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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2018
Summary Of Significant Accounting Policies |
Schedule of subsidiaries | The following companies are considered entities controlled by the Bank and are therefore within the scope of consolidation:
| i. | Entities controlled by the Bank through participation in equity
Name of the Subsidiary |  |  | Percent ownership share
|  | As of December 31,
| Place of Incorporation and operation | 2018 |  | 2017 |  | 2016
| Direct | Indirect | Total |  | Direct | Indirect | Total |  | Direct | Indirect | Total
Main Activity | % | % | % | % | % | % |  | % | % | %
Santander Corredora de Seguros Limitada | Insurance brokerage | Santiago, Chile | 99.75 | 0.01 | 99.76 |  | 99.75 | 0.01 | 99.76 |  | 99.75 | 0.01 | 99.76
Santander Corredores de Bolsa Limitada | Financial instruments brokerage | Santiago, Chile | 50.59 | 0.41 | 51.00 |  | 50.59 | 0.41 | 51.00 |  | 50.59 | 0.41 | 51.00
Santander Agente de Valores Limitada (*) | Securities brokerage | Santiago, Chile | 99.03 | - | 99.03 |  | 99.03 | - | 99.03 |  | 99.03 | - | 99.03
Santander S.A. Sociedad Securitizadora | Purchase of credits and issuance of debt instruments | Santiago, Chile | 99.64 | - | 99.64 |  | 99.64 | - | 99.64 |  | 99.64 | - | 99.64
(*) On July 25, 2018, the company has ceased conducting foreign currency purcharse and sale operations, hence forth this operation will be carried out directly by the Bank.
Schedule of associates | The following companies are considered “Associates” in which the Bank accounts for its participation using the equity method:
|  |  | Percentage of ownership share
|  |  | As of December 31,
|  | Place of Incorporation and operation | 2018 |  | 2017 |  | 2016
Associates | Main activity | % |  | % |  | %
Redbanc S.A. | ATM services | Santiago, Chile | 33.43 |  | 33.43 |  | 33.43
Transbank S.A. (*) | Debit and credit card services | Santiago, Chile | 25.00 |  | 25.00 |  | 25.00
Centro de Compensación Automatizado | Electronic fund transfer and compensation services | Santiago, Chile | 33.33 |  | 33.33 |  | 33.33
Sociedad Interbancaria de Depósito de Valores S.A. | Delivery of securities on public offer | Santiago, Chile | 29.29 |  | 29.29 |  | 29.29
Cámara Compensación de Alto Valor S.A. | Payments clearing | Santiago, Chile | 15.00 |  | 15.00 |  | 14.93
Administrador Financiero del Transantiago S.A. | Administration of boarding passes to public transportation | Santiago, Chile | 20.00 |  | 20.00 |  | 20.00
Sociedad Nexus S.A. | Credit card processor | Santiago, Chile | 12.90 |  | 12.90 |  | 12.90
Servicios de Infraestructura de Mercado OTC S.A. | Administration of the infrastructure for the financial market of derivative instruments | Santiago, Chile | 12.48 |  | 12.48 |  | 12.07
(*) The Bank has given a mandate to third party to exercise its rights as shareholder in Transbank.
Schedule of useful lives for the tangible assets | The Bank applies the following useful lives for the tangible assets that comprise its assets:
ITEM |  | Useful life (Months)
Land |  | -
Paintings and works of art |  | -
Carpets and curtains |  | 36
Computers and hardware |  | 36
Vehicles |  | 36
IT systems and software |  | 36
ATMs |  | 60
Other machines and equipment |  | 60
Office furniture |  | 60
Telephone and communication systems |  | 60
Security systems |  | 60
Rights over telephone lines |  | 60
Air conditioning systems |  | 84
Other installations |  | 120
Buildings |  | 1,200
Schedule of loan and accounts receivable charge-offs | Loan and accounts receivable charge-offs were recorded for overdue and current installments based on the time periods expired since reaching overdue status, as described below:
Type of loan |  | Term
Consumer loans with or without collateral |  | 6 months
Other transactions without collateral |  | 24 months
Commercial loans with collateral |  | 36 months
Mortgage loans |  | 48 months
Consumer leasing |  | 6 months
Other non-mortgage leasing transactions |  | 12 months
Mortgage leasing (household and business) |  | 36 months

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