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fell U.S. $ 1,500 million.

Uruguayan deposits outside the borders represent 31.6% of bank assets, is the biggest drop since 1995.

Uruguayan residents reduced their savings abroad.
Uruguayan deposits in foreign banks recorded a significant decline over the past year, while placements in the local market experienced strong growth. Coicide movement with the enactment of the law taxing the income received by individuals on deposits abroad. According to a report released Thursday by the Bank for International Settlements (BIS for short in English), the amounts that Uruguayans have in bank accounts outside the country fell $ 1,499 million during the last year, representing a 17.4% drop in one year.

biggest decline since 1995.

is the sharpest decline recorded since the BIS began keeping records in 1995. At the end of last year, the Uruguayan deposits outside the country stood at U.S. $ 7,126 millones.De that way, residents in the country have in foreign institutions 31.6% of bank assets, the lowest since the first quarter of 2002. At the end of 2009 the percentage of deposits outside the country reached 40%. The maximum value of the series for the first quarter of 2008, they represented 43.7% of assets in institutions bancarias.La reduction Uruguayan deposits outside the country coincided with the discussion a new tax on income extrafronteras, by the authorities.

The new regulation extends the concept of income tax and interest earned on deposits in foreign banks, which became subject to taxation in Uruguay. The regulation was passed by Parliament with the National Budget Law came into force on 1 January this year. For example, a placement of U.S. $ 500 billion at a rate of 2% annually receives $ 10 billion in interest, of which $ 1,200 must pay tax. The tax can be determined to maintain external funding ceases to be profitable, even more so in a context of very low interest rates on the market international and major investment opportunities in the local market in securities denominated in local currency.

local deposits.

deposits in Uruguayan banks operating within the domestic space witnessed a significant growth over the last year. At current prices
placements savers U.S. residents increased $ 2,467 million, implying a rate of 19.1% over the previous year. Thus, the increase of deposits in local banks Uruguay more than offset the decline in placements outside borders. The total amount residents have today Uruguayan banks was U.S. $ 15,412 million. Another U.S. $ 3,120 million related to non-residents who own assets in institutions that operate in the banking LOCAL whole, the balance of assets within and across borders, in the banking system, represents the Uruguayans U.S. $ 22,538 million, an increase of 4.5% last year.

In terms of deposits abroad, the trends over the last year marked a clear trend, decreasing in each quarterly measurement from the second quarter. Whether by chance or as a result of the project, the reduction of assets across borders coincide with the period in which they discussed the change in taxation, considered by Some experts tax experts and investors as a change in the rules that conditioned the decisions of agents.