SecProbe.io

June 10, 2013

Via E -mail
Mr. Jorge Pablo Brito
Chief Financial Officer
Banco Macro S.A.
Sarmiento 447
City of Buenos Aires, Argentina

Re: Banco Macro S.A.
 Form 20-F for the Fiscal Year Ended December 31, 2012
Filed April 26, 2013
File No. 001 -32827

Dear Mr. Brito :

We have reviewed your filing an d have the following comments.  In some of our
comments, we may ask you to provide us with information so we may better understand  your
disclosure.

Please respond to this letter within ten business days by amending your filing, by
providing the requested information, or by advising us when you will provide the requested
response.   If you do not believe our comments apply to your fac ts and circumstances or do not
believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your filing and the information you provide in
response to these  comments, we may have  additional comments.

General
1. We note that you filed an 8 -A12B for the Class B ordinary shares on March 3, 2006.
Therefore, it appears that you should be listing such shares on the Form 20 -F as
“Securities registered or to be registered pursuant to Section 12(b) of  the Act.”
Please explain why you have not done so.  In addition, please tell us how you
concluded that there is a reporting obligation pursuant to Section 15(d) of the Act for
the 9.75% junior subordinated bonds.
Item 4. Information on the Bank
B. Busine ss Overview
Banking Regulation and Supervision
Limits for affiliated individuals, page 42

Mr. Jorge Pablo Brito
Banco Macro S.A.
June 10, 2013
Page 2

2. We note your disclosure on page 43 that the Central Bank has placed certain
restrictions on financial institutions whose notes are rated below “BB” by a local
rating  agency.  Please tell us whether your notes are currently rated above or below
this threshold, and explain whether the restrictions apply to you.  If they do, please
revise future filings to note this fact, and include a discussion of how such
restrictions  impact your financial assistance granted to related parties.  If applicable,
please include a draft of your revised disclosures to be made in future filings in
response to this comment.

Financial Statements

Note 33.2. Exposure to Argentine Public Sector  and Private Securities

(a) Loans – Non-financial federal government sector, pages F -65-F-66

3. Please tell us and expand the note in future filings to provide all the disclosures
required by ASC 310 -30-50 with regard to loans and debts acquired with
deteriorat ed credit quality.

(b) Government Securities, (c) Instruments issued by Central Bank of Argentina and (d)
Securities in financial trust, pages F -66-F-69

4. Please tell us and expand the note in future filings to provide the disclosures required
by ASC 320-10-50-6-8 with regard to investments in an unrealized loss position at
12/31/12 and 12/31/11 . In addition, state the basis on which the cost of a security
sold was determined pursuant to ASC 320 -10-50-9 (b).

Note 33.4 Allowance for Loan Losses, pages F-69-F-78

5. Please tell us and expand the note in future filings to provide the following
information:

 The basis of accounting for loans pursuant to ASC 310 -10-50-2 (a)

 The accounting policies for off balance sheet credit exposures pursuant to
ASC 310 -10-50-9 &10

 The amount of foreclosed and repossessed assets pursuant to ASC 310 -10-
50-11

Mr. Jorge Pablo Brito
Banco Macro S.A.
June 10, 2013
Page 3

 A discussion of the risk characteristics relevant to each portfolio segment
pursuant to ASC 310 -10-50-11B (a) (2)

 A description of the policy for charging off uncoll ectible financing
receivables pursuant to ASC 310 -20-50-11B (b)

 By portfolio segment, qualitative information about how
modifications/defaults are factored into the determination of the allowance
for credit losses pursuant to ASC 310 -10-50-33 and 34 (b)

Note 33.4 c. 1  Troubled Debt Restructuring , pages F -74-F-75

6. Please tell us and expand the detail o f restructured loans to clearly identify in future
filings both accruing and non -accruing troubled -debt restructured loans by loan
category.  In addition, te ll us and clearly identify troubled -debt restructured loans in
Note 33.4 d.
We urge all persons who are responsible for the accuracy and adequacy of the disclosure in
the filing to be certain that the filing includes the information the Securities Exchange Act of
1934 and all applicable Exchange Act rules require.   Since the company and its management are
in possession of all facts relating to a company’s disclosure, they are responsible for the accuracy
and adequacy of t he disclosures they have made.

 In responding to our comments, please provide  a written statement from the company
acknowledging that:

 the company is responsible for the adequacy and accuracy of the disclosure in the filing;

 staff comments or changes to disclosure in response to staff comments do not foreclose
the Commission from taking any action with respect to the filing; and

 the company may not assert staff comments as a defense in any proceeding initiated by
the Commission or any person under the  federal securities laws of the United States.

You may contact Chris Harley at (202) 551 -3695  or David Irving  at (202) 551 -3321 if
you have questions regarding comments on the financial statements and related matte rs.  Please
contact Erin Purnell  at (202)  551-3454  or me at (202) 551 -3434  with any other questions.

Sincerely,
 /s/ Michael R. Clampitt

 Michael Clampitt
Senior Attorney