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Derivative Financial Instruments and Hedge Accounting (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Financial Instruments And Hedge Accounting

Schedule of derivative instruments portfolio

As of December 31, 2019 and 2018 the Bank holds the following portfolio of derivative instruments:

		As of December 31, 2019
		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			381,638				317,610				1,847,138				2,546,386				39,460				34,264
Cross currency swaps			407,008				863,984				13,357,058				14,628,050				226,870				295,281
Subtotal			788,646				1,181,594				15,204,196				17,174,436				266,330				329,545
Cash flow hedge derivatives
Currency forwards			99,105				1,018,656				768,256				1,886,017				4,131				3,505
Cross currency swaps			2,266,907				1,938,222				10,848,233				15,053,362				106,413				43,183
Subtotal			2,366,012				2,956,878				11,616,489				16,939,379				110,544				46,688
Trading derivatives
Currency forwards			28,472,586				18,508,702				7,679,464				54,660,752				1,023,683				1,137,496
Interest rate swaps			16,678,487				40,892,909				89,109,046				146,680,442				2,465,235				2,270,686
Cross currency swaps			7,726,724				20,457,463				113,206,678				141,390,865				4,277,450				3,605,516
Call currency options			17,971				47,012				81,804				146,787				5,176				240
Put currency options			16,409				41,872				80,655				138,936				190				483
Subtotal			52,912,177				79,947,958				210,157,647				343,017,782				7,771,734				7,014,421
Total			56,066,835				84,086,430				236,978,332				377,131,597				8,148,608				7,390,654

		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
Put currency options			23,411				50,445				56,392				130,248				-				363
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

Schedule of fair value hedged

Below is a detail of the hedged elements and hedge instruments under fair value hedges as of December 31, 2019 and 2018, classified by term to maturity:

		As of December 31, 2019
		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 loan			633,300				1,189,036				1,545,240				3,466,874				6,834,450
Commercial loans			-				600,000				50,000				-				650,000
Debt instruments at FVOCI
Chilean sovereign bonds			-				-				5,605				394,691				400,296
Mortgage financing bonds			-				2,728				-				-				2,728
Treasury bonds			-				-				149,474				37,369				186,843
Chilean Treasury bonds			-				289,369				-				-				289,369
Chilean Central Bank bonds			-				254,685				-				-				254,685
Time deposits and other time liabilities
Time deposits			685,259				281,921				225,515				-				1,192,695
Issued debt instruments
Senior bonds			651,681				1,133,698				2,253,892				3,324,099				7,363,370
Total			1,970,240				3,751,437				4,229,726				7,223,033				17,174,436
Hedging instrument
Cross currency swaps			1,270,992				2,791,437				3,774,647				6,790,974				14,628,050
Interest rate swaps			699,248				960,000				455,079				432,059				2,546,386
Total			1,970,240				3,751,437				4,229,726				7,223,033				17,174,436

		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 loan			653,872				1,272,382				276,590				603,818				2,806,662
Debt instruments at FVOCI
Chilean sovereign bonds			-				-				-				172,072				172,072
Mortgage financing bonds			-				-				3,779				-				3,779
Treasury bonds			-				-				-				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			486,013				-				-				-				486,013
Issued debt instruments
Senior bonds			708,624				1,117,779				1,298,471				2,003,289				5,128,163
Total			1,848,509				3,144,709				1,578,840				3,173,660				9,745,718
Hedging instrument
Cross currency swaps			1,276,909				2,794,709				1,228,840				2,682,648				7,983,106
Interest rate swaps			571,600				350,000				350,000				491,012				1,762,612
Total			1,848,509				3,144,709				1,578,840				3,173,660				9,745,718

Schedule of cash flow hedged

Below is the notional amount of the hedged items as of December 31, 2019 and 2018, and the period when the cash flows will be generated:

		As of December 31, 2019
		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			3,334,734				1,505,595				1,995,156				3,136,962				9,972,447
Commercial loans			-				-				-				-				-
Debt instruments at FVOCI
Chilean sovereign bonds			-				-				-				-				-
Chilean Central Bank bonds			-				-				82,727				-				82,727
Time deposits			-				-				267,286				225,981				493,267
Time deposits and other time liabilities
Time deposits			-				-				-				-				-
Issued debt instruments
Senior bonds (variable rate)			358,118				341,283				-				-				699,401
Senior bonds (fixed rate)			803,596				1,696,595				1,152,461				1,069,511				4,722,163
Interbank borrowings
Interbank loans			826,442				142,932				-				-				969,374
Total			5,322,890				3,686,405				3,497,630				4,432,454				16,939,379
Hedging instrument
Cross currency swaps			4,205,129				2,918,149				3,497,630				4,432,454				15,053,362
Currency forwards			1,117,761				768,256				-				-				1,886,017
Total			5,322,890				3,686,405				3,497,630				4,432,454				16,939,379

		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			109,585				-				-				-				109,585
Debt instruments at FVOCI
Chilean sovereign bonds			-				-				-				-				-
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)			500,583				52,790				601,639				503,721				1,658,733
Interbank borrowings
Interbank loans			1,764,348				-				-				-				1,764,348
Total			4,265,212				3,746,437				2,473,962				2,970,811				13,456,422
Hedging instrument
Cross currency swaps			3,891,311				3,746,437				2,473,962				2,970,811				13,082,521
Currency forwards			373,901				-				-				-				373,901
Total			4,265,212				3,746,437				2,473,962				2,970,811				13,456,422

Schedule of forecasted cash flows for interest rate risk

Below is an estimate of the periods in which cash flows are expected to be produced:

b.1 Forecasted cash flows for interest rate risk:

		As of December 31, 2019
		Within 1 year				Between 1 and 3 years				Between 3 and 6 years				Over 6 years				Total
		MCh$				MCh$				MCh$				MCh$				MCh$
Hedged item
Inflows			25,328				10,220				217				-				35,765
Outflows			(356,683	)			(245,480	)			(154,689	)			(163,151	)			(920,003	)
Net flows			(331,355	)			(235,260	)			(154,472	)			(163,151	)			(884,238	)
Hedging instrument
Inflows			356,683				245,480				154,689				163,151				920,003
Outflows (*)			(25,328	)			(10,220	)			(217	)			-				(35,765	)
Net flows			331,355				235,260				154,472				163,151				884,238

(*)Only includes cash flow forecast portion of the hedge instruments used to cover interest rate risk. 

		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
Inflows			76,736				35,994				3,062				2,401				118,193
Outflows			(125,747	)			(46,372	)			(13,311	)			(4,701	)			(190,131	)
Net flows			(49,011	)			(10,378	)			(10,249	)			(2,300	)			(71,938	)
Hedging instrument
Inflows			125,747				46,372				13,311				4,701				190,131
Outflows (*)			(76,736	)			(35,994	)			(3,062	)			(2,401	)			(118,193	)
Net flows			49,011				10,378				10,249				2,300				71,938

(*)Only includes cash flow forecast portion of the hedge instruments used to cover interest rate risk.

Schedule of forecasted cash flows for inflation risk

b.2 Forecasted cash flows for inflation risk:

		As of December 31, 2019
		Within 1 year				Between 1 and 3 years				Between 3 and 6 years				Over 6 years				Total
		MCh$				MCh$				MCh$				MCh$				MCh$
Hedged item
Inflows			74,574				109,486				216,972				422,362				823,394
Outflows			(19,466	)			(50,151	)			(33,140	)			(52,880	)			(155,637	)
Net flows			55,108				59,335				183,832				369,482				667,757
Hedging instrument
Inflows			19,466				50,151				33,140				52,880				155,637
Outflows			(74,574	)			(109,486	)			(216,972	)			(422,362	)			(823,394	)
Net flows			(55,108	)			(59,335	)			(183,832	)			(369,482	)			(667,757	)

		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
Inflows			37,086				73,576				166,516				310,293				587,471
Outflows			(14,036	)			-				-				-				(14,036	)
Net flows			23,050				73,576				166,516				310,293				573,435
Hedging instrument
Inflows			14,036				-				-				-				14,036
Outflows			(37,086	)			(73,576	)			(166,516	)			(310,293	)			(587,471	)
Net flows			(23,050	)			(73,576	)			(166,516	)			(310,293	)			(573,435	)

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, 2019 and 2018, is as follows:

		As of December 31,
Hedged item		2019				2018
		MCh$				MCh$
Interbank loans			(1,872	)			309
Issued debt instruments			(16,345	)			(10,893	)
Debt instruments at FVOCI			(2,905	)			(1,392	)
Loans and accounts receivable at amortised cost			(19,313	)			21,779
Net flows			(40,435	)			9,803

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,
		2019				2018				2017
		MCh$				MCh$				MCh$
Bond hedging derivatives			(120	)			-				-
Interbank loans hedging derivatives			(955	)			(683	)			-
Cash flow hedge net gain (loss)			(1,075	)			(683	)			-

Schedule of macrohedges

Macrohedges

Notional amount

As of December 31, 2019

Within 1 year

Between 1 and 3 years

Between 3 and 6 years

Over 6 years

Total

MCh$

MCh$

MCh$

MCh$

MCh$

Hedge item

Loans and account receivable at amortised cost

Mortage loans

633,300

1,189,036

1,545,240

3,466,874

6,834,450

Commercial loans

-

600,000

50,000

-

650,000

Notional amount

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$

Hedge item

Loans and account receivable at amortised cost

Mortage loans

653,872

1,272,382

276,590

603,818

2,806,662

Commercial loans

-

-

-

-

-

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