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Financial Assets at Fair Value Through Other Comprehensive Income | 12 Months Ended
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Dec. 31, 2023
Financial Assets at Fair Value Through Other Comprehensive Income [Abstract] |
Financial Assets at Fair Value through Other Comprehensive Income |
9. | Financial Assets at Fair Value through Other Comprehensive Income:
As of December 31, 2023 and 2022, financial assets are detailed as follows:
|  | 2023 |  |  | 2022 |
|  | MCh$ |  |  | MCh$ |
Debt Financial Instruments |  |  | 3,786,525 |  |  |  | 3,967,392 |
Equity Instruments |  |  | 11,912 |  |  |  | 6,545 |
Total |  |  | 3,798,437 |  |  |  | 3,973,937 |
| (a) | Debt Financial Instruments at fair value through OCI:
As of December 31, 2023 and 2022 the detail of debt financial instruments is as follows:
|  | 2023 |  |  | 2022 |
|  | MCh$ |  |  | MCh$ |
Instruments issued by the Chilean Government and Central Bank of Chile |  |  |  |  |  |
Debt financial instruments from the Central Bank of Chile |  |  | 473,642 |  |  |  | — |
Bonds and Promissory notes from the Chilean Government |  |  | 1,362,510 |  |  |  | 2,254,578 |
Other fiscal debt financial instruments |  |  | 1,500 |  |  |  | 4,279 |
Other Instruments Issued in Chile |  |  |  |  |  |  |  |
Debt financial instruments from other domestic banks |  |  | 1,681,744 |  |  |  | 1,494,914 |
Bonds and trade effects from domestic companies |  |  | 59,921 |  |  |  | 45,994 |
Other debt financial instruments issued in the country |  |  | — |  |  |  | — |
Instruments Issued Abroad |  |  |  |  |  |  |  |
Financial instruments from foreign Central Banks |  |  | — |  |  |  | — |
Financial instruments from foreign governments and fiscal entities |  |  | 43,294 |  |  |  | 42,017 |
Debt financial instruments from other foreign banks |  |  | 163,914 |  |  |  | 125,610 |
Bonds and trade effects from foreign companies |  |  | — |  |  |  | — |
Other debt financial instruments issued abroad |  |  | — |  |  |  | — |
Total |  |  | 3,786,525 |  |  |  | 3,967,392 |
“Instruments issued by the Chilean Government and Central Bank of Chile” include instruments sold under repurchase agreements to clients and financial institutions for an amount of Ch$10,488 million in December 2023 (Ch$7,369 million in December 2022). The repurchase agreements have an average maturity of 3 days in December 2023 (4 days in December 2022). As part of the FCIC program, instruments delivered as collateral are included for an approximate amount of Ch$1,094,076 million as of December 31, 2023 (Ch$693,206 million in December 2022). Under the same item, instruments that guarantee margins for cleared derivatives transactions are classified through Comder Contraparte Central S.A. (Chilean clearing-house) for an amount of Ch$43,863 million as of December 31, 2023 (Ch$39,508 million as of December 31, 2022). Under “Other Instruments Issued in Chile” are classified instruments delivered as collateral as part of FCIC program for an approximate amount of Ch$850,506 million as of December 31, 2023 (Ch$219,425 million as of December 31, 2022). As of December 31, 2023 the allowance for ECL for debt instruments at fair value through other comprehensive income was Ch$5,500 million (Ch$9,496 million as of December 31, 2022).
| (a.1) | The credit ratings of the issuers of debt instruments as of December 31, 2023 and 2022, are as follows:
|  | As of December 31, 2023 |  |  | As of December 31, 2022 |
|  | Stage 1 Individual |  |  | Stage 2 Individual |  |  | Stage 3 Individual |  |  | Total Individual |  |  | Stage 1 Individual |  |  | Stage 2 Individual |  |  | Stage 3 Individual |  |  | Total Individual |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Debt Instrument |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  |  | 3,786,525 |  |  |  | — |  |  |  | — |  |  |  | 3,786,525 |  |  |  | 3,967,392 |  |  |  | — |  |  |  | — |  |  |  | 3,967,392 |
Non-investment grade |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Without rating |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | 3,786,525 |  |  |  | — |  |  |  | — |  |  |  | 3,786,525 |  |  |  | 3,967,392 |  |  |  | — |  |  |  | — |  |  |  | 3,967,392 |
| (a.2) | Analysis of changes in the fair value and corresponding allowance for ECL by stage for debt instruments measured at FVOCI as of December 31, 2023 and 2022, is as follows:
|  | Stage 1 Individual |  |  | Stage 2 Individual |  |  | Stage 3 Individual |  |  | Total |
|  | Fair value MCh$ |  |  | ECL MCh$ |  |  | Fair value MCh$ |  |  | ECL MCh$ |  |  | Fair value MCh$ |  |  | ECL MCh$ |  |  | Fair value MCh$ |  |  | ECL MCh$ |
Balance as of January 1, 2022 |  |  | 3,054,795 |  |  |  | 4,085 |  |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,054,809 |  |  |  | 4,085 |
Net change on Balance * |  |  | 864,521 |  |  |  | 5,411 |  |  |  | (14 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 864,507 |  |  |  | 5,411 |
Change in fair value |  |  | 48,076 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 48,076 |  |  |  | — |
Transfer to Stage 1 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfer to Stage 2 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfer to Stage 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Impact on year-end ECL of exposures transferred between stages during the year ** |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Impact of net re-measurement of year-end ECL |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amounts written off |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign exchange adjustments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance as of December 31, 2022 |  |  | 3,967,392 |  |  |  | 9,496 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,967,392 |  |  |  | 9,496 |
Balance as of January 1, 2023 |  |  | 3,967,392 |  |  |  | 9,496 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,967,392 |  |  |  | 9,496 |
Net change on Balance * |  |  | (159,617 | ) |  |  | (3,996 | ) |  |  | (30,124 | ) |  |  | (1,921 | ) |  |  | — |  |  |  | — |  |  |  | (189,741 | ) |  |  | (5,917 | )
Change in fair value |  |  | 8,718 |  |  |  | — |  |  |  | 156 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,874 |  |  |  | — |
Transfer to Stage 1 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfer to Stage 2 |  |  | (29,968 | ) |  |  | — |  |  |  | 29,968 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfer to Stage 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Impact on year-end ECL of exposures transferred between stages during the year ** |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,921 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,921 |
Impact of net re-measurement of year-end ECL |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amounts written off |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign exchange adjustments |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance as of December 31, 2023 |  |  | 3,786,525 |  |  |  | 5,500 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,786,525 |  |  |  | 5,500 |
| * | Net change between assets purchased and assets derecognized excluding write offs.
| ** | Represents the change in the year-end ECLs of exposures that were transferred from one stage to another during the year.
| (b) | Equity instruments at fair value through OCI:
As of December 31, 2023 and 2022, the detail of equity instruments is as follows:
|  | 2023 |  |  | 2022 |
|  | MCh$ |  |  | MCh$ |
Equity instruments issued in Chile |  |  | 10,601 |  |  |  | 5,700 |
Equity instruments issued by foreign institutions |  |  | 1,311 |  |  |  | 845 |
Total |  |  | 11,912 |  |  |  | 6,545 |
The equity investments issued by foreign institutions represent shares of currency exchange offices and servicing companies that the Bank is obliged to hold in order to benefit from these services. Investments in shares have been irrevocably designated as at fair value through other comprehensive income and, therefore, are recorded at market value in accordance with IFRS 9.
| (c) | Realized and unrealized profits:
As of December 31, 2023, the portfolio of debt financial instruments includes an accumulated unrealized gain of Ch$9,142 million (accumulated unrealized gain of Ch$268 million in December 2022), recorded as an equity valuation adjustment. Gross realized gains and losses on the sale of debt financial instruments, as of December 31, 2023, 2022 and 2021 are reported under “Net Financial income (expense)” (See Note No. 31). The realized gains and losses at the end of both periods are the following:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Unrealized gains (losses) |  |  | 4,352 |  |  |  | (15,325 | ) |  |  | (50,475 | )
Realized losses (gains) reclassified to income |  |  | 4,522 |  |  |  | 63,401 |  |  |  | (1,242 | )
Subtotal |  |  | 8,874 |  |  |  | 48,076 |  |  |  | (51,717 | )
Income tax on other comprehensive income |  |  | (1,806 | ) |  |  | 798 |  |  |  | 4,171 |
Net effect in equity |  |  | 7,068 |  |  |  | 48,874 |  |  |  | (47,546 | )

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