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Other Assets (Details) - Schedule of other assets - CLP ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Schedule of other assets [Abstract]    
Assets for leasing [1] $ 51,957 $ 62,967
Assets received or awarded in lieu of payment    
Assets received in lieu of payment 10,922 15,213
Assets awarded at judicial sale 16,899 17,430
Provision on assets received in lieu of payment or awarded (406) (1,196)
Subtotal 27,415 31,447
Other assets    
Guarantee deposits (margin accounts) [2] 1,988,410 608,359
Non-current assets classified as held for sale [3] 22,036
Gold investments 718 765
VAT credit 38,844 27,519
Income tax recoverable
Prepaid expenses [4] 322,887 387,668
Assets recovered from leasing for sale 2,474 3,191
Valuation adjustments by macro hedge [5] 217,979 327,938
Pension plan assets 523 673
Accounts and notes receivable 92,039 100,504
Notes receivable through brokerage and simultaneous transactions 44,860 41,960
Other receivable assets 41,195 33,567
Other assets [6] 134,995 98,780
Subtotal 2,884,924 1,652,960
Total $ 2,964,296 $ 1,747,374
[1] Assets available to be granted under the financial leasing agreements.
[2] Guarantee deposits (margin accounts) correspond to collateral associated with derivative financial contracts to mitigate the counterparty credit risk and are mainly established in cash. These guarantees operate when mark to market of derivative financial instruments exceed the levels of threshold agreed in the contracts, which could result in the Bank delivering or receiving collateral.
[3] Corresponds to the interests in Redbanc S.A., Transbank S.A. and Nexus S.A., which were reclassified as non-current assets classified as held for sale in accordance with IFRS 5 “Non-current assets held for sale and discontinued operations”. In December 2021, the Bank reversed that reclassification and has presented them as Investment in associates. For additional information see Note 1 v) and Note 39.
[4] Under this item, the Bank has recorded prepaid expense related to the Santander LATAM Pass program, which is consumed on a monthly basis in accordance with the client use of Bank’s transactional products and therefore the Bank assigned the respective LATAM Pass miles. In May 2020, LATAM Airlines Group S.A began a reorganization process under Chapter 11, with an aim to continue operating. LATAM has publicly stated its intention to honor all current and future tickets, as well as travel vouchers, miles and frequent flyer programs, which has been ratified by the bankruptcy court of New York (in charge of chapter 11). In addition, LATAM formalized two tranches of the DIP (Debtor in Possession) financing proposal for a total of USD 2,200 million, obtaining all resources necessary to continue operating during the crisis. In October 2020, the company made its first disbursement for US$1,150 million from the DIP financing, which represents 50% of the amount available and allowed to reestablish its operations and start preparing its reorganization plan. On January 27, 2021, the request made by LATAM to postpone the deadline for submitting its reorganization plan was approved. On November 26, 2021, LATAM submitted to the Bankruptcy court a Reorganization Plan supported by main stakeholders to strengthen the capital structure and long-term sustainability. The plan includes the injection of US$8,190 million through capital, convertible bonds and debt, which will allow the company to exit from Chapter 11 with appropriate capitalization to execute its business plan.
[5] Net assets and liabilities fair value valuation subject to macro hedges. See Note 8.
[6] Other assets mainly include settlement of derivatives and other financial transactions.