The Bank’s operation and business needs of financial resources were met with sufficiency and opportunity; transfer prices were set for financial products at market levels. The balance raised in national currency was 108.3 billions pesos and the equivalent of 115.8 billions pesos in foreign currency, resulting in a total of 224.1 billions pesos. The number of correspondent banks that assigned uncommitted line of credit to BANCOMEXT was 33.
The resources of the Institution and of third parties that it administers (BANCOMEXT Pension Fund, Special Savings Loan Trust, BANCOMEXT Retirement Loans, BANCOMEXT Defined Contribution Pension Fund), were invested in market conditions, based on the limits of the applicable risk and operation, in accordance with the investment policies of the respective Committees.
Within the functions of the Mexican Government’s Export Credit Agency (ECA), credit lines were negotiated, promoting the use of these foreign development bank long-term resources to finance credit, imports of capital goods, investment projects, renewable energy, sustainability and environmental, renewable energy programs; insurance and guarantees (ECAs) were negotiated. Bancomext’s premise has been to provide the business sector with favorable financial conditions for their projects, and with positioning in their business incursions into international markets. Totals by December 2017 are as follows: Multilateral 257 million dollars and Bilateral 394 millions dollars.
In June 2017, two issuances of stock certificates were placed for 4 billion pesos and 3 billions pesos for three and seven years, at TIIE -2 base points and 7.42%, respectively. Also, Banco de México's authorization to operate Forwards, Swaps and Interest and Currency Rate Options was renewed.
Agreements were concluded through “Memoranda of Understanding" and "Collaboration Agreements" with banking institutions, as well as with foreign public and private organizations, with the purpose of repositioning BANCOMEXT on the international markets, with the premises of financing and guarantee projects of interest between the parties.
Bloomberg’s FXGO platform was implemented, allowing to automatically incorporate the purchase and sale operations arranged through this information system/broker into the Currency Control System, eliminating manual input and reinforcing internal control. This in response to the observation rendered by Banco de México.
The issuance of an alert was incorporated into the Treasury and Market System (SITEM) in case of rates being included outside the market parameter for live operations and in repurchases by the Fixed Income Desk, generating the necessary control records. This in response to the observation rendered by Banco de México.
To strengthen the technological operating platform for financial businesses, the Thompson Reuters FX Trading version was incorporated in BANCOMEXT, with the following added values:
- The Eikon financial information system was added to the Dealing terminals, making them more functional.
- This was achieved with no additional cost and no fixed financial commissions.
- This platform is being incorporated worldwide, and BANCOMEXT is the first banking institutions to be using it.
Finally, an analysis, review, and update of the electronic platform used in BANCOMEXT for the automatic feeding of exchange rates were undertaken, with the intention of strengthening internal control, with parametrical means for operational needs and the latest technological version, to offer a better currency exchange service.
