Welcome to the Grupo Financiero Galicia First Quarter 2015 Earnings Release Conference Call. [Operator Instructions]. At this time I’d like to turn the call over to Pablo Firvida. Please go ahead, sir.

Thank you. Good morning and welcome to this conference call. I will make a short introduction and then we will take your questions. I need to say that some of the 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 2.3% annual fall for the first quarter which compares with a 3.8% annual fall in the first quarter of 2014. In the first two months of the year the primary deficit reached 0.4% of GDP and act as a payment of interest, the global balance represented 0.8% of GDP. Consumer prices expanded 3.4% in the quarter and 16.5% in the last 12 months as measured by the official index. For private estimates, figures were 5.7% and 30% respectively. On the monetary front, the Argentine Central Bank contracted the monetary rates by ARS22.2 billion in the first quarter and the monthly average of the foreign currency exchange rate increased from ARS8.55 to ARS8.78 per $1, representing a 2.7% depreciation. In March, the average rate on peso-denominated private sector bank deposits for up to 59 days increased to 22% from 21.3% in December 2014, private sector deposits at the end of the quarter amounted to ARS742 billion growing 8.5% during the first quarter of the year. Transactional deposits increased 2.8% and time deposits increased 14.8%. In the last 12 months deposits in pesos grew 33.9% and deposits in dollars expressed in pesos 16.3%. At the end of March total loans to private sector amounted to ARS577 billion recording a 5.2% increase…

[Operator Instructions]. Our first question will come from [indiscernible].

A question with regard to fee income generation, we were skeptical regarding fee income growth for the quarter as a result of Central Bank payments [ph] in both last December but fee income growth was solid as you mentioned in the quarter and was well above inflation versus the first quarter of 2014. So we like to get some color on your expectations regarding the fee income and mainly on the expected in front of the 20% capital fees increases in both by Central Bank last April. Thanks.

The fee income depends on in many - well first on the banks, the credit card companies on CFA and within the bank we have a wholesale banking and retail banking considering the banks roughly 35% of the fees are tied to this kind of capital 20% as you mentioned. In total fees that we can charge to companies or wholesale clients. In the case of the credit card companies, a big portion of fees are what we call the merchant discount rate related fees basically they are tied to the purchases of our customers not to limit on prices. So we think with more volume we’re forecasting, we can keep fees for the whole year growing let's say around 35%.

[Operator Instructions]. Our next question will come from Federico Rey with Raymond James.

A question regarding loan growth, we saw an acceleration during this quarter. I would like to understand if this is the result of higher demand or we see a more aggressive stance at Grupo Financiero Galicia? Thank you.

Well we have many different variables moving there. In terms of individuals you see that the loans, financing granted through credit cards have increased, that it's related to the evolution of prices inflation. We also have to this productive line that the Central Bank forces banks to grant. That of course we must comply with that. We’re seeing some improvements in certain activities but we don’t expect a great year in terms of loan growth, we’re forecasting for the full 2015 something around 25% that is also the percentage we’re forecasting for inflation, so we’re growth not very significant.

[Operator Instructions]. And at this time we have no further questions in the queue. I will turn the conference back over to our speakers for any additional or closing remarks.

Thank you for attending this call. If you’ve any questions please do not hesitate to contact us. Thank you, again. Good morning.

Thank you. And again ladies and gentlemen that does conclude our conference for today. We thank you all for your participation.