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Contingencies and Commitments | 12 Months Ended
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Dec. 31, 2019
Contingencies and Commitments [Abstract] |
CONTINGENCIES AND COMMITMENTS | NOTE 23 CONTINGENCIES AND COMMITMENTS
a) | Lawsuits and legal procedures
As of the issuance date of these financial statements, the Bank and its affiliates were subject to certain legal actions in the normal course of their business, As of December 31, 2019, the Bank and its subsidiaries have provisions for this item of Ch$1,274 (Ch$923 million as of December 31, 2018) which is included in "Provisions" in the Consolidated Statements of Financial Position as provisions for contingencies.
b) | Contingent loans
The following table shows the Bank's contractual obligations to issue loans:
|  | As of December 31, |
|  | 2019 |  |  | 2018 |
|  | MCh$ |  |  | MCh$ |
Letters of credit issued |  |  | 140,572 |  |  |  | 223,420 |
Foreign letters of credit confirmed |  |  | 70,192 |  |  |  | 57,038 |
Performance guarantee |  |  | 1,929,894 |  |  |  | 1,954,205 |
Personal guarantees |  |  | 451,950 |  |  |  | 133,623 |
Total contingent liabilities |  |  | 2,592,608 |  |  |  | 2,368,286 |
Available on demand credit lines |  |  | 8,732,422 |  |  |  | 8,997,650 |
Other irrevocable credit commitments |  |  | 485,991 |  |  |  | 327,297 |
Total loan commitment |  |  | 9,218,413 |  |  |  | 9,324,947 |
Total |  |  | 11,811,021 |  |  |  | 11,693,233 |
c) | Held securities
The Bank holds securities in the normal course of its business as follows:
|  | As of December 31, |
|  | 2019 |  |  | 2018 |
|  | MCh$ |  |  | MCh$ |
Third party operations |  |  |  |  |  |
Collections |  |  | 90,966 |  |  |  | 99,784 |
Transferred financial assets managed by the Bank |  |  | 21,507 |  |  |  | 26,262 |
Assets from third parties managed by the Bank and its affiliates |  |  | 1,592,845 |  |  |  | 1,630,431 |
Subtotal |  |  | 1,705,318 |  |  |  | 1,756,477 |
Custody of securities |  |  |  |  |  |  |  |
Securities held in custody |  |  | 9,731,894 |  |  |  | 11,160,488 |
Securities held in custody deposited in other entity |  |  | 1,206,541 |  |  |  | 861,405 |
Issued securities held in custody |  |  | 21,636,819 |  |  |  | 12,335,871 |
Subtotal |  |  | 32,575,254 |  |  |  | 24,357,764 |
Total |  |  | 34,280,572 |  |  |  | 26,114,241 |
During 2019, the Bank classified the portfolios managed by private banking in "Assets from third parties managed by the Bank and its affiliates" (memo account). At the end of December 2019, the balance for this was Ch$ 1,592,810 million (Ch$ 1,630,396 million at December 31, 2018).
d) | Guarantees
Banco Santander-Chile has an integral bank policy of coverage of Official Loyalty N°5014196 in force with the company Compañía de Seguros Chilena Consolidada S.A., coverage for 50,000,000 USD per claim with an annual limit of 100,000,000 USD, which covers both the Bank and its subsidiaries, with an expiration date of June 30, 2020, which has been renewed.
| e) | Contingent loans and liabilities
To satisfy its clients' needs, the Bank took on several contingent loans and liabilities that are not be recognised in the Consolidated Financial Statements of Financial Position; these contain loan risks and they are, therefore, part of the Bank's global risk.

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- Definition The disclosure of commitments and contingent liabilities. [Refer: Contingent liabilities [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2019-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_10_e&doctype=Standard -URIDate 2019-03-27 + Details
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