<SEC-DOCUMENT>0000950103-11-001026.txt : 20110510
<SEC-HEADER>0000950103-11-001026.hdr.sgml : 20110510
<ACCEPTANCE-DATETIME>20110315184429
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-11-001026
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANCO SANTANDER CHILE
		CENTRAL INDEX KEY:			0001027552
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BANDERA 140, PISO 19
		CITY:			SANTIAGO CHILE
		STATE:			F3
		BUSINESS PHONE:		562-320-8284

	MAIL ADDRESS:	
		STREET 1:		BANDERA 140, PISO 19
		STREET 2:		-
		CITY:			SANTIAGO CHILE
		STATE:			F3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANK SANTIAGO
		DATE OF NAME CHANGE:	19970630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANK OF SANTIAGO
		DATE OF NAME CHANGE:	19961125
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">March 15, 2011</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Via Edgar Submission and Courier</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><a name="Date"><!--EFPlaceholder--></a><a name="Recipient_address"><!--EFPlaceholder--></a>Ms. Brittany Ebbertt</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">100 F Street, NE</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><a name="Re_text"><!--EFPlaceholder--></a>Banco Santander Chile</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font id="TAB1" style="MARGIN-LEFT: 54pt"></font>Form 20-F for the Fiscal Year Ended December 31, 2009</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font id="TAB1" style="MARGIN-LEFT: 54pt"></font>File No. 001-14554</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><a name="Salutation"><!--EFPlaceholder--></a>Dear Ms. Ebbertt:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><a name="Letter_text"><!--EFPlaceholder--></a>Banco Santander Chile (the &#8220;Company&#8221;) has received the comments of the Staff (the &#8220;Staff&#8221;) of the Securities and Exchange Commission contained in the letter from the Staff dated February&#160;15, 2011 (the &#8220;Comment Letter&#8221;) regarding the above filing.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><a name="DPW_Closing"><!--EFPlaceholder--></a>Our responses to the Staff&#8217;s comments on the 2009 Form 20-F are set forth below. To facilitate the Staff&#8217;s review, we have reproduced the captions and numbered comments from the Staff&#8217;s comment letter in bold face text. Our response follows each comment.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial">We note your response to comment 13 in your letter dated December 23, 2010. Please explain to us how your incurred loss model has consistently resulted in an allowance for loan losses that is higher than the allowance for loan losses that would have been calculated if you used the SBIF expected loss model. In your response, please quantify and qualitatively explain the key differences the two models that results in higher allowance under your model.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">We respectfully advise the Staff that the Superintendency of Banks and Financial Institutions (SBIF) regulations for allowance for loan losses for group evaluations provide for the evaluation of large numbers of transactions with low individual amounts belonging to natural persons or small sized companies, and establish a conceptual framework within which the Bank has developed its own internal models for each of the categories included under group evaluation (consumer loans, mortgages loans, and small sized companies).&#160;&#160;The SBIF&#8217;s conceptual framework considers factors like debtor characteristics and payment behavior, recovery history, loss rates per segment and risk profile among other factors.&#160;&#160;All of these considerations provide objective evidence about whether assets or groups of financial assets are impaired as required by IAS 39.59.&#160;&#160;The Bank&#8217;s internally developed models for group evaluations follow an incurred loss approach, according to IFRS.&#160;&#160;The SBIF reviews these models on an annual basis and assesses whether they result in allowances for loan losses that are sufficient under its view and interpretation of the conceptual framework. The annual review is required by the SBIF's regulation and is made every year to all of the banks in Chile.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Regarding individual loan evaluations, the SBIF&#8217;s regulation&#160;&#160;covers large commercial loans, leasing and factoring, and establishes risk categories for each individual borrower.&#160;&#160;Accordingly, the Bank assigns a risk category level to each borrower and its respective loans.&#160;&#160;The following risk factors are considered within the analysis: industry sector, owners or managers, their financial situation, their payment capacity, and payment behavior.&#160;&#160;All of these considerations provide objective evidence about whether assets or groups of financial assets are impaired as is required by IAS 39.59. Risk categorizations determined by the Bank and the application of estimated range of loss and allowance percentages for each category of loan are reviewed and assessed once a year by the SBIF,&#160;&#160;to determine whether they result in allowances for loan losses that are sufficient under the SBIF&#8217;s view and interpretation of the regulation.&#160;&#160;As mentioned above the annual review is required by the SBIF's regulation and is made every year to all of the banks in Chile.&#160;&#160;Percentages used by the Bank are set based on the Bank&#8217;s best estimate of incurred loss factors for each group of individual borrowers, according to IFRS.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Therefore there is no way for us to quantify the difference in allowance methodologies other than the request from the SBIF for additional loan loss allowances when according to its assessment of the Bank&#8217;s calculation, the Bank&#8217;s allowance needs to be increased&#160;&#160;&#160;We respectfully note that over the last years and in particular for 2009 and 2008, the SBIF has not requested additional allowances after its review. For this reason, the Bank believes that its calculation of allowance for loan losses has been higher than the SBIF&#8217;s in 2009 and 2008.&#160;&#160;&#160;&#160;Additional allowances were last requested by the SBIF in 2005 for a total amount of Ch$8,000 million.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Additionally, and as stated in our prior letter, dated December 23, 2010, under comment 13, beginning January 1, 2010, the SBIF started to incorporate new requirements to the model for the allowance for loan losses calculation, which includes an expected loss approach.&#160;&#160;These modifications are contained in Chapter B-3 &#8220;Contingent Loans&#8221; of the New Compendium of Accounting rules of the SBIF, and requires, commencing January 1, 2010, that all the financial institutions include in the calculation of expected loss and reserves levels, a percentage of off-balance sheet contingent loans.&#160;&#160;These includes among others, lines of credits approved but not disbursed, unused credit card lines, stand-by letters of credit and other operations guaranteed by the Bank.&#160;&#160;Considering our incurred loss approach for IFRS purposes, this adjustment will be reversed and will only be applied to our local statutory financial statements.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial">We note your response to comment 13 in your letter dated December 23, 2010 and your disclosure on page 13 of your fourth quarter 2010 earnings report included in your Form 6-K filed on February 4, 2011 in which you discuss that your allowance for loan losses prepared in accordance with IFRS and included in U.S. securities and Exchange Commission filings will be calculated differently than the allowance for loan losses reported to the SBIF.&#160;&#160;In future filings, please ensure that you identify and appropriately disclose all differences between your IFRS financial statements and those submitted to the SBIF.&#160;&#160;Also, in all future filings (Forms 6-K, 20-F, etc) please have clear disclosure regarding the accounting model used to calculate the allowance for loan losses.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial">We note your response to comment 15 in your letter dated December 23, 2010. Please revise future filings to include the information included in your response explaining why you did not reverse the price-level restatement for paid-in-capital</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">We acknowledge the Staff&#8217;s Comments and in future filings we will add an explanatory note to our Statements of Changes in Shareholders Equity stating that the December 31, 2008 paid-in-capital balance includes price-level restatement adjustments that have not been reversed due to compliance with local regulations.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">In future filings, we propose to include the following discussion as an explanatory note on our Statements of Changes in Shareholders Equity on our 2010 Form 20-F:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Arial">&#8220;The December 31, 2008 paid-in-capital balance includes price-level restatement adjustments that were not reversed when we adopted IFRS in 2009.&#160;&#160;We elected not to reverse such price-level restatement adjustments based on SVS Circular N&#176;456 which indicates that the impact of deflation shall apply to paid-in-capital accounts as paid-in-capital accounts during the transition period to IFRS accounting is set forth in the Company&#8217;s bylaws, which were amended based on the distribution of the revalued equity and approved at the annual shareholder&#8217;s meeting held pursuant to Article 10, section 2 of Chile Law N&#176;18.046 Sociedades An&#243;nimas.&#8221;</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filings; and</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial">Gabriel Montoya</font></font></div>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
