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PROVISIONS AND CONTINGENT PROVISIONS | 12 Months Ended
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Dec. 31, 2018
Provisions [abstract] |
PROVISIONS AND CONTINGENT PROVISIONS | NOTE 22 PROVISIONS AND CONTINGENT PROVISIONS
| a) | As of December 31, 2018 and 2017, the composition is as follows:
| As of December 31,
| 2018 | 2017
| MCh$ | MCh$
Provisions for personnel salaries and expenses | 93,379 | 97,576
Provisions for mandatory dividends | 178,600 | 168,840
Provisions for contingent loan risk* | 23,709 | 9,480
Other | 620 | 599
Total | 305,271 | 303,798
* Under IFRS 9 disclosure requeriments
| b) | Below is the activity regarding provisions during the years ended December 31, 2018 and 2017
| Personnel salaries and expenses | Mandatory Dividend | Contingencies
| MCh$ | MCh$ | MCh$
Balances as of January 1, 2018 | 97,576 | 168,840 | 27,303
Provisions established | 80,912 | 178,600 | 19,447
Application of provisions | (72,975) | - | (4,431)
Provisions released | (3,195) | (168,840) | (33,356)
Reclassifications | - | - | -
Other | (8,939) | - | -
Balances as of December 31, 2018 | 93,379 | 178,600 | 8,963
Balances as of January 1, 2017 | 72,592 | 142,815 | 65,404
Provisions established | 106,687 | 168,840 | 8,645
Application of provisions | (81,703) | (142,815) | (389)
Provisions released | - | - | (46,357)
Reclassifications | - | - | -
Other | - | - | -
Balances as of December 31, 2017 | 97,576 | 168,840 | 27,303
| c) | Provisions for personnel salaries and expenses includes:
| As of December 31,
| 2018 | 2017
| MCh$ | MCh$
Provision for seniority compensation | 9,531 | 17,874
Provision for stock-based personnel benefits | - | -
Provision for performance bonds | 59,633 | 53,947
Provision for vacations | 22,792 | 23,039
Provision for other personnel benefits | 1,423 | 2,716
Total | 93,379 | 97,576
| d) | Provisions for contingent loan risk
Provision for contingent loan arise from contingent liabilities and loan commitments. Provisions for ECL risks in respect of contingent loan are included in ECL allowance in the income statements for the year. The Bank has apply the new model for ECL under IFRS to contingent loans. An analysis of changes in the corresponding ECL allowance is, as follows:
| Stage 1 | Stage 2 | Stage 3 | TOTAL
| Individual | Collective | Individual | Collective | Individual | Collective
ECL allowance at January 1, 2018 | 1,028 | 16,261 | 219 | 187 | 2,884 | 3,182 | 23,761
Transfer |  |  |  |  |  |  |
Transfers to stage 2 | (30) | - | 65 | - | - | - | 35
Transfers to stage 3 | (1) | - | - | - | 328 | - | 327
Transfers to stage 3 | - | - | (11) | - | 567 | - | 556
Transfers to stage 1 | 1 | - | (7) | - | - | - | (6)
Transfers to stage 2 | - | - | - | - | - | - | -
Transfers to stage 1 | - | - | - | - | (1) | - | (1)
Net changes on financial assets | 115 | 683 | 3 | (37) | 54 | (77) | 741
Writte-off | - | - | - | - | - | - | -
Foreign Exchange adjustments | (32) | (1,874) | (10) | 22 | 24 | 166 | (1,704)
At 31 December 2018 | 1,081 | 15,070 | 259 | 172 | 3,856 | 3,271 | 23,709

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