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TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended
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Dec. 31, 2018
Transactions With Related Parties |
TRANSACTIONS WITH RELATED PARTIES | NOTE 36 TRANSACTIONS WITH RELATED PARTIES In addition to affiliates and associated entities, the Bank’s “related parties” include its “key personnel” from the executive staff (members of the Bank’s Board of Directors and Managers of Banco Santander Chile and its affiliates, together with their close relatives), as well as the entities over which the key personnel could exercise significant influence or control, The Bank also considers the companies that are part of the Santander Group worldwide as related parties, given that all of them have a common parent, i,e,, Banco Santander S,A, (located in Spain), Transactions between the Bank and its related parties are specified below, To facilitate comprehension, we have divided the information into four categories: Santander Group Companies This category includes all the companies that are controlled by the Santander Group around the world, and hence, it also includes the companies over which the Bank exercises any degree of control (affiliates and special-purpose entities), Associated companies This category includes the entities over which the Bank, in accordance with section b) of Note 1 to these Financial Statements, exercises a significant degree of influence and which generally belong to the group of entities known as “business support companies,” Key personnel This category includes members of the Bank’s Board of Directors and managers of Banco Santander Chile and its affiliates, together with their close relatives, Other This category encompasses the related parties that are not included in the groups identified above and which are, in general, entities over which the key personnel could exercise significant influence or control, The terms for transactions with related parties are equivalent to those which prevail in transactions made under market conditions or to which the corresponding considerations in kind have been attributed, a) Loans to related parties: Below are loans and accounts receivable as well as contingent loans that correspond to related entities:
| As of December 31,
| 2018 |  | 2017 |  | 2016
| Companies of the Group | Associated companies | Key personnel | Other |  | Companies of the Group | Associated companies | Key personnel | Other |  | Companies of the Group | Associated companies | Key personnel | Other
| MCh$ | MCh$ | MCh$ | MCh$ |  | MCh$ | MCh$ | MCh$ | MCh$ |  | MCh$ | MCh$ | MCh$ | MCh$
Loans and accounts receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans | 122,289 | 459 | 4,299 | 233 |  | 80,076 | 771 | 3,947 | 7,793 |  | 81,687 | 533 | 4,595 | 7,100
Mortgage loans | - | - | 18,814 | - |  | - | - | 18,796 | - |  | - | - | 18,046 | -
Consumer loans | - | - | 5,335 | - |  | - | - | 4,310 | - |  | - | - | 3,783 | -
Loans and accounts receivable: | 122,289 | 459 | 28,448 | 233 |  | 80,076 | 771 | 27,053 | 7,793 |  | 81,687 | 533 | 26,424 | 7,100
Allowance for loan losses | (308) | (9) | (116) | (5) |  | (209) | (9) | (177) | (18) |  | (209) | (35) | (87) | (34)
Net loans | 121,981 | 450 | 28,332 | 228 |  | 79,867 | 762 | 26,876 | 7,775 |  | 81,478 | 498 | 26,337 | 7,066
Guarantees | 442,854 | - | 22,893 | 7,171 |  | 361,452 | - | 23,868 | 7,164 |  | 434,141 | - | 23,636 | 5,486
Contingent loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal guarantees | - | - | - | - |  | - | - | - | - |  | - | - | - | -
Letters of credit | 5,392 | - | 2,060 | 44 |  | 19,251 | - | - | 33 |  | 27,268 | - | - | -
Guarantees | 445,064 | - | 3,364 | - |  | 377,578 | - | - | - |  | 437,101 | - | - | -
Contingent loans: | 450,456 | - | 5,424 | 44 |  | 396,829 | - | - | 33 |  | 464,369 | - | - | -
Allowance for contingent loans | (1) | - | (18) | - |  | (4) | - | - | 1 |  | (5) | - | - | -
Net contingent loans | 450,455 | - | 5,406 | 44 |  | 396,825 | - | - | 34 |  | 464,364 | - | - | -
Loan activity to related parties during 2018, 2017 and 2016 is shown below:
| As of December 31,
| 2018 |  | 2017 |  | 2016
| Companies of the Group | Associated companies | Key Personnel | Other |  | Companies of the Group | Associated companies | Key Personnel | Other |  | Companies of the Group | Associated companies | Key Personnel | Other
| MCh$ | MCh$ | MCh$ | MCh$ |  | MCh$ | MCh$ | MCh$ | MCh$ |  | MCh$ | MCh$ | MCh$ | MCh$
Opening balances as of January 1, | 476,906 | 771 | 27,051 | 7,826 |  | 546,058 | 532 | 26,423 | 7,100 |  | 616,968 | 565 | 28,675 | 1,966
Loans granted | 200,657 | 39 | 16,574 | 773 |  | 78,214 | 318 | 7,777 | 1,050 |  | 122,729 | 203 | 8,580 | 6,808
Loans payments | (104,818) | (351) | (9,754) | (700) |  | (147,366) | (79) | (7,149) | (324) |  | (193,189) | (236) | (10,832) | (1,674)
Total | 572,745 | 459 | 33,871 | 7,899 |  | 476,906 | 771 | 27,051 | 7,826 |  | 546,508 | 532 | 26,423 | 7,100
b) Assets and liabilities with related parties
| As of December 31,
| 2018 |  | 2017 |  | 2016
| Companies of the Group | Associated companies | Key personnel | Other |  | Companies of the Group | Associated companies | Key personnel | Other |  | Companies of the Group | Associated companies | Key personnel | Other
| MCh$ | MCh$ | MCh$ | MCh$ |  | MCh$ | MCh$ | MCh$ | MCh$ |  | MCh$ | MCh$ | MCh$ | MCh$
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and deposits in banks | 189,803 | - | - | - |  | 74,949 | - | - | - |  | 187,701 | - | - | -
Trading investments | - | - | - | - |  | - | - | - | - |  | - | - | - | -
Obligations under repurchase agreements Loans | - | - | - | - |  | - | - | - | - |  | - | - | - | -
Financial derivative contracts | 748,632 | 105,358 | - | 9 |  | 545,028 | 86,011 | - | - |  | 742,851 | 33,433 | - | -
Available for sale investments | - | - | - | - |  | - | - | - | - |  | - | - | - | -
Other assets | 38,960 | 51,842 | - | - |  | 8,480 | 118,136 | - | - |  | 4,711 | 67,454 | - | -
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits and other demand liabilities | 27,515 | (21,577) | 2,493 | (480) |  | 24,776 | 25,805 | 2,470 | 221 |  | 6,988 | 7,141 | 2,883 | 630
Obligations under repurchase agreements Loans | 6,501 | - | 329 | 68 |  | 50,945 | - | - | - |  | 56,167 | - | - | -
Time deposits and other time liabilities | 2,585,337 | - | 3,189 | (838) |  | 785,988 | 27,968 | 3,703 | 3,504 |  | 1,545,835 | 6,219 | 2,525 | 2,205
Financial derivative contracts | 770,624 | 112,523 | - | - |  | 418,647 | 142,750 | - | 7,190 |  | 954,575 | 54,691 | - | -
Interbank borrowing | - | - | - | - |  | - | - | - | - |  | 6,165 | - | - | -
Issued debt instruments | 335,443 | - | - | - |  | 482,626 | - | - | - |  | 484,548 | - | - | -
Other financial liabilities | 6,807 | - | - | - |  | 4,919 | - | - | - |  | 8,970 | - | - | -
Other liabilities | 60,884 | 89,817 | - | - |  | 164,303 | 58,168 | - | - |  | 446 | 44,329 | - | -
| c) | Income (expense) recorded due to transactions with related parties
| For the years ended December 31,
| 2018 |  | 2017 |  | 2016
| Companies of the Group | Associated Companies | Key personnel | Other |  | Companies of the Group | Associated companies | Key personnel | Other |  | Companies of the Group | Associated Companies | Key personnel | Other
| MCh$ | MCh$ | MCh$ | MCh$ |  | MCh$ | MCh$ | MCh$ | MCh$ |  | MCh$ | MCh$ | MCh$ | MCh$
Income (expense) recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income and inflation-indexation adjustments | (53,256) | (156) | 1,252 | 508 |  | (43,892) | - | 1,051 | - |  | (39,279) | 40 | 1,164 | 115
Fee and commission income and expenses | 91,178 | 7,826 | 305 | 22 |  | 72,273 | 15,404 | 224 | 1 |  | 56,952 | 22,322 | 204 | 20
Net income (expense) from financial operations and net foreign exchange gain (loss) (*) | (566,677) | 65,727 | 27 | (12) |  | 363,108 | (48,453) | (3) | 19 |  | (343,963) | (48,373) | (88) | 2
Other operating income and expenses | 42 | 1,388 | - | - |  | 21,670 | (1,454) | - | - |  | 931 | (2,239) | - | -
Key personnel compensation and expenses | - | - | (11,761) | - |  | - | - | (43,037) | - |  | - | - | (37,328) | -
Administrative and other expenses | (43,035) | (50,764) | - | - |  | (48,246) | (47,220) | - | - |  | (35,554) | (43,115) | - | -
Total | (571,748) | 24,021 | (10,177) | 518 |  | 364,913 | (81,723) | (41,765) | 20 |  | (360,913) | (71,365) | (36,048) | 137
(*) Primarily relates to derivative contracts used to financially cover exchange risk of assets and liabilities that cover positions of the Bank and its subsidiaries,
| d) | Payments to Board members and key management personnel
The compensation received by key management personnel, including Board members and all the executives holding manager positions shown in the “Personnel salaries and expenses” and/or “Administrative expenses” items of the Consolidated Statement of Income, corresponds to the following categories:
| For the years ended December 31,
| 2018 |  | 2017 |  | 2016
| MCh$ |  | MCh$ |  | MCh$
Personnel compensation | 12,878 |  | 16,863 |  | 17,493
Board members’ salaries and expenses | 913 |  | 1,199 |  | 1,269
Bonuses or gratifications | 11,920 |  | 16,057 |  | 14,404
Compensation in stock | 146 |  | 1,923 |  | 331
Training expenses | 163 |  | 68 |  | 161
Seniority compensation | 1,133 |  | 3,842 |  | 2,619
Health funds | 215 |  | 273 |  | 285
Other personnel expenses | 681 |  | 773 |  | 916
Pension plans (*) | 872 |  | 2,039 |  | (150)
Total | 28,921 |  | 43,037 |  | 37,328
(*)Some of the executives that qualified for this benefit left the Group for different reasons, without complying with the requirements to receive the benefit, therefore the obligation amount decreased, which generated the reversal of provisions,
| e) | Composition of key personnel
As of December 31, 2018, 2017 and 2016, the composition of theBank’s key personnel is as follows:
Position | No, of executives
As of December 31,
| 2018 | 2017 | 2016
Director | 11 | 11 | 13
Division manager | 12 | 13 | 17
Manager | 108 | 109 | 137
Total key personnel | 131 | 133 | 167

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