guarantee trusts are:

Name	Trustor	Beneficiary	Creation date	Funds managed (1)
Cooperativa de Cerro Azul – IPRODHA guarantee trust	Cooperativa de Agua Potable y Otros Servicios	IPDH (Provincial Institute of Urban and Housing Development)	06/2005	23,361
Banco Macro - Entretenimientos y Juegos de Azar S.A. trust	ENJASA	Banco Macro S.A.	12/2003	96
Banco Macro - Entretenimientos y Juegos de Azar S.A. trust II	ENJASA	Banco Macro S.A.	05/2004	139
Salta - ENJASA Riva trust	ENJASA	Riva S.A.	09/2004	439
Banco Macro Bansud S.A. - Entretenimientos y Juegos de Azar S.A. trust III	ENJASA	Banco Macro S.A.	01/2005	100
Banco Macro Bansud - Entretenimientos y Juegos de Azar S.A. trust V	ENJASA	Banco Macro S.A. (1st beneficiary)	09/2005	108
Banco Macro - Entretenimientos y Juegos de Azar S.A. trust VI	ENJASA	Banco Macro S.A.	10/2006
Complejo Monumento Güemes - Entretenimientos y Juegos de Azar S.A. trust	ENJASA - Complejo Monumento Güemes	Banco de Inversión y Comercio Exterior	10/2004	368
Banco Macro - Horizonte S.A. trust	Horizonte S.A.	Banco Macro S.A.	03/2004	142
Banco Macro - Horizonte S.A. trust	Horizonte S.A.	Banco Macro S.A.	12/2004	8
Banco Macro Bansud - La Veloz del Norte S.A. trust	La Veloz del Norte S.A.	Banco Macro S.A	06/2005	425
Banco Macro Bansud - Sucesión de Yeizel Katz Sociedad de hecho trust	Sucesión de Yeizel Katz Sociedad de hecho	Banco Macro S.A.	03/2005	228
Banco Macro – Sucesión de Yeizel Katz Sociedad de hecho trust	Sucesión de Yeizel Katz Sociedad de hecho	Banco Macro S.A.	10/2006	168

(1)	Related to the monthly average on a straight-line basis of the funds managed during the year ended December 31, 2006.
In addition, the Bank entered into administration trust agreements for the following 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 the guaranteed 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)	Guaranteeing the existence of resources forming part of provincial institutes’ equity.
c)	Promoting the production development of the private economic sector at a provincial level.
d)	Public work concession agreement granting road exploitation, management, keeping and maintenance.

- 52 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

The effective administration trusts are:

Name	Trustor	Beneficiary	Creation date	Funds managed (1)
Los Castillos S.A. Provincia de Salta Banco Macro Bansud S.A. trust	Los Castillos S.A	Banco Macro S.A. (loan), Province of Salta (refinancing)	11/2004	35
Hospital El Milagro trust	Ministry of Treasury of the Province of Salta and Ministry of Public Health of Salta	UTE Nuevo Hospital El Milagro	03/2001	2,801
IPSS trust	Ministry of Treasury and Public Works of Salta	Health Institute of the Province of Salta	03/2003	6,984
Obra Pública Decreto 106-01 Munic. trust	Municipality of the City of Salta	Sociedad Ingeniero Alonso Crespo S.A.	04/2001	375
Municipalidad de la Ciudad de Salta Acta Acuerdo 30.12.2004 trust	Municipality of the City of Salta	Province of Salta and/or the party appointed thereby	04/2005	736
Proyecto Barrio Autódromo trust	Municipality of the City of Salta	Parties hired for the natural gas installation	12/2005	141
Municipalidad de la Ciudad de Salta Obra Puente Gobernador Roberto Romero trust	Municipality of the City of Salta	Norobras Construcciones Civiles S.A.	01/2007	133
Municipalidad de la Ciudad de Salta Obra Accesos y Puentes sobre Río Arenales -Vinculación Calles Córdoba y Polonia trust	Municipality of the City of Salta	Ingeniero Medina S.A.	05/2006	79
Banco Macro Bansud S.A. y Gobierno Provincial - Ley 5435 trust	Province of Jujuy	Municipalities and municipal commissions - Province	12/2004	83,098
Decreto 2132/2000 trust	Province of Misiones	Concesionaria Enriquez Albano UTE	12/2000	813
Decreto 149/2002 trust	Province of Misiones	Aesa Misiones S.A.	02/2002	1,368
Decreto 2268/2006 trust	Province of Misiones	Concesionaria Enriquez Albano UTE	11/2006	3,290
Decreto 331 Servicios Hidrocarburíferos trust	Province of Salta	Recovery Group S.A.	12/2002	3,992
Provincia de Salta - La Casualidad S.A. trust	Province of Salta	Cía Minera la Casualidad S.A.	09/2005	2,587
Provincia de Salta Avenida de Circunvalación trust	Province of Salta	UTE (Ingeniero Medina S.A. - Moncho Construcciones)	05/2006	0
Provincia de Salta – Adquisición vehículos Antis S.A. trust	Province of Salta	Concesionaria de automotores Antis S.A.	10/2006	113
Provincia de Salta – Adquisición vehículos Autolux S.A. trust	Province of Salta	Concesionaria de automotores Autolux S.A.	10/2006	51
Obra Gasoducto de Anta trust	Province of Salta	Sociedad Conta Walter Mario S.R.L.	12/2006
Banco Macro S.A. y la Secretaría de Estado de Economía de la Provincia de Jujuy trust	Economy Department of the Province of Jujuy	Economy Department of the Province of Jujuy	05/2000	6,648
Saeta - Banco Macro Bansud S.A. trust	Sociedad Anónima de Transporte Automotor (SAETA)	Employees from social security agencies, statutory health care organizations, tax authorities, among others.	10/2005	9,194

(1)	Related to the monthly average on a straight-line basis of the funds managed during the year ended December 31, 2006.
Also, see note 9 to the consolidated financial statements.

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NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

16.	INTEREST IN MACROAVAL SOCIEDAD DE GARANTIA RECIPROCA
	On September 28, 1998, Macroaval S.G.R. (reciprocal guarantee corporation) was organized mainly in order to provide guarantees of any kind to its members by executing reciprocal guarantee agreements involving the production, trade and industrial sectors of any kind, exploited by small- and medium-sized companies defined as such under Law No. 24,467. The initial capital stock was set at 250.  On December 27, 1998, the Department of Small- and Medium-sized Companies, subordinate to the Presidency of Argentina,  authorized Macroaval S.G.R. to begin its operations.
	The Bank became a sponsor partner of such company. In this respect, as of December 31, 2006, and 2005, the Bank held 30,500 shares of Macroaval S.G.R. of Ps. 1 each, that is, 12.20% of the capital stock of such company, which had been fully paid in.
	As of December 31, 2006, and 2005, the Bank carried contributions to Macroaval SGR’s Risk Fund amounting to 1,212 and 11,139, respectively.
17.	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.
18.	CLAIM FROM THE AFIP – DGI (FEDERAL PUBLIC REVENUE AGENCY – FEDERAL TAX BUREAU)
	On January 21, 2002, the former Banco Bansud S.A. requested from the above agency 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 December 31, 2006, the outstanding amount is recognized in the “Other liabilities” account.

- 54 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

	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 – 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 irregular period ended December 31, 1999.
	On February 2, 2005, February 2, 2006, and November 22, 2006, the Bank filed 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.
	The issues under discussion and on which the regulatory agency bases its position are (i) the impossibility to deduct the non-performing secured loans and (ii) the requirement to begin judicial collection proceedings for non-performing loans to be deducted for tax purposes. Both issues were analyzed by the Federal Administrative Tax Court in similar judgments, which issued a resolution in favor of the position assumed by the Bank.
	The Bank estimates that the abovementioned issues are unlikely to give rise to additional charges and, therefore, no provision was recorded for such amounts.
19.	CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT, AND THE SITUATIONS OF THE FINANCIAL SYSTEM AND THE BANK
	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.
	In early 2002, the Argentine Congress enacted Public Emergency and Foreign Exchange System Reform Law No. 25,561 (the effective term of which was extended through December 31, 2007).  This law introduced significant changes to the economic model implemented until that date and amended Convertibility Law (the currency board that pegged the Argentine peso at parity with the US dollar) effective since March 1991.  After a period of an official foreign exchange market, a single foreign exchange market was established, subject to Central Bank requirements and rules. Such law and subsequent presidential decrees established, among others, measures that affected the financial system, primarily related to the conversion into pesos of its assets and liabilities in foreign currency at different exchange rates and the related compensatory measures.

- 55 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

The current administration has implemented a program that included important measures such as the exchange of federal and provincial government debt, compensation provided to Financial Institutions for the effects of the devaluation and the conversion into pesos of balances denominated in foreign currency, the restructuring of Federal Government debt, deposits rescheduling and the lifting of restrictions thereto, relaxation of foreign-exchange controls and monetary reunification with the redemption of quasi-currencies. In addition, during 2005, the government debt restructuring process was completed and the Argentine Government settled its payable to the International Monetary Fund. Also, the economic and financial variables showed evolution and the financial system is undergoing a financial consolidation process.

Financial statements presentation requires Bank Management to make estimates that affect the reported figures of assets, liabilities, income, expenses and contingencies. Current figures and final income (loss) may differ from such estimations.

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

Legal actions

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.

- 56 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

	Finally, on December 27, 2006, the case in re. “Mazza 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.
	Under Communiqué “A” 3,916 dated April 3, 2003, the Bank continued capitalizing in “Intangible Assets” as of December 31, 2006, and 2005, the amounts of 54,428 and 42,632, respectively (net of the related amortization amounts) related to the resulting differences between complying with the court orders and the estimates of the additional effects of the abovementioned court decision in relation to the deposits involved and the provisions of Presidential Decree No. 214/02, as supplemented.
	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 on the amount due of the related liabilities.
20.	RESTRICTION ON EARNINGS DISTRIBUTION

a)

As established by Central Bank rules, 20% of income (loss) for the year, plus/less prior-year adjustments, shall be appropriated to legal reserve. Consequently, the upcoming Shareholders’ Meeting shall be required to apply 84,860 out of unappropriated retained earnings to increase such legal reserve.

b)

Central Bank Communiqué “A” 4,152 dated June 2, 2004, lifted the suspension of earnings distribution established by Communiqué “A” 3,574, but kept such distributions subject to certain requirements provided therein and to prior authorization from the SEFyC. In addition, through Communiqué “A” 4,589 and 4,591, the Central Bank published the general procedure to approve the request for the authorization to distribute earnings.

- 57 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

c)	As mentioned in note 10.a), under the agreements entered into with the FFCB, the Bank may not distribute as cash dividends an amount exceeding 50% of liquid and realized income. In addition, the Bank may not distribute as cash dividends an amount exceeding 25% up to 50% of liquid and realized income, unless it redeems in advance subordinated corporate bonds for an amount equivalent to 50% of the total dividends distributed in cash.
d)	According to Law No. 25,063, the dividends distributed in cash or in kind will be subject to a 35% income tax withholding as a single and final payment. Dividend payments are subject to such withholding if they exceed the sum of: (i) the accumulated taxable earnings accumulated as of the year-end immediately prior to the payment or distribution date and (ii) certain tax-exempt income (such as dividend payments from other corporations). This is applicable for tax years ended as from December 31, 1998.
e)	Finally, as established in Central Bank Communiqué “A” 4,295, to determine the amounts to be distributed it will be necessary to deduct the assets recorded for minimum presumed income tax credits from unappropriated retained earnings. As of December 31, 2006, the minimum presumed income tax credit amounts to 24,372 (see note 4).
f)	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 non-compliance with the agreement, the Bank will be unable to distribute dividends either directly or indirectly through its subsidiaries.
g)	In addition, as mentioned in note 3.3.n.2), the Bank capitalized under the “Intangible assets” account amounts for differences resulting from compliance with court orders related to the pesification of deposits. As established by such agency regarding the distribution of earnings, these amounts should be deducted from “Unappropriated earnings” as of year-end. In this respect, unappropriated retained earnings as of December 31, 2006, are restricted by 54,428.
h)	As established in the issuance conditions for the 1st series of Class 1 Subordinated Corporate Bonds mentioned in note 10.c.1), and as established by Central Bank Communiqué “A” 4,576, the upcoming Shareholders’ Meeting shall apply 45,515 out of “Unappropriated earnings” to set a special reserve for interest to be paid upon the maturities taking place in June and December 2007.

- 58 -

NOTES TO THE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, and 2005
(Figures stated in thousands of pesos)

21.	FINANCIAL STATEMENTS PUBLICATION
	Under Communiqué “A” 760, the Central Bank’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 the City of Buenos Aires, Argentina. Certain accounting practices applied by the Bank may not conform with accounting principles generally accepted in other countries.

- 59 -

EXHIBIT A

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	12/31/2006				12/31/2005		12/31/2006
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 US dollars at LIBOR - Maturity: 2012 - Compensation						94,711
Federal government bonds in pesos at 2% - Maturity: 2007 - Compensation						10,705
Subtotal holdings in investment accounts						105,416
Holdings for trading or financial intermediation
- Local
Federal government bonds in pesos at 2% - Maturity: 2007		60,791		60,791		366		60,361			1,709		62,070
Federal government bonds in pesos – Maturity: 2008		499		499		17		(3,319	)				(3,319	)
Federal government bonds in US dollars at LIBOR - Maturity: 2012		92,363		92,363		50,928		10,819			70,522		81,341
Federal government bonds in US dollars at LIBOR - Maturity: 2013		1,568		1,568		740		1,337			29,929		31,266
Federal government bonds in pesos – Maturity: 2014		11,953		11,953		261		(2,809	)				(2,809	)
Argentine Government bonds in US dollars at 7% - Maturity: 2011- BONAR V		2,128		2,128				1,964					1,964
Consolidation bonds in pesos – Fourth series		1,971		1,971		2,653		(8,205	)				(8,205	)
Consolidation bonds of social security payables in pesos – Third series at 2%		500		500		8,184		(5	)				(5	)
Public debt secured bonds of the Province of Río Negro (Bogar) Class II - Series I		226		226		218		226					226
Discount bonds denominated in pesos maturing 2033		4,075		4,075		13,323		(52,702	)				(52,702	)
Par bonds denominated in pesos maturing 2038		439		439		3		(1,865	)				(1,865	)
Par bonds denominated in US dollars maturing 2038 (governed by Argentine legislation)		280		280		60		280					280
GDP-related securities in pesos – Maturity: 2035		671		671		340		671					671
Quasi-par securities in pesos – Maturity: 2045		2,920		2,920
Secured bonds under Presidential Decree No. 1,579/02		36,322		36,322		1,213		31,415					31,415
Bonds for the conversion and restructuring of government borrowing, Province of Tucumán –Consadep– Series 1		1,441		1,441		1,346		1,441					1,441
Consolidation bonds of social security payables in pesos – Fourth Series		3,620		3,620		926		(1,861	)				(1,861	)
Federal government bonds in US dollars at LIBOR - Maturity: 2006						16,250
Other				80		404		80					80
Subtotal holdings for trading or financial intermediation				221,847		97,232		37,828			102,160		139,988
Unlisted government securities
- Local
Bonds issued by the Municipality of Bahía Blanca at 13.75%, secured by municipal resources						505
Secured bonds under Presidential Decree No. 1,579/02						35,872
Other						57
Subtotal unlisted government securities						36,434
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA
Central Bank of Argentina Bills – Listed – Managed Portfolio
Central Bank of Argentina bills in pesos – Maturity: 02/21/07		9,157		9,157				9,157					9,157
Central Bank of Argentina bills in pesos – Maturity: 01/04/06						64,960
Central Bank of Argentina bills in pesos – Maturity: 01/11/06						299,154
Central Bank of Argentina bills in pesos – Maturity: 01/18/06						55,059
Central Bank of Argentina bills in pesos – Maturity: 01/25/06						168,762
Central Bank of Argentina bills in pesos – Maturity: 02/01/06						1,985
Central Bank of Argentina bills in pesos – Maturity: 02/08/06						39,588
Central Bank of Argentina bills in pesos – Maturity: 02/15/06						9,882
Central Bank of Argentina bills in pesos adjusted by CER – Maturity: 01/31/07		18,383		18,383				18,383					18,383
Central Bank of Argentina bills in pesos adjusted by CER – Maturity: 03/22/06						3,140
Central Bank of Argentina bills in pesos adjusted by CER – Maturity: 07/12/06						6,497
Subtotal Central Bank of Argentina Bills –listed - Managed portfolio				27,540		649,027		27,540					27,540
Central Bank of Argentina Bills – Under repo transactions
Central Bank of Argentina bills in pesos – Maturity: 03/22/06						193,859
Central Bank of Argentina bills in pesos – Maturity: 01/31/07						1,170
Central Bank of Argentina bills in pesos adjusted by CER – Maturity: 01/31/07						28,075
Subtotal Central Bank of Argentina Bills – Under repo transactions						223,104
Subtotal instruments issued by the Central Bank of Argentina				27,540		872,131		27,540					27,540

- 60 -

Jorge H. Brito

Chairperson

EXHIBIT A
(Continued)

DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	12/31/2006				12/31/2005		12/31/2006
Name	Market value		Book balance		Book balance		Position without options (1)		Options		Final position
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Contd.)				27,540		872,131		27,540				27,540
Central Bank of Argentina Bills – Unlisted - Managed portfolio
Central Bank of Argentina bills in pesos – Maturity: 02/22/06						108,905
Central Bank of Argentina bills in pesos – Maturity: 03/15/06						108,398
Subtotal Central Bank of Argentina Bills – Unlisted - Managed portfolio						217,303
Central Bank of Argentina notes - Listed - Managed portfolio
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 04/18/07		2,004		2,004				2,004				2,004
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 05/30/07		81,323		81,323		56,842		81,323				81,323
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 07/11/07		11,684		11,684				11,684				11,684
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 11/21/07		53,593		53,593		70,481		116,098				116,098
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 12/19/07		24,033		24,033				195,584				195,584
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02/20/08		63,950		63,950				126,507				126,507
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 03/05/08		47,611		47,611				47,611				47,611
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 03/26/08		60,237		60,237				60,237				60,237
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 04/16/08		91,759		91,759				91,759				91,759
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 05/07/08		63,519		63,519				63,519				63,519
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 07/16/08		30,164		30,164				30,164				30,164
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 08/06/08		21,525		21,525				21,525				21,525
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 09/10/08		39,487		39,487				39,487				39,487
Central Bank of Argentina notes in pesos adjustable by CER – Maturity: 01/23/08		5,479		5,479		103,058		5,479				5,479
Central Bank of Argentina notes in pesos adjustable by CER – Maturity: 12/06/06						212,083
Central Bank of Argentina notes in pesos adjustable by CER – Maturity: 12/24/08						48,960
Subtotal Central Bank of Argentina notes - Listed - Managed portfolio				596,368		491,424		892,981				892,981
Central Bank of Argentina Notes – Under repo transactions
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 05/30/07		142,230		142,230
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 12/19/07		100,189		100,189
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02/20/08		30,819		30,819
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 07/16/08		3,409		3,409
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 08/06/08		30,832		30,832
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 09/10/08		106,018		106,018
Subtotal Central Bank of Argentina Notes – Under repo transactions				413,497
Total instruments issued by the Central Bank of Argentina				1,037,405		1,580,858		920,521				920,521
Total government securities				1,259,252		1,819,940		958,349		102,160		1,060,509
INVESTMENTS IN LISTED PRIVATE SECURITIES
Debt securities
- Local
Corporate Bonds - Petrobras Energía S.A. (the former Pecom S.A.)		14		14		14		14				14
Book-entry Corporate Bonds - Acindar Convertible 6% USD						106
Book-entry Corporate Bonds - Edesur Class 5 Pesos						4,401
Corporate bonds – Telefónica de Argentina S.A. – Fixed rate						3,130
Trust debt security - Italcred II Financial Trust		1,035		1,035				1,035				1,035
Trust debt security - Consubond Financial Trust - Series XXXIV Class A						1,325
Trust debt security - Italcred I Financial Trust						684
Trust debt security - Tarjeta Shopping Financial Trust - Series XVI Class A						1,032
Subtotal debt securities				1,049		10,692		1,049				1,049
Equity securities
- Local
Class “A” certificates of participation in the Macro Personal V trust						5,000
Class “B” certificates of participation in the Macro Personal V trust						14,005
Book-entry shares - Petrobras Energía						2,865
Other						46
Subtotal equity securities						21,916
Total Investments in listed private securities				1,049		32,608		1,049				1,049
Total government and private securities (2)				1,260,301		1,852,548		959,398		102,160		1,061,558

(1)	The position without options as of December 31, 2006, results from the following disclosure:
	Holdings as of December 31, 2006	1,260,301
	Plus: Spot and forward purchases pending settlement	432,482
	Less: Deposits of government securities	204,747
	Less: Spot and forward sales pending settlement	528,638
		959,398
(2)	As of December 31, 2005, the Bank booked allowances for impairment in value amounting to 483 (see Exhibit J).

- 61 -

Jorge H. Brito

Chairperson

EXHIBIT B

FINANCING-FACILITIES CLASSIFICATION BY SITUATION
AND GUARANTEES RECEIVED
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	12/31/2006		12/31/2005
COMMERCIAL
In normal situation		2,287,740		1,744,442
With Senior “A” guarantees and counter-guarantees		14,347		27,553
With Senior “B” guarantees and counter-guarantees		219,712		172,655
Without Senior guarantees or counter-guarantees		2,053,681		1,544,234
Subject to special monitoring		8,113		13,586
In observation
With Senior “B” guarantees and counter-guarantees		351		557
Without Senior guarantees or counter-guarantees		7,762		13,029
Troubled		16,351		3,591
With Senior “B” guarantees and counter-guarantees		755		2,877
Without Senior guarantees or counter-guarantees		15,596		714
With high risk of insolvency		8,637		15,140
With Senior “B” guarantees and counter-guarantees		2,111		4,615
Without Senior guarantees or counter-guarantees		6,526		10,525
Irrecoverable		16,262		78,879
With Senior “A” guarantees and counter-guarantees				380
With Senior “B” guarantees and counter-guarantees		6,208		12,825
Without Senior guarantees or counter-guarantees		10,054		65,674
Irrecoverable according to Central Bank’s rules				8,430
With Senior “B” guarantees and counter-guarantees				5,476
Without Senior guarantees or counter-guarantees				2,954
Subtotal Commercial		2,337,103		1,864,068

- 62 -

Jorge H. Brito

Chairperson

EXHIBIT B

(Continued)

FINANCING-FACILITIES CLASSIFICATION BY SITUATION
AND GUARANTEES RECEIVED
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	12/31/2006		12/31/2005
CONSUMER
Performing		1,402,876		766,370
With Senior “A” guarantees and counter-guarantees		5,286		3,166
With Senior “B” guarantees and counter-guarantees		158,572		132,554
Without Senior guarantees or counter-guarantees		1,239,018		630,650
Inadequate compliance		18,445		13,890
With Senior “A” guarantees and counter-guarantees				2
With Senior “B” guarantees and counter-guarantees		4,753		5,610
Without Senior guarantees or counter-guarantees		13,692		8,278
Deficient compliance		8,960		5,607
With Senior “B” guarantees and counter-guarantees		1,763		1,841
Without Senior guarantees or counter-guarantees		7,197		3,766
Difficult recovery		7,147		7,288
With Senior “B” guarantees and counter-guarantees		615		2,719
Without Senior guarantees or counter-guarantees		6,532		4,569
Irrecoverable		16,926		42,532
With Senior “A” guarantees and counter-guarantees		3		3
With Senior “B” guarantees and counter-guarantees		9,517		21,619
Without Senior guarantees or counter-guarantees		7,406		20,910
Irrecoverable according to Central Bank’s rules		279		931
With Senior “B” guarantees and counter-guarantees		140		675
Without Senior guarantees or counter-guarantees		139		256
Subtotal Consumer		1,454,633		836,618
Total		3,791,736		2,700,686

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Jorge H. Brito

Chairperson

EXHIBIT C

FINANCING FACILITIES CONCENTRATION
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	12/31/2006				12/31/2005
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		874,837		23.07		868,439		32.16
50 next largest customers		795,210		20.97		526,545		19.50
100 next largest customers		409,029		10.79		302,601		11.20
Other customers		1,712,660		45.17		1,003,101		37.14
Total		3,791,736		100.00		2,700,686		100.00

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Jorge H. Brito

Chairperson

EXHIBIT D

BREAKDOWN BY FINANCING TERMS
AS OF DECEMBER 31, 2006
(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 to 3 months		Over 3 months and up to 6 months		Over 6 months and up to 12 months		Over 12 months and up to 24 months		Over 24 months		Total
Non-financial government sector		9,633		1,051		2,877		117		34		20,362		339,625		373,699
Financial sector				121,835		29,106		3,455		6,993		4,576				165,965
Non-financial private sector and foreign residents		94,992		853,322		481,667		363,487		332,427		484,733		641,444		3,252,072
Total		104,625		976,208		513,650		367,059		339,454		509,671		981,069		3,791,736

- 65 -

Jorge H. Brito

Chairperson

EXHIBIT E

DETAIL OF INVESTMENTS IN OTHER COMPANIES
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	12/31/2006										12/31/2005
	Shares and membership interests
Name	Class		Unit face value		Votes per share		Number		Amount		Amount
In financial institutions, supplementary and authorized activities
- Subsidiaries
In Argentina
Nuevo Banco Suquía S.A. (1)		Common		1		1		303,700,000		730,107		473,117
Banco del Tucumán S.A. (2)		Common		100		1		175,479		42,570
Nuevo Banco Bisel S.A. (3)		Common		1		1		650,650,000		653,180
Macro Valores S.A.		Common		1		1		249,868		422		3,732
Sud Inversiones & Análisis S.A. (4)		Common		1		1		2,297,263		4,977		3,465
Macro Securities S.A. Soc. de Bolsa		Common		1		1		940,500		12,462		10,906
Macro Fondos S.G.F.C.I.S.A.		Common		1		1		47,750		686		390
Foreign
Sud Bank & Trust Company Limited		Common		1		1		9,816,899		108,255		103,638
Red Innova Administradora de Fondos de
Inversión S.A. (5)		Common		1,000		1		2,744		301
Subtotal subsidiaries										1,552,960		595,248
- Non-subsidiaries
In Argentina
A.C.H. S.A.		Common		1		1		17,500		52		52
Mercado Abierto Electrónico S.A.		Common		1,200		1		1		5		5
Visa Argentina S.A.		Common		0.0001		1		11,400		238		238
C.O.E.L.S.A.		Common		1		1		17,364		58		25
Macroaval S.G.R.		Common		1		1		30,500		31		31
Garantizar S.G.R.		Common		1		1		10,000		10		10
Foreign
BLADEX S.A.		Common		10		1		7,303		242		239
Subtotal non-subsidiaries										636		600
Total in financial institutions, supplementary and authorized activities										1,553,596		595,848
In other companies
- Non-subsidiaries
In Argentina
Inversora Juramento S.A.												4,437
Banelco S.A.		Common		1		1		1,071,716		2,500		2,500
Frigorífico Bermejo S.A.		Preferred		0.1		—		2,064,813		554		1,036
Provincanje S.A.		Common		1		1		600,000		603		603
Proin S.A.		Common		1		1		244,457		293		293
El Taura S.A.										185		185
Tunas del Chaco S.A. (6)										150		150
Emporio del Chaco S.A. (6)										150		150
Campos del Chaco S.A. (ex Prosopis S.A.) (6)										150		150
Utility Companies										85		78
Cross Sale S.A.		Common		100		1		12		59		59
SEDESA		Common		1		1		45,518		45		45
Argentina de Hoteles S.A.										34		34
Sanatorio Las Lomas S.A.		Common		1		1		13,245		32		32
Argencontrol S.A.		Common		1		1		28,049		28		28
Macro Warrants S.A.		Common		1		1		25,000		25		25
Papel Misionero S.A.		Common		0.1		1		122,097		12		12
Vizora Desarrollos Inmobiliarios SA		Common		1		1		1,800		34		3
Other										1		1
Foreign
SWIFT S.A.		Common		1		1		3		15		15
Total in other companies										4,955		9,836
Total (7)										1,558,551		605,684

- 66 -

Jorge H. Brito

Chairperson

EXHIBIT E
(Continued)

DETAIL OF INVESTMENTS IN OTHER COMPANIES
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	Information on the issuer
			Data from latest financial statements
Name	Main business activity		Period / year-end date		Capital stock		Shareholders’ equity		Income (loss) for the period / year
In financial institutions, supplementary and authorized activities
- Subsidiaries
In Argentina
Nuevo Banco Suquía S.A. (1)		Financial institution		12/31/2006		303,750		730,710		257,031
Banco del Tucumán S.A. (2)		Financial institution		12/31/2006		21,980		53,322		13,256
Nuevo Banco Bisel S.A. (3)		Financial institution		12/31/2006		911,240		915,189		65,079
Macro Valores S.A.		Financial advisory services		12/31/2006		250		414		114
Sud Inversiones & Análisis S.A. (4)		Services		12/31/2006		2,344		5,050		1,582
Macro Securities S.A. Soc. de Bolsa		Brokerage house		12/31/2006		950		12,800		1,740
Macro Fondos S.G.F.C.I.S.A.		Mutual funds management		12/31/2006		250		3,559		1,734
Foreign
Sud Bank & Trust Company Limited		Banking		12/31/2006		9,817		108,255		4,617
Red Innova Administradora de Fondos de Inversión S.A. (5)		Cash management		12/31/2006		591		691		(79	)
- Non-subsidiaries
In Argentina
A.C.H. S.A.		Electronic information services		12/31/2005		650		1,411		259
Mercado Abierto Electrónico S.A.		Electronic information services		12/31/2005		242		6,186		949
Visa Argentina S.A.		Business services		05/31/2006		1		24,158		2,158
C.O.E.L.S.A.		Services		12/31/2005		1,000		1,564		68
Macroaval S.G.R.		Reciprocal guarantee corporation		12/31/2005		250		1,549		(73	)
Garantizar S.G.R.		Reciprocal guarantee corporation		12/31/2005		2,882		142,309		757
Foreign
BLADEX S.A.		Banking		12/31/2005		848,756		1,869,775		242,826
In other companies
- Non-subsidiaries
In Argentina
Inversora Juramento S.A.		Agriculture and finance		09/30/2005		13,617		190,661		(17,578	)
Banelco S.A.		Network administration		12/31/2005		22,527		48,742		11,061
Frigorífico Bermejo S.A.		Meat-packaging		12/31/2005		3,399		6,858		(6,549	)
Provincanje S.A.		Swap of securities		06/30/2006		9,000		10,027		112
Proin S.A.		Juice production		09/30/2005		4,604		7,127		174
El Taura S.A.		Hotel construction and exploitation		12/31/2004		420		3,422		(199	)
Tunas del Chaco S.A. (6)		Agriculture		12/31/2005		12		1,163		(5	)
Emporio del Chaco S.A. (6)		Agriculture		12/31/2005		12		1,149		(15	)
Campos del Chaco S.A. (ex Prosopis S.A.) (6)		Agriculture		12/31/2005		12		1,013		(53	)
Utility Companies		Utilities
Cross Sale S.A.		Sale		11/30/2004		12		13		(124	)
SEDESA		Deposit guarantee fund management		12/31/2005		1,000		11,978		325
Argentina de Hoteles S.A.		Hotel services		10/31/2005		1,585		4,470		(403	)
Sanatorio Las Lomas S.A.		Medical clinic		06/30/2006		8,889		15,893		657
Argencontrol S.A.		Agency		12/31/2005		700		884		15
Macro Warrants S.A.		Warrants		09/30/2005		500		759		162
Papel Misionero S.A.		Paper manufacture		12/31/2005		40,210		165,811		26,351
Vizora Desarrollos Inmobiliarios SA		Real estate		12/31/2005		30		387		(177	)
Foreign
SWIFT S.A.		Services		12/31/2005		444,205		808,259		27,977

(1)	Net of a negative goodwill amounting to 483 as of December 31, 2006, and 2005.
(2)	Income disclosed has been generated from 05/05/2006 (date of Bank acquisition) through 12/31/2006.
(3)	Income disclosed has been generated from 08/11/2006 (date of Bank acquisition) through 12/31/2006.
(4)	See note 1 to the consolidated financial statements.
(5)	Income disclosed has been generated from 09/13/2006 (date of Bank acquisition) through 12/31/2006.
(6)	See Note 7(d).
(7)	As of December 31, 2006, and 2005, the Bank carried 1,016 and 1,148, respectively, as allowance for impairment in value (see Exhibit J).

- 67 -

Jorge H. Brito

Chairperson

EXHIBIT F

MOVEMENT OF BANK PREMISES AND EQUIPMENT AND OTHER ASSETS
AS OF DECEMBER 31, 2006
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	Net book value at beginning of fiscal year									Depreciation for the fiscal year				Net book value at end of fiscal year
										Years of useful life
Item			Additions		Transfers			Retirements				Amount
Bank premises and equipment
Buildings		130,065		4,288					1,684		50		4,414		128,255
Furniture and facilities		11,254		3,883		741					10		3,226		12,652
Machinery and equipment		21,218		22,930		1,268			3		5		7,829		37,584
Vehicles		13,631		25,368		(65	)		11,417		5		4,387		23,130
Total		176,168		56,469		1,944			13,104				19,856		201,621
Other assets
Works in progress		4,956		17,506		(511	)		617						21,334
Works of art		1,038		10											1,048
Prepayments for the purchase of assets		4,191		4,090		(2,115	)		2,644						3,522
Assets acquired by attachment in aid of execut		10,950		3,328					653		50		199		13,426
Leased buildings		9,603									50		169		9,434
Stationery and office supplies		1,236		5,666					5,988						914
Other assets		112,864		7,724		682			16,176		50		934		104,160
Total		144,838		38,324		(1,944	)		26,078				1,302		153,838

- 68 -

Jorge H. Brito

Chairperson

EXHIBIT G

DETAIL OF INTANGIBLE ASSETS
AS OF DECEMBER 31, 2006
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	Net book value at beginning of fiscal year							Amortization for the fiscal year					Net book value at end of fiscal year
								Years of useful life
Item			Additions			Retirements				Amount
Goodwill		1,646		69,094	(1)				10		4,133			66,607
Organization and development costs (2)		67,126		44,052	(3)		29		5		27,015	(3)		84,134
Total		68,772		113,146			29				31,148			150,741

(1)	Related to (i) the goodwill deriving from the acquisition of 79.84% of capital stock in Banco del Tucumán S.A. (see note 2.6.) for an amount of 18,242 and (ii) the goodwill deriving from the acquisition of 77% of shares of common stock in Nuevo Banco Bisel S.A. (see note 2.7.) for an amount of 50,852.
(2)	This mainly includes the cost of information technology projects contracted from independent parties, leasehold improvements and foreign exchange differences capitalized in relation to constitutional rights protection actions and court orders paid mentioned in (3) below.
(3)	It includes differences resulting from court orders amounting to 27,483 and 15,687, which are nondeductible for the determination of the computable equity (see note 3.3.n.2.).

- 69 -

Jorge H. Brito

Chairperson

EXHIBIT H

DEPOSIT CONCENTRATION
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	12/31/2006				12/31/2005
Number of customers	Outstanding balance		% of total portfolio		Outstanding balance		% of total portfolio
10 largest customers		1,130,850		21.75		1,042,571		23.97
50 next largest customers		959,835		18.46		959,961		22.07
100 next largest customers		398,611		7.67		331,618		7.62
Other customers		2,709,424		52.12		2,015,054		46.34
Total		5,198,720		100.00		4,349,204		100.00

- 70 -

Jorge H. Brito

Chairperson

EXHIBIT I

BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND
SUBORDINATED CORPORATE BONDS
AS OF DECEMBER 31, 2006
(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		4,214,227		614,253		225,508		144,732						5,198,720
Other liabilities from financial intermediation
Central Bank of Argentina		513		265										778
Banks and international Institutions		19,300		4,865		1,202				153,475				178,842
Financing received from Argentine financial Institutions		25,433		456		559		1,119		2,238		38,045		67,850
Other		140,853												140,853
		186,099		5,586		1,761		1,119		155,713		38,045		388,323
Subordinated corporate bonds (1)				430		44,342		378		756		461,938		507,844
Total		4,400,326		620,269		271,611		146,229		156,469		499,983		6,094,887

(1) Including, under “Over 3 months and up to 6 months”, the amount due to the Business Enterprise Reconstruction Trust Fund mentioned in note 10.a).

- 71 -

Jorge H. Brito

Chairperson

EXHIBIT J

CHANGES IN ALLOWANCES AND PROVISIONS
AS OF DECEMBER 31, 2006
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	Balances at beginning of fiscal year		Increases (1)		Decreases					Balances at end of fiscal year
Breakdown					Write off			Reversals
ALLOWANCES
Government and private securities
For impairment in value		483				474			9
Loans
For loan losses and impairment in value (2)		206,389		38,165		118,807			1,601		124,146
Other receivables from financial intermediation
For uncollectibility risk and impairment in value		3,735		188		1,262					2,661
Assets subject to financial leases
For uncollectibility risk		1,070		541							1,611
Investments in other companies
For impairment in value		1,148		18					150		1,016
Other receivables
For uncollectibility risk		16,302		1,589		3,044			200		14,647
Total allowances		229,127		40,501		123,587			1,960		144,081
PROVISIONS
Contingent commitments		1,725		7					58		1,674
For negative goodwill		73,112							73,112
For other contingencies		67,446		37,245		53,375 (3	)		679		50,637
Total liabilities		142,283		37,252		53,375			73,849		52,311

(1)	See note 3.3.g).
(2)	As of December 31, 2006, “Write off” includes the effects of what was mentioned in note 12.f).
(3)	Including 43,401 reclassified to “Subordinated corporate bonds” regarding the amount due to the Business Enterprise Reconstruction Trust Fund (see note 10).

- 72 -

Jorge H. Brito

Chairperson

EXHIBIT K

CAPITAL STRUCTURE
AS OF DECEMBER 31, 2006
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

Shares					Capital stock
Class	Number		Votes per share		Issued and outstanding (1)		Paid in (1)
Registered common stock A		11,235,670		5		11,236		11,236
Registered common stock B		672,707,767		1		672,707		672,707
Total		683,943,437				683,943		683,943

(1) Related to Ps. 683,943,437 (See note 9).

- 73 -

Jorge H. Brito

Chairperson

EXHIBIT L

FOREIGN CURRENCY BALANCES
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	12/31/2006																				12/31/2005
	Total Parent company and Argentine branches
			Total per currency
Items			US dollar		Pound sterling		Swiss franc		Danish krone		Canadian dollar		Yen		Swedish krone		Norwegian krone		Euro		Total
ASSETS
Cash		492,872		485,117		554		286		44		135		257		45		13		6,421		346,439
Government and private securities		96,390		96,390																		162,836
Loans		446,180		445,651				51												478		393,307
Other receivables from financial intermediation		431,692		431,684																8		250,410
Investments in other companies		108,813		108,813																		103,892
Other receivables		6,385		6,354																31		10,378
Total		1,582,332		1,574,009		554		337		44		135		257		45		13		6,938		1,267,262
LIABILITIES
Deposits		749,178		749,178																		674,794
Other liabilities from financial intermediation		278,503		274,843		4		61												3,595		324,956
Other liabilities		1,102		1,099																3		2,141
Subordinated corporate bonds		504,768		504,768																		5,461
Total		1,533,551		1,529,888		4		61												3,598		1,007,352
MEMORANDUM ACCOUNTS
DEBIT-BALANCE ACCOUNTS (except contra debit-balance accounts)
Contingent		73,351		73,241																110		64,792
Control		849,331		846,538		1		1												2,791		701,804
CREDIT-BALANCE ACCOUNTS (except contra credit-balance accounts)
Contingent		105,503		100,701																4,802		107,259

- 74 -

Jorge H. Brito

Chairperson

EXHIBIT N

CREDIT ASSISTANCE TO RELATED PARTIES
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

	12/31/2006				12/31/2005
	In normal situation		Total		Total
Item
Loans
Overdrafts		7,782		7,782		352
Without Senior guarantees or counter-guarantees		7,782		7,782		352
Documents		279		279		112
Without Senior guarantees or counter-guarantees		279		279		112
Mortgage and pledged loans						8
With Senior “B” guarantees and counter-guarantees						8
Personal loans						24
Without Senior guarantees or counter-guarantees						24
Credit cards		296		296		240
Without Senior guarantees or counter-guarantees		296		296		240
Other		20,438		20,438		69,969
With Senior “B” guarantees and counter-guarantees						5,757
Without Senior guarantees or counter-guarantees		20,438		20,438		64,212
Total loans		28,795		28,795		70,705
Other receivables from financial intermediation		73		73		114
Assets subject to financial leases and other		5,795		5,795		5,921
Contingent Commitments		5,021		5,021		5,488
Investments in other companies		1,554,023		1,554,023		601,196
Total		1,593,707		1,593,707		683,424
Allowances / Provisions		399		399		786

- 75 -

Jorge H. Brito

Chairperson

EXHIBIT O

DERIVATIVE FINANCIAL INSTRUMENTS
AS OF DECEMBER 31, 2006
(Translation of financial statements originally issued in Spanish - See note 22)
(Figures stated in thousands of pesos)

Type of contract	Purpose of the transactions performed	Underlying asset	Type of settlement	Negotiation environment or counter-party	Amount
Options	Other	Private securities	With delivery of underlying asset	Over The Counter - Residents in Argentina - Non-financial sector	339,951
Options	Other	Argentine government securities	Other	Over The Counter - Residents in Argentina - Non-financial sector	102,160
Futures	Intermediation - own account	Foreign currency	Daily settlement of differences	Rosario Futures Exchange (ROFEX)	61,280
Futures	Intermediation - own account	Argentine government securities	With delivery of underlying asset	BCBA (Buenos Aires stock exchange)	17,156
Futures	Intermediation - own account	Argentine government securities	With delivery of underlying asset	MAE (over-the-counter electronic market)	779,433
Futures	Intermediation - own account	Argentine government securities	With delivery of underlying asset	Foreign self-regulated markets	98,111

- 76 -

Jorge H. Brito

Chairperson

CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish -
See Note 22 to the stand-alone financial statements)
(Figures stated in thousands of pesos)

		12/31/2006			12/31/2005
ASSETS
A.	CASH
	Cash on hand		564,191			346,504
	Due from banks and correspondents		2,062,609			842,518
	Other		108			107
			2,626,908			1,189,129
B.	GOVERNMENT AND PRIVATE SECURITIES (Exhibit I)
	Holdings in investment accounts					105,416
	Holdings for trading or financial intermediation		304,065			164,786
	Unlisted government securities		13,441			198,358
	Instruments issued by the Central Bank of Argentina		2,787,019			2,463,102
	Investments in listed private securities		118,459			59,902
	less: Allowances (Note 4.)		(29	)		(512	)
			3,222,955			2,991,052
C.	LOANS (Note 5.)
	To the non-financial government sector		774,273			645,342
	To the financial sector		436,930			80,511
	To the non-financial private sector and foreign residents
	Overdrafts		1,103,270			432,772
	Documents		543,734			433,748
	Mortgage loans		426,138			298,060
	Pledged loans		300,949			230,321
	Personal loans		1,431,105			476,917
	Credit cards		497,872			241,344
	Other (Note 8.1.)		1,131,315			779,237
	Accrued interest, adjustments, foreign exchange and quoted price differences receivables		101,744			72,861
	less: Unposted payments		(139	)		(6,050	)
	less: Unearned discount		(11,505	)		(10,411	)
	less: Allowances (Note 4.)		(208,581	)		(247,532	)
			6,527,105			3,427,120

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Jorge H. Brito

Chairperson

		12/31/2006			12/31/2005
D.	OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina		119,954			99,672
	Amounts receivable from spot and forward sales pending settlement		213,605			395,980
	Securities and foreign currency receivable from spot and forward purchases pending settlement		140,717			236,609
	Premiums on options taken		868			32
	Unlisted corporate bonds (Note 5.)		12,661			927
	Receivables from forward transactions without delivery of underlying asset		110			6
	Other receivables not covered by debtors classification standards (Note 8.2.)		557,870			326,658
	Other receivables covered by debtors classification standards (Note 5.)		47,108			48,516
	less: Allowances (Note 4.)		(178,319	)		(27,600	)
			914,574			1,080,800
E.	ASSETS SUBJECT TO FINANCIAL LEASES
	Assets subject to financial leases (Note 5.)		282,129			146,265
	less: Allowances (Note 4.)		(3,489	)		(1,470	)
			278,640			144,795
F.	INVESTMENTS IN OTHER COMPANIES
	In financial institutions		429			423
	Other		11,116			14,586
	less: Allowances (Note 4.)		(1,172	)		(1,304	)
			10,373			13,705
G.	OTHER RECEIVABLES
	Receivables from sale of assets (Note 5.)		26,330			10,747
	Minimum presumed income tax - Tax Credit		47,780			53,593
	Other (Note 8.3.)		155,038			114,149
	Accrued interest and adjustments receivable on receivables from sale of assets (Note 5.)		302			11,767
	Other accrued interest and adjustments receivable		66			48
	less: Allowances (Note 4.)		(36,153	)		(18,246	)
			193,363			172,058
H.	BANK PREMISES AND EQUIPMENT, NET		336,251			223,540
I.	OTHER ASSETS		202,765			174,659
J.	INTANGIBLE ASSETS
	Goodwill		81,164			1,646
	Organization and development costs		110,015			68,445
			191,179			70,091
K.	ITEMS PENDING ALLOCATION		859			873
TOTAL ASSETS			14,504,972			9,487,822

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Jorge H. Brito

Chairperson

		12/31/2006	12/31/2005
LIABILITIES
L.	DEPOSITS (Note 6.)
	From the non-financial government sector	1,295,630	822,687
	From the financial sector	5,078	5,208
	From the non-financial private sector and foreign residents
	Checking accounts	1,876,232	1,036,175
	Savings accounts	2,097,362	1,100,633
	Time deposits	4,380,981	3,222,011
	Investment accounts	18,836	29,826
	Other (Note 8.4.)	360,195	292,767
	Accrued interest, adjustments, foreign exchange and quoted price differences payables	36,703	56,019
		10,071,017	6,565,326
M.	OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
	Central Bank of Argentina (Note 6.)
	Other	386,089	206,352
	Banks and international Institutions (Note 6.)	176,687	154,006
	Amounts payable for spot and forward purchases pending settlement	132,434	108,682
	Securities and foreign currency to be delivered under spot and forward sales pending settlement	217,066	429,714
	Premiums on options sold	868	18
	Financing received from Argentine financial Institutions (Note 6.)	47,982	25,154
	Payables for forward transactions without delivery of underlying asset		64
	Other (Note 6. and 8.5.)	250,091	186,371
	Accrued interest, adjustments, foreign exchange and quoted price differences payables (Note 6.)	25,899	32,802
		1,237,116	1,143,163
N.	OTHER LIABILITIES
	Dividends payable	662
	Profesional fees	9
	Other (Note 8.6.)	188,260	98,628
		188,931	98,628
O.	PROVISIONS (Note 4.)	104,870	178,150
P.	SUBORDINATED CORPORATE BONDS (Note 6.)	507,844	12,047
Q.	ITEMS PENDING ALLOCATION	2,052	854
	MINORITY INTERESTS IN SUBSIDIARIES	78,165	80
	TOTAL LIABILITIES	12,189,995	7,998,248
	SHAREHOLDERS’ EQUITY	2,314,977	1,489,574
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		14,504,972	9,487,822

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Jorge H. Brito

Chairperson

		12/31/2006		12/31/2005
MEMORANDUM ACCOUNTS
	DEBIT-BALANCE ACCOUNTS		10,333,170		6,457,675
	Contingent		3,286,537		2,199,058
	Loans borrowed (unused amounts)				164,709
	Guarantees received		2,718,097		1,848,718
	Other not covered by debtors classification standards		459
	Contingent debit-balance contra accounts		567,981		185,631
	Control		6,041,123		3,821,348
	Receivables classified as irrecoverable		879,769		818,433
	Other (Note 8.7.)		5,028,310		2,920,865
	Control debit-balance contra accounts		133,044		82,050
	Derivatives		574,775		437,269
	Notional value of call options taken		159,804
	Notional value of put options taken		50,649		133,456
	Notional value of forward transactions without delivery of underlying asset				15,301
	Derivatives debit-balance contra accounts		364,322		288,512
	Trust activity		430,735
	Trust funds		430,735
	CREDIT-BALANCE ACCOUNTS		10,333,170		6,457,675
	Contingent		3,286,537		2,199,058
	Unused portion of loans granted, covered by debtors classification standards (Note 5.)		9,120		20,118
	Guarantees provided to the Central Bank of Argentina		180,908
	Other guarantees provided covered by debtors classification standards (Note 5.)		243,057		94,402
	Other guarantees provided not covered by debtors classification standards		43,289		1,474
	Other covered by debtors classification standards (Note 5.)		91,607		69,637
	Contingent credit-balance contra accounts		2,718,556		2,013,427
	Control		6,041,123		3,821,348
	Checks to be credited		133,044		82,050
	Control credit-balance contra accounts		5,908,079		3,739,298
	Derivatives		574,775		437,269
	Notional value of call options sold		91,071		120,886
	Notional value of put options sold		245,675		112,423
	Notional value of forward transactions without delivery of underlying asset		27,576		55,203
	Derivatives credit-balance contra account		210,453		148,757
	Trust activity		430,735
	Trust activity credit-balance contra accounts		430,735

Note: The accompanying notes 1 through 9 to the consolidated financial statements and the 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.

- 80 -

Jorge H. Brito

Chairperson

CONSOLIDATED STATEMENTS OF INCOME
FOR THE FISCAL YEARS
ENDED DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish -
See Note 22 to the stand-alone financial statements)
(Figures stated in thousands of pesos)

		12/31/2006		12/31/2005
A.	FINANCIAL INCOME
	Interest on cash and due from banks		11,682		4,080
	Interest on loans to the financial sector		16,720		5,320
	Interest on overdrafts		120,040		53,953
	Interest on documents		56,988		32,157
	Interest on mortgage loans		48,506		29,655
	Interest on pledged loans		43,038		26,160
	Interest on credit card loans		30,969		18,233
	Interest on other loans		259,801		121,062
	Interest on other receivables from financial intermediation		15,050		19,901
	Income from government and private securities, net (Note 8.8.)		324,178		156,158
	Income from guaranteed loans - Presidential Decree No. 1,387/01		29,898		28,625
	CER (Benchmark Stabilization Coefficient) adjustment		84,951		185,421
	CVS (Salary Variation Coefficient) adjustment		1,947		1,987
	Other (Note 8.9.)		111,491		67,138
			1,155,259		749,850
B.	FINANCIAL EXPENSE
	Interest on checking accounts		9,475		2,647
	Interest on savings accounts		6,736		4,302
	Interest on time deposits		233,697		106,486
	Interest on financing from the financial sector		802		980
	Interest on other liabilities from financial intermediation		14,672		13,839
	Other interest		14,427		13,288
	Net loss from options		371		1,017
	CER adjustment		55,732		117,048
	Other (Note 8.10.)		59,037		43,569
			394,949		303,176
	GROSS INTERMEDIATION MARGIN - GAIN		760,310		446,674
C.	PROVISION FOR LOAN LOSSES		59,773		70,309
D.	SERVICE-CHARGE INCOME
	Related to lending transactions		35,962		19,171
	Related to deposits		297,256		199,970
	Other fees		19,567		12,866
	Other (Note 8.11.)		99,835		71,134
			452,620		303,141

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Jorge H. Brito

Chairperson

		12/31/2006			12/31/2005
E.	SERVICE-CHARGE EXPENSE
	Fees		45,949			31,214
	Other (Note 8.12.)		47,374			28,296
			93,323			59,510
F.	ADMINISTRATIVE EXPENSES
	Personnel expenses		396,338			254,821
	Directors’ and statutory auditors’ fees		14,362			14,142
	Other professional fees		39,670			26,104
	Advertising and publicity		31,866			22,668
	Taxes		9,008			5,808
	Other operating expenses (Note 8.13.)		144,040			104,826
	Other		17,173			14,657
			652,457			443,026
	NET INCOME FROM FINANCIAL INTERMEDIATION		407,377			176,970
G.	OTHER INCOME
	Income from long-term investments		289			2,724
	Penalty interest		5,553			3,167
	Recovered loans and allowances reversed		192,508			168,064
	CER adjustments		283			191
	Other (Note 8.14.)		35,786			44,355
			234,419			218,501
H.	OTHER EXPENSE
	Penalty interest and charges payable to the Central Bank ok Argentina		38			33
	Charges for other receivables uncollectibility and other allowances		26,713			39,177
	CER adjustments					3
	Amortization of differences from amparos		19,477			14,100
	Other (Note 8.15.)		91,089			45,370
			137,317			98,683
	MINORITY INTERESTS		(3,220	)		(27	)
	NET INCOME BEFORE INCOME TAX		501,259			296,761
I.	INCOME TAX		76,961			34,042
	NET INCOME FOR THE FISCAL YEAR		424,298			262,719

these statements, which are part of the stand-alone financial statements of Banco Macro S.A. and should be read together with them.

- 82 -

Jorge H. Brito

Chairperson

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE FISCAL YEARS
ENDED DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish -
See Note 22 to the stand-alone financial statements)
(Figures stated in thousands of pesos)

	12/31/2006			12/31/2005
CHANGES IN CASH
Cash and cash equivalents at the beginning of the fiscal year		1,189,129			1,372,261
Increase/(Decrease) in cash and cash equivalents		1,437,779			(183,132	)
Cash and cash equivalents at the end of the fiscal year		2,626,908			1,189,129
CAUSES OF CHANGES IN CASH
Cash provided by operations
Financial income collected		1,181,118			792,872
Service-charge income collected		452,627			302,738
Financial expense paid		(410,354	)		(284,936	)
Service-charge expense paid		(92,069	)		(59,193	)
Administrative expenses paid		(599,435	)		(406,821	)
Subtotal		531,887			344,660
Other sources of cash
Net decrease in government and private securities		628,496
Net decrease in other receivables from financial intermediation		646,052			529,526
Net increase in deposits		1,541,983			1,252,599
Net increase in other liabilities (1)		520,492
Capital increase		469,500
Other sources of cash (2)		560,562			44,298
Subtotal		4,367,085			1,826,423
Total sources of cash		4,898,972			2,171,083
Uses of cash
Net increase in government and private securities					706,893
Net increase in loans		2,052,258			573,255
Net increase in other assets		394,844			238,629
Net decrease in other liabilities from financial intermediation		786,790			775,326
Net decrease in other liabilities					1,667
Cash dividends		68,395			30,447
Other uses of cash		158,906			27,998
Total uses of cash		3,461,193			2,354,215
Increase/(Decrease) in cash and cash equivalents		1,437,779			(183,132	)

(1)	Including the effect deriving from the issuance of Subordinated Corporate Bonds mentioned in note 10.c.1) to the stand-alone financial statements of Banco Macro S.A.
(2)	Including 150,190 and 261,787 related to Banco del Tucumán S.A.’s cash received on May 5, 2006, and Nuevo Banco Bisel S.A.’s cash received on August 11, 2006, respectively.
Note:	The accompanying notes 1 through 9 to the consolidated financial statements and the 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.

- 83 -

Jorge H. Brito

Chairperson

CONSOLIDATED STATEMENT OF DEBTORS BY SITUATION
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish -
See Note 22 to the stand-alone financial statements)
(Figures stated in thousands of pesos)

	12/31/2006		12/31/2005
COMMERCIAL
In normal situation		4,004,780		2,353,068
With Senior “A” guarantees and counter-guarantees		26,037		35,629
With Senior “B” guarantees and counter-guarantees		339,078		247,396
Without Senior guarantees or counter-guarantees		3,639,665		2,070,043
Subject to special monitoring
In observation		26,651		16,856
With Senior “B” guarantees and counter-guarantees		6,058		1,894
Without Senior guarantees or counter-guarantees		7,762		14,962
In negotiation or with refinancing agreements
Without Senior guarantees or counter-guarantees		12,831
Troubled		24,944		17,153
With Senior “A” guarantees and counter-guarantees		3,371		3,238
With Senior “B” guarantees and counter-guarantees		3,050		2,877
Without Senior guarantees or counter-guarantees		18,523		11,038
With high risk of insolvency		16,267		24,269
With Senior “B” guarantees and counter-guarantees		7,310		8,408
Without Senior guarantees or counter-guarantees		8,957		15,861
Irrecoverable		24,608		82,832
With Senior “A” guarantees and counter-guarantees				380
With Senior “B” guarantees and counter-guarantees		10,973		14,884
Without Senior guarantees or counter-guarantees		13,635		67,568
Irrecoverable according to Central Bank’s rules				8,430
With Senior “B” guarantees and counter-guarantees				5,476
Without Senior guarantees or counter-guarantees				2,954
Subtotal Commercial		4,097,250		2,502,608

- 84 -

Jorge H. Brito

Chairperson

(Continued)

CONSOLIDATED STATEMENT OF DEBTORS BY SITUATION
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish -
See Note 22 to the stand-alone financial statements)
(Figures stated in thousands of pesos)

	12/31/2006		12/31/2005
CONSUMER
Performing		3,230,190		1,478,001
With Senior “A” guarantees and counter-guarantees		18,384		16,852
With Senior “B” guarantees and counter-guarantees		759,573		483,022
Without Senior guarantees or counter-guarantees		2,452,233		978,127
Inadequate compliance		38,965		20,613
With Senior “A” guarantees and counter-guarantees		30		2
With Senior “B” guarantees and counter-guarantees		11,198		8,526
Without Senior guarantees or counter-guarantees		27,737		12,085
Deficient compliance		22,345		9,954
With Senior “B” guarantees and counter-guarantees		5,227		3,804
Without Senior guarantees or counter-guarantees		17,118		6,150
Difficult recovery		20,591		11,674
With Senior “B” guarantees and counter-guarantees		3,525		4,380
Without Senior guarantees or counter-guarantees		17,066		7,294
Irrecoverable		34,574		53,250
With Senior “A” guarantees and counter-guarantees		249		866
With Senior “B” guarantees and counter-guarantees		15,406		24,151
Without Senior guarantees or counter-guarantees		18,919		28,233
Irrecoverable according to Central Bank’s rules		4,085		931
With Senior “B” guarantees and counter-guarantees		390		675
Without Senior guarantees or counter-guarantees		3,695		256
Subtotal Consumer		3,350,750		1,574,423
Total		7,448,000		4,077,031

Note: The accompanying notes 1 through 9 to the consolidated financial statements and the 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

- 85 -

Jorge H. Brito

Chairperson

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

1.	SIGNIFICANT ACCOUNTING POLICIES AND SUBSIDIARIES
	According to the procedures provided in Central Bank Communiqué “A” 2,227, as supplemented, and FACPCE Technical Resolution No. 21, the Bank has made a line-by-line consolidation of its balance sheets as of December 31, 2006, and 2005, and the statements of income and cash flows for the years then ended, with those of the subsidiaries detailed below, for the years then ended:

	Shares					Percentage of						Value estimated by the equity method
Company	Type		Number			Capital stock			Possible votes
Nuevo Banco Suquía S.A.		Common		303,700,000			99.984	%		99.984	%		730,107	(a)
Nuevo Banco Bisel S.A. (b) y (i)		Common		650,650,000			71.400	%		77.000	%		653,180
Banco del Tucumán S.A. (i)		Common		175,479	(c)		79.836	%		79.836	%		42,570
Sud Bank & Trust (d)		Common		9,816,899			99.999	%		99.999	%		108,255
Macro Securities S.A. Sociedad de Bolsa (e)		Common		940,500			99.000	%		99.000	%		12,462
Sud Inversiones & Análisis S.A.		Common		2,297,263	(f)		98.000	%		98.000	%		4,977
Macro Fondos S.G.F.C.I. S.A.(g)		Common		47,750			19.100	%		19.100	%		686
Macro Valores S.A.		Common		249,868	(h)		99.950	%		99.950	%		422
Red Innova Administradora de Fondos de Inversión S.A. (i)		Common		2,744			51.000	%		51.000	%		301

(a)	Net of negative goodwill for 483.
(b)	Banco Macro S.A. has an indirect equity interest in such bank of 21.33% in the capital stock and 23% in voting rights (through the subsidiary Nuevo Banco Suquía S.A.).

- 86 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

(c)	As of the date of issuance of these financial statements, Banco Macro S.A. increased its equity interest in Banco del Tucumán S.A. (see also note 2.6 to the Bank’s stand-alone financial statements).
(d)	Sud Bank & Trust consolidates with Sud Asesores (ROU) S.A. (voting rights: 100%, equity interest: 267).
(e)	Banco Macro S.A. has an indirect equity interest of 1% in Macro Securities S.A. Sociedad de Bolsa (through its subsidiary Sud Inversiones & Análisis S.A.), in addition to the direct equity interest of 99% in such company.
(f)	On January 11, 2007, the IGJ approved the registration of a capital increase for 2,144, as resolved by the Shareholders’ Meeting held on July 5, 2005.
(g)	Consolidated through S.I.A.S.A., its Parent Company (interest in capital stock and voting rights: 80.90%).
(h)	The effect of 1,618,852 shares to be received from the increase in capital stock and the simultaneous redemption of 2,718,274 shares as a result of the voluntary reduction in capital stock are considered. Such transactions were approved by the general special unanimous shareholders’ meeting of Macro Valores S.A. held on June 30, 2006.  As of the issuance date of these financial statements, the registration of the increase and the voluntary reduction in capital stock was still pending at the IGJ (a regulatory agency for Argentine business associations).
(i)	Consolidated companies only as of December 31, 2006 (see notes 2.6, 2.7 and 2.8 to the Bank’s stand-alone financial statements).
The receivables/payables and transactions between the institutions were eliminated in the consolidation process.
Furthermore, prior to consolidation, the financial statements of Sud Bank & Trust Company Limited (consolidated with Sud Asesores (ROU) S.A.) and Red Innova Administradora de Fondos de Inversión S.A. were adapted to the professional accounting standards effective in the City of Buenos Aires and the Central Bank rules.  Also, as they are originally stated in US dollars and Uruguayan pesos, respectively, they were translated into pesos following the procedures indicated below:
a)	Assets and liabilities were translated at the reference exchange rate or the exchange rate reported by the Central Bank’s trading room and effective for the foreign currency at the closing of transactions on the last business day of the years ended December 31, 2006, and 2005.

- 87 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

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 years ended December 31, 2006, and 2005, were translated into pesos, as 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 year and retained earnings at year-end) was recorded in “Other income – Income from long-term investments” and “Financial income – Other” or “Financial expense – Other”, 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 Sud Bank and Trust Company Limited (consolidated with Sud Asesores R.O.U. S.A.) and Red Innova Administradora de Fondos de Inversión S.A. as of December 31, 2006, considering the translation process mentioned above are as follows:
- Sud Bank and Trust Company Limited (consolidated with Sud Asesores R.O.U. S.A.):

	In thousands of USD		In thousands of Ps
Assets		164,465		504,826
Liabilities		129,197		396,571
Shareholders’ equity		35,268		108,255

- Red Innova Administradora de Fondos de Inversión S.A.:

	In thousands of UYU		In thousands of Ps
Assets		4,973		627
Liabilities		291		37
Shareholders’ equity		4,682		590

- 88 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

The table below shows the assets, liabilities, shareholders’ equity and income (loss) of Banco Macro S.A. and each one of its subsidiaries as of December 31, 2006:

	Banco Macro S.A.		Nuevo Banco Suquía S.A.		Nuevo Banco Bisel S.A.		Banco del Tucumán S.A.		Sud Bank & Trust Company Limited (1)		Other subsidiaries (2)		Eliminations		Banco Macro S.A. (consolidated)
Assets		9,450,191		3,701,554		2,867,936		938,368		504,826		86,854		3,044,757		14,504,972
Liabilities		7,135,214		2,970,844		1,952,747		885,046		396,571		68,176		1,218,603		12,189,995
Shareholders’ equity		2,314,977		730,710		915,189		53,322		108,255		18,678		1,826,154		2,314,977
Income (loss)		424,298		257,031		65,079		13,256		4,617		3,592		343,575		424,298

(1)	Figures related to Sud Bank & Trust consolidated with Sud Asesores (ROU) S.A.
(2)	Figures related to the subsidiaries Macro Securities S.A. Sociedad de Bolsa, Sud Inversiones & Análisis S.A. (consolidated with Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión S.A.), Macro Valores S.A. and Red Innova Administradora de Fondos de Inversión S.A.

2.	VALUATION METHODS
	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.
3.	RESTRICTED ASSETS
	Certain assets are restricted as follows:
	3.1.	Nuevo Banco Suquía S.A.:
		a)	As of December 31, 2006, and 2005, Nuevo Banco Suquía S.A. had provided in guarantee 5,913 and 4,831, respectively, regarding credit card transactions, and 1,088 and 1,573, respectively, for other security deposits.

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CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

	b)	As of December 31, 2006, and 2005, Nuevo Banco Suquía S.A. recorded 37,011 and 28,370, respectively, in the “Other receivables from financial intermediation – Central Bank” account related to the amounts in the special guarantee checking accounts with the Central Bank for transactions related to the electronic clearing houses and similar ones.
	c)	As of December 31, 2005, Nuevo Banco Suquía S.A. had provided the Class “A” Bond Certificate of Participation in the Suquía Trust as guarantee for the loan granted by the Central Bank to such bank to purchase “Argentine Government Bonds 2005, 2007 and 2012,” which would be used for the deposit exchange option exercised by the holders of deposits with Nuevo Banco Suquía S.A.  This guarantee covered principal, adjustments and interest up to the maximum amount of 178,056.
		The Central Bank accepted the exchange of this guarantee for Guaranteed Loans and registered mortgage bills. As of December 31, 2006, these guarantees amounted to 205,341 in Guaranteed Loans and 25,659 in registered mortgage bills.
		As of December 31, 2006, and 2005, such loan amounted to 203,437 and 216,197, respectively.
3.2.	Banco del Tucumán S.A.:
	a)	As of December 31, 2006, Banco del Tucumán S.A. recorded 14,305 in the “Other receivables from financial intermediation – Central Bank” account related to the amounts in the special guarantee checking accounts with the Central Bank for transactions related to the electronic clearing houses and similar transactions.
	b)	As of December 31, 2006, Banco del Tucumán S.A. recorded 343 under “Other receivables – Other – Security deposits” to secure credit card transactions.
3.3.	Nuevo Banco Bisel S.A.:
	a)	As of December 31, 2006, Nuevo Banco Bisel S.A. continued to keep as security the prepayments for the acquisition of Argentine Government Bonds (section 14, Presidential Decree 905/02, “Canje I”) for an amount of 180,908. To secure the prepayments of the Boden exchange, Nuevo Banco Bisel S.A. transferred in favor of the Central Bank BODEN 2007 for a face value of Ps. 131,197,500, Guaranteed Loans for a face value of Ps. 61,861,822, and Book-entry Mortgage Bills for a face value of Ps. 29,667,837 with a book value of 221,329 as of December 31, 2006.
	b)	As of December 31, 2006, Nuevo Banco Bisel S.A. recorded 8,648 in the “Other receivables from financial intermediation – Central Bank” account related to the amounts in the special guarantee checking accounts with the Central Bank for transactions related to the electronic clearing houses and similar transactions.

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CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

		c)	As of December 31, 2006, Nuevo Banco Bisel S.A. included under “Other receivables” the Credit Card Managers Guarantee Fund for an amount of 5,542, funds to guarantee expenses and financial trusts liquidity for 1,137. In addition, it included 200 which was withheld by the purchaser for the sale of Bisel Servicios S.A. and 140 related to other minor guarantees. The real estate belonging to the branch in Villa María, Province of Córdoba, located at Hipólito Irigoyen 31, is pledged pursuant to the “Asociación Mutual Ferroviaria v. Banco Independencia” case, the book value of which amounted to 496 as of December 31, 2006.
		d)	As of December 31, 2006, Nuevo Banco Bisel S.A. included under “Other receivables” receivables from foreign correspondents for 7,417, acquired from Bisel trust and subject to attachments against  former Banco Bisel S.A., although these accounts are part of the assets excluded from former Banco Bisel S.A. as per Resolution 580/02 of the Central Bank Board of Governors.
	3.4.	Macro Securities S.A. Sociedad de Bolsa:
		a)	As of December 31, 2006, and 2005, the two shares in Mercado de Valores de Buenos Aires S.A., which are disclosed in the “Investments in other companies” account in the amount of 1,452 (owned by Macro Securities S.A. Sociedad de Bolsa), are pledged in favor of “La Buenos Aires Cía. Argentina de Seguros S.A.” under the insurance agreement entered into by the company that issued such shares to cover the security granted in connection with Macro Securities S.A. Sociedad de Bolsa’s failure to comply with its obligations.
		b)	Investments in Tunas del Chaco S.A., Emporio del Chaco S.A. y Campos del Chaco S.A. (formerly Proposis S.A.) in the amount of 775, 725 and 618, respectively, under the deferment of federal taxes, subscribed in accordance with the promotion system established by Law No. 22,021, as amended by Law No. 22,702, which provides that the investment must be kept in assets for a term not shorter than five years starting on January 1 of the year subsequent to that when the investment was made (investment year: 2003).
	For further information see note 7 to the Bank’s stand-alone financial statements.
4.	CHANGES IN ALLOWANCES AND PROVISIONS
	The following are the changes in the Bank’s allowances and provisions consolidated with its subsidiaries:

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CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

	Balances at beginning of fiscal year				Decreases				Balances at end of fiscal year
			Increases (1)
					Write off		Reversals
Allowances
For government and private securities		512				474		9		29
For loans		247,532		102,538		132,926		8,563		208,581
For other receivables from financial intermediation		27,600		173,581		6,688		16,174		178,319
For assets subject to financial leases		1,470		2,054		19		16		3,489
For investments in other companies		1,304		18				150		1,172
For other receivables		18,246		27,068		8,694		467		36,153
Total		296,664		305,259		148,801		25,379		427,743
Provisions
For contingent commitments		2,076		7				409		1,674
For negative goodwill		73,595						73,112		483
For other contingencies		102,479		60,003		58,213		2,052		102,217
For severance pay				1,000		504				496
Total		178,150		61,010		58,717		75,573		104,870

	(1)	Including the amounts of existing allowances and provisions upon the acquisition of Banco del Tucumán S.A. and Nuevo Banco Bisel S.A.
5.	BREAKDOWN FINANCING BY TERMS
	The following is the breakdown by term of the Bank’s financing consolidated with its subsidiaries:

	Maturity
Item	Up to 12 months		Over 12 months		Total
To the non-financial government sector		63,524		724,785		788,309
To the financial sector		434,568		4,576		439,144
To the non-financial private sector and foreign residents		4,221,806		1,998,741		6,220,547
Total		4,719,898		2,728,102		7,448,000

- 92 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

6.	BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION AND SUBORDINATED CORPORATE BONDS BY TERM
	The following is the breakdown of the Bank’s deposits, other liabilities from financial intermediation and subordinated corporate bonds consolidated with its subsidiaries by term:

	Maturity
Item		Up to 12 months	Over 12 months	Total
Deposits		10,070,338	679	10,071,017
Other liabilities from financial intermediation
Central Bank of Argentina		69,085	317,026	386,111
Banks and International Institutions		28,908	153,475	182,383
Financing received from Argentine financial institutions		27,721	40,437	68,158
Other		250,096		250,096
		375,810	510,938	886,748
Subordinated corporate bonds		45,150	462,694	507,844
Total		10,491,298	974,311	11,465,609

7.	DERIVATIVE FINANCIAL INSTRUMENTS
	The following is the breakdown of the volumes in absolute values of transactions effective as of December 31, 2006, 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	Amount
Futures / foreign currency	61,280
Futures / government securities	192,052
Options / foreign currency	80,918
Options / Boden coupons	126,330
Options / other	339,951
Forward / government securities	85,819

- 93 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

	In addition, positions of transactions effective as of December 31, 2006, are as follows:
	–	Net position of repurchase agreements: 12,532 (asset).
	–	Position of forward government securities transactions: 85,819 (liability).
	–	Net position of forward foreign-currency transactions: 6,128 (asset).
	–	Position of stock call options taken: 119,345 (a)
	–	Position of foreign currency call options taken: 40,459
	–	Position of trust debt securities call options sold: 50,612 (b)
	–	Position of stock put options sold: 119,345 (a)
	–	Position of foreign currency call options sold: 40,459
	–	Position of trust debt securities call options taken: 50,649 (b)
	–	Position of put options sold on Boden 2007, 2012 and 2013 coupons (Presidential Decrees Nos. 905/02 and 1,836/02): 126,330 (c)
	(a)	See note 11.a) to the Bank’s stand-alone financial statements.
	(b)	See note 11.b) to the Bank’s stand-alone financial statements.
	(c)	See note 11.c) to the Bank’s stand-alone financial statements.
8.	BREAKDOWN OF MAIN ITEMS AND ACCOUNTS
	The breakdown of the “Other” account in the balance sheet and statement of income consolidated with subsidiaries is as follows:

		12/31/2006		12/31/2005
8.1)	Loans - Other
	Other loans		629,929		671,548
	Export financing and prefinancing		499,595		37,924
	Documentary credits		1,791		791
	Government securities				68,974
			1,131,315		779,237

- 94 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

		12/31/2006		12/31/2005
8.2)	Other receivables from financial intermediation – Other receivables not covered by debtors classification standards
	Certificates of participation in financial trusts		448,710		187,318
	Debt securities in financial trusts		90,133		124,700
	Unaccrued premiums on repurchase agreements		1,518		7,614
	Other		17,509		7,026
			557,870		326,658
8.3)	Other receivables - Other
	Sundry receivables		67,332		46,198
	Security deposits		30,971		22,254
	Tax prepayments		29,997		16,294
	Advance payments		25,705		21,643
	Federal Government Bonds receivable				5,193
	Other		1,033		2,567
			155,038		114,149
8.4)	Deposits -  Other
	Balances of accounts without movements		182,990		185,379
	Unemployment fund for workers of the building industry		33,984		18,577
	Special deposits related to inflows of foreign funds		14,002
	Security deposits		9,908		7,869
	Orders payable		1,972		786
	Rescheduled deposits to be exchanged for government securities				12,306
	Other		117,339		67,850
			360,195		292,767

- 95 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

		12/31/2006		12/31/2005
8.5)	Other liabilities from financial intermediation - Other
	Collections and other transactions on account and behalf of others		59,508		34,392
	Other withholdings and additional withholdings		48,653		25,603
	Miscellaneous not subject to minimum cash requirements		46,388		64,480
	Purchase financing payables		34,749		24,159
	Other payment orders pending settlement		17,323		21,194
	Retirement pension payment orders pending settlement		14,139		5,283
	Miscellaneous subject to minimum cash requirements		3,441		1,556
	Miscellaneous		25,890		9,704
			250,091		186,371
8.6)	Other liabilities - Other
	Taxes payable		100,043		42,572
	Miscellaneous payables		47,168		28,089
	Salaries and payroll taxes payable		26,333		15,063
	Withholdings on salaries to be paid over		5,375		4,119
	Prepayment for the sale of assets		4,581		5,412
	Other items		4,760		3,373
			188,260		98,628
8.7)	Memorandum accounts – Debit-balance accounts – Control – Other
	Checks and securities in custody		4,153,895		2,318,036
	Managed portfolio		493,783		394,371
	Checks and securities to be debited		199,141		124,808
	Checks and securities to be collected		63,843		58,150
	Other		117,648		25,500
			5,028,310		2,920,865

- 96 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

		12/31/2006		12/31/2005
8.8)	Financial income – Net income from government and private securities
	Income from government securities		276,561		130,149
	Income from certificates of participation in financial trusts		27,271		20,699
	Other		20,346		5,310
			324,178		156,158
8.9)	Financial income – Other
	Foreign currency exchange difference		44,626		31,659
	Income from assets subject to financial lease		34,442		13,447
	Interest on loans for export prefinancing and financing		17,576		1,826
	Premiums on reverse repurchase agreements with the financial sector		8,576		8,694
	Premiums on other reverse repurchase agreements		5,524		5,255
	Income from other receivables from financial intermediation				5,698
	Other		747		559
			111,491		67,138
8.10)	Financial expense – Other
	Turnover tax		29,377		12,718
	Contribution to the guarantee fund		12,753		9,701
	Premiums on repurchase agreements with the financial sector		8,858		7,341
	Valuation allowance of loans to the government sector – Central Bank Communiqué “A” 3,911		5,595		11,545
	Other		2,454		2,264
			59,037		43,569

- 97 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

		12/31/2006		12/31/2005
8.11)	Service-charge income - Other
	Debit and credit card income		49,261		32,431
	Rental of safe deposit boxes		8,467		5,712
	Other		42,107		32,991
			99,835		71,134
8.12)	Service-charge expense - Other
	Debit and credit card expense		20,773		11,093
	Turnover tax		19,065		12,659
	Other		7,536		4,544
			47,374		28,296
8.13)	Administrative expenses – Other operating expenses
	Depreciation of bank premises and equipment		29,230		19,218
	Maintenance, conservation and repair expenses		25,209		17,649
	Security services		25,003		16,367
	Electric power and communications		22,912		17,163
	Leases and rentals		14,123		9,889
	Amortization of organization and development costs		13,263		12,588
	Stationery and office supplies		9,046		7,976
	Insurance		5,254		3,976
			144,040		104,826

- 98 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

		12/31/2006		12/31/2005
8.14)	Other income – Other
	Gain on transactions or sale of bank premises and equipment, and other assets		12,390		9,654
	Sale of guaranteed loans		4,992		6,236
	Other adjustments and interest on other receivables		2,817		1,745
	Credit cards		1,378		2,657
	Leases and rentals		524		970
	Certifications		398		754
	Checkbook and statement issuance fees		112		2,731
	Tax deferral				1,413
	Other		13,175		18,195
			35,786		44,355
8.15)	Other expense – Other
	Tax on bank account transactions		17,416		11,350
	Corporate bonds placement expenses		13,558
	Commissions of the placing agent for the public offering of shares		12,167
	Non-computable VAT credit		11,458		8,121
	Shareholders’ personal assets tax		5,507		4,958
	Goodwill amortization		4,766		839
	Loss on transactions or impairment in value of bank premises and equipment, and other assets		3,040		1,759
	Depreciation of other assets		1,748		2,024
	Turnover tax		1,579		1,603
	Donations		1,265		1,014
	Guarantee fund and credit card losses		156		184
	Other		18,429		13,518
			91,089		45,370

- 99 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

9.	TRUST ACTIVITIES
	9.1.	Sud Inversiones y Análisis S.A.
		a)	Transporte Automotor Plaza S.A. trust
			On May 7, 1998, Sud Inversiones y Análisis S.A., Transporte Automotor Plaza S.A. and the former Banco Bansud S.A. (currently Banco Macro S.A.), in their capacities as trustee, trustor and beneficiary, respectively, entered into a trust agreement to secure the guarantee provided by the former Banco Bansud S.A. to the trustor on certain bills of exchange issued for acquiring passenger transportation buses from Scania Latinoamérica Ltda. and whereby the trustor assigned to the Trust:
			–	The rights over the amounts resulting from 15% of income generated per day as a result of the exploitation of public passenger transportation services, and
			–	A daily amount equivalent to the value of the bills to fall due in the six-month period divided by the number of working days of such period.
			The Trustee deposits the funds collected as previously mentioned in a trust account. The funds previously mentioned are immediately reimbursed to the trustor provided there are no events of default or delay in the fulfillment of any obligation assumed towards the beneficiary.
			Banco Macro S.A. recorded the payments made in relation to the guarantee granted under “Loans”.
			Afterwards, on September 25, 2003, it was agreed to restructure such debt, keeping the trust as guarantee for the loan granted. However, the trust did not operate since such date; therefore, no assets or liabilities are recorded.
		b)	Luján trust
			On May 20, 2003, a trust agreement was entered into between Federalia S.A. de Finanzas, in its capacity as trustor, and Sud Inversiones y Análisis S.A., in its capacity as trustee, whereby a financial trust named “Luján” was created to sell the corpus assets (real property), and to pay off the certificates of participation issued with the proceeds. For such purpose, certificates of participation were issued in two classes: Class “A” in the amount of 34,800, and class “B”, whose redemption value is subordinate to the actual payment of the full amount of the class “A” certificate of participation, plus any interest and, consequently, will confer the right to the remaining proceeds of the sale.

- 100 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

	On July 15, 2004, the parties agreed to split class “A” certificates of participation into two certificates of participation, the class “Nuevo A” certificate of participation for 26,542, with a priority right, and class “A Prima” certificate of participation in the amount of 8,258, subordinate to “Nuevo A” certificate of participation.  Subsequently, on October 14 and November 24, 2004, the parties agreed to reduce the Certificate of Participation class “Nuevo A”, which was issued for a face value of 18,507, and increase the face value of the Certificate of Participation class “A PRIMA” to 16,293.
	As per the latest financial statements issued by the trust, corpus assets amounted to approximately 49,400.
	This trust will end with the settlement of the certificates of participation and/or the sale of corpus assets.
c)	Mypes II (a) trust
	On May 26, 2004, Sud Inversiones y Análisis S.A., in its capacity as trustee, entered into a trust agreement with the Federal Executive, through the Ministry of Economy and Production, hereinafter “Trustor-Beneficiary”, the Under-department of Small- and Medium-sized Enterprises belonging to the Ministry of Economy and Production, in its capacity as executor and organizer, whereby an ordinary trust called “Mypes II (a)” was created for the purpose of granting financial assistance to small- and medium-sized enterprises:
	The trust is made up of the following corpus assets:
	–	The funds contributed by the Trustor – Beneficiary;
	–	The loans granted by the intermediary financial institutions (IFI’s), which are assigned and discounted by the Trustee; and
	–	The rights and privileges arising from the assignment of receivables as guarantee or pledge in favor of the trust.
	The loans that the IFIs will assign to the Trustee will be granted to the Mypes (medium- and small-sized companies) eligible for such financing under the Loan Agreement BID 1,192/OC and the trust agreement.
	The trust agreement was amended through Resolution No. 389/2005 issued by the Ministry of Economy and Production to support through credit the increase in the production capacity of micro-, small- and medium-sized companies, for the purpose of improving their market competitiveness and help reduce unemployment.

- 101 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

	The trust agreement was amended through Resolution No. 967/2006 issued by the Ministry of Economy and Production to improve the credit lie operating capacity.
	The first trust will end three years after the date on which the trust was created (first disbursement on September 26, 2005), unless the trustor extends the term.
d)	Northia trust
	On December 31, 2004, Sud Inversiones y Análisis S.A., in its capacity as trustee, Laboratorios Northia S.A.C.I.F.I.A., in its capacity as trustor and/or debtor and Banco Macro S.A., in its capacity as beneficiary, entered into a guarantee trust agreement called “Northia trust”, the purpose of which is to guarantee the repayment, when due, of the obligations assumed by the trustor by virtue of the loan granted by Banco Macro S.A.
	The trustor assigns and transfers to the trust:
	–	The collection rights derived from the sales of products made (but not yet paid) and those to be made by the trustor in the future;
	–	The amounts the trustor is entitled to collect by virtue of the pharmaceuticals supply and/or production agreements;
	–	The trustor’s collection of its present and future billing;
	–	The amounts that the trustor is entitled to collect for any reason and for whatever items related to and/or directly or indirectly resulting from the trustor’s products or business activities; and
	–	The amounts that the trustor is entitled to collect for any reason whatsoever, either past and/or present and/or future related to the production and sale of its products.
	This trust will end with the settlement of the trustor´s obligations mentioned above.
e)	Fenoglio and Desarrollo PI trust
	On December 30, 2004, Desarrollo Pi S.A. and an individual subscribed a Shares of Stock Sale Agreement subject to a condition subsequent. The parties have agreed that, until the Court Ruling that is the subject matter of the condition subsequent is entered, the stock purchase price (USD 1,750,000) shall remain deposited in a trust account.
	Therefore, on December 30, 2004, Sud Inversiones y Análisis S.A., as trustee, the individual and Desarrollo PI S.A., as beneficiaries, entered into an agreement to create the guarantee trust named “Fenoglio trust”.

- 102 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

	Subsequently, such Court Ruling was passed on July 29, 2005. The parties signed a fund release agreement on August 5, 2005. Such agreement set forth that, by releasing the residual fund, which occurred on March 13, 2006, the trust was definitively extinguished and liquidated.
	Additionally, on December 30, 2004, Sud Inversiones & Análisis S.A., in its capacity as trustee, Desarrollo Pi S.A., in its capacity as trustor and Banco Macro S.A., in its capacity as beneficiary, entered into a guarantee trust agreement called “Desarrollo Pi trust” to guarantee the performance of the obligations assumed by the trustor in favor of the beneficiary pursuant to the loan-for-consumption agreements.
	On May 29, 2006, Desarrollo PI S.A. settled all the obligations assumed with Banco Macro S.A., in guarantee of which the referred trust had been created.
	On July 19, 2006, the trust was extinguished and liquidated.
f)	Pulte trust
	On January 6, 2005, Sud Inversiones y Análisis S.A., in its capacity as trustee, Pulte S.R.L., in its capacity as trustor and Banco Macro S.A., in its capacity as beneficiary, entered into a guarantee trust agreement called “Pulte trust”, the purpose of which is to guarantee the timely performance of the obligations assumed by the trustor by virtue of the loan granted by the beneficiary.
	On March 7, 2006, Pulte S.R.L. settled all the obligations assumed with Banco Macro S.A., in guarantee of which the referred trust had been created. The related procedures are being carried out to terminate “Pulte trust” and release corpus assets.
g)	San Isidro trust
	On June 4, 2001, Banco Macro S.A.(replaced as from February 25, 2005, by Sud Inversiones y Análisis S.A.), as trustee , and the former Banco República S.A. de Finanzas, as trustor, entered into a trust agreement, whereby the “San Isidro” financial trust was set up. Under such agreement, the trustor assigned the trustee the fiduciary ownership of the property and plot of land located in the San Isidro district, Province of Buenos Aires, in order to realize them and use the proceeds to settle the certificates of participation: class “A”, amounting to USD 2,988,000; class “B” for USD 3,546,000, and class “C” for the remainder. Subsequently, such certificates were switched into pesos a provided by Presidential Decree No. 214/02, as amended and supplemented.

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CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

	As per the latest financial statements issued by the trust, corpus assets amounted to approximately 25,650.
	This trust will end with the settlement of the certificates of participation and/or the sale of corpus assets.
h)	Onext financial trust
	On May 19, 2005, Banco Macro S.A., Banco Credicoop Cooperativo Limitado, Dalvian House S.A. and Conjunto los Cerros S.A., in their capacities as trustors, Sud Inversiones y Análisis S.A., as trustee, and Dalvian S.A. and Tecan Austral S.A, entered into an agreement whereby “Onext financial trust” was set up, by virtue of which the trustors assigned the following to the Trust:
	–	Banco Macro S.A., the amount of 16,060.
	–	Credicoop, the amount of 16,060.
	–	Dalvian House: the plots of land owned, including: a) the right to obtain and use the authorizations and any type of permissions in connection with such plots of land; and b) the price that might be obtained from any sale and/or any other way of legal divestiture of the plots of land, and
	–	Conjunto los Cerros: the plots of land owned, including:  a) the right to obtain and use the authorizations and any type of permissions in connection with such plots of land; and b) the price that might be obtained from any sale and/or any other way of legal divestiture of the plots of land.
	The purpose of such trust is to settle the debt securities issued by the trust and distribute the remaining corpus assets, if any, among the holders of the certificates of participations in their respective proportions. The Class “A” Debt Certificates were issued for a total face value of 32,120, and the Certificates of Participation were issued for a total face value of 48,947.
	On November 7, 2006, in compliance with the trustors’ instructions, Sud Inversiones y Análisis S.A. transferred certain real property to Conjunto los Cerros S.A.  The assets transferred are exchanged for liquid funds, which does not imply issuing new certificates of participation or changing those held by Conjunto los Cerros S.A. in the trust.
	As per the latest financial statements issued by the trust, corpus assets amounted to approximately 62,708.
	This trust will end with the full settlement of debt securities, unless the holders of certificates of participation decide to extend it.

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CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

i)	Tucumán trust
	On August 31, 2005, Sud Inversiones y Análisis, in its capacity as trustee, Federalia Sociedad Anónima de Finanzas, Maxifarm S.A. and Gabrinel S.A., in their capacity as trustors, and Banco Macro S.A., in its capacity as potential trustor, and the securities holders, in their capacity as beneficiaries, entered into a trust agreement that created the “Tucumán” financial trust, whereby the Trustors assign to the Trust the following debt securities issued by the República trust:
	The “Tucumán” trust is aimed at guaranteeing the payment of the certificates of participation issued (class “A” certificate for a total face value of 61,000 and class “B” certificates).
	On October 26, 2006, the trust agreement was amended to allow the trustee to exercise the right to purchase “A” debt securities in the República trust, as established by Central Bank Resolution No. 333/99.
	As per the latest financial statements issued by the trust, corpus assets amounted to approximately 12,370.
	This trust will end with the full settlement of the certificates of participation issued.
j)	Puerto Madero Siete trust
	On September 27, 2005, Sud Inversiones y Análisis S.A., in its capacity as trustee, certain shareholders of Banco Macro S.A., and others, in their capacity as trustors, and the holders of securities as beneficiaries, entered into a trust agreement to create “Puerto Madero Siete financial trust”, the purpose of which is to purchase real property (Dock 1, East Side of Puerto Madero) and, potentially, other real property to develop a business plan in the Puerto Madero area, City of Buenos Aires.
	The trustors assign and transfer to the trustee the following corpus assets:
	–	Initial contributions;
	–	The additional funds in Argentine pesos and/or foreign currency the beneficiaries may potentially contribute to carry out the business plan; and
	–	Any other assets and rights that may be incorporated to the Trust during its performance (the real property, other real property, buildings, facilities and fixtures and any other elements affixed to or planted in the land of the real property or any other real property, any other assets, rights or obligations incorporated into the trust for any reason).

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CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

	Upon the deposit of the initial and additional contributions, the trustee issued certificates of participation for an equivalent face value, which were originally subscribed by the trustors.
	As per the latest financial statements issued by the trust, corpus assets amounted to approximately 202,894.
	This trust will end 15 years after the creation thereof.
k)	TST & AF trust
	On November 29, 2005, to replace the Trustee of the TST & AF financial trust an agreement was entered into 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 & Análisis, in its capacity as Substitute Trustee and Austral Financial LLC, Proa del Puerto S.A. and Sud Bank and Trust Company Limited, in its capacity as Beneficiaries, whereby the Trustee ratifies its express and irrevocable resignation as trustee, the Beneficiaries ratify the acceptance of the Trustee’s resignation and appoint Sud Inversiones y Análisis S.A. as Substitute Trustee of the Trust.
	Sud Inversiones y Análisis S.A. will manage the following assets:
	–	The site located at Block 1, “I”, Dock IV, in Puerto Madero, City of Buenos Aires, intended for the construction of a real estate project; and the rights thereon;
	–	All other assets to be incorporated into the Trust through the subscription of Securities;
	–	All improvements, constructions and facilities incorporated to the Project;
	–	The rights deriving from the Project contracts;
	–	All financial assets held in fiduciary ownership by the Trustee;
	–	Such party’s rights and obligations regarding the documents listed in the agreement;
	–	Name and title to the payments account.
	The purpose of the trust is to develop a real estate project and the subsequent sale thereof to settle the debt securities issued.
	As per the latest financial statements issued by the trust, corpus assets amounted to approximately 77,713.
	This trust will end 30 years after the execution and/or full payment, sale or any other disposition related to the project in full.

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CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

l)	CIYPSA trust
	On January 26, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, Compañía de Inversiones y Participaciones S.A. (CIYPSA)., in its capacity as Trustor and Banco Macro S.A., in its capacity as Beneficiary, entered into a guarantee trust agreement called “CIYPSA trust”, the purpose of which is to guarantee the payment of the obligations assumed by the Trustor towards the Beneficiary.
	The Trustor transferred to the Trust all rights and actions to which the Trustor is entitled as purchaser under the three Agreements of Sale that the latter entered into on November 18, 2005, whereby First Trust of NY, N.A., in its capacity as Trustee of the “TST & AF financial trust” trust fund sold to the Trustor the real property situated in Manzana 1 I, Lado Este, Dique IV (Block 1, East Side, Dock IV) of the Puerto Madero area in the City of Buenos Aires.
	This trust will end with the settlement of the trustor´s obligations mentioned above.
m)	Edificio Torre Olmos trust
	On February 1, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, Grunhaut Construcciones S.A., in its capacity as Trustor and Nuevo Banco Suquía S.A., in its capacity as Beneficiary, entered into a guarantee trust agreement called “Edificio Torre Olmos trust”, the purpose of which is to guarantee the repayment, when due, of the obligations assumed by the Trustor by virtue of the loan granted by the Beneficiary.
	The Trustor assigns and transfers to the Trust:
	–	The real property, including: (i) the receivables and money resulting from the real property insurance; (ii) the right to obtain and use the authorizations and any type of permissions in connection with the real property; and (iii) any price that might be obtained from the sale and/or any other way of legal divestiture of the real property.
	–	The rights on construction works; and
	–	Any other amount the Trustor is entitled to collect: (i) for any reason, item and/or description whatsoever related to and/or derived from, either directly or indirectly, the corpus assets, including commissions, charges and fees; and/or (ii) derived from any activity performed and/or to be performed in connection with the corpus assets.
	This trust will end with the settlement of the trustor´s obligations mentioned above.

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CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

n)	RETUC 1 trust
	On March 31, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, and Banco Macro S.A., in its capacity as Trustor, entered into a Financial Trust Agreement called “RETUC 1”, the purpose of which is to administer and manage the collection of certain receivables transferred by the Trustor. Pursuant to the execution of the agreement and the payment of the initial contribution, valued at 2,000, the Trustee issued, for the same nominal value, a Certificate of Participation No. 1, originally subscribed by the Trustor.
	The Trustor assigns and transfers to the Trust:
	–	the receivables (to which it assigns a nominal value of 2,000);
	–	all rights, actions, claimable interest and expenses and guarantees over the receivables; and
	–	the right to receive and collect any and all amounts due from or payable by any person related to the loans.
	This trust will end with the full settlement of the trust securities or the depletion of corpus assets.
o)	London trust
	On May 23, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, London Supply S.A.C.I.F.I., in its capacity as Trustor and/or Ultimate Beneficiary, and Banco Macro S.A. as Beneficiary, entered into a Trust Agreement called “London guarantee trust”.  The purpose of such Trust is to secure the payment of the obligations assumed by the trustor for the loan granted to the beneficiary.
	The Trustor assigns and transfers to the Trust:
	–	100% of all current and future collection rights for the airport taxes that the trustor is and will be entitled to collect by virtue of the concession contract;
	–	all the amounts that the trustor was entitled to collect for any reason, account and/or item related to and/or deriving from airport taxes, either directly or indirectly, including any difference that the trustor may be entitled to collect as a result of an increase in airport taxes and/or any claim made to recognize a quoted price difference, among others, for the conversion into pesos of the airport taxes that were originally denominated in US dollars; and
	–	all the amounts that the trustor was entitled to collect before the concession grantor for an alleged early termination or concession redemption.

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CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

	This trust will end with the settlement of the trustor´s obligations mentioned above.
p)	San Vicente trust
	On June 28, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, Unider Internacional S.A., in its capacity as Trustor, and Banco Macro S.A., in its capacity as Beneficiary, entered into a Guarantee Trust Agreement, the purpose of which is to secure the payment of the obligations assumed by the Trustor by virtue of the agreement to refinance the loan granted by the Beneficiary.
	The Trustor assigns and transfers to the Trust the rights on its shares in Cometrans S.A.
	This trust will end with the settlement of the trustor´s obligations mentioned above.
q)	Tawer security agreement and trust assignment
	On July 7, 2006, Sud Inversiones y Análisis S.A., as Guarantee Depository and Trustee, Tawer Construcciones S.A., as Grantor and Assignor, and Banco Macro S.A., as Beneficiary, entered into a Security and Trust Assignment Agreement to provide a guarantee to the beneficiary regarding the due compliance with the obligations assumed by Tawer.
	Assignor transfers to the trust the shares, the additional shares, the proceeds from shares and the rights to which it is entitled with respect to Sud Inversiones y Análisis S.A. as a result of future contributions, creating a guarantee in favor of the Beneficiary.
	On October 13, 2006, Tawer Construcciones S.A. settled all the obligations assumed with Banco Macro S.A., for the guarantee of which the referred trust had been created, and the trust assignment thereof was liquidated.
r)	Tucumán I trust
	On July 31, 2006, Sud Inversiones y Análisis S.A., as Trustee, and Gasnor S.A., as Trustor, entered into a trust agreement called “Tucumán I financial trust”. The purpose of the trust is to manage the corpus assets detailed below to settle the certificates to be issued:
	–	Receivables from the customer involved regarding the construction of a natural gas distribution network for new customers in the city of San Miguel de Tucumán.

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CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

	–	The funds resulting from converting the abovementioned items into cash, other liquid assets and other assets and any gain from the abovementioned items
	–	Any other asset acquired by the trust under the terms of the agreement.
	In addition, Banco Macro S.A. granted a loan to Gasnor S.A. to finance the abovementioned construction works. According to such loan, Gasnor S.A. may settle its payable be delivering such certificates of deposit to Banco Macro S.A.
	This trust will end with the full settlement of the certificates of participation.
s)	Altos de la Calera I trust
	On August 7, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, Altos de la Calera S.A., in its capacity as Trustor, Nuevo Banco Suquía S.A., in its capacity as Beneficiary, and certain individuals, as Guarantors, entered into a guarantee trust agreement called “Altos de la Calera I guarantee trust”, the purpose of which is to guarantee the payment of the obligations assumed by the Trustor by virtue of the loan granted by the Beneficiary.
	The Trustor assigns and transfers to the Trust all the rights and actions to which the Trustor is entitled -and should collect- over the full or outstanding price of agreements of sale of real property, as detailed in the trust agreement.
	This trust will end with the settlement of the guaranteed obligations.
t)	Madcur Construcciones trust
	On September 7, 2006, an agreement was entered into between Madcur Construcciones S.A., as Trustor and Ultimate Beneficiary, Sud Inversiones y Análisis S.A., as Trustee, and Hexagon Bank Argentina S.A., as Beneficiary, whereby the Trustor assigned the following to the trust:
	–	Three pieces of real property located in the Rivadavia district in the Province of San Juan.
	–	Five pieces of real property located in the Chimbas district in the Province of San Juan.
	The purpose of such trust –for the maximum term of one year- is to manage and sale corpus assets to settle the “beneficiary’s right”. For such purpose, it was determined that the maximum limit of the Beneficiary’s right regarding the corpus assets is the amount of 1,659. Once all expenses have been paid and the Beneficiary’s right has been fully settled, the Trustee will reimburse the remaining funds to the Beneficiary and Ultimate Beneficiary in equal parts.

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CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

	On November 24, 2006, the Beneficiary exercised the option allowed in the trust agreement to receive corpus assets as full and definitive settlement of its right. As of the date of these financial statements, the appropriate actions are being taken.
u)	Racing por Siempre I financial trust
	On October 23, 2006, Sud Inversiones y Análisis S.A., as Trustee, and Blanquiceleste S.A., as Contributing Trustor and Contributing Beneficiary, entered into a trust agreement called “Racing por Siempre I financial trust”. The purpose of such Trust is to manage and/or dispose of, under the particular terms of the agreement, the economic rights of professional and/or amateur soccer players, and settle the certificates of participation to be issued.
	The Contributing Trustor assigns and transfers in trust to the Trustee:
	–	30% of the economic rights derived from the federative rights to be obtained from transfers of soccer players, contributed to the Trust.
	–	The sums of money deposited by the Trustor in trust accounts.
	–	The economic income derived from the transfer of the economic rights on soccer players contributed to the Trust in the percentage allocated (30%).
	–	The assets and/or rights and/or sums of money contributed by third parties, either natural or artificial persons, nationals or foreigners.
	–	The rights to insured amounts on each player agreed with authorized insurance companies, if appropriate. To such end, insurance policies shall be endorsed by the Trustor in favor of the Trustee.
	–	The sums of money resulting from the transfer for any reason and/or sale and/or assignment and/or loan, to any natural or artificial person of the economic rights, regardless of whether federative rights are assigned or not.
	On December 20, 2006, the certificate of participation was issued for a face value of USD 1,000,000, Blanquiceleste S.A. becoming the contributing beneficiary.

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CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

	All certificates of participation will be entitled to:
	–	Earn interest equal to 180-day LIBOR published by the Central Bank.  Interest will be accrued semiannually only for the first two years when the Trust is effective, provided that no income from sales or loans of soccer players is carried.
	–	Earn income from the sale and/or loan of soccer players, in proportion to their respective holdings, after deducting the funds to set the reserves provided in the trust agreement.
	The Trust will end with the expiration of the 5-year term as from its creation or fulfillment of its purpose, whichever first. In addition, the agreement provides the possibility of early termination, fully ratified by the beneficiaries, creditors under security agreements and/or usufructuaries.
v)	Casino Club trust
	On November 16, 2006, Sud Inversiones y Análisis S.A., in its capacity as Trustee, and Casino Club S.A. and Casino Rosario S.A., in their capacity as trustors, entered into a trust agreement.  The trust is called Casino Club trust. Banco Macro S.A. and Nuevo Banco Suquía S.A. are the beneficiaries.
	The subject-matter of such agreement is to guarantee the provision and/or restoration of the funds that the beneficiaries should pay or have paid as a result of the surety provided as security for the investment commitment undertaken by the Trustors to carry out the Rosario projects (operation of a casino and hotel).
	The following collection rights are assigned to the Trust:
	–	Casino Club S.A. assigns 100% of the collection rights arising from revenues from operating the game rooms in the interior of Argentina. Additionally, it assigns 60% of the collection rights to which it is entitled for any item to Casino Club S.A. as member of the Joint Venture “Hipódromo Argentino de Palermo S.A. / Casino Club S.A.”, the purpose of which is the operation of games of chance.
	–	Casino Rosario S.A. assigns 100% of the collection rights to which it is entitled for any item in its capacity as concessionaire of the Rosario casino operation. Also, it assigns 100% of the collection rights arising from operating the Rosario hotel and the Rosario convention center.

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CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

		The Trust will end with: (i) releasing the Beneficiaries from the surety provided; (ii) termination of the surety if beneficiaries have not received any demand for the provision thereof; or (iii) the full payment of surety, whichever is later.
	w)	Gas Salta Saturación I financial trust
		On January 12, 2007, Sud Inversiones y Análisis S.A., as Trustee, and Gasnor S.A., as Trustor, entered into a trust agreement.  The trust is called “Gas Salta Saturación I financial trust”. The purpose of the trust is to manage the corpus assets detailed below to settle the certificates to be issued:
		–	Receivables accrued against customers who joined the financing plan to adapt internal connection facilities to the natural gas service;
		–	Cash funds transferred by the Trustee;
		–	All funds resulting from converting the abovementioned items into cash, other liquid assets and other assets and any gain from the abovementioned items; and
		–	Any other asset acquired by the Trust under the terms of the agreement.
		Also, Banco Macro S.A. granted a loan to Gasnor S.A. for the latter to be able to perform works encouraged by the Province of Salta and customers who joined the plan, and to be able to finance customers’ participation in the plan. According to such loan, Gasnor S.A. may settle its payable be delivering such certificates of deposit to Banco Macro S.A.
		This trust will be liquidated primarily in the following cases: (i) full settlement of certificates of participation; and (ii) upon the Beneficiaries’ decision if there are insufficient funds to afford the Trust’s expenses and taxes after the deadline for assigning receivables in trust (April 30, 2009).
9.2.	Nuevo Banco Suquía S.A.
	a)	Hospital Privado trust
		On August 31, 1998, a trust assignment agreement was entered into between Hospital Privado Centro Médico de Córdoba S.A. (trustor), International Finance Corporation (beneficiary) and Nuevo Banco Suquía S.A. (trustee). The purpose of such trust is to guarantee all the assignor’s payment obligations as a result of the corporate bond issued and delivered by the latter to International Finance Corporation:

- 113 -

CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

		–	The parties involved entered into a “custody and payment agreement”, whereby the trustee shall manage and dispose of the funds deposited in trust accounts under the instructions and for the guarantee of the beneficiary.
		–	The rights to earn all the amounts that, for any reason, may be payable by enrollees and statutory health care organizations to Hospital Privado were transferred for tax purposes. It includes funds and the proceeds of all rights, securities and interest previously mentioned and income deriving from the funds deposited.
	b)	Sideco trust
		On December 7, 2005, a security and trust assignment agreement was entered into among SOCMA and SIDECO (grantors and assignors), Nuevo Banco Suquía S.A. (guarantee trustee) and Banco Macro S.A. (beneficiary) to provide a guarantee regarding the compliance with the payment obligations related to the loan granted by the beneficiary. It was agreed as follows:
		–	Grantors created a secured first-degree security agreement over shares.
		–	Trustors assigned in favor of beneficiary the trust ownership of shares.
		–	SIDECO assigned as guarantee the rights over the agreement to sell of a real property acquired.
		On December 19, 2006, SIDECO settled all the obligations assumed with Banco Macro S.A., under the loan for consumption agreement in guarantee of which the referred trust had been created. The related procedures are being carried out to terminate “Sideco trust” and release corpus assets.
9.3.	Nuevo Banco Bisel S.A.
	a)	NBB Personales I financial trust
		On March 17, 2005, a financial trust called “NBB Personales I” was created between Nuevo Banco Bisel S.A. (trustor) and Rosario Administradora Sociedad Fiduciaria S.A. (trustee), which consists of personal loans generated by the trustor. The trust issued securities for a total face value of Ps. 25,561,608, consisting of Class “A” trust debt securities for a face value of Ps. 20,449,286, Class “B” trust debt securities for a face value of Ps. 2,556,161 and certificate of participation for a face value of Ps. 2,556,161. Each class of trust securities will mature at one hundred eighty days as from the normal maturity of the loan with longer term. Taking into account the experience and knowledge of the portfolios transferred, Nuevo Banco Bisel S.A. was instructed to manage and collect the loans.

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CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES
(Section33 - Law No. 19,550)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2006, AND 2005
(Figures stated in thousands of pesos)

	The trust follows the terms under Law No. 24,441, its public offering is authorized by the CNV and its listing is authorized by the Stock Exchange of Rosario.
	On March 30, 2005, the subscription of trust securities was closed, and 100% of Class “A” trust debt securities and 37.84% of Class “B” trust debt securities were delivered to third parties. The remaining Class “B” securities and all the certificate of participation were subscribed by Nuevo Banco Bisel S.A.
b)	NBB Personales II financial trusts
	The Board of Directors of Nuevo Banco Bisel S.A., as part of the bank’s participation in the capital market, authorized the issuance of a second series of a financial trust created with personal loans called NBB Personales II, through the creation of financial trusts.
	The trust follows the terms under Law No. 24,441, its public offering is authorized by the CNV and its listing is authorized by the Stock Exchange of Rosario.
	The NBB Personales II financial trust was authorized by the CNV in December 2005 and, on February 28, 2006, the subscription of trust securities was closed and 100% of Class “A” trust debt securities was delivered to third parties.
c)	NBB Agroprendas I financial trust
	Based on note 9.3.b) above, a financial trust called Agroprendas I was created with collateral loans for a total amount of 49,502 divided into Class “A” trust debt securities for an amount of 34,650, Class “B” trust debt securities for an amount of 7,425 and certificates of participation amounting to 7,427.
	The trust follows the terms under Law No. 24,441, its public offering is authorized by the CNV and its listing is authorized by the Stock Exchange of Rosario.
	On October 18, 2005, the subscription of trust securities belonging to Agroprendas I financial trust was closed, delivering 100% of Class “A” trust debt securities and 6.2% of Class “B” trust debt securities to third parties. Nuevo Banco Bisel S.A. subscribed the remaining Class “B” trust debt securities and all the certificates of participation. In November 2005, 59.44% of Class “B” trust debt securities still remaining in the bank’s possession was replaced through the secondary market.

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EXHIBIT I

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish -
See Note 22 to the stand-alone financial statements)
(Figures stated in thousands of pesos)

	Holding
			Book balance
Name	Market value		12/31/2006		12/31/2005
GOVERNMENT AND PRIVATE SECURITIES
GOVERNMENT SECURITIES
Holdings in investment accounts
- Local
Federal government bonds in US dollars at LIBOR - Maturity: 2012 - Compensation						94,711
Federal government bonds in pesos at 2% - Maturity: 2007 - Compensation						10,705
Subtotal holdings in investment accounts						105,416
Holdings for trading or financial intermediation
- Local
Federal government bonds in pesos at 2% - Maturity: 2007		92,049		92,049		366
Federal government bonds in US dollars at LIBOR - Maturity: 2012		107,189		107,189		92,566
Federal government bonds in US dollars at LIBOR - Maturity: 2013		4,075		4,075		841
Federal government bonds in pesos – Maturity: 2014		11,953		11,953		261
Argentine Government bonds in US dollars at 7% - Maturity: 2011- BONAR V		2,128		2,128
Consolidation bonds in pesos – Fourth series		1,971		1,971		2,653
Consolidation bonds of social security payables in pesos – Third series at 2%		523		523		8,186
Discount bonds denominated in pesos maturing 2033		4,143		4,143		13,378
GDP-related securities in pesos – Maturity: 2035		2,337		2,337		347
Quasi-par securities in pesos – Maturity: 2045		2,920		2,920
Secured bonds under Presidential Decree No. 1,579/02		36,414		36,414		22,392
Bonds for the conversion and restructuring of government borrowing, Province of Tucumán –Consadep– Series 1		1,905		1,905		1,346
Consolidation bonds of social security payables in pesos – Fourth Series		3,628		3,628		926
Treasury Notes maturity 02-15-07		30,851		30,851
Federal government bonds in US dollars at LIBOR - Maturity: 2006						16,250
Treasury Notes maturity 02-28-07						4,543
Other				1,979		731
Subtotal holdings for trading or financial intermediation				304,065		164,786
Unlisted government securities
- Local
Federal government bonds in pesos – Maturity: 2013				13,254
Secured bonds under Presidential Decree No. 1,579/02						197,771
Other				187		587
Subtotal unlisted government securities				13,441		198,358
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA
Central Bank of Argentina Bills – Listed – Managed Portfolio
Central Bank of Argentina bills in pesos – Maturity: 02/21/07		14,080		14,080
Central Bank of Argentina bills in pesos – Maturity: 01/04/06						124,923
Central Bank of Argentina bills in pesos – Maturity: 01/11/06						478,647
Central Bank of Argentina bills in pesos – Maturity: 01/18/06						219,039
Central Bank of Argentina bills in pesos – Maturity: 01/25/06						168,762
Central Bank of Argentina bills in pesos – Maturity: 02/01/06						61,527
Central Bank of Argentina bills in pesos – Maturity: 02/08/06						39,588
Central Bank of Argentina bills in pesos – Maturity: 02/15/06						9,882
Central Bank of Argentina bills in pesos adjusted by CER – Maturity: 01/31/07		18,383		18,383
Central Bank of Argentina bills in pesos adjusted by CER – Maturity: 03/22/06						12,460
Central Bank of Argentina bills in pesos adjusted by CER – Maturity: 07/12/06						6,497
Subtotal Central Bank of Argentina Bills –listed - Managed portfolio				32,463		1,121,325
Central Bank of Argentina Bills – Under repo transactions
Central Bank of Argentina bills in pesos – Maturity: 03/22/06						193,859
Central Bank of Argentina bills in pesos – Maturity: 01/31/07						1,170
Central Bank of Argentina bills in pesos adjusted by CER – Maturity: 01/31/07						28,075
Subtotal Central Bank of Argentina Bills – Under repo transactions						223,104
Subtotal instruments issued by the Central Bank of Argentina				32,463		1,344,429

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Jorge H. Brito

Chairperson

EXHIBIT I
(Continued)

CONSOLIDATED DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF DECEMBER 31, 2006, AND 2005
(Translation of financial statements originally issued in Spanish -
See Note 22 to the stand-alone financial statements)
(Figures stated in thousands of pesos)

	Holding
			Book balance
Name	Market value		12/31/2006		12/31/2005
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA (Contd.)				32,463		1,344,429
Central Bank of Argentina Bills – Unlisted - Managed portfolio
Central Bank of Argentina bills in pesos – Maturity: 02/22/06						148,507
Central Bank of Argentina bills in pesos – Maturity: 03/15/06						147,815
Subtotal Central Bank of Argentina Bills – Unlisted - Managed portfolio						296,322
Central Bank of Argentina notes - Listed - Managed portfolio
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 05/30/07		122,526		122,526		242,500
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 11/21/07		220,545		220,545		193,100
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 12/19/07		156,489		156,489
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02/20/08		229,068		229,068
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 03/26/08		134,197		134,197
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 04/16/08		117,534		117,534
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 08/06/08		144,443		144,443
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 09/10/08		101,544		101,544
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 11/05/08		143,290		143,290
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 11/26/08		168,053		168,053
Central Bank of Argentina notes in pesos adjustable by CER – Maturity: 12/06/06						212,083
Central Bank of Argentina notes in pesos adjustable by CER – Maturity: 01/23/08		97,951		97,951		125,708
Other		406,784		406,784		48,960
Subtotal Central Bank of Argentina notes - Listed - Managed portfolio				2,042,424		822,351
Central Bank of Argentina Notes – Under repo transactions
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 05/30/07		142,230		142,230
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 12/19/07		273,762		273,762
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 02/20/08		93,376		93,376
Central Bank of Argentina notes in pesos with variable coupon (BADLAR rate) – Maturity: 09/10/08		106,018		106,018
Other				96,746
Subtotal Central Bank of Argentina Notes – Under repo transactions				712,132
Total instruments issued by the Central Bank of Argentina				2,787,019		2,463,102
Total government securities				3,104,525		2,931,662
INVESTMENTS IN LISTED PRIVATE SECURITIES
Commercial Paper - UBS Financial		30,717		30,717
Corporate Bonds - Erste Bank ECP		26,012		26,012
Corporate Bonds - Petrobras Energía S.A. (the former Pecom S.A.)		13,094		13,094		14
Mutual Funds - Columbia Stratigic		15,348		15,348
Corporate Bonds - Telefónica de Argentina S.A.		5,592		5,592		4,416
Shares - Tenaris		3,359		3,359		2,905
Mutual Funds PIONERO Global		1,837		1,837		4,815
Class “A” certificates of participation in the Macro Personal V trust						14,005
Class “B” certificates of participation in the Macro Personal V trust						5,000
Book-entry Corporate Bonds - Edesur Class 5 Pesos						4,401
Corporate Bonds - Amex						4,635
Book-entry shares - Petrobras Energía						3,224
Corporate Bonds - WallMart						2,481
Corporate Bonds - Lehman Bros						2,112
Trust debt security - Consubond Financial Trust - Series XXXIV Class A						1,325
Trust debt security - Tarjeta Shopping Financial Trust - Series XVI Class A						1,032
Other				22,500		9,537
Total Investments in listed private securities				118,459		59,902
Total government and private securities (1)				3,222,984		2,991,564

(1)	As of December 31, 2006, and 2005, the Band booked allowances for impairment in value amounting to 29 and 512, respectively.
	(see Note 4.)

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Jorge H. Brito

Chairperson

EARNINGS DISTRIBUTION PROPOSAL
FOR THE FISCAL YEAR
ENDED DECEMBER 31, 2006
(Figures stated in thousands of pesos)

UNAPPROPRIATED RETAINED EARNINGS	933,967
To legal reserve (20% of 424,298)	(84,860	)
SUBTOTAL 1	849,107
To the reserve under Central Bank rules - Special for subordinated corporate bonds (1)	(45,515	)
Adjustment (point 2(1) Communiqué “A” 4,589, revised text under Communiqué “A” 4,591) (2)	(54,428	)
SUBTOTAL 2	749,164
DISTRIBUTABLE AMOUNT (3)	622,033
UNDISTRIBUTED EARNINGS	622,033

(1)	See note 20.h).
(2)	See note 20.g).
(3)	Relates to the lower amount between SUBTOTAL 2 and that arising from calculating the excess of computable capital over required minimum capital as of December 31, 2006, also considering the restrictions further described in note 20.e), g) and h), as established by Central Bank Communiqué “A” 4,589 and 4,591.

- 118 -

Jorge H. Brito

Chairperson

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:  March 15, 2007

MACRO BANK INC.
By	/s/ Luis Cerolini
Name:	Luis Cerolini
Title:	Attorney-in-fact