XML 48 R25.htm IDEA: XBRL DOCUMENT

Financial Liabilities at Amortised Cost

12 Months Ended

Dec. 31, 2022

Financial Assets at Amortised Cost [Abstract]

NOTE 17 - FINANCIAL LIABILITIES AT AMORTISED COST

	As of December 31,
	2022		2021
	MCh$		MCh$
Deposits and other demand liabilities
Checking accounts		11,711,969		14,385,633
Demand accounts		630,807		1,155,891
Other demand deposits		379,331		607,718
Obligation related to payments cards provision		6,758		9,624
Other demand liabilities		1,357,361		1,742,072
Subtotal		14,086,226		17,900,938
Time deposits and other time liabilities
Time deposits		12,779,206		9,926,507
Time savings account		191,257		195,570
Other time liabilities		8,327		8,978
Subtotal		12,978,790		10,131,055
Obligations under repurchase agreements
Operation with foreign banks		103,425		-
Operation with other Chilean entities		211,930		86,634
Subtotal		315,355		86,634
Interbank borrowings
Loans from chilean financial institutions		41,317		1,226
Loans from foreign financial institutions		3,239,358		3,213,918
Loans from Chilean Central Bank		5,584,090		5,611,439
Subtotal		8,864,765		8,826,583
Issue debt instruments
Mortgage finance bonds		3,798		7,479
Senior bonds		7,080,472		6,846,834
Mortgage bond		81,623		81,110
Subtotal		7,165,893		6,935,423
Other financial liabilities
Other domestic obligations		292,417		182,737
Foreign obligations		578		170
Subtotal		292,995		182,907

Total		43,704,024		44,063,540

Obligations under from repurchase agreements

The Bank raises funds by selling financial instruments and committing itself to buy them back at future dates, plus interest at a predetermined rate. As of December 31, 2022 and 2021, obligations related to instruments sold under repurchase agreements are as follows:

	As of December 31,
	2022								2021
	From 1 day to less than 3 months		More than 3 months and less than 1 year		More than 1 year		Total		From 1 day to less than 3 months		More than 3 months and less than 1 year		More than 1 year		Total
	MCh$		MCh$		MCh$		MCh$		MCh$		MCh$		MCh$		MCh$
Chilean Central Bank and Government securities
Chilean Treasury bonds and notes		186,891		109		-		186,800		76,725		-		-		76,725
Other Chilean government financial instruments		-		-		-		-		9,829		-		-		9,829
Subtotal		186,891		109		-		186,800		86,554		-		-		86,554
Other Chilean debt financial securities
Chilean Bank debt financial instruments		84		-		-		84		80		-		-		80
Subtotal		84		-		-		84		80		-		-		80
Foreign financial debt securities
Other foreign debt financial instruments		128,471		-		-		128,471		-		-		-		-
Subtotal		128,471		-		-		128,471		-		-		-		-

Total		315,446		109		-		315,355		86,634		-		-		86,634

Interbank borrowings

As of December 31, 2022 and 2021 the Interbank borrowings are as follows:

	As of December 31,
	2022		2021
	MCh$		MCh$
Loans from Chilean Central Bank	5,584,090		5,611,439
Loans from chilean financial institutions	41,317		1,226
Loans from foreign financial institutions
Bank of America		2,313,121		411,775
The Bank of Nova Scotia		199,224		203,466
The Bank of New York Mellon		169,583		106,485
Standard Chartered Bank		110,224		51,616
State Bank Of India		100,653		60,901
Barclays Bank Plc London		84,978		86,616
Banco Santander Hong Kong		58,326		5,315
Zurcher Kantonalbank		42,650		-
Sumitomo Mitsui Banking Corporation		42,524		389,676
Wells Fargo Bank NA		42,479		363,854
Commerzbank Ag		25,349		69,323
Banco Santander Singapur		19,633		17,737
Wachovia Bank NA		11,410		33,926
Banco Santander Brasil		7,359		2,415
Bank of China		2,540		6,051
Hong Kong and Shanghai Banking		2,521		1,500
Bank of Tokio Mitsubishi		1,164		552
China Merchants Bank		1,146		-
Industrial Bank Of Korea		901		169
Shanghai Pudong Development Bank		394		-
Bank Of Taiwan , Taipei		386		-
Kbc Bank Nv		243		-
Banca Nazionale Del Lavoro		233		193
Korea Exchange Bank		230		1,545
Unicredit		219		222
Bbva Uruguay		198		238
Hua Nan Commercial Bank		195		54
Bank For Foreign Trade Of Vietnam		181		-
Intesa Sanpaolo		124		338
Agricultural Bank Of China		114		104
Fortis Bank		110		82
Banco Santander Central Hispano		104		170
China Construction Bank		101		119
Credit Agricole Italia		90		67
Bbva Bancomer		86		268
Subtotal		3,238,796		1,814,777

	As of December 31,
	2022		2021
	MCh$		MCh$
Loans from foreign financial institutions, continued
Caixabank	80		51
Taiwan Cooperative Bank		73		92
Banco Itau Bba S.A.		71		-
Turkiye Garanti Bankasi		70		19
Banco Do Brasil		67		467
Shinhan Bank		58		1,321
Banco Bilbao Vizcaya Argentaria		56		125
Abn Amro Bank N.V.		36		-
Kotak Mahindra Bank Limited		32		-
Banco De Galicia Y Buenos Aires		19		-
Citibank NA		-		259,620
Banco Santander España		-		865,377
The Toronto Dominion Bank		-		136,904
The Bank Of Montreal		-		48,859
Hsbc Bank Plc		-		51,895
Industrial and Commercial Bank		-		203
Deutsche Bank Ag		-		530
Mizuho Bank		-		725
Dz Bank Ag Deutsche Zentral		-		14,733
Bank of Communications		-		8,443
Banca Commerciale Italiana		-		932
Kookmin Bank		-		491
Yapi Ve Kredi Bankasi		-		417
Commerce Bank Na		-		319
Icici Bank Limited		-		305
The Hongkong and Shanghai Bank		-		202
Bank of India		-		181
Banco De La Nacion Argentina		-		159
Bank of East Asia		-		143
Turkiye Cumhuriyeti Ziraat Ban		-		141
Turkiye Is Bankasi		-		122
Canara Bank		-		72
Indian Overseas Bank		-		67
Banco De Credito Del Peru		-		58
Citic Industrial Bank		-		57
Banque Nationale De Paris		-		2,806
Banco Comercial Portugues		-		989
Ningbo Commercial Bank		-		556
Hsbc Bank USA		-		517
Banco De Bogota		-		345
Bank of Baroda		-		213
Credit Agricole Reims		-		171
First Union National Bank		-		132
Finans Bank		-		109
Nanjing City Commercial Bank		-		89
Banco Itau Brasil		-		84
Rabobank Nederland		-		57
Iccrea Banca		-		28
Bancolombia		-		9
Banco Credicoop Cooperativo		-		6
Subtotal		562		1,399,141
Total		8,864,765		8,826,583

Loans from the Chilean Central Bank

In response to the COVID-19 pandemic, the Chilean Central Bank awarded two credit lines for banks to reinforce their liquidity: The first line of credit was the Credit Facility Conditioned to Increase of Loans (FCIC), whose objective was for banks to continue financing households and companies’ loans. The FCIC1 amounted to US$24 billion for the whole banking system and has maturities of up to 4 years and must be secured by government bonds, corporate bonds or highly rated large commercial loans as collateral. The FCIC2 amounted to US$16 billion and was available only for banks which previously disbursed FCIC1. The FCIC3 was announced in January 2021 and amounted to US$10 billion. The second credit line was the Liquidity Credit line (LCL) and was an unsecured loan facility and had maturities of up to 2 years. In addition, the LCL was limited to the aggregate amount of the liquidity reserve requirements of each bank.

The loans balances from the Chilean Central Bank by maturity are as follows:

	As of December 31,
	2022		2021
	MCh$		MCh$

Due within 1 year		-		-
Due within 1 and 2 year		5,584,084		-
Due within 2 and 3 year		-		5,611,439
Due within 3 and 4 year		-		-
Due after 5 years		-		-
Total loans from Chilean Central Bank		5,584,084		5,611,439

ii.

Loans from Chilean financial institutions

These obligations’ maturities are as follows:

	As of December 31,
	2022		2021
	MCh$		MCh$

Due within 1 year		41,318		1,226
Due within 1 and 2 year		-		-
Due within 2 and 3 year		-		-
Due within 3 and 4 year		-		-
Due after 5 years		-		-
Total loans from Chilean financial institutions		41,318		1,226

iii.

Foreign obligations

	As of December 31,
	2022		2021
	MCh$		MCh$

Due within 1 year		3,239,363		3,213,918
Due within 1 and 2 year		-		-
Due within 2 and 3 year		-		-
Due within 3 and 4 year		-		-
Due after 5 years		-		-
		-		-
Total loans from foreign financial institutions		3,239,363		3,213,918

Issued debt instruments

Debts classified as current are either demand obligations or will mature in one year or less. All other debts are classified as non-current, The Bank’s debts, both current and non-current, are summarised below:

	As of December 31, 2022
	Current		Non-current		Total
	MCh$		MCh$		MCh$
Mortgage finance bonds		2,592		1,206		3,798
Senior bonds		482,696		6,597,776		7,080,472
Mortgage bond		7,108		74,515		81,623
Issued debt instruments		492,396		6,673,497		7,165,893

Other financial liabilities		292,756		239		292,995

Total		785,152		6,673,736		7,458,888

	As of December 31, 2021
	Current		Non-current		Total
	MCh$		MCh$		MCh$
Mortgage finance bonds		3,946		3,533		7,479
Senior bonds		1,158,301		5,688,533		6,846,834
Mortgage bond		6,041		75,069		81,110
Issued debt instruments		1,168,288		5,767,135		6,935,423

Other financial liabilities		182,646		261		182,907

Total		1,350,934		5,767,396		7,118,330

Mortgage finance bonds

These bonds are used to finance mortgage loans. Their principal amounts are amortised on a quarterly basis. The range of maturities of these bonds is between five and twenty years, Loans are indexed to UF and create a yearly interest yield of 5.20% as of December 31, 2022 (5.21% as of December 31, 2021).

	As of December 31,
	2022		2021
	MCh$		MCh$
Due within 1 year		2,592		3,946
Due after 1 year but within 2 years		1,039		2,395
Due after 2 year but within 3 years		167		980
Due after 3 year but within 4 years		-		158
Due after 4 year but within 5 years		-		-
Due after 5 years		-		-
Total mortgage bonds		3,798		7,479

ii.

Senior bonds

The following table shows senior bonds by currency:

	As of December 31,
	2022		2021
	MCh$		MCh$
Santander bonds in UF		3,510,708		3,144,544
Santander bonds in USD		2,215,515		1,976,909
Santander bonds in CHF		644,780		850,924
Santander bonds in Ch$		223,467		311,060
Santander bonds in AUD		122,611		143,030
Current bonds in JPY		203,512		234,667
Santander bonds in EUR		159,879		185,700
Total senior bonds		7,080,472		6,846,834

1.	Placement of senior bonds

In 2022, the Bank issued bonds for UF 26,326,000, USD 30,000,000, CLP 347,000,000,000 and JPY 3,000,000,000, detailed as follows:

Series	Currency	Amount		Term (years)		Issuance rate (% annual)		Placement date	Series Maximum amount		Maturity date
T3	UF		5,000,000		11		1.55	06-16-22		5,000,000	01-01-30
W3	UF		2,116,000		7.5		1.60	06-30-22		2,116,000	06-01-26
W5	UF		1,210,000		9		1.80	06-30-22		1,210,000	03-01-28
U2	UF		3,000,000		11.5		2.8	07-28-22		3,000,000	06-01-32
U1	UF		3,000,000		7.5		2.5	08-09-22		3,000,000	06-01-29
T20	UF		5,000,000		11.5		2.65	10-24-22		5,000,000	02-01-34
W4	UF		8,000,000		10.5		2.65	12-09-22		8,000,000	12-01-33
W9	UF		2,000,000		9.5		2.70	07-27-22		2,000,000	06-01-31
Total			29,326,000							29,326,000
Bono USD	USD		30,000,000		3		Sofr + 95pb	04-28-22		30,000,000	04-28-25
Total			30,000,000							30,000,000
U6	CLP		64,800,000,000		5.5		2.95	06-16-22		64,800,000,000	04-01-26
U5	CLP		100,000,000,000		4.5		2.70	06-29-22		93,000,000,000	04-01-25
U6	CLP		35,200,000,000		5.5		2.95	10-21-22		35,200,000,000	04-01-26
U7	CLP		72,000,000,000		5.5		7	11-16-22		72,000,000,000	04-01-26
T17	CLP		75,000,000,000		10		7.5	11-22-22		75,000,000,000	08-01-32
Total			347,000,000,000							347,000,000,000
Bono JPY	JPY		3,000,000,000		3		0.65	09-15-2022		3,000,000,000	09-15-25
Total			3,000,000,000							3,000,000,000

In 2021, the Bank issued bonds for UF 4,000,000, USD 693,000,000, JPY 25,000,000,000 and CHF 340,000,000, detailed as follows:

Series	Currency	Amount		Term (years)	Issuance rate (% annual)	Placement date	Series Maximum amount		Maturity date
W1	UF		4,000,000	5.25	1.55	02-04-2018		6,000,000	06-01-2025
Total	UF		4,000,000					6,000,000
US Bonds	USD		50,000,000	2.8	0.71	02-25-2021		50,000,000	12-28-2023
US Bonds	USD		100,000,000	2.9	0.72	02-25-2021		100,000,000	01-26-2024
US Bonds	USD		27,000,000	7	2.0	06-09-2021		27,000,000	06-09-2028
US Bonds	USD		16,000,000	5	1.64	07-15-2021		16,000,000	07-15-2026
US Bonds	USD		500,000,000	10	3.18	10-21-2021		500,000,000	10-26-2031
Total			693,000,000					693,000,000
JPY Bonds	JPY		10,000,000,000	5	0,35	05-13-2021		10,000,000,000	05-13-2026
JPY Bonds	JPY		2,000,000,000	4	0,40	07-12-2021		2,000,000,000	07-12-2025
JPY Bonds	JPY		10,000,000,000	4	0,42	07-13-2021		10,000,000,000	07-28-2025
JPY Bonds	JPY		3,000,000,000	4.4	0.48	11-08-2021		3,000,000	05-18-2026
Total			25,000,000,000					25,000,000,000
CHF Bonds	CHF		150,000,000	6	0.33	06-22-2021		150,000,000	06-22-2027
CHF Bonds	CHF		190,000,000	5	0.30	10-12-2021		190,000,000	10-22-2026
Total			340,000,000					340,000,000

2.	Repurchase of senior bonds

During 2022, the Bank repurchased the following bonds:

Date	Type	Currency	Amount
01-07-2022	Senior	UF		1,065,000
01-10-2022	Senior	UF		150,000
02-03-2022	Senior	$		4,000,000,000
02-04-2022	Senior	UF		785,000
02-04-2022	Senior	UF		1,205,000
02-17-2022	Senior	USD		4,156,000
03-08-2022	Senior	UF		7,000
03-09-2022	Senior	UF		5,000
03-10-2022	Senior	UF		5,000
03-14-2022	Senior	UF		5,000
07-28-2022	Senior	UF		70,000
07-29-2022	Senior	UF		9,000
08-05-2022	Senior	UF		31,000
09-07-2022	Senior	UF		602,000
09-08-2022	Senior	UF		100,000
09-12-2022	Senior	UF		377,000
09-27-2022	Senior	UF		93,000
09-28-2022	Senior	UF		414,000
10-11-2022	Senior	UF		50,000
10-12-2022	Senior	UF		43,000
10-13-2022	Senior	UF		1,000
10-19-2022	Senior	UF		64,000
10-20-2022	Senior	UF		181,000
10-27-2022	Senior	UF		50,000
11-02-2022	Senior	UF		1,000
11-07-2022	Senior	UF		2,000
11-08-2022	Senior	UF		687,000
11-09-2022	Senior	UF		165,000
11-15-2022	Senior	UF		1,000
11-17-2022	Senior	UF		100,000
11-21-2022	Senior	UF		3,000
11-23-2022	Senior	UF		400,000
11-28-2022	Senior	UF		415,000
12-01-2022	Senior	UF		1,052,000
12-06-2022	Senior	UF		130,000
12-13-2022	Senior	UF		348,000
12-14-2022	Senior	UF		140,000
12-15-2022	Senior	UF		104,000
12-16-2022	Senior	UF		291,000
12-19-2022	Senior	UF		97,000
12-26-2022	Senior	UF		4,000
12-28-2022	Senior	UF		60,000

During 2021, the Bank repurchased the following bonds:

Date	Type	Currency	Amount
02-18-2021	Senior	UF		8,000
02-18-2021	Senior	CLP		14,720,000,000
02-22-2021	Senior	CLP		500,000,000
02-22-2021	Senior	CLP		150,000,000
02-24-2021	Senior	UF		300,000
03-04-2021	Senior	UF		519,000
03-05-2021	Senior	CLP		300,000,00
03-05-2021	Senior	CLP		1,900,000,000
03-22-2021	Senior	UF		50,000
03-24-2021	Senior	UF		150,000
03-24-2021	Senior	UF		7,000
06-01-2021	Senior	UF		107,000
06-15-2021	Senior	UF		1,000
06-17-2021	Senior	CLP		970,000,000
06-23-2021	Senior	UF		105,000
06-23-2021	Senior	UF		50,000
06-24-2021	Senior	UF		21,000
06-24-2021	Senior	UF		278,000
06-24-2021	Senior	UF		20,000
06-24-2021	Senior	UF		100,000
07-06-2021	Senior	UF		1,000,000
07-07-2021	Senior	UF		340,000
07-09-2021	Senior	UF		312,000
07-20-2021	Senior	UF		194,000
07-21-2021	Senior	UF		150,000
07-21-2021	Senior	UF		100,000
07-22-2021	Senior	UF		100,000
07-22-2021	Senior	UF		25,000
07-22-2021	Senior	UF		57,000
08-09-2021	Senior	UF		4,500,000
08-10-2021	Senior	UF		710,000
08-13-2021	Senior	CLP		61,000,000,000
10-01-2021	Senior	CLP		5,950,000,000
10-05-2021	Senior	UF		704,000
10-05-2021	Senior	CLP		3,720,000,000
10-05-2021	Senior	UF		4,200,000,000
10-05-2021	Senior	UF		89,000
10-05-2021	Senior	UF		150,000
10-06-2021	Senior	UF		18,000
10-06-2021	Senior	UF		138,000
10-06-2021	Senior	UF		420,000
10-07-2021	Senior	UF		1,000,000
10-26-2021	Senior	UF		318,000
10-26-2021	Senior	UF		1,500,000
10-26-2021	Senior	UF		167,000
10-26-2021	Senior	UF		489,000
10-26-2021	Senior	UF		100,000
10-26-2021	Senior	CLP		50,600,000,000
10-27-2021	Senior	CLP		3,760,000,000
10-27-2021	Senior	UF		1,874,000
10-28-2021	Senior	CLP		12,340,000,000
10-29-2021	Senior	CLP		3,500,000,000
11-15-2021	Senior	UF		205,000
11-16-2021	Senior	CLP		30,000,000,000
12-06-2021	Senior	UF		119,000
12-06-2021	Senior	UF		20,000
12-07-2021	Senior	UF		31,000
12-09-2021	Senior	UF		10,000
12-15-2021	Senior	UF		340,000

3.	The maturities of senior bonds are as follows:

	As of December 31,
	2022		2021
	MCh$		MCh$
Due within 1 year		482,696		1,158,301
Due after 1 year but within 2 years		1,185,935		511,144
Due after 2 year but within 3 years		1,599,241		1,285,409
Due after 3 year but within 4 years		1,282,436		1,549,769
Due after 4 year but within 5 years		408,607		616,750
Due after 5 years		2,121,557		1,725,461
Total senior bonds		7,080,472		6,846,834

iii.

Mortgage bonds

Detail of mortgage bonds per currency is as follows:

	As of December 31,
	2022		2021
	MCh$		MCh$
Mortgage bonds in UF		81,623		81,110
Total mortgage bonds		81,623		81,110

1.	Allocation of mortgage bonds

During 2022 and 2021, the Bank has not placed any mortgage bonds.

2.	The maturities of Mortgage bonds are as follows

	As of December 31,
	2022		2021
	MCh$		MCh$
Due within 1 year		7,108		6,041
Due after 1 year but within 2 years		11,411		9,698
Due after 2 year but within 3 years		11,779		10,011
Due after 3 year but within 4 years		12,159		10,334
Due after 4 year but within 5 years		12,551		10,667
Due after 5 years		26,615		34,359
Total Mortgage bonds		81,623		81,110

Other financial liabilities

The composition of other financial obligations, by maturity, is detailed below:

	As of December 31,
	2022		2021
	MCh$		MCh$
Non-current portion
Due after 1 year but within 2 years		68		48
Due after 2 year but within 3 years		74		53
Due after 3 year but within 4 years		84		58
Due after 4 year but within 5 years		13		57
Due after 5 years		-		45
Non-current portion subtotal		239		261
Current portion
Amounts due to credit card operators		186,237		149,894
Acceptance of letters of credit		110		159
Other long-term financial obligations, short-term portion		106,409		32,593
Current portion subtotal		292,756		182,646

Total other financial liabilities		292,995		182,907