Hello, everyone, and welcome to Bladex Third Quarter 2013 Conference Call on today, the 17th of October 2013. This call is being recorded and is for investors and analysts only. If you are a member of the media, you are invited to listen only. Bladex has prepared a PowerPoint presentation to accompany their discussion. It is available through the webcast and on the Bank's corporate website at www.bladex.com. Joining us today are Mr. Rubens Amaral, Chief Executive Officer of Bladex; and Mr. Christopher Schech, Chief Financial Officer. Their comments will be based on the earnings release, which was issued yesterday. A copy of the long version is available on the corporate website. Any comments made by the executive officers today may include forward-looking statements. These are defined by the Private Securities Litigation Reform Act of 1995. They are based on information and data that is currently available. However, the actual performance may differ due to various factors, which are cited in the Safe Harbor statement in the press release. And with that, I am pleased to turn the call over to Mr. Rubens Amaral for his presentations.

Thanks, Chantal. Good morning to everyone, and thanks for taking the time to attend our call today. My comments will cover the Slides #3 and 4 in the presentation we have made available to you for this call. I'm pleased to share with you a strong quarter results as we continue to focus on now a strategy of further diversifying the revenue streams, increase our client base and improve our fee income. You know how the third quarter was impacted by the discussions of tapering by the Federal Reserve Bank, selloff of the emerging market assets, and as I had mentioned in our previous call, we continue to see a slower growth throughout the developed and emerging world. Now, for the last, as I had indicated during our last call as well, we have built a strong pipeline of new deals, which help the Bank to continue to service our clients efficiently during a challenging quarter while allowing us to be more selective about the deals we book to protect our margins as liquidity continues to be readily available and demand for credit and foreign currency was not as strong as the volatility in the currencies throughout the region has favored loans denominated in local currency in the last few months. Notwithstanding, our disbursements totaled $3.3 billion, which brings the accumulated level of disbursements in the first 9 months of this year to $10 billion. We continue to increase our syndications activities. And more recently, we have been awarded 4 new mandates, which are being executed as we speak. Our letters of credit activity has also increased although balances for the end of the period were smaller due to the conversion of confirmed acceptances into discounted acceptances in the last month of the quarter. The combination of a solid syndications…

Thank you, Rubens. Hello, and good morning, everyone. Thank you for joining us on the call today. In discussing our third quarter results, I will focus on the main aspects that have impacted our results, and I will base myself on the earnings call presentation that we have uploaded for our website, together with the earnings release and which is being webcast as we are speaking. So let's start on Page 5 with a quick rundown of the key financial highlights and drivers that shaped this quarter, which closed with net income to Bladex's shareholders of $22.8 million compared to $21.7 million in the previous quarter, and compared to $13 million in the third quarter of 2012. The bank's net interest income grew quarter-on-quarter by $7.2 million, or 24%, to $36.6 million, as a result of increased interest income from higher average loan balances and lower interest expense. Year-on-year, the increase was $11.5 million, or 46%. Fee and commission income increased 32% quarter-on-quarter to $3.8 million, mainly from our letters of credit business that saw increased levels of activity, as Rubens already mentioned, and also from 2 successfully completed syndications transactions this quarter. This quarter's other income reflected the increased volatility in capital markets compared to prior periods. While the effects of interest rate movements, changes in valuation and foreign exchange variances were very well insulated in our core business, thanks to the appropriate exposure coverage through interest rate and cost currency swaps, they did affect non-core results that were primarily impacted by the performance of our remaining investments in the investment funds, which posted negative results this quarter. The provision for loan loss line for both on-book and off-book contingency exposures reflected the good-quality exposures in our commercial book of business, with $1.2 million in generic reserves related to…

Thank you, Christopher. So ladies and gentlemen, we'll continue our focus on strengthening our core for the fourth quarter and we are looking forward also to a very challenging but very productive year in 2014. We had launched the basis to be very successful also in 2014. Although, as we all know, we need to be carefully looking and watching what's going on in the markets as the new normal. It's a lot of volatility and crises here and there, and we need to be paying attention carefully to our liquidity as we continue to strengthen and diversify our liquidity sources, paying attention carefully also to the margins so we can continue to improve the quality of our earnings. So overall, the region is poised to grow also very close to its potential in 2014. So we are looking forward to a fourth quarter that will be challenging, as I mentioned, before, but I remain optimistic about continue to deliver strong results to our shareholders. So with that, we are ready to listen and we hope to have the answers to your questions. So let's start the Q&A session, please.

[Operator Instructions] Our first question will come from Chris Delgado, JPMorgan. Christopher Delgado - JP Morgan Chase & Co, Research Division: Just a quick question. GDP growth has been disappointing so far, as you guys mentioned. Could you kind of speak a little bit about how you see loan growth evolving in 2014 as a result?

Chris, pleasure talking to you. Thanks for your question. What we have been seeing this year, as you said, very disappointing growth in terms of GDP, because of the volatility we have seen mostly in the developed world, here and in U.S., and the discussions, the current discussions about China. Although we saw in Europe stabilizing and not putting a major role in this slowing down, but the 2 major components were U.S. and the discussions of the tapering and the Chinese growth. It seems that from our perspective, the countries are poised to continue to grow in 2014 as investments in infrastructure resume. One country that we need to watch carefully, what's going to happen, is Brazil, the largest country in the region. Because they have forthcoming elections in 2014. But they have a strong pipeline of infrastructure and we have seen some movements in terms of product position of airports and other initiatives by the government that might incent more investments from the private sector. We see in Mexico, with an agenda of reforms growing in 2014, close to its potential growth, and Peru will be growing also. Seems like it's potential, so we expect that this growth will be stronger in 2014. That is going to be spearheaded also by strong internal markets, and we have seen that in the different markets. And that leads us, of course, to expect growth of our portfolio. We have told you that normally, we'd expect our portfolio to grow 3x or 4x from the underlying GDP. Because that is approximately used for the trade flow growth. This year was disappointing as well because it was not close to that ratio. But we expect the next year to be a little bit better. So our initial approach would be a growth between 7% and 10% minimum for next year. Christopher Delgado - JP Morgan Chase & Co, Research Division: Okay, great. Just one follow-up question. Kind of given that's a little bit below what you guided for prior year, what are your expectations for ROEs kind of next year?

Well, our commitment has to be to achieve a sustainable ROE of 12%. So we said this year that we would like to have sustainable a double digits ROE, which we are delivering. And next year, we expect to have up to 12% on a recurrent basis.

[Operator Instructions] Our next question will come from David Ross, Chevy Chase Trust.

A couple of quick questions. You mentioned getting back to more normal liquidity ratios. How quickly do you expect that to occur?

Hopefully, tomorrow. This is Christopher answering your question. No, the -- our liquidity is managed by the use of the LCR, the liquidity coverage ratio mechanism that has been put forward by Basel III guidelines. And so every day, we calculate our LCR, which is -- which projects our liquidity requirements 30 days on. And so our estimation is, given the great news that we've all heard yesterday, which we do expect to have a significant impact on receding the pressures that we've been seeing building up over the last several days, we should be able to respond very quickly in trying to bring down our liquidity -- our liquidity levels. As you know, our portfolio is -- has a certain amount of turnover, which allows us to react very quickly. We have maturities coming in from our lending and, at a similar aspect, is reflecting our funding spreads, so we should have no problem to get back to normalized levels within a few days.

Okay. You mentioned that you have had 5 syndicated loan deals this year. Does that include the one that you mentioned for October 1?

October 1, are you alluding to the syndication in the funding side?

Yes.

That was in the funding side. The 5 that we're mentioning is on the asset side. So that does not include the one October 1.

Okay. And any guidance on the net interest margin coming up, of what we could expect?

Yes, of course. We've been talking about aiming for the 2% level and we still stand by that target. In this quarter, if you look carefully at the numbers, you'll see that the core NIM, which excludes any contribution from -- of interest income coming from the funds, which was positive this quarter. If you exclude that, well, you would see that our core NIM is around -- is stable compared to the previous quarter, around 191, 192 basis points. And when you think that given our focus on prioritizing margin over volume, we should be able to make further headway in reaching our 2% target by the end. We were hopeful that in the fourth quarter, we would see a quarterly NIM around that level, 2%. We still think we can try to get there. But for sure next year, our assumption for the business evolution over the entire year should be based on the 2% NIM expectation.

Okay. Terrific. And a final question. Is there a timetable where we could expect the investments funds to be unconsolidated?

Well, that depends on...

When you bring it under...

Well, yes, that depends how fast they can attract good [indiscernible] money. I know that they have been working tirelessly to achieve this goal. And we expect this possibility to be coming at least early next year. So we could have the consolidation over the next year.

[Operator Instructions] Well, at this time, we have no further questions in the queue. I would like to turn this conference back over to Mr. Amaral.

Thank you, Chantal. Thank you, ladies and gentlemen, for taking the time today. We're very satisfied with the quarter results and we'd be working very hard to deliver you on the fourth quarter and another good quarter of results. And as I said, we remain optimistic about the year end, which, as always, it's a very good quarter for the Bank and very hopeful for a successful 2014. Thank you very much. I'm looking forward to talking to you on our next call, summarizing the year 2013. Have a good day, everyone.