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CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWINGS AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITY LENDINGS | 12 Months Ended
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Dec. 31, 2017
Disclosure of Cash Collateral, Reverse Repurchase Agreements And Securities Borrowings And Payables From Repurchase Agreements And Security Lending's [Abstract] |
Disclosure of repurchase and reverse repurchase agreements [text block] |
5 | CASH COLLATERAL, REVERSE REPURCHASE AGREEMENTS AND SECURITIES BORROWINGS AND PAYABLES FROM REPURCHASE AGREEMENTS AND SECURITY LENDINGS
a) | This balance consists of the following:
|  | 2017 |  | 2016 |
|  | S/(000) |  | S/(000) |
Cash collateral on repurchase agreements and security lendings (i) |  |  | 6,962,421 |  |  | 10,621,045 |
Cash collateral for short sales |  |  | 17,688 |  |  | – |
Reverse repurchase agreement and security borrowings (ii) |  |  | 456,145 |  |  | 294,558 |
Receivables for short sales |  |  | 44,166 |  |  | 4,021 |
Total |  |  | 7,480,420 |  |  | 10,919,624 |
| (i) | At December 31, 2017, the balance mainly comprises cash collateral for approximately US$2,061.5 million (equivalent to S/6,681.2 million) delivered to BCRP to secure a borrowing in soles of approximately S/6,578.8 million obtained from the same entity (US$3,127.1 million, equivalent to S/10,494.7 million, and S/10,008.7 million, respectively at December 31, 2016). Cash collateral bears interest at an average annual effective interest rate according to market rates. The related liability is presented in “Payables from repurchase agreements and security lending” of the consolidated statement of financial position, see paragraph (c) below.
| (ii) | Credicorp, mainly through its subsidiaries Credicorp Capital Colombia and Inversiones IMT, provides financing to its customers through reverse repurchase agreements and security borrowings, in which a financial instrument serves as collateral. Details of said transactions are as follows:
|  |  |  | At December 31, 2017 |  | At December 31, 2016 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair value of |  |  |  |  |  |  |  |  |  |  |  | Fair value of |
|  |  |  | Average |  |  |  | From 3 to 30 |  | More than |  | Carrying |  | underlying |  | Average |  |  |  | From 3 to 30 |  | More than |  | Carrying |  | underlying |
|  | Currency |  | interest rate |  | Up to 3 days |  | days |  | 30 days |  | amount |  | assets |  | interest rate |  | Up to 3 days |  | days |  | 30 days |  | amount |  | assets |
|  |  |  | % |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | % |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |
Instruments issued by the Colombian Government |  | Colombian pesos |  |  | 6.79 |  |  | – |  |  | 138,552 |  |  | 170,106 |  |  | 308,658 |  |  | 309,574 |  |  | 7.30 |  |  | 5,661 |  |  | 96,924 |  |  | 11,408 |  |  | 113,993 |  |  | 113,993 |
Instruments issued by the Chilean Government |  | Chilean pesos |  |  | 0.35 |  |  | 8,920 |  |  | 256 |  |  | – |  |  | 9,176 |  |  | 9,176 |  |  | 0.42 |  |  | – |  |  | 1,255 |  |  | – |  |  | 1,255 |  |  | 1,259 |
Other instruments |  |  |  |  | 2.62 |  |  | 23,337 |  |  | 70,809 |  |  | 44,165 |  |  | 138,311 |  |  | 137,815 |  |  | 4.54 |  |  | – |  |  | 166,826 |  |  | 12,484 |  |  | 179,310 |  |  | 179,809 |
|  |  |  |  |  |  |  | 32,257 |  |  | 209,617 |  |  | 214,271 |  |  | 456,145 |  |  | 456,565 |  |  |  |  |  | 5,661 |  |  | 265,005 |  |  | 23,892 |  |  | 294,558 |  |  | 295,061 |
| b) | Credicorp, through its subsidiaries, obtains financing through “Payables from repurchase agreements and security lendings” by selling financial instruments and committing to repurchase them at future dates, including interest at a fixed rate. The details of said transactions are as follows:
|  |  |  | At December 31, 2017 |  | At December 31, 2016 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Fair value of |  |  |  |  |  |  |  |  |  |  |  | Fair value of |
|  |  |  | Average |  |  |  | From 3 to 30 |  | More than |  | Carrying |  | underlying |  | Average |  | Up to 3 |  | From 3 to |  | More than |  | Carrying |  | underlying |
|  | Currency |  | interest rate |  | Up to 3 days |  | days |  | 30 days |  | amount |  | assets |  | interest rate |  | days |  | 30 days |  | 30 days |  | amount |  | assets |
|  |  |  | % |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | % |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |  | S/(000) |
Instruments issued by the Colombian Government |  | Colombian pesos |  |  | 6.62 |  |  | – |  |  | 1,291,621 |  |  | – |  |  | 1,291,621 |  |  | 1,292,272 |  |  | 7.60 |  |  | 63,267 |  |  | 864,071 |  |  | – |  |  | 927,338 |  |  | 927,865 |
Instruments issued by the Chilean Government |  | Chilean pesos |  |  | 0.23 |  |  | 249,186 |  |  | – |  |  | 236 |  |  | 249,422 |  |  | 249,422 |  |  | 0.34 |  |  | 231,667 |  |  | – |  |  | – |  |  | 231,667 |  |  | 233,108 |
Other instruments |  |  |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 5.97 |  |  | – |  |  | 133,494 |  |  | – |  |  | 133,494 |  |  | 133,421 |
Debt instruments (c) |  |  |  |  |  |  |  | 8,921 |  |  | 47,946 |  |  | 11,817,933 |  |  | 11,874,800 |  |  | 12,392,983 |  |  |  |  |  | – |  |  | – |  |  | 13,835,500 |  |  | 13,835,500 |  |  | 14,065,528 |
|  |  |  |  |  |  |  | 258,107 |  |  | 1,339,567 |  |  | 11,818,169 |  |  | 13,415,843 |  |  | 13,934,677 |  |  |  |  |  | 294,934 |  |  | 997,565 |  |  | 13,835,500 |  |  | 15,127,999 |  |  | 15,359,922 |
c) | At December 31, 2017, and 2016 the Group has repurchase agreements secured with: (i) cash, See Note 5(a), and (ii) available-for-sale investments and held-to-maturity investments, See Note 6(b). This item consists of the following:
|  |  |  | At December 31, 2017 |  | At December 31, 2016 |
Counterparties |  | Currency |  | Maturity |  | Carrying amount |  | Collateral |  | Maturity |  | Carrying amount |  | Collateral |
|  |  |  |  |  | S/(000) |  |  |  |  |  | S/(000) |  |  |
BCRP, Note 5(a)(i) |  | Soles |  | January 2018 / October 2020 |  |  | 6,575,800 |  | Cash with BCRP |  | January 2017 / October 2020 |  |  | 10,008,700 |  | Cash with BCRP |
BCRP |  | Soles |  | January 2018 / July 2020 |  |  | 2,710,232 |  | Available-for-sale investments and held-to-maturity investments |  | January 2017 / June 2017 |  |  | 1,256,706 |  | Available-for-sale investments |
Natixis S.A. |  | Soles |  | August 2020 / August 2028 |  |  | 570,000 |  | Held-to-maturity investments |  | August 2017 / August 2020 |  |  | 600,000 |  | Held-to-maturity investments |
Nomura International PLC (i) |  | U.S. dollar |  | March 2019 / December 2019 |  |  | 486,150 |  | Held-to-maturity investments and cash |  | March 2019 / December 2019 |  |  | 503,400 |  | Held-to-maturity investments and cash |
Barclays PLC |  | U.S. dollar |  | January 2018 / Julio 2018 |  |  | 293,944 |  | Available-for-sale investments and held-to-maturity investments |  | – |  |  | – |  | – |
Nomura International PLC (ii) |  | U.S. dollar |  | August 2020 |  |  | 259,280 |  | Held-to-maturity investments and cash |  | August 2020 |  |  | 268,480 |  | Held-to-maturity investments and cash |
Nomura International PLC (iii) |  | U.S. dollar |  | August 2020 |  |  | 226,870 |  | Held-to-maturity investments and cash |  | August 2020 |  |  | 234,920 |  | Held-to-maturity investments and cash |
Citigroup Global Markets Limited (iv) |  | U.S. dollar |  | August 2026 |  |  | 145,845 |  | Available-for-sale investments |  | August 2026 |  |  | 151,020 |  | Available-for-sale-investments |
Citigroup Global Markets Limited |  | Soles |  | August 2020 |  |  | 100,000 |  | Held-to-maturity investments |  | August 2020 |  |  | 100,000 |  | Held-to-maturity investments |
Banco Central de Bolivia |  | Bolivianos |  | January 2018 |  |  | 90,134 |  | Cash |  | – |  |  | – |  | – |
UBS |  | U.S. dollar |  | January 2018 / March 2018 |  |  | 83,921 |  | Held-to-maturity investments |  | January 2017 |  |  | 68,808 |  | Held-to-maturity-investments |
Natixis S.A. (v) |  | U.S. dollar |  | August 2026 |  |  | 81,025 |  | Available-for-sale investments |  | August 2026 |  |  | 83,900 |  | Available-for-sale investments |
Credit Suisse Peru |  | Soles |  | – |  |  | – |  | – |  | August 2017 |  |  | 300,000 |  | Held-to-maturity investments and cash |
Others below S/20 million |  | – |  | January 2018 / December 2032 |  |  | 46,069 |  | Investments |  | – |  |  | – |  | – |
Yields |  |  |  |  |  |  | 205,530 |  |  |  |  |  |  | 259,566 |  |  |
|  |  |  |  |  |  | 11,874,800 |  |  |  |  |  |  | 13,835,500 |  |  |
At December 31, 2017, said operations accrue interest at fixed and variable rates between 1.00 percent and 7.20 percent and between Libor at 3M + 0.35 percent and Libor at 6M + 1.90 percent, respectively, (between 0.95 percent and 7.20 percent and between Libor at 3M + 0.35 percent and Libor at 6M + 1.90 percent, respectively, at December 31, 2016). Certain repurchase agreements were hedged using interest rate swaps (IRS) and cross-currency swaps (CCS), as detailed below:
| (i) | At December 31, 2017, the Group holds IRS which were designated as cash flow hedges of certain repurchase agreements at variable rate for a nominal amount of US$150.0 million, equivalent to S/486.2 million (US$150.0 million, equivalent to S/503.4 million, at December 31, 2016). By using these IRS, those repurchase agreements were economically converted to fixed interest rate, See Note 12(b).
| (ii) | At December 31, 2017, the Group maintains an IRS and a CCS, which were together designated as a cash flow hedge of a repurchase agreement in U.S. dollars at variable interest rate for a nominal amount of US$80.0 million, equivalent to S/259.3 million (approximately US$80.0 million, equivalent to S/268.5 million, at December 31, 2016). By means of the IRS and the CCS, said repurchase agreement was economically converted to soles at a fixed interest rate, See Note 12(b).
| (iii) | At December 31, 2017, the Group maintains a CCS which was designated as a cash flow hedge for a repurchase agreement in U.S. dollars at variable rate for a nominal amount of US$70 million, equivalent to S/226.9 million (approximately US$70.0 million, equivalent to S/234.9 million, at December 31, 2016). By means of the CCS, this repurchase agreement was economically converted to a fixed interest rate in soles See Note 12(b).
| (iv) | December 31, 2017, the Group maintains a CCS which was designated as a cash flow hedge of two repurchase agreements in U.S. dollars at variable rate for a nominal amount of US$45.0 million, equivalent to S/145.8 million (approximately US$45.0 million, equivalent to S/151.0 million, at December 31, 2016). By means of the CCS, said repurchase agreements were economically converted to soles, See Note 12(b).
| (v) | At December 31, 2017, the Group maintains a CCS which was designated as a cash flow hedge of a repurchase agreement in U.S. dollars at variable rate for a nominal amount of US$25.0 million, equivalent to S/81.0 million (approximately US$25.0 million, equivalent to S/83.9 million, at December 31, 2016). By means of the CCS, said repurchase agreement was economically converted to soles, See Note 12(b).

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- Definition The details about the cash collateral, reverse repurchase agreements and payables from repurchase agreements and security lending's. + References No definition available. + Details
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- Definition The disclosure of repurchase and reverse repurchase agreements. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2017-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2017-03-01&anchor=para_10_e&doctype=Standard -URIDate 2017-03-09 + Details
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