Welcome to this Grupo Financiero Galicia Second Quarter 2014 Earnings Release Conference Call. Today's call is being recorded, and at this time I’d like to turn the call over to Mr. Pablo Firvida. Please go ahead, sir.

Thank you. Good morning, ladies and gentlemen. Welcome to the Grupo Financiero Galicia’s second quarter of fiscal year 2014 conference call. I am Pablo Firvida, Head of Investor Relations. With me today are some members of the management of the Bank and Grupo. We want to thank you for attending this call. I will make a short introduction in order to explain the operating conditions under which the reported results have occurred and summarize the bank’s performance during the quarter. Then we will take your questions. Some of the statements made during this conference call will be forward-looking statements within the meaning of the Safe Harbor provisions of the U.S. Federal Securities laws. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. According to prior estimates, the Argentine economy showed a 1.5% annual fall in the second quarter of 2014, which compares with a 0.2% fall in the previous quarter. Considering the data of April and May, we estimate a primary surplus of 0.1% of GDP and a lower deficit of 1% of GDP for the second quarter. Consumer prices expanded 4.6% in the second quarter as measured by the official index and 8.4% according to private estimates, while annual inflation rates as of the end of June reached 15% and in the order of 40% respectively. On the monetary front, the Argentine Central Bank expanded their monetary base by ARS21.6 billion in the second quarter and the average monthly foreign currency exchange rate increased from ARS7.93 to ARS8.13 per $1, representing a 2.4% depreciation. In June, the average rate on peso-denominated private sector bank deposits for up to 59 days decreased to 22.6% from 25.1% in March 2014, while the average rate on overdraft…

(Operator Instructions) Our first question comes from Santiago Ruiz from Raymond James.

I’d like to know if you could speak a little more about the recently imposed caps on interest rates and on the impact that this could have on the bank?

Hi, Santiago. The caps on interest rates on personal loans and bridge loans cap really will have -- because it was issued by mid June, a little impact in the bank and in the credit companies [indiscernible] in the first reaction to CFA is that it will have some impact, the company is working to try to avoid a loss in profitability. Basically taking commercial actions, grade reductions and also decreasing a little bit the structure. In the case of the bank and the credit card companies, the caps are in most of segments above the interest rates we were charging and the South America, with the credit card companies. Iin CFA, the first reaction is to restrict credit to the riskier segments and also to try to adapt through cross selling and different commercial actions.

Thank you.

One additional comment to keep in mind, CFA’s loan book is roughly 5% of our consolidated loan book. So overall the impact is not very -- or at least we think it will not be even a marginal.

(Operator Instructions). We do have a question coming through from Alonso Aramburu with BTG.

Just a question on loan growth. There has been a clear deceleration in the last couple of quarters. Just wondering what your outlook is for the second half, are you comfortable with loans, maybe we can have some speed or do you think the environment is too uncertain for loan growth to pickup and some growth in the second half of the year?

Yes, we are seeing a deceleration in loans basically due to less demand. You noticed that deposits grew faster than loans. One of the reason is that the increase in interest rates. For the rest of the year, while we have to learn the productive line like ARS2.7 billion. For all 2014, we are still projecting something above 20% for the consolidated loan book, 20 to 22, not the high 20s, low 20s.

So similar growth that one you had in the last quarter I guess. Okay, and my second, I mean you’ve got some nice improvements in efficiency and you have been able to control the expenses nicely in the last couple of quarters, do you think there is more space for that or do you think expenses should continue to now grow in line with inflation?

No. We think we can keep our cost control program for all 2014 and particularly in the second quarter, expenses will grow below inflation. Sorry, I don’t know if I said second quarter or second half. For the second half, we forecast a growth of expenses below inflation.

(Operator Instructions). Mr. Firvida, we have no other questions at this time.

Okay, thank you everybody for attending this call. If you have any questions, please do not hesitate to contact us. Good morning, and thank you again. Bye, bye.

And ladies and gentlemen, this does conclude today's conference. We appreciate your participation.