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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING (Tables) | 12 Months Ended
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Dec. 31, 2018
Derivative Financial Instruments And Hedge Accounting |
Schedule of derivative instruments portfolio |
| As of December 31, 2018 and 2017 the Bank holds the following portfolio of derivative instruments:
| As of December 31, 2018
| Notional amount |  | Fair value
| Up to 3 Months | More than 3 months to 1 year | More than 1 year | Total |  | Assets | Liabilities
| MCh$ | MCh$ | MCh$ | MCh$ |  | MCh$ | MCh$
Fair value hedge derivatives |  |  |  |  |  |  |
Interest rate swaps | 80,000 | 491,600 | 1,191,012 | 1,762,612 |  | 14,789 | 9,188
Cross currency swaps | - | 1,276,909 | 6,706,197 | 7,983,106 |  | 96,357 | 36,708
Subtotal | 80,000 | 1,768,509 | 7,897,209 | 9,745,718 |  | 111,146 | 45,896
Cash flow hedge derivatives |  |  |  |  |  |  |
Currency forwards | 205,750 | 168,151 | - | 373,901 |  | - | 8,013
Cross currency swaps | 1,920,900 | 1,970,412 | 9,191,209 | 13,082,521 |  | 79,859 | 32,712
Subtotal | 2,126,650 | 2,138,563 | 9,191,209 | 13,456,422 |  | 79,859 | 40,725
Trading derivatives |  |  |  |  |  |  |
Currency forwards | 15,301,943 | 13,080,875 | 6,062,183 | 34,445,001 |  | 613,063 | 466,741
Interest rate swaps | 12,024,095 | 22,064,681 | 69,453,618 | 103,542,394 |  | 723,870 | 577,835
Cross currency swaps | 2,173,111 | 8,853,306 | 68,976,339 | 80,002,756 |  | 1,568,365 | 1,385,314
Call currency options | 26,731 | 60,235 | 57,579 | 144,545 |  | 4,332 | 854
Call interest rate options | - | - | - | - |  | - | -
Put currency options | 23,411 | 50,445 | 56,392 | 130,248 |  | - | 363
Other derivatives | - | - | - | - |  | - | -
Subtotal | 29,549,291 | 44,109,542 | 144,606,111 | 218,264,944 |  | 2.909.630 | 2.431.107
Total | 31,755,941 | 48,016,614 | 161,694,529 | 241,467,084 |  | 3,100,635 | 2,517,728
| As of December 31, 2017
| Notional amount |  | Fair value
| Up to 3 months | More than 3 months to 1 year | More than 1 year | Total |  | Assets | Liabilities
| MCh$ | MCh$ | MCh$ | MCh$ |  | MCh$ | MCh$
Fair value hedge derivatives |  |  |  |  |  |  |
Interest rate swaps | - | 162,985 | 1,554,171 | 1,717,156 |  | 23,003 | 1,424
Cross currency swaps | - | 715,701 | 5,362,772 | 6,078,473 |  | 15,085 | 65,724
Subtotal | - | 878,686 | 6,916,943 | 7,795,629 |  | 38,088 | 67,148
Cash flow hedge derivatives |  |  |  |  |  |  |
Currency forwards | 801,093 | 218,982 | - | 1,020,075 |  | 39,233 | 59
Cross currency swaps | 421,428 | 1,637,604 | 6,672,566 | 8,731,598 |  | 36,403 | 128,355
Subtotal | 1,222,521 | 1,856,586 | 6,672,566 | 9,751,673 |  | 75,636 | 128,414
Trading derivatives |  |  |  |  |  |  |
Currency forwards | 17,976,683 | 10,679,327 | 3,091,393 | 31,747,403 |  | 412,994 | 502,555
Interest rate swaps | 9,069,964 | 14,389,389 | 46,342,779 | 69,802,132 |  | 467,188 | 392,366
Cross currency swaps | 2,963,641 | 7,503,144 | 47,111,371 | 57,578,156 |  | 1,241,632 | 1,042,120
Call currency options | 190,386 | 37,099 | 49,853 | 277,338 |  | 1,322 | 1,950
Call interest rate options | - | - | - | - |  | - | -
Put currency options | 192,722 | 28,616 | 50,470 | 271,808 |  | 1,787 | 4,935
Other derivatives | - | - | - | - |  | - | -
Subtotal | 30,393,396 | 32,637,575 | 96,645,866 | 159,676,837 |  | 2,124,923 | 1,943,926
Total | 31,615,917 | 35,372,847 | 110,235,375 | 177,224,139 |  | 2,238,647 | 2,139,488
Schedule of fair value hedged | Below is a detail of the hedged elements and hedge instruments under fair value hedges as of December 31, 2018 and 2017, classified by term to maturity:
| As of December 31, 2018
| Within 1 year | Between 1 and 3 years | Between 3 and 6 years | Over 6 years | Total
| MCh$ | MCh$ | MCh$ | MCh$ | MCh$
Hedged item |  |  |  |  |
Loans and accounts receivable from customers: |  |  |  |  |
Endorsable mortgage mutual loans | 653.872 | 1.272.382 | 276.590 | 603.818 | 2.806.662
Available for sale investments |  |  |  |  |
Yankee bonds | - | - | - | 172,072 | 172,072
Mortgage financing bonds | - | - | 3,779 | - | 3,779
Treasury bonds (BTP) | - | - | - | 174,440 | 174,440
Chilean Treasury bonds | - | 304,818 | - | 220,041 | 524,859
Chilean Central Bank bonds | - | 449,730 | - | - | 449,730
Time deposits and other time liabilities |  |  |  |  |
Time deposits | 321,600 | - | - | 164,413 | 486,013
Issued debt instruments |  |  |  |  |
Senior bonds | 708,624 | 1,117,779 | 1,298,470 | 2,003,289 | 5,128,162
Total | 1,684,096 | 3,144,709 | 1,578,839 | 3,338,073 | 9,745,717
Hedging instrument |  |  |  |  |
Cross currency swaps | 1,112,496 | 2,794,709 | 1,228,839 | 2,847,061 | 7,983,105
Interest rate swaps | 571,600 | 350,000 | 350,000 | 491,012 | 1,762,612
Total | 1,684,096 | 3,144,709 | 1,578,839 | 3,338,073 | 9,745,717
| As of December 31, 2017
| Within 1 year | Between 1 and 3 years | Between 3 and 6 years | Over 6 years | Total
| MCh$ | MCh$ | MCh$ | MCh$ | MCh$
Hedged item |  |  |  |  |
Loans and accounts receivable from customers: |  |  |  |  |
Endorsable mortgage mutual loans | 587,412 | 801,230 | 106,910 | - | 1,495,552
Available for sale investments |  |  |  |  |
Yankee bonds | - | - | 6,169 | 64,769 | 70,938
Mortgage financing bonds | - | - | 4,738 | - | 4,738
Treasury bonds (BTP) | - | - | - | 129,539 | 129,539
Chilean Treasury bonds | - | 21,377 | 762,727 | - | 784,104
Chilean Central Bank bonds (BCP) | 128,289 | 218,640 | 443,357 | - | 790,286
Time deposits and other time liabilities |  |  |  |  |
Time deposits | 137,985 | - | - | - | 137,985
Issued debt instruments |  |  |  |  |
Senior bonds | 25,000 | 1,399,686 | 670,488 | 2,287,313 | 4,382,487
Total | 878,686 | 2,440,933 | 1,994,389 | 2,481,621 | 7,795,629
Hedging instrument |  |  |  |  |
Cross currency swaps | 715,701 | 1,512,238 | 1,813,221 | 2,037,313 | 6,078,473
Interest rate swaps | 162,985 | 928,695 | 181,168 | 444,308 | 1,717,156
Total | 878,686 | 2,440,933 | 1,994,389 | 2,481,621 | 7,795,629
Schedule of cash flow hedged | Below is the notional amount of the hedged items as of December 31, 2018 and 2017, and the period when the cash flows will be generated:
| As of December 31, 2018
| Within 1 year | Between 1 and 3 years | Between 3 and 6 years | Over 6 years | Total
| MCh$ | MCh$ | MCh$ | MCh$ | MCh$
Hedged item |  |  |  |  |
Loans and accounts receivables from customers |  |  |  |  |
Mortgage loans | 1,890,696 | 3,026,824 | 1,459,389 | 2,467,090 | 8,843,999
Commercial loans | 39,809 | 69,776 | - | - | 109,585
Available for sale investments |  |  |  |  |
Yankee bond | - | - | - | - | -
Chilean Central Bank bonds | - | - | 246,306 |  | 246,306
Time deposits | - | - | 166,628 | - | 166,628
Time deposits and other time liabilities |  |  |  |  |
Time deposits | - | - | - | - | -
Issued debt instruments |  |  |  |  |
Senior bonds (variable rate) | - | 666,823 | - | - | 666,823
Senior bonds (fixed rate) | 456,478 | 203,594 | 450,835 | 503,721 | 1,614,628
Interbank borrowings |  |  |  |  |
Interbank loans | 1,764,348 | - | - | - | 1,764,348
Total | 4,151,331 | 3,967,017 | 2,323,158 | 2,970,811 | 13,412,317
Hedging instrument |  |  |  |  |
Cross currency swaps | 3,891,311 | 3,853,136 | 2,323,158 | 2,970,811 | 13,038,416
Currency forwards | 260,020 | 113,881 | - | - | 373,901
Total | 4,151,331 | 3,967,017 | 2,323,158 | 2,970,811 | 13,412,317
| As of December 31, 2017
| Within 1 year | Between 1 and 3 years | Between 3 and 6 years | Over 6 years | Total
| MCh$ | MCh$ | MCh$ | MCh$ | MCh$
Hedged item |  |  |  |  |
Loans and accounts receivables from customers |  |  |  |  |
Mortgage loans | 1,153,348 | 583,061 | 1,335,141 | 2,353,871 | 5,425,421
Commercial loans | 644,608 | - | - | - | 644,608
Available for sale investments |  |  |  |  |
Yankee bond | - | - | 25,290 | 132,572 | 157,862
Chilean Central Bank bonds | - | - | 242,819 | - | 242,819
Time deposits | - | - | - | - | -
Time deposits and other time liabilities |  |  |  |  |
Time deposits | - | - | - | - | -
Issued debt instruments |  |  |  |  |
Senior bonds (variable rate) | 120,520 | 647,550 | 302,454 | - | 1,070,524
Senior bonds (fixed rate) | 241,183 | 121,619 | 224,401 | 300,874 | 888,077
Interbank borrowings |  |  |  |  |
Interbank loans | 919,448 | 402,914 | - | - | 1,322,362
Total | 3,079,107 | 1,755,144 | 2,130,105 | 2,787,317 | 9,751,673
Hedging instrument |  |  |  |  |
Cross currency swaps | 2,059,032 | 1,755,144 | 2,130,105 | 2,787,317 | 8,731,598
Currency forwards | 1,020,075 | - | - | - | 1,020,075
Total | 3,079,107 | 1,755,144 | 2,130,105 | 2,787,317 | 9,751,673
Schedule of forecasted cash flows for interest rate risk | Below is a detail of the hedged elements and hedge instruments under fair value hedges as of December 31, 2018 and 2017, classified by term to maturity:
| As of December 31, 2018
| Within 1 year | Between 1 and 3 years | Between 3 and 6 years | Over 6 years | Total
| MCh$ | MCh$ | MCh$ | MCh$ | MCh$
Hedged item |  |  |  |  |
Loans and accounts receivable at amortised cost |  |  |  |  |
Endorsable mortgage mutual loans | 653,872 | 1,272,382 | 276,590 | 603,818 | 2,806,662
Debt instruments at FVOCI |  |  |  |  |
Yankee bonds | - | - | - | 172,072 | 172,072
Mortgage financing bonds | - | - | 3,779 | - | 3,779
Treasury bonds (BTP) | - | - | - | 174,440 | 174,440
Chilean Treasury bonds | - | 304,818 | - | 220,041 | 524,859
Chilean Central Bank bonds | - | 449,730 | - | - | 449,730
Time deposits and other time liabilities |  |  |  |  |
Time deposits | 321,600 | - | - | 164,413 | 486,013
Issued debt instruments |  |  |  |  |
Senior bonds | 708,624 | 1,117,779 | 1,298,470 | 2,003,289 | 5,128,162
Total | 1,684,096 | 3,144,709 | 1,578,839 | 3,338,073 | 9,745,717
Hedging instrument |  |  |  |  |
Cross currency swaps | 1,112,496 | 2,794,709 | 1,228,839 | 2,847,061 | 7,983,105
Interest rate swaps | 571,600 | 350,000 | 350,000 | 491,012 | 1,762,612
Total | 1,684,096 | 3,144,709 | 1,578,839 | 3,338,073 | 9,745,717
| As of December 31, 2017
| Within 1 year | Between 1 and 3 years | Between 3 and 6 years | Over 6 years | Total
| MCh$ | MCh$ | MCh$ | MCh$ | MCh$
Hedged item |  |  |  |  |
Loans and accounts receivable from customers |  |  |  |  |
Endorsable mortgage mutual loans | 587,412 | 801,230 | 106,910 | - | 1,495,552
Available for sale investments |  |  |  |  |
Yankee bonds | - | - | 6,169 | 64,769 | 70,938
Mortgage financing bonds | - | - | 4,738 | - | 4,738
Treasury bonds (BTP) | - | - | - | 129,539 | 129,539
Chilean Treasury bonds | - | 21,377 | 762,727 | - | 784,104
Chilean Central Bank bonds (BCP) | 128,289 | 218,640 | 443,357 | - | 790,286
Time deposits and other time liabilities |  |  |  |  |
Time deposits | 137,985 | - | - | - | 137,985
Issued debt instruments |  |  |  |  |
Senior bonds | 25,000 | 1,399,686 | 670,488 | 2,287,313 | 4,382,487
Total | 878,686 | 2,440,933 | 1,994,389 | 2,481,621 | 7,795,629
Hedging instrument |  |  |  |  |
Cross currency swaps | 715,701 | 1,512,238 | 1,813,221 | 2,037,313 | 6,078,473
Interest rate swaps | 162,985 | 928,695 | 181,168 | 444,308 | 1,717,156
Total | 878,686 | 2,440,933 | 1,994,389 | 2,481,621 | 7,795,629
Schedule of forecasted cash flows for inflation risk | Below is the notional amount of the hedged items as of December 31, 2018 and 2017, and the period when the cash flows will be generated:
| As of December 31, 2018
| Within 1 year | Between 1 and 3 years | Between 3 and 6 years | Over 6 years | Total
| MCh$ | MCh$ | MCh$ | MCh$ | MCh$
Hedged item |  |  |  |  |
Loans and accounts receivable at amortised cost |  |  |  |  |
Mortgage loans | 1,890,696 | 3,026,824 | 1,459,389 | 2,467,090 | 8,843,999
Commercial loans | 39,809 | 69,776 | - | - | 109,585
Debt instruments at FVOCI |  |  |  |  |
Yankee bond | - | - | - | - | -
Chilean Central Bank bonds | - | - | 246,306 |  | 246,306
Time deposits | - | - | 166,628 | - | 166,628
Time deposits and other time liabilities |  |  |  |  |
Time deposits | - | - | - | - | -
Issued debt instruments |  |  |  |  |
Senior bonds (variable rate) | - | 666,823 | - | - | 666,823
Senior bonds (fixed rate) | 456,478 | 203,594 | 450,835 | 503,721 | 1,614,628
Interbank borrowings |  |  |  |  |
Interbank loans | 1,764,348 | - | - | - | 1,764,348
Total | 4,151,331 | 3,967,017 | 2,323,158 | 2,970,811 | 13,412,317
Hedging instrument |  |  |  |  |
Cross currency swaps | 3,891,311 | 3,853,136 | 2,323,158 | 2,970,811 | 13,038,416
Currency forwards | 260,020 | 113,881 | - | - | 373,901
Total | 4,151,331 | 3,967,017 | 2,323,158 | 2,970,811 | 13,412,317
| As of December 31, 2017
| Within 1 year | Between 1 and 3 years | Between 3 and 6 years | Over 6 years | Total
| MCh$ | MCh$ | MCh$ | MCh$ | MCh$
Hedged item |  |  |  |  |
Loans and accounts receivables from customers |  |  |  |  |
Mortgage loans | 1,153,348 | 583,061 | 1,335,141 | 2,353,871 | 5,425,421
Commercial loans | 644,608 | - | - | - | 644,608
Available for sale investments |  |  |  |  |
Yankee bond | - | - | 25,290 | 132,572 | 157,862
Chilean Central Bank bonds | - | - | 242,819 | - | 242,819
Time deposits | - | - | - | - | -
Time deposits and other time liabilities |  |  |  |  |
Time deposits | - | - | - | - | -
Issued debt instruments |  |  |  |  |
Senior bonds (variable rate) | 120,520 | 647,550 | 302,454 | - | 1,070,524
Senior bonds (fixed rate) | 241,183 | 121,619 | 224,401 | 300,874 | 888,077
Interbank borrowings |  |  |  |  |
Interbank loans | 919,448 | 402,914 | - | - | 1,322,362
Total | 3,079,107 | 1,755,144 | 2,130,105 | 2,787,317 | 9,751,673
Hedging instrument |  |  |  |  |
Cross currency swaps | 2,059,032 | 1,755,144 | 2,130,105 | 2,787,317 | 8,731,598
Currency forwards | 1,020,075 | - | - | - | 1,020,075
Total | 3,079,107 | 1,755,144 | 2,130,105 | 2,787,317 | 9,751,673
Schedule of market adjustment of cash flow hedges produced by hedge instruments |
The accumulated effect of the mark to market adjustment of cash flow hedges produced by hedge instruments used in hedged cash flow was recorded in the Consolidated Statements of Changes in Equity, specifically within Other comprehensive income, as of December 31, 2018 and 2017, is as follows:
|  | As of December 31,
Hedged item |  | 2018 |  | 2017
|  | MCh$ |  | MCh$
Interbank loans |  | 309 |  | (4,779)
Time deposits and other time liabilities |  | - |  | -
Issued debt instruments |  | (10,893) |  | (8,683)
Available for sale investments |  | - |  | (364)
Loans and accounts receivable from customers |  | - |  | 10,264
Debt instruments at FVOCI |  | (1,392) |  | -
Loans and accounts receivable at amortised cost |  | 21,779 |  | -
Net flows |  | 9,803 |  | (3,562)
Schedule of cash flow hedges amount reclassified from other comprehensive income |
| Below is a presentation of income generated by cash flow hedges amount that were reclassified from other comprehensive income to income for the year:
| For the years ended December 31,
| 2018 |  | 2017 |  | 2016
| MCh$ |  | MCh$ |  | MCh$
Bond hedging derivatives | - |  | - |  | (77)
Interbank loans hedging derivatives | (683) |  | - |  | -
Cash flow hedge net gain (loss) | (683) |  | - |  | (77)
See Note 25 - Equity, letter e) |  |  |  |  |

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