What relationship is there between the Scotiabank, the British Fund Aureos Capital and the increase in the proportion of loans in nuevos soles in Peru? In the next few lines it will find out go by parts. The first thing I want to tell you is that, according to the Peruvian newspaper El Comercio, the Scotiabank reached an agreement to enter the business of managing pension funds in the Peru to acquire a stake in Profuturo AFP something less than 50%, which would pay about $35 million. The AFP Profuturo, was founded in 1993, with the start of the Peruvian pension system in Peru and manages the fourth fund private pension in the country (I have to say that 4 are the AFP participating system), where he attends to 21% of customers in the system and employs 17% of the market share of the total revenue of the system. The Peruvian AFP system is a multi-fund system, which means that the contributor can choose between three different types of funds according to your preference from the risk. And this is not an item minor for a pension system, but it shows the degree of development that exists in the same. Argentina has been discussing the possibility of multi-fund systems but so far not been able to materialize (and truly is far from done). In other news of El Comercio did note that during the month of may the dollarization of loans granted by the financial system had decreased in all its segments, reporting levels 75,24% in mortgage loans, 72,10% in commercial lending, 20,03% in loans to microenterprises and 19.75% in consumer loans. And not only there is a desdolarizacion in loans as it continues the improvement in delinquencies of portfolios. The levels of arrears are now located in 0.83% for commercial loans, 3.16% for micro-credits, 2.55% for consumer loans and 0.81% for mortgage loans.