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Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2019
Fair Value of Financial Assets and Liabilities [Abstract] |
Schedule of financial assets and liabilities | Below is a comparison between the value at which the Bank's financial assets and liabilities are recorded and their fair value as of December 31, 2019 and 2018:
|  | As of December 31, |
|  | 2019 |  |  | 2018 |
|  | Book value |  |  | Fair value |  |  | Book value |  |  | Fair value |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Financial derivative contracts |  |  | 8,148,608 |  |  |  | 8,148,608 |  |  |  | 3,100,635 |  |  |  | 3,100,635 |
Financial assets held for trading |  |  | 270,204 |  |  |  | 270,204 |  |  |  | 77,041 |  |  |  | 77,041 |
Loans and accounts receivable at amortised cost, net |  |  | 31,775,420 |  |  |  | 34,602,793 |  |  |  | 29,331,001 |  |  |  | 30,505,023 |
Loans and accounts receivable at FVOCI, net |  |  | 66,065 |  |  |  | 66,065 |  |  |  | 68,588 |  |  |  | 68,588 |
Debt instrument at FVOCI |  |  | 4,010,272 |  |  |  | 4,010,272 |  |  |  | 2,394,323 |  |  |  | 2,394,323 |
Guarantee deposits (margin accounts) |  |  | 314,616 |  |  |  | 314,616 |  |  |  | 170,232 |  |  |  | 170,232 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits and interbank borrowings |  |  | 26,010,067 |  |  |  | 26,200,921 |  |  |  | 23,597,863 |  |  |  | 23,770,106 |
Financial derivative contracts |  |  | 7,390,654 |  |  |  | 7,390,654 |  |  |  | 2,517,728 |  |  |  | 2,517,728 |
Issued debt instruments and other financial liabilities |  |  | 9,727,081 |  |  |  | 10,718,997 |  |  |  | 8,330,633 |  |  |  | 8,605,135 |
Guarantees received (margin accounts) |  |  | 994,714 |  |  |  | 994,714 |  |  |  | 371,512 |  |  |  | 371,512 |
Schedule of assets and liabilities on recurrent basis | The following table presents the assets and liabilities that are measured at fair value on a recurrent basis:
|  | Fair value measurement |
As of December 31, |  | 2019 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Financial assets held for trading |  |  | 270,204 |  |  |  | 270,204 |  |  |  | - |  |  |  | - |
Loans and accounts receivable at FVOCI, net |  |  | 66,065 |  |  |  | - |  |  |  | - |  |  |  | 66,065 |
Debt instruments at FVOCI |  |  | 4,010,272 |  |  |  | 3,992,421 |  |  |  | 17,146 |  |  |  | 705 |
Derivatives |  |  | 8,148,608 |  |  |  | - |  |  |  | 8,133,700 |  |  |  | 14,908 |
Guarantee deposits (margin accounts) |  |  | 314,616 |  |  |  | - |  |  |  | 314,616 |  |  |  | - |
Total |  |  | 12,809,765 |  |  |  | 4,262,625 |  |  |  | 8,465,462 |  |  |  | 81,678 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  |  | 7,390,654 |  |  |  | - |  |  |  | 7,387,704 |  |  |  | 2,950 |
Guarantees received (margin accounts) |  |  | 994,714 |  |  |  | - |  |  |  | 994,714 |  |  |  | - |
Total |  |  | 8,385,368 |  |  |  | - |  |  |  | 8,382,418 |  |  |  | 2,950 |
|  | Fair value measurement |
As of December 31, |  | 2018 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Financial assets held for trading |  |  | 77,041 |  |  |  | 71,158 |  |  |  | 5,883 |  |  |  | - |
Loans and accounts receivable at FVOCI, net |  |  | 68,588 |  |  |  | - |  |  |  | - |  |  |  | 68,588 |
Debt instruments at FVOCI |  |  | 2,394,323 |  |  |  | 2,368,768 |  |  |  | 24,920 |  |  |  | 635 |
Derivatives |  |  | 3,100,635 |  |  |  | - |  |  |  | 3,089,077 |  |  |  | 11,558 |
Guarantee deposits (margin accounts) |  |  | 170,232 |  |  |  | - |  |  |  | 170,232 |  |  |  | - |
Total |  |  | 5,810,819 |  |  |  | 2,439,926 |  |  |  | 3,290,112 |  |  |  | 80,781 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  |  | 2,517,728 |  |  |  | - |  |  |  | 2,516,933 |  |  |  | 795 |
Guarantees received (margin accounts) |  |  | 371,512 |  |  |  | - |  |  |  | 371,512 |  |  |  | - |
Total |  |  | 2,889,240 |  |  |  | - |  |  |  | 2,888,445 |  |  |  | 795 |
Schedule of assets or liabilities which are not measured at fair value | The following table presents assets or liabilities which are not measured at fair value in the statements of financial position but for which the fair value is disclosed:
|  | Fair value measurement |
As of December 31, |  | 2019 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Loans and accounts receivable at amortised cost, net |  |  | 34,602,793 |  |  |  | - |  |  |  | - |  |  |  | 34,602,793 |
Total |  |  | 34,602,793 |  |  |  | - |  |  |  | - |  |  |  | 34,602,793 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits and interbank borrowings |  |  | 26,200,921 |  |  |  | - |  |  |  | 15,903,489 |  |  |  | 10,297,432 |
Issued debt instruments and other financial liabilities |  |  | 10,718,997 |  |  |  | - |  |  |  | 10,718,997 |  |  |  | - |
Total |  |  | 36,919,918 |  |  |  | - |  |  |  | 26,622,486 |  |  |  | 10,297,432 |
|  | Fair value measurement |
As of December 31, |  | 2018 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Loans and accounts receivable at amortised cost, net |  |  | 30,505,023 |  |  |  | - |  |  |  | - |  |  |  | 30,505,023 |
Total |  |  | 30,505,023 |  |  |  | - |  |  |  | - |  |  |  | 30,505,023 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits and interbank borrowings |  |  | 23,770,106 |  |  |  | - |  |  |  | 15,028,689 |  |  |  | 8,741,417 |
Issued debt instruments and other financial liabilities |  |  | 8,605,135 |  |  |  | - |  |  |  | 8,605,135 |  |  |  | - |
Total |  |  | 32,375,241 |  |  |  | - |  |  |  | 23,633,824 |  |  |  | 8,741,417 |
Schedule of financial instruments classified as Level 3 | The table below shows the effect, at December 31, 2019 and 2018, on the fair value of the main financial instruments classified as Level 3 of a reasonable change in the assumptions used in the valuation. This effect was determined by a sensitivity analysis under a 1bp scenario, detailed in the following table:
As of December 31, 2019
Instrument Level 3 | Valuation technique | Main unobservable inputs | Impacts (in MCh$) Sens, -1bp Unfavorable scenario | Impacts (in MCh$) Sens, +1bp Favorable scenario
Derivatives | Present Value method | Curves on TAB (1) | (2,3) | 2,3
Debt instruments at FVOCI | Internal rate of return method | BR UF (2) | - | -
As of December 31, 2018
Instrument Level 3 | Valuation technique | Main unobservable inputs | Impacts (in MCh$) Sens, -1bp Unfavorable scenario | Impacts (in MCh$) Sens, +1bp Favorable scenario
Derivatives | Present Value method | Curves on TAB (1) | (1,3) | 1,3
Available for sale investments | Internal rate of return method | BR UF (2) | - | -
| (1) | TAB: "Tasa Activa Bancaria" (Active Bank Rate). Average interest rates on 30, 90, 180 and 360 day deposits published by the Chilean Association of Banks and Financial Institutions (ABIF) in nominal currency (Chilean peso) and in real terms, adjusted for inflation (in Chilean unit of account (Unidad de Fomento - UF)).
| (2) | BR: "Bonos de Reconocimiento" (Recognition Bonds). The Recognition Bond is an instrument of money provided by the State of Chile to workers who joined the new pension system, which began operating since 1981.
Schedule of assets and liabilities measured at fair value on a recurrent basis using unobserved significant entries (Level 3) | The following table presents the Bank's activity for assets and liabilities measured at fair value on a recurrent basis using unobserved significant inputs (Level 3) as of December 31, 2019 and 2018:
|  | Assets |  |  | Liabilities |
|  | MCh$ |  |  | MCh$ |
As of January 1, 2019 |  |  | 80,781 |  |  |  | 795 |
Total realized and unrealized profits (losses) |  |  |  |  |  |  |  |
Included in statements of income |  |  | 827 |  |  |  | 2,155 |
Included in other comprehensive income |  |  | 70 |  |  |  | - |
Purchases, issuances, and loans (net) |  |  | - |  |  |  | - |
As of December 31, 2019 |  |  | 81,678 |  |  |  | 2,950 |
Total profits or losses included in comprehensive income for 2019 that are attributable to change in unrealized profit (losses) related to assets or liabilities as of December 31, 2018 |  |  | 897 |  |  |  | 2,155 |
|  | Assets |  |  | Liabilities |
|  | MCh$ |  |  | MCh$ |
As of January 1, 2018 |  |  | 22,987 |  |  |  | 7 |
Total realized and unrealized profits (losses) |  |  |  |  |  |  |  |
Included in statements of income |  |  | 57,769 |  |  |  | (802 | )
Included in other comprehensive income |  |  | 25 |  |  |  | - |
Purchases, issuances, and loans (net) |  |  | - |  |  |  | - |
As of December 31, 2018 |  |  | 80,781 |  |  |  | (795 | )
Total profits or losses included in comprehensive income for 2018 that are attributable to change in unrealized profit (losses) related to assets or liabilities as of December 31, 2017 |  |  | 57,794 |  |  |  | (802 | )
Schedule of financial instruments subject to compensation | The following tables show the financial instruments subject to compensation in accordance with IAS 32, for 2019 and 2018: As of December 2019
|  | Linked financial instruments, compensated in balance |  |  |  |  |  |  |
Financial instruments |  | Gross amounts |  |  | Compensated in balance |  |  | Net amount presented in balance |  |  | Remains of unrelated and / or unencumbered financial instruments |  |  | Amount in Statements of Financial Position |
Assets |  | Ch$ Million |  |  | Ch$ Million |  |  | Ch$ Million |  |  | Ch$ Million |  |  |  |
Financial derivative contracts |  |  | 8,148,151 |  |  |  | - |  |  |  | 8,148,151 |  |  |  | 457 |  |  |  | 8,148,608 |
Investments under resale agreements |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and accounts receivable at amortised cost, net |  |  |  |  |  |  | - |  |  |  |  |  |  |  | 31,775,420 |  |  |  | 31,775,420 |
Loans and accounts receivable at FVOCI, net |  |  | 66,065 |  |  |  |  |  |  |  | - |  |  |  | 66,065 |  |  |  | 66,065 |
Total |  |  | 8,214,216 |  |  |  | - |  |  |  | 8,148,151 |  |  |  | 31,841,942 |  |  |  | 39,990,093 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial derivative contracts |  |  | 7,388,145 |  |  |  | - |  |  |  | 7,388,145 |  |  |  | 2,509 |  |  |  | 7,390,654 |
Investments under resale agreements |  |  | 380,055 |  |  |  | - |  |  |  | 380,055 |  |  |  | - |  |  |  | 380,055 |
Deposits and interbank borrowings |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 26,010,067 |  |  |  | 26,010,067 |
Total |  |  | 7,768,200 |  |  |  | - |  |  |  | 7,768,200 |  |  |  | 26,012,576 |  |  |  | 33,780,776 |
As of December 2018
|  | Linked financial instruments, compensated in balance |  |  |  |  |  |  |
Financial instruments |  | Gross amounts |  |  | Compensated in balance |  |  | Net amount presented in balance |  |  | Remains of unrelated and / or unencumbered financial instruments |  |  | Amount in Statements of Financial Position |
Assets |  | Ch$ Million |  |  | Ch$ Million |  |  | Ch$ Million |  |  | Ch$ Million |  |  |  |
Financial derivative contracts |  |  | 1,947,726 |  |  |  | - |  |  |  | 1,947,726 |  |  |  | 1,152,909 |  |  |  | 3,100,635 |
Obligations under repurchase agreements |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loans and accounts receivable at amortised cost, net |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 29,331,001 |  |  |  | 29,331,001 |
Loans and accounts receivable at FVOCI, net |  |  | 68,588 |  |  |  | - |  |  |  | - |  |  |  | 68,588 |  |  |  | 68,588 |
Total |  |  | 2,016,314 |  |  |  | - |  |  |  | 1,947,726 |  |  |  | 30,552,498 |  |  |  | 32,500,224 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial derivative contracts |  |  | 1,735,555 |  |  |  | - |  |  |  | 1,735,555 |  |  |  | 782,173 |  |  |  | 2,517,728 |
Investments under resale agreements |  |  | 48,545 |  |  |  | - |  |  |  | 48,545 |  |  |  | - |  |  |  | 48,545 |
Deposits and interbank borrowings |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 23,597,862 |  |  |  | 23,597,862 |
Total |  |  | 1,784,100 |  |  |  | - |  |  |  | 1,784,100 |  |  |  | 24,380,035 |  |  |  | 26,164,135 |
Schedule of credit exposure in its financial derivative operations | The Bank, in order to reduce its credit exposure in its financial derivative operations, has entered into collateral contracts with its counterparties, in which it establishes the terms and conditions under which they operate. In terms collateral (received/delivered) operates when the net of the fair value of the financial instruments held exceed the thresholds defined in the respective contracts.
|  | As of December 31, 2019 |  |  | As of December 31, 2018 |
Financial derivative contracts |  | Assets |  |  | Liability |  |  | Assets |  |  | Liability |
|  | MM$ |  |  | MM$ |  |  | MM$ |  |  | MM$ |
Financial derivative contracts with collateral agreement threshold equal to zero |  |  | 7,478,837 |  |  |  | 6,748,219 |  |  |  | 2,639,835 |  |  |  | 2,133,149 |
Financial derivative contracts with non-zero threshold collateral agreement |  |  | 532,298 |  |  |  | 517,814 |  |  |  | 344,520 |  |  |  | 262,683 |
Financial derivative contracts without collateral agreement |  |  | 137,472 |  |  |  | 124,621 |  |  |  | 116,280 |  |  |  | 121,896 |
Total |  |  | 8,148,607 |  |  |  | 7,390,654 |  |  |  | 3,100,635 |  |  |  | 2,517,728 |

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