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ACCOUNTING CHANGES (Tables) | 12 Months Ended
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Dec. 31, 2018
Accounting Changes |
Schedule of financial position and retained earning | 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 |
Schedule of impairment allowance | 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
Schedule of composation of loan portfolio | 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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