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Debt Instruments at Fair Value Through Other Comprehensive Income | 12 Months Ended
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Dec. 31, 2021
Disclosure of available-for-sale financial assets [text block] [Abstract] |
DEBT INSTRUMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME | NOTE 11 DEBT INSTRUMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME As of December 31, 2021 and 2020 detail of debt instruments is as follows:
|  | As of December 31, |
|  | 2021 |  |  | 2020 |
|  | MCh$ |  |  | MCh$ |
Chilean central bank and government securities |  |  |  |  |  |
Chilean Central Bank bonds |  |  | - |  |  |  | - |
Chilean Central Bank notes |  |  | 3,258,417 |  |  |  | 1,008,450 |
Other Chilean Central Bank and government securities (*) |  |  | 981,939 |  |  |  | 5,344,910 |
Subtotal |  |  | 4,240,356 |  |  |  | 6,353,360 |
of which sold under repurchase agreement |  |  | 86,554 |  |  |  | 969,508 |
Other Chilean securities |  |  |  |  |  |  |  |
Time deposits in Chilean financial institutions |  |  | 952 |  |  |  | 492 |
Mortgage finance bonds of Chilean financial institutions |  |  | 10,821 |  |  |  | 14,022 |
Other instruments issued in the country |  |  | 1,761 |  |  |  | 2,217 |
Subtotal |  |  | 13,534 |  |  |  | 16,731 |
of which sold under repurchase agreement |  |  | 80 |  |  |  | 399 |
Foreign financial securities |  |  |  |  |  |  |  |
Foreign Central Banks and Government securities |  |  | 1,438,155 |  |  |  | 269,803 |
Other foreign financial securities |  |  | 111,094 |  |  |  | 522,648 |
Subtotal |  |  | 1,549,249 |  |  |  | 792,451 |
of which sold under repurchase agreement |  |  | - |  |  |  | - |
Total |  |  | 5,803,139 |  |  |  | 7,162,542 |
|  | (*) Includes Treasury bonds in Chilean pesos and UF.
The Bank holds instruments, belonging to “Chilean Central Bank and government securities”, which guarantee derivatives transactions through Comder Contraparte Central S,A, in the local market as of December 31, 2021 and 2020 for an amount of Ch$115,680 and Ch$158,600, while “Foreign financial securities” guarantee derivatives transactions through London Clearing House (LCH) as of December 31, 2021 and 2020 Ch$83,673 and Ch$67,685. Additionally, the Bank maintains guarantees with Euroclear as of December 31, 2021 and 2020 Ch$461,419 and Ch$258,183 to comply with the initial margin required by European EMIR standard. As of December 31, 2021, debt instruments at FVOCI included a cumulative net unrealized loss of MCh$112,223, recorded as “valuation adjustment” in OCI, where MCh$112,993 (loss) are attributable to shareholders equity and MCh$770 (profit) to non-controlling interest. As of December 31, 2020, debt instruments at FVOCI included a cumulative net unrealized profit of MCh$102,855, recorded as “valuation adjustment” in OCI, where MCh$159,535 are attributable to shareholders equity and MCh$56,680 to non-controlling interest F - 67 An analysis of changes in the fair value and the corresponding ECL as of December 31, 2021 is as follows:
|  | Stage1 |  |  | Stage2 |  |  | Stage3 |  |  | TOTAL |
Gross carrying amount at January 1, 2021 |  |  | 7,162,542 |  |  |  | - |  |  |  | - |  |  |  | 7,162,542 |
New assets purchased |  |  | 22,610,556 |  |  |  | - |  |  |  | - |  |  |  | 22,610,556 |
Transfers to stage 1 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Transfers to stage 2 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Transfers to stage 3 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Assets derecognized or matured (excluding write-off) |  |  | (23,770,174 | ) |  |  | - |  |  |  | - |  |  |  | (23,770,174 | )
Changes due to modifications not derecognized |  |  | (201,143 | ) |  |  | - |  |  |  | - |  |  |  | (201,143 | )
Other adjustments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
At December 31, 2021 |  |  | 1,358 |  |  |  | - |  |  |  | - |  |  |  | 1,358 |
|  | Stage1 |  |  | Stage2 |  |  | Stage3 |  |  | TOTAL |
ECL at January 1, 2021 |  |  | 1,138 |  |  |  | - |  |  |  | - |  |  |  | 1,138 |
New assets purchased |  |  | 3,293 |  |  |  | - |  |  |  | - |  |  |  | 3,293 |
Transfers to stage 1 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Transfers to stage 2 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Transfers to stage 3 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Assets derecognized or matured (excluding write-off) |  |  | (3,608 | ) |  |  | - |  |  |  | - |  |  |  | (3,608 | )
Changes due to modifications not derecognized |  |  | (120 | ) |  |  | - |  |  |  | - |  |  |  | (120 | )
Write-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other adjustments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
At December 31, 2021 |  |  | 703 |  |  |  | - |  |  |  | - |  |  |  | 703 |
An analysis of changes in the fair value and the corresponding ECL as of December 31, 2020 is as follows:
|  | Stage1 |  |  | Stage2 |  |  | Stage3 |  |  | TOTAL |
Gross carrying amount at January 1, 2020 |  |  | 4,010,272 |  |  |  | - |  |  |  | - |  |  |  | 4,010,272 |
New assets purchased |  |  | 14,708,776 |  |  |  | - |  |  |  | - |  |  |  | 14,708,776 |
Transfers to stage 1 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Transfers to stage 2 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Transfers to stage 3 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Assets derecognized or matured (excluding write-off) |  |  | (11,440,253 | ) |  |  | - |  |  |  | - |  |  |  | (11,440,253 | )
Changes due to modifications not derecognized |  |  | 100,401 |  |  |  | - |  |  |  | - |  |  |  | 100,401 |
Other adjustments |  |  | (216,654 | ) |  |  | - |  |  |  | - |  |  |  | (216,654 | )
At December 31, 2020 |  |  | 7,162,542 |  |  |  | - |  |  |  | - |  |  |  | 7,162,542 |
|  | Stage1 |  |  | Stage2 |  |  | Stage3 |  |  | TOTAL |
ECL at January 1, 2020 |  |  | 456 |  |  |  | - |  |  |  | - |  |  |  | 456 |
New assets purchased |  |  | 1,965 |  |  |  | - |  |  |  | - |  |  |  | 1,965 |
Transfers to stage 1 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Transfers to stage 2 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Transfers to stage 3 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Assets derecognized or matured (excluding write-off) |  |  | (1,501 | ) |  |  | - |  |  |  | - |  |  |  | (1,501 | )
Changes due to modifications not derecognized |  |  | 219 |  |  |  | - |  |  |  | - |  |  |  | 219 |
Write-off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other adjustments |  |  | (1 | ) |  |  | - |  |  |  | - |  |  |  | (1 | )
At December 31, 2020 |  |  | 1,138 |  |  |  | - |  |  |  | - |  |  |  | 1,138 |
Gross profits and losses realized on the sale of available for sale investments as of December 31, 2021, 2020 and 2019 is as follows:
|  | As of December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Sale of available for sale investments generating realized profits |  |  | 1,728,731 |  |  |  | 3,696,791 |  |  |  | 5,781,636 |
Realized profits |  |  | 28,131 |  |  |  | 82,925 |  |  |  | 63,828 |
Sale of available for sale investments generating realized losses |  |  | 1,247,044 |  |  |  | 379,046 |  |  |  | 607,349 |
Realized losses |  |  | 4,944 |  |  |  | 2,246 |  |  |  | 156 |
The Bank evaluated those instruments with unrealized losses as of December 31, 2021 and 2020 and concluded they were not impaired. This review consisted of evaluating the economic reasons for any declines, the credit ratings of the securities’ issuers, and the Bank’s intention and ability to hold the securities until the unrealized loss is recovered. Based on this analysis, the Bank believes that there were no significant or prolonged declines nor changes in credit risk which would cause impairment in its investment portfolio, since most of the decline in fair value of these instruments was caused by market conditions which the Bank considers to be temporary. All of the instruments that have unrealized losses as of December 31, 2021 and 2020, were not in a continuing unrealized loss position for more than one year. The following charts show debt instruments at fair value through other comprehensive income cumulative unrealized profit and loss, as of December 31, 2021:
|  | Less than 12 months |  |  | More than 12 months |  |  | Total |
|  | Amortized cost |  |  | Fair value |  |  | Unrealized profit |  |  | Unrealized loss |  |  | Amortized cost |  |  | Fair value |  |  | Unrealized profit |  |  | Unrealized loss |  |  | Amortized cost |  |  | Fair value |  |  | Unrealized profit |  |  | Unrealized loss |
2021 |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Chilean central bank and government securities |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |
Chilean central bank Bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Chilean central bank notes |  |  | 3,257,912 |  |  |  | 3,258,417 |  |  |  | 515 |  |  |  | (10 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,257,912 |  |  |  | 3,258,417 |  |  |  | 515 |  |  |  | (10 | )
Other Chilean central bank and government securities |  |  | 1,088,090 |  |  |  | 981,939 |  |  |  | 1,051 |  |  |  | (107,202 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,088,090 |  |  |  | 981,939 |  |  |  | 1,051 |  |  |  | (107,202 | )
Subtotal |  |  | 4,346,002 |  |  |  | 4,240,356 |  |  |  | 1,566 |  |  |  | (107,212 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,346,002 |  |  |  | 4,240,356 |  |  |  | 1,566 |  |  |  | (107,212 | )
Other Chilean securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits in Chilean financial institutions |  |  | 967 |  |  |  | 952 |  |  |  | - |  |  |  | (15 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 967 |  |  |  | 952 |  |  |  | - |  |  |  | (15 | )
Mortgage finance bonds of Chilean financial institutions |  |  | 10,746 |  |  |  | 10,821 |  |  |  | 98 |  |  |  | (23 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,746 |  |  |  | 10,821 |  |  |  | 98 |  |  |  | (23 | )
Chilean financial institution bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Chilean corporate bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other Chilean securities |  |  | 4,993 |  |  |  | 1,761 |  |  |  | (3,232 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,993 |  |  |  | 1,761 |  |  |  | (3,232 | ) |  |  | - |
Subtotal |  |  | 16,706 |  |  |  | 13,534 |  |  |  | (3,134 | ) |  |  | (38 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 16,706 |  |  |  | 13,534 |  |  |  | (3,134 | ) |  |  | (38 | )
Foreign financial securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign central banks and government securities |  |  | 1,442,753 |  |  |  | 1,438,155 |  |  |  | 1,145 |  |  |  | (5,743 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,442,753 |  |  |  | 1,438,155 |  |  |  | 1,145 |  |  |  | (5,743 | )
Other foreign financial securities |  |  | 109,901 |  |  |  | 111,094 |  |  |  | 1,193 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 109,901 |  |  |  | 111,094 |  |  |  | 1,193 |  |  |  | - |
Subtotal |  |  | 1,552,654 |  |  |  | 1,549,249 |  |  |  | 2,338 |  |  |  | (5,743 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,552,654 |  |  |  | 1,549,249 |  |  |  | 2,338 |  |  |  | (5,743 | )
Total |  |  | 5,915,362 |  |  |  | 5,803,139 |  |  |  | 770 |  |  |  | (112,993 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,915,362 |  |  |  | 5,803,139 |  |  |  | 770 |  |  |  | (112,993 | )
The following charts show debt instruments at fair value through other comprehensive income cumulative unrealized profit and loss, as of December 31, 2020:
|  | Less than 12 months |  |  | More than 12 months |  |  | Total |
|  | Amortized cost |  |  | Fair value |  |  | Unrealized profit |  |  | Unrealized loss |  |  | Amortized cost |  |  | Fair value |  |  | Unrealized profit |  |  | Unrealized loss |  |  | Amortized cost |  |  | Fair value |  |  | Unrealized profit |  |  | Unrealized loss |
2020 |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Chilean central bank and government securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chilean central bank Bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Chilean central bank notes |  |  | 1,008,450 |  |  |  | 1,008,450 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,008,450 |  |  |  | 1,008,450 |  |  |  | - |  |  |  | - |
Other Chilean central bank and government securities |  |  | 5,288,189 |  |  |  | 5,344,910 |  |  |  | 96,180 |  |  |  | (36,739 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,288,189 |  |  |  | 5,344,910 |  |  |  | 96,180 |  |  |  | (36,739 | )
Subtotal |  |  | 6,296,639 |  |  |  | 6,353,360 |  |  |  | 96,180 |  |  |  | (36,739 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,296,639 |  |  |  | 6,353,360 |  |  |  | 96,180 |  |  |  | (36,739 | )
Other Chilean securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits in Chilean financial institutions |  |  | 299 |  |  |  | 299 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 299 |  |  |  | 299 |  |  |  | - |  |  |  | - |
Mortgage finance bonds of Chilean financial institutions |  |  | 13,293 |  |  |  | 14,022 |  |  |  | 729 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 13,293 |  |  |  | 14,022 |  |  |  | 729 |  |  |  | - |
Chilean financial institution bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Chilean corporate bonds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Other Chilean securities |  |  | 305 |  |  |  | 2,410 |  |  |  | 2,105 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 305 |  |  |  | 2,410 |  |  |  | 2,105 |  |  |  | - |
Subtotal |  |  | 13,897 |  |  |  | 16,731 |  |  |  | 2,834 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 13,897 |  |  |  | 16,731 |  |  |  | 2,834 |  |  |  | - |
Foreign financial securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign central banks and government securities |  |  | 269,477 |  |  |  | 269,803 |  |  |  | 20,267 |  |  |  | (19,941 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 269,477 |  |  |  | 269,803 |  |  |  | 20,267 |  |  |  | (19,941 | )
Other foreign financial securities |  |  | 482,394 |  |  |  | 522,648 |  |  |  | 40,254 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 482,394 |  |  |  | 522,648 |  |  |  | 40,254 |  |  |  | - |
Subtotal |  |  | 751,871 |  |  |  | 792,451 |  |  |  | 60,521 |  |  |  | (19,941 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 751,871 |  |  |  | 792,451 |  |  |  | 60,521 |  |  |  | (19,941 | )
Total |  |  | 7,062,407 |  |  |  | 7,162,542 |  |  |  | 159,535 |  |  |  | (56,680 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,062,407 |  |  |  | 7,162,542 |  |  |  | 159,535 |  |  |  | (56,680 | )

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- References No definition available. + Details
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- Definition The disclosure of financial assets classified as available for sale. [Refer: Financial assets available-for-sale] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Note Expiry date 2023-01-01 -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2017-en-b&anchor=para_10_e&doctype=Standard&forcepdf=true -URIDate 2021-03-24 + Details
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