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DUE TO BANKS AND CORRESPONDENTS | 12 Months Ended
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Dec. 31, 2019
DUE TO BANKS AND CORRESPONDENTS |
DUE TO BANKS AND CORRESPONDENTS | 15 DUE TO BANKS AND CORRESPONDENTS a) This item consists of the following:
|  | 2019 |  | 2018
|  | S/(000) |  | S/(000)
International funds and others (b) |  | 5,654,014 |  | 5,460,725
Promotional credit lines (c) |  | 2,938,981 |  | 2,389,086
Inter-bank funds |  | 205,000 |  | 547,300
|  | 8,797,995 |  | 8,397,111
Interest payable |  | 43,737 |  | 51,029
Total |  | 8,841,732 |  | 8,448,140
b) This item consists of the following:
|  | 2019 |  | 2018
|  | S/(000) |  | S/(000)
Bank of America, N.A. (i) |  | 994,200 |  | 505,950
Sumitomo Mitsui Banking Corporation (ii) |  | 984,258 |  | 337,300
Wells Fargo Bank, N.A. (iii) |  | 730,074 |  | 843,250
Corporación Andina de Fomento - CAF (iv) |  | 662,800 |  | 674,600
Citibank N.A. (v) |  | 662,800 |  | 1,180,550
Corporación Financiera de Desarrollo (COFIDE) |  | 406,710 |  | 340,572
Bank of New York Mellon (vi) |  | 331,400 |  | —
Caja Municipal de Ahorro y Crédito de Arequipa S.A. |  | 140,000 |  | —
Scotiabank Perú S.A.A. |  | 100,000 |  | 100,000
International Finance Corporation (IFC) |  | 91,558 |  | 183,391
Standard Chartered Bank (vii) |  | 86,827 |  | 404,760
Banco BBVA Perú |  | 85,000 |  | 82,850
Banco Internacional del Perú S.A.A. (Interbank) |  | 50,000 |  | —
Banco Consorcio |  | 34,627 |  | 79,526
Deutsche Bank |  | — |  | 337,300
Wachovia Bank N.A. |  | — |  | 84,325
Banco de la Nación |  | — |  | 75,000
Others less than S/51.0 million |  | 293,760 |  | 231,351
Total |  | 5,654,014 |  | 5,460,725
At December 31, 2019, the loans have maturities between January 2020 and March 2032 (between January 2019 and March 2032, at December 31, 2018) and accrue interest at rates that fluctuate between 3.17 percent and 8.67 percent (between 1.00 percent and 8.67 percent, at December 31, 2018). (i) At December 31, 2019, the balance corresponds to four variable rate loans obtained between May and November 2019 for a total of US$300.0 million, equivalent to S/994.2 million (three loans obtained between May and October 2018 for a total of US$150.0 million, equivalent to S/506.0 million, at December 31, 2018 ) which amounts are hedged by four IRS (three IRS at December 31, 2018) for a notional amount equal to the principal and maturity, see Note 13(b). By means of IRS these loans were economically converted to a fix rate. The loans that were in effect at December 31, 2018 for US$150.0 millions matured during the year of 2019. (ii) At December 31, 2019, the balance corresponds to three variable rate loans obtained between May and November 2019 for a total of US$297.0 million, equivalent to S/984.3 million (a loan obtained in May 2018 for US$100.0 million, equivalent to S/337.3 million at December 31, 2018); the amounts of which are hedged by four IRS (an IRS at December 31, 2018) for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of the IRS, said loans were economically converted to a fixed rate. The loan that was in effect at December 31, 2018 of US$100.0 million matured during the year of 2019. (iii) At December 31, 2019, balance comprises four variable rate loans obtained between May and July of 2019 for a total of US$190.0 million, equivalent to S/629.7 million (three loans obtained between October 2017 and October 2018 for a total amount of US$250.0 million, equivalent to S/843.3 million, at December 31, 2018), whose amounts are hedged by four IRS (three IRS at December 31, 2018) for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of these IRS, said loans were economically converted to a fixed rate. The loans that were in effect at December 31, 2018 for US$250.0 million matured during the year of 2019. (iv) At December 31, 2019, the balance comprises a variable rate loan in U.S. Dollars obtained in June 2019 for US$100.0 million, equivalent to S/331.4 million, the amount of which was hedged by a IRS for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of this IRS this loan was economically converted to a fixed rate. Likewise, at December 31, 2019, its included a variable rate loan in U.S. Dollars obtained in December 2017 for a total of US$100.0 million, equivalent to S/331.4 million (US$100.0 million, equivalent to S/337.3 million, at December 31, 2018) the amount of which was hedged by two CCS for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of these CCS, said loan was economically converted to a fixed rate. (v) At December 31, 2019, the balance corresponds to a three variable rate loan obtained between May and November 2019 for US$200.0 million, equivalent to S/662.8 million (four loans obtained between July 2017 and October 2018 for a total amount of US$350.0 million, equivalent to S/1,180.6 million at December 31, 2018); the amounts of which were hedged by three IRS (four IRS at December 31, 2018) for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of this IRS, said loans were economically converted to a fixed rate. The loans that were in effect at December 31, 2018 of US$350.0 million matured during the year of 2019. (vi) At December 31, 2019, the balance corresponded to a variable rate loan in U.S. Dollars obtained in August 2019 for US$100.0 million, equivalent to S/331.4 million, the amount of which was hedged by an IRS for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of the IRS, said loan was economically converted to a fixed rate. (vii) At December 31, 2018, the balance included a variable rate loan obtained in October 2018 for US$100.0 million, equivalent to S/337.3 million, the amount of which was hedged by an IRS for a notional amount equal to the principal and with the same maturity, see Note 13(b). By means of these IRS, said loan was economically converted to a fixed rate. The said loan matured in May 2019. c) Promotional credit lines represent loans granted by Corporación Financiera de Desarrollo and Fondo de Cooperación para el Desarrollo Social (COFIDE and FONCODES for their Spanish acronyms, respectively) to promote the development of Peru, they mature between January 2020 and July 2029 and bear annual interest rates varying 4.20 percent and 7.60 percent at December 31, 2019 (between January 2019 and July 2024 and with annual interest rates ranging between 4.20 percent and 7.75 percent at December 31, 2018). These credit lines are secured by a loan portfolio totaling S/2,939.0 million and S/2,389.1 million, at December 31, 2019 and December 31, 2018, respectively. d) The following table presents the maturities of due to banks and correspondents at December 31, 2019 and 2018 based on the period remaining to maturity:
|  | 2019 |  | 2018
|  | S/(000) |  | S/(000)
Up to 3 months |  | 2,062,121 |  | 1,917,829
From 3 months to 1 year |  | 3,693,328 |  | 3,347,134
From 1 to 3 years |  | 559,511 |  | 1,030,310
From 3 to 5 years |  | 614,265 |  | 406,895
More than 5 years |  | 1,868,770 |  | 1,694,943
Total |  | 8,797,995 |  | 8,397,111
e) At December 31, 2019 and 2018, lines of credit granted by various local and foreign financial institutions, to be used for future operating activities total S/8,593.0 million and S/7,849.8 million, respectively. f) Certain debts to banks and correspondents include standard covenants addressing observance of financial ratios, the use of the funds and other administrative matters; which, in Management’s opinion, do not limit the Group’s operations and have been complied with at the date of the consolidated financial statements.

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