XML 108 R87.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2019
Risk Management [Abstract] |
Schedule of quality assets and its related provision | The following table shows quality assets and its related provision, based on our internal scoring policy as of December 31, 2019 and 2018:
|  | December 31, 2019 |
|  | Individually assessed |
Commercial |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total Individual |  |  | Percentage |  |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total ECL Allowance |  |  | Percentage |
Portfolio |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | % |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | % |
A1 |  |  | 99,042 |  |  |  | - |  |  |  | - |  |  |  | 99,042 |  |  |  | 0.30 | % |  |  | 2 |  |  |  | - |  |  |  |  |  |  |  | 2 |  |  |  | 0.00 | %
A2 |  |  | 907,659 |  |  |  | 37 |  |  |  | - |  |  |  | 907,696 |  |  |  | 2.78 | % |  |  | 443 |  |  |  | - |  |  |  |  |  |  |  | 443 |  |  |  | 0.05 | %
A3 |  |  | 2,418,990 |  |  |  | 61 |  |  |  | - |  |  |  | 2,419,051 |  |  |  | 7.41 | % |  |  | 2,617 |  |  |  | - |  |  |  |  |  |  |  | 2,617 |  |  |  | 0.29 | %
A4 |  |  | 3,262,671 |  |  |  | 7,184 |  |  |  | - |  |  |  | 3,269,855 |  |  |  | 10.01 | % |  |  | 4,399 |  |  |  | 22 |  |  |  |  |  |  |  | 4,421 |  |  |  | 0.49 | %
A5 |  |  | 2,188,717 |  |  |  | 22,163 |  |  |  | - |  |  |  | 2,210,880 |  |  |  | 6.77 | % |  |  | 7,618 |  |  |  | 515 |  |  |  |  |  |  |  | 8,133 |  |  |  | 0.91 | %
A6 |  |  | 1,086,401 |  |  |  | 47,157 |  |  |  | 487 |  |  |  | 1,134,045 |  |  |  | 3.47 | % |  |  | 6,461 |  |  |  | 1,410 |  |  |  | 208 |  |  |  | 8,079 |  |  |  | 0.90 | %
B1 |  |  | - |  |  |  | 603,201 |  |  |  | - |  |  |  | 603,201 |  |  |  | 1.85 | % |  |  | - |  |  |  | 12,641 |  |  |  | - |  |  |  | 12,641 |  |  |  | 1.41 | %
B2 |  |  | - |  |  |  | 82,781 |  |  |  | 560 |  |  |  | 83,341 |  |  |  | 0.26 | % |  |  | - |  |  |  | 3,773 |  |  |  | 205 |  |  |  | 3,978 |  |  |  | 0.44 | %
B3 |  |  | - |  |  |  | 85,034 |  |  |  | 817 |  |  |  | 85,851 |  |  |  | 0.26 | % |  |  | - |  |  |  | 3,367 |  |  |  | 261 |  |  |  | 3,628 |  |  |  | 0.40 | %
B4 |  |  | - |  |  |  | 83,039 |  |  |  | 50,662 |  |  |  | 133,701 |  |  |  | 0.41 | % |  |  | - |  |  |  | 4,085 |  |  |  | 21,910 |  |  |  | 25,995 |  |  |  | 2.90 | %
C1 |  |  | - |  |  |  | 45,433 |  |  |  | 113,004 |  |  |  | 158,437 |  |  |  | 0.48 | % |  |  | - |  |  |  | 3,516 |  |  |  | 50,440 |  |  |  | 53,956 |  |  |  | 6.02 | %
C2 |  |  | - |  |  |  | 8,865 |  |  |  | 66,965 |  |  |  | 75,830 |  |  |  | 0.23 | % |  |  | - |  |  |  | 614 |  |  |  | 28,504 |  |  |  | 29,118 |  |  |  | 3.25 | %
C3 |  |  | - |  |  |  | 15,762 |  |  |  | 32,839 |  |  |  | 48,601 |  |  |  | 0.15 | % |  |  | - |  |  |  | 221 |  |  |  | 11,281 |  |  |  | 11,502 |  |  |  | 1.28 | %
C4 |  |  | - |  |  |  | 2,405 |  |  |  | 38,967 |  |  |  | 41,372 |  |  |  | 0.13 | % |  |  | - |  |  |  | 170 |  |  |  | 20,039 |  |  |  | 20,209 |  |  |  | 2.26 | %
C5 |  |  | - |  |  |  | 847 |  |  |  | 44,057 |  |  |  | 44,904 |  |  |  | 0.14 | % |  |  | - |  |  |  | 43 |  |  |  | 27,586 |  |  |  | 27,629 |  |  |  | 3.08 | %
C6 |  |  | - |  |  |  | 998 |  |  |  | 52,649 |  |  |  | 53,647 |  |  |  | 0.16 | % |  |  | - |  |  |  | 12 |  |  |  | 35,732 |  |  |  | 35,744 |  |  |  | 3.99 | %
Subtotal |  |  | 9,963,480 |  |  |  | 1,004,967 |  |  |  | 401,007 |  |  |  | 11,369,454 |  |  |  | 34.80 | % |  |  | 21,540 |  |  |  | 30,389 |  |  |  | 196,166 |  |  |  | 248,095 |  |  |  | 27.69 | %
|  | Collectively assessed |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total Group |  |  | Percentage |  |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total ECL Allowance |  |  | Percentage |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | % |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | % |
Commercial |  |  | 3,839,143 |  |  |  | 240,100 |  |  |  | 413,628 |  |  |  | 4,492,871 |  |  |  | 13.75 | % |  |  | 35,887 |  |  |  | 25,555 |  |  |  | 197,032 |  |  |  | 258,474 |  |  |  | 28.84 | %
Mortgage |  |  | 10,275,966 |  |  |  | 457,948 |  |  |  | 529,081 |  |  |  | 11,262,995 |  |  |  | 34.47 | % |  |  | 8,446 |  |  |  | 14,509 |  |  |  | 78,104 |  |  |  | 101,059 |  |  |  | 11.28 | %
Consumer |  |  | 4,963,047 |  |  |  | 292,718 |  |  |  | 290,430 |  |  |  | 5,546,195 |  |  |  | 16.98 | % |  |  | 67,396 |  |  |  | 50,808 |  |  |  | 170,263 |  |  |  | 288,467 |  |  |  | 32.19 | %
Subtotal |  |  | 19,078,156 |  |  |  | 990,766 |  |  |  | 1,233,139 |  |  |  | 21,302,061 |  |  |  | 65.20 | % |  |  | 111,729 |  |  |  | 90,872 |  |  |  | 445,399 |  |  |  | 648,000 |  |  |  | 72.31 | %
Total |  |  | 29,041,636 |  |  |  | 1,995,733 |  |  |  | 1,634,146 |  |  |  | 32,671,515 |  |  |  | 100.00 | % |  |  | 133,269 |  |  |  | 121,261 |  |  |  | 641,565 |  |  |  | 896,095 |  |  |  | 100.00 | %
|  | December 31, 2018 |
|  | Individually assessed |
Commercial |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total Individual |  |  | Percentage |  |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total ECL Allowance |  |  | Percentage |
Portfolio |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | % |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | % |
A1 |  |  | 29,998 |  |  |  | - |  |  |  | - |  |  |  | 29,998 |  |  |  | 0,10 | % |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 0,00 | %
A2 |  |  | 1,074,789 |  |  |  | - |  |  |  | - |  |  |  | 1,074,789 |  |  |  | 3,56 | % |  |  | 525 |  |  |  | - |  |  |  | - |  |  |  | 525 |  |  |  | 0,06 | %
A3 |  |  | 2,699,684 |  |  |  | 309 |  |  |  | - |  |  |  | 2,699,993 |  |  |  | 8,94 | % |  |  | 2,526 |  |  |  | - |  |  |  | - |  |  |  | 2,526 |  |  |  | 0,29 | %
A4 |  |  | 3,200,608 |  |  |  | 16,546 |  |  |  | - |  |  |  | 3,217,154 |  |  |  | 10,65 | % |  |  | 8,865 |  |  |  | 323 |  |  |  | - |  |  |  | 9,188 |  |  |  | 1,04 | %
A5 |  |  | 1,755,259 |  |  |  | 26,141 |  |  |  | - |  |  |  | 1,781,400 |  |  |  | 5,90 | % |  |  | 11,296 |  |  |  | 453 |  |  |  | - |  |  |  | 11,749 |  |  |  | 1,33 | %
A6 |  |  | 935,499 |  |  |  | 45,671 |  |  |  | - |  |  |  | 981,170 |  |  |  | 3,25 | % |  |  | 6,975 |  |  |  | 2,213 |  |  |  | - |  |  |  | 9,188 |  |  |  | 1,04 | %
B1 |  |  | - |  |  |  | 494,915 |  |  |  | 187 |  |  |  | 495,102 |  |  |  | 1,64 | % |  |  | - |  |  |  | 14,107 |  |  |  | 79 |  |  |  | 14,186 |  |  |  | 1,61 | %
B2 |  |  | - |  |  |  | 81,955 |  |  |  | 156 |  |  |  | 82,111 |  |  |  | 0,27 | % |  |  | - |  |  |  | 2,786 |  |  |  | 66 |  |  |  | 2,852 |  |  |  | 0,32 | %
B3 |  |  | - |  |  |  | 67,089 |  |  |  | 614 |  |  |  | 67,703 |  |  |  | 0,22 | % |  |  | - |  |  |  | 3,841 |  |  |  | 233 |  |  |  | 4,074 |  |  |  | 0,46 | %
B4 |  |  | - |  |  |  | 47,653 |  |  |  | 45,480 |  |  |  | 93,133 |  |  |  | 0,31 | % |  |  | - |  |  |  | 2,488 |  |  |  | 19,688 |  |  |  | 22,176 |  |  |  | 2,51 | %
C1 |  |  | - |  |  |  | 46,383 |  |  |  | 108,325 |  |  |  | 154,708 |  |  |  | 0,51 | % |  |  | - |  |  |  | 2,548 |  |  |  | 48,147 |  |  |  | 50,695 |  |  |  | 5,75 | %
C2 |  |  | - |  |  |  | 15,678 |  |  |  | 39,246 |  |  |  | 54,924 |  |  |  | 0,18 | % |  |  | - |  |  |  | 1,261 |  |  |  | 18,171 |  |  |  | 19,432 |  |  |  | 2,20 | %
C3 |  |  | - |  |  |  | 19,655 |  |  |  | 26,204 |  |  |  | 45,859 |  |  |  | 0,15 | % |  |  | - |  |  |  | 733 |  |  |  | 10,803 |  |  |  | 11,536 |  |  |  | 1,31 | %
C4 |  |  | - |  |  |  | 3,560 |  |  |  | 32,445 |  |  |  | 36,005 |  |  |  | 0,12 | % |  |  | - |  |  |  | 246 |  |  |  | 17,077 |  |  |  | 17,323 |  |  |  | 1,96 | %
C5 |  |  | - |  |  |  | 703 |  |  |  | 64,762 |  |  |  | 65,465 |  |  |  | 0,22 | % |  |  | - |  |  |  | 32 |  |  |  | 40,541 |  |  |  | 40,573 |  |  |  | 4,60 | %
C6 |  |  | - |  |  |  | 1,525 |  |  |  | 69,511 |  |  |  | 71,036 |  |  |  | 0,22 | % |  |  | - |  |  |  | 35 |  |  |  | 43,310 |  |  |  | 43,345 |  |  |  | 4,91 | %
Subtotal |  |  | 9,695,837 |  |  |  | 867,783 |  |  |  | 386,930 |  |  |  | 10,950,550 |  |  |  | 36,24 | % |  |  | 30,189 |  |  |  | 31,066 |  |  |  | 198,115 |  |  |  | 259,370 |  |  |  | 29,39 | %
|  | Collectively assessed |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total Group |  |  | Percentage |  |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total ECL Allowance |  |  | Percentage |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | % |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | % |
Commercial |  |  | 3,616,969 |  |  |  | 232,472 |  |  |  | 386,154 |  |  |  | 4,235,595 |  |  |  | 14,02 | % |  |  | 43,541 |  |  |  | 24,574 |  |  |  | 179,317 |  |  |  | 247,432 |  |  |  | 28,04 | %
Mortgage |  |  | 4,341,740 |  |  |  | 249,039 |  |  |  | 285,510 |  |  |  | 4,876,289 |  |  |  | 16,14 | % |  |  | 70,904 |  |  |  | 54,372 |  |  |  | 159,066 |  |  |  | 284,342 |  |  |  | 32,23 | %
Consumer |  |  | 9,258,962 |  |  |  | 447,496 |  |  |  | 444,523 |  |  |  | 10,150,981 |  |  |  | 33,60 | % |  |  | 9,006 |  |  |  | 15,102 |  |  |  | 67,162 |  |  |  | 91,270 |  |  |  | 10,34 | %
Subtotal |  |  | 17,217,671 |  |  |  | 929,007 |  |  |  | 1,116,187 |  |  |  | 19,262,865 |  |  |  | 63,76 | % |  |  | 123,451 |  |  |  | 94,048 |  |  |  | 405,545 |  |  |  | 623,044 |  |  |  | 70,61 | %
Total |  |  | 26,913,508 |  |  |  | 1,796,790 |  |  |  | 1,503,117 |  |  |  | 30,213,415 |  |  |  | 100,00 | % |  |  | 153,640 |  |  |  | 125,114 |  |  |  | 603,660 |  |  |  | 882,414 |  |  |  | 100,00 | %
Schedule of mortage and other loan |
Collectively assessed |  |  | Individually assessed
Mortgages | Other loans | Revolving (Credit cards) | Collectively assessed SME |  | Individually assessed SME | Middle market | Corporate and Investment Banking
39.57 % | 39.11 % | 15.73 % | 39.11 % |  | 22.69% | 4.5 % | Santander Group criteria
Qualitative criteria for SICR Stage 2: The qualitative criteria is based on the existence of evidence that leads to an automatic classification of financial instruments in stage 2, mainly 30 days overdue and restructured. Thresholds of SICR are calibrated based on the average ECL of exposures that are 30 days overdue or with a level of credit risk considered to be "significant".
Collectively assessed |  | Individually assessed
Mortgages | Other loans | Revolving (Credit cards) | Collectively assessed SME |  | Individually assessed SME | Middle market | Corporate and Investment Banking
Irregular portfolio > 30 days | Irregular portfolio > 30 days | Irregular portfolio > 30 days | Irregular portfolio > 30 days |  | Irregular portfolio > 30 days | Irregular portfolio > 30 days | Irregular portfolio > 30 days
Restructured marked for monitoring | Restructured marked for monitoring | Restructured marked for monitoring | Restructured marked for monitoring |  | Restructured marked for monitoring | Restructured marked for monitoring | Restructured marked for monitoring
|  |  |  |  | Clients that are considered to be substandard or in incompliance (pre-legal action) | Clients that are considered to be substandard or in incompliance (pre-legal action) | Clients that are considered to be substandard or in incompliance (pre-legal action)
Schedule of modified loans |
|  | As of December 31, 2019 |  |  | As of December 31, 2018 |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Gross carrying amount |  |  | 29,041,636 |  |  |  | 1,995,733 |  |  |  | 1,634,146 |  |  |  | 32,671,515 |  |  |  | 26,913,508 |  |  |  | 1,796,790 |  |  |  | 1,503,116 |  |  |  | 30,213,415 |
Modified loans |  |  | - |  |  |  | 512,529 |  |  |  | 611,316 |  |  |  | 1,123,845 |  |  |  | - |  |  |  | 582,513 |  |  |  | 815,094 |  |  |  | 1,397,607 |
% |  |  | - |  |  |  | 25.68 | % |  |  | 37.41 | % |  |  | 3.44 | % |  |  | - |  |  |  | 32.42 | % |  |  | 54.23 | % |  |  | 4.63 | %
ECL allowance |  |  | 133,269 |  |  |  | 121,261 |  |  |  | 641,565 |  |  |  | 896,095 |  |  |  | 153,640 |  |  |  | 125,114 |  |  |  | 603,660 |  |  |  | 882,414 |
Modified loans |  |  | - |  |  |  | 36,329 |  |  |  | 242,649 |  |  |  | 278,978 |  |  |  | - |  |  |  | 44,099 |  |  |  | 323,802 |  |  |  | 367,901 |
% |  |  | - |  |  |  | 29.96 | % |  |  | 37.82 | % |  |  | 31.13 | % |  |  | - |  |  |  | 35.25 | % |  |  | 53.64 | % |  |  | 41.69 | %
Schedule of risk concentration | The following table shows the risk concentration by industry, and by stage before ECL allowance of loans and account receivable at amortised cost:
|  | December 31, 2019 |  |  | December 31, 2018 |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |
Commercial |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing |  |  | 1,110,484 |  |  |  | 107,356 |  |  |  | 67,974 |  |  |  | 1,285,814 |  |  |  | 992,786 |  |  |  | 92,931 |  |  |  | 54,048 |  |  |  | 1,139,765 |
Mining |  |  | 280,297 |  |  |  | 123,005 |  |  |  | 3,739 |  |  |  | 407,041 |  |  |  | 182,342 |  |  |  | 21,821 |  |  |  | 4,585 |  |  |  | 208,748 |
Electricity, gas, and water |  |  | 309,941 |  |  |  | 22,907 |  |  |  | 8,196 |  |  |  | 341,044 |  |  |  | 384,288 |  |  |  | 22,365 |  |  |  | 2,279 |  |  |  | 408,932 |
Agriculture and livestock |  |  | 1,020,857 |  |  |  | 172,984 |  |  |  | 93,440 |  |  |  | 1,287,281 |  |  |  | 934,199 |  |  |  | 166,271 |  |  |  | 100,781 |  |  |  | 1,201,251 |
Forest |  |  | 132,483 |  |  |  | 17,035 |  |  |  | 15,689 |  |  |  | 165,207 |  |  |  | 120,371 |  |  |  | 9,402 |  |  |  | 14,115 |  |  |  | 143,888 |
Fishing |  |  | 223,980 |  |  |  | 24,879 |  |  |  | 7,695 |  |  |  | 256,554 |  |  |  | 238,348 |  |  |  | 11,104 |  |  |  | 3,569 |  |  |  | 253,021 |
Transport |  |  | 665,570 |  |  |  | 64,115 |  |  |  | 34,192 |  |  |  | 763,877 |  |  |  | 716,493 |  |  |  | 55,011 |  |  |  | 37,802 |  |  |  | 809,306 |
Communications |  |  | 206,660 |  |  |  | 28,122 |  |  |  | 6,168 |  |  |  | 240,950 |  |  |  | 178,215 |  |  |  | 30,407 |  |  |  | 7,222 |  |  |  | 215,844 |
Construction (*) |  |  | 782,265 |  |  |  | 85,435 |  |  |  | 106,568 |  |  |  | 974,268 |  |  |  | 723,600 |  |  |  | 88,691 |  |  |  | 93,747 |  |  |  | 906,038 |
Commerce |  |  | 2,655,982 |  |  |  | 110,326 |  |  |  | 30,107 |  |  |  | 2,796,415 |  |  |  | 2,950,517 |  |  |  | 189,623 |  |  |  | 199,924 |  |  |  | 3,340,064 |
Services |  |  | 2,971,563 |  |  |  | 190,097 |  |  |  | 204,472 |  |  |  | 3,366,132 |  |  |  | 1,771,595 |  |  |  | 81,159 |  |  |  | 12,915 |  |  |  | 1,865,669 |
Other |  |  | 3,442,541 |  |  |  | 298,806 |  |  |  | 236,395 |  |  |  | 3,977,742 |  |  |  | 4,120,052 |  |  |  | 331,470 |  |  |  | 242,097 |  |  |  | 4,693,619 |
Subtotal |  |  | 13,802,623 |  |  |  | 1,245,067 |  |  |  | 814,635 |  |  |  | 15,862,325 |  |  |  | 13,312,806 |  |  |  | 1,100,255 |  |  |  | 773,084 |  |  |  | 15,186,145 |
Mortgage loans |  |  | 10,275,966 |  |  |  | 457,948 |  |  |  | 529,081 |  |  |  | 11,262,995 |  |  |  | 9,258,962 |  |  |  | 447,496 |  |  |  | 444,523 |  |  |  | 10,150,981 |
Consumer loans |  |  | 4,963,047 |  |  |  | 292,718 |  |  |  | 290,430 |  |  |  | 5,546,195 |  |  |  | 4,341,740 |  |  |  | 249,039 |  |  |  | 285,510 |  |  |  | 4,876,289 |
Total |  |  | 29,041,636 |  |  |  | 1,995,733 |  |  |  | 1,634,146 |  |  |  | 32,671,515 |  |  |  | 26,913,508 |  |  |  | 1,796,790 |  |  |  | 1,503,117 |  |  |  | 30,213,415 |
| (*) | In 2019 we improved the classification of our construction loans, reassigning loans for real state rental investment companies to services.
Schedule of macro economical forward | The annual growth forecasts for the most relevant macroeconomic variables for each of our scenarios are as follows:
|  | Average estimates 2020 - 2021 |
|  | Unfavorable scenario 2 |  |  | Unfavorable scenario 1 |  |  | Base scenario |  |  | Favorable scenario 1 |  |  | Favorable scenario 2 |
Official interest rate |  |  | 0.25 | % |  |  | 0.50 | % |  |  | 1.59 | % |  |  | 3.20 | % |  |  | 4.42 | %
Unemployment rate |  |  | 7.31 | % |  |  | 6.96 | % |  |  | 6.50 | % |  |  | 6.04 | % |  |  | 5.70 | %
Housing Price growth |  |  | (1.70 | )% |  |  | 1,04 | % |  |  | 4.67 | % |  |  | 8.30 | % |  |  | 11.04 | %
GDP growth |  |  | (1.16 | )% |  |  | 0.67 | % |  |  | 3.12 | % |  |  | 5.56 | % |  |  | 7.40 | %
Consumer Price Index |  |  | (0.26 | )% |  |  | 1.07 | % |  |  | 2.82 | % |  |  | 4.57 | % |  |  | 5.90 | %
Schedule of probabilities | The probabilities for the scenarios must total 100% and be symmetrical.
Local scenario |  |  | Global scenario
|  | Probability weighting |  |  |  |  |  | Probability weighting |
Favorable scenario 2 |  |  | 10 | % |  |  | Favorable scenario 1 |  |  | 30 | %
Favorable scenario 1 |  |  | 15 | % |  |  | Base scenario |  |  | 40 | %
Base scenario |  |  | 50 | % |  |  | Unfavorable scenario 1 |  |  | 30 | %
Unfavorable scenario 1 |  |  | 15 | % |  |  |  |  |  |  |
Unfavorable scenario 2 |  |  | 10 | % |  |  |  |  |  |  |
Schedule of allowance sensibility | The ECL allowance sensibility to future macro-economic conditions is as follows:
|  | December 31, 2019 |  |  | December 21, 2018 |
|  | MCh$ |  |  | MCh$ |
Reported ECL allowance |  |  | 896,095 |  |  |  | 882,414 |
Gross carrying amount |  |  | 32,671,515 |  |  |  | 30,213,415 |
Reported ECL Coverage |  |  | 2.74 | % |  |  | 2.92 | %
ECL amount by scenarios |  |  |  |  |  |  |  |
Favorable scenarios 2 |  |  | 797,501 |  |  |  | 745,089 |
Favorable scenarios 1 |  |  | 835,956 |  |  |  | 815,113 |
Base scenarios |  |  | 884,480 |  |  |  | 879,358 |
Unfavorable scenarios 2 |  |  | 929,802 |  |  |  | 949,329 |
Unfavorable scenarios 2 |  |  | 962,437 |  |  |  | 970,563 |
Coverage ratio by scenarios |  |  |  |  |  |  |  |
Favorable scenarios 2 |  |  | 2.44 | % |  |  | 2.46 | %
Favorable scenarios 1 |  |  | 2.56 | % |  |  | 2.69 | %
Base scenarios |  |  | 2.71 | % |  |  | 2.90 | %
Unfavorable scenarios 2 |  |  | 2.85 | % |  |  | 3.13 | %
Unfavorable scenarios 2 |  |  | 2.95 | % |  |  | 3.21 | %
Schedule of financial assets and associated collateral | The following table show the maximum exposure to credit risk by class of financial asset, associated collateral and the net exposure to credit risk:
|  | As of December 31, |
|  | 2019 |  |  | 2018 |
|  | Maximum exposure to credit risk |  |  | Collateral |  |  | Net exposure |  |  | Associated ECL |  |  | Maximum exposure to credit risk |  |  | Collateral |  |  | Net exposure |  |  | Associated ECL |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Commercial loans |  |  | 15,928,491 |  |  |  | 8,180,015 |  |  |  | 7,748,476 |  |  |  | 506,670 |  |  |  | 15,254,838 |  |  |  | 7,369,291 |  |  |  | 7,885,547 |  |  |  | 506,908 |
Mortgage loans |  |  | 11,262,995 |  |  |  | 10,725,604 |  |  |  | 537,391 |  |  |  | 101,059 |  |  |  | 10,150,981 |  |  |  | 9,699,324 |  |  |  | 451,657 |  |  |  | 91,270 |
Consumer Loans |  |  | 5,546,195 |  |  |  | 748,577 |  |  |  | 4,797,618 |  |  |  | 288,467 |  |  |  | 4,876,289 |  |  |  | 754,920 |  |  |  | 4,121,369 |  |  |  | 284,342 |
Total |  |  | 32,737,681 |  |  |  | 19,654,196 |  |  |  | 13,083,485 |  |  |  | 896,196 |  |  |  | 30,282,108 |  |  |  | 17,823,535 |  |  |  | 12,458,537 |  |  |  | 882,520 |
(*) | Includes Loans and account receivable at FVOCI
Schedule of financial assets and off-balance sheet commitments | Below is the distribution by financial asset and off-balance sheet commitments of the Bank's maximum exposure to credit risk as of December 31, 2019 and 2018, without deduction of collateral, security interests or credit improvements received:
|  |  |  | As of December 31, |
|  |  |  | 2019 |  |  | 2018 |
|  |  |  | Amount of exposure |  |  | Amount of exposure |
|  | Note |  | MCh$ |  |  | MCh$ |
Deposits in banks |  | 5 |  |  | 2,693,342 |  |  |  | 1,240,578 |
Cash items in process of collection |  | 5 |  |  | 355,062 |  |  |  | 353,757 |
Financial derivative contracts |  | 8 |  |  | 8,148,608 |  |  |  | 3,100,635 |
Financial assets held for trading |  | 6 |  |  | 270,204 |  |  |  | 77,041 |
Loans and account receivable at amortised cost / Loans and account receivable at FVOCI |  | 9 /10 |  |  | 31,841,485 |  |  |  | 29,399,589 |
Debt instrument at fair value through other comprehensive income |  | 11 |  |  | 4,010,272 |  |  |  | 2,394,323 |
Off-balance commitments: |  |  |  |  |  |  |  |  |  |
Letters of credit issued |  |  |  |  | 140,572 |  |  |  | 223,420 |
Foreign letters of credit confirmed |  |  |  |  | 70,192 |  |  |  | 57,038 |
Performance guarantees |  |  |  |  | 1,929,894 |  |  |  | 1,954,205 |
Available credit lines |  |  |  |  | 8,732,422 |  |  |  | 8,997,650 |
Personal guarantees |  |  |  |  | 451,950 |  |  |  | 133,623 |
Other irrevocable credit commitments |  |  |  |  | 485,991 |  |  |  | 327,297 |
Total |  |  |  |  | 59,129,994 |  |  |  | 48,345,002 |
Schedule of fair value of derivative instruments | Below, there are additional details regarding our exposure for those countries classified above 1 and represents our majority of exposure to categories other than 1, Below we detail as of December 31, 2019, considering fair value of derivative instruments.
Country |  | Classification |  | Derivative Instruments (adjusted to market) USD |  |  | Deposits USD |  |  | Loans USD |  |  | Financial investments USD |  |  | Total Exposure USD |
China |  | 2 |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 7.23 |  |  |  | 0.00 |  |  |  | 7.23 |
Colombia |  | 2 |  |  | 1.24 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 1.24 |
Italy |  | 2 |  |  | 0.00 |  |  |  | 1.36 |  |  |  | 0.32 |  |  |  | 0.00 |  |  |  | 1.68 |
Mexico |  | 2 |  |  | 9.42 |  |  |  | 0.04 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 9.46 |
Panama |  | 2 |  |  | 1.50 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 1.50 |
Peru |  | 2 |  |  | 2.20 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 2.20 |
Uruguay |  | 2 |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.10 |  |  |  | 0.00 |  |  |  | 0.10 |
Total |  |  |  |  | 14.36 |  |  |  | 1.40 |  |  |  | 7.65 |  |  |  | 0.00 |  |  |  | 23.41 |
Our exposure to the group is as follows:
Counterpart |  | Country |  | Classification |  | Derivative instruments (market adjusted) MUSD |  |  | Deposits MUSD |  |  | Loans MUSD |  |  | Financial Investments MUSD |  |  | Exposure Exposure MUSD |
Banco Santander España (*) |  | Spain |  | 1 |  |  | 319.0 |  |  |  | 54.8 |  |  |  | 0.4 |  |  |  | 0.0 |  |  |  | 374.20 |
Santander UK |  | UK |  | 1 |  |  | 24.0 |  |  |  | 2.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 26.00 |
Banco Santander Mexico |  | Mexico |  | 2 |  |  | 9.4 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 0.0 |  |  |  | 9.4 |
Total |  |  |  |  |  |  | 352.4 |  |  |  | 56.8 |  |  |  | 0.4 |  |  |  | 0.0 |  |  |  | 409.6 |
| (*) | The total amount of this exposure to derivative instruments must be compensated daily with collateral and, therefore, the net credit exposure is USD 0.
Schedule of security interests, collateral, or credit improvements | Below is the detail of security interests, collateral, or credit improvements provided to the Bank as of December 31, 2019 and 2018,
|  | As of December 31, |
|  | 2019 |  |  | 2018 |
|  | MCh$ |  |  | MCh$ |
Non-impaired financial assets: |  |  |  |  |  |  |  |
Properties/mortgages |  |  | 23,371,510 |  |  |  | 22,047,354 |
Investments and others |  |  | 2,785,219 |  |  |  | 2,200,776 |
Impaired financial assets: |  |  |  |  |  |  |  |
Properties/ mortgages |  |  | 101,456 |  |  |  | 119,181 |
Investments and others |  |  | 525 |  |  |  | 865 |
Total |  |  | 26,258,710 |  |  |  | 24,368,176 |
Schedule of liquidity portfolio | The management of the Bank's liquidity portfolio is performed by the Financial Management Division under rules determined by the ALCO.
|  | As of December 31, |
|  | 2019 |  |  | 2018 |
|  | MCh$ |  |  | MCh$ |
Financial investments for trading |  |  | 270,204 |  |  |  | 77,041 |
Available for sale investments |  |  | 4,010,272 |  |  |  | 2,394,323 |
Encumbered assets (net) (1) |  |  | (380,055 | ) |  |  | (48,843 | )
Net cash (2) |  |  | 2,384,323 |  |  |  | 149,321 |
Net Interbank deposits (3) |  |  | (281,620 | ) |  |  | 967,095 |
Total liquidity portfolio |  |  | 6,013,124 |  |  |  | 3,538,937 |
| (1) | Assets encumbered through repurchase agreements are deduced from liquidity portfolio.
| (2) | Cash minus reserve requirements. As is presented in Note 5 the reserve requirements are established by the monthly average reserves that the bank must maintain in accordance with regulation governing minimum reserves.
| (3) | Includes overnight deposits in Central Bank, domestic banks and foreign banks.
Schedule of exposure to liquidity risk | The following table displays the actual derived percentages as calculated per above:
|  | As of December 31, |
|  | 2019 % |  |  | 2018 % |
30 days |  |  | 63 |  |  |  | (20 | )
30 days foreign currency |  |  | - |  |  |  | - |
90 days |  |  | 79 |  |  |  | (37 | )
Schedule of breakdown by maturity | Below, is the breakdown by maturity, of the liability balances of the Bank as of December 31, 2019 and 2018:
|  | Demand |  |  | Up to 1 month |  |  | Between 1 and 3 months |  |  | Between 3 and 12 months |  |  | Subtotal up to 1 year |  |  | Between 1 and 3 years |  |  | Between 3 and 5 years |  |  | More than 5 years |  |  | Subtotal after 1 year |  |  | Total |
As of December 31, 2019 |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Obligations under repurchase agreements |  |  | - |  |  |  | 380,055 |  |  |  | - |  |  |  | - |  |  |  | 380,055 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 380,055 |
Checking accounts, time deposits and other time liabilities |  |  | 10,439,705 |  |  |  | 5,184,567 |  |  |  | 4,905,414 |  |  |  | 2,417,703 |  |  |  | 22,947,389 |  |  |  | 357,856 |  |  |  | 163,121 |  |  |  | 21,883 |  |  |  | 542,860 |  |  |  | 23,490,249 |
Financial derivatives contracts |  |  | - |  |  |  | 422,749 |  |  |  | 427,825 |  |  |  | 951,684 |  |  |  | 1,802,258 |  |  |  | 1,253,280 |  |  |  | 1,180,948 |  |  |  | 3,154,168 |  |  |  | 5,588,396 |  |  |  | 7,390,654 |
Interbank borrowings |  |  | 94 |  |  |  | 363,560 |  |  |  | 624,167 |  |  |  | 1,141,824 |  |  |  | 2,129,645 |  |  |  | 387,936 |  |  |  | 2,237 |  |  |  | - |  |  |  | 390,173 |  |  |  | 2,519,818 |
Issue debt instruments |  |  | - |  |  |  | 285,159 |  |  |  | 759,519 |  |  |  | 1,044,674 |  |  |  | 2,089,352 |  |  |  | 2,394,850 |  |  |  | 2,042,292 |  |  |  | 2,974,229 |  |  |  | 7,411,371 |  |  |  | 9,500,723 |
Lease liabilities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 26,061 |  |  |  | 26,061 |  |  |  | 45,978 |  |  |  | 36,393 |  |  |  | 50,062 |  |  |  | 132,433 |  |  |  | 158,494 |
Other financial liabilities |  |  | 161,021 |  |  |  | 5,155 |  |  |  | 30,969 |  |  |  | 28,888 |  |  |  | 226,033 |  |  |  | 83 |  |  |  | 99 |  |  |  | 143 |  |  |  | 325 |  |  |  | 226,358 |
Subtotal |  |  | 10,600,820 |  |  |  | 6,641,245 |  |  |  | 6,747,894 |  |  |  | 5,610,834 |  |  |  | 29,600,793 |  |  |  | 4,439,983 |  |  |  | 3,425,090 |  |  |  | 6,200,485 |  |  |  | 14,065,558 |  |  |  | 43,666,351 |
Contractual interest payments |  |  | 10,473 |  |  |  | 148,731 |  |  |  | 267,994 |  |  |  | 1,727,401 |  |  |  | 2,154,599 |  |  |  | 1,720,990 |  |  |  | 1,653,500 |  |  |  | 3,101,084 |  |  |  | 6,475,574 |  |  |  | 8,630,173 |
Total |  |  | 10,611,293 |  |  |  | 6,789,976 |  |  |  | 7,015,888 |  |  |  | 7,338,235 |  |  |  | 31,755,392 |  |  |  | 6,160,973 |  |  |  | 5,078,590 |  |  |  | 9,301,569 |  |  |  | 20,541,132 |  |  |  | 52,296,524 |
As of December 31, 2019, the scheduled maturities of other commercial commitments, including accrued interest, were as follows:
Other Commercial Commitments |  | Up to 1 month |  |  | Between 1 and 3 months |  |  | Between 3 and 12 months |  |  | Between 1 and 5 years |  |  | More than 5 years |  |  | Total |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Performance guarantee |  |  | 144,364 |  |  |  | 544,370 |  |  |  | 899,437 |  |  |  | 312,559 |  |  |  | 22,292 |  |  |  | 1,923,022 |
Confirmed foreign letters of credit |  |  | 25,491 |  |  |  | 1,808 |  |  |  | 11,306 |  |  |  | 31,587 |  |  |  | - |  |  |  | 70,192 |
Letters of credit issued |  |  | 30,555 |  |  |  | 348 |  |  |  | 33,439 |  |  |  | 70,924 |  |  |  | - |  |  |  | 135,266 |
Pledges and other commercial commitments |  |  | 30,357 |  |  |  | 9,009 |  |  |  | 317,824 |  |  |  | 94,561 |  |  |  | - |  |  |  | 451,751 |
Total other commercial commitments |  |  | 230,767 |  |  |  | 555,535 |  |  |  | 1,262,006 |  |  |  | 509,631 |  |  |  | 22,292 |  |  |  | 2,580,231 |
|  | Demand |  |  | Up to 1 month |  |  | Between 1 and 3 months |  |  | Between 3 and 12 months |  |  | Subtotal up to 1 year |  |  | Between 1 and 3 years |  |  | Between 3 and 5 years |  |  | More than 5 years |  |  | Subtotal after 1 year |  |  | Total |
As of December 31, 2018 |  | MM$ |  |  | MM$ |  |  | MM$ |  |  | MM$ |  |  | MM$ |  |  | MM$ |  |  | MM$ |  |  | MM$ |  |  | MM$ |  |  | MM$ |
Obligations under repurchase agreements |  |  | - |  |  |  | 48,545 |  |  |  | - |  |  |  | - |  |  |  | 48,545 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 48,545 |
Checking accounts, time deposits and other time liabilities |  |  | 9,027,434 |  |  |  | 5,248,418 |  |  |  | 4,108,556 |  |  |  | 3,326,199 |  |  |  | 21,710,607 |  |  |  | 191,547 |  |  |  | 6,137 |  |  |  | 63,988 |  |  |  | 261,672 |  |  |  | 21,972,279 |
Financial derivatives contracts |  |  | - |  |  |  | 131,378 |  |  |  | 120,361 |  |  |  | 349,551 |  |  |  | 601,290 |  |  |  | 495,789 |  |  |  | 471,185 |  |  |  | 949,464 |  |  |  | 1,916,438 |  |  |  | 2,517,728 |
Interbank borrowings |  |  | 39,378 |  |  |  | 16,310 |  |  |  | 404,575 |  |  |  | 1,188,692 |  |  |  | 1,648,955 |  |  |  | 139,671 |  |  |  | - |  |  |  | - |  |  |  | 139,671 |  |  |  | 1,788,626 |
Issue debt instruments |  |  | - |  |  |  | 71,465 |  |  |  | 39,267 |  |  |  | 745,830 |  |  |  | 856,562 |  |  |  | 2,431,849 |  |  |  | 1,549,743 |  |  |  | 3,277,079 |  |  |  | 7,258,671 |  |  |  | 8,115,233 |
Other financial liabilities |  |  | 179,681 |  |  |  | 934 |  |  |  | 2,412 |  |  |  | 22,844 |  |  |  | 205,871 |  |  |  | 9,261 |  |  |  | 92 |  |  |  | 176 |  |  |  | 9,529 |  |  |  | 215,400 |
Subtotal |  |  | 9,246,493 |  |  |  | 5,517,050 |  |  |  | 4,675,171 |  |  |  | 5,633,116 |  |  |  | 25,071,830 |  |  |  | 3,268,117 |  |  |  | 2,027,157 |  |  |  | 4,290,707 |  |  |  | 9,585,981 |  |  |  | 34,657,811 |
Contractual interest payments |  |  | 4,918 |  |  |  | 82,292 |  |  |  | 158,760 |  |  |  | 812,920 |  |  |  | 1,058,890 |  |  |  | 1,156,262 |  |  |  | 1,110,918 |  |  |  | 1,537,385 |  |  |  | 3,804,565 |  |  |  | 4,863,456 |
Total |  |  | 9,251,411 |  |  |  | 5,599,342 |  |  |  | 4,833,931 |  |  |  | 6,446,036 |  |  |  | 26,130,720 |  |  |  | 4,424,379 |  |  |  | 3,138,075 |  |  |  | 5,828,092 |  |  |  | 13,390,546 |  |  |  | 39,521,266 |
As of December 31, 2018, the scheduled maturities of other commercial commitments, including accrued interest, were as follows:
Other Commercial Commitments |  | Up to 1 month |  |  | Between 1 and 3 months |  |  | Between 3 and 12 months |  |  | Between 1 and 5 years |  |  | More than 5 years |  |  | Total |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Performance guarantee |  |  | 663,642 |  |  |  | 188,147 |  |  |  | 905,554 |  |  |  | 163,506 |  |  |  | 33,356 |  |  |  | 1,954,205 |
Confirmed foreign letters of credit |  |  | 3,842 |  |  |  | 9,128 |  |  |  | 33,177 |  |  |  | 10,891 |  |  |  | - |  |  |  | 57,038 |
Letters of credit issued |  |  | 12,469 |  |  |  | 110,970 |  |  |  | 54,015 |  |  |  | 45,937 |  |  |  | 29 |  |  |  | 223,420 |
Pledges and other commercial commitments |  |  | 22,128 |  |  |  | 63,230 |  |  |  | 41,637 |  |  |  | 6,628 |  |  |  | - |  |  |  | 133,623 |
Total other commercial commitments |  |  | 702,081 |  |  |  | 371,475 |  |  |  | 1,034,383 |  |  |  | 226,962 |  |  |  | 33,385 |  |  |  | 2,368,286 |
Schedule of high, low and average levels | High, low and average levels for each component and year were as follows:
VaR |  | 2019 USDMM |  |  | 2018 USDMM |
Consolidated: |  |  |  |  |  |
High |  |  | 15.78 |  |  |  | 5.23 |
Low |  |  | 1.33 |  |  |  | 1.21 |
Average |  |  | 3.06 |  |  |  | 2.01 |
Fixed-income investments: |  |  |  |  |  |  |  |
High |  |  | 9.77 |  |  |  | 2.54 |
Low |  |  | 1.18 |  |  |  | 1.19 |
Average |  |  | 2.33 |  |  |  | 1.71 |
Variable-income investments |  |  |  |  |  |  |  |
High |  |  | - |  |  |  | 0.01 |
Low |  |  | 0.01 |  |  |  | - |
Average |  |  | - |  |  |  | - |
Foreign currency investments |  |  |  |  |  |  |  |
High |  |  | 6.05 |  |  |  | 4.29 |
Low |  |  | 0.10 |  |  |  | 0.09 |
Average |  |  | 1.60 |  |  |  | 1.14 |
Schedule of market risk | Market risk – Financial management portfolio – December 31, 2019 and 2018
|  | 2019 |  |  | 2018 |
|  | Effect on financial income |  |  | Effect on capital |  |  | Effect on financial income |  |  | Effect on capital |
Financial management portfolio – local currency (MCh$) |  |  |  |  |  |  |  |  |  |  |  |
Loss limit |  |  | 100,000 |  |  |  | 275,000 |  |  |  | 48,000 |  |  |  | 192,001 |
High |  |  | 32,719 |  |  |  | 273,473 |  |  |  | 43,742 |  |  |  | 189,725 |
Low |  |  | 12,686 |  |  |  | 145,338 |  |  |  | 27,854 |  |  |  | 170,450 |
Average |  |  | 24,719 |  |  |  | 228,772 |  |  |  | 37,569 |  |  |  | 180,972 |
Financial management portfolio – foreign currency (Th$US) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss limit |  |  | 30 |  |  |  | 75 |  |  |  | 30 |  |  |  | 75 |
High |  |  | 20 |  |  |  | 35 |  |  |  | 12 |  |  |  | 38 |
Low |  |  | 5 |  |  |  | 1 |  |  |  | 4 |  |  |  | (10 | )
Average |  |  | 12 |  |  |  | 12 |  |  |  | 9 |  |  |  | 22 |
Financial management portfolio – consolidated (in MCh$) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss limit |  |  | 100,000 |  |  |  | 275,000 |  |  |  | 48,000 |  |  |  | 192,002 |
High |  |  | 34,462 |  |  |  | 271,989 |  |  |  | 45,492 |  |  |  | 192,848 |
Low |  |  | 15,236 |  |  |  | 143,836 |  |  |  | 29,167 |  |  |  | 168,766 |
Average |  |  | 27,918 |  |  |  | 227,303 |  |  |  | 38,908 |  |  |  | 182,557 |
Schedule of levels of basic capital and effective net equity | The levels of basic capital and effective net equity at the close of each period are as follows:
|  |  |  |  | Ratio |
|  | As of December 31, |  |  | As of December 31, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
|  | MCh$ |  |  | MCh$ |  |  | % |  |  | % |
Basic capital |  |  | 3,390,823 |  |  |  | 3,239,546 |  |  |  | 6.96 |  |  |  | 7.72 |
Regulatory capital |  |  | 4,304,401 |  |  |  | 4,101,664 |  |  |  | 12.86 |  |  |  | 13.40 |

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