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ACCOUNTING CHANGES | 12 Months Ended
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Dec. 31, 2018
Accounting Changes |
ACCOUNTING CHANGES | NOTE 02 ACCOUNTING CHANGES
| A. | IFRS 15 ADOPTION
On January 1, 2018, IFRS 15 revenues from contracts with customers has become effective. In accordance with the Bank’s activities, income and expenses arising from fees and commission are under the scope of this new standard. The following table reconcilies the prior period’s closing impairment allowance measured in accordance with the IAS 39 incurred loss model to the new impairment model: The Bank has elected to adopt IFRS 15 using a modified retrospective approach where the cumulative effect of initially applying it is recognised as an adjustment to the opening balance of retained earnings and comparatives are not restated. The Bank concluded that there is no impact as of January 1, 2018, however new disclosure requirements must be adopted. See Note 1 and Note 28.
| B. | IFRS 9 ADOPTION – Transition disclosure
The following disclosure provides the impact of adopting IFRS 9 on the statements of financial position and retained earnings including the effect of replacing IAS 39’s incurred credit loss provision with IFRS 9’s ECLs.
|  | IAS 39 carrying amount |  |  | IFRS 9 carrying amount
| Ref | Category | Amount | Reclassification | Remeasurement | Amount | Category
| MCh$ | MCh$ | MCh$ | MCh$ | MCh$ | MCh$
AMORTISED COST |  |  |  |  |  |  |
Cash and deposit in banks |  |  |  |  |  |  |
Opening balance under IAS 39 and closing under IFRS 9 |  | AC | 1,452,922 | - | - | 1,452,922 | AC
Interbank loans, net |  |  |  |  |  |  |
Opening balance under IAS 39 |  | AC | 162,213 | - | - | - | -
Remeasurement: ECL Allowance | A | - | - | (162,213) | - | - | -
Closing balance under IFRS9 |  | - | - | - | - | - | -
Loans and accounts receivable from customers, net |  |  |  |  |  |  |
Opening balance under IAS 39 |  | AC | 26,772,544 | - | - | - | -
Addition: from interbank loans | A | - | - | 162,213 | - | - | -
Subtraction to FVOCI (net of allowance) | B | - | - | (107,846) |  |  |
Remeasurement: ECL Allowance |  | - | - | - | (97,322) | - |
Closing balance under IFRS 9 |  | - | - | - | - | 26,729,589 | AC
Total financial assets measured at amortised cost |  |  | 28,387,679 | (107,846) | (97,322) | 28,182,511 |
FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (FVOCI) |  |  |  |
Available for sale investment (debt securities) |  |  |  |  |  |  |
Opening balance under IAS 39 |  | FVOCI | 2,574,546 | - | - | - |
Remeasurement: ECL Allowance |  |  | - | - |  | - |
Closing balance under IFRS 9 |  |  | - | - | - | 2,574,546 | FVOCI
Loans and accounts receivable from customers , net |  |  |  |
Opening balance under IAS 39 |  | AC | - | - | - | - |
Addition: from amortised cost (net of allowance) | B |  | - | 107,846 | - | - |
Remeasurement: from cost to FV | B |  | - | - | (236) | - |
Remeasurement: ECL Allowance | B |  | - | - | 291 | - |
Closing balance under IFRS 9 |  |  | - | 107,846 | 55 | 107,901 | FVOCI
Investment in associate and other companies – Bladex (equity instuments) |  |  |  |
Opening balance under IAS 39 |  | Cost | 136 | - | - | - |
Remeasurement: from cost to FV | C |  | - | - | 306 | - |
Closing balance under IFRS 9 |  |  | - | - | 306 | 442 | FVOCI
Investment in associate and other companies- Stock exchange (equity instruments) |  |  |
Opening balance under IAS 39 |  | FV | 287 | - | - | - |
Remeasurement: from cost to FV |  |  | - | - | - | - |
Closing balance under IFRS 9 | C |  | - | - | - | 287 | FVOCI
Total financial assets measured at FVOCI |  |  | 2,574,969 | 107,846 | 361 | 2,683,176 |
| Ref | IAS 39 carrying amount |  |  | IFRS 9 carrying amount
| Category | Amount | Reclassification | Remeasurement | Amount | Category
| MCh$ | MCh$ | MCh$ | MCh$ | MCh$ | MCh$
FAIR VALUE THROUGH PROFIR OR LOSS (FVPL) |  |  |  |  |
Trading investment |  |  |  |  |  |  |
Opening balance under IAS 39 and closing under IFRS 9 |  | FVPL | 485,736 |  |  | 485,736 | FVPL
Derivatives contracts (hedging + trading |  |  |  |  |  |  |
Opening balance under IAS 39 and closing under IFRS 9 |  | FVPL | 2,238,647 |  |  | 2,238,647 | FVPL
Total financial assets measured at FVTPL |  |  | 2,724,383 |  |  | 2,274,383 |
The following explains how applying the new requirements of IFRS 9 led to changes in classification of certain financial assets held by the Bank as shown in the table above:
| (A) | Interbank loans
According to the new balance presentation, the Bank has grouped interbank loans with the loans and account receivable since both are measured at amortised cost, and evaluated together for impairment purposes.
| (B) | Loans and account receivable measured at fair value through other comprehensive income
The Bank enters into arrangements with its major customers for project finance and syndicated loans and, sometimes the amount requested exceeds the Bank’s limit for a single client exposure under the established credit risk policy, accordingly, the transaction is approved under the condition to sell a portion of the facility in the near term, which is classified under this category. Also, the Bank has decided to include loans that the Bank are expecting to sell if the market conditions are favourable to the Bank in this category. These loans are measured at fair value through other comprehensive income, and subject to impairment requirements.
| (C) | Investment in equity instrument
The Bank has elected to irrevocably designate non-trading equity securities required to operates in Chile and outside at FVOCI as permited under IFRS 9. Bladex and stock exchange securities were previously measured at cost as permited by IAS 39. The changes in fair value will no longer be reclassified to profit or loss when they are disposed of. The following table reconcilies the prior period’s closing impairment allowance measured in accordance with the IAS 39 incurred loss model to the new impairment model:
| Loans loss allowance under IAS 39 | Reclassification | Remeasurement | Loans loss allowance under IFRS 9
| MCh$ | MCh$ | MCh$ | MCh$
Loans and receivable (IAS 39)/ Financial assets at amortised cost (IFRS 9) |  |
Interbank loans | 472 | (472) | - | -
Loans and account receivable from customers | 790,685 | 84 | 97,322 | 888,091
Total loans and account receivable at amortised cost | 791,157 | (388) | 97,322 | 888,091
Available for sale investment (IAS39)/Financial assets at FVOCI (IFRS 9) |  |
Loans and account receivable from customer – at FVOCI | - | 388 | (291) | 97
Total financial assets at FVOCI | - | 388 | (291) | 97
Other credit- related commitments |  |  |  |
Contingent liabilities | 8,404 | - | (3,767) | 4,637
Loan commitments | - | - | 19,124 | 19,124
Total contingents | 8,404 | - | 15,357 | 23,761
Total provision for loan losses | 799,561 | - | 112,388 | 911,949
The composition of the loan portfolio as of January 1, 2018 is as follows:
As of January 1, 2018 | Assets before allowances |  | ECL allowance |  | Net Assets
Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total |
MCh$ | MCh$ | MCh$ | MCh$ |  | MCh$ | MCh$ | MCh$ | MCh$ |  | MCh$
Commercial loans |  |  |  |  |  |  |  |  |  |  |
Interbank loans | 162,685 | - | - | 162,685 |  | 13 | - | - | 13 |  | 162,672
Commercial loans | 8,743,179 | 595,436 | 543,807 | 9,882,422 |  | 56,546 | 36,541 | 246,870 | 339,957 |  | 9,542,465
Foreign trade loans | 1,464,059 | 56,110 | 54,344 | 1,574,513 |  | 4,883 | 849 | 33,480 | 39,212 |  | 1,535,301
Checking accounts debtors | 173,738 | 8,005 | 13,953 | 195,696 |  | 2,302 | 411 | 9,385 | 12,098 |  | 183,598
Factoring transactions | 441,014 | 4,035 | 4,841 | 449,890 |  | 837 | 91 | 3,366 | 4,294 |  | 445,596
Student loans | 70,984 | 7,402 | 9,904 | 88,290 |  | 3,644 | 2,329 | 6,092 | 12,065 |  | 76,225
Leasing transactions | 1,235,103 | 161,882 | 60,019 | 1,457,004 |  | 8,946 | 9,553 | 27,835 | 46,334 |  | 1,410,670
Other loans and account receivable | 110,307 | 5,663 | 36,623 | 152,593 |  | 2,640 | 1,549 | 24,551 | 28,740 |  | 123,853
Subtotal | 12,401,069 | 838,533 | 723,491 | 13,963,093 |  | 79,811 | 51,323 | 351,579 | 482,713 |  | 13,317,708
Mortgage loans |  |  |  |  |  |  |  |  |  |  |
Loans with mortgage finance bonds | 21,529 | 1,230 | 1,301 | 24,060 |  | 25 | 51 | 172 | 248 |  | 23,812
Endorsable mortgage mutual loans | 107,900 | 2,973 | 4,205 | 115,078 |  | 100 | 143 | 628 | 871 |  | 114,207
Other mortgage mutual loans | 8,061,800 | 465,146 | 430,811 | 8,957,757 |  | 14,477 | 20,033 | 72,390 | 106,900 |  | 8,850,857
Subtotal | 8,191,229 | 469,349 | 436,317 | 9,096,895 |  | 14,602 | 20,227 | 73,190 | 108,019 |  | 8,988,876
Consumer loans |  |  |  |  |  |  |  |  |  |  |
Installment consumer loans | 2,378,614 | 234,044 | 298,084 | 2,910,742 |  | 51,172 | 46,866 | 157,811 | 255,849 |  | 2,654,893
Credit card balances | 1,324,742 | 20,916 | 19,322 | 1,364,980 |  | 20,443 | 7,633 | 11,982 | 40,058 |  | 1,324,922
Leasing transactions | 4,627 | 47 | 41 | 4,715 |  | 1,013 | 23 | 74 | 1,110 |  | 3,605
Other consumer loans | 270,410 | 2,573 | 4,272 | 277,255 |  | 84 | 35 | 223 | 342 |  | 276,913
Subtotal | 3,978,393 | 257,580 | 321,719 | 4,557,692 |  | 72,712 | 54,557 | 170,090 | 297,359 |  | 4,260,333
Total | 24,570,691 | 1,565,462 | 1,481,527 | 27,617,680 |  | 167,125 | 126,107 | 594,859 | 888,091 |  | 26,566,917

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