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Financial Liabilities at Amortized Cost
 12 Months Ended
Dec. 31, 2022
Financial Liabilities at Amortized Cost Disclosure [Abstract]  
Financial liabilities at amortized cost
20.Financial liabilities at amortized cost:

 

The item detail is as follows:

 

   2022   2021 
   MCh$   MCh$ 
         
Current accounts and other demand deposits   13,592,155    18,542,791 
Saving accounts and time deposits   14,358,987    9,140,006 
Obligations by repurchase agreements and securities lending   216,264    95,009 
Borrowings from financial institutions   5,397,676    4,861,865 
Debt financial instruments issued   9,267,947    8,561,395 
Other financial obligations   344,030    250,005 
Total   43,177,059    41,451,071 

 

(a)Current accounts and other demand deposits:

 

As of December 31, 2022 and 2021, the composition of current accounts and other demand deposits is as follows:

 

   2022   2021 
   MCh$   MCh$ 
Current accounts   11,172,137    15,349,224 
Other demand obligations   1,375,631    1,552,280 
Demand deposits accounts   657,057    952,621 
Other demand deposits   387,330    688,666 
Total   13,592,155    18,542,791 

 

(b)Saving accounts and time deposits:

 

As of December 31, 2022 and 2021, the composition of saving accounts and time deposits is as follows:

 

   2022   2021 
   MCh$   MCh$ 
Time deposits   13,723,090    8,319,165 
Term savings accounts   407,746    448,257 
Other term balances payable   228,151    372,584 
Total   14,358,987    9,140,006 

 

(c)Obligations by repurchase agreements and securities lending:

 

The Bank obtains financing by selling financial instruments and agreeing to repurchase them in the future, plus interest at a prefixed rate. As of December 31, 2022 and 2021, the repurchase agreements are the following:

 

   Demand   Up to 1 month   Over 1 month and up to 3 months   Over 3 months and up to 12 months   Over 1 year and up to 3 years   Over 3 years and up to 5 years   Over 5 years   Total 
   2022   2021   2022   2021   2022   2021   2022   2021   2022   2021   2022   2021   2022   2021   2022   2021 
   MCh   $MCh   $MCh   $MCh   $MCh   $MCh   $MCh   $MCh   $MCh   $MCh   $MCh   $MCh   $MCh   $MCh   $MCh   $MCh$ 
Instruments issued by the Chilean Governments and Central Bank of Chile                                                                
Central Bank bonds   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Central Bank promissory notes   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Other instruments issued by the Chilean Government and Central Bank of Chile   
—
    
—
    7,340    351    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    7,340    351 
Subtotal   
—
    
—
    7,340    351    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    7,340    351 
Other Financial Instruments issued in Chile                                                                                
Deposit promissory notes from domestic banks   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Mortgage bonds from domestic banks   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Bonds from domestic banks   
—
    
—
    35,139    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    35,139    
—
 
Deposits in domestic banks   
—
    
—
    173,733    84,996    52    
—
    
—
    52    
—
    
—
    
—
    
—
    
—
    
—
    173,785    85,048 
Bonds from other Chilean companies   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Other instruments issued in Chile   
—
    
—
    
—
    2,320    
—
    4    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    2,324 
Subtotal   
—
    
—
    208,872    87,316    52    4    
—
    52    
—
    
—
    
—
    
—
    
—
    
—
    208,924    87,372 
Financial Instruments issued by Foreign Institutions                                                                                
Instruments from foreign governments or central bank   
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
    
—
 
Other instruments issued by foreign   
—
    
—
    
—
    
—
    
—
    
—
    
—
    7,286    
—
    
—
    
—
    
—
    
—
    
—
    
—
    7,286 
Subtotal   
—
    
—
    
—
    
—
    
—
    
—
    
—
    7,286    
—
    
—
    
—
    
—
    
—
    
—
    
—
    7,286 
Total   
—
    
—
    216,212    87,667    52    4    
—
    7,338    
—
    
—
    
—
    
—
    
—
    
—
    216,264    95,009 

 

Securities sold:

 

The fair value of the financial instruments delivered as collateral by the Bank and its subsidiaries, in sales transactions with repurchase agreement and securities lending as of December 31, 2022 amounts to Ch$215,781 million (Ch$85,322 million in December 2021). In the event that the Bank and its subsidiaries enter into default or bankruptcy, the counterparty is authorized to sell or deliver these investments as collateral.

 

(d)Borrowings from Financial Institutions:

 

As of December 31, 2022 and 2021, borrowings from financial institutions are detailed as follows:

 

   2022   2021 
   MCh$   MCh$ 
Domestic banks        
Banco Santander   2,699    
—
 
Subtotal domestic banks   2,699    
—
 
           
Foreign banks          
Foreign trade financing          
Wells Fargo Bank   231,311    145,070 
Bank of Nova Scotia   142,787    
—
 
HSBC   85,153    — 
Standard Chartered Bank   81,828    4,990 
Bank of America   80,509    43,925 
Bank of New York Mellon   77,846    17,055 
Citibank N.A. United State   69,810    70,590 
Industrial and Commercial Bank of China   1,280    
—
 
Commerzbank AG   348    1,782 
Bank of Tokyo   
—
    412 
Sumitomo Mitsui Banking   
—
    42,641 
           
Borrowings and other obligations          
Wells Fargo Bank   149,944    133,692 
Citibank N.A. United Kingdom   108,017    48,120 
Standard Chartered Bank   14,281    211 
Deutsche Bank AG   3,179    
—
 
Commerzbank AG   110    568 
Citibank N.A. United State   
—
    4,173 
Others   53    176 
Subtotal foreign banks   1,046,456    513,405 
           
Chilean Central Bank (*)   4,348,521    4,348,460 
           
Total   5,397,676    4,861,865 

 

(*)Financing provided by the Central Bank of Chile to deliver liquidity to the economy and support the flow of credit to households and companies, among which are the Loan Increase Conditional Credit Facility program (FCIC by its Spanish initials) and the Liquidity Credit Line (LCL).

 

(e)Debt financial instruments issued:

 

As of December 31, 2022 and 2021, the composition of debt financial instruments issued as follows:

 

   2022   2021 
   MCh$   MCh$ 
Letters of credit        
Letters of credit for housing   2,328    4,005 
Letters of credit for general purposes   49    109 
           
Bonds          
Current Bonds   9,265,570    8,557,281 
Mortgage bonds   
—
    
—
 
Total   9,267,947    8,561,395 

 

During the year ended December 31, 2022 Banco de Chile has placed bonds for Ch$1,355,816 million, which corresponds to Short-Term Current Bonds and Long-Term Bonds for amounts of Ch$215,249 and Ch$1,140,567 million respectively, according to the following details:

 

Short-term Current Bonds

 

Counterparty

  Currency   Amount
MCh$		   Annual
interest
rate %		  

Issued

date

  Maturity
date
Wells Fargo Bank  USD    17,065    1.61   05/18/2022  08/16/2022
Wells Fargo Bank  USD    41,944    1.61   05/19/2022  08/17/2022
Citibank N.A.  USD    8,379    2.25   05/20/2022  11/21/2022
Citibank N.A.  USD    5,028    1.60   05/20/2022  08/22/2022
Wells Fargo Bank  USD    28,702    2.35   06/06/2022  12/06/2022
Citibank N.A.  USD    1,652    2.25   06/09/2022  12/09/2022
Wells Fargo Bank  USD    85,779    5.40   12/13/2022  06/12/2023
Wells Fargo Bank  USD    26,700    5.00   12/19/2022  03/16/2023
Total as of December 31, 2022       215,249            

 

Long-Term Current Bonds

 

Serie  Currency   Amount
MCh$		  

 

Terms

Years

   Annual
interest
rate %		  

Issued

date

  Maturity
date
BCHIBS0815  UF    15,707    14    3.00   01/05/2022  01/05/2036
BCHIBS0815  UF    15,719    14    3.06   01/20/2022  01/20/2036
BCHICF0815  UF    65,738    17    2.65   03/01/2022  03/01/2039
BCHICP0815  UF    65,883    19    2.80   03/01/2022  03/01/2041
BCHIBS0815  UF    32,583    14    2.60   03/17/2022  03/17/2036
BCHICQ1015  UF    69,443    19    3.20   11/02/2022  11/02/2041
BCHICN0815  UF    69,802    19    3.20   11/02/2022  11/02/2041
BCHICO1215  UF    70,178    19    3.20   11/02/2022  11/02/2041
BCHICK0815  UF    73,568    18    3.20   11/14/2022  11/14/2040
BCHICM1215  UF    18,618    18    3.20   11/18/2022  11/18/2040
BCHIDV1116  UF    9,305    11    4.40   11/21/2022  11/21/2033
BCHIDV1116  UF    37,271    11    4.40   11/22/2022  11/22/2033
BCHIBU0815  UF    20,003    14    3.00   12/02/2022  12/02/2036
BCHIDU0716  UF    36,536    11    4.40   12/02/2022  12/02/2033
BCHICM1215  UF    9,453    18    3.20   12/05/2022  12/05/2040
BCHICM1215  UF    46,318    18    3.20   12/07/2022  12/07/2040
BCHICL1015  UF    74,421    18    3.20   12/07/2022  12/07/2040
BCHIGJ0522  UF    141,320    13    2.70   12/07/2022  12/07/2035
BCHICJ1215  UF    25,912    18    3.20   12/12/2022  12/12/2040
BCHICJ1215  UF    48,099    18    3.20   12/13/2022  12/13/2040
BCHIGK1221  UF    143,020    14    2.70   12/22/2022  12/22/2036
Subtotal UF       1,088,897                 
                          
BONO PEN  PEN    51,670    20    8.65   03/09/2022  03/09/2042
Subtotal others currency       51,670                 
Total as of December 31, 2022       1,140,567                 

 

During the year 2021, Banco de Chile has placed bonds for Ch$1,661,016 million, which corresponds to Short-Term Bonds and Current Bonds for amount of Ch$698,435 million and Ch$962,581 million respectively, according to the following details:

 

Short-term Bonds

 

 

Counterparty

  Currency   Amount
MCh$		   Annual
interest
rate %		  

Issued

date

  Maturity
date
Wells Fargo Bank  USD    72,240    0.23   20/01/2021  20/04/2021
Wells Fargo Bank  USD    36,736    0.38   09/02/2021  04/02/2022
Citibank N.A.  USD    36,736    0.28   09/02/2021  02/08/2021
Wells Fargo Bank  USD    35,700    0.26   25/02/2021  24/08/2021
Citibank N.A.  USD    71,400    0.23   25/02/2021  01/06/2021
Wells Fargo Bank  USD    35,700    0.26   25/02/2021  26/08/2021
Citibank N.A.  USD    36,295    0.34   04/03/2021  03/09/2021
Citibank N.A.  USD    72,589    0.34   04/03/2021  07/09/2021
Wells Fargo Bank  USD    18,147    0.25   04/03/2021  01/06/2021
Wells Fargo Bank  USD    78,814    0.25   08/09/2021  01/06/2022
Citibank N.A.  USD    78,873    0.23   10/09/2021  10/03/2022
Wells Fargo Bank  USD    39,436    0.25   10/09/2021  08/06/2022
Citibank N.A.  USD    78,413    0.23   13/09/2021  17/03/2022
Wells Fargo Bank  USD    4,283    0.28   15/09/2021  14/09/2022
Citibank N.A.  USD    3,073    0.28   22/09/2021  16/09/2022
Total as of December 31, 2021       698,435            

 

Long-Term Current Bonds

 

 

Series

  Currency  

Amount

MCh$

  

Terms

Years

 
 

Annual

issue rate %

 
  Issue date  Maturity date
BCHIER1117  UF    109,889    6    3.68   22/10/2021  22/10/2027
BCHICD0815  UF    58,658    9    3.59   25/10/2021  25/10/2030
BCHIEU0917  UF    109,363    7    3.70   25/10/2021  25/10/2028
Subtotal UF       277,910                 
                          
BONO JPY  JPY    36,097    10    0.70   17/08/2021  17/08/2031
BONO AUD  AUD    31,203    10    Rate BBSW+1.38 pb   12/08/2021  12/08/2031
BONO CHF  CHF    115,483    5    0.32   14/10/2021  14/10/2026
BONO USD  USD    82,543    5    2.22   17/11/2021  17/11/2026
BONO USD  USD    419,345    10    2.99   07/12/2021  07/12/2031
Subtotal Others currency       684,671                 
Total as of December 31, 2021       962,581                 

 

As of December 31, 2022 and 2021, the Bank has not presented defaults in the payment of principal and interest on its debt instruments. Likewise, there have been no breaches of covenants and other commitments associated with the debt instruments issued.

 

(f)Other Financial Obligations:

 

As of December 31, 2022 and 2021, the composition of other financial obligations as follows:

 

   2022   2021 
   MCh$   MCh$ 
Other Chilean financial obligations   343,927    249,782 
Other financial obligations with the Public sector   103    223 
Total   344,030    250,005